UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
For the Quarterly Period Ended
Commission File No.
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
(Address of principal executive offices)
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Indicate by check mark whether the Registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12
months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days:
Indicate by check mark whether the registrant
has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405
of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| ☒ | Smaller reporting company | ||
| Emerging growth company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
Indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No
The number of outstanding common shares of the
registrant as of July 7, 2023 was
TABLE OF CONTENTS
i
PART I. FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
Saratoga Investment Corp.
Consolidated Statements of Assets and Liabilities
| May
31, 2023 | February
28, 2023 | |||||||
| (unaudited) | ||||||||
| ASSETS | ||||||||
| Investments at fair value | ||||||||
| Non-control/Non-affiliate investments (amortized cost of $ | $ | $ | ||||||
| Affiliate investments (amortized cost of $ | ||||||||
| Control investments (amortized cost of $ | ||||||||
| Total investments at fair value (amortized cost of $ | ||||||||
| Cash and cash equivalents | ||||||||
| Cash and cash equivalents, reserve accounts | ||||||||
| Interest receivable (net of reserve of $ | ||||||||
| Management fee receivable | ||||||||
| Other assets | ||||||||
| Current tax receivable | ||||||||
| Total assets | $ | $ | ||||||
| LIABILITIES | ||||||||
| Revolving credit facility | $ | $ | ||||||
| Deferred debt financing costs, revolving credit facility | ( | ) | ( | ) | ||||
| SBA debentures payable | ||||||||
| Deferred debt financing costs, SBA debentures payable | ( | ) | ( | ) | ||||
| 8.75% Notes Payable 2024 | ||||||||
| Discount on 8.75% notes payable 2024 | ( | ) | ||||||
| Deferred debt financing costs, 8.75% notes payable 2024 | ( | ) | ||||||
| 7.00% Notes Payable 2025 | ||||||||
| Discount on | ( | ) | ( | ) | ||||
| Deferred debt financing costs, | ( | ) | ( | ) | ||||
| 7.75% Notes Payable 2025 | ||||||||
| Deferred debt financing costs, | ( | ) | ( | ) | ||||
| 4.375% Notes Payable 2026 | ||||||||
| Premium on | ||||||||
| Deferred debt financing costs, | ( | ) | ( | ) | ||||
| 4.35% Notes Payable 2027 | ||||||||
| Discount on | ( | ) | ( | ) | ||||
| Deferred debt financing costs, | ( | ) | ( | ) | ||||
| 6.25% Notes Payable 2027 | ||||||||
| Deferred debt financing costs, | ( | ) | ( | ) | ||||
| 6.00% Notes Payable 2027 | ||||||||
| Discount on | ( | ) | ( | ) | ||||
| Deferred debt financing costs, | ( | ) | ( | ) | ||||
| 8.00% Notes Payable 2027 | ||||||||
| Deferred debt financing costs, | ( | ) | ( | ) | ||||
| 8.125% Notes Payable 2027 | ||||||||
| Deferred debt financing costs, | ( | ) | ( | ) | ||||
| 8.50% Notes Payable 2028 | ||||||||
| Deferred debt financing costs, 8.50% notes payable 2028 | ( | ) | ||||||
| Base management and incentive fees payable | ||||||||
| Deferred tax liability | ||||||||
| Accounts payable and accrued expenses | ||||||||
| Interest and debt fees payable | ||||||||
| Directors fees payable | ||||||||
| Due to manager | ||||||||
| Total liabilities | ||||||||
| Commitments and contingencies (See Note 9) | ||||||||
| NET ASSETS | ||||||||
| Common stock, par value $ | ||||||||
| Capital in excess of par value | ||||||||
| Total distributable earnings | ||||||||
| Total net assets | ||||||||
| Total liabilities and net assets | $ | $ | ||||||
| NET ASSET VALUE PER SHARE | $ | $ | ||||||
See accompanying notes to consolidated financial statements.
1
Saratoga Investment Corp.
Consolidated Statements of Operations
(unaudited)
| For the three months ended | ||||||||
| May 31, 2023 | May 31, 2022 | |||||||
| INVESTMENT INCOME | ||||||||
| Interest from investments | ||||||||
| Interest income: | ||||||||
| Non-control/Non-affiliate investments | $ | $ | ||||||
| Affiliate investments | ||||||||
| Control investments | ||||||||
| Payment-in-kind interest income: | ||||||||
| Non-control/Non-affiliate investments | ||||||||
| Affiliate investments | ||||||||
| Control investments | ||||||||
| Total interest from investments | ||||||||
| Interest from cash and cash equivalents | ||||||||
| Management fee income | ||||||||
| Dividend Income | ||||||||
| Structuring and advisory fee income | ||||||||
| Other income | ||||||||
| Total investment income | ||||||||
| OPERATING EXPENSES | ||||||||
| Interest and debt financing expenses | ||||||||
| Base management fees | ||||||||
| Incentive management fees expense (benefit) | ( | ) | ||||||
| Professional fees | ||||||||
| Administrator expenses | ||||||||
| Insurance | ||||||||
| Directors fees and expenses | ||||||||
| General and administrative | ||||||||
| Income tax expense (benefit) | ( | ) | ||||||
| Total operating expenses | ||||||||
| NET INVESTMENT INCOME | ||||||||
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||
| Net realized gain (loss) from investments: | ||||||||
| Non-control/Non-affiliate investments | ||||||||
| Net realized gain (loss) from investments | ||||||||
| Income tax (provision) benefit from realized gain on investments | - | |||||||
| Net change in unrealized appreciation (depreciation) on investments: | ||||||||
| Non-control/Non-affiliate investments | ( | ) | ( | ) | ||||
| Affiliate investments | ( | ) | ||||||
| Control investments | ( | ) | ( | ) | ||||
| Net change in unrealized appreciation (depreciation) on investments | ( | ) | ( | ) | ||||
| Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments | ( | ) | ||||||
| Net realized and unrealized gain (loss) on investments | ( | ) | ( | ) | ||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | ( | ) | $ | ( | ) | ||
| $ | ( | ) | $ | ( | ) | |||
See accompanying notes to consolidated financial statements.
2
Saratoga Investment Corp.
Consolidated Statements of Changes in Net Assets
(unaudited)
| For the three months ended | ||||||||
| May 31, 2023 | May 31, 2022 | |||||||
| DECREASE FROM OPERATIONS: | ||||||||
| Net investment income | $ | $ | ||||||
| Net realized gain from investments | ||||||||
| Income tax (provision) benefit from realized gain on investments | ||||||||
| Net change in unrealized appreciation (depreciation) on investments | ( | ) | ( | ) | ||||
| Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments | ( | ) | ||||||
| Net decrease in net assets resulting from operations | ( | ) | ( | ) | ||||
| DECREASE FROM SHAREHOLDER DISTRIBUTIONS: | ||||||||
| Total distributions to shareholders | ( | ) | ( | ) | ||||
| Net decrease in net assets from shareholder distributions | ( | ) | ( | ) | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Stock dividend distribution | ||||||||
| Repurchases of common stock | ( | ) | ( | ) | ||||
| Repurchase fees | ( | ) | ( | ) | ||||
| Net decrease in net assets from capital share transactions | ( | ) | ( | ) | ||||
| Total decrease in net assets | ( | ) | ( | ) | ||||
| Net assets at beginning of period | ||||||||
| Net assets at end of period | $ | $ | ||||||
See accompanying notes to consolidated financial statements.
3
Saratoga Investment Corp.
Consolidated Statements of Cash Flows
(unaudited)
| For the three months ended | ||||||||
| May 31, 2023 | May 31, 2022 | |||||||
| Operating activities | ||||||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | ( | ) | $ | ( | ) | ||
| ADJUSTMENTS TO RECONCILE NET INCREASE (DECREASE) IN NET ASSETS RESULTING | ||||||||
| FROM OPERATIONS TO NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES: | ||||||||
| Payment-in-kind and other adjustments to cost | ||||||||
| Net accretion of discount on investments | ( | ) | ( | ) | ||||
| Amortization of deferred debt financing costs | ||||||||
| Income tax expense (benefit) | ( | ) | ||||||
| Net realized (gain) loss from investments | ( | ) | ( | ) | ||||
| Net change in unrealized (appreciation) depreciation on investments | ||||||||
| Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments | ( | ) | ||||||
| Proceeds from sales and repayments of investments | ||||||||
| Purchases of investments | ( | ) | ( | ) | ||||
| (Increase) decrease in operating assets: | ||||||||
| Interest receivable | ( | ) | ||||||
| Due from affiliate | - | ( | ) | |||||
| Management fee receivable | ( | ) | ||||||
| Other assets | ( | ) | ||||||
| Current income tax receivable | - | |||||||
| Increase (decrease) in operating liabilities: | ||||||||
| Base management and incentive fees payable | ( | ) | ( | ) | ||||
| Accounts payable and accrued expenses | ||||||||
| Current tax payable | - | ( | ) | |||||
| Interest and debt fees payable | ||||||||
| Directors fees payable | ( | ) | ||||||
| Excise tax payable | - | ( | ) | |||||
| Due to manager | ( | ) | ||||||
| NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | ( | ) | ( | ) | ||||
| Financing activities | ||||||||
| Borrowings on debt | ||||||||
| Paydowns on debt | ( | ) | - | |||||
| Issuance of notes | ||||||||
| Payments of deferred debt financing costs | ( | ) | ( | ) | ||||
| Proceeds from issuance of common stock | - | |||||||
| Payments of cash dividends | ( | ) | ( | ) | ||||
| Repurchases of common stock | ( | ) | ( | ) | ||||
| Repurchases fees | ( | ) | ( | ) | ||||
| NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | ||||||||
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS | ( | ) | ||||||
| CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, BEGINNING OF PERIOD | ||||||||
| CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, END OF PERIOD SEE NOTE 2 | $ | $ | ||||||
| Supplemental information: | ||||||||
| Interest paid during the period | $ | $ | ||||||
| Cash paid for taxes | ||||||||
| Supplemental non-cash information: | ||||||||
| Payment-in-kind interest income and other adjustments to cost | ( | ) | ( | ) | ||||
| Net accretion of discount on investments | ||||||||
| Amortization of deferred debt financing costs | ||||||||
| Stock dividend distribution | ||||||||
See accompanying notes to consolidated financial statements.
4
Saratoga Investment Corp.
Consolidated Schedule of Investments
May 31, 2023
(unaudited)
| Company(1) | Industry | Investment
Interest Rate/ Maturity | Original Acquisition Date | Principal/ Number of Shares | Cost | Fair
Value (c) | %
of Net Assets | |||||||||||||||
| Non-control/Non-affiliate investments - 278.9% (b) | ||||||||||||||||||||||
| Altvia MidCo, LLC. | Alternative Investment Management Software | First Lien Term Loan (3M USD TERM SOFR+ | $ | $ | $ | % | ||||||||||||||||
| Altvia MidCo, LLC. (h) | Alternative Investment Management Software | Series A-1 Preferred Shares | % | |||||||||||||||||||
| Total Alternative Investment Management Software | % | |||||||||||||||||||||
| GrowthZone, LLC | Association Management Software | First Lien Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Golden TopCo LP | Association Management Software | Class A-2 Common Units | % | |||||||||||||||||||
| Total Association Management Software | % | |||||||||||||||||||||
| BQE Software, Inc. | Architecture & Engineering Software | First Lien Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| BQE Software, Inc. (j) | Architecture & Engineering Software | Delayed Draw Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Total Architecture & Engineering Software | % | |||||||||||||||||||||
| Artemis Wax Corp. (d)(j) | Consumer Services | Delayed Draw Term Loan (1M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Artemis Wax Corp. (h) | Consumer Services | Series B-1 Preferred Stock | % | |||||||||||||||||||
| Artemis Wax Corp. (h) | Consumer Services | Series D Preferred Stock | % | |||||||||||||||||||
| Total Consumer Services | % | |||||||||||||||||||||
| Schoox, Inc. (h), (i) | Corporate Education Software | Series 1 Membership Interest | % | |||||||||||||||||||
| Total
Corporate Education Software | % | |||||||||||||||||||||
| GreyHeller LLC (h) | Cyber Security | Common Stock | % | |||||||||||||||||||
| Total Cyber Security | % | |||||||||||||||||||||
5
| Company(1) | Industry | Investment
Interest Rate/ Maturity | Original Acquisition Date | Principal/ Number of Shares | Cost | Fair Value (c) | %
of Net Assets | |||||||||||||||
| New England Dental Partners | Dental Practice Management | First Lien Term Loan (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| New England Dental Partners | Dental Practice Management | Delayed Draw Term Loan (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| Gen4 Dental Partners Holdings, LLC (j) | Dental Practice Management | Delayed Draw Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Gen4 Dental Partners Holdings, LLC (i)(h) | Dental Practice Management | Series A Preferred Units | % | |||||||||||||||||||
| Total Dental Practice Management | % | |||||||||||||||||||||
| Exigo, LLC (d) | Direct Selling Software | First Lien Term Loan (1M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Exigo, LLC (j) | Direct Selling Software | Delayed Draw Term Loan (1M USD TERM SOFR+ | $ | ( | ) | % | ||||||||||||||||
| Exigo, LLC (j) | Direct Selling Software | Revolving Credit Facility (1M USD TERM SOFR+ | $ | ( | ) | % | ||||||||||||||||
| Exigo, LLC (h), (i) | Direct Selling Software | Common Units | % | |||||||||||||||||||
| Total Direct Selling Software | % | |||||||||||||||||||||
| C2 Educational Systems, Inc. (d)(j) | Education Services | First Lien Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| C2 Education Systems, Inc. (h) | Education Services | Series A-1 Preferred Stock | % | |||||||||||||||||||
| Zollege PBC | Education Services | First Lien Term Loan (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| Zollege PBC (j) | Education Services | Delayed Draw Term Loan (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| Zollege PBC (h) | Education Services | Class A Units | % | |||||||||||||||||||
| Total Education Services | % | |||||||||||||||||||||
| Destiny Solutions Inc. (h), (i) | Education Software | Limited Partner Interests | % | |||||||||||||||||||
| GoReact | Education Software | First Lien Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| GoReact (j) | Education Software | Delayed Draw Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Identity Automation Systems (h) | Education Software | Common Stock Class A-2 Units | % | |||||||||||||||||||
| Identity Automation Systems (h) | Education Software | Common Stock Class A-1 Units | % | |||||||||||||||||||
| Ready Education | Education Software | First Lien Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Total Education Software | % | |||||||||||||||||||||
| TG Pressure Washing Holdings, LLC (h) | Facilities Maintenance | Preferred Equity | % | |||||||||||||||||||
| Total Facilities Maintenance | % | |||||||||||||||||||||
6
| Company(1) | Industry | Investment
Interest Rate/ Maturity | Original Acquisition Date | Principal/ Number of Shares | Cost | Fair
Value (c) | %
of Net Assets | |||||||||||||||
| Davisware, LLC | Field Service Management | First Lien Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Davisware, LLC | Field Service Management | Delayed Draw Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Total Field Service Management | % | |||||||||||||||||||||
| B. Riley Financial, Inc. (a) | Financial Services | Senior Unsecured Loan | $ | % | ||||||||||||||||||
| GDS Software Holdings, LLC | Financial Services | First Lien Term Loan (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| GDS Software Holdings, LLC | Financial Services | Delayed Draw Term Loan (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| GDS Software Holdings, LLC (h) | Financial Services | Common Stock Class A Units | % | |||||||||||||||||||
| Total Financial Services | % | |||||||||||||||||||||
| Ascend Software, LLC | Financial Services Software | First Lien Term Loan (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| Ascend Software, LLC (j) | Financial Services Software | Delayed Draw Term Loan (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| Total Financial Services Software | % | |||||||||||||||||||||
| Stretch Zone Franchising, LLC | Health/Fitness Franchisor | First Lien Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Stretch Zone Franchising, LLC (j) | Health/Fitness Franchisor | Delayed Draw Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Stretch Zone Franchising, LLC (h) | Health/Fitness Franchisor | Class A Preferred Units | % | |||||||||||||||||||
| Total Health/Fitness Franchisor | % | |||||||||||||||||||||
| Axiom Parent Holdings, LLC (h) | Healthcare Services | Class A Preferred Units | % | |||||||||||||||||||
| ComForCare Health Care (d) | Healthcare Services | First Lien Term Loan (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| Total Healthcare Services | % | |||||||||||||||||||||
| HemaTerra Holding Company, LLC (d) | Healthcare Software | First Lien Term Loan (1M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| HemaTerra Holding Company, LLC | Healthcare Software | Delayed Draw Term Loan (1M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| TRC HemaTerra, LLC (h) | Healthcare Software | Class D Membership Interests | % | |||||||||||||||||||
| Procurement Partners, LLC | Healthcare Software | First Lien Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Procurement Partners, LLC (j) | Healthcare Software | Delayed Draw Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Procurement Partners Holdings LLC (h) | Healthcare Software | Class A Units | % | |||||||||||||||||||
| Total Healthcare Software | % | |||||||||||||||||||||
| Roscoe Medical, Inc. (h) | Healthcare Supply | Common Stock | % | |||||||||||||||||||
| Total Healthcare Supply | % | |||||||||||||||||||||
7
| Company(1) | Industry | Investment
Interest Rate/ Maturity | Original Acquisition Date | Principal/ Number of Shares | Cost | Fair
Value (c) | %
of Net Assets | |||||||||||||||
| Book4Time, Inc. (a), (d) | Hospitality/Hotel | First Lien Term Loan (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| Book4Time, Inc. (a) | Hospitality/Hotel | Delayed Draw Term Loan (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| Book4Time, Inc. (a), (h), (i) | Hospitality/Hotel | Class A Preferred Shares | % | |||||||||||||||||||
| Hospitality/Hotel | Second Lien Term Loan (3M USD TERM SOFR+ | $ | % | |||||||||||||||||||
| Sceptre Hospitality Resources, LLC | Hospitality/Hotel | First Lien Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Sceptre Hospitality Resources, LLC (j) | Hospitality/Hotel | Delayed Draw Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Total Hospitality/Hotel | % | |||||||||||||||||||||
| Granite Comfort, LP (d) | HVAC Services and Sales | First Lien Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Granite Comfort, LP (j) | HVAC Services and Sales | Delayed Draw Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Total HVAC Services and Sales | % | |||||||||||||||||||||
| Vector Controls Holding Co., LLC (d) | Industrial Products | First Lien Term Loan (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| Vector Controls Holding Co., LLC (h) | Industrial Products | Warrants to Purchase Limited Liability Company Interests, Expires | % | |||||||||||||||||||
| Total Industrial Products | % | |||||||||||||||||||||
| AgencyBloc, LLC | Insurance Software | First Lien Term Loan (1M USD BSBY+ | $ | % | ||||||||||||||||||
| Panther ParentCo LLC (h) | Insurance Software | Class A Units | % | |||||||||||||||||||
| Total Insurance Software | % | |||||||||||||||||||||
| LogicMonitor, Inc. (d) | IT Services | First Lien Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Total IT Services | % | |||||||||||||||||||||
| ActiveProspect, Inc. (d) | Lead Management Software | First Lien Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| ActiveProspect, Inc. (j) | Lead Management Software | Delayed Draw Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Total Lead Management Software | % | |||||||||||||||||||||
| Centerbase, LLC | Legal Software | First Lien Term Loan (1M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Total Legal Software | % | |||||||||||||||||||||
| Madison Logic, Inc. (d) | Marketing Orchestration Software | First Lien Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Total Marketing Orchestration Software | % | |||||||||||||||||||||
8
| Company(1) | Industry | Investment
Interest Rate/ Maturity | Original Acquisition Date | Principal/ Number of Shares | Cost | Fair
Value (c) | %
of Net Assets | |||||||||||||||
| ARC Health OpCo LLC (d) | Mental Healthcare Services | First Lien Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| ARC Health OpCo LLC (d), (j) | Mental Healthcare Services | Delayed Draw Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| ARC Health OpCo LLC (h) | Mental Healthcare Services | Class A Preferred Units | % | |||||||||||||||||||
| Total Mental Healthcare Services | % | |||||||||||||||||||||
| Chronus LLC | Mentoring Software | First Lien Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Chronus LLC | Mentoring Software | First Lien Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Chronus LLC (h) | Mentoring Software | Series A Preferred Stock | % | |||||||||||||||||||
| Total Mentoring Software | % | |||||||||||||||||||||
| Omatic Software, LLC | Non-profit Services | First Lien Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Total Non-profit Services | % | |||||||||||||||||||||
| Emily Street Enterprises, L.L.C. | Office Supplies | Senior Secured Note (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Emily Street Enterprises, L.L.C. (h) | Office Supplies | Warrant Membership Interests, Expires | % | |||||||||||||||||||
| Total Office Supplies | % | |||||||||||||||||||||
| Buildout, Inc. (d) | Real Estate Services | First Lien Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Buildout, Inc. | Real Estate Services | Delayed Draw Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Buildout, Inc. (h), (i) | Real Estate Services | Limited Partner Interests | % | |||||||||||||||||||
| Total Real Estate Services | % | |||||||||||||||||||||
9
| Company(1) | Industry | Investment
Interest Rate/ Maturity | Original Acquisition Date | Principal/ Number of Shares | Cost | Fair
Value (c) | %
of Net Assets | |||||||||||||||
| Research Software | First Lien Term Loan (1M USD BSBY+ | $ | % | |||||||||||||||||||
| Research Software | Class A Common Units | % | ||||||||||||||||||||
| Total Research Software | % | |||||||||||||||||||||
| LFR Chicken LLC | Restaurant | First Lien Term Loan (1M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| LFR Chicken LLC (j) | Restaurant | Delayed Draw Term Loan (1M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| LFR Chicken LLC (h) | Restaurant | Series B Preferred Units | % | |||||||||||||||||||
| TMAC Acquisition Co., LLC | Restaurant | Unsecured Term Loan | $ | % | ||||||||||||||||||
| Total Restaurant | % | |||||||||||||||||||||
| JobNimbus LLC | Roofing Contractor Software | First Lien Term Loan (1M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Total Roofing Contractor Software | % | |||||||||||||||||||||
| Pepper Palace, Inc. (d) | Specialty Food Retailer | First Lien Term Loan (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| Pepper Palace, Inc. (j) | Specialty Food Retailer | Delayed Draw Term Loan (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| Pepper Palace, Inc. (j) | Specialty Food Retailer | Revolving Credit Facility (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| Pepper Palace, Inc. (h) | Specialty Food Retailer | Membership Interest (Series A) | % | |||||||||||||||||||
| Pepper Palace, Inc. (h) | Specialty Food Retailer | Membership
Interest (Series B) | % | |||||||||||||||||||
| Total Specialty Food Retailer | % | |||||||||||||||||||||
| ArbiterSports, LLC (d) | Sports Management | First Lien Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
10
| Company(1) | Industry | Investment
Interest Rate/ Maturity | Original Acquisition Date | Principal/ Number of Shares | Cost | Fair
Value (c) | %
of Net Assets | |||||||||||||||
| ArbiterSports, LLC | Sports Management | Delayed Draw Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Total Sports Management | % | |||||||||||||||||||||
| Avionte Holdings, LLC (h) | Staffing Services | Class A Units | % | |||||||||||||||||||
| Total Staffing Services | % | |||||||||||||||||||||
| JDXpert | Talent Acquisition Software | First Lien Term Loan (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| JDXpert (j) | Talent Acquisition Software | Delayed Draw Term Loan (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| Jobvite, Inc. (d) | Talent Acquisition Software | First Lien Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Total Talent Acquisition Software | % | |||||||||||||||||||||
| VetnCare MSO, LLC (j) | Veterinary Services | Delayed Draw Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Total Veterinary Services | % | |||||||||||||||||||||
| Sub Total Non-control/Non-affiliate investments | % | |||||||||||||||||||||
| Affiliate investments - 12.7% (b) | ||||||||||||||||||||||
| ETU Holdings, Inc. (f) | Corporate Education Software | First Lien Term Loan (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| ETU Holdings, Inc. (f) | Corporate Education Software | Second Lien Term Loan | $ | % | ||||||||||||||||||
| ETU Holdings, Inc. (f), (h) | Corporate Education Software | Series A Preferred Units | % | |||||||||||||||||||
| Total Corporate Education Software | % | |||||||||||||||||||||
| Modis Dental Partners OpCo, LLC (f) | Dental Practice Management | First Lien Term Loan (1M USD LIBOR+ | $ | % | ||||||||||||||||||
| Modis Dental Partners OpCo, LLC (f), (j) | Dental Practice Management | Delayed Draw Term Loan (1M USD LIBOR+ | $ | % | ||||||||||||||||||
| Modis Dental Partners OpCo, LLC (f) | Dental Practice Management | Class A Preferred Units | % | |||||||||||||||||||
| Total Dental Practice Management | % | |||||||||||||||||||||
11
| Company(1) | Industry | Investment
Interest Rate/ Maturity | Original Acquisition Date | Principal/ Number of Shares | Cost | Fair
Value (c) | %
of Net Assets | |||||||||||||||
| Axero Holdings, LLC (f) | Employee Collaboration Software | First Lien Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Axero Holdings, LLC (f) | Employee Collaboration Software | Delayed Draw Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Axero Holdings, LLC (f), (j) | Employee Collaboration Software | Revolving Credit Facility (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Axero Holdings, LLC (f), (h) | Employee Collaboration Software | Series A Preferred Units | % | |||||||||||||||||||
| Axero Holdings, LLC (f), (h) | Employee Collaboration Software | Series B Preferred Units | % | |||||||||||||||||||
| Total Employee Collaboration Software | % | |||||||||||||||||||||
| Alpha Aesthetics Partners OpCo, LLC (d) (f) | Healthcare Services | First Lien Term Loan (1M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Alpha Aesthetics Partners OpCo, LLC (f), (j) | Healthcare Services | Delayed Draw Term Loan (1M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Alpha Aesthetics Partners OpCo, LLC (f), (h) | Healthcare Services | Class A Preferred Units | % | |||||||||||||||||||
| Total Healthcare Services | % | |||||||||||||||||||||
| Sub Total Affiliate investments | % | |||||||||||||||||||||
| Control investments - 29.7% (b) | ||||||||||||||||||||||
| Netreo Holdings, LLC (g) | IT Services | First Lien Term Loan (3M USD LIBOR + | $ | % | ||||||||||||||||||
| Netreo Holdings, LLC (d), (g) | IT Services | Delayed Draw Term Loan (3M USD LIBOR + | $ | % | ||||||||||||||||||
| Netreo Holdings, LLC (g), (h) | IT Services | Common Stock Class A Unit | % | |||||||||||||||||||
| Total IT Services | % | |||||||||||||||||||||
12
| Company(1) | Industry | Investment
Interest Rate/ Maturity | Original Acquisition Date | Principal/ Number of Shares | Cost | Fair
Value (c) | %
of Net Assets | |||||||||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. (a), (e), (g) | Structured Finance Securities | Other/Structured Finance Securities | $ | % | ||||||||||||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note (a), (g) | Structured Finance Securities | Other/Structured Finance Securities (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E Note (a), (g) | Structured Finance Securities | Other/Structured Finance Securities (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Total Structured Finance Securities | % | |||||||||||||||||||||
| Investment Fund | Unsecured Loan | $ | % | |||||||||||||||||||
| Saratoga Senior Loan Fund I JV, LLC (a), (g), (h) | Investment Fund | Membership Interest | % | |||||||||||||||||||
| Total Investment Fund | % | |||||||||||||||||||||
| Sub Total Control investments | % | |||||||||||||||||||||
| TOTAL INVESTMENTS - 321.3% (b) | $ | $ | % | |||||||||||||||||||
| Number of Shares | Cost | Fair
Value | %
of Net Assets | |||||||||||||
| Cash and
cash equivalents and cash and cash equivalents, reserve accounts - 15.8% (b) | ||||||||||||||||
| U.S. Bank Money Market (l) | $ | $ | % | |||||||||||||
| Total cash and cash equivalents and cash and cash equivalents, reserve accounts | $ | $ | % | |||||||||||||
| (1) |
| (a) |
| (b) |
| (c) |
| (d) |
| (e) |
| (f) |
13
| Company | Purchases | Sales | Total Interest from Investments | Management Fee Income | Net Realized Gain (Loss) from Investments | Net Change in Unrealized Appreciation (Depreciation) | ||||||||||||||||||
| Axero Holdings, LLC | $ | $ | $ | $ | $ | $ | ( | ) | ||||||||||||||||
| ETU Holdings, Inc. | ( | ) | ||||||||||||||||||||||
| Modis Dental Partners OpCo, LLC | ( | ) | ||||||||||||||||||||||
| Alpha Aesthetics Partners OpCo, LLC | ( | ) | ||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | $ | ( | ) | ||||||||||||||||
| (g) |
| Company | Purchases | Sales | Total Interest from Investments | Management Fee Income | Net Realized Gain (Loss) from Investments | Net Change in Unrealized Appreciation (Depreciation) | ||||||||||||||||||
| Netreo Holdings, LLC | $ | $ | $ | $ | $ | $ | ( | ) | ||||||||||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. | ( | ) | ||||||||||||||||||||||
| Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E Note | ( | ) | ||||||||||||||||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note | ||||||||||||||||||||||||
| Saratoga Senior Loan Fund I JV, LLC | ||||||||||||||||||||||||
| Saratoga Senior Loan Fund I JV, LLC | ( | ) | ||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | $ | ( | ) | ||||||||||||||||
| (h) |
| (i) |
| (j) |
| (k) |
| (l) | Included within cash and cash equivalents and cash and cash equivalents, reserve accounts in the Company’s consolidated statements of assets and liabilities as of May 31, 2023. |
BSBY - Bloomberg Short-Term Bank Yield
LIBOR - London Interbank Offered Rate
SOFR - Secured Overnight Financing Rate
1M USD BSBY - The 1 month USD BSBY rate as of May 31, 2023 was 5.11%.
1M USD LIBOR - The 1 month USD LIBOR rate as of May 31, 2023 was 5.19%.
3M USD LIBOR - The 3 month USD LIBOR rate as of May 31, 2023 was 5.52%.
1M USD TERM SOFR - The 1 month USD TERM SOFR rate as of May 31, 2023 was 5.17%.
3M USD TERM SOFR - The 3 month USD TERM SOFR rate as of May 31, 2023 was 5.29%.
PIK - Payment-in-Kind (see Note 2 to the consolidated financial statements).
See accompanying notes to consolidated financial statements
14
Saratoga Investment Corp.
Consolidated Schedule of Investments
February 28, 2023
| Company(1) | Industry | Investment
Interest Rate/ Maturity | Original Acquisition Date | Principal/ Number of Shares | Cost | Fair
Value (c) | %
of Net Assets | |||||||||||||||
| Non-control/Non-affiliate investments - 238.6% (b) | ||||||||||||||||||||||
| Altvia MidCo, LLC. | Alternative Investment Management Software | First Lien Term Loan (3M USD TERM SOFR+ | $ | $ | $ | % | ||||||||||||||||
| Altvia MidCo, LLC. (h) | Alternative Investment Management Software | Series A-1 Preferred Shares | % | |||||||||||||||||||
| Total Alternative Investment Management Software | % | |||||||||||||||||||||
| Artemis Wax Corp. (d)(j) | Consumer Services | Delayed Draw Term Loan (1M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Artemis Wax Corp. (h) | Consumer Services | Series B-1 Preferred Stock | % | |||||||||||||||||||
| Artemis Wax Corp. (h) | Consumer Services | Series D Preferred Stock | % | |||||||||||||||||||
| Total Consumer Services | % | |||||||||||||||||||||
| Schoox, Inc. (h), (i) | Corporate Education Software | Series 1 Membership Interest | % | |||||||||||||||||||
| Total Corporate Education Software | % | |||||||||||||||||||||
| GreyHeller LLC (h) | Cyber Security | Common Stock | % | |||||||||||||||||||
| Total Cyber Security | % | |||||||||||||||||||||
| New England Dental Partners | Dental Practice Management | First Lien Term Loan (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| New England Dental Partners | Dental Practice Management | Delayed Draw Term Loan (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| Gen4 Dental Partners Holdings, LLC (j) | Dental Practice Management | Delayed Draw Term Loan (3M USD TERM SOFR+ | $ | ( | ) | % | ||||||||||||||||
| Gen4 Dental Partners Holdings, LLC (i) | Dental Practice Management | Series A Preferred Units | % | |||||||||||||||||||
| Total Dental Practice Management | % | |||||||||||||||||||||
15
| Company(1) | Industry | Investment
Interest Rate/ Maturity | Original Acquisition Date | Principal/ Number of Shares | Cost | Fair Value (c) | %
of Net Assets | |||||||||||||||
| Exigo, LLC (d) | Direct Selling Software | First Lien Term Loan (1M USD LIBOR+ | $ | % | ||||||||||||||||||
| Exigo, LLC (j) | Direct Selling Software | Delayed Draw Term Loan (1M USD LIBOR+ | $ | ( | ) | % | ||||||||||||||||
| Exigo, LLC (j) | Direct Selling Software | Revolving Credit Facility (1M USD LIBOR+ | $ | % | ||||||||||||||||||
| Exigo, LLC (h), (i) | Direct Selling Software | Common Units | % | |||||||||||||||||||
| Total Direct Selling Software | % | |||||||||||||||||||||
| C2 Educational Systems (d) | Education Services | First Lien Term Loan (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| C2 Education Systems, Inc. (h) | Education Services | Series A-1 Preferred Stock | % | |||||||||||||||||||
| Zollege PBC | Education Services | First Lien Term Loan (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| Zollege PBC (j) | Education Services | Delayed Draw Term Loan (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| Zollege PBC (h) | Education Services | Class A Units | % | |||||||||||||||||||
| Total Education Services | % | |||||||||||||||||||||
| Destiny Solutions Inc. (h), (i) | Education Software | Limited Partner Interests | % | |||||||||||||||||||
| GoReact | Education Software | First Lien Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| GoReact (j) | Education Software | Delayed Draw Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Identity Automation Systems (h) | Education Software | Common Stock Class A-2 Units | % | |||||||||||||||||||
| Identity Automation Systems (h) | Education Software | Common Stock Class A-1 Units | % | |||||||||||||||||||
| Education Software | First Lien Term Loan (3M USD TERM SOFR+ | $ | % | |||||||||||||||||||
| Total Education Software | % | |||||||||||||||||||||
| TG Pressure Washing Holdings, LLC (h) | Facilities Maintenance | Preferred Equity | % | |||||||||||||||||||
| Total Facilities Maintenance | % | |||||||||||||||||||||
16
| Company(1) | Industry | Investment
Interest Rate/ Maturity | Original Acquisition Date | Principal/ Number of Shares | Cost | Fair Value (c) | %
of Net Assets | |||||||||||||||
| Davisware, LLC | Field Service Management | First Lien Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Davisware, LLC | Field Service Management | Delayed Draw Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Total Field Service Management | % | |||||||||||||||||||||
| B. Riley Financial, Inc. (a) | Financial Services | Senior Unsecured Loan | $ | % | ||||||||||||||||||
| GDS Software Holdings, LLC | Financial Services | First Lien Term Loan (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| GDS Software Holdings, LLC | Financial Services | Delayed Draw Term Loan (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| GDS Software Holdings, LLC (h) | Financial Services | Common Stock Class A Units | % | |||||||||||||||||||
| Total Financial Services | % | |||||||||||||||||||||
| Ascend Software, LLC | Financial Services Software | First Lien Term Loan (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| Ascend Software, LLC (j) | Financial Services Software | Delayed Draw Term Loan (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| Total Financial Services Software | % | |||||||||||||||||||||
| Axiom Parent Holdings, LLC (h) | Healthcare Services | Common Stock Class A Units | $ | % | ||||||||||||||||||
| ComForCare Health Care (d) | Healthcare Services | First Lien Term Loan (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| Total Healthcare Services | % | |||||||||||||||||||||
17
| Company(1) | Industry | Investment
Interest Rate/ Maturity | Original Acquisition Date | Principal/ Number of Shares | Cost | Fair Value (c) | %
of Net Assets | |||||||||||||||
| HemaTerra Holding Company, LLC (d) | Healthcare Software | First Lien Term Loan (1M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| HemaTerra Holding Company, LLC | Healthcare Software | Delayed Draw Term Loan (1M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| TRC HemaTerra, LLC (h) | Healthcare Software | Class D Membership Interests | % | |||||||||||||||||||
| Healthcare Software | First Lien Term Loan (3M USD TERM SOFR+ | $ | % | |||||||||||||||||||
| Healthcare Software | Delayed Draw Term Loan (3M USD TERM SOFR+ | $ | % | |||||||||||||||||||
| Procurement Partners Holdings LLC (h) | Healthcare Software | Class A Units | % | |||||||||||||||||||
| Total Healthcare Software | % | |||||||||||||||||||||
| Roscoe Medical, Inc. (h) | Healthcare Supply | Common Stock | % | |||||||||||||||||||
| Total Healthcare Supply | % | |||||||||||||||||||||
| Book4Time, Inc. (a), (d) | Hospitality/Hotel | First Lien Term Loan (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| Book4Time, Inc. (a) | Hospitality/Hotel | Delayed Draw Term Loan (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| Book4Time, Inc. (a), (h), (i) | Hospitality/Hotel | Class A Preferred Shares | % | |||||||||||||||||||
| Knowland Group, LLC (h), (k) | Hospitality/Hotel | Second Lien Term Loan (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| Sceptre Hospitality Resources, LLC | Hospitality/Hotel | First Lien Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Sceptre Hospitality Resources, LLC (j) | Hospitality/Hotel | Delayed Draw Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Total Hospitality/Hotel | % | |||||||||||||||||||||
18
| Company(1) | Industry | Investment
Interest Rate/ Maturity | Original Acquisition Date | Principal/ Number of Shares | Cost | Fair Value (c) | %
of Net Assets | |||||||||||||||
| HVAC Services and Sales | First Lien Term Loan (3M USD TERM SOFR+7.86%), | $ | % | |||||||||||||||||||
| Granite Comfort, LP (j) | HVAC Services and Sales | Delayed Draw Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Total HVAC Services and Sales | % | |||||||||||||||||||||
| Vector Controls Holding Co., LLC (d) | Industrial Products | First Lien Term Loan (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| Vector Controls Holding Co., LLC (h) | Industrial Products | Warrants to Purchase Limited Liability Company Interests, Expires | % | |||||||||||||||||||
| Total Industrial Products | % | |||||||||||||||||||||
| AgencyBloc, LLC | Insurance Software | First Lien Term Loan (1M USD BSBY+ | $ | % | ||||||||||||||||||
| Panther ParentCo LLC (h) | Insurance Software | Class A Units | % | |||||||||||||||||||
| Total Insurance Software | % | |||||||||||||||||||||
| LogicMonitor, Inc. (d) | IT Services | First Lien Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Total IT Services | % | |||||||||||||||||||||
| ActiveProspect, Inc. (d) | Lead Management Software | First Lien Term Loan (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| ActiveProspect, Inc. (j) | Lead Management Software | Delayed Draw Term Loan (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| Total Lead Management Software | % | |||||||||||||||||||||
| Centerbase, LLC | Legal Software | First Lien Term Loan (1M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Total Legal Software | % | |||||||||||||||||||||
| Madison Logic, Inc. (d) | Marketing Orchestration Software | First Lien Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Total Marketing Orchestration Software | % | |||||||||||||||||||||
19
| Company(1) | Industry | Investment
Interest Rate/ Maturity | Original Acquisition Date | Principal/ Number of Shares | Cost | Fair Value (c) | %
of Net Assets | |||||||||||||||
| ARC Health OpCo LLC (d) | Mental Healthcare Services | First Lien Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| ARC Health OpCo LLC (d), (j) | Mental Healthcare Services | Delayed Draw Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| ARC Health OpCo LLC (h) | Mental Healthcare Services | Class A Preferred Shares | % | |||||||||||||||||||
| Total Mental Healthcare Services | % | |||||||||||||||||||||
| Chronus LLC | Mentoring Software | First Lien Term Loan (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| Chronus LLC | Mentoring Software | First Lien Term Loan (3M USD LIBOR+6.00), 10.97% Cash, 8/26/2026 | $ | % | ||||||||||||||||||
| Chronus LLC (h) | Mentoring Software | Series A Preferred Stock | % | |||||||||||||||||||
| Total Mentoring Software | % | |||||||||||||||||||||
| Omatic Software, LLC | Non-profit Services | First Lien Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Total Non-profit Services | % | |||||||||||||||||||||
| Office Supplies | Senior Secured Note (3M USD TERM SOFR+ | $ | % | |||||||||||||||||||
| Emily Street Enterprises, L.L.C. (h) | Office Supplies | Warrant Membership Interests, Expires | % | |||||||||||||||||||
| Total Office Supplies | % | |||||||||||||||||||||
20
| Company(1) | Industry | Investment
Interest Rate/ Maturity | Original Acquisition Date | Principal/ Number of Shares | Cost | Fair Value (c) | %
of Net Assets | |||||||||||||||
| Buildout, Inc. | Real Estate Services | First Lien Term Loan (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| Buildout, Inc. | Real Estate Services | Delayed Draw Term Loan (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| Buildout, Inc. (h), (i) | Real Estate Services | Limited Partner Interests | % | |||||||||||||||||||
| Total Real Estate Services | % | |||||||||||||||||||||
| Archimedes Parent LLC (h) | Research Software | Class A Common Units | % | |||||||||||||||||||
| Wellspring Worldwide Inc. | Research Software | First Lien Term Loan (1M USD BSBY+ | $ | % | ||||||||||||||||||
| Total Research Software | % | |||||||||||||||||||||
| LFR Chicken LLC | Restaurant | First Lien Term Loan (1M USD LIBOR+ | $ | % | ||||||||||||||||||
| LFR Chicken LLC (j) | Restaurant | Delayed Draw Term Loan (1M USD LIBOR+ | $ | % | ||||||||||||||||||
| LFR Chicken LLC (h) | Restaurant | Series B Preferred Units | % | |||||||||||||||||||
| Restaurant | Unsecured Term Loan | $ | % | |||||||||||||||||||
| Total Restaurant | % | |||||||||||||||||||||
| Pepper Palace, Inc. (d) | Specialty Food Retailer | First Lien Term Loan (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| Pepper Palace, Inc. (j) | Specialty Food Retailer | Delayed Draw Term Loan (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| Pepper Palace, Inc. (j) | Specialty Food Retailer | Revolving Credit Facility (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| Pepper Palace, Inc. (h) | Specialty Food Retailer | Membership Interest | % | |||||||||||||||||||
| Total Specialty Food Retailer | % | |||||||||||||||||||||
21
| Company(1) | Industry | Investment
Interest Rate/ Maturity | Original Acquisition Date | Principal/ Number of Shares | Cost | Fair
Value (c) | %
of Net Assets | |||||||||||||||
| ArbiterSports, LLC (d) | Sports Management | First Lien Term Loan (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| ArbiterSports, LLC | Sports Management | Delayed Draw Term Loan (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| Total Sports Management | % | |||||||||||||||||||||
| Avionte Holdings, LLC (h) | Staffing Services | Class A Units | % | |||||||||||||||||||
| Total Staffing Services | % | |||||||||||||||||||||
| JDXpert | Talent Acquisition Software | First Lien Term Loan (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| JDXpert (j) | Talent Acquisition Software | Delayed Draw Term Loan (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| Jobvite, Inc. (d) | Talent Acquisition Software | First Lien Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Total Talent Acquisition Software | % | |||||||||||||||||||||
| Sub Total Non-control/Non-affiliate investments | % | |||||||||||||||||||||
| Affiliate investments - 8.1% (b) | ||||||||||||||||||||||
| ETU Holdings, Inc. (f) | Corporate Education Software | First Lien Term Loan (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| Corporate Education Software | Second Lien Term Loan | $ | % | |||||||||||||||||||
| ETU Holdings, Inc. (f), (h) | Corporate Education Software | Series A-1 Preferred Stock | % | |||||||||||||||||||
| Total Corporate Education Software | % | |||||||||||||||||||||
22
| Company(1) | Industry | Investment
Interest Rate/ Maturity | Original Acquisition Date | Principal/ Number of Shares | Cost | Fair
Value (c) | %
of Net Assets | |||||||||||||||
| Axero Holdings, LLC (f) | Employee Collaboration Software | First Lien Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Axero Holdings, LLC (f) | Employee Collaboration Software | Delayed Draw Term Loan (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Axero Holdings, LLC (f), (j) | Employee Collaboration Software | Revolving Credit Facility (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Axero Holdings, LLC (f), (h) | Employee Collaboration Software | Series A Preferred Units | % | |||||||||||||||||||
| Axero Holdings, LLC (f), (h) | Employee Collaboration Software | Series B Preferred Units | % | |||||||||||||||||||
| Total Employee Collaboration Software | % | |||||||||||||||||||||
| Sub Total Affiliate investments | % | |||||||||||||||||||||
| Control investments - 33.6% (b) | ||||||||||||||||||||||
| Netreo Holdings, LLC (g) | IT Services | First Lien Term Loan (3M USD LIBOR + | $ | % | ||||||||||||||||||
| Netreo Holdings, LLC (d), (g) | IT Services | Delayed Draw Term Loan (3M USD LIBOR + | $ | % | ||||||||||||||||||
| Netreo Holdings, LLC (g), (h) | IT Services | Common Stock Class A Unit | % | |||||||||||||||||||
| Total IT Services | % | |||||||||||||||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. (a), (e), (g) | Structured Finance Securities | Other/Structured Finance Securities | $ | % | ||||||||||||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note (a), (g) | Structured Finance Securities | Other/Structured Finance Securities (3M USD LIBOR+ | $ | % | ||||||||||||||||||
| Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E Note (a), (g) | Structured Finance Securities | Other/Structured Finance Securities (3M USD TERM SOFR+ | $ | % | ||||||||||||||||||
| Total Structured Finance Securities | % | |||||||||||||||||||||
23
| Company(1) | Industry | Investment
Interest Rate/ Maturity | Original Acquisition Date | Principal/ Number of Shares | Cost | Fair Value (c) | %
of Net Assets | |||||||||||||||
| Saratoga Senior Loan Fund I JV, LLC (a), (g), (j) | Investment Fund | Unsecured Loan | $ | % | ||||||||||||||||||
| Saratoga Senior Loan Fund I JV, LLC (a), (g), (h) | Investment Fund | Membership Interest | % | |||||||||||||||||||
| Total Investment Fund | % | |||||||||||||||||||||
| Sub Total Control investments | % | |||||||||||||||||||||
| TOTAL INVESTMENTS - 280.3% (b) | $ | $ | % | |||||||||||||||||||
| Number of Shares | Cost | Fair Value | % of Net Assets | |||||||||||||
| Cash and cash equivalents and cash and cash equivalents, reserve accounts - 27.7% (b) | ||||||||||||||||
| U.S. Bank Money Market (l) | $ | $ | % | |||||||||||||
| Total cash and cash equivalents and cash and cash equivalents, reserve accounts | $ | $ | % | |||||||||||||
| (1) |
| (a) | Represents an investment that is not a “qualifying asset” under Section 55(a) of the Investment Company Act of 1940, as amended (the 1940 Act”). As of February 28, 2023, non-qualifying assets represent 8.6% of the Company’s portfolio at fair value. As a BDC, the Company generally has to invest at least 70% of its total assets in qualifying assets. |
| (b) | Percentages are based on net assets of $346,958,042 as of February 28, 2023. |
| (c) | Because there is no “readily available market quotations” (as defined in the 1940 Act) for these investments, the fair values of these investments were determined using significant unobservable inputs and approved in good faith by our board of directors. These investments have been included as Level 3 in the Fair Value Hierarchy (see Note 3 to the consolidated financial statements). |
| (d) | These securities are either fully or partially pledged as collateral under the Company’s senior secured revolving credit facility (see Note 8 to the consolidated financial statements). |
| (e) | This investment does not have a stated interest rate that is payable thereon. As a result, the 0.00% interest rate in the table above represents the effective interest rate currently earned on the investment cost and is based on the current cash interest and other income generated by the investment. |
| (f) | As defined in the 1940 Act, this portfolio company is an “affiliate” as we own between 5.0% and 25.0% of the outstanding voting securities. Artemis Wax Corp. is no longer an affiliate as of February 28, 2023. Transactions during the year ended February 28, 2023 in which the issuer was an affiliate are as follows: |
| Company | Purchases | Sales | Total Interest from Investments | Management Fee Income | Net Realized Gain (Loss) from Investments | Net Change in Unrealized Appreciation (Depreciation) | ||||||||||||||||||
| Artemis Wax Corp | $ | $ | $ | $ | $ | $ | ( | ) | ||||||||||||||||
| Axero Holdings, LLC | ||||||||||||||||||||||||
| ETU Holdings, Inc. | ||||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
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| (g) | As defined in the 1940 Act, we “control” this portfolio company because we own more than 25% of the portfolio company’s outstanding voting securities. Transactions during the year ended February 28, 2023 in which the issuer was both an affiliate and a portfolio company that we control are as follows: |
| Company | Purchases | Sales | Total Interest from Investments | Management Fee Income | Net Realized Gain (Loss) from Investments | Net Change in Unrealized Appreciation (Depreciation) | ||||||||||||||||||
| Netreo Holdings, LLC | $ | $ | $ | $ | $ | $ | ( | ) | ||||||||||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. | ( | ) | ||||||||||||||||||||||
| Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E Note | ( | ) | ||||||||||||||||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note | ( | ) | ||||||||||||||||||||||
| Saratoga Senior Loan Fund I JV, LLC | ||||||||||||||||||||||||
| Saratoga Senior Loan Fund I JV, LLC | ( | ) | ||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | $ | ( | ) | ||||||||||||||||
| (h) | Non-income producing at February 28, 2023. |
| (i) | Includes securities issued by an affiliate of the company. |
| (j) | All or a portion of this investment has an unfunded commitment as of February 28, 2023. (See Note 9 to the consolidated financial statements). |
| (k) | As of February 28, 2023, the investment was on non-accrual status. The fair value of these investments was approximately $9.8 million, which represented 2.8% of the Company’s portfolio (see Note 2 to the consolidated financial statements). |
| (l) | Included within cash and cash equivalents and cash and cash equivalents, reserve accounts in the Company’s consolidated statements of assets and liabilities as of February 28, 2023. |
BSBY - Bloomberg Short-Term Bank Yield
LIBOR - London Interbank Offered Rate
SOFR - Secured Overnight Financing Rate
1M USD BSBY - The 1 month USD BSBY rate as of February 28, 2023 was 4.58%.
3M USD BSBY - The 3 month USD BSBY rate as of February 28, 2023 was 4.87%.
1M USD LIBOR - The 1 month USD LIBOR rate as of February 28, 2023 was 4.67%.
3M USD LIBOR - The 3 month USD LIBOR rate as of February 28, 2023 was 4.97%.
1M USD TERM SOFR - The 1 month USD TERM SOFR rate as of February 28, 2023 was 4.66%
3M USD TERM SOFR - The 3 month USD TERM SOFR rate as of February 28, 2023 was 4.89%
PIK - Payment-in-Kind (see Note 2 to the consolidated financial statements).
See accompanying notes to consolidated financial statements
25
SARATOGA INVESTMENT CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
May 31, 2023
(unaudited)
Note 1. Organization
Saratoga Investment Corp. (the “Company”, “we”, “our” and “us”) is a non-diversified closed end management investment company incorporated in Maryland that has elected to be treated and is regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company commenced operations on March 23, 2007 as GSC Investment Corp. and completed the initial public offering (“IPO”) on March 28, 2007. The Company has elected, and intends to qualify annually, to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation from its investments.
GSC Investment, LLC (the “LLC”) was organized in May 2006 as a Maryland limited liability company. As of February 28, 2007, the LLC had not yet commenced its operations and investment activities.
On March 21, 2007, the Company was incorporated and concurrently therewith the LLC was merged with and into the Company, with the Company as the surviving entity, in accordance with the procedure for such merger in the LLC’s limited liability company agreement and Maryland law. In connection with such merger, each outstanding limited liability company interest of the LLC was converted into a share of common stock of the Company.
On July 30, 2010, the Company changed its name from “GSC Investment Corp.” to “Saratoga Investment Corp.” in connection with the consummation of a recapitalization transaction.
The Company is externally managed and advised by the investment adviser, Saratoga Investment Advisors, LLC (the “Manager” or “Saratoga Investment Advisors”), pursuant to an investment advisory and management agreement (the “Management Agreement”). Prior to July 30, 2010, the Company was managed and advised by GSCP (NJ), L.P.
The Company has established wholly owned subsidiaries, SIA-AAP, Inc., SIA-ARC, Inc., SIA-Avionte, Inc., SIA-AX, Inc., SIA-G4, Inc., SIA-GH, Inc., SIA-MAC, Inc., SIA-MDP, Inc., SIA-PP Inc., SIA-SZ, Inc., SIA-TG, Inc., SIA-TT, Inc., SIA-Vector, Inc. and SIA-VR, Inc., which are structured as Delaware entities that are treated as corporations for U.S. federal income tax purposes and are intended to facilitate our compliance with the requirements to be treated as a RIC under the Code by holding equity or equity-like investments in portfolio companies organized as limited liability companies, or LLCs (or other forms of pass through entities). These entities are consolidated for accounting purposes, but are not consolidated for U.S. federal income tax purposes and may incur U.S. federal income tax expenses as a result of their ownership of portfolio companies. In February 2022, SIA-GH, Inc., SIA-TT Inc. and SIA-VR, Inc. received an approved plan of liquidation following the sale of equity held by each of the portfolio companies.
Our wholly owned subsidiaries, Saratoga Investment
Corp. SBIC LP (“SBIC LP”), Saratoga Investment Corp. SBIC II LP (“SBIC II LP”), and Saratoga Investment Corp.
SBIC III LP (“SBIC III LP”, and together with SBIC LP and SBIC II LP, the “SBIC Subsidiaries”), received an SBIC
license from the SBA on March 28, 2012, August 14, 2019, and September 29, 2022, respectively. SBIC LP’s license provided up to
$
26
The Company has formed a wholly owned special
purpose entity, Saratoga Investment Funding II LLC, a Delaware limited liability company (“SIF II”), for the purpose of entering
into a $
On October 26, 2021, the Company and TJHA JV
I LLC (“TJHA”) entered into a Limited Liability Company Agreement to co-manage Saratoga Senior Loan Fund I JV LLC (“SLF
JV”). SLF JV is under joint control and is not consolidated. SLF JV is invested in Saratoga Investment Corp Senior Loan Fund 2022-1
Ltd. (“SLF 2022”), which is a wholly owned subsidiary of SLF JV. SLF 2022 was formed for the purpose of making investments
in a diversified portfolio of broadly syndicated first lien and second lien term loans or bonds in the primary and secondary markets.
On October 28, 2022, SLF 2022 issued $
Note 2. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), are stated in U.S. Dollars and include the accounts of the Company and its wholly owned special purpose financing subsidiaries, Saratoga Investment Funding, LLC (previously known as GSC Investment Funding LLC), SIF II, SBIC LP, SBIC II LP, SBIC III LP, SIA-AAP, Inc., SIA-ARC, Inc., SIA-Avionte, Inc., SIA-AX, Inc., SIA-G4, Inc., SIA-GH, Inc., SIA-MDP, Inc., SIA-MAC, Inc., SIA-PP, Inc., SIA-SZ, Inc., SIA-TG, Inc., SIA-TT Inc., SIA-Vector, Inc. and SIA-VR, Inc. All intercompany accounts and transactions have been eliminated in consolidation. Therefore, this form 10-Q should be read in conjunction with the Company's annual report on Form 10-K for the year ended February 28, 2023. The current period's result of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending February 28, 2024. All references made to the “Company,” “we,” and “us” herein include Saratoga Investment Corp. and its consolidated subsidiaries, except as stated otherwise.
The Company, SBIC LP, SBIC II LP, and SBIC III LP are all considered to be investment companies for financial reporting purposes and have applied the guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies (“ASC 946”). There have been no changes to the Company, SBIC LP, SBIC II LP, or SBIC III LP’s status as investment companies during the three months ended May 31, 2023.
27
Principles of Consolidation
Under the investment company rules and regulations pursuant to ASC 946, the Company is precluded from consolidating any entity other than another investment company or controlled operating company whose business consists of providing services to the Company. As a result, the consolidated financial statements of the Company include only the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
The Company has determined that SLF JV is an
investment company under ASC 946; however, in accordance with such guidance the Company will generally not consolidate its investment
in a company other than a wholly owned investment company subsidiary. SLF JV is not a wholly owned investment company subsidiary as the
Company and TJHA each have an equal
Use of Estimates in the Preparation of Financial Statements
The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and income, gains (losses) and expenses during the period reported. Actual results could differ materially from those estimates.
Cash and Cash Equivalents
Cash and cash equivalents include short-term, liquid investments in a money market fund. The Company places its cash in financial institutions and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation insurance limits. Cash and cash equivalents are carried at cost which approximates fair value. Pursuant to Section 12(d)(1)(A) of the 1940 Act, the Company may not invest in another investment company, such as a money market fund, if such investment would cause the Company to exceed any of the following limitations:
| ● | we were to own more than |
| ● | we were to hold securities in the investment company having an aggregate value in excess of |
| ● | we were to hold securities in investment companies having an aggregate value in excess of |
As of May 31, 2023, the Company did not exceed any of these limitations.
28
Cash and Cash Equivalents, Reserve Accounts
Cash and cash equivalents, reserve accounts include amounts held in designated bank accounts in the form of cash and short-term liquid investments in money market funds, and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation insurance limits, representing payments received on secured investments or other reserved amounts associated with the Encina Credit Facility within SIF II, our wholly owned subsidiary. The Company is required to use these amounts to pay interest expense, reduce borrowings, or pay other amounts in accordance with the terms of the Encina Credit Facility.
In addition, cash and cash equivalents, reserve accounts also include amounts held in designated bank accounts, in the form of cash and short-term liquid investments in money market funds, within our wholly owned subsidiaries, SBIC LP, SBIC II LP and SBIC III LP.
The statements of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash and restricted cash equivalents when reconciling the beginning-of-period and end-of-period total amounts.
The following table provides a reconciliation of cash and cash equivalents and cash and cash equivalents, reserve accounts reported within the consolidated statements of assets and liabilities that sum to the total of the same such amounts shown in the consolidated statements of cash flows:
| May 31, 2023 | February 28, 2023 | |||||||
| Cash and cash equivalents | $ | $ | ||||||
| Cash and cash equivalents, reserve accounts | ||||||||
| Total cash and cash equivalents and cash and cash equivalents, reserve accounts | $ | $ | ||||||
Investment Classification
The Company classifies its investments in accordance
with the requirements of the 1940 Act. Under the 1940 Act, “control investments” are defined as investments in companies
in which we own more than
29
Investment Valuation
The Company accounts for its investments at fair value in accordance with the FASB ASC Topic 820, Fair Value Measurements and Disclosure (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value and enhances disclosure requirements for fair value measurements. ASC 820 requires the Company to assume that its investments are to be sold or its liabilities are to be transferred at the measurement date in the principal market to independent market participants, or in the absence of a principal market, in the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact.
Investments for which market quotations are readily available are fair valued at such market quotations obtained from independent third-party pricing services and market makers subject to any decision by our board of directors to approve a fair value determination to reflect significant events affecting the value of these investments. We value investments for which market quotations are not readily available at fair value as approved, in good faith, by our board of directors based on input from our Manager, the audit committee of our board of directors and a third-party independent valuation firm.
The Company undertakes a multi-step valuation process each quarter when valuing investments for which market quotations are not readily available, as described below:
| ● | Each investment is initially valued by the responsible investment professionals of the Manager and preliminary valuation conclusions are documented, reviewed and discussed with our senior management; and |
| ● | An independent valuation firm engaged by our board of directors independently reviews a selection of these preliminary valuations each quarter so that the valuation of each investment for which market quotes are not readily available is reviewed by the independent valuation firm at least once each fiscal year. We use a third-party independent valuation firm to value our investment in the subordinated notes of Saratoga Investment Corp. CLO 2013-1, Ltd. (“Saratoga CLO”), the Class F-2-R-3 Notes of the Saratoga CLO, and the Class E Notes of the SLF 2022 every quarter. |
In addition, all our investments are subject to the following valuation process:
| ● | The audit committee of our board of directors reviews and approves each preliminary valuation and our Manager and independent valuation firm (if applicable) will supplement the preliminary valuation to reflect any comments provided by the audit committee; and |
| ● | Our board of directors discusses the valuations and approves the fair value of each investment, in good faith, based on the input of our Manager, independent valuation firm (to the extent applicable) and the audit committee of our board of directors. |
We use multiple techniques for determining fair value based on the nature of the investment and experience with those types of investments and specific portfolio companies. The selections of the valuation techniques and the inputs and assumptions used within those techniques often require subjective judgements and estimates. These techniques include market comparables, discounted cash flows and enterprise value waterfalls. Fair value is best expressed as a range of values from which the Company determines a single best estimate. The types of inputs and assumptions that may be considered in determining the range of values of our investments include the nature and realizable value of any collateral, the portfolio company’s ability to make payments, market yield trend analysis and volatility in future interest rates, call and put features, the markets in which the portfolio company does business, comparison to publicly traded companies, discounted cash flows and other relevant factors.
30
The Company’s investments in the subordinated notes of Saratoga CLO, Class F-2-R-3 Notes of the Saratoga CLO and the Class E Notes of SLF 2022 are carried at fair value, which is based on a discounted cash flow valuation technique that utilizes prepayment, re-investment and loss inputs based on historical experience and projected performance, economic factors, the characteristics of the underlying cash flow, and comparable yields for equity interests in collateralized loan obligation funds, when available, as determined by our Manager and recommended to our board of directors. Specifically, we use Intex cash flows, or an appropriate substitute, to form the basis for the valuation of our investment in the subordinated notes of Saratoga CLO, Class F-2-R-3 Notes of the Saratoga CLO and the Class E Notes of SLF 2022. The cash flows use a set of inputs including projected default rates, recovery rates, reinvestment rates and prepayment rates in order to arrive at estimated valuations. The inputs are based on available market data and projections provided by third parties as well as management estimates.
The Company’s equity investment in SLF JV is measured using the proportionate share of the net asset value (“NAV”), or equivalent, of SLF JV as a practical expedient for fair value, provided by ASC 820.
Because such valuations, and particularly valuations of private investments and private companies, are inherently uncertain, they may fluctuate over short periods of time and may be based on estimates. The determination of fair value may differ materially from the values that would have been used if a ready market for these investments existed. The Company’s NAV could be materially affected if the determinations regarding the fair value of our investments were materially higher or lower than the values that we ultimately realize upon the disposal of such investments.
In December 2020, the U.S. Securities and Exchange Commission (the “SEC”) adopted new Rule 2a-5 under the 1940 Act (“Rule 2a-5”) that establishes a regulatory framework for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits boards of directors, subject to board oversight and certain other conditions, to designate the investment adviser to perform fair value determinations. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must determine the fair value of a security. The SEC also adopted new Rule 31a-4 under the 1940 Act (“Rule 31a-4”) that provides the recordkeeping requirements associated with fair value determinations. Finally, the SEC rescinded previously issued guidance on related issues, including the role of the board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021 and had a compliance date of September 8, 2022. While our board of directors has not elected to designate Saratoga Investment Advisors as the valuation designee, the Company has adopted certain revisions to its valuation policies and procedures in order comply with the applicable requirements of Rule 2a-5 and Rule 31a-4.
Derivative Financial Instruments
The Company accounts for derivative financial instruments in accordance with FASB ASC Topic 815, Derivatives and Hedging (“ASC 815”). ASC 815 requires recognizing all derivative instruments as either assets or liabilities on the consolidated statements of assets and liabilities at fair value. The Company values derivative contracts at the closing fair value provided by the counterparty. Changes in the values of derivative contracts are included in the consolidated statements of operations.
31
Investment Transactions and Income Recognition
Purchases and sales of investments and the related realized gains or losses are recorded on a trade-date basis. Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis to the extent that such amounts are expected to be collected. The Company stops accruing interest on its investments when it is determined that interest is no longer collectible. Discounts and premiums on investments purchased are accreted/amortized using the effective yield method. The amortized cost of investments represents the original cost adjusted for the accretion of discounts over the life of the investment and amortization of premiums on investments up to the earliest call date.
Loans are generally placed on non-accrual status
when there is reasonable doubt that principal or interest will be collected. Accrued interest is generally reserved when a loan is placed
on non-accrual status. Interest payments received on non-accrual loans may be recognized as a reduction in principal depending upon management’s
judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid and,
in management’s judgment, are likely to remain current, although we may make exceptions to this general rule if the loan has sufficient
collateral value and is in the process of collection. At May 31, 2023 our investment in one portfolio company was on non-accrual status
with a fair value of approximately $
Interest income on our investment in Saratoga CLO is recorded using the effective interest method in accordance with the provisions of ASC Topic 325, Investments-Other, Beneficial Interests in Securitized Financial Assets, (“ASC 325”), based on the anticipated yield and the estimated cash flows over the projected life of the investment. Yields are revised when there are changes in actual or estimated cash flows due to changes in prepayments and/or re-investments, credit losses or asset pricing. Changes in estimated yield are recognized as an adjustment to the estimated yield over the remaining life of the investment from the date the estimated yield was changed.
Payment-in-Kind Interest
The Company holds debt and preferred equity investments in its portfolio that contain a payment-in-kind (“PIK”) interest provision. The PIK interest, which represents contractually deferred interest added to the investment balance that is generally due at maturity, is generally recorded on the accrual basis to the extent such amounts are expected to be collected. The Company stops accruing PIK interest if it is expected that the issuer will not be able to pay all principal and interest when due.
Dividend Income
Dividend income is recorded in the consolidated statements of operations when earned.
Structuring and Advisory Fee Income
Structuring and advisory fee income represents various fee income earned and received for performing certain investment structuring and advisory activities during the closing of new investments.
Other Income
Other income includes prepayment income fees, and monitoring, administration, redemption and amendment fees and is recorded in the consolidated statements of operations when earned.
Deferred Debt Financing Costs
Financing costs incurred in connection with our credit facility and notes are deferred and amortized using the straight-line method over the life of the respective facility and debt securities. Financing costs incurred in connection with the SBA debentures of SBIC LP, SBIC II LP, and SBIC III LP are deferred and amortized using the straight-line method over the life of the debentures. Any discount or premium on the issuance of any debt is accreted and amortized using the effective interest method over the life of the respective debt security.
The Company presents deferred debt financing costs on the balance sheet as a contra-liability as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts.
32
Realized Loss on Extinguishment of Debt
Upon the repayment of debt obligations that are deemed to be extinguishments, the difference between the principal amount due at maturity adjusted for any unamortized debt issuance costs is recognized as a loss (i.e., the unamortized debt issuance costs are recognized as a loss upon extinguishment of the underlying debt obligation).
Contingencies
In the ordinary course of business, the Company may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Company. Based on its history and experience, management reasonably believes that the likelihood of such an event is remote. Therefore, the Company has not accrued any liabilities in connection with such indemnifications.
In the ordinary course of business, the Company may directly or indirectly be a defendant or plaintiff in legal actions with respect to bankruptcy, insolvency or other types of proceedings. Such lawsuits may involve claims that could adversely affect the value of certain financial instruments owned by the Company.
Income Taxes
The Company has elected, and intends to qualify annually, to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code. By meeting these requirements, the Company will not be subject to U.S. federal income tax on ordinary income or capital gains timely distributed to stockholders. Therefore, no provision has been recorded for federal income taxes, except as related to the Taxable Blockers and long-term capital gains, when applicable.
In order to qualify as a RIC, among other requirements,
the Company generally is required to timely distribute to its stockholders at least
Depending on the level of investment company
taxable income earned in a tax year and the amount of net capital gains recognized in such tax year, the Company may choose to carry
forward investment company taxable income and net capital gains in excess of current year dividend distributions into the next tax year
and pay U.S. federal income tax, and possibly the
In accordance with U.S. Treasury regulations
and published guidance issued by the Internal Revenue Service (“IRS”), a publicly offered RIC may treat a distribution of
its own stock as counting toward its RIC distribution requirements if each stockholder may elect to receive his, her, or its entire distribution
in either cash or stock of the RIC. This published guidance indicates that the rule will apply where the aggregate amount of cash to
be distributed to all stockholders is not at least
The Company may utilize wholly owned holding companies taxed under Subchapter C of the Code or tax blockers, when making equity investments in portfolio companies taxed as pass-through entities to meet its source-of-income requirements as a RIC. Taxable Blockers are consolidated in the Company’s U.S. GAAP financial statements and may result in current and deferred federal and state income tax expense with respect to income derived from those investments. Such income, net of applicable income taxes, is not included in the Company’s tax-basis net investment income until distributed by the Taxable Blocker, which may result in timing and character differences between the Company’s U.S. GAAP and tax-basis net investment income and realized gains and losses. Income tax expense or benefit from Taxable Blockers related to net investment income are included in total operating expenses, while any expense or benefit related to federal or state income tax originated for capital gains and losses are included together with the applicable net realized or unrealized gain or loss line item. Deferred tax assets of the Taxable Blockers are reduced by a valuation allowance when, in the opinion of management, it is more-likely than-not that some portion or all of the deferred tax assets will not be realized.
33
FASB ASC Topic 740, Income Taxes, (“ASC 740”), provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions deemed to meet a “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current period. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the consolidated statements of operations. During the fiscal year ended February 28, 2023, the Company did not incur any interest or penalties. Although we file federal and state tax returns, our major tax jurisdiction is federal. The 2020, 2021, 2022 and 2023 federal tax years for the Company remain subject to examination by the IRS. At May 31, 2023, and February 28, 2023, there were no uncertain tax positions. The Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change significantly in the next 12 months.
Dividends
Dividends to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a dividend is determined by the board of directors. Net realized capital gains, if any, are generally distributed at least annually, although we may decide to retain some or all of our net capital gains for reinvestment.
We have adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of our dividend distributions on behalf of our stockholders unless a stockholder elects to receive cash. As a result, if our board of directors authorizes, and we declare, a cash dividend, then our stockholders who have not “opted out” of the DRIP by the dividend record date will have their cash dividends automatically reinvested into additional shares of our common stock, rather than receiving the cash dividends. We have the option to satisfy the share requirements of the DRIP through the issuance of new shares of common stock or through open market purchases of common stock by the DRIP plan administrator.
Capital Gains Incentive Fee
The Company records an expense accrual on the consolidated statements of operations relating to the capital gains incentive fee payable to the Manager, as recorded on the consolidated statements of assets and liabilities when the net realized and unrealized gain on its investments exceed all net realized and unrealized capital losses on its investments because a capital gains incentive fee would be owed to the Manager if the Company were to liquidate its investment portfolio at such time.
The actual incentive fee payable to the Manager related to capital gains will be determined and payable in arrears at the end of each fiscal year and only reflect those realized capital gains net of realized and unrealized losses for the period.
Recent Accounting Pronouncements
In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (Topic 820) (“ASU 2022-03”), which clarifies that a contractual sale restriction prohibiting the sale of an equity security is a characteristic of the reporting entity holding the equity security and is not included in the equity security’s unit of account. Accordingly, an entity should not consider the contractual sale restriction when measuring the equity security’s fair value. In addition, ASU 2022-03 prohibits an entity from recognizing a contractual sale restriction as a separate unit of account. ASU 2022-03 amendments are effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The Company is currently evaluating the impact of the adoption of ASU 2022-03 on its consolidated financial statements.
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) to provide optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 established Topic 848 to provide relief during the temporary transition period and includes a sunset provision based on expectations of when the London Interbank Offered Rate (“LIBOR”) would cease being published. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset day of this guidance to December 31, 2024. With the adoption of ASU 2022-06, there was no significant impact to the Company’s financial position.
34
Risk Management
In the ordinary course of its business, the Company manages a variety of risks, including market risk and credit risk. Market risk is the risk of potential adverse changes to the value of investments because of changes in market conditions such as interest rate movements and volatility in investment prices.
Credit risk is the risk of default or non-performance by portfolio companies, equivalent to the investment’s carrying amount. The Company is also exposed to credit risk related to maintaining all of its cash and cash equivalents, including those in reserve accounts, at a major financial institution and credit risk related to any of its derivative counterparties.
The Company has investments in lower rated and comparable quality unrated high yield bonds and bank loans. Investments in high yield investments are accompanied by a greater degree of credit risk. The risk of loss due to default by the issuer is significantly greater for holders of high yield securities, because such investments are generally unsecured and are often subordinated to other creditors of the issuer.
Note 3. Investments
As noted above, the Company values all investments in accordance with ASC 820. As defined in ASC 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between independent market participants at the measurement date.
ASC 820 establishes a hierarchal disclosure framework which prioritizes and ranks the level of market price observability of inputs used in measuring investments at fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.
Based on the observability of the inputs used in the valuation techniques, the Company is required to provide disclosures on fair value measurements according to the fair value hierarchy. The fair value hierarchy ranks the observability of the inputs used to determine fair values. Investments carried at fair value are classified and disclosed in one of the following three categories:
| ● | Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. |
| ● | Level 2— Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. Such inputs may be quoted prices for similar assets or liabilities, quoted markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full character of the financial instrument, or inputs that are derived principally from, or corroborated by, observable market information. Investments that are generally included in this category include illiquid debt securities and less liquid, privately held or restricted equity securities, for which some level of recent trading activity has been observed. |
| ● | Level 3—Pricing inputs are unobservable for the investment and includes situations where there is little, if any, market activity for the investment. The inputs may be based on the Company’s own assumptions about how market participants would price the asset or liability or may use Level 2 inputs, as adjusted, to reflect specific investment attributes relative to a broader market assumption. Even if observable market data for comparable performance or valuation measures (earnings multiples, discount rates, other financial/valuation ratios, etc.) are available, such investments are grouped as Level 3 if any significant data point that is not also market observable (private company earnings, cash flows, etc.) is used in the valuation technique. We use multiple techniques for determining fair value based on the nature of the investment and experience with those types of investments and specific portfolio companies. The selections of the valuation techniques and the inputs and assumptions used within those techniques often require subjective judgements and estimates. These techniques include market comparables, discounted cash flows and enterprise value waterfalls. Fair value is best expressed as a range of values from which the Company determines a single best estimate. The types of inputs and assumptions that may be considered in determining the range of values of our investments include the nature and realizable value of any collateral, the portfolio company’s ability to make payments, market yield trend analysis and volatility in future interest rates, call and put features, the markets in which the portfolio company does business, comparison to publicly traded companies, discounted cash flows and other relevant factors. |
35
In addition to using the above inputs in investment valuations, the Company continues to employ the valuation policy approved by the board of directors that is consistent with ASC 820 and the 1940 Act (see Note 2). Consistent with our valuation policy, we evaluate the source of inputs, including any markets in which our investments are trading, in determining fair value.
The following table presents fair value measurements of investments, by major class, as of May 31, 2023 (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 | $ | $ | $ | $ | $ | |||||||||||||||
| Second lien term loans | ||||||||||||||||||||
| Unsecured term loans | ||||||||||||||||||||
| Structured finance securities | ||||||||||||||||||||
| Equity interests | ||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | |||||||||||||||
| * | 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 following table presents fair value measurements of investments, by major class, as of February 28, 2023 (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 | $ | $ | $ | $ | $ | |||||||||||||||
| Second lien term loans | ||||||||||||||||||||
| Unsecured term loans | ||||||||||||||||||||
| Structured finance securities | ||||||||||||||||||||
| Equity interests | ||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | |||||||||||||||
| * |
The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended May 31, 2023 (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, 2023 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
| Payment-in-kind and other adjustments to cost | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
| Net accretion of discount on investments | ||||||||||||||||||||||||
| Net change in unrealized appreciation (depreciation) on investments | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||
| Purchases | ||||||||||||||||||||||||
| Sales and repayments | ( | ) | ( | ) | ||||||||||||||||||||
| Net realized gain (loss) from investments | ||||||||||||||||||||||||
| Balance as of May 31, 2023 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
| 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 | $ | ( | ) | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||||||||
Purchases, PIK and other adjustments to cost include purchases of new investments at cost, effects of refinancing/restructuring, accretion/amortization of income from discount/premium on debt securities, and PIK interests.
Sales and repayments represent net proceeds received from investments sold and principal paydowns received during the period.
Transfers and restructurings, if any, are recognized at the beginning of the period in which they occur. There were no transfers or restructurings in or out of Levels 1, 2 or 3 during the three months ended May 31, 2023.
36
The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended May 31, 2022 (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, 2022 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
| Payment-in-kind and other adjustments to cost | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
| Net accretion of discount on investments | ||||||||||||||||||||||||
| Net change in unrealized appreciation (depreciation) on investments | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||
| Purchases | ||||||||||||||||||||||||
| Sales and repayments | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
| Net realized gain (loss) from investments | ||||||||||||||||||||||||
| Balance as of May 31, 2022 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
| Net change in unrealized appreciation (depreciation) for the year relating to those Level 3 assets that were still held by the Company at the end of the period | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||||||||
Transfers and restructurings, if any, are recognized at the beginning of the period in which they occur. There were no transfers or restructurings in or out of Levels 1, 2 or 3 during the three months ended May 31, 2022.
The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of May 31, 2023 were as follows (dollars in thousands):
| Fair Value | Valuation Technique | Unobservable Input | Range | Weighted Average* | ||||||||||||
| First lien term loans | ||||||||||||||||
| | x | |||||||||||||||
| $ | | x | ||||||||||||||
| Second lien term loans | ||||||||||||||||
| Unsecured term loans | ||||||||||||||||
| Structured finance securities | ||||||||||||||||
| Equity interests | x | |||||||||||||||
| x | ||||||||||||||||
| Total | $ | |||||||||||||||
| * | 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, 2023 were as follows (dollars in thousands):
| Fair Value | Valuation Technique | Unobservable Input | Range | Weighted Average* | ||||||||||||
| First lien term loans | $ | |||||||||||||||
| x | x | |||||||||||||||
| x | x | |||||||||||||||
| Second lien term loans | ||||||||||||||||
| Unsecured term loans | ||||||||||||||||
| 100.0 | % | |||||||||||||||
| 100.0 | % | |||||||||||||||
| Structured finance securities | ||||||||||||||||
| 20.0 | % | |||||||||||||||
| Equity interests | x | |||||||||||||||
| x | ||||||||||||||||
| Total | $ | |||||||||||||||
| * |
37
For investments utilizing a market comparables valuation technique, a significant increase (decrease) in the market yield, in isolation, would result in a significantly lower (higher) fair value measurement, and a significant increase (decrease) in any of the earnings before interest, tax, depreciation and amortization (“EBITDA”) or revenue valuation multiples, in isolation, would result in a significantly higher (lower) fair value measurement. For investments utilizing a discounted cash flow valuation technique, a significant increase (decrease) in the discount rate, and prepayment rate, in isolation, would result in a significantly lower (higher) fair value measurement while a significant increase (decrease) in recovery rate, in isolation, would result in a significantly higher (lower) fair value measurement. For investments utilizing a market quote, third party bid or NAV in deriving a value, a significant increase (decrease) in the market quote, bid or NAV in isolation, would result in a significantly higher (lower) fair value measurement.
The composition of our investments as of May 31, 2023 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 | $ | % | $ | % | ||||||||||||
| Second lien term loans | ||||||||||||||||
| Unsecured term loans | ||||||||||||||||
| Structured finance securities | ||||||||||||||||
| Equity interests | ||||||||||||||||
| Total | $ | % | $ | % | ||||||||||||
The composition of our investments as of February 28, 2023 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 | $ | % | $ | % | ||||||||||||
| Second lien term loans | ||||||||||||||||
| Unsecured term loans | ||||||||||||||||
| Structured finance securities | ||||||||||||||||
| Equity interests | ||||||||||||||||
| Total | $ | % | $ | % | ||||||||||||
For loans and debt securities for which market quotations are not readily available, we determine their fair value based on third party indicative broker quotes, where available, or the inputs that a hypothetical market participant would use to value the security in a current hypothetical sale using a market comparables valuation technique. In applying the market comparables valuation technique, we determine the fair value based on such factors as market participant inputs including synthetic credit ratings, estimated remaining life, current market yield and interest rate spreads of similar securities as of the measurement date. If, in our judgment, the market comparables technique is not sufficient or appropriate, we may use additional techniques such as an asset liquidation or expected recovery model.
For equity securities of portfolio companies and partnership interests, we determine the fair value using an enterprise value waterfall valuation technique. Under the enterprise value waterfall valuation technique, we determine the enterprise fair value of the portfolio company and then waterfall the enterprise value over the portfolio company’s securities in order of their preference relative to one another. To estimate the enterprise value of the portfolio company, we weigh some or all of the traditional market valuation techniques and factors based on the individual circumstances of the portfolio company in order to estimate the enterprise value. The techniques for performing investments may be based on, among other things: valuations of comparable public companies, recent sales of private and public comparable companies, discounting the forecasted cash flows of the portfolio company, third party valuations of the portfolio company, considering offers from third parties to buy the company, estimating the value to potential strategic buyers and considering the value of recent investments in the equity securities of the portfolio company. For non-performing investments, we may estimate the liquidation or collateral value of the portfolio company’s assets and liabilities. We also take into account historical and anticipated financial results.
38
Our investments in Saratoga CLO and SLF 2022 are carried at fair value, which is based on a discounted cash flow valuation technique that utilizes prepayment, re-investment and loss inputs based on historical experience and projected performance, economic factors, the characteristics of the underlying cash flow, and comparable yields for equity interests in collateralized loan obligation funds similar to Saratoga CLO and SLF 2022, when available, as determined by our Manager and recommended to our board of directors. Specifically, we use Intex cash flows, or an appropriate substitute, to form the basis for the valuation of our investment in Saratoga CLO and SLF 2022. The cash flows use a set of inputs including projected default rates, recovery rates, reinvestment rates and prepayment rates in order to arrive at estimated valuations. The inputs are based on available market data and projections provided by third parties as well as management estimates. We ran Intex models based on inputs about the refinanced Saratoga CLO’s structure and the SLF 2022 structure, including capital structure, cost of liabilities and reinvestment period. We use the output from the Intex models (i.e., the estimated cash flows) to perform a discounted cash flow analysis on expected future cash flows to determine a valuation for our investments in Saratoga CLO and SLF 2022 at May 31, 2023. The inputs at May 31, 2023 for the valuation model include:
| ● | Recovery rate: 35%-70% |
| ● | Discount rate: 12.0%-22.0% |
| ● | Prepayment rate: 20.0% |
| ● | Reinvestment rate / price: $97.00 for eighteen months; then L+365bps / $99.00 |
Investment Concentration
Set forth is a brief description of each portfolio
company in which the fair value of our investment represents greater than
HemaTerra Holdings Company, LLC
HemaTerra Holding Company, LLC (“HemaTerra”) provides SaaS-based software solutions addressing complex supply chain issues across a variety of medical environments, including blood, plasma, tissue, implants and DNA sample management, to customers in blood centers, hospitals, pharmaceuticals, and law enforcement settings.
Buildout, Inc.
Buildout, Inc. provides SaaS-based real estate marketing and customer relationship management software to commercial real estate brokerages. Buildout provides a suite of software solutions brokers use to manage relationships, efficiently create and distribute marketing materials over a wide variety of channels, including direct mail, multiple listing websites, brokerage website, property specific websites and manage back office functions like commission calculations and broker productivity.
Artemis Wax Corp.
Artemis Wax Corporation is a U.S. based retail aggregator of European Wax Center (“EWC”) franchise locations with a concentration in the northeast. Founded in 2004, EWC is the largest U.S. body waxing national chain with more than 800 locations across the country.
Granite Comfort, LP
Granite Comfort, LP is a U.S. based heating, ventilation and air conditioning (“HVAC”) company. The company provides traditional service and replacement of HVAC / plumbing systems, as well as a rental model that is in the early stages of implementation.
39
Note 4. Investment in Saratoga CLO
On January 22, 2008, the Company entered into a collateral management agreement with Saratoga CLO, pursuant to which the Company acts as its collateral manager. The Saratoga CLO was initially refinanced in October 2013 with its reinvestment period extended to October 2016. On November 15, 2016, the Company completed a second refinancing of the Saratoga CLO with its reinvestment period extended to October 2018.
On December 14, 2018, the Company completed a
third refinancing and upsize of the Saratoga CLO (the “2013-1 Reset CLO Notes”). The third Saratoga CLO refinancing, among
other things, extended its reinvestment period to January 2021, and extended its legal maturity date to
On February 11, 2020, the Company entered into an unsecured loan agreement (“CLO 2013-1 Warehouse 2 Loan”) with Saratoga Investment Corp. CLO 2013-1 Warehouse 2, Ltd. (“CLO 2013-1 Warehouse 2”), a wholly owned subsidiary of Saratoga CLO. During the fourth quarter ended February 28, 2021, the CLO 2013-1 Warehouse 2 Ltd. was repaid in full.
On February 26, 2021, the Company completed the
fourth refinancing of the Saratoga CLO. This refinancing, among other things, extended the Saratoga CLO reinvestment period to April
2024, and extended its legal maturity to April 2033. A non-call period ended February 2022 was also added. In addition, and as part of
the refinancing, the Saratoga CLO has also been upsized from $
On August 9, 2021, the Company exchanged its
existing $
The Saratoga CLO remains effectively
40
For the three months ended May 31, 2023 and May
31, 2022, we accrued management fee income of $
As of May 31, 2023, the aggregate principal amounts
of the Company’s investments in the subordinated notes and Class F-2-R-3 Notes of the Saratoga CLO was $
As of February 28, 2023, the Company determined
that the fair value of its investment in the subordinated notes of Saratoga CLO was $
Below is certain financial information from the separate financial statements of Saratoga CLO as of May 31, 2023 (unaudited) and February 28, 2023 and for the three months ended May 31, 2023 (unaudited) and May 31, 2022 (unaudited).
41
Saratoga Investment Corp. CLO 2013-1, Ltd.
Statements of Assets and Liabilities
| May 31, 2023 |
February 28, 2023 |
|||||||
| ASSETS | ||||||||
| Investments at fair value | ||||||||
| Loans at fair value (amortized cost of $ |
$ | $ | ||||||
| Equities at fair value (amortized cost of $ |
- | |||||||
| Total investments at fair value (amortized cost of $ |
||||||||
| Cash and cash equivalents | ||||||||
| Receivable from open trades | ||||||||
| Interest receivable (net of reserve of $ |
||||||||
| Due from affiliate (See Note 7) | ||||||||
| Prepaid expenses and other assets | ||||||||
| Total assets | $ | $ | ||||||
| LIABILITIES | ||||||||
| Interest payable | $ | $ | ||||||
| Payable from open trades | ||||||||
| Accrued base management fee | ||||||||
| Accrued subordinated management fee | ||||||||
| Accounts payable and accrued expenses | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. Notes: | ||||||||
| Class A-1-R-3 Senior Secured Floating Rate Notes | ||||||||
| Class A-2-R-3 Senior Secured Floating Rate Notes | ||||||||
| Class B-FL-R-3 Senior Secured Floating Rate Notes | ||||||||
| Class B-FXD-R-3 Senior Secured Fixed Rate Notes | ||||||||
| Class C-FL-R-3 Deferrable Mezzanine Floating Rate Notes | ||||||||
| Class C-FXD-R-3 Deferrable Mezzanine Fixed Rate Notes | ||||||||
| Class D-R-3 Deferrable Mezzanine Floating Rate Notes | ||||||||
| Discount on Class D-R-3 Notes | ( |
) | ( |
) | ||||
| Class E-R-3 Deferrable Mezzanine Floating Rate Notes | ||||||||
| Discount on Class E-R-3 Notes | ( |
) | ( |
) | ||||
| Class F-1-R-3 Notes Deferrable Junior Floating Rate Notes | ||||||||
| Class F-2-R-3 Notes Deferrable Junior Floating Rate Notes | ||||||||
| Deferred debt financing costs | ( |
) | ( |
) | ||||
| Subordinated Notes | ||||||||
| Discount on Subordinated Notes | ( |
) | ( |
) | ||||
| Total liabilities | ||||||||
| NET ASSETS | ||||||||
| Ordinary equity, par value $ |
||||||||
| Total distributable earnings (loss) | ( |
) | ( |
) | ||||
| Total net deficit | ( |
) | ( |
) | ||||
| Total liabilities and net assets | $ | $ | ||||||
See accompanying notes to financial statements.
42
Saratoga Investment Corp. CLO 2013-1, Ltd.
Statements of Operations
(unaudited)
| For the three months ended | ||||||||
| May 31, 2023 | May 31, 2022 | |||||||
| INVESTMENT INCOME | ||||||||
| Total interest from investments | $ | $ | ||||||
| Interest from cash and cash equivalents | ||||||||
| Other income | ||||||||
| Total investment income | ||||||||
| EXPENSES | ||||||||
| Interest and debt financing expenses | ||||||||
| Base management fee | ||||||||
| Subordinated management fee | ||||||||
| Professional fees | ||||||||
| Trustee expenses | ||||||||
| Other expense | ||||||||
| Total expenses | ||||||||
| NET INVESTMENT INCOME (LOSS) | ( | ) | ||||||
| REALIZED AND UNREALIZED LOSS ON INVESTMENTS | ||||||||
| Net realized loss from investments | ( | ) | ||||||
| Net change in unrealized depreciation on investments | ( | ) | ( | ) | ||||
| Net realized and unrealized gain (loss) on investments | ( | ) | ( | ) | ||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | ( | ) | $ | ( | ) | ||
See accompanying notes to financial statements
43
Saratoga Investment Corp. CLO 2013-1, Ltd.
Schedule of Investments
May 31, 2023
(unaudited)
| Issuer Name | Industry | Asset Name | Asset Type | Reference Rate/Spread |
SOFR/ LIBOR Floor |
Current Rate (All In) |
Maturity Date |
Principal/ Number of Shares |
Cost | Fair
Value |
|||||||||||||||||||||
| Isagenix International, LLC | $ | - | $ | - | |||||||||||||||||||||||||||
| URS TOPCO LLC | |||||||||||||||||||||||||||||||
| 19TH HOLDINGS GOLF, LLC | |
% | % | % | $ | ||||||||||||||||||||||||||
| 888 Acquisitions Limited | |
% | % | % | |||||||||||||||||||||||||||
| ADMI Corp. | |
% | % | % | |||||||||||||||||||||||||||
| Adtalem Global Education Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Aegis Sciences Corporation | |
% | % | % | |||||||||||||||||||||||||||
| Agiliti Health Inc. | |
% | % | % | |||||||||||||||||||||||||||
| AHEAD DB Holdings, LLC | |
% | % | % | |||||||||||||||||||||||||||
| Air Canada | |
% | % | % | |||||||||||||||||||||||||||
| AIS HoldCo, LLC | |
% | % | % | |||||||||||||||||||||||||||
| AIT Worldwide Logistics Holdings, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Alchemy US Holdco 1, LLC | |
% | % | % | |||||||||||||||||||||||||||
| AlixPartners, LLP | |
% | % | % | |||||||||||||||||||||||||||
| Alkermes, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Allen Media, LLC | |
% | % | % | |||||||||||||||||||||||||||
| Alliant Holdings Intermediate, LLC | |
% | % | % | |||||||||||||||||||||||||||
| Allied Universal Holdco LLC | |
% | % | % | |||||||||||||||||||||||||||
| Altisource Solutions S.a r.l. | |
% | % | % | |||||||||||||||||||||||||||
| Altium Packaging LLC | |
% | % | % | |||||||||||||||||||||||||||
| American Axle & Manufacturing Inc. | |
% | % | % | |||||||||||||||||||||||||||
| American Greetings Corporation | |
% | % | % | |||||||||||||||||||||||||||
| American Trailer World Corp | |
% | % | % | |||||||||||||||||||||||||||
| AmWINS Group, LLC | |
% | % | % | |||||||||||||||||||||||||||
| Anastasia Parent LLC | |
% | % | % | |||||||||||||||||||||||||||
| Anchor Glass Container Corporation | |
% | % | % | |||||||||||||||||||||||||||
| Anchor Packaging, LLC | |
% | % | % | |||||||||||||||||||||||||||
| ANI Pharmaceuticals, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| AP Core Holdings II LLC | |
% | % | % | |||||||||||||||||||||||||||
| AP Core Holdings II LLC | |
% | % | % | |||||||||||||||||||||||||||
| APEX GROUP TREASURY LLC | |
% | % | % | |||||||||||||||||||||||||||
| APi Group DE, Inc. (J2 Acquisition) | |
% | % | % | |||||||||||||||||||||||||||
44
| 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 |
|||||||||||||||||||||
| APLP Holdings Limited Partnership | |
% | % | % | |||||||||||||||||||||||||||
| Apollo Commercial Real Estate Finance, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Apollo Commercial Real Estate Finance, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| AppLovin Corporation | |
% | % | % | |||||||||||||||||||||||||||
| AppLovin Corporation | |
% | % | % | |||||||||||||||||||||||||||
| Aramark Corporation | |
% | % | % | |||||||||||||||||||||||||||
| Aramark Corporation | |
% | % | % | |||||||||||||||||||||||||||
| ARC FALCON I INC. | |
% | % | % | |||||||||||||||||||||||||||
| Arches Buyer Inc. | |
% | % | % | |||||||||||||||||||||||||||
| ARCIS GOLF LLC | |
% | % | % | |||||||||||||||||||||||||||
| ARCIS GOLF LLC (a) | |
% | % | % | ( |
) | ( |
) | |||||||||||||||||||||||
| Aretec Group, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Aretec Group, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| ASP BLADE HOLDINGS, INC. | |
% | % | % | |||||||||||||||||||||||||||
| Asplundh Tree Expert, LLC | |
% | % | % | |||||||||||||||||||||||||||
| AssuredPartners Capital, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Assuredpartners Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Assuredpartners Inc. | |
% | % | % | |||||||||||||||||||||||||||
| ASTRO ONE ACQUISITION CORPORATION | |
% | % | % | |||||||||||||||||||||||||||
| Asurion, LLC | |
% | % | % | |||||||||||||||||||||||||||
| Asurion, LLC | |
% | % | % | |||||||||||||||||||||||||||
| ATHENAHEALTH GROUP INC. | |
% | % | % | |||||||||||||||||||||||||||
| ATHENAHEALTH GROUP INC. (a) | |
% | % | % | ( |
) | |||||||||||||||||||||||||
| Avison Young (Canada) Inc | |
% | % | % | |||||||||||||||||||||||||||
| Avison Young (Canada) Inc | |
% | % | % | |||||||||||||||||||||||||||
| Avolon TLB Borrower 1 (US) LLC | |
% | % | % | |||||||||||||||||||||||||||
| Avolon TLB Borrower 1 (US) LLC | |
% | % | % | |||||||||||||||||||||||||||
| Axalta Coating Systems Dutch Holding B B.V. | |
% | % | % | |||||||||||||||||||||||||||
| AZURITY PHARMACEUTICALS, INC. | |
% | % | % | |||||||||||||||||||||||||||
| B&G Foods, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| B.C. Unlimited Liability Co (Burger King) | |
% | % | % | |||||||||||||||||||||||||||
| BAKELITE UK INTERMEDIATE LTD. | |
% | % | % | |||||||||||||||||||||||||||
| Baldwin Risk Partners, LLC | |
% | % | % | |||||||||||||||||||||||||||
45
| 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 |
|||||||||||||||||||||
| Bausch Health Companies Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Belfor Holdings Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Belfor Holdings Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Belron Finance US LLC | |
% | % | % | |||||||||||||||||||||||||||
| Belron Finance US LLC | |
% | % | % | |||||||||||||||||||||||||||
| Bengal Debt Merger Sub LLC | |
% | % | % | |||||||||||||||||||||||||||
| Blackstone Mortgage Trust, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Blackstone Mortgage Trust, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Blue Tree Holdings, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Bombardier Recreational Products, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Bombardier Recreational Products, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Boxer Parent Company, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| BrightSpring Health Services (Phoenix Guarantor) | |
% | % | % | |||||||||||||||||||||||||||
| BroadStreet Partners, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Brookfield WEC Holdings Inc. | |
% | % | % | |||||||||||||||||||||||||||
| BROWN GROUP HOLDING, LLC | |
% | % | % | |||||||||||||||||||||||||||
| Buckeye Partners, L.P. | |
% | % | % | |||||||||||||||||||||||||||
| BW Gas & Convenience Holdings LLC | |
% | % | % | |||||||||||||||||||||||||||
| Callaway Golf Company | |
% | % | % | |||||||||||||||||||||||||||
| Camping World, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| CareerBuilder, LLC | |
% | % | % | |||||||||||||||||||||||||||
| Castle US Holding Corporation | |
% | % | % | |||||||||||||||||||||||||||
| CASTLELAKE AVIATION LLC | |
% | % | % | |||||||||||||||||||||||||||
| CBI BUYER, INC. | |
% | % | % | |||||||||||||||||||||||||||
| CCC Intelligent Solutions Inc. | |
% | % | % | |||||||||||||||||||||||||||
| CCI Buyer, Inc | |
% | % | % | |||||||||||||||||||||||||||
| CCRR Parent, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| CCRR Parent, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| CCS-CMGC Holdings, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| CDK GLOBAL, INC. | |
% | % | % | |||||||||||||||||||||||||||
| Cengage Learning, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| CENTURI GROUP, INC. | |
% | % | % | |||||||||||||||||||||||||||
| CenturyLink, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Charlotte Buyer, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Chemours Company, (The) | |
% | % | % | |||||||||||||||||||||||||||
| Churchill Downs Incorporated | |
% | % | % | |||||||||||||||||||||||||||
46
| 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 |
|||||||||||||||||||||
| CIMPRESS PUBLIC LIMITED COMPANY | |
% | % | % | |||||||||||||||||||||||||||
| CITADEL SECURITIES LP | |
% | % | % | |||||||||||||||||||||||||||
| Clarios Global LP | |
% | % | % | |||||||||||||||||||||||||||
| Claros Mortgage Trust, Inc | |
% | % | % | |||||||||||||||||||||||||||
| CLYDESDALE ACQUISITION HOLDINGS, INC. | |
% | % | % | |||||||||||||||||||||||||||
| Cole Haan | |
% | % | % | |||||||||||||||||||||||||||
| Columbus McKinnon Corporation | |
% | % | % | |||||||||||||||||||||||||||
| Conduent, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Connect Finco SARL | |
% | % | % | |||||||||||||||||||||||||||
| Consolidated Communications, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| CORAL-US CO-BORROWER LLC | |
% | % | % | |||||||||||||||||||||||||||
| Corelogic, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Cortes NP Acquisition Corp (Vertiv) | |
% | % | % | |||||||||||||||||||||||||||
| Creative Artists Agency, LLC | |
% | % | % | |||||||||||||||||||||||||||
| CROCS INC | |
% | % | % | |||||||||||||||||||||||||||
| Cross Financial Corp | |
% | % | % | |||||||||||||||||||||||||||
| Crown Subsea Communications Holding, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| CSC Holdings LLC (Neptune Finco Corp.) | |
% | % | % | |||||||||||||||||||||||||||
| CSC Holdings LLC (Neptune Finco Corp.) | |
% | % | % | |||||||||||||||||||||||||||
| CTC Holdings, LP | |
% | % | % | |||||||||||||||||||||||||||
| CTS Midco, LLC | |
% | % | % | |||||||||||||||||||||||||||
| CAPSTONE BORROWER INC | |
% | % | % | |||||||||||||||||||||||||||
| Daseke Inc | |
% | % | % | |||||||||||||||||||||||||||
| Dave & Buster’s Inc. | |
% | % | % | |||||||||||||||||||||||||||
| DCert Buyer, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Delek US Holdings, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Delta 2 Lux Sarl | |
% | % | % | |||||||||||||||||||||||||||
| DexKo Global, Inc. (Dragon Merger) | |
% | % | % | |||||||||||||||||||||||||||
| DG Investment Intermediate Holdings 2, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Diamond Sports Group, LLC (b) | |
% | % | % | |||||||||||||||||||||||||||
| Diamond Sports Group, LLC (b) | |
% | % | % | |||||||||||||||||||||||||||
| DIRECTV FINANCING, LLC | |
% | % | % | |||||||||||||||||||||||||||
| DISCOVERY PURCHASER CORPORATION | |
% | % | % | |||||||||||||||||||||||||||
| Dispatch Acquisition Holdings, LLC | |
% | % | % | |||||||||||||||||||||||||||
| DOMTAR CORPORATION | |
% | % | % | |||||||||||||||||||||||||||
| DOTDASH MEREDITH, INC. | |
% | % | % | |||||||||||||||||||||||||||
47
| 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 |
|||||||||||||||||||||
| DRI HOLDING INC. | |
% | % | % | |||||||||||||||||||||||||||
| DRW Holdings, LLC | |
% | % | % | |||||||||||||||||||||||||||
| DTZ U.S. Borrower, LLC | |
% | % | % | |||||||||||||||||||||||||||
| DTZ U.S. Borrower, LLC | |
% | % | % | |||||||||||||||||||||||||||
| EAB Global, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Echo Global Logistics, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Edelman Financial Group Inc., The | |
% | % | % | |||||||||||||||||||||||||||
| Electrical Components Inter., Inc. | |
% | % | % | |||||||||||||||||||||||||||
| ELECTRON BIDCO INC. | |
% | % | % | |||||||||||||||||||||||||||
| ELO Touch Solutions, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Embecta Corp | |
% | % | % | |||||||||||||||||||||||||||
| Emerson Climate Technologies Inc | |
% | % | % | |||||||||||||||||||||||||||
| Endo Luxembourg Finance Company I S.a.r.l. | |
% | % | % | |||||||||||||||||||||||||||
| Endure Digital, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Entain Holdings (Gibraltar) Limited | |
% | % | % | |||||||||||||||||||||||||||
| Envision Healthcare Corporation | |
% | % | % | |||||||||||||||||||||||||||
| EOS U.S. FINCO LLC | |
% | % | % | |||||||||||||||||||||||||||
| Equiniti Group PLC | |
% | % | % | |||||||||||||||||||||||||||
| EyeCare Partners, LLC | |
% | % | % | |||||||||||||||||||||||||||
| Finco I LLC | |
% | % | % | |||||||||||||||||||||||||||
| First Brands Group, LLC | |
% | % | % | |||||||||||||||||||||||||||
| First Eagle Investment Management | |
% | % | % | |||||||||||||||||||||||||||
| First Student Bidco Inc. | |
% | % | % | |||||||||||||||||||||||||||
| First Student Bidco Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Fitness International, LLC (LA Fitness) | |
% | % | % | |||||||||||||||||||||||||||
| Flutter Financing B.V. | |
% | % | % | |||||||||||||||||||||||||||
| Flutter Financing B.V. | |
% | % | % | |||||||||||||||||||||||||||
| FOCUS FINANCIAL PARTNERS, LLC | |
% | % | % | |||||||||||||||||||||||||||
| Franchise Group, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Franchise Group, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Franklin Square Holdings, L.P. | |
% | % | % | |||||||||||||||||||||||||||
| Froneri International (R&R Ice Cream) | |
% | % | % | |||||||||||||||||||||||||||
| Garrett LX III S.a r.l. | |
% | % | % | |||||||||||||||||||||||||||
| Gates Global LLC | |
% | % | % | |||||||||||||||||||||||||||
| Gemini HDPE LLC | |
% | % | % | |||||||||||||||||||||||||||
48
| 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 |
|||||||||||||||||||||
| Genesee & Wyoming, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| GGP Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Global Tel*Link Corporation | |
% | % | % | |||||||||||||||||||||||||||
| Go Daddy Operating Company, LLC | |
% | % | % | |||||||||||||||||||||||||||
| GOLDEN WEST PACKAGING GROUP LLC | |
% | % | % | |||||||||||||||||||||||||||
| Graham Packaging Co Inc | |
% | % | % | |||||||||||||||||||||||||||
| Great Outdoors Group, LLC | |
% | % | % | |||||||||||||||||||||||||||
| Greenhill & Co., Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Griffon Corporation | |
% | % | % | |||||||||||||||||||||||||||
| Grosvenor Capital Management Holdings, LLLP | |
% | % | % | |||||||||||||||||||||||||||
| Groupe Solmax Inc. | |
% | % | % | |||||||||||||||||||||||||||
| GYP HOLDINGS III CORP. | |
% | % | % | |||||||||||||||||||||||||||
| Harbor Freight Tools USA, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Helix Gen Funding, LLc | |
% | % | % | |||||||||||||||||||||||||||
| Hillman Group Inc. (The) (New) | |
% | % | % | |||||||||||||||||||||||||||
| Hillman Group Inc. (The) (New) (a) | |
% | % | % | |||||||||||||||||||||||||||
| HLF Financing SARL (Herbalife) | |
% | % | % | |||||||||||||||||||||||||||
| Holley Purchaser, Inc | |
% | % | % | |||||||||||||||||||||||||||
| Howden Group Holdings | |
% | % | % | |||||||||||||||||||||||||||
| Hudson River Trading LLC | |
% | % | % | |||||||||||||||||||||||||||
| Idera, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| IMA Financial Group, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| IMA Financial Group, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| INDY US BIDCO, LLC | |
% | % | % | |||||||||||||||||||||||||||
| INEOS 226 Ltd. | |
% | % | % | |||||||||||||||||||||||||||
| Ineos US Finance LLC | |
% | % | % | |||||||||||||||||||||||||||
| INEOS US PETROCHEM LLC | |
% | % | % | |||||||||||||||||||||||||||
| Informatica Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Ingram Micro Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Inmar Acquisition Sub, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Innophos, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| INSTANT BRANDS HOLDINGS INC. | |
% | % | % | |||||||||||||||||||||||||||
| IRB Holding Corporation | |
% | % | % | |||||||||||||||||||||||||||
| Isagenix International, LLC | |
% | % | % | |||||||||||||||||||||||||||
| Jane Street Group | |
% | % | % | |||||||||||||||||||||||||||
49
| 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 |
|||||||||||||||||||||
| Journey Personal Care Corp. | |
% | % | % | |||||||||||||||||||||||||||
| JP Intermediate B, LLC | |
% | % | % | |||||||||||||||||||||||||||
| Klockner-Pentaplast of America, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Kodiak BP, LLC | |
% | % | % | |||||||||||||||||||||||||||
| Koppers Inc | |
% | % | % | |||||||||||||||||||||||||||
| KREF Holdings X LLC | |
% | % | % | |||||||||||||||||||||||||||
| Lakeland Tours, LLC | |
% | % | % | |||||||||||||||||||||||||||
| Lealand Finance Company B.V. | |
% | % | % | |||||||||||||||||||||||||||
| LHS BORROWER, LLC | |
% | % | % | |||||||||||||||||||||||||||
| Lifetime Brands, Inc | |
% | % | % | |||||||||||||||||||||||||||
| Liquid Tech Solutions Holdings, LLC | |
% | % | % | |||||||||||||||||||||||||||
| LogMeIn, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| LOYALTY VENTURES INC. (b) | |
% | % | % | |||||||||||||||||||||||||||
| LPL Holdings, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| LSF11 A5 HOLDCO LLC | |
% | % | % | |||||||||||||||||||||||||||
| LSF11 A5 HOLDCO LLC | |
% | % | % | |||||||||||||||||||||||||||
| LSF11 TRINITY BIDCO INC | |
% | % | % | |||||||||||||||||||||||||||
| LSF9 Atlantis Holdings, LLC (A Wireless) | |
% | % | % | |||||||||||||||||||||||||||
| MAGNITE, INC. | |
% | % | % | |||||||||||||||||||||||||||
| Marriott Ownership Resorts, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Match Group, Inc, The | |
% | % | % | |||||||||||||||||||||||||||
| Mayfield Agency Borrower Inc. (FeeCo) | |
% | % | % | |||||||||||||||||||||||||||
| McGraw-Hill Education, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| MedAssets Software Inter Hldg, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Mermaid Bidco Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Messer Industries, LLC | |
% | % | % | |||||||||||||||||||||||||||
| Michaels Companies Inc | |
% | % | % | |||||||||||||||||||||||||||
| Momentive Performance Materials Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Moneygram International, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| MPH Acquisition Holdings LLC (Multiplan) | |
% | % | % | |||||||||||||||||||||||||||
| NAB Holdings, LLC (North American Bancard) | |
% | % | % | |||||||||||||||||||||||||||
| Napa Management Services Corp | |
% | % | % | |||||||||||||||||||||||||||
| Natgasoline LLC | |
% | % | % | |||||||||||||||||||||||||||
| National Mentor Holdings, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| National Mentor Holdings, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| NEW ERA CAP, LLC | |
% | % | % | |||||||||||||||||||||||||||
50
| 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 |
|||||||||||||||||||||
| Nexstar Broadcasting, Inc. (Mission Broadcasting) | |
% | % | % | |||||||||||||||||||||||||||
| Next Level Apparel, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| NortonLifeLock Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Novae LLC | |
% | % | % | |||||||||||||||||||||||||||
| Nuvei Technologies Corp. | |
% | % | % | |||||||||||||||||||||||||||
| Olaplex, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Open Text Corporation | |
% | % | % | |||||||||||||||||||||||||||
| Organon & Co. | |
% | % | % | |||||||||||||||||||||||||||
| Oxbow Carbon, LLC | |
% | % | % | |||||||||||||||||||||||||||
| Pacific Gas & Electric | |
% | % | % | |||||||||||||||||||||||||||
| PACTIV EVERGREEN GROUP HOLDINGS INC. | |
% | % | % | |||||||||||||||||||||||||||
| Padagis LLC | |
% | % | % | |||||||||||||||||||||||||||
| Panther Guarantor II, L.P. (Forcepoint) | |
% | % | % | |||||||||||||||||||||||||||
| PAR PETROLEUM LLC | |
% | % | % | |||||||||||||||||||||||||||
| PATAGONIA HOLDCO LLC | |
% | % | % | |||||||||||||||||||||||||||
| Pathway Partners Vet Management Company LLC | |
% | % | % | |||||||||||||||||||||||||||
| PCI Gaming Authority | |
% | % | % | |||||||||||||||||||||||||||
| PEARLS (Netherlands) Bidco B.V. | |
% | % | % | |||||||||||||||||||||||||||
| PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC | |
% | % | % | |||||||||||||||||||||||||||
| PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC (a) | |
% | % | % | |||||||||||||||||||||||||||
| Penn National Gaming, Inc | |
% | % | % | |||||||||||||||||||||||||||
| Peraton Corp. | |
% | % | % | |||||||||||||||||||||||||||
| PHYSICIAN PARTNERS, LLC | |
% | % | % | |||||||||||||||||||||||||||
| Pike Corporation | |
% | % | % | |||||||||||||||||||||||||||
| Pitney Bowes Inc | |
% | % | % | |||||||||||||||||||||||||||
| Plastipak Holdings Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Playtika Holding Corp. | |
% | % | % | |||||||||||||||||||||||||||
| PMHC II, INC. | |
% | % | % | |||||||||||||||||||||||||||
| PointClickCare Technologies, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Polymer Process Holdings, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Pre-Paid Legal Services, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Presidio, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Prime Security Services Borrower, LLC (ADT) | |
% | % | % | |||||||||||||||||||||||||||
| PRIORITY HOLDINGS, LLC | |
% | % | % | |||||||||||||||||||||||||||
51
| 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 |
|||||||||||||||||||||
| PriSo Acquisition Corporation | |
% | % | % | |||||||||||||||||||||||||||
| Project Leopard Holdings, Inc. (NEW) | |
% | % | % | |||||||||||||||||||||||||||
| Prometric Inc. (Sarbacane Bidco) | |
% | % | % | |||||||||||||||||||||||||||
| PUG LLC | |
% | % | % | |||||||||||||||||||||||||||
| Quartz AcquireCo, LLC | |
% | % | % | |||||||||||||||||||||||||||
| QUEST BORROWER LIMITED | |
% | % | % | |||||||||||||||||||||||||||
| Rackspace Technology Global, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| RAND PARENT LLC | |
% | % | % | |||||||||||||||||||||||||||
| RealPage, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Rent-A-Center, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Research Now Group, Inc | |
% | % | % | |||||||||||||||||||||||||||
| Resideo Funding Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Resolute Investment Managers (American Beacon), Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Restoration Hardware, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Reynolds Consumer Products LLC | |
% | % | % | |||||||||||||||||||||||||||
| Reynolds Group Holdings Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Rocket Software, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Russell Investments US Inst’l Holdco, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| RV Retailer LLC | |
% | % | % | |||||||||||||||||||||||||||
| Ryan Specialty Group LLC | |
% | % | % | |||||||||||||||||||||||||||
| S&S HOLDINGS LLC | |
% | % | % | |||||||||||||||||||||||||||
| Sally Holdings LLC | |
% | % | % | |||||||||||||||||||||||||||
| Samsonite International S.A. | |
% | % | % | |||||||||||||||||||||||||||
| Schweitzer-Mauduit International, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Scientific Games Holdings LP | |
% | % | % | |||||||||||||||||||||||||||
| Sedgwick Claims Management Services, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| SETANTA AIRCRAFT LEASING DAC | |
% | % | % | |||||||||||||||||||||||||||
| Sitel Worldwide Corporation | |
% | % | % | |||||||||||||||||||||||||||
| SiteOne Landscape Supply, LLC | |
% | % | % | |||||||||||||||||||||||||||
| SMG US Midco 2, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Smyrna Ready Mix Concrete, LLC | |
% | % | % | |||||||||||||||||||||||||||
| Solis IV B.V. | |
% | % | % | |||||||||||||||||||||||||||
| Sotheby’s | |
% | % | % | |||||||||||||||||||||||||||
| Sparta U.S. HoldCo LLC | |
% | % | % | |||||||||||||||||||||||||||
| Specialty Pharma III Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Spectrum Brands, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Spin Holdco, Inc. | |
% | % | % | |||||||||||||||||||||||||||
52
| 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 |
|||||||||||||||||||||
| Spirit Aerosystems Inc. | |
% | % | % | |||||||||||||||||||||||||||
| SRAM, LLC | |
% | % | % | |||||||||||||||||||||||||||
| SS&C Technologies, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| SS&C Technologies, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| SS&C Technologies, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| STANDARD INDUSTRIES INC. | |
% | % | % | |||||||||||||||||||||||||||
| Staples, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Storable, Inc | |
% | % | % | |||||||||||||||||||||||||||
| Summit Materials, LLC | |
% | % | % | |||||||||||||||||||||||||||
| Superannuation & Investments US LLC | |
% | % | % | |||||||||||||||||||||||||||
| Sweetwater Borrower, LLC | |
% | % | % | |||||||||||||||||||||||||||
| Syncsort Incorporated | |
% | % | % | |||||||||||||||||||||||||||
| Ta TT Buyer LLC | |
% | % | % | |||||||||||||||||||||||||||
| Tenable Holdings, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Teneo Holdings LLC | |
% | % | % | |||||||||||||||||||||||||||
| Ten-X, LLC | |
% | % | % | |||||||||||||||||||||||||||
| The Dun & Bradstreet Corporation | |
% | % | % | |||||||||||||||||||||||||||
| The Dun & Bradstreet Corporation | |
% | % | % | |||||||||||||||||||||||||||
| THE KNOT WORLDWIDE INC. | |
% | % | % | |||||||||||||||||||||||||||
| Thor Industries, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Torrid LLC | |
% | % | % | |||||||||||||||||||||||||||
| TORY BURCH LLC | |
% | % | % | |||||||||||||||||||||||||||
| Tosca Services, LLC | |
% | % | % | |||||||||||||||||||||||||||
| Trans Union LLC | |
% | % | % | |||||||||||||||||||||||||||
| Transdigm, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| TRITON WATER HOLDINGS, INC. | |
% | % | % | |||||||||||||||||||||||||||
| Tronox Finance LLC | |
% | % | % | |||||||||||||||||||||||||||
| TruGreen Limited Partnership | |
% | % | % | |||||||||||||||||||||||||||
| Uber Technologies, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Ultra Clean Holdings, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Unimin Corporation | |
% | % | % | |||||||||||||||||||||||||||
| United Natural Foods, Inc | |
% | % | % | |||||||||||||||||||||||||||
| Univision Communications Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Univision Communications Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Utz Quality Foods, LLC | |
% | % | % | |||||||||||||||||||||||||||
53
| 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 |
|||||||||||||||||||||
| Vaco Holdings, LLC | |
% | % | % | |||||||||||||||||||||||||||
| Vericast Corp. | |
% | % | % | |||||||||||||||||||||||||||
| Verifone Systems, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Vertex Aerospace Services Corp | |
% | % | % | |||||||||||||||||||||||||||
| VFH Parent LLC | |
% | % | % | |||||||||||||||||||||||||||
| Viasat Inc | |
% | % | % | |||||||||||||||||||||||||||
| Virtus Investment Partners, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Vistra Energy Corp | |
% | % | % | |||||||||||||||||||||||||||
| Vizient, Inc | |
% | % | % | |||||||||||||||||||||||||||
| VM Consolidated, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Vouvray US Finance LLC | |
% | % | % | |||||||||||||||||||||||||||
| Walker & Dunlop, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Warner Music Group Corp. (WMG Acquisition Corp.) | |
% | % | % | |||||||||||||||||||||||||||
| Warner Music Group Corp. (WMG Acquisition Corp.) | |
% | % | % | |||||||||||||||||||||||||||
| Watlow Electric Manufacturing Company | |
% | % | % | |||||||||||||||||||||||||||
| West Corporation | |
% | % | % | |||||||||||||||||||||||||||
| WEX Inc. | |
% | % | % | |||||||||||||||||||||||||||
| WildBrain Ltd. | |
% | % | % | |||||||||||||||||||||||||||
| Wyndham Hotels & Resorts, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Xperi Corporation | |
% | % | % | |||||||||||||||||||||||||||
| Zayo Group, LLC | |
% | % | % | |||||||||||||||||||||||||||
54
| 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 |
|||||||||||||||||||||
| ZEBRA BUYER (Allspring) LLC | |
% | % | % | |||||||||||||||||||||||||||
| Zekelman Industries, Inc. | |
% | % | % | |||||||||||||||||||||||||||
| Zest Acquisition Corp. | |
% | % | % | |||||||||||||||||||||||||||
| Zodiac Pool Solutions | |
% | % | % | |||||||||||||||||||||||||||
| $ | $ | ||||||||||||||||||||||||||||||
| Number of Shares | Cost | Fair Value | ||||||||||
| Cash and cash equivalents | ||||||||||||
| U.S. Bank Money Market (c) | $ | $ | ||||||||||
| Total cash and cash equivalents | $ | $ | ||||||||||
| (a) | All or a portion of this investment has an unfunded commitment as of May 31, 2023. |
| (b) | As of May 31, 2023, the investment was in default and on non-accrual status. |
| (c) | Included within cash and cash equivalents in Saratoga CLO’s Statements of Assets and Liabilities as of May 31, 2023. |
| (d) | Investments include Payment-in-Kind Interest. |
LIBOR—London Interbank Offered Rate
SOFR - Secured Overnight Financing Rate
1M USD LIBOR—The 1 month USD LIBOR rate as of May 31, 2023 was 5.19%.
3M USD LIBOR—The 3 month USD LIBOR rate as of May 31, 2023 was 5.52%.
6M USD LIBOR—The 6 month USD LIBOR rate as of May 31, 2023 was 5.65%.
1M SOFR - The 1 month SOFR rate as of May 31, 2023 was 5.17%.
3M SOFR - The 3 month SOFR rate as of May 31, 2023 was 5.29%.
6M SOFR - The 6 month SOFR rate as of May 31, 2023 was 5.32%.
Prime—The Prime Rate as of May 31, 2023 was 8.25%.
See accompanying notes to financial statements
55
Saratoga Investment Corp. CLO 2013-1, Ltd.
Schedule of Investments
February 28, 2023
| 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 | |||||||||||||||||||||
| 19TH HOLDINGS GOLF, LLC | % | % | % | $ | $ | $ | |||||||||||||||||||||||||
| 888 Acquisitions Limited | % | % | % | ||||||||||||||||||||||||||||
| ADMI Corp. | % | % | % | ||||||||||||||||||||||||||||
| Adtalem Global Education Inc. | % | % | % | ||||||||||||||||||||||||||||
| Aegis Sciences Corporation | % | % | % | ||||||||||||||||||||||||||||
| Agiliti Health Inc. | % | % | % | ||||||||||||||||||||||||||||
| Agiliti Health Inc. | % | % | % | ||||||||||||||||||||||||||||
| AHEAD DB Holdings, LLC | % | % | % | ||||||||||||||||||||||||||||
| AI Convoy (Luxembourg) S.a.r.l. | % | % | % | ||||||||||||||||||||||||||||
| Air Canada | % | % | % | ||||||||||||||||||||||||||||
| AIS HoldCo, LLC | % | % | % | ||||||||||||||||||||||||||||
| AIT Worldwide Logistics Holdings, Inc. | % | % | % | ||||||||||||||||||||||||||||
| AL GCX Holdings (Arclight) T/L B | % | % | % | ||||||||||||||||||||||||||||
| Alchemy US Holdco 1, LLC | % | % | % | ||||||||||||||||||||||||||||
| AlixPartners, LLP | % | % | % | ||||||||||||||||||||||||||||
| Alkermes, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Allen Media, LLC | % | % | % | ||||||||||||||||||||||||||||
| Alliant Holdings Intermediate, LLC | % | % | % | ||||||||||||||||||||||||||||
| Allied Universal Holdco LLC | % | % | % | ||||||||||||||||||||||||||||
| Altisource Solutions S.a r.l. | % | % | % | ||||||||||||||||||||||||||||
| Altium Packaging LLC | % | % | % | ||||||||||||||||||||||||||||
| American Airlines T/L (2/23) | |||||||||||||||||||||||||||||||
| American Axle & Manufacturing Inc. | % | % | % | ||||||||||||||||||||||||||||
| American Greetings Corporation | % | % | % | ||||||||||||||||||||||||||||
| American Trailer World Corp | % | % | % | ||||||||||||||||||||||||||||
| AmWINS Group, LLC | % | % | % | ||||||||||||||||||||||||||||
| Anastasia Parent LLC | % | % | % | ||||||||||||||||||||||||||||
| Anchor Glass Container Corporation | % | % | % | ||||||||||||||||||||||||||||
| Anchor Packaging, LLC | % | % | % | ||||||||||||||||||||||||||||
| ANI Pharmaceuticals, Inc. | % | % | % | ||||||||||||||||||||||||||||
56
| 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 | |||||||||||||||||||||
| AP Core Holdings II LLC | % | % | % | ||||||||||||||||||||||||||||
| AP Core Holdings II LLC | % | % | % | ||||||||||||||||||||||||||||
| APEX GROUP TREASURY LLC | % | % | % | ||||||||||||||||||||||||||||
| APi Group DE, Inc. (J2 Acquisition) | % | % | % | ||||||||||||||||||||||||||||
| APLP Holdings Limited Partnership | % | % | % | ||||||||||||||||||||||||||||
| Apollo Commercial Real Estate Finance, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Apollo Commercial Real Estate Finance, Inc. | % | % | % | ||||||||||||||||||||||||||||
| AppLovin Corporation | % | % | % | ||||||||||||||||||||||||||||
| AppLovin Corporation | % | % | % | ||||||||||||||||||||||||||||
| Aramark Corporation | % | % | % | ||||||||||||||||||||||||||||
| Aramark Corporation | % | % | % | ||||||||||||||||||||||||||||
| ARC FALCON I INC. | % | % | % | ||||||||||||||||||||||||||||
| ARC FALCON I INC. (a) | % | % | % | ( | ) | ( | ) | ||||||||||||||||||||||||
| Arches Buyer Inc. | % | % | % | ||||||||||||||||||||||||||||
| Aretec Group, Inc. | % | % | % | ||||||||||||||||||||||||||||
| ASP BLADE HOLDINGS, INC. | % | % | % | ||||||||||||||||||||||||||||
| Asplundh Tree Expert, LLC | % | % | % | ||||||||||||||||||||||||||||
| AssuredPartners Capital, Inc. | % | % | % | ||||||||||||||||||||||||||||
| AssuredPartners Inc. | % | % | % | ||||||||||||||||||||||||||||
| AssuredPartners Inc. | % | % | % | ||||||||||||||||||||||||||||
| ASTRO ONE ACQUISITION CORPORATION | % | % | % | ||||||||||||||||||||||||||||
| Asurion, LLC | % | % | % | ||||||||||||||||||||||||||||
| Asurion, LLC | % | % | % | ||||||||||||||||||||||||||||
| ATHENAHEALTH GROUP INC. | % | % | % | ||||||||||||||||||||||||||||
| ATHENAHEALTH GROUP INC. (a) | % | % | % | ( | ) | ||||||||||||||||||||||||||
| Avison Young (Canada) Inc | % | % | % | ||||||||||||||||||||||||||||
| Avison Young (Canada) Inc | % | % | % | ||||||||||||||||||||||||||||
57
| 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 | |||||||||||||||||||||
| Avolon TLB Borrower 1 (US) LLC | % | % | % | ||||||||||||||||||||||||||||
| Avolon TLB Borrower 1 (US) LLC | % | % | % | ||||||||||||||||||||||||||||
| Axalta Coating Systems Dutch Holding B B.V. | % | % | % | ||||||||||||||||||||||||||||
| AZURITY PHARMACEUTICALS, INC. | % | % | % | ||||||||||||||||||||||||||||
| B&G Foods, Inc. | % | % | % | ||||||||||||||||||||||||||||
| B.C. Unlimited Liability Co (Burger King) | % | % | % | ||||||||||||||||||||||||||||
| BAKELITE UK INTERMEDIATE LTD. | % | % | % | ||||||||||||||||||||||||||||
| Baldwin Risk Partners, LLC | % | % | % | ||||||||||||||||||||||||||||
| Bausch Health Companies Inc. | % | % | % | ||||||||||||||||||||||||||||
| Belfor Holdings Inc. | % | % | % | ||||||||||||||||||||||||||||
| Belfor Holdings Inc. | % | % | % | ||||||||||||||||||||||||||||
| Belron Finance US LLC | % | % | % | ||||||||||||||||||||||||||||
| Bengal Debt Merger Sub LLC | % | % | % | ||||||||||||||||||||||||||||
| Blackstone Mortgage Trust, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Blackstone Mortgage Trust, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Blue Tree Holdings, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Bombardier Recreational Products, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Bombardier Recreational Products, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Boxer Parent Company, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Bracket Intermediate Holding Corp | % | % | % | ||||||||||||||||||||||||||||
| BrightSpring Health Services (Phoenix Guarantor) | % | % | % | ||||||||||||||||||||||||||||
| BroadStreet Partners, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Brookfield WEC Holdings Inc. | % | % | % | ||||||||||||||||||||||||||||
| BROWN GROUP HOLDING, LLC | % | % | % | ||||||||||||||||||||||||||||
| Buckeye Partners, L.P. | % | % | % | ||||||||||||||||||||||||||||
| BW Gas & Convenience Holdings LLC | % | % | % | ||||||||||||||||||||||||||||
| Callaway Golf Company | % | % | % | ||||||||||||||||||||||||||||
| Camping World, Inc. | % | % | % | ||||||||||||||||||||||||||||
58
| 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 | |||||||||||||||||||||
| CareerBuilder, LLC | % | % | % | ||||||||||||||||||||||||||||
| Castle US Holding Corporation | % | % | % | ||||||||||||||||||||||||||||
| CASTLELAKE AVIATION LLC | % | % | % | ||||||||||||||||||||||||||||
| CBI BUYER, INC. | % | % | % | ||||||||||||||||||||||||||||
| CCC Intelligent Solutions Inc. | % | % | % | ||||||||||||||||||||||||||||
| CCI Buyer, Inc | % | % | % | ||||||||||||||||||||||||||||
| CCRR Parent, Inc. | % | % | % | ||||||||||||||||||||||||||||
| CCRR Parent, Inc. | % | % | % | ||||||||||||||||||||||||||||
| CCS-CMGC Holdings, Inc. | % | % | % | ||||||||||||||||||||||||||||
| CDK GLOBAL, INC. | % | % | % | ||||||||||||||||||||||||||||
| Cengage Learning, Inc. | % | % | % | ||||||||||||||||||||||||||||
| CENTURI GROUP, INC. | % | % | % | ||||||||||||||||||||||||||||
| CenturyLink, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Charlotte Buyer, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Chemours Company, (The) | % | % | % | ||||||||||||||||||||||||||||
| Churchill Downs Incorporated | % | % | % | ||||||||||||||||||||||||||||
| CIMPRESS PUBLIC LIMITED COMPANY | % | % | % | ||||||||||||||||||||||||||||
| CITADEL SECURITIES LP | % | % | % | ||||||||||||||||||||||||||||
| Clarios Global LP | % | % | % | ||||||||||||||||||||||||||||
| Claros Mortgage Trust, Inc | % | % | % | ||||||||||||||||||||||||||||
| CLYDESDALE ACQUISITION HOLDINGS, INC. | % | % | % | ||||||||||||||||||||||||||||
| Cole Haan | % | % | % | ||||||||||||||||||||||||||||
| Columbus McKinnon Corporation | % | % | % | ||||||||||||||||||||||||||||
| Conduent, Inc. | % | % | % | ||||||||||||||||||||||||||||
59
| 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 | |||||||||||||||||||||
| Connect Finco SARL | % | % | % | ||||||||||||||||||||||||||||
| Consolidated Communications, Inc. | % | % | % | ||||||||||||||||||||||||||||
| CORAL-US CO-BORROWER LLC | % | % | % | ||||||||||||||||||||||||||||
| Corelogic, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Cortes NP Acquisition Corp (Vertiv) | % | % | % | ||||||||||||||||||||||||||||
| COWEN INC. | % | % | % | ||||||||||||||||||||||||||||
| Creative Artists Agency, LLC | % | % | % | ||||||||||||||||||||||||||||
| CROCS INC | % | % | % | ||||||||||||||||||||||||||||
| Cross Financial Corp | % | % | % | ||||||||||||||||||||||||||||
| Crown Subsea Communications Holding, Inc. | % | % | % | ||||||||||||||||||||||||||||
| CSC Holdings LLC (Neptune Finco Corp.) | % | % | % | ||||||||||||||||||||||||||||
| CSC Holdings LLC (Neptune Finco Corp.) | % | % | % | ||||||||||||||||||||||||||||
| CTS Midco, LLC | % | % | % | ||||||||||||||||||||||||||||
| Daseke Inc | % | % | % | ||||||||||||||||||||||||||||
| Dave & Buster’s Inc. | % | % | % | ||||||||||||||||||||||||||||
| DCert Buyer, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Delek US Holdings, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Delta 2 Lux Sarl | % | % | % | ||||||||||||||||||||||||||||
| DexKo Global, Inc. (Dragon Merger) | % | % | % | ||||||||||||||||||||||||||||
| DG Investment Intermediate Holdings 2, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Diamond Sports Group, LLC (b) | % | % | % | ||||||||||||||||||||||||||||
| Diamond Sports Group, LLC (b) | % | % | % | ||||||||||||||||||||||||||||
| DIRECTV FINANCING, LLC | % | % | % | ||||||||||||||||||||||||||||
| DISCOVERY PURCHASER CORPORATION | % | % | % | ||||||||||||||||||||||||||||
| Dispatch Acquisition Holdings, LLC | % | % | % | ||||||||||||||||||||||||||||
| DOMTAR CORPORATION | % | % | % | ||||||||||||||||||||||||||||
| DOTDASH MEREDITH, INC. | % | % | % | ||||||||||||||||||||||||||||
| DRI HOLDING INC. | % | % | % | ||||||||||||||||||||||||||||
| DRW Holdings, LLC | % | % | % | ||||||||||||||||||||||||||||
60
| 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 | |||||||||||||||||||||
| DTZ U.S. Borrower, LLC | % | % | % | ||||||||||||||||||||||||||||
| DTZ U.S. Borrower, LLC | % | % | % | ||||||||||||||||||||||||||||
| EAB Global, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Echo Global Logistics, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Edelman Financial Group Inc., The | % | % | % | ||||||||||||||||||||||||||||
| Electrical Components Inter., Inc. | % | % | % | ||||||||||||||||||||||||||||
| ELECTRON BIDCO INC. | % | % | % | ||||||||||||||||||||||||||||
| ELO Touch Solutions, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Embecta Corp | % | % | % | ||||||||||||||||||||||||||||
| Endo Luxembourg Finance Company I S.a.r.l. | % | % | % | ||||||||||||||||||||||||||||
| Endure Digital, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Entain Holdings (Gibraltar) Limited | % | % | % | ||||||||||||||||||||||||||||
| Envision Healthcare Corporation | % | % | % | ||||||||||||||||||||||||||||
| EOS U.S. FINCO LLC | % | % | % | ||||||||||||||||||||||||||||
| Equiniti Group PLC | % | % | % | ||||||||||||||||||||||||||||
| EyeCare Partners, LLC | % | % | % | ||||||||||||||||||||||||||||
| Finco I LLC | % | % | % | ||||||||||||||||||||||||||||
| First Brands Group, LLC | % | % | % | ||||||||||||||||||||||||||||
61
| 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 | |||||||||||||||||||||
| First Eagle Investment Management | % | % | % | ||||||||||||||||||||||||||||
| First Student Bidco Inc. | % | % | % | ||||||||||||||||||||||||||||
| First Student Bidco Inc. | % | % | % | ||||||||||||||||||||||||||||
| Fitness International, LLC (LA Fitness) | % | % | % | ||||||||||||||||||||||||||||
| Flutter Financing B.V. | % | % | % | ||||||||||||||||||||||||||||
| Flutter Financing B.V. | % | % | % | ||||||||||||||||||||||||||||
| FOCUS FINANCIAL PARTNERS, LLC | % | % | % | ||||||||||||||||||||||||||||
| Franchise Group, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Franchise Group, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Franklin Square Holdings, L.P. | % | % | % | ||||||||||||||||||||||||||||
| Froneri International (R&R Ice Cream) | % | % | % | ||||||||||||||||||||||||||||
| Garrett LX III S.a r.l. | % | % | % | ||||||||||||||||||||||||||||
| Gates Global LLC | % | % | % | ||||||||||||||||||||||||||||
| Gemini HDPE LLC | % | % | % | ||||||||||||||||||||||||||||
| Genesee & Wyoming, Inc. | % | % | % | ||||||||||||||||||||||||||||
| GGP Inc. | % | % | % | ||||||||||||||||||||||||||||
| Global Tel*Link Corporation | % | % | % | ||||||||||||||||||||||||||||
| Go Daddy Operating Company, LLC | % | % | % | ||||||||||||||||||||||||||||
| GOLDEN WEST PACKAGING GROUP LLC | % | % | % | ||||||||||||||||||||||||||||
| Graham Packaging Co Inc | % | % | % | ||||||||||||||||||||||||||||
| Great Outdoors Group, LLC | % | % | % | ||||||||||||||||||||||||||||
| Greenhill & Co., Inc. | % | % | % | ||||||||||||||||||||||||||||
| Griffon Corporation | % | % | % | ||||||||||||||||||||||||||||
| Grosvenor Capital Management Holdings, LLLP | % | % | % | ||||||||||||||||||||||||||||
| Groupe Solmax Inc. | % | % | % | ||||||||||||||||||||||||||||
| Harbor Freight Tools USA, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Helix Gen Funding, LLc | % | % | % | ||||||||||||||||||||||||||||
| Hillman Group Inc. (The) (New) | % | % | % | ||||||||||||||||||||||||||||
| Hillman Group Inc. (The) (New) (a) | % | % | % | ||||||||||||||||||||||||||||
| HLF Financing SARL (Herbalife) | % | % | % | ||||||||||||||||||||||||||||
62
| 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 | |||||||||||||||||||||
| Holley Purchaser, Inc | % | % | % | ||||||||||||||||||||||||||||
| Howden Group Holdings | % | % | % | ||||||||||||||||||||||||||||
| Hudson River Trading LLC | % | % | % | ||||||||||||||||||||||||||||
| Idera, Inc. | % | % | % | ||||||||||||||||||||||||||||
| IMA Financial Group, Inc. | % | % | % | ||||||||||||||||||||||||||||
| INDY US BIDCO, LLC | % | % | % | ||||||||||||||||||||||||||||
| Ineos US Finance LLC | % | % | % | ||||||||||||||||||||||||||||
| INEOS US PETROCHEM LLC | % | % | % | ||||||||||||||||||||||||||||
| Informatica Inc. | % | % | % | ||||||||||||||||||||||||||||
| Ingram Micro Inc. | % | % | % | ||||||||||||||||||||||||||||
| Inmar Acquisition Sub, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Innophos, Inc. | % | % | % | ||||||||||||||||||||||||||||
| INSTANT BRANDS HOLDINGS INC. | % | % | % | ||||||||||||||||||||||||||||
| IRB Holding Corporation | % | % | % | ||||||||||||||||||||||||||||
| IRB Holding T/L B (1/22) | % | % | % | ||||||||||||||||||||||||||||
| Isagenix International, LLC (b) | % | % | % | ||||||||||||||||||||||||||||
| J Jill Group, Inc | % | % | % | ||||||||||||||||||||||||||||
| Jane Street Group | % | % | % | ||||||||||||||||||||||||||||
| Journey Personal Care Corp. | % | % | % | ||||||||||||||||||||||||||||
| JP Intermediate B, LLC | % | % | % | ||||||||||||||||||||||||||||
| Klockner-Pentaplast of America, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Kodiak BP, LLC | % | % | % | ||||||||||||||||||||||||||||
| KREF Holdings X LLC | % | % | % | ||||||||||||||||||||||||||||
| Lakeland Tours, LLC | % | % | % | ||||||||||||||||||||||||||||
| Lealand Finance Company B.V. | % | % | % | ||||||||||||||||||||||||||||
| LHS BORROWER, LLC | % | % | % | ||||||||||||||||||||||||||||
| Lifetime Brands, Inc | % | % | % | ||||||||||||||||||||||||||||
| Liquid Tech Solutions Holdings, LLC | % | % | % | ||||||||||||||||||||||||||||
| LogMeIn, Inc. | % | % | % | ||||||||||||||||||||||||||||
63
| Issuer Name | Industry | Asset Name | Asset Type | Reference Rate/Spread |
SOFR/ LIBOR Floor | Current Rate (All In) | Maturity Date | Principal/ Number of Shares | Cost | Fair Value | |||||||||||||||||||||
| LOYALTY VENTURES INC. (b) | % | % | % | ||||||||||||||||||||||||||||
| LPL Holdings, Inc. | % | % | % | ||||||||||||||||||||||||||||
| LSF11 A5 HOLDCO LLC | % | % | % | ||||||||||||||||||||||||||||
| LSF11 A5 HOLDCO LLC | % | % | % | ||||||||||||||||||||||||||||
| LSF9 Atlantis Holdings, LLC (A Wireless) | % | % | % | ||||||||||||||||||||||||||||
| MAGNITE, INC. | % | % | % | ||||||||||||||||||||||||||||
| Marriott Ownership Resorts, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Match Group, Inc, The | % | % | % | ||||||||||||||||||||||||||||
| Maxar Technologies Inc | % | % | % | ||||||||||||||||||||||||||||
| Mayfield Agency Borrower Inc. (FeeCo) | % | % | % | ||||||||||||||||||||||||||||
| McGraw-Hill Education, Inc. | % | % | % | ||||||||||||||||||||||||||||
| MedAssets Software Inter Hldg, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Mermaid Bidco Inc. | % | % | % | ||||||||||||||||||||||||||||
| Messer Industries, LLC | % | % | % | ||||||||||||||||||||||||||||
| Michaels Companies Inc | % | % | % | ||||||||||||||||||||||||||||
| MPH Acquisition Holdings LLC (Multiplan) | % | % | % | ||||||||||||||||||||||||||||
| MW Industries, Inc. (Helix Acquisition Holdings) | % | % | % | ||||||||||||||||||||||||||||
| NAB Holdings, LLC (North American Bancard) | % | % | % | ||||||||||||||||||||||||||||
| Napa Management Services Corp | % | % | % | ||||||||||||||||||||||||||||
| Natgasoline LLC | % | % | % | ||||||||||||||||||||||||||||
| National Mentor Holdings, Inc. | % | % | % | ||||||||||||||||||||||||||||
| National Mentor Holdings, Inc. | % | % | % | ||||||||||||||||||||||||||||
| NEW ERA CAP, LLC | % | % | % | ||||||||||||||||||||||||||||
| Nexstar Broadcasting, Inc. (Mission Broadcasting) | % | % | % | ||||||||||||||||||||||||||||
| Next Level Apparel, Inc. | % | % | % | ||||||||||||||||||||||||||||
| NortonLifeLock Inc. | % | % | % | ||||||||||||||||||||||||||||
| Novae LLC | % | % | % | ||||||||||||||||||||||||||||
| Nuvei Technologies Corp. | % | % | % | ||||||||||||||||||||||||||||
| Olaplex, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Open Text Corporation | % | % | % | ||||||||||||||||||||||||||||
| Organon & Co. | % | % | % | ||||||||||||||||||||||||||||
| Pacific Gas & Electric | % | % | % | ||||||||||||||||||||||||||||
64
| 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 | |||||||||||||||||||||
| PACTIV EVERGREEN GROUP HOLDINGS INC. | % | % | % | ||||||||||||||||||||||||||||
| Padagis LLC | % | % | % | ||||||||||||||||||||||||||||
| Panther Guarantor II, L.P. (Forcepoint) | % | % | % | ||||||||||||||||||||||||||||
| PAR PETROLEUM LLC | % | % | % | ||||||||||||||||||||||||||||
| PATAGONIA HOLDCO LLC | % | % | % | ||||||||||||||||||||||||||||
| Pathway Partners Vet Management Company LLC | % | % | % | ||||||||||||||||||||||||||||
| PCI Gaming Authority | % | % | % | ||||||||||||||||||||||||||||
| PEARLS (Netherlands) Bidco B.V. | % | % | % | ||||||||||||||||||||||||||||
| PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC | % | % | % | ||||||||||||||||||||||||||||
| PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC (a) | % | % | % | ||||||||||||||||||||||||||||
| Penn National Gaming, Inc | % | % | % | ||||||||||||||||||||||||||||
| Peraton Corp. | % | % | % | ||||||||||||||||||||||||||||
| PHYSICIAN PARTNERS, LLC | % | % | % | ||||||||||||||||||||||||||||
| Pike Corporation | % | % | % | ||||||||||||||||||||||||||||
| Pitney Bowes Inc | % | % | % | ||||||||||||||||||||||||||||
| Plastipak Holdings Inc. | % | % | % | ||||||||||||||||||||||||||||
| Playtika Holding Corp. | % | % | % | ||||||||||||||||||||||||||||
| PMHC II, INC. | % | % | % | ||||||||||||||||||||||||||||
| PointClickCare Technologies, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Polymer Process Holdings, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Pre-Paid Legal Services, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Presidio, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Prime Security Services Borrower, LLC (ADT) | % | % | % | ||||||||||||||||||||||||||||
| PRIORITY HOLDINGS, LLC | % | % | % | ||||||||||||||||||||||||||||
| PriSo Acquisition Corporation | % | % | % | ||||||||||||||||||||||||||||
| Project Leopard Holdings, Inc. (NEW) | % | % | % | ||||||||||||||||||||||||||||
| Prometric Inc. (Sarbacane Bidco) | % | % | % | ||||||||||||||||||||||||||||
| PUG LLC | % | % | % | ||||||||||||||||||||||||||||
| QUEST BORROWER LIMITED | % | % | % | ||||||||||||||||||||||||||||
| Rackspace Technology Global, Inc. | % | % | % | ||||||||||||||||||||||||||||
65
| 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 | |||||||||||||||||||||
| RAND PARENT LLC | % | % | % | ||||||||||||||||||||||||||||
| RealPage, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Renaissance Learning, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Rent-A-Center, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Research Now Group, Inc | % | % | % | ||||||||||||||||||||||||||||
| Resideo Funding Inc. | % | % | % | ||||||||||||||||||||||||||||
| Resolute Investment Managers (American Beacon), Inc. | % | % | % | ||||||||||||||||||||||||||||
| Restoration Hardware, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Reynolds Consumer Products LLC | % | % | % | ||||||||||||||||||||||||||||
| Reynolds Group Holdings Inc. | % | % | % | ||||||||||||||||||||||||||||
| Rocket Software, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Russell Investments US Inst’l Holdco, Inc. | % | % | % | ||||||||||||||||||||||||||||
| RV Retailer LLC | % | % | % | ||||||||||||||||||||||||||||
| Ryan Specialty Group LLC | % | % | % | ||||||||||||||||||||||||||||
| S&S HOLDINGS LLC | % | % | % | ||||||||||||||||||||||||||||
| Sally Holdings LLC | % | % | % | ||||||||||||||||||||||||||||
| Samsonite International S.A. | % | % | % | ||||||||||||||||||||||||||||
| Schweitzer-Mauduit International, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Scientific Games Holdings LP | % | % | % | ||||||||||||||||||||||||||||
| Sedgwick Claims Management Services, Inc. | % | % | % | ||||||||||||||||||||||||||||
66
| Issuer Name | Industry | Asset Name | Asset Type | Reference Rate/Spread |
SOFR/ LIBOR Floor | Current Rate (All In) | Maturity Date | Principal/ Number of Shares | Cost | Fair Value | |||||||||||||||||||||
| SETANTA AIRCRAFT LEASING DAC | % | % | % | ||||||||||||||||||||||||||||
| Signify Health, LLC | % | % | % | ||||||||||||||||||||||||||||
| Sitel Worldwide Corporation | % | % | % | ||||||||||||||||||||||||||||
| SiteOne Landscape Supply, LLC | % | % | % | ||||||||||||||||||||||||||||
| SMG US Midco 2, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Smyrna Ready Mix Concrete, LLC | % | % | % | ||||||||||||||||||||||||||||
| Solis IV B.V. | % | % | % | ||||||||||||||||||||||||||||
| Sotheby’s | % | % | % | ||||||||||||||||||||||||||||
| Sparta U.S. HoldCo LLC | % | % | % | ||||||||||||||||||||||||||||
| Specialty Pharma III Inc. | % | % | % | ||||||||||||||||||||||||||||
| Spectrum Brands, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Spin Holdco, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Spirit Aerosystems Inc. | % | % | % | ||||||||||||||||||||||||||||
| SRAM, LLC | % | % | % | ||||||||||||||||||||||||||||
| SS&C Technologies, Inc. | % | % | % | ||||||||||||||||||||||||||||
| SS&C Technologies, Inc. | % | % | % | ||||||||||||||||||||||||||||
| SS&C Technologies, Inc. | % | % | % | ||||||||||||||||||||||||||||
| STANDARD INDUSTRIES INC. | % | % | % | ||||||||||||||||||||||||||||
| Staples, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Storable, Inc | % | % | % | ||||||||||||||||||||||||||||
| Summit Materials, LLC | % | % | % | ||||||||||||||||||||||||||||
| Superannuation & Investments US LLC | % | % | % | ||||||||||||||||||||||||||||
| Sweetwater Borrower, LLC | % | % | % | ||||||||||||||||||||||||||||
| Syncsort Incorporated | % | % | % | ||||||||||||||||||||||||||||
| Ta TT Buyer LLC | % | % | % | ||||||||||||||||||||||||||||
| Tenable Holdings, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Teneo Holdings LLC | % | % | % | ||||||||||||||||||||||||||||
| Ten-X, LLC | % | % | % | ||||||||||||||||||||||||||||
| The Dun & Bradstreet Corporation | % | % | % | ||||||||||||||||||||||||||||
| The Dun & Bradstreet Corporation | % | % | % | ||||||||||||||||||||||||||||
| THE KNOT WORLDWIDE INC. | % | % | % | ||||||||||||||||||||||||||||
| Thor Industries, Inc. | % | % | % | ||||||||||||||||||||||||||||
67
| 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 | |||||||||||||||||||||
| Torrid LLC | % | % | % | ||||||||||||||||||||||||||||
| TORY BURCH LLC | % | % | % | ||||||||||||||||||||||||||||
| Tosca Services, LLC | % | % | % | ||||||||||||||||||||||||||||
| Trans Union LLC | % | % | % | ||||||||||||||||||||||||||||
| Transdigm, Inc. | % | % | % | ||||||||||||||||||||||||||||
| TRITON WATER HOLDINGS, INC. | % | % | % | ||||||||||||||||||||||||||||
| Tronox Finance LLC | % | % | % | ||||||||||||||||||||||||||||
| TruGreen Limited Partnership | % | % | % | ||||||||||||||||||||||||||||
| Uber Technologies, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Ultra Clean Holdings, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Unimin Corporation | % | % | % | ||||||||||||||||||||||||||||
| United Natural Foods, Inc | % | % | % | ||||||||||||||||||||||||||||
| United Road Services Inc. | % | % | % | ||||||||||||||||||||||||||||
| Univision Communications Inc. | % | % | % | ||||||||||||||||||||||||||||
| Univision Communications Inc. | % | % | % | ||||||||||||||||||||||||||||
| Utz Quality Foods, LLC | % | % | % | ||||||||||||||||||||||||||||
| Vaco Holdings, LLC | % | % | % | ||||||||||||||||||||||||||||
| Vericast Corp. | % | % | % | ||||||||||||||||||||||||||||
| Verifone Systems, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Vertex Aerospace Services Corp | % | % | % | ||||||||||||||||||||||||||||
68
| 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 | |||||||||||||||||||||
| VFH Parent LLC | % | % | % | ||||||||||||||||||||||||||||
| Viasat Inc | % | % | % | ||||||||||||||||||||||||||||
| Virtus Investment Partners, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Vistra Energy Corp | % | % | % | ||||||||||||||||||||||||||||
| Vizient, Inc | % | % | % | ||||||||||||||||||||||||||||
| VM Consolidated, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Vouvray US Finance LLC | % | % | % | ||||||||||||||||||||||||||||
| Walker & Dunlop, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Warner Music Group Corp. (WMG Acquisition Corp.) | % | % | % | ||||||||||||||||||||||||||||
| Warner Music Group Corp. (WMG Acquisition Corp.) | % | % | % | ||||||||||||||||||||||||||||
| Watlow Electric Manufacturing Company | % | % | % | ||||||||||||||||||||||||||||
| West Corporation | % | % | % | ||||||||||||||||||||||||||||
| WEX Inc. | % | % | % | ||||||||||||||||||||||||||||
| WildBrain Ltd. | % | % | % | ||||||||||||||||||||||||||||
| Xperi Corporation | % | % | % | ||||||||||||||||||||||||||||
| Zayo Group, LLC | % | % | % | ||||||||||||||||||||||||||||
| ZEBRA BUYER (Allspring) LLC | % | % | % | ||||||||||||||||||||||||||||
| Zekelman Industries, Inc. | % | % | % | ||||||||||||||||||||||||||||
| Zest Acquisition Corp. | % | % | % | ||||||||||||||||||||||||||||
| Zodiac Pool Solutions | % | % | % | ||||||||||||||||||||||||||||
| $ | $ | ||||||||||||||||||||||||||||||
| Number of Shares | Cost | Fair Value | ||||||||||
| Cash and cash equivalents | ||||||||||||
| U.S. Bank Money Market (c) | $ | $ | ||||||||||
| Total cash and cash equivalents | $ | $ | ||||||||||
| (a) |
| (b) |
| (c) |
| (d) | Investments include Payment-in-Kind Interest. |
LIBOR—London Interbank Offered Rate
SOFR - Secured Overnight Financing Rate
1M USD LIBOR—The 1 month USD LIBOR rate as of February 28, 2023 was 4.67%.
3M USD LIBOR—The 3 month USD LIBOR rate as of February 28, 2023 was 4.97%.
6M USD LIBOR—The 6 month USD LIBOR rate as of February 28, 2023 was 5.26%.
1M SOFR - The 1 month SOFR rate as of February 28, 2023 was 4.66%.
3M SOFR - The 3 month SOFR rate as of February 28, 2023 was 4.89%.
6M SOFR - The 6 month SOFR rate as of February 28, 2023 was 5.15%.
See accompanying notes to financial statements
69
Note 5. Investment in SLF JV
On October 26, 2021, the Company and TJHA entered into the LLC Agreement to co-manage SLF JV. SLF JV is invested in Saratoga Investment Corp Senior Loan Fund 2022-1, Ltd (“SLF 2021”), which is a wholly owned subsidiary of SLF JV. SLF 2021 was formed for the purpose of making investments in a diversified portfolio of broadly syndicated first lien and second lien term loans or bonds in the primary and secondary markets.
On September 30, 2022, SLF 2021 was renamed to Saratoga Investment Corp Senior Loan Fund 2022-1, Ltd. (“SLF 2022”).
The Company and TJHA have equal voting interest on all material decisions with respect to SLF JV, including those involving its investment portfolio, and equal control of corporate governance. No management fee is charged to SLF JV as control and management of SLF JV is shared equally.
The Company and TJHA have committed to provide
up to a combined $
The Company has determined that SLF JV is an
investment company under ASC 946; however, in accordance with such guidance the Company will generally not consolidate its investment
in a company other than a wholly owned investment company subsidiary. SLF JV is not a wholly owned investment company subsidiary as the
Company and TJHA each have an equal
For the three months ended May 31, 2023 and
May 31, 2022, the Company earned $
SLF JV’s initial investment in SLF 2022
was in the form of an unsecured loan. The unsecured loan paid a floating rate of LIBOR plus
On October 28, 2022, SLF 2022 issued $
70
Note 6. Income Taxes
SIA-AAP, Inc., SIA-ARC, Inc., SIA-Avionte, Inc., SIA-AX, Inc., SIA-G4,
Inc., SIA-GH, Inc., SIA-MDP, Inc., SIA-MAC, Inc., SIA-PP Inc., SIA-SZ, Inc., SIA-TG, Inc., SIA-TT Inc., SIA-Vector, Inc., and SIA-VR,
Inc. each
The Company may distribute a portion of its realized
net long term capital gains in excess of realized net short term capital losses to its stockholders, but may also decide to retain a
portion, or all, of its net capital gains and elect to pay the
Deferred tax assets and liabilities, and related valuation allowance as of May 31, 2023 and February 28, 2023 were as follows:
| May 31, 2023 | February 28, 2023 | |||||||
| Total deferred tax assets | $ | $ | ||||||
| Total deferred tax liabilities | ( | ) | ( | ) | ||||
| Valuation allowance on net deferred tax assets | ( | ) | ( | ) | ||||
| Net deferred tax liability | $ | ( | ) | $ | ( | ) | ||
As of May 31, 2023, the valuation allowance on
deferred tax assets was $
Net income tax expense for the three months ended May 31, 2023 includes
($
Deferred tax temporary differences may include differences for state taxes and joint venture interests.
Federal and state income tax (provisions) benefit on investments for the three months ended May 31, 2023 and May 31, 2022:
| For the three months ended | ||||||||
| May 31, 2023 | May 31, 2022 | |||||||
| Current | ||||||||
| Federal | $ | $ | ||||||
| State | ( | ) | ||||||
| Net current expense | ||||||||
| Deferred | ||||||||
| Federal | ( | ) | ||||||
| State | ( | ) | ( | ) | ||||
| Net deferred expense | ( | ) | ||||||
| Net tax provision | $ | $ | ( | ) | ||||
71
Note 7. Agreements and Related Party Transactions
Investment Advisory and Management Agreement
On July 30, 2010, the Company entered into the
Management Agreement with our Manager. The initial term of the Management Agreement was
Base Management Fee and Incentive Management Fee
The incentive management fee consists of the following two parts:
The first, payable quarterly in arrears, equals
The second part of the incentive fee is determined
and payable in arrears as of the end of each fiscal year (or upon termination of the Management Agreement) and equals
72
For the three months ended May 31, 2023 and May
31, 2022, the Company incurred $
The accrual is calculated using both
realized and unrealized capital gains for the period. The actual incentive fee related to capital gains will be determined and payable
in arrears at the end of the fiscal year and will include only realized capital gains for the period. As of May 31, 2023, the base management
fees accrual was $
Administration Agreement
On July 30, 2010, the Company entered into a separate
administration agreement (the “Administration Agreement”) with our Manager, pursuant to which our Manager, as our administrator,
has agreed to furnish us with the facilities and administrative services necessary to conduct our day-to-day operations and provide managerial
assistance on our behalf to those portfolio companies to which we are required to provide such assistance. The initial term of the Administration
Agreement was two years from its effective date, with one-year renewals thereafter subject to certain approvals by our board of directors
and/or our stockholders. The amount of expenses payable or reimbursable thereunder by the Company was capped at $
For the three months ended May 31, 2023 and May
31, 2022, we recognized $
Saratoga CLO
On December 14, 2018, the Company completed
the third refinancing and issuance of the 2013-1 Reset CLO Notes. This refinancing, among other things, extended the Saratoga CLO
reinvestment period to January 2021, and extended its legal maturity to January 2030. In addition, and as part of the refinancing,
the Saratoga CLO has also been upsized from $
In conjunction with the third refinancing and issuance of the 2013-1 Reset CLO Notes on December 14, 2018, the Company is no longer entitled to receive an incentive management fee from Saratoga CLO. See Note 4 for additional information.
On February 26, 2021, the Company completed the
fourth refinancing of the Saratoga CLO. This refinancing, among other things, extended the Saratoga CLO reinvestment period to April
2024, and extended its legal maturity to April 2033. The non-call period was extended to February 2022. In addition, and as part of the
refinancing, the Saratoga CLO has also been upsized from $
73
On August 9, 2021, the Company exchanged its
existing $
For the three months ended May 31, 2023 and May
31, 2022, we recognized management fee income of $
For the three months ended May 31, 2023 and May 31, 2022, the Company neither bought nor sold any investments from the Saratoga CLO.
SLF JV
On October 26, 2021, the Company and TJHA entered into an LLC Agreement to co-manage the SLF JV. SLF JV is a joint venture that invests in the debt or equity interests of collateralized loan obligations, loan, notes and other debt instruments.
On October 28, 2022, SLF 2022 issued $
As of May 31, 2023, the Company’s investment
in the SLF JV had a fair value of $
As part of the JV CLO trust transaction, the
Company purchased
Note 8. Borrowings
Credit Facility
74
On April 11, 2007, we entered into a $
On July 30, 2010, we used the net proceeds from
(i) the stock purchase transaction and (ii) a portion of the funds available to us under the $
Encina Credit Facility
On October 4, 2021, the Company entered into
the Credit and Security Agreement (the “Credit Agreement”) relating to a $
On January 27, 2023, we entered into the first amendment to the Credit Agreement to, among other things:
| ● | increase the borrowings available under the Encina Credit Facility from up to $50.0 million to up to $65.0 million; |
| ● | change the underlying benchmark used to compute interest under the Credit Agreement from LIBOR to Term SOFR for a one-month tenor plus a 0.10% credit spread adjustment; |
| ● | increase the applicable effective margin rate on borrowings from 4.00% to 4.25%; |
| ● | extend the revolving period from October 4, 2024 to January 27, 2026; |
75
| ● | extend the period during which the borrower may request one or more increases in the borrowings available under the Encina Credit Facility (each such increase, a “Facility Increase”) from October 4, 2023 to January 27, 2025, and increased the maximum borrowings available pursuant to such Facility Increase from $75.0 million to $150.0 million; |
| ● | revise the eligibility criteria for eligible collateral loans to exclude certain industries in which an obligor or related guarantor may be involved; and |
| ● | amend the provisions permitting the borrower to request an extension in the Commitment Termination Date (as defined in the Credit Agreement) to allow requests to extend any applicable Commitment Termination Date, rather than a one-time request to extend the original Commitment Termination Date, subject to a notice requirement. |
In addition to any fees or other amounts payable
under the terms of the Encina Credit Facility, an administrative agent fee per annum equal to $
As of May 31, 2023 and February 28, 2023, there
were $
For the three months ended May 31, 2023 and
May 31, 2022, we recorded $
The Encina Credit Facility contains limitations
as to how borrowed funds may be used, such as restrictions on industry concentrations, asset size, weighted average life, currency denomination
and collateral interests. The Encina Credit Facility also includes certain requirements relating to portfolio performance, the violation
of which could result in the limit of further advances and, in some cases, result in an event of default, allowing the lenders to accelerate
repayment of amounts owed thereunder. The Encina Credit Facility has a three-year term.
76
Our borrowing base under the Encina Credit Facility is $
SBA Debentures
Our wholly owned Subsidiaries, SBIC LP, SBIC
II LP, and SBIC III LP, received an SBIC license from the SBA on March 28, 2012, August 14, 2019, and September 29, 2022, respectively.
SBIC LP’s license provided up to $
As of May 31, 2023, we have funded SBIC LP, SBIC
II LP and SBIC III LP with an aggregate total of equity capital of $
SBICs are designed to stimulate the flow of private
equity capital to eligible small businesses. Under SBA regulations, SBICs may make loans to eligible small businesses and invest in the
equity securities of small businesses. Under present SBA regulations, eligible small businesses include businesses that have a tangible
net worth not exceeding $
The SBIC Subsidiaries are subject to regulation and oversight by the SBA, including requirements with respect to maintaining certain minimum financial ratios and other covenants. Receipt of an SBIC license does not assure that the SBIC Subsidiaries will receive SBA-guaranteed debenture funding, which is dependent upon the SBIC Subsidiaries continuing to be in compliance with SBA regulations and policies. The SBA, as a creditor, will have a superior claim to each SBIC Subsidiaries’ assets over our stockholders and debtholders in the event we liquidate such SBIC Subsidiary or the SBA exercises its remedies under the SBA-guaranteed debentures issued by the SBIC Subsidiary upon an event of default.
77
The Company received exemptive relief from the SEC to permit it to
exclude the debt of our SBIC subsidiaries guaranteed by the SBA from the definition of senior securities in the asset coverage test under
the 1940 Act. This allows the Company increased flexibility under the asset coverage requirement by permitting it to borrow up to $
As noted above, as of May 31, 2023, there was
$
Notes
On May 10, 2013, the Company issued $
On February 5, 2019, the Company issued an additional
$
78
On August 31, 2021, the Company redeemed $
On June 24, 2020, the Company issued $
On July 14, 2022, the Company redeemed $
On July 14, 2022, the debt was extinguished.
As such, it was not fair valued with market quotes and is not fair value leveled. The repayment of the
For the three months ended May 31, 2023
and May 31, 2022, we recorded $
On July 9, 2020, the Company issued $
As of May 31, 2023, the total 7.75% 2025 Notes
outstanding was $
For the three months ended May 31, 2023 and May
31, 2022, we recorded $
79
On December 29, 2020, the Company issued $
On January 28, 2021, the Company issued $
As of May 31, 2023, the total 6.25% 2027 Notes
outstanding was $
For the three months ended May 31, 2023 and May
31, 2022, we recorded $
On March 10, 2021, the Company issued $
On July 15, 2021, the Company issued an additional
$
As of May 31, 2023, the total 4.375% 2026 Notes
outstanding was $
80
For the three months ended May 31, 2023 and May
31, 2022, we recorded $
On January 19, 2022, the Company issued $
As of May 31, 2023, the total 4.35% 2027 Notes
outstanding was $
For the three months ended May 31, 2023 and
May 31, 2022, we recorded $
On April 27, 2022, the Company issued $
On August 15, 2022, the Company issued an additional
$
As of May 31, 2023, the carrying amount and fair
value of the 6.00% 2027 Notes was $
81
For the three months ended May 31, 2023 and
May 31, 2022, we recorded $
On September 8, 2022, the Company issued $
As of May 31, 2023, the carrying amount of the
7.00% 2025 Notes was $
For the three months ended May 31, 2023 and
May 31, 2022, we recorded $
On October 27, 2022, the Company issued $
As of May 31, 2023, the carrying amount and fair
value of the 8.00% 2027 Notes was $
For the three months ended May 31, 2023 and May
31, 2022, we recorded $
On December 13, 2022, the Company issued
$
82
As of May 31, 2023, the carrying amount and fair
value of the 8.125% 2027 Notes was $
For the three months ended May 31, 2023 and
May 31, 2022, we recorded $
On March 31, 2023, the Company issued $
As of May 31, 2023, the total 8.75% 2024 Notes
outstanding was $
For the three months ended May 31, 2023 and
May 31, 2022, we recorded $
On
April 14, 2023, the Company issued $
As of May 31, 2023, the carrying amount and fair
value of the
For the three months ended May 31, 2023 and May
31, 2022, we recorded $
83
SENIOR SECURITIES
(dollar amounts in thousands, except per share data)
| Class and Year (1)(2) | Total Amount Outstanding Exclusive of Treasury Securities(3) | Asset Coverage per Unit(4) | Involuntary Liquidating Preference per Share(5) | Average Market Value per Share(6) | ||||||||||||
| (in thousands) | ||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||
| Fiscal year 2024 (as of May 31, 2023) | $ | $ | ||||||||||||||
| Fiscal year 2023 (as of February 28, 2023) | $ | $ | ||||||||||||||
| Fiscal year 2022 (as of February 28, 2022) | $ | $ | ||||||||||||||
| Credit Facility with Madison Capital Funding(14) | ||||||||||||||||
| Fiscal year 2021 (as of February 28, 2021) | $ | $ | ||||||||||||||
| Fiscal year 2020 (as of February 29, 2020) | $ | $ | ||||||||||||||
| Fiscal year 2019 (as of February 28, 2019) | $ | $ | ||||||||||||||
| Fiscal year 2018 (as of February 28, 2018) | $ | $ | ||||||||||||||
| Fiscal year 2017 (as of February 28, 2017) | $ | $ | ||||||||||||||
| Fiscal year 2016 (as of February 29, 2016) | $ | $ | ||||||||||||||
| Fiscal year 2015 (as of February 28, 2015) | $ | $ | ||||||||||||||
| Fiscal year 2014 (as of February 28, 2014) | $ | $ | ||||||||||||||
| Fiscal year 2013 (as of February 28, 2013) | $ | $ | ||||||||||||||
| Fiscal year 2012 (as of February 29, 2012) | $ | $ | ||||||||||||||
| Fiscal year 2011 (as of February 28, 2011) | $ | $ | ||||||||||||||
| Fiscal year 2010 (as of February 28, 2010) | $ | $ | ||||||||||||||
| Fiscal year 2009 (as of February 28, 2009) | $ | $ | ||||||||||||||
| Fiscal year 2008 (as of February 29, 2008) | $ | $ | ||||||||||||||
| Fiscal year 2007 (as of February 28, 2007) | $ | $ | ||||||||||||||
| 7.50% Notes due 2020(7) | ||||||||||||||||
| Fiscal year 2017 (as of February 28, 2017) | $ | $ | ||||||||||||||
| Fiscal year 2016 (as of February 29, 2016) | $ | $ | $ | (8) | ||||||||||||
| Fiscal year 2015 (as of February 28, 2015) | $ | $ | $ | (8) | ||||||||||||
| Fiscal year 2014 (as of February 28, 2014) | $ | $ | $ | (8) | ||||||||||||
| Fiscal year 2013 (as of February 28, 2013) | $ | $ | ||||||||||||||
| Fiscal year 2012 (as of February 29, 2012) | $ | $ | ||||||||||||||
| Fiscal year 2011 (as of February 28, 2011) | $ | $ | ||||||||||||||
| Fiscal year 2010 (as of February 28, 2010) | $ | $ | ||||||||||||||
| Fiscal year 2009 (as of February 28, 2009) | $ | $ | ||||||||||||||
| Fiscal year 2008 (as of February 29, 2008) | $ | $ | ||||||||||||||
| Fiscal year 2007 (as of February 28, 2007) | $ | $ | ||||||||||||||
| 6.75% Notes due 2023(9) | ||||||||||||||||
| Fiscal year 2020 (as of February 29, 2020) | $ | $ | ||||||||||||||
| Fiscal year 2019 (as of February 28, 2019) | $ | $ | $ | (10) | ||||||||||||
| Fiscal year 2018 (as of February 28, 2018) | $ | $ | $ | (10) | ||||||||||||
| Fiscal year 2017 (as of February 28, 2017) | $ | $ | $ | (10) | ||||||||||||
| 8.75% Notes due 2024 | ||||||||||||||||
| Fiscal year 2024 (as of May 31, 2023) | $ | $ | $ | (12) | ||||||||||||
| 6.25% Notes due 2025(13) | ||||||||||||||||
| Fiscal year 2022 (as of February 28, 2022) | ||||||||||||||||
| Fiscal year 2021 (as of February 28, 2021) | $ | $ | $ | (11) | ||||||||||||
| Fiscal year 2020 (as of February 29, 2020) | $ | $ | $ | (11) | ||||||||||||
| Fiscal year 2019 (as of February 28, 2019) | $ | $ | $ | (11) | ||||||||||||
| 7.00% Notes due 2025 | ||||||||||||||||
| Fiscal year 2024 (as of May 31, 2023) | $ | $ | $ | (12) | ||||||||||||
| Fiscal year 2023 (as of February 28, 2023) | $ | $ | $ | (12) | ||||||||||||
| 7.25% Notes due 2025(17) | ||||||||||||||||
| Fiscal year 2023 (as of February 28, 2023) | ||||||||||||||||
| Fiscal year 2022 (as of February 28, 2022) | $ | $ | $ | (11) | ||||||||||||
| Fiscal year 2021 (as of February 28, 2021) | $ | $ | $ | (11) | ||||||||||||
| 7.75% Notes due 2025 | ||||||||||||||||
| Fiscal year 2024 (as of May 31, 2023) | $ | $ | $ | (12) | ||||||||||||
| Fiscal year 2023 (as of February 28, 2023) | $ | $ | $ | (12) | ||||||||||||
| Fiscal year 2022 (as of February 28, 2022) | $ | $ | $ | (12) | ||||||||||||
| Fiscal year 2021 (as of February 28, 2021) | $ | $ | $ | (12) | ||||||||||||
| 4.375% Notes due 2026 | ||||||||||||||||
| Fiscal year 2024 (as of May 31, 2023) | $ | $ | $ | (12) | ||||||||||||
| Fiscal year 2023 (as of February 28, 2023) | $ | $ | $ | (12) | ||||||||||||
| Fiscal year 2022 (as of February 28, 2022) | $ | $ | $ | (12) | ||||||||||||
| 4.35% Notes due 2027 | ||||||||||||||||
| Fiscal year 2024 (as of May 31, 2023) | $ | $ | $ | (12) | ||||||||||||
| Fiscal year 2023 (as of February 28, 2023) | $ | $ | $ | (12) | ||||||||||||
| Fiscal year 2022 (as of February 28, 2022) | $ | $ | $ | (12) | ||||||||||||
| 6.00% Notes due 2027 | ||||||||||||||||
| Fiscal year 2024 (as of May 31, 2023) | $ | $ | $ | (15) | ||||||||||||
| Fiscal year 2023 (as of February 28, 2023) | $ | $ | $ | (15) | ||||||||||||
| 6.25% Notes due 2027 | ||||||||||||||||
| Fiscal year 2024 (as of May 31, 2023) | $ | $ | $ | (12) | ||||||||||||
| Fiscal year 2023 (as of February 28, 2023) | $ | $ | $ | (12) | ||||||||||||
| Fiscal year 2022 (as of February 28, 2022) | $ | $ | $ | (12) | ||||||||||||
| Fiscal year 2021 (as of February 28, 2021) | $ | $ | $ | (12) | ||||||||||||
| 8.00% Notes due 2027 | ||||||||||||||||
| Fiscal year 2024 (as of May 31, 2023) | $ | $ | $ | (15) | ||||||||||||
| Fiscal year 2023 (as of February 28, 2023) | $ | $ | $ | (15) | ||||||||||||
| 8.125% Notes due 2027 | ||||||||||||||||
| Fiscal year 2024 (as of May 31, 2023) | $ | $ | $ | (15) | ||||||||||||
| Fiscal year 2023 (as of February 28, 2023) | $ | $ | $ | (15) | ||||||||||||
| 8.50% Notes due 2028 | ||||||||||||||||
| Fiscal year 2024 (as of May 31, 2023) | $ | $ | $ | (16) | ||||||||||||
| (1) |
84
| (2) |
| (3) |
| (4) |
| (5) |
| (6) |
| (7) |
| (8) |
| (9) |
| (10) |
| (11) |
| (12) |
| (13) |
| (14) |
| (15) |
| (16) |
| (17) |
85
Note 9. Commitments and Contingencies
Contractual Obligations
The following table shows our payment obligations for repayment of debt and other contractual obligations at May 31, 2023:
| Payment Due by Period | ||||||||||||||||||||
| Long-Term Debt Obligations | Total | Less Than 1 Year | 1 - 3 Years | 3 - 5 Years | More Than 5 Years | |||||||||||||||
| ($ in thousands) | ||||||||||||||||||||
| Encina credit facility | $ | $ | $ | $ | $ | |||||||||||||||
| SBA debentures | ||||||||||||||||||||
| 8.75% 2024 Notes | ||||||||||||||||||||
| 7.00% 2025 Notes | ||||||||||||||||||||
| 7.75% 2025 Notes | ||||||||||||||||||||
| 4.375% 2026 Notes | ||||||||||||||||||||
| 4.35% 2027 Notes | ||||||||||||||||||||
| 6.00% 2027 Notes | ||||||||||||||||||||
| 6.25% 2027 Notes | ||||||||||||||||||||
| 8.00% 2027 Notes | ||||||||||||||||||||
| 8.125% 2027 Notes | ||||||||||||||||||||
| 8.50% 2028 Notes | ||||||||||||||||||||
| Total Long-Term Debt Obligations | $ | $ | $ | $ | $ | |||||||||||||||
Off-Balance Sheet Arrangements
As of May 31, 2023 and February 28, 2023, the
Company’s off-balance sheet arrangements consisted of $
86
A summary of the unfunded commitments outstanding as of May 31, 2023: and February 28, 2023: is shown in the table below (dollars in thousands):
| May 31, 2023 | February 28, 2023 | |||||||
| At Company’s discretion | ||||||||
| ActiveProspect, Inc. | $ | $ | ||||||
| Ascend Software, LLC | ||||||||
| Granite Comfort, LP | ||||||||
| JDXpert | ||||||||
| LFR Chicken LLC | ||||||||
| Pepper Palace, Inc. | ||||||||
| Procurement Partners, LLC | ||||||||
| Saratoga Senior Loan Fund I JV, LLC | ||||||||
| Sceptre Hospitality Resources, LLC | ||||||||
| Stretch Zone Franchising, LLC | ||||||||
| VetnCare MSO, LLC | ||||||||
| Total | $ | $ | ||||||
| At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required | ||||||||
| Alpha Aesthetics Partners OpCo, LLC | $ | $ | ||||||
| ARC Health OpCo LLC | ||||||||
| Artemis Wax Corp. | ||||||||
| Ascend Software, LLC | ||||||||
| Axero Holdings, LLC - Revolver | ||||||||
| BQE Software, Inc. | ||||||||
| C2 Educational Systems | ||||||||
| Exigo, LLC | ||||||||
| Exigo, LLC - Revolver | ||||||||
| Gen4 Dental Partners Holdings, LLC | ||||||||
| GoReact | ||||||||
| JDXpert | ||||||||
| Modis Dental Partners OpCo, LLC | ||||||||
| Pepper Palace, Inc. - Delayed Draw Term Loan | ||||||||
| Pepper Palace, Inc. - Revolver | ||||||||
| Procurement Partners, LLC | ||||||||
| Stretch Zone Franchising, LLC | ||||||||
| VetnCare MSO, LLC | ||||||||
| Zollege PBC | ||||||||
| Total | $ | $ | ||||||
The Company believes its
assets will provide adequate coverage to satisfy these unfunded commitments. As of May 31, 2023, the Company had May 31, 2023, the
Company had total cash and cash equivalents of $
87
Note 10. Directors Fees
The independent directors each receive an annual
fee of $
Note 11. Stockholders’ Equity
On May 16, 2006, GSC Group, Inc. capitalized
the LLC, by contributing $
On March 20, 2007, the Company issued
On March 28, 2007, the Company completed its
IPO of
On July 30, 2010, our Manager and its affiliates
purchased
On August 12, 2010, we effected a one-for-ten
reverse stock split of our outstanding common stock. As a result of the reverse stock split, every ten shares of our common stock were
converted into one share of our common stock. Any fractional shares received as a result of the reverse stock split were redeemed for
cash. The total cash payment in lieu of shares was $
On
September 24, 2014,
On March 16, 2017, we entered into an equity
distribution agreement with Ladenburg Thalmann & Co. Inc., through which we may offer for sale, from time to time, up to $
On July 13, 2018, the Company issued
On July 30, 2021, we entered into an equity distribution
agreement with Ladenburg Thalmann & Co. Inc. and Compass Point Research and Trading, LLC (collectively the “Agents”),
through which we may offer for sale, from time to time, up to $
88
The Company adopted Rule 3-04/Rule 8-03(a)(5) under Regulation S-X (Note 2). Pursuant to Regulation S-X, the Company has presented a reconciliation of the changes in each significant caption of stockholders’ equity as shown in the tables below:
| Total | |||||||||||||||||||||
| Common Stock | Capital in Excess | Distributable Earnings | |||||||||||||||||||
| Shares | Amount | of Par Value | (Loss) | Net Assets | |||||||||||||||||
| Balance at February 28, 2022 | $ | $ | $ | $ | |||||||||||||||||
| Increase (Decrease) from Operations: | |||||||||||||||||||||
| Net investment income | - | ||||||||||||||||||||
| Net realized gain (loss) from investments | - | ||||||||||||||||||||
| Income tax (provision) benefit from realized gain on investments | - | - | - | ||||||||||||||||||
| Net change in unrealized appreciation (depreciation) on investments | - | ( | ) | ( | ) | ||||||||||||||||
| Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments | - | ( | ) | ( | ) | ||||||||||||||||
| Decrease from Shareholder Distributions: | |||||||||||||||||||||
| Distributions of investment income – net | - | ( | ) | ( | ) | ||||||||||||||||
| Capital Share Transactions: | |||||||||||||||||||||
| Proceeds from issuance of common stock | - | ||||||||||||||||||||
| Stock dividend distribution | |||||||||||||||||||||
| Repurchases of common stock | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||
| Repurchase fees | - | ( | ) | ( | ) | ||||||||||||||||
| Offering costs | - | ||||||||||||||||||||
| Balance at May 31, 2022 | $ | $ | $ | $ | |||||||||||||||||
| Increase (Decrease) from Operations: | |||||||||||||||||||||
| Net investment income | - | ||||||||||||||||||||
| Net realized gain (loss) from investments | - | ||||||||||||||||||||
| Realized losses on extinguishment of debt | - | - | - | ( | ) | ( | ) | ||||||||||||||
| Net change in unrealized appreciation (depreciation) on investments | - | ( | ) | ( | ) | ||||||||||||||||
| Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments | - | ( | ) | ( | ) | ||||||||||||||||
| Decrease from Shareholder Distributions: | |||||||||||||||||||||
| Distributions of investment income – net | - | ( | ) | ( | ) | ||||||||||||||||
| Capital Share Transactions: | |||||||||||||||||||||
| Stock dividend distribution | |||||||||||||||||||||
| Repurchases of common stock | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||
| Repurchase fees | - | ( | ) | ( | ) | ||||||||||||||||
| Balance at August 31, 2022 | $ | $ | $ | $ | |||||||||||||||||
| Increase (Decrease) from Operations: | |||||||||||||||||||||
| Net investment income | - | ||||||||||||||||||||
| Net realized gain (loss) from investments | - | ( | ) | ( | ) | ||||||||||||||||
| Income tax (provision) benefit from realized gain on investments | - | ||||||||||||||||||||
| Net change in unrealized appreciation (depreciation) on investments | - | ( | ) | ( | ) | ||||||||||||||||
| Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments | - | ( | ) | ( | ) | ||||||||||||||||
| Decrease from Shareholder Distributions: | |||||||||||||||||||||
| Distributions of investment income – net | - | ( | ) | ( | ) | ||||||||||||||||
| Capital Share Transactions: | |||||||||||||||||||||
| Stock dividend distribution | |||||||||||||||||||||
| Repurchases of common stock | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||
| Repurchase fees | - | ( | ) | ( | ) | ||||||||||||||||
| Balance at November 30, 2022 | $ | $ | $ | $ | |||||||||||||||||
| Increase (Decrease) from Operations: | |||||||||||||||||||||
| Net investment income | - | ||||||||||||||||||||
| Net realized gain (loss) from investments | - | ||||||||||||||||||||
| Realized losses on extinguishment of debt | - | - | - | ( | ) | ( | ) | ||||||||||||||
| Net change in unrealized appreciation (depreciation) on investments | - | ||||||||||||||||||||
| Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments | - | ( | ) | ( | ) | ||||||||||||||||
| Decrease from Shareholder Distributions: | |||||||||||||||||||||
| Distributions of investment income – net | - | ( | ) | ( | ) | ||||||||||||||||
| Capital Share Transactions: | |||||||||||||||||||||
| Stock dividend distribution | |||||||||||||||||||||
| Repurchases of common stock | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||
| Repurchase fees | - | - | ( | ) | ( | ) | |||||||||||||||
| Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles | - | ( | ) | ||||||||||||||||||
| Balance at February 28, 2023 | $ | $ | $ | $ | |||||||||||||||||
| Increase (Decrease) from Operations: | |||||||||||||||||||||
| Net investment income | - | ||||||||||||||||||||
| Net realized gain (loss) from investments | - | ||||||||||||||||||||
| Income tax (provision) benefit from realized gain on investments | - | - | - | ||||||||||||||||||
| Net change in unrealized appreciation (depreciation) on investments | - | ( | ) | ( | ) | ||||||||||||||||
| Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments | - | ||||||||||||||||||||
| Decrease from Shareholder Distributions: | |||||||||||||||||||||
| Distributions of investment income – net | - | ( | ) | ( | ) | ||||||||||||||||
| Capital Share Transactions: | |||||||||||||||||||||
| Stock dividend distribution | |||||||||||||||||||||
| Repurchases of common stock | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||
| Repurchase fees | - | ( | ) | ( | ) | ||||||||||||||||
| Balance at May 31, 2023 | $ | $ | $ | $ | |||||||||||||||||
89
Note 12. Earnings Per Share
In accordance with the provisions of FASB ASC Topic 260, Earnings per Share (“ASC 260”), basic earnings per share is computed by dividing earnings available to common shareholders by the weighted average number of shares outstanding during the period. Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis.
The following information sets forth the computation of the weighted average basic and diluted net increase (decrease) in net assets resulting from operations per share for the three months ended May 31, 2023 and May 31, 2022 (dollars in thousands except share and per share amounts):
| For the three months ended | ||||||||
| Basic and Diluted | May 31, 2023 | May 31, 2022 | ||||||
| Net increase (decrease) in net assets resulting from operations | $ | ( | ) | $ | ( | ) | ||
| Weighted average common shares outstanding | ||||||||
| Weighted average earnings (loss) per common share | $ | ( | ) | $ | ( | ) | ||
Note 13. Dividend
On
May 22, 2023, the Company declared a dividend of $
The following table summarizes dividends declared for the three months ended May 31, 2023 (dollars in thousands except per share amounts):
| Amount | Total | |||||||||||
| Date Declared | Record Date | Payment Date | Per Share | Amount* | ||||||||
| May 22, 2023 | $ | $ | (1) | |||||||||
| Total dividends declared | $ | $ | ||||||||||
| * | |
| (1) |
The following table summarizes dividends declared for the three months ended May 31, 2022 (dollars in thousands except per share amounts):
| Date Declared | Record Date | Payment Date | Amount Per Share | Total Amount* | ||||||||
| May 26, 2022 | $ | $ | ||||||||||
| Total dividends declared | $ | $ | ||||||||||
| * | Total amount is calculated based on the number of shares outstanding at the date of record. |
90
Note 14. Financial Highlights
The following is a schedule of financial highlights as of and for the three months ended May 31, 2023 and May 31, 2022:
| Per share data | May 31, 2023 |
May 31, 2022 |
||||||
| Net asset value at beginning of period | $ | $ | ||||||
| Net investment income(1) | ||||||||
| Net realized and unrealized gain and losses on investments(1) | ( |
) | ( |
) | ||||
| Net increase in net assets resulting from operations | ( |
) | ( |
) | ||||
| Distributions declared from net investment income | ( |
) | ( |
) | ||||
| Total distributions to stockholders | ( |
) | ( |
) | ||||
| Issuance of common stock above net asset value (2) | ||||||||
| Repurchases of common stock(3) | ||||||||
| Dilution(4) | ( |
) | ( |
) | ||||
| Net asset value at end of period | $ | $ | ||||||
| Net assets at end of period | $ | $ | ||||||
| Shares outstanding at end of period | ||||||||
| Per share market value at end of period | $ | $ | ||||||
| Total return based on market value(5)(6) | % | ( |
)% | |||||
| Total return based on net asset value(5)(7) | % | ( |
)% | |||||
| Ratio/Supplemental data: | ||||||||
| Ratio of net investment income to average net assets(8) | % | % | ||||||
| Expenses: | ||||||||
| Ratios of Operating Expenses and Income Taxes to average net assets*(9) | % | % | ||||||
| Ratio of incentive management fees to average net assets(5) | % | - |
% | |||||
| Ratio of interest and debt financing expenses to average net assets(9) | % | % | ||||||
| Ratio of total expenses and income taxes to average net assets*(8) | % | % | ||||||
| Portfolio turnover rate(5)(10) | % | % | ||||||
| Asset coverage ratio per unit(11) | ||||||||
| Average market value per unit | ||||||||
| Revolving Credit Facility(12) | ||||||||
| SBA Debentures Payable(12) | ||||||||
| 8.75% Notes Payable 2024(12) | ||||||||
| 6.00% Notes Payable 2025(12) | ||||||||
| 7.25% Notes Payable 2025(13) | $ | |||||||
| 7.75% Notes Payable 2025(12) | ||||||||
| 4.375% Notes Payable 2026(12) | ||||||||
| 4.35% Notes Payable 2027(12) | ||||||||
| 6.00% Notes Payable 2027 | $ | $ | ||||||
| 6.25% Notes Payable 2027(12) | ||||||||
| 8.00% Notes Payable 2027 | $ | |||||||
| 8.125% Notes Payable 2027 | $ | |||||||
| 8.50% Notes Payable 2028 | $ | |||||||
| * | |
| (1) | |
| (2) | |
| (3) |
91
| (4) | |
| (5) | |
| (6) | |
| (7) | |
| (8) | |
| (9) | Ratios are annualized. |
| (10) | |
| (11) | |
| (12) | |
| (13) |
Note 15. Subsequent Events
On July 6, 2023, we increased the maximum amount
of shares of our common stock to be sold through the ATM Program to $
The Agents will receive a commission from us
up to
92
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion should be read in conjunction with our consolidated financial statements and related notes and other financial information appearing elsewhere in this Quarterly Report on Form 10-Q. In addition to historical information, the following discussion and other parts of this Quarterly Report contain forward-looking information that involves risks and uncertainties. Our actual results could differ materially from those anticipated by such forward-looking information due to the factors discussed under “Note about Forward-Looking Statements” and Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended February 28, 2023.
The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us or are within our control. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially from those expressed in our forward-looking statements.
The forward-looking statements contained in this Quarterly Report on Form 10-Q involve risks and uncertainties, including statements as to:
| ● | our future operating results; |
| ● | the introduction, withdrawal, success and timing of business initiatives and strategies; |
| ● | changes in political, economic or industry conditions, the interest rate environment or financial and capital markets, which could result in changes in the value of our assets; |
| ● | the relative and absolute investment performance and operations of our Manager; |
| ● | the impact of increased competition; |
| ● | our ability to turn potential investment opportunities into transactions and thereafter into completed and successful investments; |
| ● | the unfavorable resolution of any future legal proceedings; |
| ● | our business prospects and the operational and financial performance of our portfolio companies, including their ability to achieve our respective objectives as a result of the current economic conditions caused by, among other things, the COVID-19 pandemic, elevated levels of inflation, and a rising interest rate environment, and the effects of the disruptions caused thereby on our ability to continue to effectively manage our business; |
| ● | the impact of investments that we expect to make and future acquisitions and divestitures; |
| ● | our contractual arrangements and relationships with third parties; |
| ● | the dependence of our future success on the general economy and its impact on the industries in which we invest; |
93
| ● | the ability of our portfolio companies to achieve their objectives; |
| ● | our expected financings and investments; |
| ● | our regulatory structure and tax treatment, including our ability to operate as a business development company (“BDC”), or to operate our small business investment company (“SBIC”) subsidiaries, and to continue to qualify to be taxed as a regulated investment company (“RIC”); |
| ● | the adequacy of our cash resources and working capital; |
| ● | the timing of cash flows, if any, from the operations of our portfolio companies; |
| ● | the impact of interest rate volatility, including the decommissioning of LIBOR, on our results, particularly because we use leverage as part of our investment strategy; | |
| ● | the impact of supply chain constraints and labor difficulties on our portfolio companies and the global economy; | |
| ● | the elevated level of inflation, and its impact on our portfolio companies and on the industries in which we invest; |
| ● | the impact of legislative and regulatory actions and reforms and regulatory, supervisory or enforcement actions of government agencies relating to us or our Manager; |
| ● | the impact of changes to tax legislation and, generally, our tax position; |
| ● | our ability to access capital and any future financings by us; |
| ● | the ability of our Manager to attract and retain highly talented professionals; and | |
| ● | the ability of our Manager to locate suitable investments for us and to monitor and effectively administer our investments. |
94
Such forward-looking statements may include statements preceded by, followed by or that otherwise include terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “project,” “should,” “will” and “would” or the negative of these terms or other comparable terminology.
We have based the forward-looking statements included in this Quarterly Report on Form 10-Q on information available to us on the date of this Quarterly Report on Form 10-Q, and we assume no obligation to update any such forward-looking statements. Actual results could differ materially from those anticipated in our forward-looking statements, and future results could differ materially from historical performance. We undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by law or SEC rule or regulation. You are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.
The following analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the related notes thereto contained elsewhere in this Quarterly Report on Form 10-Q.
95
OVERVIEW
We are a Maryland corporation that has elected to be treated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”). Our investment objective is to create attractive risk-adjusted returns by generating current income and long-term capital appreciation from our investments. We invest primarily in senior and unitranche leveraged loans and mezzanine debt issued by private U.S. middle-market companies, which we define as companies having earnings before interest, tax, depreciation and amortization (“EBITDA”) of between $2 million and $50 million, both through direct lending and through participation in loan syndicates. We may also invest up to 30.0% of the portfolio in opportunistic investments in order to seek to enhance returns to stockholders. Such investments may include investments in distressed debt, which may include securities of companies in bankruptcy, foreign debt, private equity, securities of public companies that are not thinly traded and structured finance vehicles such as collateralized loan obligation funds. Although we have no current intention to do so, to the extent we invest in private equity funds, we will limit our investments in entities that are excluded from the definition of “investment company” under Section 3(c)(1) or Section 3(c)(7) of the 1940 Act, which includes private equity funds, to no more than 15.0% of its net assets. We have elected and qualified to be treated as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).
Corporate History
We commenced operations, at the time known as GSC Investment Corp., on March 23, 2007 and completed an initial public offering of shares of common stock on March 28, 2007. Prior to July 30, 2010, we were externally managed and advised by GSCP (NJ), L.P., an entity affiliated with GSC Group, Inc. In connection with the consummation of a recapitalization transaction on July 30, 2010, as described below we engaged Saratoga Investment Advisors to replace GSCP (NJ), L.P. as our investment adviser and changed our name to Saratoga Investment Corp.
As a result of the event of default under a revolving securitized credit facility with Deutsche Bank we previously had in place, in December 2008 we engaged the investment banking firm of Stifel, Nicolaus & Company to evaluate strategic transaction opportunities and consider alternatives for us. On April 14, 2010, GSC Investment Corp. entered into a stock purchase agreement with Saratoga Investment Advisors and certain of its affiliates and an assignment, assumption and novation agreement with Saratoga Investment Advisors, pursuant to which GSC Investment Corp. assumed certain rights and obligations of Saratoga Investment Advisors under a debt commitment letter Saratoga Investment Advisors received from Madison Capital Funding LLC, which indicated Madison Capital Funding’s willingness to provide GSC Investment Corp. with a $40.0 million senior secured revolving credit facility, subject to the satisfaction of certain terms and conditions. In addition, GSC Investment Corp. and GSCP (NJ), L.P. entered into a termination and release agreement, to be effective as of the closing of the transaction contemplated by the stock purchase agreement, pursuant to which GSCP (NJ), L.P., among other things, agreed to waive any and all accrued and unpaid deferred incentive management fees up to and as of the closing of the transaction contemplated by the stock purchase agreement but continued to be entitled to receive the base management fees earned through the date of the closing of the transaction contemplated by the stock purchase agreement.
On July 30, 2010, the transactions contemplated by the stock purchase agreement with Saratoga Investment Advisors and certain of its affiliates were completed, the private sale of 986,842 shares of our common stock for $15.0 million in aggregate purchase price to Saratoga Investment Advisors and certain of its affiliates closed, the Company entered into the Madison Credit Facility, and the Company began doing business as Saratoga Investment Corp.
We used the net proceeds from the private sale transaction and a portion of the funds available to us under the Madison Credit Facility to pay the full amount of principal and accrued interest, including default interest, outstanding under our revolving securitized credit facility with Deutsche Bank. The revolving securitized credit facility with Deutsche Bank was terminated in connection with our payment of all amounts outstanding thereunder on July 30, 2010.
96
On August 12, 2010, we effected a one-for-ten reverse stock split of our outstanding common stock. As a result of the reverse stock split, every ten shares of our common stock were converted into one share of our common stock. Any fractional shares received as a result of the reverse stock split were redeemed for cash. The total cash payment in lieu of shares was $230. Immediately after the reverse stock split, we had 2,680,842 shares of our common stock outstanding.
In January 2011, we registered for public resale of the 986,842 shares of our common stock issued to Saratoga Investment Advisors and certain of its affiliates.
On March 28, 2012, our wholly owned subsidiary, Saratoga Investment Corp. SBIC, LP (“SBIC LP”), received an SBIC license from the Small Business Administration (the “SBA”). On August 14, 2019, our wholly owned subsidiary, Saratoga Investment Corp. SBIC II LP (“SBIC II LP”), also received an SBIC license from the SBA. On September 29, 2022, the Company’s wholly owned subsidiary, SBIC III LP, also received an SBIC license from the SBA.
In May 2013, we issued $48.3 million in aggregate principal amount of our 7.50% fixed-rate unsecured notes due 2020 (the “7.50% 2020 Notes”) for net proceeds of $46.1 million after deducting underwriting commissions of $1.9 million and offering costs of $0.3 million. The proceeds included the underwriters’ full exercise of their overallotment option. The 7.50% 2020 Notes were listed on the New York Stock Exchange (the “NYSE”) under the trading symbol “SAQ” with a par value of $25.00 per note. The 7.50% 2020 Notes were redeemed in full on January 13, 2017 and are no longer listed on the NYSE.
On September 24, 2014, the Company announced the approval of an open market share repurchase plan that allowed it to originally repurchase up to 200,000 shares of its common stock at prices below its NAV as reported in its then most recently published consolidated financial statements (the “Share Repurchase Plan”). Since September 24, 2014, the Share Repurchase Plan has been extended annually, and the Company has periodically increased the amount of shares of common stock that may be purchased under the Share Repurchase Plan. Most recently, on January 9, 2023, our board of directors extended the Share Repurchase Plan for another year to January 15, 2024, increasing the number of shares that may be repurchased under the Share Repurchase Plan to 1.7 million shares of common stock. As of May 31, 2023, the Company purchased 1,035,203 shares of common stock, at the average price of $22.05 for approximately $22.8 million pursuant to the Share Repurchase Plan. During the three months ended May 31, 2023 the Company purchased 88,576 shares of common stock, at the average price of $24.36 for approximately $2.2 million pursuant to the Share Repurchase Plan.
On May 29, 2015, we entered into a Debt Distribution Agreement with Ladenburg Thalmann & Co. through which we may offer for sale, from time to time, up to $20.0 million in aggregate principal amount of the 2020 Notes through an At-the-Market (“ATM”) offering. Prior to the 2020 Notes being redeemed in full, the Company sold 539,725 units of the 7.50% 2020 Notes with a principal of $13.5 million at an average price of $25.31 for aggregate net proceeds of $13.4 million (net of transaction costs).
On December 21, 2016, we issued $74.5 million in aggregate principal amount of our 6.75% fixed-rate unsecured notes due 2023 (the “6.75% 2023 Notes”) for net proceeds of $71.7 million after deducting underwriting commissions of approximately $2.3 million and offering costs of approximately $0.5 million. The issuance included the exercise of substantially all of the underwriters’ option to purchase an additional $9.8 million aggregate principal amount of 6.75% 2023 Notes within 30 days. The 6.75% 2023 Notes were listed on the NYSE under the trading symbol “SAB” with a par value of $25.00 per note. On December 21, 2019 and February 7, 2020, the Company redeemed $50.0 million and $24.45 million, respectively, in aggregate principal amount of the 6.75% 2023 Notes and they are no longer listed on the NYSE.
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On March 16, 2017, we entered into an equity distribution agreement with Ladenburg Thalmann & Co. Inc., through which we may offer for sale, from time to time, up to $30.0 million of our common stock through an ATM offering. Subsequent to this, we amended our equity distribution agreement to add BB&T Capital Markets and B. Riley FBR, Inc. as sales agents in our ATM offering. On July 11, 2019, the amount of the common stock to be offered through this offering was increased to $70.0 million, and on October 8, 2019, the amount of the common stock to be offered was increased to $130.0 million. As of February 28, 2021, we sold 3,922,018 shares for gross proceeds of $97.1 million at an average price of $24.77 for aggregate net proceeds of $95.9 million (net of transaction costs). This equity distribution agreement was terminated as of July 29, 2021 and, as of that date, we sold 3,922,018 shares for gross proceeds of $97.1 million at an average price of $24.77 for aggregate net proceeds of $95.9 million (net of transaction costs).
On July 13, 2018, the Company issued 1,150,000 shares of its common stock priced at $25.00 per share (par value $0.001 per share) at an aggregate total of $28.75 million. The net proceeds, after deducting underwriting commissions of $1.15 million and offering costs of approximately $0.2 million, amounted to approximately $27.4 million. The Company also granted the underwriters a 30-day option to purchase up to an additional 172,500 shares of its common stock, which was not exercised.
On August 28, 2018, the Company issued $40.0 million in aggregate principal amount of our 6.25% fixed-rate notes due 2025 (the “6.25% 2025 Notes”) for net proceeds of $38.7 million after deducting underwriting commissions of approximately $1.3 million. Offering costs incurred were approximately $0.3 million. The issuance included the full exercise of the underwriters’ option to purchase an additional $5.0 million aggregate principal amount of 6.25% 2025 Notes within 30 days. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $1.6 million related to the 6.25% 2025 Notes have been capitalized and were amortized over the term of the 6.25% 2025 Notes.
On December 14, 2018, the Company completed the third refinancing of the Saratoga CLO (the “2013-1 Reset CLO Notes”). This refinancing, among other things, extended the Saratoga CLO reinvestment period to January 2021, and extended its legal maturity to January 2030. A non-call period of January 2020 was also added. In addition to and as part of the refinancing, the Saratoga CLO has also been upsized from $300 million in assets to approximately $500 million. As part of this refinancing and upsizing, the Company invested an additional $13.8 million in all of the newly issued subordinated notes of the Saratoga CLO, and purchased $2.5 million in aggregate principal amount of the Class F-R-2 Notes tranche and $7.5 million in aggregate principal amount of the Class G-R-2 Notes tranche at par. Concurrently, the existing $4.5 million of Class F notes and $20.0 million CLO 2013-1 Warehouse Loan were repaid.
On August 14, 2019, our wholly owned subsidiary, Saratoga Investment Corp. SBIC II LP (“SBIC II LP”), also received an SBIC license from the SBA. SBIC II LP’s SBIC license provides up to $175.0 million in additional long-term capital in the form of SBA debentures.
On June 24, 2020, the Company issued $37.5 million aggregate principal amount of our 7.25% fixed-rate notes due 2025 (the “7.25% 2025 Notes”) for net proceeds of $36.3 million after deducting underwriting commissions of approximately $1.2 million. Offering costs incurred were approximately $0.3 million. On July 6, 2020, the underwriters exercised their option in full to purchase an additional $5.625 million in aggregate principal amount of its 7.25% 2025 Notes. Net proceeds to the Company were $5.4 million after deducting underwriting commissions of approximately $0.2 million. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $1.6 million related to the 7.25% 2025 Notes have been capitalized and were amortized over the term of the 7.25% 2025 Notes. On July 14, 2022, the 7.25% 2025 Notes were redeemed and are no longer listed on the NYSE.
On July 9, 2020, the Company issued $5.0 million aggregate principal amount of our 7.75% fixed-rate notes due in 2025 (the “7.75% 2025 Notes”) for net proceeds of $4.8 million after deducting underwriting commissions of approximately $0.2 million. Offering costs incurred were approximately $0.1 million. Interest on the 7.75% 2025 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 7.75% per year. The 7.75% 2025 Notes mature on July 9, 2025 and may be redeemed in whole or in part at any time or from time to time at our option, subject to a fee depending on the date of repayment. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $0.3 million related to the 7.75% 2025 Notes have been capitalized and are being amortized over the term of the Notes. The 7.75% 2025 Notes are not listed and have a par value of $25.00 per note.
On December 29, 2020, the Company issued $5.0 million aggregate principal amount of our 6.25% fixed-rate Notes due in 2027 (the “6.25% 2027 Notes”). Offering costs incurred were approximately $0.1 million. Interest on the 6.25% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 6.25% per year, beginning February 28, 2021. The 6.25% 2027 Notes mature on December 29, 2027 and may be redeemed in whole or in part at any time or from time to time at our option, on or after December 29, 2024. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $0.1 million related to the 6.25% 2027 Notes have been capitalized and are being amortized over the term of the Notes. The 6.25% 2027 Notes are not listed and have a par value of $25.00 per note.
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On January 28, 2021, the Company issued $10.0 million aggregate principal amount of our 6.25% fixed rate Notes due in 2027 (the “Second 6.25% 2027 Notes”) for net proceeds of $9.7 million after deducting underwriting commissions of approximately $0.3 million. Offering costs incurred were approximately $0.1 million. Interest on the Second 6.25% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 6.25% per year, beginning February 28, 2021. The Second 6.25% 2027 Notes mature on January 28, 2027 and commencing January 28, 2023, may be redeemed in whole or in part at any time or from time to time at our option. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $0.4 million related to the Second 6.25% 2027 Notes have been capitalized and are being amortized over the term of the Notes. The Second 6.25% 2027 Notes are not listed and have a par value of $25.00 per note.
On February 26, 2021, the Company completed the fourth refinancing of the Saratoga CLO. This refinancing, among other things, extended the Saratoga CLO reinvestment period to April 2024, and extended its legal maturity to April 2033. A non-call period ending February 2022 was also added. In addition, and as part of the refinancing, the Saratoga CLO has also been upsized from $500 million in assets to approximately $650 million. As part of this refinancing and upsizing, the Company invested an additional $14.0 million in all of the newly issued subordinated notes of the Saratoga CLO, and purchased $17.9 million in aggregate principal amount of the Class F-R-3 Notes tranche at par. Concurrently, the existing $2.5 million of Class F-R-2 Notes, $7.5 million of Class G-R-2 Notes and $25.0 million CLO 2013-1 Warehouse 2 Loan were repaid. The Company also paid $2.6 million of transaction costs related to the refinancing and upsizing on behalf of the Saratoga CLO, to be reimbursed from future equity distributions. At August 31, 2021, the outstanding receivable of $2.6 million was repaid.
On March 10, 2021, the Company issued $50.0 million aggregate principal amount of our 4.375% fixed-rate Notes due in 2026 (the “4.375% 2026 Notes”) for net proceeds of $49.0 million after deducting underwriting commissions of approximately $1.0 million. Offering costs incurred were approximately $0.3 million. Interest on the 4.375% 2026 Notes is paid semi-annually in arrears on February 28 and August 28, at a rate of 4.375% per year, beginning August 28, 2021. The 4.375% 2026 Notes mature on February 28, 2026 and may be redeemed in whole or in part at any time on or after November 28, 2025 at par plus a “make-whole” premium, and thereafter at par. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $1.3 million related to the 4.375% 2026 Notes have been capitalized and are being amortized over the term of the Notes.
On July 15, 2021, the Company issued an additional $125.0 million aggregate principal amount of the Company’s 4.375% 2026 Notes (the “Additional 4.375% 2026 Notes”) for net proceeds for approximately $123.5 million, based on the public offering price of 101.00% of the aggregate principal amount of the Additional 4.375% 2026 Notes, after deducting the underwriting discount of $2.5 million and the offering expenses of approximately $0.2 million payable by the Company. The net proceeds from the offering were used redeem all of the outstanding 6.25% 2025 Notes (as described above), and for general corporate purposes in accordance with our investment objective and strategies. The Additional 4.375% 2026 Notes were treated as a single series with the existing 4.375% 2026 Notes under the indenture and had the same terms as the existing 4.375% 2026 Notes.
On July 30, 2021, we entered into an equity distribution agreement with Ladenburg Thalmann & Co. Inc. and Compass Point Research and Trading, LLC (the “Agents”), through which we may offer for sale, from time to time, up to $150.0 million of our common stock through the Agents, or to them, as principal for their account (the “ATM Program”). As of May 31, 2023, the Company sold 4,840,361 shares for gross proceeds of $124.0 million at an average price of $25.61 for aggregate net proceeds of $122.4 million (net of transaction costs). During the three months ended May 31, 2023, there were no shares sold pursuant to the equity distribution agreement with the Agents.
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On August 9, 2021, the Company exchanged its existing $17.9 million Class F-R-3 Notes for $8.5 million Class F-1-R-3 Notes and $9.4 million Class F-2-R-3 Notes at par. On August 11, 2021, the Company sold its Class F-1-R-3 Notes to third parties, resulting in a realized loss of $0.1 million
The Company has formed a wholly owned special purpose entity, Saratoga Investment Funding II LLC, a Delaware limited liability company (“SIF II”), for the purpose of entering into a $50.0 million senior secured revolving credit facility with Encina Lender Finance, LLC (the “Lender”), supported by loans held by SIF II and pledged to the Lender under the credit facility (the “Encina Credit Facility). The Encina Credit Facility closed on October 4, 2021. During the first two years following the closing date, SIF II may request an increase in the commitment amount under the Encina Credit Facility to up to $75.0 million. The terms of the Encina Credit Facility required a minimum drawn amount of $12.5 million at all times during the first six months following the closing date, which increased to the greater of $25.0 million or 50% of the commitment amount in effect at any time thereafter. The term of the Encina Credit Facility is three years. Advances under the Encina Credit Facility bear interest at a floating rate per annum equal to LIBOR plus 4.0%, with LIBOR having a floor of 0.75%, with customary provisions related to the selection by the Lender and the Company of a replacement benchmark rate. Concurrently with the closing of the Encina Credit Facility, all remaining amounts outstanding on the Company’s existing revolving credit facility with Madison Capital Funding, LLC were repaid and the facility terminated. On January 27, 2023, among other things, the borrowings available under the Encina Credit Facility was increased from up to $50.0 million to up to $65.0 million, the underlying benchmark rate used to compute interest changed from LIBOR to Term SOFR for one-month tenor plus a 0.10% credit spread adjustment; the applicable effective margin rate on borrowings increased from 4.00% to 4.25% and the maturity date was extended from October 4, 2024 to January 27, 2026.
On October 26, 2021, the Company and TJHA JV I LLC (“TJHA”) entered into a Limited Liability Company Agreement to co-manage Saratoga Senior Loan Fund I JV LLC (“SLF JV”). SLF JV is invested in Saratoga Investment Corp Senior Loan Fund 2021-1 Ltd (“SLF 2021”), which is a wholly owned subsidiary of SLF JV. SLF 2021 was formed for the purpose of making investments in a diversified portfolio of broadly syndicated first lien and second lien term loans or bonds in the primary and secondary markets.
On September 30, 2022, SLF 2021 was renamed to Saratoga Investment Corp Senior Loan Fund 2022-1, Ltd. (“SLF 2022”).
The Company and TJHA have equal voting interest on all material decisions with respect to SLF JV, including those involving its investment portfolio, and equal control of corporate governance. No management fee is charged to SLF JV as control and management of SLF JV is shared equally
The Company and TJHA have committed to provide up to a combined $50.0 million of financing to SLF JV through cash contributions, with the Company providing $43.75 million and TJHA providing $6.25 million, resulting in an 87.5% and 12.5% ownership between the two parties. The financing is issued in the form of an unsecured note and equity. The unsecured note will pay a fixed rate of 10.0% per annum and is due and payable in full on June 15, 2023. As of May 31, 2023 the Company and TJHA’s investment in SLF JV consisted of an unsecured note of $17.6 million and $2.5 million, respectively; and membership interest of $17.6 million and $2.5 million, respectively.
For the three months ended May 31, 2023 and May 31, 2022, the Company earned $0.5 million and $0.3 million, respectively, of interest income related to SLF JV, which is included in interest income.
SLF JV’s initial investment in SLF 2022 was in the form of an unsecured loan. The unsecured note paid a fixed rate of 10.00% per annum and is due and payable in full on October 20, 2033. The unsecured loan was repaid in full on October 28, 2022, as part of the CLO closing.
The Company has determined that SLF JV is an investment company under (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies; however, in accordance with such guidance the Company will generally not consolidate its investment in a company other than a wholly owned investment company subsidiary. SLF JV is not a wholly owned investment company subsidiary as the Company and TJHA each have an equal 50% voting interest in SLF JV and thus neither party has a controlling financial interest. Furthermore, ASC Topic810, Consolidation, concludes that in a joint venture where both members have equal decision making authority, it is not appropriate for one member to consolidate the joint venture since neither has control. Accordingly, the Company does not consolidate SLF JV.
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On January 19, 2022, the Company issued $75.0 million aggregate principal amount of our 4.35% fixed-rate Notes due in 2027 (the “4.35% 2027 Notes”) for net proceeds of $73.0 million, based on the public offering price of 99.317% of the aggregate principal amount of the 4.35% 2027 Notes, after deducting the underwriting commissions of approximately $1.5 million. Offering costs incurred were approximately $0.3 million. Interest on the 4.35% 2027 Notes is paid semi-annually in arrears on February 28 and August 28, at a rate of 4.35% per year, beginning August 28, 2022. The 4.35% 2027 Notes mature on February 28, 2027 and may be redeemed in whole or in part at the Company’s option at any time prior to November 28, 2026, at par plus a “make-whole” premium, and thereafter at par. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $1.8 million related to the 4.35% 2027 Notes have been capitalized and are being amortized over the term of the Notes.
On April 27, 2022, the Company issued $87.5 million aggregate principal amount of our 6.00% fixed-rate notes due 2027 (the “6.00% 2027 Notes”) for net proceeds of $84.8 million after deducting underwriting commissions of approximately $2.7 million. Offering costs incurred were approximately $0.1 million. On May 10, 2022, the underwriters partially exercised their option to purchase an additional $10.0 million in aggregate principal amount of the 6.00% 2027 Notes. Net proceeds to the Company were $9.7 million after deducting underwriting commissions of approximately $0.3 million. Interest on the 6.00% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 6.00% per year. The 6.00% 2027 Notes mature on April 30, 2027 and commencing April 27, 2024, may be redeemed in whole or in part at any time or from time to time at our option. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $3.5 million related to the 6.00% 2027 Notes have been capitalized and are being amortized over the term of the 6.00% 2027 Notes. The 6.00% 2027 Notes are listed on the NYSE under the trading symbol “SAT” with a par value of $25.00 per note.
On August 15, 2022, the Company issued an additional $8.0 million in aggregate principal amount of the 6.00% 2027 Notes (the “Additional 6.00% 2027 Notes”) for net proceeds of $7.8 million, based on the public offering price of 97.80% of the aggregate principal amount of the 6.00% 2027 Notes. The Additional 6.00% 2027 Notes are treated as a single series with the existing 6.00% 2027 Notes under the indenture and had the same terms as the existing 6.00% 2027 Notes. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Additional offering costs incurred were approximately $0.2 million. Additional financing costs of $0.2 million related to the 6.00% 2027 Notes have been capitalized and are being amortized over the term of the 6.00% 2027 Notes.
On September 8, 2022, the Company issued $12.0 million in aggregate principal amount of our 7.00% fixed-rate notes due 2025 (the “7.00% 2025 Notes”) for net proceeds of $11.6 million after deducting customary fees and offering expenses of approximately $0.4 million. Interest on the 7.00% 2025 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 7.00% per year. The 7.00% 2025 Notes mature on September 8, 2025 and commencing September 8, 2024, may be redeemed in whole or in part at any time or from time to time at our option. We expect to use the net proceeds from this offering to make investments in middle-market companies (including investments made through our SBIC subsidiaries) in accordance with our investment objective and strategies and for general corporate purposes. Financing costs of $0.05 million related to the 7.00% 2025 Notes have been capitalized and are being amortized over the term of the 7.00% 2025 Notes.
On September 29, 2022, the Company’s wholly owned subsidiary, SBIC III LP, also received an SBIC license from the SBA. SBIC III LP’s SBIC license provides up to $175.0 million in additional long-term capital in the form of SBA debentures.
On October 27, 2022, the Company issued $40.0 million in aggregate principal amount of our 8.00% fixed-rate notes due 2027 (the “8.00% 2027 Notes”) for net proceeds of $38.7 million after deducting underwriting commissions of approximately $1.3 million. Offering costs incurred were approximately $0.2 million. On November 10, 2022, the underwriters partially exercised their option to purchase an additional $6.0 million in aggregate principal amount of the 8.00% 2027 Notes. Net proceeds to the Company were $5.8 million after deducting underwriting commissions of approximately $0.2 million. Interest on the 8.00% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 8.00% per year, beginning February 28, 2023. The 8.00% 2027 Notes mature on October 31, 2027 and commencing October 27, 2024, may be redeemed in whole or in part at any time or from time to time at our option. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $1.7 million related to the 8.00% 2027 Notes have been capitalized and are being amortized over the term of the 8.00% 2027 Notes. The 8.00% 2027 Notes are listed on the NYSE under the trading symbol “SAJ” with a par value of $25.00 per note.
On October 28, 2022, SLF 2022 issued $402.1 million of debt through the JV CLO trust. The 2022 JV CLO Notes were issued pursuant to the JV Indenture, with the Trustee. As part of the transaction, the Company purchased 87.50% of the Class E Notes from SLF 2022 with a par value of $12.25 million. As of May 31, 2023 and February 28, 2023, the fair value of these Class E Notes were $11.4 million and $11.4 million, respectively.
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On December 13, 2022, the Company issued $52.5 million in aggregate principal amount of our 8.125% fixed-rate notes due 2027 (the “8.125% 2027 Notes”) for net proceeds of $50.8 million after deducting underwriting commissions of approximately $1.6 million. Offering costs incurred were approximately $0.1 million. On December 21, 2022, the underwriters partially exercised their option to purchase an additional $7.9 million in aggregate principal amount of the 8.125% 2027 Notes. Net proceeds to the Company were $7.6 million after deducting underwriting commissions of approximately $0.2 million. Interest on the 8.125% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 8.125% per year, beginning February 28, 2023. The 8.125% 2027 Notes mature on December 31, 2027 and commencing December 13, 2024, may be redeemed in whole or in part at any time or from time to time at our option. The net proceeds from this offering were used to make investments in middle-market companies (including investments made through our SBIC Subsidiaries) in accordance with our investment objective and strategies and for general corporate purposes. Financing costs of $2.0 million related to the 8.125% 2027 Notes have been capitalized and are being amortized over the term of the 8.125% 2027 Notes. The 8.125% 2027 Notes are listed on the NYSE under the trading symbol “SAY” with a par value of $25.00 per share.
On March 31, 2023, the Company issued $10.0 million in aggregate principal amount of our 8.75% fixed-rate notes due 2024 (the “8.75% 2024 Notes”) for net proceeds of $9.7 million after deducting underwriting discounts of approximately $0.4 million. On May 1, 2023, the Company issued an additional $10.0 million in aggregate principal amount of the 8.75% 2024 Notes for net proceeds of $9.7 million after deducting underwriting discounts of approximately $0.4 million. Offering costs incurred were approximately $0.03 million. Interest on the 8.75% 2024 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 8.75% per year, beginning May 31, 2023. The 8.75% 2024 Notes mature on March 31, 2024. Net proceeds from this offering were used to make investments in middle-market companies (including investments made through our SBIC Subsidiaries) in accordance with our investment objective and strategies and general corporate purposes. Financing costs of $0.7 million related to the 8.75% 2024 Notes have been capitalized and are being amortized over the term of the 8.75% 2024 Notes.
On April 14, 2023, the Company issued $50.0 million in aggregate principal amount of our 8.50% fixed-rate notes due 2028 (the “8.50% 2028 Notes”) for net proceeds of $48.4 million after deducting underwriting commissions of approximately $1.6 million. Offering costs incurred were approximately $0.03 million. On April 26, 2023, the underwriters fully exercised their option to purchase an additional $7.5 million in aggregate principal amount of the 8.50% 2028 Notes. Net proceeds to the Company were $7.3 million after deducting underwriting commissions of approximately $0.2 million. Interest on the 8.50% 2028 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 8.50% per year, beginning May 31, 2023. The 8.50% 2028 Notes mature on April 15, 2028, and commencing April 14, 2025, may be redeemed in whole or in part at any time or from time to time at our option. Net proceeds from this offering were used to repay a portion of the outstanding indebtedness under the Encina Credit Facility, make investments in middle-market companies (including investments made through our SBIC Subsidiaries) in accordance with our investment objective and strategies and for general corporate purposes. Financing costs of $2.0 million related to the 8.50% 2028 Notes have been capitalized and are being amortized over the term of the 8.50% 2028 Notes. The 8.50% 2028 Notes are listed on the NYSE under the trading symbol “SAZ” with a par value of $25.00 per share.
Critical Accounting Policies and Use of Estimates
Basis of Presentation
The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make certain estimates and assumptions affecting amounts reported in the Company’s consolidated financial statements. We have identified investment valuation, revenue recognition and the recognition of capital gains incentive fee expense as our most critical accounting estimates. We continuously evaluate our estimates, including those related to the matters described below. These estimates are based on the information that is currently available to us and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ materially from those estimates under different assumptions or conditions. A discussion of our critical accounting policies and estimates follows.
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Investment Valuation
The Company accounts for its investments at fair value in accordance with ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value and enhances disclosure requirements for fair value measurements. ASC 820 requires the Company to assume that its investments are to be sold or its liabilities are to be transferred at the measurement date in the principal market to independent market participants, or in the absence of a principal market, in the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact.
Investments for which market quotations are readily available are fair valued at such market quotations obtained from independent third-party pricing services and market makers subject to any decision by our board of directors to approve a fair value determination to reflect significant events affecting the value of these investments. We value investments for which market quotations are not readily available at fair value as approved, in good faith, by our board of directors based on input from Saratoga Investment Advisors, the audit committee of our board of directors and a third party independent valuation firm. We use multiple techniques for determining fair value based on the nature of the investment and experience with those types of investments and specific portfolio companies. The selections of the valuation techniques and the inputs and assumptions used within those techniques often require subjective judgements and estimates. These techniques include market comparables, discounted cash flows and enterprise value waterfalls. Fair value is best expressed as a range of values from which the Company determines a single best estimate. The types of inputs and assumptions that may be considered in determining the range of values of our investments include the nature and realizable value of any collateral, the portfolio company’s ability to make payments, market yield trend analysis and volatility in future interest rates, call and put features, the markets in which the portfolio company does business, comparison to publicly traded companies, discounted cash flows and other relevant factors.
We undertake a multi-step valuation process each quarter when valuing investments for which market quotations are not readily available, as described below:
| ● | Each investment is initially valued by the responsible investment professionals of Saratoga Investment Advisors and preliminary valuation conclusions are documented and discussed with our senior management; and |
| ● | An independent valuation firm engaged by our board of directors independently reviews a selection of these preliminary valuations each quarter so that the valuation of each investment for which market quotes are not readily available is reviewed by the independent valuation firm at least once each fiscal year. We use a third-party independent valuation firm to value our investment in the subordinated notes of Saratoga CLO and the Class F-2-R-3 Notes tranche of the Saratoga CLO every quarter. |
In addition, all our investments are subject to the following valuation process:
| ● | The audit committee of our board of directors reviews and approves each preliminary valuation and Saratoga Investment Advisors and an independent valuation firm (if applicable) will supplement the preliminary valuation to reflect any comments provided by the audit committee; and |
| ● | Our board of directors discusses the valuations and approves the fair value of each investment, in good faith, based on the input of Saratoga Investment Advisors, independent valuation firm (to the extent applicable) and the audit committee of our board of directors. |
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Our investment in Saratoga CLO is carried at fair value, which is based on a discounted cash flows that utilizes prepayment, re-investment and loss assumptions based on historical experience and projected performance, economic factors, the characteristics of the underlying cash flow, and market comparables for equity interests in collateralized loan obligation funds similar to Saratoga CLO, when available, as determined by Saratoga Investment Advisors and recommended to our board of directors. Specifically, we use Intex cash flows, or an appropriate substitute, to form the basis for the valuation of our investment in Saratoga CLO. The cash flows use a set of inputs including projected default rates, recovery rates, reinvestment rates and prepayment rates in order to arrive at estimated valuations. The inputs are based on available market data and projections provided by third parties as well as management estimates. We use the output from the Intex models (i.e., the estimated cash flows) to perform a discounted cash flow analysis on expected future cash flows to determine a valuation for our investment in Saratoga CLO.
In December 2020, the U.S. Securities and Exchange Commission (the “SEC”) adopted new Rule 2a-5 under the 1940 Act (“Rule 2a-5”) that established a regulatory framework for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits boards, subject to board oversight and certain other conditions, to designate the investment adviser to perform fair value determinations. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must determine the fair value of a security. The SEC also adopted new Rule 31a-4 under the 1940 Act (“Rule 31a-4”), that provides the recordkeeping requirements associated with fair value determinations. Finally, the SEC rescinded previously issued guidance on related issues, including the role of the board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, and had a compliance date of September 8, 2022. While our board of directors has not elected to designate Saratoga Investment Advisors as the valuation designee, the Company has adopted certain revisions to its valuation policies and procedures in order comply with the applicable requirements of Rule 2a-5 and Rule 31a-4.
Revenue Recognition
Income Recognition
Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis to the extent that such amounts are expected to be collected. The Company stops accruing interest on its investments when it is determined that interest is no longer collectible. Discounts and premiums on investments purchased are accreted/amortized over the life of the respective investment using the effective yield method. The amortized cost of investments represents the original cost adjusted for the accretion of discounts and amortization of premiums on investments.
Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected. Accrued interest is generally reserved when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as a reduction in principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current, although we may make exceptions to this general rule if the loan has sufficient collateral value and is in the process of collection.
Payment-in-Kind Interest
The Company holds debt and preferred equity investments in its portfolio that contain a payment-in-kind (“PIK”) interest provision. The PIK interest, which represents contractually deferred interest added to the investment balance that is generally due at maturity, is generally recorded on the accrual basis to the extent such amounts are expected to be collected. We stop accruing PIK interest if we do not expect the issuer to be able to pay all principal and interest when due.
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Revenues
We generate revenue in the form of interest income and capital gains on the debt investments that we hold and capital gains, if any, on equity interests that we may acquire. We expect our debt investments, whether in the form of leveraged loans or mezzanine debt, to have terms of up to ten years, and to bear interest at either a fixed or floating rate. Interest on debt will be payable generally either quarterly or semi-annually. In some cases, our debt or preferred equity investments may provide for a portion or all of the interest to be PIK. To the extent interest is PIK, it will be payable through the increase of the principal amount of the obligation by the amount of interest due on the then-outstanding aggregate principal amount of such obligation. The principal amount of the debt and any accrued but unpaid interest will generally become due at the maturity date. In addition, we may generate revenue in the form of commitment, origination, structuring, amendment, redemption or diligence fees, fees for providing managerial assistance or investment management services and possibly consulting fees. Any such fees will be generated in connection with our investments and recognized as earned. We may also invest in preferred equity or common equity securities that pay dividends on a current basis.
On January 22, 2008, we entered into a collateral management agreement with Saratoga CLO, pursuant to which we act as its collateral manager. The Saratoga CLO was initially refinanced in October 2013 with its reinvestment period extended to October 2016. On November 15, 2016, we completed a second refinancing of the Saratoga CLO with its reinvestment period extended to October 2018.
On December 14, 2018, we completed a third refinancing and upsize of the Saratoga CLO. The third Saratoga CLO refinancing, among other things, extended its reinvestment period to January 2021, and extended its legal maturity date to January 2030. A non-call period of January 2020 was also added. Following this refinancing, the Saratoga CLO portfolio increased from approximately $300.0 million in aggregate principal amount to approximately $500.0 million of predominantly senior secured first lien term loans. In addition to refinancing its liabilities, we invested an additional $13.8 million in all of the newly issued subordinated notes of the Saratoga CLO and also purchased $2.5 million in aggregate principal amount of the Class F-R-2 and $7.5 million aggregate principal amount of the Class G-R-2 notes tranches at par, with a coupon of 3M USD LIBOR plus 8.75% and 3M USD LIBOR plus 10.00%, respectively. As part of this refinancing, we also redeemed our existing $4.5 million aggregate amount of the Class F notes tranche at par and the $20.0 million CLO 2013-1 Warehouse Loan was repaid.
On February 11, 2020, we entered into an unsecured loan agreement (“CLO 2013-1 Warehouse 2 Loan”) with Saratoga Investment Corp. CLO 2013-1 Warehouse 2, Ltd (“CLO 2013-1 Warehouse 2”), a wholly owned subsidiary of Saratoga CLO. During the fourth quarter ended February 28, 2021, the CLO 2013-1 Warehouse 2 Ltd. was repaid in full.
On February 26, 2021, the Company completed the fourth refinancing of the Saratoga CLO. This refinancing, among other things, extended the Saratoga CLO reinvestment period to April 2024, and extended its legal maturity to April 2033. A non-call period ended February 2022 was also added. In addition, and as part of the refinancing, the Saratoga CLO has also been upsized from $500 million in assets to approximately $650 million. As part of this refinancing and upsizing, the Company invested an additional $14.0 million in all of the newly issued subordinated notes of the Saratoga CLO, and purchased $17.9 million in aggregate principal amount of the Class F-R-3 Notes tranche at par. Concurrently, the existing $2.5 million of Class F-R-2 Notes, $7.5 million of Class G-R-2 Notes and $25.0 million of the CLO 2013-1 Warehouse 2 Loan were repaid. The Company also paid $2.6 million of transaction costs related to the refinancing and upsizing on behalf of the Saratoga CLO, to be reimbursed from future equity distributions. At August 31, 2021, the outstanding receivable of $2.6 million was repaid in full.
On August 9, 2021, the Company exchanged its existing $17.9 million Class F-R-3 Notes for $8.5 million Class F-1-R-3 Notes and $9.4 million Class F-2-R-3 Notes at par. On August 11, 2021, the Company sold its Class F-1-R-3 Notes to third parties, resulting in a realized loss of $0.1 million.
The Saratoga CLO remains effectively 100% owned and managed by Saratoga Investment Corp. We receive a base management fee of 0.10% per annum and a subordinated management fee of 0.40% per annum of the outstanding principal amount of Saratoga CLO’s assets, paid quarterly to the extent of available proceeds. Prior to the second refinancing and the issuance of the 2013-1 Amended CLO Notes, we received a base management fee of 0.25% per annum and a subordinated management fee of 0.25% per annum of the outstanding principal amount of Saratoga CLO’s assets, paid quarterly to the extent of available proceeds.
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Following the third refinancing and the issuance of the 2013-1 Reset CLO Notes on December 14, 2018, we are no longer entitled to an incentive management fee equal to 20.0% of excess cash flow to the extent the Saratoga CLO subordinated notes receive an internal rate of return paid in cash equal to or greater than 12.0%.
Interest income on our investment in Saratoga CLO is recorded using the effective interest method in accordance with the provisions of ASC Topic 325-40, Investments-Other, Beneficial Interests in Securitized Financial Assets (“ASC 325-40”), based on the anticipated yield and the estimated cash flows over the projected life of the investment. Yields are revised when there are changes in actual or estimated cash flows due to changes in prepayments and/or re-investments, credit losses or asset pricing. Changes in estimated yield are recognized as an adjustment to the estimated yield over the remaining life of the investment from the date the estimated yield was changed.
Expenses
Our primary operating expenses include the payment of investment advisory and management fees, professional fees, directors and officers insurance, fees paid to directors who are not “interested persons” (as defined in Section 2(a)(19) of the 1940 Act) of the Company (“independent directors”) and administrator expenses, including our allocable portion of our administrator’s overhead. Our investment advisory and management fees compensate our Manager for its work in identifying, evaluating, negotiating, closing and monitoring our investments. We bear all other costs and expenses of our operations and transactions, including those relating to:
| ● | organization; |
| ● | calculating our net asset value (“NAV”) (including the cost and expenses of any independent valuation firm); |
| ● | expenses incurred by our Manager payable to third parties, including agents, consultants or other advisers, in monitoring our financial and legal affairs and in monitoring our investments and performing due diligence on our prospective portfolio companies; |
| ● | expenses incurred by our Manager payable for travel and due diligence on our prospective portfolio companies; |
| ● | interest payable on debt, if any, incurred to finance our investments; |
| ● | offerings of our common stock and other securities; |
| ● | investment advisory and management fees; |
| ● | fees payable to third parties, including agents, consultants or other advisers, relating to, or associated with, evaluating and making investments; |
| ● | transfer agent and custodial fees; |
| ● | federal and state registration fees; |
| ● | all costs of registration and listing our common stock on any securities exchange; |
| ● | U.S. federal, state and local taxes; |
| ● | independent directors’ fees and expenses; |
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| ● | costs of preparing and filing reports or other documents required by governmental bodies (including the U.S. Securities and Exchange Commission (“SEC”) and the SBA); |
| ● | costs of any reports, proxy statements or other notices to common stockholders including printing costs; |
| ● | our fidelity bond, directors and officers errors and omissions liability insurance, and any other insurance premiums; |
| ● | direct costs and expenses of administration, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors and outside legal costs; and |
| ● | administration fees and all other expenses incurred by us or, if applicable, the administrator in connection with administering our business (including payments under the Administration Agreement based upon our allocable portion of the administrator’s overhead in performing its obligations under an Administration Agreement, including rent and the allocable portion of the cost of our officers and their respective staffs (including travel expenses)). |
Pursuant to the investment advisory and management agreement that we had with GSCP (NJ), L.P., our former investment adviser and administrator, we had agreed to pay GSCP (NJ), L.P. as investment adviser a quarterly base management fee of 1.75% of the average value of our total assets (other than cash or cash equivalents but including assets purchased with borrowed funds) at the end of the two most recently completed fiscal quarters and an incentive fee.
The incentive fee had two parts:
| ● | A fee, payable quarterly in arrears, equal to 20.0% of our pre-incentive fee net investment income, expressed as a rate of return on the value of the net assets at the end of the immediately preceding quarter, that exceeded a 1.875% quarterly hurdle rate measured as of the end of each fiscal quarter. Under this provision, in any fiscal quarter, our investment adviser received no incentive fee unless our pre-incentive fee net investment income exceeded the hurdle rate of 1.875%. Amounts received as a return of capital were not included in calculating this portion of the incentive fee. Since the hurdle rate was based on net assets, a return of less than the hurdle rate on total assets could still have resulted in an incentive fee. |
| ● | A fee, payable at the end of each fiscal year, equal to 20.0% of our net realized capital gains, if any, computed net of all realized capital losses and unrealized capital depreciation, in each case on a cumulative basis on each investment in the Company’s portfolio, less the aggregate amount of capital gains incentive fees paid to the investment adviser through such date. |
We deferred cash payment of any incentive fee otherwise earned by our former investment adviser if, during the then most recent four full fiscal quarters ending on or prior to the date such payment was to be made, the sum of (a) our aggregate distributions to our stockholders and (b) our change in net assets (defined as total assets less liabilities) (before taking into account any incentive fees payable during that period) was less than 7.5% of our net assets at the beginning of such period. These calculations were appropriately pro-rated for the first three fiscal quarters of operation and adjusted for any share issuances or repurchases during the applicable period. Such incentive fee would become payable on the next date on which such test had been satisfied for the most recent four full fiscal quarters or upon certain terminations of the investment advisory and management agreement. We commenced deferring cash payment of incentive fees during the quarterly period ended August 31, 2007 and continued to defer such payments through the quarterly period ended May 31, 2010. As of July 30, 2010, the date on which GSCP (NJ), L.P. ceased to be our investment adviser and administrator, we owed GSCP (NJ), L.P. $2.9 million in fees for services previously provided to us; of which $0.3 million has been paid by us. GSCP (NJ), L.P. agreed to waive payment by us of the remaining $2.6 million in connection with the consummation of the stock purchase transaction with Saratoga Investment Advisors and certain of its affiliates described elsewhere in this Quarterly Report.
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The terms of the investment advisory and management agreement with Saratoga Investment Advisors, our current investment adviser, are substantially similar to the terms of the investment advisory and management agreement we had entered into with GSCP (NJ), L.P., our former investment adviser, except for the following material distinctions in the fee terms:
| ● | The capital gains portion of the incentive fee was reset with respect to gains and losses from May 31, 2010, and therefore losses and gains incurred prior to such time will not be taken into account when calculating the capital gains fee payable to Saratoga Investment Advisors and, as a result, Saratoga Investment Advisors will be entitled to 20.0% of net gains that arise after May 31, 2010. In addition, the cost basis for computing realized gains and losses on investments held by us as of May 31, 2010 equal the fair value of such investment as of such date. Under the investment advisory and management agreement with our former investment adviser, GSCP (NJ), L.P., the capital gains fee was calculated from March 21, 2007, and the gains were substantially outweighed by losses. |
| ● | Under the “catch up” provision, 100.0% of our pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income that exceeds 1.875% but is less than or equal to 2.344% in any fiscal quarter is payable to Saratoga Investment Advisors. This will enable Saratoga Investment Advisors to receive 20.0% of all net investment income as such amount approaches 2.344% in any quarter, and Saratoga Investment Advisors will receive 20.0% of any additional net investment income. Under the investment advisory and management agreement with our former investment adviser, GSCP (NJ), L.P. only received 20.0% of the excess net investment income over 1.875%. |
| ● | We will no longer have deferral rights regarding incentive fees in the event that the distributions to stockholders and change in net assets is less than 7.5% for the preceding four fiscal quarters. |
Capital Gains Incentive Fee
The Company records an expense accrual relating to the capital gains incentive fee payable by the Company to its Manager when the unrealized gains on its investments exceed all realized capital losses on its investments given the fact that a capital gains incentive fee would be owed to the Manager if the Company were to liquidate its investment portfolio at such time. The actual incentive fee payable to the Company’s Manager related to capital gains will be determined and payable in arrears at the end of each fiscal year and will include only realized capital gains for the period.
Recent Accounting Pronouncements
In June 2022, the FASB issued ASU No. 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (Topic 820),” which clarifies that a contractual sale restriction prohibiting the sale of an equity security is a characteristic of the reporting entity holding the equity security and is not included in the equity security’s unit of account. Accordingly, an entity should not consider the contractual sale restriction when measuring the equity security’s fair value. In addition, ASU No. 2022-03 prohibits an entity from recognizing a contractual sale restriction as a separate unit of account. ASU No. 2022-03’s amendments are effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The Company is currently evaluating the impact of the adoption of ASU No. 2022-03 on its consolidated financial statements.
In March 2020, the FASB issued “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”) to provide optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 established Topic 848 to provide relief during the temporary transition period and includes a sunset provision based on expectations of when the London Interbank Offered Rate (“LIBOR”) would cease being published. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset day of this guidance to December 31, 2024. With the adoption of ASU 2022-06, there was no significant impact to the Company’s financial position.
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Portfolio and Investment Activity
Investment Portfolio Overview
| May 31, 2023 | February 28, 2023 | |||||||
| ($ in millions) | ||||||||
| Number of investments(1) | 137 | 115 | ||||||
| Number of portfolio companies(2) | 56 | 49 | ||||||
| Average investment per portfolio company(2) | $ | 18.8 | $ | 19.0 | ||||
| Average investment size(1) | $ | 7.8 | $ | 8.3 | ||||
| Weighted average maturity(3) | 3.2 yrs | 2.9 yrs | ||||||
| Number of industries (5) | 42 | 40 | ||||||
| Non-performing or delinquent investments (fair value) | $ | 9.8 | $ | 9.8 | ||||
| Fixed rate debt (% of interest earning portfolio)(3) | $ | 8.5(0.9 | )% | $ | 8.2(1.0 | )% | ||
| Fixed rate debt (weighted average current coupon)(3) | 12.3 | % | 12.2 | % | ||||
| Floating rate debt (% of interest earning portfolio)(3) | $ | 936.3(99.1 | )% | $ | 817.1(99.0 | )% | ||
| Floating rate debt (weighted average current spread over LIBOR)(3)(4) | 7.3 | % | 7.0 | % | ||||
| (1) | Excludes our investment in the subordinated notes of Saratoga CLO. |
| (2) | Excludes our investment in the subordinated notes of Saratoga CLO and Class F-2-R-3 Notes tranche, as well as the unsecured notes and equity interests in the SLF JV and the Class E Note tranche of the SLF 2022 |
| (3) | Excludes our investment in the subordinated notes of Saratoga CLO and equity interests, as well as the unsecured notes and equity interests in SLF JV and the Class E Note tranche of the SLF 2022. |
| (4) | Calculation uses either 1-month or 3-month LIBOR, depending on the contractual terms, and after factoring in any existing LIBOR floors. |
| (5) | Our investment in the subordinated notes of Saratoga CLO and Class F-R-3 Note tranche, as well as the unsecured notes and equity interests in the SLF JV and the Class E Note tranche of the SLF 2022 are included in Structured Finance Securities industry. |
During the three months ended May 31, 2023, we invested $139.8 million in new and existing portfolio companies and had $11.1 million in aggregate amount of exits and repayments resulting in net investments of $128.8 million for the period. During the three months ended May 31, 2022, we invested $97.2 million in new and existing portfolio companies and had $10.1 million in aggregate amount of exits and repayments resulting in net repayments of $87.1 million for the period.
Portfolio Composition
Our portfolio composition at May 31, 2023: and February 28, 2023: at fair value was as follows:
| May 31, 2023 | February 28, 2023 | |||||||||||||||
| Percentage of Total Portfolio | Weighted Average Current Yield | Percentage of Total Portfolio | Weighted Average Current Yield | |||||||||||||
| First lien term loans | 84.7 | % | 12.9 | % | 82.1 | % | 12.3 | % | ||||||||
| Second lien term loans | 1.4 | 5.4 | 1.5 | 5.3 | ||||||||||||
| Unsecured term loans | 1.9 | 9.8 | 2.1 | 9.8 | ||||||||||||
| Structured finance securities | 3.1 | 9.3 | 4.3 | 7.4 | ||||||||||||
| Equity interests | 8.9 | - | 10.0 | - | ||||||||||||
| Total | 100.0 | % | 11.4 | % | 100.0 | % | 10.7 | % | ||||||||
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At May 31, 2023, our investment in the subordinated notes of Saratoga CLO, a collateralized loan obligation fund, had a fair value of $13.7 million and constituted 1.3% of our portfolio. This investment constitutes a first loss position in a portfolio that, as of May 31, 2023 and February 28, 2023, was composed of $652.8 million and $658.0 million, respectively, in aggregate principal amount of primarily senior secured first lien term loans. In addition, as of May 31, 2023, we also own $9.4 million in aggregate principal of the F-2-R-3 Notes in the Saratoga CLO, which only rank senior to the subordinated notes.
This investment is subject to unique risks. (See Part 1. Item 1A. Risk Factors—“Our investment in Saratoga CLO constitutes a leveraged investment in a portfolio of predominantly senior secured first lien term loans and is subject to additional risks and volatility” in our Annual Report on Form 10-K for the fiscal year ended February 28, 2023).
We do not consolidate the Saratoga CLO portfolio in our consolidated financial statements. Accordingly, the metrics below do not include the underlying Saratoga CLO portfolio investments. However, at May 31, 2023, $586.0 million or 99.2% of the Saratoga CLO portfolio investments in terms of market value had a CMR (as defined below) color rating of green or yellow and one Saratoga CLO portfolio investments was in default with a fair value of $0.3 million. At February 28, 2023, $585.2 million or 96.6% of the Saratoga CLO portfolio investments in terms of market value had a CMR color rating of green or yellow and two Saratoga CLO portfolio investments were in default with a fair value of $2.8 million. For more information relating to the Saratoga CLO, see the audited financial statements for Saratoga in our Annual Report on Form 10-K for the fiscal year ended February 28, 2023.
Saratoga Investment Advisors normally grades all of our investments using a credit and monitoring rating system (“CMR”). The CMR consists of a single component: a color rating. The color rating is based on several criteria, including financial and operating strength, probability of default, and restructuring risk. The color ratings are characterized as follows: (Green)—performing credit; (Yellow)—underperforming credit; (Red)—in principal payment default and/or expected loss of principal.
Portfolio CMR distribution
The CMR distribution for our investments at May 31, 2023 and February 28, 2023 was as follows:
Saratoga Investment Corp.
| May 31, 2023 | February 28, 2023 | |||||||||||||||
| Color Score | Investments at Fair Value | Percentage of Total Portfolio | Investments at Fair Value | Percentage of Total Portfolio | ||||||||||||
| ($ in thousands) | ||||||||||||||||
| Green | $ | 929,109 | 85.7 | % | $ | 808,791 | 83.2 | % | ||||||||
| Yellow | 33,246 | 3.1 | 34,172 | 3.5 | ||||||||||||
| Red | - | 0.0 | - | 0.0 | ||||||||||||
| N/A(1) | 121,743 | 11.2 | 129,627 | 13.3 | ||||||||||||
| Total | $ | 1,084,098 | 100.0 | % | $ | 972,590 | 100.0 | % | ||||||||
| (1) | Comprised of our investment in the subordinated notes of Saratoga CLO and equity interests. |
The CMR distribution of Saratoga CLO investments at May 31, 2023 and February 28, 2023 was as follows:
Saratoga CLO
| May 31, 2023 | February 28, 2023 | |||||||||||||||
| Color Score | Investments at Fair Value | Percentage of Total Portfolio | Investments at Fair Value | Percentage of Total Portfolio | ||||||||||||
| ($ in thousands) | ||||||||||||||||
| Green | $ | 532,507 | 90.1 | % | $ | 544,424 | 89.9 | % | ||||||||
| Yellow | 53,513 | 9.1 | 40,812 | 6.7 | ||||||||||||
| Red | 4,837 | 0.8 | 20,718 | 3.4 | ||||||||||||
| N/A(1) | - | 0.0 | - | 0.0 | ||||||||||||
| Total | $ | 590,857 | 100.0 | % | $ | 605,954 | 100.0 | % | ||||||||
| (1) | Comprised of Saratoga CLO’s equity interests. |
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Portfolio composition by industry grouping at fair value
The following table shows our portfolio composition by industry grouping at fair value at May 31, 2023 and February 28, 2023:
Saratoga Investment Corp.
| May 31, 2023 | February 28, 2023 | |||||||||||||||
| Investments At Fair Value | Percentage of Total Portfolio | Investments At Fair Value | Percentage of Total Portfolio | |||||||||||||
| ($ in thousands) | ||||||||||||||||
| Healthcare Software | $ | 119,103 | 11.0 | % | $ | 119,124 | 12.2 | % | ||||||||
| IT Services | 83,994 | 7.8 | 87,167 | 9.0 | ||||||||||||
| HVAC Services and Sales | 68,384 | 6.3 | 54,450 | 5.6 | ||||||||||||
| Consumer Services | 63,458 | 5.9 | 63,642 | 6.6 | ||||||||||||
| Real Estate Services | 53,093 | 4.9 | 53,406 | 5.5 | ||||||||||||
| Education Software | 46,177 | 4.3 | 44,955 | 4.6 | ||||||||||||
| Hospitality/Hotel | 38,139 | 3.5 | 37,972 | 3.9 | ||||||||||||
| Education Services | 37,213 | 3.4 | 34,489 | 3.5 | ||||||||||||
| Structured Finance Securities(1) | 33,906 | 3.1 | 41,363 | 4.4 | ||||||||||||
| Healthcare Services | 31,760 | 2.9 | 26,286 | 2.7 | ||||||||||||
| Health/Fitness Franchisor | 31,700 | 2.9 | - | - | ||||||||||||
| Talent Acquisition Software | 27,005 | 2.5 | 25,999 | 2.7 | ||||||||||||
| Sports Management | 26,800 | 2.5 | 26,711 | 2.7 | ||||||||||||
| Financial Services | 26,262 | 2.4 | 26,218 | 2.7 | ||||||||||||
| Investment Fund | 25,367 | 2.3 | 30,726 | 3.2 | ||||||||||||
| Direct Selling Software | 25,236 | 2.3 | 25,771 | 2.7 | ||||||||||||
| Restaurant | 24,963 | 2.3 | 24,826 | 2.6 | ||||||||||||
| Architecture & Engineering Software | 24,255 | 2.2 | - | - | ||||||||||||
| Specialty Food Retailer | 23,417 | 2.2 | 24,411 | 2.5 | ||||||||||||
| Mental Healthcare Services | 23,405 | 2.2 | 16,922 | 1.7 | ||||||||||||
| Mentoring Software | 23,033 | 2.1 | 21,359 | 2.2 | ||||||||||||
| Dental Practice Management | 22,807 | 2.1 | 12,151 | 1.2 | ||||||||||||
| Legal Software | 20,700 | 1.9 | 20,699 | 2.1 | ||||||||||||
| Corporate Education Software | 19,268 | 1.8 | 19,063 | 2.0 | ||||||||||||
| Marketing Orchestration Software | 18,715 | 1.7 | 18,715 | 1.9 | ||||||||||||
| Association Management Software | 18,185 | 1.7 | - | - | ||||||||||||
| Insurance Software | 17,006 | 1.6 | 16,761 | 1.7 | ||||||||||||
| Non-profit Services | 14,109 | 1.3 | 13,095 | 1.3 | ||||||||||||
| Employee Collaboration Software | 13,021 | 1.2 | 13,052 | 1.3 | ||||||||||||
| Lead Management Software | 12,120 | 1.1 | 12,090 | 1.2 | ||||||||||||
| Research Software | 10,683 | 1.0 | 10,677 | 1.1 | ||||||||||||
| Alternative Investment Management Software | 10,590 | 1.0 | 10,459 | 1.1 | ||||||||||||
| Field Service Management | 9,901 | 0.9 | 9,958 | 1.0 | ||||||||||||
| Roofing Contractor Software | 9,900 | 0.9 | - | - | ||||||||||||
| Industrial Products | 9,325 | 0.9 | 9,608 | 1.0 | ||||||||||||
| Financial Services Software | 9,121 | 0.8 | 9,096 | 0.9 | ||||||||||||
| Office Supplies | 6,595 | 0.6 | 6,373 | 0.7 | ||||||||||||
| Cyber Security | 2,466 | 0.2 | 2,509 | 0.3 | ||||||||||||
| Staffing Services | 2,123 | 0.2 | 2,079 | 0.2 | ||||||||||||
| Veterinary Services | 495 | 0.1 | - | - | ||||||||||||
| Facilities Maintenance | 298 | 0.0 | 408 | 0.0 | ||||||||||||
| Healthcare Supply | - | 0.0 | - | - | ||||||||||||
| Total | 1,084,098 | 100.0 | % | $ | 972,590 | 100.0 | % | |||||||||
| (1) | As of May 31, 2023 and February 28, 2023, the foregoing comprised of our investment in the subordinated notes and F-2-R-3 Notes of Saratoga CLO, as well as the unsecured notes and equity interests in the SLF JV and E-Notes of SLF 2022. |
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The following table shows Saratoga CLO’s portfolio composition by industry grouping at fair value at May 31, 2023 and February 28, 2023:
Saratoga CLO
| May 31, 2023 | February 28, 2023 | |||||||||||||||
| Investments at Fair Value | Percentage of Total Portfolio | Investments at Fair Value | Percentage of Total Portfolio | |||||||||||||
| ($ in thousands) | ||||||||||||||||
| Banking, Finance, Insurance & Real Estate | $ | 111,362 | 18.8 | % | $ | 114,570 | 18.9 | % | ||||||||
| Services: Business | 68,281 | 11.5 | 65,947 | 10.9 | ||||||||||||
| High Tech Industries | 52,401 | 8.9 | 52,636 | 8.7 | ||||||||||||
| Healthcare & Pharmaceuticals | 36,095 | 6.1 | 38,952 | 6.4 | ||||||||||||
| Services: Consumer | 32,718 | 5.5 | 34,544 | 5.7 | ||||||||||||
| Consumer goods: Durable | 22,841 | 3.9 | 24,887 | 4.1 | ||||||||||||
| Retail | 23,934 | 4.0 | 24,049 | 4.0 | ||||||||||||
| Chemicals, Plastics, & Rubber | 25,612 | 4.3 | 23,857 | 3.9 | ||||||||||||
| Telecommunications | 22,558 | 3.8 | 22,514 | 3.7 | ||||||||||||
| Automotive | 20,145 | 3.4 | 20,410 | 3.4 | ||||||||||||
| Media: Advertising, Printing & Publishing | 20,290 | 3.4 | 20,309 | 3.4 | ||||||||||||
| Containers, Packaging & Glass | 18,541 | 3.1 | 18,239 | 3.0 | ||||||||||||
| Beverage, Food & Tobacco | 14,018 | 2.4 | 14,501 | 2.4 | ||||||||||||
| Hotel, Gaming & Leisure | 15,415 | 2.6 | 14,315 | 2.4 | ||||||||||||
| Construction & Building | 13,870 | 2.3 | 13,875 | 2.3 | ||||||||||||
| Consumer goods: Non-durable | 13,035 | 2.2 | 13,734 | 2.3 | ||||||||||||
| Aerospace & Defense | 12,411 | 2.1 | 13,688 | 2.3 | ||||||||||||
| Media: Broadcasting & Subscription | 10,417 | 1.8 | 11,143 | 1.8 | ||||||||||||
| Media: Diversified & Production | 9,312 | 1.6 | 9,279 | 1.5 | ||||||||||||
| Capital Equipment | 5,667 | 1.0 | 8,450 | 1.4 | ||||||||||||
| Transportation: Cargo | 8,724 | 1.5 | 8,236 | 1.4 | ||||||||||||
| Wholesale | 8,084 | 1.4 | 8,011 | 1.3 | ||||||||||||
| Utilities: Oil & Gas | 7,167 | 1.2 | 7,246 | 1.2 | ||||||||||||
| Transportation: Consumer | 3,390 | 0.6 | 6,844 | 1.1 | ||||||||||||
| Metals & Mining | 3,733 | 0.6 | 3,239 | 0.5 | ||||||||||||
| Forest Products & Paper | 3,100 | 0.5 | 3,190 | 0.5 | ||||||||||||
| Energy: Oil & Gas | 1,691 | 0.3 | 2,676 | 0.4 | ||||||||||||
| Utilities: Electric | 2,333 | 0.4 | 2,353 | 0.4 | ||||||||||||
| Environmental Industries | 2,215 | 0.4 | 2,155 | 0.4 | ||||||||||||
| Energy: Electricity | 2,018 | 0.3 | 2,105 | 0.3 | ||||||||||||
| Total | $ | 591,378 | $ | 100 | % | $ | 605,954 | $ | 100 | % | ||||||
Portfolio composition by geographic location at fair value
The following table shows our portfolio composition by geographic location at fair value at May 31, 2023 and February 28, 2023. The geographic composition is determined by the location of the corporate headquarters of the portfolio company.
| May 31, 2023 | February 28, 2023 | |||||||||||||||
| Investments at Fair Value | Percentage of Total Portfolio | Investments at Fair Value | Percentage of Total Portfolio | |||||||||||||
| ($ in thousands) | ||||||||||||||||
| Southeast | $ | 305,772 | 28.2 | % | $ | 247,192 | 25.4 | % | ||||||||
| Midwest | 224,570 | 20.7 | 199,944 | 20.6 | ||||||||||||
| West | 213,620 | 19.7 | 173,283 | 17.8 | ||||||||||||
| Northeast | 132,757 | 12.2 | 133,158 | 13.7 | ||||||||||||
| Southwest | 124,942 | 11.5 | 123,744 | 12.7 | ||||||||||||
| Northwest | 2,465 | 0.2 | 92,760 | 9.5 | ||||||||||||
| Other(1) | 79,972 | 7.4 | 2,509 | 0.3 | ||||||||||||
| Total | $ | 1,084,098 | 100.0 | % | $ | 972,590 | 100.0 | % | ||||||||
| (1) | Comprised of our investments in the subordinated notes, F-2-R-3 Notes of Saratoga CLO, as well as the unsecured notes and equity interests in the SLF JV and foreign investments. |
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Results of operations
Operating results for the three months ended May 31, 2023 and May 31, 2022 was as follows:
| For the three months ended | ||||||||
| May 31, 2023 | May 31, 2022 | |||||||
| ($ in thousands) | ||||||||
| Total investment income | $ | 34,632 | $ | 18,679 | ||||
| Total operating expenses | 18,673 | 10,703 | ||||||
| Net investment income | 15,959 | 7,976 | ||||||
| Net realized gain (loss) from investments | 91 | 163 | ||||||
| Income tax (provision) benefit from realized gain on investments | - | 69 | ||||||
| Net change in unrealized appreciation (depreciation) on investments | (16,322 | ) | (9,333 | ) | ||||
| Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments | 59 | (362 | ) | |||||
| Net increase (decrease) in net assets resulting from operations | $ | (213 | ) | $ | (1,487 | ) | ||
Investment income
The composition of our investment income for three months ended May 31, 2023 and May 31, 2022 was as follows:
| For the three months ended | ||||||||
| May 31, 2023 | May 31, 2022 | |||||||
| ($ in thousands) | ||||||||
| Interest from investments | $ | 29,558 | $ | 16,606 | ||||
| Interest from cash and cash equivalents | 804 | - | ||||||
| Management fee income | 817 | 816 | ||||||
| Dividend Income | 1,841 | 300 | ||||||
| Structuring and advisory fee income | 1,429 | 853 | ||||||
| Other income | 183 | 104 | ||||||
| Total investment income | $ | 34,632 | $ | 18,679 | ||||
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For the three months ended May 31, 2023, total investment income increased $16.0 million, or 85.4%, to $34.6 million from $18.7 million for the three months ended May 31, 2022. Interest income from investments increased $13.0 million, or 78.0%, to $29.6 million for the three months ended May 31, 2023 from $16.6 million for the three months ended May 31, 2022. Interest income from investment increased due to the increase of $189.6 million, or 21.2%, in total investments at May 31, 2023 from $894.5 million at May 31, 2022 to $1,084.1 million as of May 31, 2023, combined with the increase in the weighted average current yield on investments to 11.4%, up from 7.7% at May 31, 2022.
For the three months ended May 31, 2023 and May 31, 2022, total PIK income was $0.5 million and $0.2 million, respectively.
For the three months ended May 31, 2023 and May 31, 2022, interest from cash and cash equivalents was $0.8 million and $0.0 million, respectively. The increase of $0.8 million was due to the fact that cash and cash equivalents were earning close to zero interest during the three months ended May 31, 2022.
Management fee income reflects the fee income received for managing the Saratoga CLO. For the three months ended May 31, 2023 and May 31, 2022, total management fee income was $0.8 million and $0.8 million, respectively.
For the three months ended May 31, 2023 and May 31, 2022, total dividend income was $1.8 million and $0.3 million, respectively. Dividends received is recorded in the consolidated statements of operations when earned, and the increase primarily reflects dividend income or $1.8 million received on the Company’s membership interest in SLF JV during the three months ended May 31, 2023.
For the three months ended May 31, 2023 and May 31, 2022, total structuring and advisory fee income was $1.4 million and $0.9 million, respectively. Structuring and advisory fee income represents fee income earned and received performing certain investment and advisory activities during the closing of new investments.
For the three months ended May 31, 2023 and May 31, 2022, other income was $0.2 million and $0.1 million, respectively. Other income includes origination fees, monitoring and amendment fees and prepayment fees and is recorded in the consolidated statements of operations when earned. The increase was driven primarily by amendment fees earned in the quarter.
Operating expenses
The composition of our operating expenses for the three months ended May 31, 2023 and May 31, 2022 was as follows:
| For the three months ended | ||||||||
| May 31, 2023 | May 31, 2022 | |||||||
| ($ in thousands) | ||||||||
| Interest and debt financing expenses | $ | 11,693 | $ | 6,872 | ||||
| Base management fees | 4,564 | 3,802 | ||||||
| Incentive management fees expense (benefit) | 103 | (1,903 | ) | |||||
| Professional fees | 486 | 417 | ||||||
| Administrator expenses | 819 | 750 | ||||||
| Insurance | 82 | 87 | ||||||
| Directors fees and expenses | 89 | 110 | ||||||
| General & administrative and other expenses | 831 | 667 | ||||||
| Income tax expense (benefit) | 6 | (99 | ) | |||||
| Total operating expenses | $ | 18,673 | $ | 10,703 | ||||
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For the three months ended May 31, 2023, total operating expenses increased $8.0 million, or 74.5%, compared to the three months ended May 31, 2022.
For the three months ended May 31, 2023, interest and debt financing expenses increased $4.8 million, or 70.2%, compared to the three months ended May 31, 2022. The increase is primarily attributable to an increase of 32.1% in average outstanding debt from $591.3 million for the three months ended May 31, 2022 to $781.0 million for the three months ended May 31, 2023, primarily reflecting (i) the issuance of the 6.00% 2027 Notes, the 8.00% 2027 Notes, 7.00% 2025 Notes, and 8.125% 2027 Notes during the year ended February 28, 2023, and (ii) the issuance of the 8.75% 2024 Notes and the 8.50% 2028 Notes during the three months ended May 31, 2023.
For the three months ended May 31, 2023 and May 31, 2022, the weighted average interest rate on our outstanding indebtedness was 5.34% and 4.06% respectively. The increase in weighted average interest rate was primarily driven by the issuance of higher rate borrowings over the past year.
As of May 31, 2023 and February 28, 2023, the SBA debentures represented 25.0% and 27.7% of overall debt, respectively.
For the three months ended May 31, 2023, base management fees increased $0.8 million, or 20.0%, from $3.8 million to $4.6 million compared to the three months ended May 31, 2022. The increase in base management fees results from the 20.4% increase in the average value of our total assets, less cash and cash equivalents, from $862.0 million for the three months ended May 31,2022 to $1,037.6 million for the three months ended May 31, 2023.
For the three months ended May 31, 2023, incentive management fees increased $2.0 million, or 105.4%, compared to the three months ended May 31, 2022. The incentive fee on income increased from $0.0 million to $3.2 million for the three months ended May 31, 2022 and 2023, respectively, reflecting the fact that net investment income was above the hurdle during the three months ended May 31, 2023, which was not the case the prior three month period ended May 31, 2022. The incentive fee on capital gains decreased from a $(1.9) million benefit for the three months ended May 31, 2022 to a $(3.1) million benefit for the three months ended May 31, 2023, both reflecting the incentive fee on net unrealized depreciation recognized during both these periods.
For the three months ended May 31, 2023, professional fees increased $0.07 million, or 16.5% compared to the three months ended May 31, 2022.
For the three months ended May 31, 2023, administrator expenses increased $0.07 million, or 9.2% compared to the three months ended May 31, 2022.
As discussed above, the increase in interest and debt financing expenses for the three months ended May 31, 2023 compared to the three months ended May 31, 2022 is attributable both to an increase in the average dollar amount of outstanding debt, as well as the higher cost of that debt. During the three months ended May 31, 2023 and May 31, 2022, the average borrowings outstanding under the Encina Credit Facility was $46.7 million and $20.0 million, respectively, and the average weighted average interest rate on the outstanding borrowing under the Credit Facility was 9.41% and 4.86%, respectively. For the three months ended May 31, 2023 and May 31, 2022, the average borrowings outstanding of SBA debentures was $202.0 million and $214.9 million, respectively. For the three months ended May 31, 2023 and May 31, 2022, the weighted average interest rate on the outstanding borrowings of the SBA debentures was 2.88% and 2.58%, respectively.
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During the three months ended May 31, 2023 and May 31, 2022, the weighted average dollar amount of our 7.25% 2025 Notes outstanding was $0.0 million and $43.1 million, respectively. During the three months ended May 31, 2023 and May 31, 2022, the weighted average dollar amount of our 7.75% 2025 Notes outstanding was $5.0 million and $5.0 million, respectively. During the three months ended May 31, 2023 and May 31, 2022, the average dollar amount of our 6.25% 2027 Notes outstanding was $15.0 million and $15.0 million, respectively. During the three months ended May 31, 2023 and May 31, 2022, the average dollar amount of our 4.375% 2026 Notes outstanding was $175.0 million and $175.0 million, respectively. During the three months ended May 31, 2023 and May 31, 2022, the average dollar amount of our 4.35% 2027 Notes outstanding was $75.0 million and $75.0 million, respectively. During the three months ended May 31, 2023 and May 31, 2022, the average dollar amount of our 6.00% 2027 Notes outstanding was $105.5 million and $43.8 million, respectively. During the three months ended May 31, 2023 and May 31, 2022, the average dollar amount of our 7.00% 2025 Notes outstanding was $12.0 million and $0.0 million, respectively. During the three months ended May 31, 2023 and May 31, 2022, the average dollar amount of our 8.00% 2027 Notes outstanding was $46.0 million and $0.0 million, respectively. During the three months ended May 31, 2023 and May 31, 2022, the average dollar amount of our 8.125% 2027 Notes outstanding was $60.4 million and $0.0 million, respectively. During the three months ended May 31, 2023 and May 31, 2022, the average dollar amount of our 8.75% 2024 Notes outstanding was $10.0 million and $0.0 million, respectively. During the three months ended May 31, 2023 and May 31, 2022, the average dollar amount of our 8.50% 2028 Notes outstanding was $28.4 million and $0.0 million, respectively.
For the three months ended May 31, 2023 and May 31, 2022, there were income tax expense (benefits) of $0.01 million and ($0.1) million, respectively. This relates to net deferred federal and state income tax expense (benefit) with respect to operating gains and losses and income derived from equity investments held in entities that are treated as corporations for U.S. federal income tax purposes, as well as current U.S. federal and state income taxes on those operating gains and losses when realized.
Net realized gains (losses) on sales of investments
For the three months May 31, 2023, the Company had $11.1 million of sales, repayments, exits or restructurings resulting in $0.09 million of net realized gains.
Three Months ended May 31, 2023
| Issuer | Asset Type | Gross Proceeds | Cost | Net Realized Gain (Loss) | ||||||||||
| PDDS Buyer, LLC | Equity Interests | $ | - | $ | - | $ | 41,350 | |||||||
| Censis Technologies, Inc. | Equity Interests | - | - | 6,773 | ||||||||||
| GreyHeller LLC | Equity Interests | - | - | 42,568 | ||||||||||
The Company received escrow payments from the prior sales of its investments in PPDS Buyer, LLC, Censis Technologies, Inc. and GreyHeller LLC.
For the three months May 31, 2022, the Company had $10.1 million of sales, repayments, exits or restructurings resulting in $0.2 million of net realized gains.
Three Months ended May 31, 2022
| Issuer | Asset Type | Gross Proceeds | Cost | Net Realized Gain | ||||||||||
| Censis Technologies, Inc. | Equity Interests | $ | - | $ | - | $ | 68,731 | |||||||
| Texas Teachers of Tomorrow, LLC | Equity Interests | - | - | 24,977 | ||||||||||
| V Rental Holdings LLC | Equity Interests | - | - | 68,800 | ||||||||||
The Company received escrow payments from the prior sales of its investments in Censis Technologies, Texas Teachers of Tomorrow, LLC and V Rental Holdings, LLC.
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Net change in unrealized appreciation (depreciation) on investments
For the three months ended May 31, 2023, our investments had a net change in unrealized depreciation of $16.3 million versus a net change in unrealized depreciation of $9.3 million for the three months ended May 31, 2022. The most significant cumulative net change in unrealized appreciation (depreciation) for the three months ended May 31, 2023 were the following (dollars in thousands):
Three Months ended May 31, 2023
| Issuer | Asset Type | Cost | Fair Value | Total Unrealized Appreciation (Depreciation) | YTD Change in Unrealized Appreciation (Depreciation) | |||||||||||||
| Netreo Holdings, LLC | First Lien Term Loan & Equity Interests | $ | 36,034 | $ | 40,994 | $ | 4,960 | $ | (3,320 | ) | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. | Structured Finance Securities | 27,158 | 13,716 | (13,442 | ) | (5,674 | ) | |||||||||||
| Saratoga Senior Loan Fund I JV, LLC | Unsecured Loan & Equity Interests | 35,202 | 25,367 | (9,835 | ) | (5,359 | ) | |||||||||||
The $3.3 million of unrealized depreciation in our investment Netreo Holdings, LLC was driven by increased company leverage and decreased performance.
The $5.7 million of unrealized depreciation in our investment Saratoga Investment Corp. CLO 2013-1, Ltd. was driven by the reduction in the carrying value of certain defaulted loans in the portfolio, as well as overall market conditions.
The $5.4 million of unrealized depreciation in our investment Saratoga Senior Loan Fund I, JV, LLC was driven by the impact of overall market conditions.
The most significant cumulative net change in unrealized appreciation (depreciation) for the three months ended May 31, 2022 were the following (dollars in thousands):
Three Months ended May 31, 2022
| Issuer | Asset Type | Cost | Fair Value | Total Unrealized Appreciation | YTD Change in Unrealized Appreciation | |||||||||||||
| PDDS Buyer, LLC | First Lien Term Loan & Equity Interests | $ | 50,787 | $ | 58,995 | $ | 8,208 | $ | 3,113 | |||||||||
| Pepper Palace, Inc. | First Lien Term Loan & Equity Interests | 34,458 | 28,986 | (5,472 | ) | (4,954 | ) | |||||||||||
| Saratoga Senior Loan Fund I JV, LLC | Equity Interests | 13,125 | 6,645 | (6,480 | ) | (5,371 | ) | |||||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. | Structured Finance Securities | 30,974 | 24,118 | (6,856 | ) | (3,238 | ) | |||||||||||
The $4.3 million net change in unrealized appreciation in our investment in PDDS Buyer, LLC was primarily driven by overall strong company performance and a recent acquisition.
The $4.9 million net change in unrealized depreciation in our investment in Pepper Palace, Inc. was primarily driven by overall company performance.
The $5.3 million net change in unrealized depreciation in our investment in Saratoga Senior Loan Fund I JV, LLC was primarily driven by the decrease in market prices of the underlying CLO warehouse assets.
The $3.2 million net change in unrealized depreciation in our investment in Saratoga Investment Corp. CLO 2013-1, Ltd. was primarily driven by the increase in discount rates, impact of LIBOR changes and overall market conditions.
Changes in net assets resulting from operations
For the three months ended May 31, 2023, we recorded a net decrease in net assets resulting from operations of $0.2 million. Based on 11,862,163 weighted average common shares outstanding as of May 31, 2023, our per share net decrease in net assets resulting from operations was $0.02 for the three months ended May 31, 2023. For the three months ended May 31, 2022, we recorded a net decrease in net assets resulting from operations of $1.5 million. Based on 12,112,372 weighted average common shares outstanding as of May 31, 2022, our per share net decrease in net assets resulting from operations was $0.12 for the three months ended May 31, 2022.
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FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES
We intend to continue to generate cash primarily from cash flows from operations, including interest earned from our investments in debt in middle-market companies, interest earned from the temporary investment of cash in U.S. government securities and other high-quality debt investments that mature in one year or less, the Encina Credit Facility, our continued access to the SBA debentures future borrowings and future offerings of debt and equity securities.
Although we expect to fund the growth of our investment portfolio through the net proceeds from future equity offerings, including our dividend reinvestment plan (“DRIP”), the ATM Program, and issuances of senior securities or future borrowings, to the extent permitted by the 1940 Act, we cannot assure you that our plans to raise capital will be successful. In this regard, because our common stock has historically traded at a price below our current NAV per share and we are limited in our ability to sell our common stock at a price below NAV per share, we have been and may continue to be limited in our ability to raise equity capital.
In addition, we intend to distribute to our stockholders substantially all of our operating taxable income in order to satisfy the distribution requirement applicable to RICs under the Code. In satisfying this distribution requirement, in accordance with certain applicable provisions of the Code and the Treasury regulations and a revenue procedure issued by the Internal Revenue Service (“IRS”), a RIC may treat a distribution of its own stock as fulfilling its RIC distribution requirements if each stockholder may elect to receive his or her entire distribution in either cash or stock of the RIC subject to a limitation that the aggregate amount of cash to be distributed to all stockholders must be at least 20% of the aggregate declared distribution. We may rely on the revenue procedure in future periods to satisfy our RIC distribution requirement.
Also, as a BDC, we generally are required to meet a coverage ratio of total assets, less liabilities and indebtedness not represented by senior securities, to total senior securities, which include all of our borrowings and any outstanding preferred stock, of at least 200%, reduced to 150% effective April 16, 2019 following the approval received from the board of directors, including a majority of our independent directors, on April 16, 2018. This requirement limits the amount that we may borrow. Our asset coverage ratio, as defined in the 1940 Act, was 155.7% as of May 31, 2023 and 165.9% as of February 28, 2023. To fund growth in our investment portfolio in the future, we anticipate needing to raise additional capital from various sources, including the equity markets and other debt-related markets, which may or may not be available on favorable terms, if at all.
Consequently, we may not have the funds or the ability to fund new investments, to make additional investments in our portfolio companies, to fund our unfunded commitments to portfolio companies, to pay dividends or to repay borrowings. Also, the illiquidity of our portfolio investments may make it difficult for us to sell these investments when desired and, if we are required to sell these investments, we may realize significantly less than their recorded value.
Due to the diverse capital sources available to us at this time, we believe we have adequate liquidity to support our near term capital requirements.
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Madison Revolving Credit Facility
The senior secured revolving credit facility we entered into with Madison Capital Funding LLC (the “Madison Credit Facility”) on June 30, 2010, was most recently amended on September 3, 2021 and then fully repaid and terminated on October 4, 2021.
Encina Credit Facility
Below is a summary of the terms of the senior secured revolving credit facility we entered into with Encina Lender Finance, LLC on October 4, 2021.
Commitment. The Company entered into the Credit and Security Agreement (the “Credit Agreement”) relating to the Encina Credit Facility in the initial facility amount of $50.0 million (the “Facility Amount”).
Availability. The Company can draw up to the lesser of (i) the Facility Amount and (ii) the Borrowing Base. The Borrowing Base is an amount equal to (i) the difference of (A) the product of the applicable advance rate which varies from 50.0% to 75.0% depending on the type of loan asset (Defaulted Loans being excluded in that they carry an advance rate of 0%) and the value, determined in accordance with the Encina Credit Facility (the “Adjusted Borrowing Value”), of certain “eligible” loan assets pledged as security for the loan (the “Borrowing Base Value”) and (B) the Excess Concentration Amount, as calculated in accordance with the Encina Credit Facility, plus (ii) any amounts held in the Prefunding Account and, without duplication, Excess Cash held in the Collection Account, less (iii) the product of (a) the amount of any undrawn funding commitments the Company has under any loan asset and (b) the Unfunded Exposure Haircut Percentage, and less (iv) $100,000. Each loan asset held by the Company as of the date on which the Encina Credit Facility was closed was valued as of that date and each loan asset that the Company acquires after such date will be valued at the lowest of its fair value, its face value (excluding accrued interest) and the purchase price paid for such loan asset. Adjustments to the value of a loan asset will be made to reflect, among other things and under certain circumstances, changes in its fair value, a default by the obligor on the loan asset, insolvency of the obligor, acceleration of the loan asset, and certain modifications to the terms of the loan asset.
The Encina Credit Facility contains limitations on the type of loan assets that are “eligible” to be included in the Borrowing Base and as to the concentration level of certain categories of loan assets in the Borrowing Base such as restrictions on geographic and industry concentrations, asset size and quality, payment frequency, status and terms, average life, and collateral interests. In addition, if an asset is to remain an “eligible” loan asset, the Company may not make changes to the payment, amortization, collateral and certain other terms of the loan assets without the consent of the administrative agent that will either result in subordination of the loan asset or be materially adverse to the lenders.
The Encina Credit Facility requires certain minimum drawn amounts. For the period beginning on the closing date and ended April 4, 2022, the minimum funding amount was $12.5 million. For the period beginning on April 5, 2022 through maturity, the minimum funding amount is the greater of $25.0 million and 50% of the Facility Amount in effect from time to time.
Collateral. The Encina Credit Facility is secured by assets of Saratoga Investment Funding II LLC (“SIF II”) and pledged to the lender under the credit facility. SIF II is a wholly owned special purpose entity formed by the Company for the purpose of entering into the Encina Credit Facility.
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Interest Rate and Fees. Under the Encina Credit Facility, funds were borrowed from or through certain lenders at the greater of the prevailing LIBOR rate and 0.75%, plus an applicable margin of 4.00%. The Credit Agreement includes benchmark replacement provisions which permit the Administrative Agent and the borrower to select a replacement rate upon the unavailability of LIBOR. In addition, the Company pays the lenders a commitment fee of 0.75% per year (or 0.50% if the ratio of advances outstanding to aggregate commitments is greater than or equal to 50%) on the unused amount of the Encina Credit Facility for the duration of the term of the Encina Credit Facility. Accrued interest and commitment fees are payable monthly in arrears. The Company was also obligated to pay certain other fees to the lenders in connection with the closing of the Encina Credit Facility.
Collateral Tests. It is a condition precedent to any borrowing under the Encina Credit Facility that the principal amount outstanding under the Encina Credit Facility, after giving effect to the proposed borrowings, not exceed the Borrowing Base (the “Borrowing Base Test”). In addition to satisfying the Borrowing Base Test, the following tests must also be satisfied (together with Borrowing Base Test, the “Collateral Tests”):
| o | Interest Coverage Ratio. The ratio (expressed as a percentage) of interest collections with respect to pledged loan assets, less certain fees and expenses relating to the Encina Credit Facility, to accrued interest and commitment fees payable to the lenders under the Encina Credit Facility for the last 6 payment periods must equal at least 175.0%. |
| o | Overcollateralization Ratio. The ratio (expressed as a percentage) of the aggregate Adjusted Borrowing Value of “eligible” pledged loan assets plus the fair value of certain ineligible pledged loan assets (in each case, subject to certain adjustments) to outstanding borrowings under the Encina Credit Facility plus the Unfunded Exposure Amount must equal at least 200.0%. |
The Encina Credit Facility also may require payment of outstanding borrowings or replacement of pledged loan assets upon the Company’s breach of its representation and warranty that pledged loan assets included in the Borrowing Base are “eligible” loan assets. Such ineligible collateral loans will be excluded from the calculation of the Borrowing Base and may lead to a Borrowing Base Deficiency, which may be cured by effecting one or more (or any combination thereof) of the following actions: (A) deposit into or credit to the collection account cash and eligible investments, (B) repay outstanding borrowings (together with certain costs and expenses), (C) sell or substitute loan assets in accordance with the Encina Credit Facility, or (D) pledge additional loan assets as collateral. Compliance with the Collateral Tests is also a condition to the discretionary sale of pledged loan assets by the Company.
Priority of Payments. The priority of payments provisions of the Encina Credit Facility require, after payment of specified fees and expenses, that collections of interest from the loan assets and, to the extent that these are insufficient, collections of principal from the loan assets, be applied on each payment date to payment of outstanding borrowings if the Borrowing Base Test, the Overcollateralization Ratio and the Interest Coverage Ratio would not otherwise be met.
Operating Expenses. The priority of payments provision of the Encina Credit Facility provides for the payment of certain operating expenses of the Company out of collections on interest and principal in accordance with the priority established in such provision. The operating expenses payable pursuant to the priority of payment provisions is limited to $200,000 per annum.
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Covenants; Representations and Warranties; Events of Default. The Credit Agreement contains customary representations and warranties, affirmative covenants, negative covenants and events of default. The Credit Agreement does not contain grace periods for breach by the Company of any negative covenants or of certain of the affirmative covenants, including, without limitation, those related to preservation of the existence and separateness of the Company. Other events of default under the Credit Agreement include, among other things, the following:
| o | Failure of the Company to maintain an Interest Coverage Ratio of less than 175%; |
| o | Failure of the Company to maintain an Overcollateralization Ratio of less than 200%; |
| o | the filing of certain ERISA or tax liens on assets of the Company or the Equityholder; |
| o | failure by Specified Holders to collectively, directly or indirectly, own and control at least 51% of the outstanding equity interests of Saratoga Investment Advisor, or (y) possess the right to elect (through contract, ownership of voting securities or otherwise) at all times a majority of the board of directors (or similar governing body) of Saratoga Investment Advisor and to direct the management policies and decisions of Saratoga Investment Advisor, or (ii) the dissolution, termination or liquidation in whole or in part, transfer or other disposition, in each case, of all or substantially all of the assets of, Saratoga Investment Advisor; |
| o | indictment or conviction of Saratoga Investment Advisors or any “key person” for a felony offense, or any fraud, embezzlement or misappropriation of funds by Saratoga Investment Advisors or any “key person” and, in the case of “key persons,” without a reputable, experienced individual reasonably satisfactory to Encina Lender Finance appointed to replace such key person within 30 days; |
| o | resignation, termination, disability or death of a “key person” or failure of any “key person” to provide active participation in Saratoga Investment Advisors’ daily activities, all without a reputable, experienced individual reasonably satisfactory to Encina Lender Finance appointed within 30 days. |
Fees and Expenses. The Company paid certain fees and reimbursed Encina Lender Finance, LLC for the aggregate amount of all documented, out-of-pocket costs and expenses, including the reasonable fees and expenses of lawyers, incurred by Encina Lender Finance, LLC in connection with the Encina Credit Facility and the carrying out of any and all acts contemplated thereunder up to and as of the date of closing. These amounts totaled $1.4 million.
On January 27, 2023, we entered into the first amendment to the Credit Agreement to, among other things:
| ● | increased the borrowings available under the Encina Credit Facility from up to $50.0 million to up to $65.0 million; |
| ● | changed the underlying benchmark used to compute interest under the Credit Agreement from LIBOR to Term SOFR for a one-month tenor plus a 0.10% credit spread adjustment; |
| ● | increased the applicable effective margin rate on borrowings from 4.00% to 4.25%; |
| ● | extended the revolving period from October 4, 2024 to January 27, 2026; |
| ● | extended the period during which the borrower may request one or more increases in the borrowings available under the Encina Credit Facility (each such increase, a “Facility Increase”) from October 4, 2023 to January 27, 2025, and increased the maximum borrowings available pursuant to such Facility Increase from $75.0 million to $150.0 million; |
| ● | revised the eligibility criteria for eligible collateral loans to exclude certain industries in which an obligor or related guarantor may be involved; and |
| ● | amended the provisions permitting the borrower to request an extension in the Commitment Termination Date (as defined in the Credit Agreement) to allow requests to extend any applicable Commitment Termination Date, rather than a one-time request to extend the original Commitment Termination Date, subject to a notice requirement. |
As of May 31, 2023, we had $35.0 million outstanding borrowings under the Credit Facility and $202.0 million of SBA-guaranteed debentures outstanding (which are discussed below).
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SBA-guaranteed debentures
In addition, we, through three wholly owned subsidiaries, sought and obtained licenses from the SBA to operate an SBIC. In this regard, our wholly owned subsidiaries, Saratoga Investment Corp. SBIC LP (“SBIC LP”), Saratoga Investment Corp. SBIC II LP (“SBIC II LP”), and Saratoga Investment Corp. SBIC III LP (“SBIC III LP”, and together with SBIC LP and SBIC II LP, the “SBIC Subsidiaries”), received an SBIC license from the SBA on March 28, 2012, August 14, 2019, and September 29, 2022, respectively. SBICs are designated to stimulate the flow of private equity capital to eligible small businesses. Under SBA regulations, SBICs may make loans to eligible small businesses and invest in the equity securities of small businesses.
The SBIC license allows our SBIC Subsidiaries to obtain leverage by issuing SBA-guaranteed debentures. SBA-guaranteed debentures are non-recourse, interest only debentures with interest payable semi-annually and have a ten-year maturity. The principal amount of SBA-guaranteed debentures is not required to be paid prior to maturity but may be prepaid at any time without penalty. The interest rate of SBA-guaranteed debentures is fixed on a semi-annual basis at a market-driven spread over U.S. Treasury Notes with 10-year maturities.
The SBIC Subsidiaries are regulated by the SBA. SBA regulations currently limit the amount that our SBIC Subsidiaries may borrow to a maximum of $175.0 million of SBA debentures when it has at least $87.5 million in regulatory capital, subject to the SBA’s approval. Under current SBIC regulations, for two or more SBICs under common control, the maximum amount of outstanding SBA debentures cannot exceed $350.0 million. Our wholly owned SBIC Subsidiaries are able to borrow funds from the SBA against regulatory capital (which generally approximates equity capital in the respective SBIC) and is subject to customary regulatory requirements, including, but not limited to, periodic examination by the SBA.
We received exemptive relief from the SEC to permit us to exclude the debt of our SBIC Subsidiaries guaranteed by the SBA from the definition of senior securities in the asset coverage test under the 1940 Act. This allows us increased flexibility under the asset coverage test by permitting us to borrow up to $350.0 million more than we would otherwise be able to absent the receipt of this exemptive relief. On April 16, 2018, as permitted by the Small Business Credit Availability Act, which was signed into law on March 23, 2018, our board of directors, including a majority of our independent directors, approved of our becoming subject to a minimum asset coverage ratio of 150% from 200% under Sections 18(a)(1) and 18(a)(2) of the Investment Company Act, as amended. The 150% asset coverage ratio became effective on April 16, 2019.
As of May 31, 2023 SBIC LP had $75.0 million in regulatory capital and $27.0 million in SBA-guaranteed debentures outstanding, SBIC II LP had $87.5 million in regulatory capital and $175.0 million in SBA-guaranteed debentures outstanding and SBIC III LP had $66.7 million in regulatory capital and $0.0 million in SBA-guaranteed debentures outstanding.
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Unsecured notes
In May 2013, the Company issued $48.3 million in aggregate principal amount of 7.50% fixed-rate notes due 2020 (the “7.50% 2020 Notes”). The 2020 Notes were redeemed in full on January 13, 2017 and are no longer listed on the NYSE.
On May 29, 2015, we entered into a Debt Distribution Agreement with Ladenburg Thalmann & Co. through which we may offer for sale, from time to time, up to $20.0 million in aggregate principal amount of the 7.50% 2020 Notes through an ATM offering. Prior to the 2020 Notes being redeemed in full, the Company had sold 539,725 units of the 7.50% 2020 Notes with a principal of $13.5 million at an average price of $25.31 for aggregate net proceeds of $13.4 million (net of transaction costs).
On December 21, 2016, we issued $74.5 million in aggregate principal amount of our 6.75% 2023 Notes for net proceeds of $71.7 million after deducting underwriting commissions of approximately $2.3 million and offering costs of approximately $0.5 million. The net proceeds from the offering were used to repay all of the outstanding indebtedness under the 2020 Notes on January 13, 2017, which amounted to $61.8 million, and for general corporate purposes in accordance with our investment objective and strategies. On December 21, 2019 and February 7, 2020, the Company redeemed $50.0 million and $24.5 million, respectively, in aggregate principal amount of the 6.75% 2023 Notes and they are no longer listed on the NYSE.
On August 28, 2018, the Company issued $40.0 million in aggregate principal amount of our 6.25% fixed-rate notes due 2025 (the “6.25% 2025 Notes”) for net proceeds of $38.7 million after deducting underwriting commissions of approximately $1.3 million. Offering costs incurred were approximately $0.3 million. The issuance included the full exercise of the underwriters’ option to purchase an additional $5.0 million aggregate principal amount of 6.25% 2025 Notes within 30 days. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $1.6 million related to the 6.25% 2025 Notes have been capitalized and are being amortized over the term of the 6.25% 2025 Notes. The 6.25% 2025 Notes are no longer listed on the NYSE under the trading symbol “SAF” with a par value of $25.00 per note.
On February 5, 2019, the Company completed a re-opening and up-sizing of its existing 6.25% 2025 Notes by issuing an additional $20.0 million in aggregate principal amount for net proceeds of $19.2 million after deducting underwriting commissions of approximately $0.6 million and discount of $0.2 million. Offering costs incurred were approximately $0.2 million. The issuance included the full exercise of the underwriters’ option to purchase an additional $2.5 million aggregate principal amount of 6.25% 2025 Notes within 30 days. Interest rate, interest payment dates and maturity remain unchanged from the existing 6.25% 2025 Notes issued in August 2018. The net proceeds from this offering were used for general corporate purposes in accordance with our investment objective and strategies. The financing costs and discount of $1.0 million related to the 6.25% 2025 Notes have been capitalized and are being amortized over the term of the 6.25% 2025 Notes.
On August 31, 2021, the Company redeemed $60.0 million aggregate principal amount of the issued and outstanding 6.25% 2025 Notes at par, and the 6.25% 2025 Notes are no longer listed on the NYSE.
On June 24, 2020, the Company issued $37.5 million aggregate principal amount of our 7.25% 2025 Notes for net proceeds of $36.3 million after deducting underwriting commissions of approximately $1.2 million. Offering costs incurred were approximately $0.3 million. On July 6, 2020, the underwriters exercised their option in full to purchase an additional $5.625 million in aggregate principal amount of its 7.25% 2025 Notes. Net proceeds to the Company were $5.4 million after deducting underwriting commissions of approximately $0.2 million. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $1.6 million related to the 7.25% 2025 Notes have been capitalized and were amortized over the term of the 7.25% 2025 Notes. On July 14, 2022, the Company redeemed $43.1 million in aggregate principal amount of the issued and outstanding 7.25% 2025 Notes. The 7.25% 2025 Notes were listed on the NYSE under the trading symbol of “SAK” and have been delisted following the full redemption on July 14, 2022.
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On July 14, 2022, the Company redeemed $43.1 million in aggregate principal amount of the issued and outstanding 7.25% 2025 Notes. The 7.25% 2025 Notes were listed on the NYSE under the trading symbol of “SAK” and have been delisted following the full redemption on July 14, 2022.
On July 9, 2020, the Company issued $5.0 million aggregate principal amount of our 7.75% fixed-rate notes due in 2025 (the “7.75% 2025 Notes”) for net proceeds of $4.8 million after deducting underwriting commissions of approximately $0.2 million. Offering costs incurred were approximately $0.1 million. Interest on the 7.75% 2025 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 7.75% per year. The 7.75% 2025 Notes mature on July 9, 2025 and may be redeemed in whole or in part at any time or from time to time at our option, subject to a fee depending on the date of repayment. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $0.3 million related to the 7.75% 2025 Notes have been capitalized and are being amortized over the term of the Notes. The 7.75% 2025 Notes are not listed and have a par value of $25.00 per note.
At May 31, 2023, the total 7.75% 2025 Notes outstanding was $5.0 million.
On December 29, 2020, the Company issued $5.0 aggregate principal amount of our 6.25% fixed-rate Notes due in 2027 (the “6.25% 2027 Notes”). Offering costs incurred were approximately $0.1 million. Interest on the 6.25% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 6.25% per year, beginning February 28, 2021. The 6.25% 2027 Notes mature on December 29, 2027 and may be redeemed in whole or in part at any time or from time to time at our option, on or after December 29, 2024. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $0.1 million related to the 6.25% 2027 Notes have been capitalized and are being amortized over the term of the Notes.
On January 28, 2021, the Company issued $10.0 million aggregate principal amount of the Second 6.25% 2027 Notes for net proceeds of $9.7 million after deducting underwriting commissions of approximately $0.3 million. Offering costs incurred were approximately $0.1 million. Interest on the 6.25% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 6.25% per year. The 6.25% 2027 Notes mature on January 28, 2027 and commencing January 28, 2023, may be redeemed in whole or in part at any time or from time to time at our option on or after December 29, 2024. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $0.4 million related to the 6.25% 2027 Notes have been capitalized and are being amortized over the term of the Notes.
At May 31, 2023, the total 6.25% 2027 Notes outstanding was $15.0 million.
On March 10, 2021, the Company issued $50.0 million aggregate principal amount of the 4.375% 2026 Notes for net proceeds of $49.0 million after deducting underwriting commissions of approximately $1.0 million. Offering costs incurred were approximately $0.2 million. Interest on the 4.375% 2026 Notes is paid semi-annually in arrears on February 28 and August 28, at a rate of 4.375% per year. The 4.375% 2026 Notes mature on February 28, 2026 and may be redeemed in whole or in part at any time on or after November 28, 2025 at par plus a “make-whole” premium, or thereafter at par. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $1.2 million related to the 4.375% 2026 Notes have been capitalized and are being amortized over the term of the Notes.
On July 15, 2021, the Company issued an additional $125.0 million aggregate principal amount of the Company’s 4.375% 2026 Notes (the “Additional 4.375% 2026 Notes”) for net proceeds for approximately $123.5 million, based on the public offering price of 101.00% of the aggregate principal amount of the Additional 4.375% 2026 Notes, after deducting the underwriting discount of $2.5 million and the offering expenses of approximately $0.2 million payable by the Company. The net proceeds from the offering were used to redeem all of the outstanding 6.25% 2025 Notes (as described above), and for general corporate purposes in accordance with our investment objective and strategies. The Additional 4.375% 2026 Notes were treated as a single series with the existing 4.375% 2026 Notes under the indenture and had the same terms as the existing 4.375% 2026 Notes.
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At May 31, 2023, the total 4.375% 2026 Notes outstanding was $175.0 million.
On January 19, 2022, the Company issued $75.0 million aggregate principal amount of our 4.35% fixed-rate Notes due in 2027 (the “4.35% 2027 Notes”) for net proceeds of $73.0 million, based on the public offering price of 99.317% of the aggregate principal amount of the 4.35% 2027 Notes, after deducting the underwriting commissions of approximately $1.5 million. Offering costs incurred were approximately $0.3 million. Interest on the 4.35% 2027 Notes is paid semi-annually in arrears on February 28 and August 28, at a rate of 4.35% per year, beginning August 28, 2022. The 4.35% 2027 Notes mature on February 28, 2027 and may be redeemed in whole or in part at the Company’s option at any time prior to November 28, 2026, at par plus a “make-whole” premium, and thereafter at par. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $1.8 million related to the 4.35% 2027 Notes have been capitalized and are being amortized over the term of the Notes.
At May 31, 2023 the total 4.35% 2027 Notes outstanding was $75.0 million.
On April 27, 2022, the Company issued $87.5 million aggregate principal amount of our 6.00% fixed-rate notes due 2027 (the “6.00% 2027 Notes”) for net proceeds of $84.8 million after deducting underwriting commissions of approximately $2.7 million. Offering costs incurred were approximately $0.1 million. On May 10, 2022, the underwriters partially exercised their option to purchase an additional $10.0 million in aggregate principal amount of the 6.00% 2027 Notes. Net proceeds to the Company were $9.7 million after deducting underwriting commissions of approximately $0.3 million. Interest on the 6.00% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 6.00% per year. The 6.00% 2027 Notes mature on April 30, 2027 and commencing April 27, 2024, may be redeemed in whole or in part at any time or from time to time at our option. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $3.3 million related to the 6.00% 2027 Notes have been capitalized and are being amortized over the term of the 6.00% 2027 Notes. The 6.00% 2027 Notes are listed on the NYSE under the trading symbol “SAT” with a par value of $25.00 per note.
On August 15, 2022, the Company issued an additional $8.0 million aggregate principal amount of the 6.00% 2027 Notes (the “Additional 6.00% 2027 Notes”) for net proceeds of $7.8 million, based on the public offering price of 97.80% of the aggregate principal amount of the 6.00% 2027 Notes. The Additional 6.00% 2027 Notes are treated as a single series with the existing 6.00% 2027 Notes under the indenture and had the same terms as the existing 6.00% 2027 Notes. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Additional offering costs incurred were approximately $0.03 million. Additional financing costs of $0.03 million related to the 6.00% 2027 Notes have been capitalized and are being amortized over the term of the 6.00% 2027 Notes.
At May 31, 2023 the total 6.00% 2027 Notes outstanding was $105.5 million.
On September 8, 2022, the Company issued $12.0 million aggregate principal amount of our 7.00% fixed-rate notes due 2025 (the “7.00% 2025 Notes”) for net proceeds of $11.6 million after deducting customary fees and offering expenses of approximately $0.4 million. Interest on the 7.00% 2025 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 7.00% per year. The 7.00% 2025 Notes mature on September 8, 2025 and commencing September 8, 2024, may be redeemed in whole or in part at any time or from time to time at our option. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $0.05 million related to the 7.00% 2025 Notes have been capitalized and are being amortized over the term of the 7.00% 2025 Notes.
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At May 31, 2023 the total 7.00% 2025 Notes outstanding was $12.0 million.
On October 27, 2022, the Company issued $40.0 million aggregate principal amount of our 8.00% fixed-rate notes due 2027 (the “8.00% 2027 Notes”) for net proceeds of $38.7 million after deducting underwriting commissions of approximately $1.3 million. Offering costs incurred were approximately $0.1 million. On November 10, 2022, the underwriters partially exercised their option to purchase an additional $6.0 million in aggregate principal amount of the 8.00% 2027 Notes. Net proceeds to the Company were $5.8 million after deducting underwriting commissions of approximately $0.2 million. Interest on the 8.00% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 8.00% per year, beginning February 28, 2023. The 8.00% 2027 Notes mature on October 31, 2027 and commencing October 27, 2024, may be redeemed in whole or in part at any time or from time to time at our option. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $1.3 million related to the 8.00% 2027 Notes have been capitalized and are being amortized over the term of the 8.00% 2027 Notes. The 8.00% 2027 Notes are listed on the NYSE under the trading symbol “SAJ” with a par value of $25.00 per note.
At May 31, 2023 the total 8.00% 2027 Notes outstanding was $46.0 million.
On December 13, 2022, the Company issued $52.5 million aggregate principal amount of our 8.125% fixed-rate notes due 2027 (the “8.125% 2027 Notes”) for net proceeds of $50.8 million after deducting underwriting commissions of approximately $1.6 million. Offering costs incurred were approximately $0.1 million. On December 21, 2022, the underwriters fully exercised their option to purchase an additional $7.875 million in aggregate principal amount of the 8.125% 2027 Notes. Net proceeds to the Company were $7.6 million after deducting underwriting commissions of approximately $0.2 million. Interest on the 8.125% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 8.125% per year, beginning February 28, 2023. The 8.125% 2027 Notes mature on December 31, 2027 and commencing December 13, 2024, may be redeemed in whole or in part at any time or from time to time at our option. The net proceeds from this offering were used to make investments in middle-market companies (including investments made through our SBIC subsidiaries) in accordance with our investment objective and strategies and for general corporate purposes. Financing costs of $2.0 million related to the 8.125% 2027 Notes have been capitalized and are being amortized over the term of the 8.125% 2027 Notes. The 8.125% 2027 Notes are listed on the NYSE under the trading symbol “SAY” with a par value of $25.00 per note.
At May 31, 2023, the total 8.125% 2027 Notes outstanding was $60.4 million.
On March 31, 2023, the Company issued $10.0 million in aggregate principal amount of our 8.75% fixed-rate notes due 2024 (the “8.75% 2024 Notes”) for net proceeds of $9.7 million after deducting underwriting discounts of approximately $0.4 million. On May 1, 2023, the Company issued an additional $10.0 million in aggregate principal amount of the 8.75% 2024 Notes for net proceeds of $9.7 million after deducting underwriting discounts of approximately $0.4 million. Offering costs incurred were approximately $0.03 million. Interest on the 8.75% 2024 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 8.75% per year, beginning May 31, 2023. The 8.75% 2024 Notes mature on March 31, 2024. Net proceeds from this offering were used to make investments in middle-market companies (including investments made through our SBIC Subsidiaries) in accordance with our investment objective and strategies and general corporate purposes. Financing costs of $0.7 million related to the 8.75% 2024 Notes have been capitalized and are being amortized over the term of the 8.75% 2024 Notes.
At May 31, 2023, the total 8.75% 2024 Notes outstanding was $20.0 million.
On April 14, 2023, the Company issued $50.0 million in aggregate principal amount of our 8.50% fixed-rate notes due 2028 (the “8.50% 2028 Notes”) for net proceeds of $48.4 million after deducting underwriting commissions of approximately $1.6 million. Offering costs incurred were approximately $0.03 million. On April 26, 2023, the underwriters fully exercised their option to purchase an additional $7.5 million in aggregate principal amount of the 8.50% 2028 Notes. Net proceeds to the Company were $7.3 million after deducting underwriting commissions of approximately $0.2 million. Interest on the 8.50% 2028 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 8.50% per year, beginning May 31, 2023. The 8.50% 2028 Notes mature on April 15, 2028, and commencing April 14, 2025, may be redeemed in whole or in part at any time or from time to time at our option. Net proceeds from this offering were used to repay a portion of the outstanding indebtedness under the Encina Credit Facility, make investments in middle-market companies (including investments made through our SBIC Subsidiaries) in accordance with our investment objective and strategies and for general corporate purposes. Financing costs of $2.0 million related to the 8.50% 2028 Notes have been capitalized and are being amortized over the term of the 8.50% 2028 Notes. The 8.50% 2028 Notes are listed on the NYSE under the trading symbol “SAZ” with a par value of $25.00 per share.
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At May 31, 2023, the total 8.50% 2028 Notes outstanding was $57.5 million.
At May 31, 2023 and February 28, 2023, the fair value of investments, cash and cash equivalents and cash and cash equivalents, reserve accounts were as follows:
| May 31, 2023 | February 28, 2023 | |||||||||||||||
| Fair Value | Percentage of Total | Fair Value | Percentage of Total | |||||||||||||
| ($ in thousands) | ||||||||||||||||
| Cash and cash equivalents | $ | 21,987 | 2.0 | % | $ | 65,746 | 6.2 | % | ||||||||
| Cash and cash equivalents, reserve accounts | 31,166 | 2.7 | 30,330 | 2.8 | ||||||||||||
| First lien term loans | 917,590 | 80.7 | 798,534 | 74.7 | ||||||||||||
| Second lien term loans | 15,185 | 1.3 | 14,936 | 1.4 | ||||||||||||
| Unsecured term loans | 20,744 | 1.8 | 41,362 | 3.9 | ||||||||||||
| Structured finance securities | 33,906 | 3.0 | 20,661 | 1.9 | ||||||||||||
| Equity interests | 96,673 | 8.5 | 97,097 | 9.1 | ||||||||||||
| Total | $ | 1,137,251 | 100.0 | % | $ | 1,068,666 | 100.0 | % | ||||||||
On July 13, 2018, the Company issued 1,150,000 shares of its common stock priced at $25.00 per share (par value $0.001 per share) at an aggregate total of $28.75 million. The net proceeds, after deducting underwriting commissions of $1.15 million and offering costs of approximately $0.2 million, amounted to approximately $27.4 million. The Company also granted the underwriters a 30-day option to purchase up to an additional 172,500 shares of its common stock, which was not exercised.
On March 16, 2017, we entered into an equity distribution agreement with Ladenburg Thalmann & Co. Inc., through which we may offer for sale, from time to time, up to $30.0 million of our common stock through an ATM offering. Subsequent to this, we amended our equity distribution agreement to add BB&T Capital Markets and B. Riley FBR, Inc. as sales agents in our ATM offering. On July 11, 2019, the amount of the common stock to be offered was increased to $70.0 million, and on October 8, 2019, the amount of the common stock to be offered was increased to $130.0 million. This agreement was terminated as of July 29, 2021, and as of that date, we had sold 3,922,018 shares for gross proceeds of $97.1 million at an average price of $24.77 for aggregate net proceeds of $95.9 million (net of transaction costs).
On July 30, 2021, we entered into an equity distribution agreement with Ladenburg Thalmann & Co. Inc. and Compass Point Research and Trading, LLC, each as agents (the “Agents”) in connection with the ATM Program. As of May 31, 2023, the Company sold 4,840,361 shares for gross proceeds of $124.0 million at an average price of $25.61 for aggregate net proceeds of $122.4 million (net of transaction costs). During the three months ended May 31, 2023, there were no shares sold pursuant to the equity distribution agreement with the Agents.
On September 24, 2014, the Company announced the approval of the Share Repurchase Plan. Since September 24, 2014, the Share Repurchase Plan has been extended annually, and the Company has periodically increased the amount of shares of common stock that may be purchased under the Share Repurchase Plan. Most recently, on January 9, 2023, our board of directors extended the Share Repurchase Plan for another year to January 15, 2024, increasing the number of shares that may be repurchased under the Share Repurchase Plan to 1.7 million shares of common stock. As of May 31, 2023, the Company purchased 1,035,203 shares of common stock, at the average price of $22.05 for approximately $22.8 million pursuant to the Share Repurchase Plan. During the three months ended May 31, 2023 the Company purchased 88,576 shares of common stock, at the average price $24.36 for approximately $2.2 million pursuant to the Share Repurchase Plan.
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Dividend Distributions
We have distributed or intend to distribute sufficient dividends to eliminate taxable income for our completed tax years. If we fail to satisfy the 90% distribution requirement or otherwise fail to qualify as a RIC in any tax year, we would be subject to tax in that year on all of our taxable income, regardless of whether we made any distributions to our shareholders. Shareholders have the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant to the DRIP. Our distributions from May 31, 2023 to inception were as follows:
| Payment date | Cash Dividend | |||
| Tax Year Ended February 28, 2024 | ||||
| June 29, 2023 | $ | 0.70 | (42) | |
| March 30, 2023 | 0.69 | (1) | ||
| $ | 1.39 | |||
| Tax Year Ended February 28, 2023 | ||||
| January 4, 2023 | $ | 0.68 | (2) | |
| September 29, 2022 | 0.54 | (3) | ||
| June 29, 2022 | 0.53 | (4) | ||
| March 28, 2022 | 0.53 | (5) | ||
| $ | 2.28 | |||
| Tax Year Ended February 28, 2022 | ||||
| January 19, 2022 | $ | 0.53 | (6) | |
| September 28, 2021 | 0.52 | (7) | ||
| June 29, 2021 | 0.44 | (8) | ||
| April 22, 2021 | 0.43 | (9) | ||
| $ | 1.92 | |||
| Tax Year Ended February 28, 2021 | ||||
| February 10, 2021 | $ | 0.42 | (10) | |
| November 10, 2020 | 0.41 | (11) | ||
| August 12, 2020 | 0.40 | (12) | ||
| $ | 1.03 | |||
| Tax Year Ended February 29, 2020 | ||||
| February 6, 2020 | $ | 0.56 | (13) | |
| September 26, 2019 | 0.56 | (14) | ||
| June 27, 2019 | 0.55 | (15) | ||
| March 28, 2019 | 0.54 | (16) | ||
| $ | 2.21 | |||
| Tax Year Ended February 28, 2019 | ||||
| January 2, 2019 | $ | 0.53 | (17) | |
| September 27, 2018 | 0.52 | (18) | ||
| June 27, 2018 | 0.51 | (19) | ||
| March 26, 2018 | 0.50 | (20) | ||
| $ | 2.06 | |||
| Tax Year Ended February 28, 2018 | ||||
| December 27, 2017 | $ | 0.49 | (21) | |
| September 26, 2017 | 0.48 | (22) | ||
| June 27, 2017 | 0.47 | (23) | ||
| March 28, 2017 | 0.46 | (24) | ||
| $ | 1.90 | |||
| Tax Year Ended February 28, 2017 | ||||
| February 9, 2017 | $ | 0.45 | (25) | |
| November 9, 2016 | 0.44 | (26) | ||
| September 5, 2016 | 0.20 | (27) | ||
| August 9, 2016 | 0.43 | (28) | ||
| April 27, 2016 | 0.41 | (29) | ||
| $ | 1.93 | |||
| Tax Year Ended February 29, 2016 | ||||
| February 29, 2016 | $ | 0.40 | (30) | |
| November 30, 2015 | 0.36 | (31) | ||
| August 31, 2015 | 0.33 | (32) | ||
| June 5, 2015 | 1.00 | (33) | ||
| May 29. 2015 | 0.27 | (34) | ||
| $ | 2.36 | |||
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| Payment date | Cash Dividend | |||
| Tax Year Ended February 28, 2015 | ||||
| February 27, 2015 | $ | 0.22 | (35) | |
| November 28, 2014 | 0.18 | (36) | ||
| $ | 0.40 | |||
| Tax Year Ended February 28. 2014 | ||||
| December 27, 2013 | $ | 2.65 | (37) | |
| $ | 2.65 | |||
| Tax Year Ended February 28, 2013 | ||||
| December 31, 2012 | $ | 4.25 | (38) | |
| $ | 4.25 | |||
| Tax Year Ended February 29, 2012 | ||||
| December 30, 2011 | $ | 3.00 | (39) | |
| $ | 3.00 | |||
| Tax Year Ended February 28, 2011 | ||||
| December 29, 2010 | $ | 4.40 | (40) | |
| $ | 4.40 | |||
| Tax Year Ended February 28, 2010 | ||||
| December 31, 2009 | $ | 18.25 | (41) | |
| $ | 18.25 | |||
| (1) | Based on shareholder elections, the dividend consisted of approximately $7.1 million in cash and 46,818 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.11 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on March 17, 20, 21, 22, 23, 24, 27, 28, 29, and 30, 2023. |
| (2) | Based on shareholder elections, the dividend consisted of approximately $6.8 million in cash and 53,615 newly issued shares of common stock, or 0.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $24.26 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on December 20, 21, 22, 23, 27, 28, 29 and 30 2022 and January 3 and 4, 2023. |
| (3) | Based on shareholder elections, the dividend consisted of approximately $5.3 million in cash and 52,313 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.00 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on September 16, 19, 20, 21, 22, 23, 26, 27, 28 and 29, 2022. |
| (4) | Based on shareholder elections, the dividend consisted of approximately $5.1 million in cash and 48,590 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.40 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on June 15, 16, 17, 21, 22, 23, 24, 27, 28 and 29, 2022. |
| (5) | Based on shareholder elections, the dividend consisted of approximately $5.3 million in cash and 42,825 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $25.89 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on March 15, 16, 17, 18, 21, 22, 23, 24, 25 and 28, 2022. |
| (6) | Based on shareholder elections, the dividend consisted of approximately $5.3 million in cash and 41,520 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $26.85 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on January 5, 6, 7, 10, 11, 12, 13, 14, 18 and 19, 2022. |
| (7) | Based on shareholder elections, the dividend consisted of approximately $4.9 million in cash and 38,016 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $26.77 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on September 15, 16, 17, 20, 21, 22, 23, 24, 27 and 28, 2021. |
| (8) | Based on shareholder elections, the dividend consisted of approximately $4.1 million in cash and 33,100 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $25.03 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on June 16, 17, 18, 21, 22, 23, 24, 25, 28 and 29, 2021. |
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| (9) | Based on shareholder elections, the dividend consisted of approximately $3.9 million in cash and 38,580 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.69 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on April 9,12, 13, 14, 15, 16, 19, 20, 21 and 22, 2021. |
| (10) | Based on shareholder elections, the dividend consisted of approximately $3.8 million in cash and 41,388 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.75 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on January 28, 29 and February 1, 2, 3, 4, 5, 8, 9 and 10, 2021. |
| (11) | Based on shareholder elections, the dividend consisted of approximately $3.8 million in cash and 45,706 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.63 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on October 28, 29, 30 and November 2, 3, 4, 5, 6, 9 and 10, 2020. |
| (12) | Based on shareholder elections, the dividend consisted of approximately $3.7 million in cash and 47,098 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.45 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on July 30, 31 and August 3, 4, 5, 6, 7, 10, 11 and 12, 2020. |
| (13) | Based on shareholder elections, the dividend consisted of approximately $5.4 million in cash and 35,682 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $25.44 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on January 24, 27, 28, 29, 30, 31 and February 3, 4, 5 and 6, 2020. |
| (14) | Based on shareholder elections, the dividend consisted of approximately $4.5 million in cash and 34,575 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.34 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on September 13, 16, 17, 18, 19, 20, 23, 24, 25 and 26, 2019. |
| (15) | Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 31,545 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.65 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on June 14, 17, 18, 19, 20, 21, 24, 25, 26 and 27, 2019. |
| (16) | Based on shareholder elections, the dividend consisted of approximately $3.5 million in cash and 31,240 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.36 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on March 15, 18, 19, 20, 21, 22, 25, 26, 27 and 28, 2019. |
| (17) | Based on shareholder elections, the dividend consisted of approximately $3.4 million in cash and 30,796 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $18.88 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on December 18, 19, 20, 21, 24, 26, 27, 28, 31, 2018 and January 2, 2019. |
| (18) | Based on shareholder elections, the dividend consisted of approximately $3.3 million in cash and 25,862 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.35 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on September 14, 17, 18, 19, 20, 21, 24, 25, 26 and 27, 2018. |
| (19) | Based on shareholder elections, the dividend consisted of approximately $2.7 million in cash and 21,562 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.72 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on June 14, 15, 18, 19, 20, 21, 22, 25, 26 and 27, 2018. |
| (20) | Based on shareholder elections, the dividend consisted of approximately $2.6 million in cash and 25,354 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $19.91 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on March 13, 14, 15, 16, 19, 20, 21, 22, 23 and 26, 2018. |
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| (21) | Based on shareholder elections, the dividend consisted of approximately $2.5 million in cash and 25,435 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.14 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on December 13, 14, 15, 18, 19, 20, 21, 22, 26 and 27, 2017. |
| (22) | Based on shareholder elections, the dividend consisted of approximately $2.2 million in cash and 33,551 newly issued shares of common stock, or 0.6% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.19 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on September 13, 14, 15, 18, 19, 20, 21, 22, 25 and 26, 2017. |
| (23) | Based on shareholder elections, the dividend consisted of approximately $2.3 million in cash and 26,222 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.04 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on June 14, 15, 16, 19, 20, 21, 22, 23, 26 and 27, 2017. |
| (24) | Based on shareholder elections, the dividend consisted of approximately $2.0 million in cash and 29,096 newly issued shares of common stock, or 0.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.38 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on March 15, 16, 17, 20, 21, 22, 23, 24, 27 and 28, 2017. |
| (25) | Based on shareholder elections, the dividend consisted of approximately $1.6 million in cash and 50,453 newly issued shares of common stock, or 0.9% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.25 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on January 27, 30, 31 and February 1, 2, 3, 6, 7, 8 and 9, 2017. |
| (26) | Based on shareholder elections, the dividend consisted of approximately $1.5 million in cash and 58,548 newly issued shares of common stock, or 1.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.12 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on October 27, 28, 31 and November 1, 2, 3, 4, 7, 8 and 9, 2016. |
| (27) | Based on shareholder elections, the dividend consisted of approximately $0.7 million in cash and 24,786 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.06 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on August 22, 23, 24, 25, 26, 29, 30, 31 and September 1 and 2, 2016. |
| (28) | Based on shareholder elections, the dividend consisted of approximately $1.5 million in cash and 58,167 newly issued shares of common stock, or 1.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.32 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on July 27, 28, 29 and August 1, 2, 3, 4, 5, 8 and 9, 2016. |
| (29) | Based on shareholder elections, the dividend consisted of approximately $1.5 million in cash and 56,728 newly issued shares of common stock, or 1.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.43 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on April 14, 15, 18, 19, 20, 21, 22, 25, 26 and 27, 2016. |
| (30) | Based on shareholder elections, the dividend consisted of approximately $1.4 million in cash and 66,765 newly issued shares of common stock, or 1.2% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $13.11 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on February 16, 17, 18, 19, 22, 23, 24, 25, 26 and 29, 2016. |
| (31) | Based on shareholder elections, the dividend consisted of approximately $1.1 million in cash and 61,029 newly issued shares of common stock, or 1.1% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $14.53 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on November 16, 17, 18, 19, 20, 23, 24, 25, 27 and 30, 2015. |
| (32) | Based on shareholder elections, the dividend consisted of approximately $1.1 million in cash and 47,861 newly issued shares of common stock, or 0.9% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.28 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on August 18, 19, 20, 21, 24, 25, 26, 27, 28 and 31, 2015. |
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| (33) | Based on shareholder elections, the dividend consisted of approximately $3.4 million in cash and 126,230 newly issued shares of common stock, or 2.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.47 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on May 22, 26, 27, 28, 29 and June 1, 2, 3, 4, and 5, 2015. |
| (34) | Based on shareholder elections, the dividend consisted of approximately $0.9 million in cash and 33,766 newly issued shares of common stock, or 0.6% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.78 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on May 15, 18, 19, 20, 21, 22, 26, 27, 28 and 29, 2015. |
| (35) | Based on shareholder elections, the dividend consisted of approximately $0.8 million in cash and 26,858 newly issued shares of common stock, or 0.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $14.97 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on February 13, 17, 18, 19, 20, 23, 24, 25, 26 and 27, 2015. |
| (36) | Based on shareholder elections, the dividend consisted of approximately $0.6 million in cash and 22,283 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $14.37 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on November 14, 17, 18, 19, 20, 21, 24, 25, 26 and 28, 2014. |
| (37) | Based on shareholder elections, the dividend consisted of approximately $2.5 million in cash and 649,500 shares of common stock, or 13.7% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 20.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.439 per share, which equaled the volume weighted average trading price per share of the common stock on December 11, 13 and 16, 2013. |
| (38) | Based on shareholder elections, the dividend consisted of $3.3 million in cash and 853,455 shares of common stock, or 22.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 20.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.444 per share, which equaled the volume weighted average trading price per share of the common stock on December 14, 17 and 19, 2012. |
| (39) | Based on shareholder elections, the dividend consisted of $2.0 million in cash and 599,584 shares of common stock, or 18.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 20.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $13.117067 per share, which equaled the volume weighted average trading price per share of the common stock on December 20, 21 and 22, 2011. |
| (40) | Based on shareholder elections, the dividend consisted of $1.2 million in cash and 596,235 shares of common stock, or 22.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 10.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.8049 per share, which equaled the volume weighted average trading price per share of the common stock on December 20, 21 and 22, 2010. |
| (41) | Based on shareholder elections, the dividend consisted of $2.1 million in cash and 864,872.5 shares of common stock, or 104.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 13.7% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $1.5099 per share, which equaled the volume weighted average trading price per share of the common stock on December 24 and 28, 2009. |
| (42) | Based on shareholder elections, the dividend consisted of approximately $7.6 million in cash and 29,628 newly issued shares of common stock, or 0.2% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $25.29 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on June 15, 16, 20, 21, 22, 23, 26, 27, 28, and 29, 2023. |
We cannot provide any assurance that these measures will provide sufficient sources of liquidity to support our operations and growth.
Our asset coverage ratio, as defined in the 1940 Act, was 155.7% as of May 31, 2023 and 165.9% as of February 28, 2023.
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Subsequent Events
On July 6, 2023, the Company increased the maximum amount of shares of its common stock to be sold through the ATM Program to $300.0 million from $150.0 million. In connection with the upsize of the ATM Program, the Company entered into amendment no. 2 to the equity distribution agreement (“Amendment No. 2”), dated July 10, 2023 (as amended from time to time, the “Equity Distribution Agreement”), with the Agents. Under the Equity Distribution Agreement, the Company may but has no obligation to, issue and sell up to $300.0 million in aggregate amount of its shares of common stock in the ATM Program, from time to time through the Agents, or to them, as principal for their own account.
The Agents will receive a commission from the Company up to 1.5% of the gross sales price of any shares of its common stock sold through the Agents under the Equity Distribution Agreement. The sales price per share of the Company’s common stock offered under the ATM Program, less the Agents’ commission, will not be less than the NAV per share of our common stock at the time of such sale. Saratoga Investment Advisors may, from time to time and in its sole discretion, contribute proceeds necessary to ensure that no sales are made at a price below the then-current NAV per share.
Contractual obligations
The following table shows our payment obligations for repayment of debt and other contractual obligations at May 31, 2023:
| Payment Due by Period | ||||||||||||||||||||
| Less Than | 1 - 3 | 3 - 5 | More Than | |||||||||||||||||
| Long-Term Debt Obligations | Total | 1 Year | Years | Years | 5 Years | |||||||||||||||
| ($ in thousands) | ||||||||||||||||||||
| Encina credit facility | $ | 35,000 | $ | - | $ | 35,000 | $ | - | $ | - | ||||||||||
| SBA debentures | 202,000 | - | 27,000 | - | 175,000 | |||||||||||||||
| 8.75% 2024 Notes | 20,000 | 20,000 | - | - | - | |||||||||||||||
| 7.00% 2025 Notes | 12,000 | - | 12,000 | - | - | |||||||||||||||
| 7.75% 2025 Notes | 5,000 | - | 5,000 | - | - | |||||||||||||||
| 4.375% 2026 Notes | 175,000 | - | 175,000 | - | - | |||||||||||||||
| 4.35% 2027 Notes | 75,000 | - | - | 75,000 | - | |||||||||||||||
| 6.00% 2027 Notes | 105,500 | - | - | 105,500 | - | |||||||||||||||
| 6.25% 2027 Notes | 15,000 | - | - | 15,000 | - | |||||||||||||||
| 8.00% 2027 Notes | 46,000 | - | - | 46,000 | - | |||||||||||||||
| 8.125% 2027 Notes | 60,375 | - | - | 60,375 | - | |||||||||||||||
| 8.50% 2028 Notes | 57,500 | - | - | 57,500 | - | |||||||||||||||
| Total Long-Term Debt Obligations | $ | 808,375 | $ | 20,000 | $ | 254,000 | $ | 359,375 | $ | 175,000 | ||||||||||
Off-balance sheet arrangements
As of May 31, 2023 and February 28, 2023, the Company’s off-balance sheet arrangements consisted of $143.0 million and $108.8 million, respectively, of unfunded commitments outstanding to provide debt financing to its portfolio companies or to fund limited partnership interests. Such commitments are generally up to the Company’s discretion to approve, or the satisfaction of certain financial and nonfinancial covenants and involve, to varying degrees, elements of credit risk in excess of the amount recognized in the Company’s consolidated statements of assets and liabilities and are not reflected in the Company’s consolidated statements of assets and liabilities.
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A summary of the unfunded commitments outstanding as of May 31, 2023: and February 28, 2023: is shown in the table below (dollars in thousands):
| May 31, 2023 | February 28, 2023 | |||||||
| At Company’s discretion | ||||||||
| ActiveProspect, Inc. | $ | 10,000 | $ | 10,000 | ||||
| Ascend Software, LLC | 5,000 | 5,000 | ||||||
| Granite Comfort, LP | 750 | 15,000 | ||||||
| JDXpert | 5,000 | 5,000 | ||||||
| LFR Chicken LLC | 4,000 | 4,000 | ||||||
| Pepper Palace, Inc. | 3,000 | 3,000 | ||||||
| Procurement Partners, LLC | 4,250 | 4,250 | ||||||
| Saratoga Senior Loan Fund I JV, LLC | 8,548 | 8,548 | ||||||
| Sceptre Hospitality Resources, LLC | 5,000 | 5,000 | ||||||
| Stretch Zone Franchising, LLC | 3,750 | - | ||||||
| VetnCare MSO, LLC | 10,000 | - | ||||||
| Total | $ | 59,298 | $ | 59,798 | ||||
| At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required | ||||||||
| Alpha Aesthetics Partners OpCo, LLC | $ | 8,600 | $ | - | ||||
| ARC Health OpCo LLC | 5,463 | 10,773 | ||||||
| Artemis Wax Corp. | 8,500 | 8,500 | ||||||
| Ascend Software, LLC | 3,200 | 3,200 | ||||||
| Axero Holdings, LLC - Revolver | 500 | 500 | ||||||
| BQE Software, Inc. | 4,000 | - | ||||||
| C2 Educational Systems | 3,000 | - | ||||||
| Exigo, LLC | 4,167 | 4,167 | ||||||
| Exigo, LLC - Revolver | 1,042 | 833 | ||||||
| Gen4 Dental Partners Holdings, LLC | 9,186 | 11,000 | ||||||
| GoReact | 1,000 | 2,500 | ||||||
| JDXpert | - | 1,000 | ||||||
| Modis Dental Partners OpCo, LLC | 7,500 | - | ||||||
| Pepper Palace, Inc. - Delayed Draw Term Loan | 2,000 | 2,000 | ||||||
| Pepper Palace, Inc. - Revolver | 2,500 | 2,500 | ||||||
| Procurement Partners, LLC | 1,000 | 1,000 | ||||||
| Stretch Zone Franchising, LLC | 1,500 | - | ||||||
| VetnCare MSO, LLC | 19,500 | - | ||||||
| Zollege PBC | 1,000 | 1,000 | ||||||
| 83,658 | 48,973 | |||||||
| Total | $ | 142,956 | $ | 108,771 | ||||
The Company believes its assets will provide adequate coverage to satisfy these unfunded commitments. As of May 31, 2023, the Company had cash and cash equivalents of $53.2 million and $30.0 million in available borrowings under the Encina Credit Facility.
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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Our business activities contain elements of market risk. We consider our principal market risk to be the fluctuation in interest rates. Managing this risk is essential to our business. Accordingly, we have systems and procedures designed to identify and analyze our risks, to establish appropriate policies and thresholds and to continually monitor this risk and thresholds by means of administrative and information technology systems and other policies and processes. In addition, U.S. and global capital markets and credit markets have experienced a higher level of stress due to the global COVID-19 pandemic, which has resulted in an increase in the level of volatility across such markets and a general decline in value of the securities held by us.
Interest rate risk is defined as the sensitivity of our current and future earnings to interest rate volatility, including relative changes in different interest rates, variability of spread relationships, the difference in re-pricing intervals between our assets and liabilities and the effect that interest rates may have on our cash flows. Changes in the general level of interest rates can affect our net interest income, which is the difference between the interest income earned on interest earning assets and our interest expense incurred in connection with our interest-bearing debt and liabilities. Changes in interest rates can also affect, among other things, our ability to acquire leveraged loans, high yield bonds and other debt investments and the value of our investment portfolio.
Our investment income is affected by fluctuations in various interest rates, including LIBOR, SOFR, and the prime rate. Substantially all of our portfolio is, and we expect will continue to be, comprised of floating rate investments that utilize LIBOR. Since March 2022, the Federal Reserve has been rapidly raising interest rates and has indicated that it would consider additional rate hikes in response to ongoing inflation concerns. In a rising interest rate environment, our cost of funds would increase, which could reduce our net investment income if there is not a corresponding increase in interest income generated by our investment portfolio. It is possible that the Federal Reserve’s tightening cycle could result the United States into a recession, which would likely decrease interest rates. A prolonged reduction in interest rates will reduce our gross investment income and could result in a decrease in our net investment income if such decreases in base rates, such as LIBOR and SOFR, are not offset by corresponding increases in the spread over such base rates that we earn on any portfolio investments, a decrease in in our operating expenses, including with respect to our income incentive fee, or a decrease in the interest rate of our floating interest rate liabilities tied to LIBOR. Our interest expense is affected by fluctuations in SOFR on our Encina Credit Facility. In addition, substantially all of our assets have LIBOR transition language to include the use of an acceptable replacement rate, such as SOFR. At May 31, 2023, we had $773.4 million of borrowings outstanding. In addition, there were $35.0 million borrowings outstanding under the Encina Credit Facility as of May 31, 2023.
We have analyzed the potential impact of changes in interest rates on interest income from investments. Assuming that our investments as of May 31, 2023 were to remain constant for a full fiscal year and no actions were taken to alter the existing interest rate terms, a hypothetical change of a 1.0% increase in interest rates would cause a corresponding increase of approximately $9.7 million to our interest income. Conversely, a hypothetical change of a 1.0% decrease in interest rates would cause a corresponding decrease of approximately $9.7 million to our interest income.
Changes in interest rates would have no impact to our current interest and debt financing expense, as all our borrowings except for our credit facility are fixed rate, and our credit facility is currently undrawn.
Although management believes that this measure is indicative of our sensitivity to interest rate changes, it does not adjust for potential changes in credit quality, size and composition of the assets on the statements of assets and liabilities and other business developments that could magnify or diminish our sensitivity to interest rate changes, nor does it account for divergences in LIBOR and the commercial paper rate, which have historically moved in tandem but, in times of unusual credit dislocations, have experienced periods of divergence. Accordingly, no assurances can be given that actual results would not materially differ from the potential outcome simulated by this estimate.
135
For further information, the following table shows the approximate annualized increase or decrease in the components of net investment income due to hypothetical base rate changes in interest rates, assuming no changes in our investments and borrowings as of May 31, 2023.
| Basis Point Change |
Increase (Decrease) in Interest Income |
(Increase) Decrease in Interest Expense |
Increase (Decrease) in Net Interest Income |
Increase (Decrease) in Net Interest Income* |
Increase (Decrease) in Net Investment Income per Share |
|||||||||||||||
| ($ in thousands) | ||||||||||||||||||||
| -100 | $ | (9,737 | ) | $ | 350 | $ | (9,387 | ) | $ | (7,510 | ) | $ | (0.63 | ) | ||||||
| -50 | (4,869 | ) | 175 | (4,694 | ) | (3,755 | ) | (0.32 | ) | |||||||||||
| -25 | (2,434 | ) | 88 | (2,346 | ) | (1,877 | ) | (0.16 | ) | |||||||||||
| 25 | 2,434 | (88 | ) | 2,346 | 1,877 | 0.16 | ||||||||||||||
| 50 | 4,869 | (175 | ) | 4,694 | 3,755 | 0.32 | ||||||||||||||
| 100 | 9,737 | (350 | ) | 9,387 | 7,510 | 0.63 | ||||||||||||||
| 200 | 19,475 | (700 | ) | 18,775 | 15,020 | 1.27 | ||||||||||||||
| 300 | 29,212 | (1,050 | ) | 28,162 | 22,530 | 1.90 | ||||||||||||||
| 400 | 38,950 | (1,400 | ) | 37,550 | 30,040 | 2.53 | ||||||||||||||
| * | Adjusts Net Interest Income for the impact of the first incentive fee on Net Investment Income |
ITEM 4. CONTROLS AND PROCEDURES
| (a) | As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our management, including our chief executive officer and our chief financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934). Based on that evaluation, our chief executive officer and our chief financial officer have concluded that our current disclosure controls and procedures are effective in facilitating timely decisions regarding required disclosure of any material information relating to us that is required to be disclosed by us in the reports we file or submit under the Securities Exchange Act of 1934. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. |
| (b) | There have been no changes in the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) of Exchange Act) that occurred during the quarter ended May 31, 2023 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting. |
136
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Neither we nor our wholly owned subsidiaries, Saratoga Investment Funding LLC, Saratoga Investment Funding II, LLC, Saratoga Investment Corp. SBIC LP, Saratoga Investment Corp. SBIC II LP, or Saratoga Investment Corp. SBIC III LP, are currently subject to any material legal proceedings.
Item 1A. Risk Factors
In addition to information set forth in this report, you should carefully consider the “Risk Factors” discussed in our most recent Annual Report on Form 10-K filed with the SEC, which could materially affect our business, financial condition and/or operating results. There have been no material changes during the three months ended May 31, 2023 to the risk factors discussed in “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended February 28, 2023. Additional risks or uncertainties not currently known to us or that we currently deem to be immaterial also may materially affect our business, financial condition and/or operating results.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Not applicable.
Item 3. Defaults Upon Senior Securities
Not applicable.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
None.
ITEM 6. EXHIBITS
The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:
137
EXHIBIT INDEX
138
139
| * | Filed herewith |
140
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| SARATOGA INVESTMENT CORP. | ||
| Date: July 10, 2023 | By: | /s/ CHRISTIAN L. OBERBECK |
| Christian L. Oberbeck | ||
| Chief Executive Officer | ||
| By: | /s/ HENRI J. STEENKAMP | |
| Henri J. Steenkamp | ||
| Chief Financial Officer and Chief Compliance Officer | ||
141
Exhibit 31.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO
RULE 13a-14(a) and 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED
I, Christian L. Oberbeck, certify that:
1. I have reviewed this Quarterly Report on Form 10-Q of Saratoga Investment Corp. (the “registrant”);
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the company’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| Date: July 10, 2023 | |
| /s/ CHRISTIAN L. OBERBECK | |
| Christian L. Oberbeck | |
| Chief Executive Officer |
Exhibit 31.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO
RULE 13a-14(a) and 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED
I, Henri J. Steenkamp, certify that:
1. I have reviewed this Quarterly Report on Form 10-Q of Saratoga Investment Corp. (the “registrant”);
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the company’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant ’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| Date: July 10, 2023 | |
| /s/ HENRI J. STEENKAMP | |
| Name: Henri J. Steenkamp | |
| Chief Financial Officer and Chief Compliance Officer |
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
The certification set forth below is being submitted in connection with the accompanying Quarterly Report of Saratoga Investment Corp. on Form 10-Q (the “Report”) for the purpose of complying with Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Section 1350 of Chapter 63 of Title 18 of the United States Code.
Christian L. Oberbeck, the Chief Executive Officer, certifies that, to the best of his knowledge:
1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| Date: July 10, 2023 | |
| /s/ CHRISTIAN L. OBERBECK | |
| Christian L. Oberbeck | |
| Chief Executive Officer |
Exhibit 32.2
CERTIFICATION PURSUANT TO
SECTION 1350, CHAPTER 63 OF TITLE 18, UNITED STATES CODE,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
The certification set forth below is being submitted in connection with the accompanying Quarterly Report of Saratoga Investment Corp. on Form 10-Q (the “Report”) for the purpose of complying with Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Section 1350 of Chapter 63 of Title 18 of the United States Code.
Henri J. Steenkamp, the Chief Financial Officer, Chief Compliance Officer and Secretary of Saratoga Investment Corp. certifies that, to the best of his knowledge:
| 1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and |
| 2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Saratoga Investment Corp. |
| Date: July 10, 2023 | |
| /s/ HENRI J. STEENKAMP | |
| Name: Henri J. Steenkamp | |
| Chief Financial Officer and Chief Compliance Officer |
Consolidated Statements of Operations (Unaudited) (Parentheticals) - $ / shares |
3 Months Ended | |
|---|---|---|
May 31, 2023 |
May 31, 2022 |
|
| Income Statement [Abstract] | ||
| WEIGHTED AVERAGE - DILUTED EARNINGS (LOSS) PER COMMON SHARE (in Dollars per share) | $ (0.02) | $ (0.12) |
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - DILUTED | 11,862,163 | 12,112,372 |
Consolidated Schedule of Investments (Parentheticals) - Saratoga CLO [Member] |
May 31, 2023 |
Feb. 28, 2023 |
|---|---|---|
| Total Alternative Investment Management Software [Member] | Altvia MidCo, LLC [Member] | ||
| Investment variable rate | 8.50% | 8.50% |
| Investment interest rate | 13.79% | 13.39% |
| Investment maturity date | Jul. 18, 2027 | Jul. 18, 2027 |
| Total Association Management Software [Member] | GrowthZone, LLC [Member] | ||
| Investment variable rate | 8.25% | |
| Investment interest rate | 13.54% | |
| Investment maturity date | May 10, 2028 | |
| Total Architecture & Engineering Software [Member] | BQE Software, Inc [Member] | ||
| Investment variable rate | 6.75% | |
| Investment interest rate | 12.04% | |
| Investment maturity date | Apr. 13, 2028 | |
| Total Architecture & Engineering Software [Member] | BQE Software, Inc One [Member] | ||
| Investment variable rate | 6.75% | |
| Investment interest rate | 12.04% | |
| Investment maturity date | Apr. 13, 2028 | |
| Total Consumer Services [Member] | Artemis Wax Corp. Two [Member] | ||
| Investment variable rate | 6.75% | |
| Investment interest rate | 11.92% | |
| Investment maturity date | May 20, 2026 | |
| Total Consumer Services [Member] | Artemis Wax Corp.[Member] | ||
| Investment variable rate | 6.75% | |
| Investment interest rate | 11.41% | |
| Investment maturity date | May 20, 2026 | |
| Total Dental Practice Management [Member] | New England Dental Partners [Member] | ||
| Investment variable rate | 8.00% | 8.00% |
| Investment interest rate | 13.52% | 12.97% |
| Investment maturity date | Nov. 25, 2025 | Nov. 25, 2025 |
| Total Dental Practice Management [Member] | New England Dental Partners One [Member] | ||
| Investment variable rate | 8.00% | 8.00% |
| Investment interest rate | 13.52% | 12.97% |
| Investment maturity date | Nov. 25, 2025 | Jan. 25, 2025 |
| Total Dental Practice Management [Member] | Gen4 Dental Partners Holdings, LLC [Member] | ||
| Investment variable rate | 10.20% | |
| Investment interest rate | 15.64% | |
| Investment maturity date | Apr. 29, 2026 | |
| Total Dental Practice Management [Member] | Gen4 Dental Partners Holdings, LLC Two [Member] | ||
| Investment variable rate | 10.35% | |
| Investment interest rate | 15.24% | |
| Investment maturity date | Apr. 29, 2026 | |
| Total Direct Selling Software [Member] | Exigo, LLC [Member] | ||
| Investment variable rate | 5.75% | |
| Investment interest rate | 11.02% | |
| Investment maturity date | Mar. 16, 2027 | |
| Total Direct Selling Software [Member] | Exigo, LLC One [Member] | ||
| Investment variable rate | 5.75% | |
| Investment interest rate | 11.02% | |
| Investment maturity date | Mar. 16, 2027 | |
| Total Direct Selling Software [Member] | Exigo, LLC Two [Member] | ||
| Investment variable rate | 5.75% | |
| Investment interest rate | 11.02% | |
| Investment maturity date | Mar. 16, 2027 | |
| Total Direct Selling Software [Member] | Exigo, LLC Four [Member] | ||
| Investment variable rate | 5.75% | |
| Investment interest rate | 10.42% | |
| Investment maturity date | Mar. 16, 2027 | |
| Total Direct Selling Software [Member] | Exigo, LLC Five [Member] | ||
| Investment variable rate | 5.75% | |
| Investment interest rate | 10.42% | |
| Investment maturity date | Mar. 16, 2027 | |
| Total Direct Selling Software [Member] | Exigo, LLC Six [Member] | ||
| Investment variable rate | 5.75% | |
| Investment interest rate | 10.42% | |
| Investment maturity date | Mar. 16, 2027 | |
| Total Education Services [Member] | C2 Educational Systems [Member] | ||
| Investment variable rate | 8.50% | 8.50% |
| Investment interest rate | 13.79% | 13.47% |
| Investment maturity date | May 31, 2025 | May 31, 2023 |
| Total Education Services [Member] | Zollege PBC [Member] | ||
| Investment variable rate | 7.00% | 7.00% |
| Investment interest rate | 12.52% | 11.97% |
| Investment maturity date | May 11, 2026 | May 11, 2026 |
| Total Education Services [Member] | Zollege PBC One [Member] | ||
| Investment variable rate | 7.00% | 7.00% |
| Investment interest rate | 12.52% | 11.97% |
| Investment maturity date | May 11, 2026 | May 11, 2026 |
| Total Education Software [Member] | GoReact [Member] | ||
| Investment variable rate | 7.50% | 7.50% |
| Investment interest rate | 13.99% | 13.59% |
| Investment maturity date | Jan. 17, 2025 | Jan. 17, 2025 |
| Total Education Software [Member] | GoReact One [Member] | ||
| Investment variable rate | 7.50% | 7.50% |
| Investment interest rate | 13.99% | 13.59% |
| Investment maturity date | Jan. 17, 2025 | Jan. 17, 2025 |
| Total Education Software [Member] | Ready Education [Member] | ||
| Investment variable rate | 6.00% | 6.00% |
| Investment interest rate | 11.29% | 10.89% |
| Investment maturity date | Aug. 05, 2027 | Aug. 05, 2022 |
| Total Field Service Management [Member] | Davisware, LLC [Member] | ||
| Investment variable rate | 7.00% | 7.00% |
| Investment interest rate | 12.29% | 11.89% |
| Investment maturity date | Jul. 31, 2024 | Jul. 31, 2024 |
| Total Field Service Management [Member] | Davisware, LLC One [Member] | ||
| Investment variable rate | 7.00% | 7.00% |
| Investment interest rate | 12.29% | 11.89% |
| Investment maturity date | Jul. 31, 2024 | Jul. 31, 2024 |
| Total Financial Services [Member] | B. Riley Financial, Inc. [Member] | ||
| Investment interest rate | 6.75% | 6.75% |
| Investment maturity date | May 31, 2024 | May 31, 2024 |
| Total Financial Services [Member] | GDS Software Holdings, LLC [Member] | ||
| Investment variable rate | 7.00% | 7.00% |
| Investment interest rate | 12.52% | 11.97% |
| Investment maturity date | Dec. 30, 2026 | Dec. 30, 2026 |
| Total Financial Services [Member] | GDS Software Holdings, LLC One [Member] | ||
| Investment variable rate | 7.00% | 7.00% |
| Investment interest rate | 12.52% | 11.97% |
| Investment maturity date | Dec. 30, 2026 | Dec. 30, 2026 |
| Total Financial Services Software [Member] | Ascend Software LLC [Member] | ||
| Investment variable rate | 7.50% | 7.50% |
| Investment interest rate | 13.02% | 12.47% |
| Investment maturity date | Dec. 15, 2026 | Dec. 15, 2026 |
| Total Financial Services Software [Member] | Ascend Software, LLC [Member] | ||
| Investment variable rate | 7.50% | 7.50% |
| Investment interest rate | 13.02% | 12.47% |
| Investment maturity date | Dec. 15, 2026 | Dec. 15, 2026 |
| Total Health/Fitness Franchisor [Member] | Stretch Zone Franchising, LLC [Member] | ||
| Investment variable rate | 7.00% | |
| Investment interest rate | 12.29% | |
| Investment maturity date | Mar. 31, 2028 | |
| Total Health/Fitness Franchisor [Member] | Stretch Zone Franchising, LLC One [Member] | ||
| Investment variable rate | 7.00% | |
| Investment interest rate | 12.29% | |
| Investment maturity date | Mar. 31, 2028 | |
| Total Healthcare Services [Member] | ComForCare Health Care [Member] | ||
| Investment variable rate | 6.25% | 6.25% |
| Investment interest rate | 11.77% | 11.22% |
| Investment maturity date | Jan. 31, 2025 | Jan. 31, 2025 |
| Total Healthcare Software [Member] | HemaTerra Holding Company, LLC [Member] | ||
| Investment variable rate | 8.25% | 8.25% |
| Investment interest rate | 13.42% | 12.91% |
| Investment maturity date | Jan. 31, 2027 | Jan. 31, 2027 |
| Total Healthcare Software [Member] | HemaTerra Holding Company, LLC One [Member] | ||
| Investment variable rate | 8.25% | 8.25% |
| Investment interest rate | 13.42% | 12.91% |
| Investment maturity date | Jan. 31, 2027 | Jan. 31, 2027 |
| Total Healthcare Software [Member] | Procurement Partners, LLC [Member] | ||
| Investment variable rate | 6.50% | 6.50% |
| Investment interest rate | 11.79% | 11.39% |
| Investment maturity date | May 12, 2026 | Nov. 12, 2026 |
| Total Healthcare Software [Member] | Procurement Partners, LLC [Member] | ||
| Investment variable rate | 6.50% | 6.50% |
| Investment interest rate | 11.79% | 11.39% |
| Investment maturity date | May 12, 2026 | May 12, 2025 |
| Total Hospitality/Hotel [Member] | Book4Time, Inc. [Member] | ||
| Investment variable rate | 7.50% | 7.50% |
| Investment interest rate | 13.02% | 12.47% |
| Investment maturity date | Dec. 22, 2025 | Dec. 22, 2025 |
| Total Hospitality/Hotel [Member] | Book4Time, Inc. One [Member] | ||
| Investment variable rate | 7.50% | 7.50% |
| Investment interest rate | 13.02% | 12.47% |
| Investment maturity date | Dec. 22, 2025 | Dec. 22, 2025 |
| Total Hospitality/Hotel [Member] | Knowland Group, LLC [Member] | ||
| Investment variable rate | 8.00% | 8.00% |
| Investment interest rate | 16.44% | 13.97% |
| Investment maturity date | May 09, 2024 | May 09, 2024 |
| PIK rate | 1.00% | 1.00% |
| Total Hospitality/Hotel [Member] | Sceptre Hospitality Resources, LLC [Member] | ||
| Investment variable rate | 7.25% | 7.25% |
| Investment interest rate | 12.54% | 12.14% |
| Investment maturity date | Nov. 15, 2027 | Nov. 15, 2027 |
| Total Hospitality/Hotel [Member] | Sceptre Hospitality Resources, LLC One [Member] | ||
| Investment variable rate | 7.25% | 7.25% |
| Investment interest rate | 12.54% | 12.14% |
| Investment maturity date | Nov. 15, 2027 | Nov. 15, 2027 |
| Total HVAC Services and Sales [Member] | Granite Comfort, LP [Member] | ||
| Investment variable rate | 7.82% | 7.26% |
| Investment interest rate | 13.11% | 12.75% |
| Investment maturity date | Nov. 16, 2025 | Nov. 16, 2025 |
| Total HVAC Services and Sales [Member] | Granite Comfort, LP One [Member] | ||
| Investment variable rate | 7.82% | 7.86% |
| Investment interest rate | 13.11% | 12.75% |
| Investment maturity date | Nov. 16, 2025 | Nov. 16, 2025 |
| Total Industrial Products [Member] | Vector Controls Holding Co., LLC [Member] | ||
| Investment variable rate | 6.50% | 6.50% |
| Investment interest rate | 12.02% | 11.47% |
| Investment maturity date | Mar. 06, 2025 | Mar. 06, 2025 |
| Total Industrial Products [Member] | Vector Controls Holding Co., LLC One [Member] | ||
| Investment maturity date | Nov. 30, 2027 | Nov. 30, 2027 |
| Total Insurance Software [Member] | AgencyBloc, LLC [Member] | ||
| Investment variable rate | 8.00% | 8.00% |
| Investment interest rate | 13.11% | 12.58% |
| Investment maturity date | Oct. 01, 2026 | Oct. 01, 2026 |
| Total IT Services [Member] | LogicMonitor, Inc. [Member] | ||
| Investment variable rate | 6.50% | 6.50% |
| Investment interest rate | 11.79% | 11.39% |
| Investment maturity date | May 17, 2026 | May 17, 2026 |
| Total IT Services [Member] | Netreo Holdings, LLC [Member] | ||
| Investment variable rate | 6.50% | |
| Investment interest rate | 13.47% | |
| Investment maturity date | Dec. 31, 2025 | |
| PIK rate | 2.00% | |
| Total IT Services [Member] | Netreo Holdings, LLC One [Member] | ||
| Investment variable rate | 6.50% | |
| Investment interest rate | 13.47% | |
| Investment maturity date | Dec. 31, 2025 | |
| PIK rate | 2.00% | |
| Total Lead management Software [Member] | ActiveProspect, Inc. [Member] | ||
| Investment variable rate | 6.00% | |
| Investment interest rate | 11.49% | |
| Investment maturity date | Aug. 08, 2027 | |
| Total Lead management Software [Member] | ActiveProspect, Inc. One [Member] | ||
| Investment variable rate | 6.00% | |
| Investment interest rate | 11.49% | |
| Investment maturity date | Aug. 08, 2027 | |
| Total Lead management Software [Member] | ActiveProspect, Inc Two [Member] | ||
| Investment variable rate | 6.00% | |
| Investment interest rate | 10.97% | |
| Investment maturity date | Aug. 08, 2027 | |
| Total Lead management Software [Member] | ActiveProspect, Inc Three [Member] | ||
| Investment variable rate | 6.00% | |
| Investment interest rate | 10.97% | |
| Investment maturity date | Aug. 08, 2027 | |
| Total Legal Software [Member] | Centerbase, LLC [Member] | ||
| Investment variable rate | 7.75% | 7.75% |
| Investment interest rate | 12.92% | 12.41% |
| Investment maturity date | Jan. 18, 2027 | Jan. 18, 2027 |
| Total Marketing Orchestration Software [Member] | Madison Logic, Inc. [Member] | ||
| Investment variable rate | 7.00% | 7.00% |
| Investment interest rate | 12.29% | 11.89% |
| Investment maturity date | Dec. 30, 2028 | Dec. 30, 2028 |
| Total Mental Healthcare Services [Member] | ARC Health OpCo LLC [Member] | ||
| Investment variable rate | 8.48% | 8.48% |
| Investment interest rate | 13.78% | 13.37% |
| Investment maturity date | Aug. 05, 2027 | Aug. 05, 2027 |
| Total Mental Healthcare Services [Member] | ARC Health OpCo LLC One [Member] | ||
| Investment variable rate | 8.48% | 8.48% |
| Investment interest rate | 13.78% | 13.37% |
| Investment maturity date | Aug. 05, 2027 | Aug. 05, 2027 |
| Total Mentoring Software [Member] | Chronus LLC [Member] | ||
| Investment variable rate | 5.25% | |
| Investment interest rate | 10.69% | |
| Investment maturity date | Aug. 26, 2026 | |
| Total Mentoring Software [Member] | Chronus LLC One [Member] | ||
| Investment variable rate | 6.00% | |
| Investment interest rate | 11.44% | |
| Investment maturity date | Aug. 26, 2026 | |
| Total Mentoring Software [Member] | Chronus LLC [Member] | ||
| Investment variable rate | 5.25% | |
| Investment interest rate | 10.22% | |
| Investment maturity date | Aug. 26, 2026 | |
| Total Non-profit Services [Member] | Omatic Software, LLC [Member] | ||
| Investment variable rate | 8.00% | 8.00% |
| Investment interest rate | 14.55% | 14.15% |
| Investment maturity date | Jun. 30, 2024 | Jan. 31, 2024 |
| PIK rate | 1.00% | 1.00% |
| Total Office Supplies [Member] | Emily Street Enterprises, L.L.C. [Member] | ||
| Investment variable rate | 7.50% | 7.50% |
| Investment interest rate | 12.79% | 12.39% |
| Investment maturity date | Dec. 31, 2025 | Dec. 28, 2012 |
| Total Office Supplies [Member] | Emily Street Enterprises, L.L.C. One [Member] | ||
| Investment maturity date | Dec. 31, 2025 | Dec. 31, 2025 |
| Total Real Estate Services [Member] | Buildout, Inc. [Member] | ||
| Investment variable rate | 7.00% | 7.00% |
| Investment interest rate | 12.39% | 11.97% |
| Investment maturity date | Jul. 09, 2025 | Jul. 09, 2025 |
| Total Real Estate Services [Member] | Buildout, Inc. One [Member] | ||
| Investment variable rate | 7.00% | 7.00% |
| Investment interest rate | 12.39% | 11.97% |
| Investment maturity date | Jul. 09, 2025 | Jul. 09, 2025 |
| Total Research Software [Member] | Wellspring Worldwide Inc. [Member] | ||
| Investment variable rate | 7.25% | 7.25% |
| Investment interest rate | 12.36% | 11.83% |
| Investment maturity date | Jun. 27, 2022 | Jun. 27, 2027 |
| Total Research Software [Member] | Archimedes Parent LLC [Member] | ||
| Investment variable rate | 7.25% | |
| Investment interest rate | 12.36% | |
| Investment maturity date | Jun. 27, 2027 | |
| Total Restaurant [Member] | LFR Chicken LLC [Member] | ||
| Investment variable rate | 7.00% | 7.00% |
| Investment interest rate | 12.17% | 11.67% |
| Investment maturity date | Nov. 19, 2026 | Nov. 19, 2026 |
| Total Restaurant [Member] | LFR Chicken LLC One [Member] | ||
| Investment variable rate | 7.00% | 7.00% |
| Investment interest rate | 12.17% | 11.67% |
| Investment maturity date | Nov. 19, 2026 | Nov. 19, 2026 |
| Total Restaurant [Member] | TMAC Acquisition Co., LLC [Member] | ||
| Investment maturity date | Mar. 01, 2024 | Mar. 01, 2024 |
| PIK rate | 8.00% | 8.00% |
| Total Roofing Contractor Software [Member] | JobNimbus LLC [Member] | ||
| Investment variable rate | 8.75% | |
| Investment interest rate | 14.02% | |
| Investment maturity date | Sep. 20, 2026 | |
| Total Specialty Food Retailer [Member] | Pepper Palace, Inc [Member] | ||
| Investment variable rate | 6.25% | 6.25% |
| Investment interest rate | 11.77% | 11.22% |
| Investment maturity date | Jun. 30, 2026 | Jun. 30, 2026 |
| Total Specialty Food Retailer [Member] | Pepper Palace, Inc. One [Member] | ||
| Investment variable rate | 6.25% | 6.25% |
| Investment interest rate | 11.77% | 11.22% |
| Investment maturity date | Jun. 30, 2026 | Jun. 30, 2026 |
| Total Specialty Food Retailer [Member] | Pepper Palace, Inc. Two [Member] | ||
| Investment variable rate | 6.25% | 6.25% |
| Investment interest rate | 11.77% | 11.22% |
| Investment maturity date | Jun. 30, 2026 | Jun. 30, 2026 |
| Total Sports Management [Member] | ArbiterSports, LLC [Member] | ||
| Investment variable rate | 6.50% | 6.50% |
| Investment interest rate | 11.79% | 11.47% |
| Investment maturity date | Feb. 21, 2025 | Feb. 21, 2025 |
| Total Sports Management [Member] | ArbiterSports, LLC One [Member] | ||
| Investment variable rate | 6.50% | 6.50% |
| Investment interest rate | 11.79% | 11.47% |
| Investment maturity date | Feb. 21, 2025 | Feb. 21, 2025 |
| Total Talent Acquisition Software [Member] | JDXpert [Member] | ||
| Investment variable rate | 8.50% | 8.50% |
| Investment interest rate | 14.02% | 13.47% |
| Investment maturity date | May 02, 2027 | May 02, 2027 |
| Total Talent Acquisition Software [Member] | JDXpert One [Member] | ||
| Investment variable rate | 8.50% | 8.50% |
| Investment interest rate | 14.02% | 13.47% |
| Investment maturity date | May 02, 2027 | May 02, 2027 |
| Total Talent Acquisition Software [Member] | Jobvite, Inc. [Member] | ||
| Investment variable rate | 8.00% | 8.00% |
| Investment interest rate | 13.29% | 12.89% |
| Investment maturity date | Aug. 05, 2028 | Aug. 05, 2028 |
| Total Veterinary Services [Member] | VetnCare MSO, LLC [Member] | ||
| Investment variable rate | 5.75% | |
| Investment interest rate | 11.04% | |
| Investment maturity date | May 12, 2028 | |
| Total Corporate Education Software [Member] | ETU Holdings, Inc. [Member] | ||
| Investment variable rate | 9.00% | 15.00% |
| Investment interest rate | 14.52% | |
| Investment maturity date | Aug. 18, 2027 | Feb. 28, 2028 |
| Total Corporate Education Software [Member] | ETU Holdings, Inc. One [Member] | ||
| Investment interest rate | 15.00% | |
| Investment maturity date | Feb. 18, 2028 | |
| PIK rate | 15.00% | |
| Total Corporate Education Software [Member] | ETU Holdings, Inc. [Member] | ||
| Investment variable rate | 9.00% | |
| Investment interest rate | 13.97% | |
| Investment maturity date | Aug. 18, 2027 | |
| Total Dental Practice Management One [Member] | Modis Dental Partners OpCo, LLC [Member] | ||
| Investment variable rate | 9.50% | |
| Investment interest rate | 14.67% | |
| Investment maturity date | Apr. 18, 2028 | |
| Total Dental Practice Management One [Member] | Modis Dental Partners OpCo, LLC One [Member] | ||
| Investment variable rate | 9.50% | |
| Investment interest rate | 14.67% | |
| Investment maturity date | Apr. 18, 2028 | |
| Total Employee Collaboration Software [Member] | Axero Holdings, LLC [Member] | ||
| Investment variable rate | 8.00% | 8.00% |
| Investment interest rate | 13.44% | 13.04% |
| Investment maturity date | Jun. 30, 2026 | Jun. 30, 2026 |
| Total Employee Collaboration Software [Member] | Axero Holdings, LLC One [Member] | ||
| Investment variable rate | 8.00% | 8.00% |
| Investment interest rate | 13.44% | 13.04% |
| Investment maturity date | Jun. 30, 2026 | Jun. 30, 2026 |
| Total Employee Collaboration Software [Member] | Axero Holdings, LLC Two [Member] | ||
| Investment variable rate | 8.00% | 8.00% |
| Investment interest rate | 13.44% | 13.04% |
| Investment maturity date | Jun. 30, 2026 | Jun. 30, 2026 |
| Total Healthcare Services One [Member] | Alpha Aesthetics Partners OpCo, LLC [Member] | ||
| Investment variable rate | 10.00% | |
| Investment interest rate | 15.17% | |
| Investment maturity date | Mar. 20, 2028 | |
| Total Healthcare Services One [Member] | Alpha Aesthetics Partners OpCo, LLC One [Member] | ||
| Investment variable rate | 10.00% | |
| Investment interest rate | 15.17% | |
| Investment maturity date | Mar. 20, 2028 | |
| IT Services [Member] | Netreo Holdings, LLC [Member] | ||
| Investment variable rate | 6.50% | |
| Investment interest rate | 14.02% | |
| Investment maturity date | Dec. 31, 2025 | |
| PIK rate | 2.00% | |
| IT Services [Member] | Netreo Holdings, LLC One [Member] | ||
| Investment variable rate | 6.50% | |
| Investment interest rate | 14.02% | |
| Investment maturity date | Dec. 31, 2025 | |
| PIK rate | 2.00% | |
| Structured Finance Securities [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ||
| Investment interest rate | 0.00% | |
| Investment maturity date | Apr. 20, 2033 | |
| Structured Finance Securities [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note [Member] | ||
| Investment variable rate | 10.00% | |
| Investment interest rate | 15.52% | |
| Investment maturity date | Apr. 20, 2033 | |
| Total Structured Finance Securities [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ||
| Investment interest rate | 0.00% | |
| Investment maturity date | Apr. 20, 2033 | |
| Total Structured Finance Securities [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note [Member] | ||
| Investment variable rate | 10.00% | |
| Investment interest rate | 14.97% | |
| Investment maturity date | Apr. 20, 2033 | |
| Total Structured Finance Securities [Member] | Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E Note [Member] | ||
| Investment variable rate | 8.55% | 8.55% |
| Investment interest rate | 13.84% | 13.44% |
| Investment maturity date | Oct. 20, 2033 | |
| Investment Fund [Member] | Saratoga Senior Loan Fund I JV, LLC [Member] | ||
| Investment interest rate | 10.00% | |
| Investment maturity date | Jun. 15, 2023 | |
| Total Investment Fund [Member] | Saratoga Senior Loan Fund I JV, LLC [Member] | ||
| Investment maturity date | Oct. 20, 2023 | |
| Total Investment Fund [Member] | Saratoga Senior Loan Fund I JV LLC [Member] | ||
| Investment variable rate | 10.00% | |
| Investment maturity date | Jun. 15, 2023 |
Schedule of cash and cash equivalents and cash and cash equivalents - USD ($) |
May 31, 2023 |
Feb. 28, 2022 |
||||
|---|---|---|---|---|---|---|
| Cost | $ 53,153,165 | $ 96,076,273 | ||||
| Number of Shares (in Shares) | 53,153,165 | 96,076,273 | ||||
| % of Net Assets | 15.80% | 27.70% | ||||
| Fair Value | $ 53,153,165 | $ 96,076,273 | ||||
| U.S. Bank Money Market [Member] | ||||||
| Cost | [1] | $ 53,153,165 | $ 96,076,273 | |||
| Number of Shares (in Shares) | [1],[2] | 53,153,165 | 96,076,273 | |||
| % of Net Assets | [1],[2] | 15.80% | 27.70% | |||
| Fair Value | [1],[2] | $ 53,153,165 | $ 96,076,273 | |||
| ||||||
Schedule of transactions related to affiliates - USD ($) |
3 Months Ended | 12 Months Ended |
|---|---|---|
May 31, 2023 |
Feb. 28, 2023 |
|
| Affiliate [Member] | ||
| Net Change in Unrealized Appreciation (Depreciation) | $ 574,354 | |
| Net Realized Gain (Loss) from Investments | ||
| Sales | 6,162,526 | |
| Purchases | 43,409,000 | |
| Management Fee Income | ||
| Total Interest from Investments | 5,190,237 | |
| Affiliate [Member] | Saratoga CLO [Member] | ||
| Net Change in Unrealized Appreciation (Depreciation) | $ (245,284) | |
| Net Realized Gain (Loss) from Investments | ||
| Sales | ||
| Purchases | 14,536,500 | |
| Management Fee Income | ||
| Total Interest from Investments | 934,675 | |
| Control [Member] | ||
| Net Change in Unrealized Appreciation (Depreciation) | (14,348,889) | (10,461,606) |
| Net Realized Gain (Loss) from Investments | ||
| Management Fee Income | 816,788 | 3,269,820 |
| Total Interest from Investments | 2,187,423 | 6,989,483 |
| Sales | ||
| Purchases | 28,634,940 | |
| Axero Holdings, LLC [Member] | Affiliate [Member] | ||
| Net Change in Unrealized Appreciation (Depreciation) | 1,951,499 | |
| Net Realized Gain (Loss) from Investments | ||
| Sales | ||
| Purchases | 1,089,000 | |
| Management Fee Income | ||
| Total Interest from Investments | 848,422 | |
| Axero Holdings, LLC [Member] | Affiliate [Member] | Saratoga CLO [Member] | ||
| Net Change in Unrealized Appreciation (Depreciation) | (33,070) | |
| Net Realized Gain (Loss) from Investments | ||
| Sales | ||
| Purchases | ||
| Management Fee Income | ||
| Total Interest from Investments | 222,826 | |
| ETU Holdings, Inc. [Member] | Affiliate [Member] | Saratoga CLO [Member] | ||
| Net Change in Unrealized Appreciation (Depreciation) | (209,149) | |
| Net Realized Gain (Loss) from Investments | ||
| Sales | ||
| Purchases | ||
| Management Fee Income | ||
| Total Interest from Investments | 467,851 | |
| Modis Dental Partners OpCo, LLC [Member] | Affiliate [Member] | Saratoga CLO [Member] | ||
| Net Change in Unrealized Appreciation (Depreciation) | (1,854) | |
| Net Realized Gain (Loss) from Investments | ||
| Sales | ||
| Purchases | 8,845,000 | |
| Management Fee Income | ||
| Total Interest from Investments | 124,995 | |
| Alpha Aesthetics Partners OpCo, LLC [Member] | Affiliate [Member] | Saratoga CLO [Member] | ||
| Net Change in Unrealized Appreciation (Depreciation) | (1,211) | |
| Net Realized Gain (Loss) from Investments | ||
| Sales | ||
| Purchases | 5,691,500 | |
| Management Fee Income | ||
| Total Interest from Investments | 119,003 | |
| Netreo Holdings, LLC [Member] | Control [Member] | ||
| Net Change in Unrealized Appreciation (Depreciation) | (3,319,711) | (2,363,302) |
| Net Realized Gain (Loss) from Investments | ||
| Management Fee Income | ||
| Total Interest from Investments | 962,758 | 2,529,483 |
| Sales | ||
| Purchases | 8,290,000 | |
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Control [Member] | ||
| Net Change in Unrealized Appreciation (Depreciation) | (5,674,249) | (4,149,106) |
| Net Realized Gain (Loss) from Investments | ||
| Management Fee Income | 816,788 | 3,269,820 |
| Total Interest from Investments | 1,228,486 | |
| Sales | ||
| Purchases | ||
| Saratoga Investment Corp Senior Loan Fund 2022-1, Ltd. [Member] | Control [Member] | ||
| Net Change in Unrealized Appreciation (Depreciation) | (958) | (38,005) |
| Net Realized Gain (Loss) from Investments | ||
| Management Fee Income | ||
| Total Interest from Investments | 405,005 | 552,330 |
| Sales | ||
| Purchases | 11,392,500 | |
| Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note [Member] | Control [Member] | ||
| Net Change in Unrealized Appreciation (Depreciation) | 4,816 | (543,594) |
| Net Realized Gain (Loss) from Investments | ||
| Management Fee Income | ||
| Total Interest from Investments | 359,610 | 1,195,662 |
| Sales | ||
| Purchases | ||
| Saratoga Senior Loan Fund I JV, LLC [Member] | Control [Member] | ||
| Net Change in Unrealized Appreciation (Depreciation) | ||
| Net Realized Gain (Loss) from Investments | ||
| Management Fee Income | ||
| Total Interest from Investments | 460,050 | 1,483,522 |
| Sales | ||
| Purchases | 4,493,954 | |
| Saratoga Senior Loan Fund I JV, LLC One [Member] | Control [Member] | ||
| Net Change in Unrealized Appreciation (Depreciation) | (5,358,787) | (3,367,599) |
| Net Realized Gain (Loss) from Investments | ||
| Management Fee Income | ||
| Total Interest from Investments | ||
| Sales | ||
| Purchases | 4,458,486 | |
| Artemis Wax Corp.[Member] | Affiliate [Member] | ||
| Net Change in Unrealized Appreciation (Depreciation) | (1,460,287) | |
| Net Realized Gain (Loss) from Investments | ||
| Sales | 6,162,526 | |
| Purchases | 27,440,000 | |
| Management Fee Income | ||
| Total Interest from Investments | 3,418,378 | |
| ETU Holdings, Inc. [Member] | Affiliate [Member] | ||
| Net Change in Unrealized Appreciation (Depreciation) | 83,142 | |
| Net Realized Gain (Loss) from Investments | ||
| Sales | ||
| Purchases | 14,880,000 | |
| Management Fee Income | ||
| Total Interest from Investments | $ 923,437 |
N-2 - $ / shares |
3 Months Ended | |||
|---|---|---|---|---|
May 31, 2023 |
Feb. 28, 2023 |
May 31, 2022 |
Feb. 28, 2022 |
|
| Cover [Abstract] | ||||
| Entity Central Index Key | 0001377936 | |||
| Amendment Flag | false | |||
| Securities Act File Number | 814-00732 | |||
| Document Type | 10-Q | |||
| Entity Registrant Name | SARATOGA INVESTMENT CORP. | |||
| Entity Address, Address Line One | 535 Madison Avenue | |||
| Entity Address, City or Town | New York | |||
| Entity Address, State or Province | NY | |||
| Entity Address, Postal Zip Code | 10022 | |||
| City Area Code | (212) | |||
| Local Phone Number | 906-7800 | |||
| Entity Emerging Growth Company | false | |||
| General Description of Registrant [Abstract] | ||||
| Investment Objectives and Practices [Text Block] | OVERVIEW
We are a Maryland corporation that has elected to be treated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”). Our investment objective is to create attractive risk-adjusted returns by generating current income and long-term capital appreciation from our investments. We invest primarily in senior and unitranche leveraged loans and mezzanine debt issued by private U.S. middle-market companies, which we define as companies having earnings before interest, tax, depreciation and amortization (“EBITDA”) of between $2 million and $50 million, both through direct lending and through participation in loan syndicates. We may also invest up to 30.0% of the portfolio in opportunistic investments in order to seek to enhance returns to stockholders. Such investments may include investments in distressed debt, which may include securities of companies in bankruptcy, foreign debt, private equity, securities of public companies that are not thinly traded and structured finance vehicles such as collateralized loan obligation funds. Although we have no current intention to do so, to the extent we invest in private equity funds, we will limit our investments in entities that are excluded from the definition of “investment company” under Section 3(c)(1) or Section 3(c)(7) of the 1940 Act, which includes private equity funds, to no more than 15.0% of its net assets. We have elected and qualified to be treated as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). |
|||
| Risk Factors [Table Text Block] | Item 1A. Risk Factors
In addition to information set forth in this report, you should carefully consider the “Risk Factors” discussed in our most recent Annual Report on Form 10-K filed with the SEC, which could materially affect our business, financial condition and/or operating results. There have been no material changes during the three months ended May 31, 2023 to the risk factors discussed in “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended February 28, 2023. Additional risks or uncertainties not currently known to us or that we currently deem to be immaterial also may materially affect our business, financial condition and/or operating results. |
|||
| NAV Per Share | $ 28.48 | $ 29.18 | $ 28.69 | $ 29.33 |
| RISKS RELATED TO OUR NOTES [Member] | ||||
| General Description of Registrant [Abstract] | ||||
| Risk [Text Block] | In addition to information set forth in this report, you should carefully consider the “Risk Factors” discussed in our most recent Annual Report on Form 10-K filed with the SEC, which could materially affect our business, financial condition and/or operating results. There have been no material changes during the three months ended May 31, 2023 to the risk factors discussed in “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended February 28, 2023. Additional risks or uncertainties not currently known to us or that we currently deem to be immaterial also may materially affect our business, financial condition and/or operating results. |
Organization |
3 Months Ended |
|---|---|
May 31, 2023 | |
| Organization [Abstract] | |
| Organization | Note 1. Organization
Saratoga Investment Corp. (the “Company”, “we”, “our” and “us”) is a non-diversified closed end management investment company incorporated in Maryland that has elected to be treated and is regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company commenced operations on March 23, 2007 as GSC Investment Corp. and completed the initial public offering (“IPO”) on March 28, 2007. The Company has elected, and intends to qualify annually, to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation from its investments.
GSC Investment, LLC (the “LLC”) was organized in May 2006 as a Maryland limited liability company. As of February 28, 2007, the LLC had not yet commenced its operations and investment activities.
On March 21, 2007, the Company was incorporated and concurrently therewith the LLC was merged with and into the Company, with the Company as the surviving entity, in accordance with the procedure for such merger in the LLC’s limited liability company agreement and Maryland law. In connection with such merger, each outstanding limited liability company interest of the LLC was converted into a share of common stock of the Company.
On July 30, 2010, the Company changed its name from “GSC Investment Corp.” to “Saratoga Investment Corp.” in connection with the consummation of a recapitalization transaction.
The Company is externally managed and advised by the investment adviser, Saratoga Investment Advisors, LLC (the “Manager” or “Saratoga Investment Advisors”), pursuant to an investment advisory and management agreement (the “Management Agreement”). Prior to July 30, 2010, the Company was managed and advised by GSCP (NJ), L.P.
The Company has established wholly owned subsidiaries, SIA-AAP, Inc., SIA-ARC, Inc., SIA-Avionte, Inc., SIA-AX, Inc., SIA-G4, Inc., SIA-GH, Inc., SIA-MAC, Inc., SIA-MDP, Inc., SIA-PP Inc., SIA-SZ, Inc., SIA-TG, Inc., SIA-TT, Inc., SIA-Vector, Inc. and SIA-VR, Inc., which are structured as Delaware entities that are treated as corporations for U.S. federal income tax purposes and are intended to facilitate our compliance with the requirements to be treated as a RIC under the Code by holding equity or equity-like investments in portfolio companies organized as limited liability companies, or LLCs (or other forms of pass through entities). These entities are consolidated for accounting purposes, but are not consolidated for U.S. federal income tax purposes and may incur U.S. federal income tax expenses as a result of their ownership of portfolio companies. In February 2022, SIA-GH, Inc., SIA-TT Inc. and SIA-VR, Inc. received an approved plan of liquidation following the sale of equity held by each of the portfolio companies.
Our wholly owned subsidiaries, Saratoga Investment Corp. SBIC LP (“SBIC LP”), Saratoga Investment Corp. SBIC II LP (“SBIC II LP”), and Saratoga Investment Corp. SBIC III LP (“SBIC III LP”, and together with SBIC LP and SBIC II LP, the “SBIC Subsidiaries”), received an SBIC license from the SBA on March 28, 2012, August 14, 2019, and September 29, 2022, respectively. SBIC LP’s license provided up to $150.0 million in additional long-term capital in the form of SBA debentures, while SBIC II LP’s and SBIC III LP’s SBIC licenses provide up to $175.0 million each. Under current SBIC regulations, for two or more SBICs under common control, the maximum amount of outstanding SBA debentures cannot exceed $350.0 million with at least $175.0 million in combined regulatory capital.
The Company has formed a wholly owned special purpose entity, Saratoga Investment Funding II LLC, a Delaware limited liability company (“SIF II”), for the purpose of entering into a $50.0 million senior secured revolving credit facility with Encina Lender Finance, LLC (the “Lender”), supported by loans held by SIF II and pledged to the Lender under the credit facility (the “Encina Credit Facility”). The Encina Credit Facility closed on October 4, 2021. During the first two years following the closing date, SIF II may request an increase in the commitment amount under the Encina Credit Facility to up to $75.0 million. The terms of the Encina Credit Facility required a minimum drawn amount of $12.5 million at all times during the first six months following the closing date, which increased to the greater of $25.0 million or 50% of the commitment amount in effect at any time thereafter. The term of the Encina Credit Facility is three years. Advances under the Encina Credit Facility bear interest at a floating rate per annum equal to LIBOR plus 4.0%, with LIBOR having a floor of 0.75%, with customary provisions related to the selection by the Lender and the Company of a replacement benchmark rate. Concurrently with the closing of the Encina Credit Facility, all remaining amounts outstanding on the Company’s existing revolving credit facility with Madison Capital Funding, LLC were repaid and the revolving credit facility terminated. On January 27, 2023, among other things, the borrowings available under the Encina Credit Facility was increased from up to $50.0 million to up to $65.0 million, the underlying benchmark rate used to compute interest changed from LIBOR to Term SOFR for one-month tenor plus a 0.10% credit spread adjustment; the applicable effective margin rate on borrowings increased from 4.00% to 4.25% and the maturity date was extended from October 4, 2024 to January 27, 2026.
On October 26, 2021, the Company and TJHA JV I LLC (“TJHA”) entered into a Limited Liability Company Agreement to co-manage Saratoga Senior Loan Fund I JV LLC (“SLF JV”). SLF JV is under joint control and is not consolidated. SLF JV is invested in Saratoga Investment Corp Senior Loan Fund 2022-1 Ltd. (“SLF 2022”), which is a wholly owned subsidiary of SLF JV. SLF 2022 was formed for the purpose of making investments in a diversified portfolio of broadly syndicated first lien and second lien term loans or bonds in the primary and secondary markets. On October 28, 2022, SLF 2022 issued $402.1 million of debt (the “2022 JV CLO Notes”) through a collateralized loan obligation trust (the “JV CLO trust”). The 2022 JV CLO Notes were issued pursuant to an indenture, dated October 28, 2022 (the “JV Indenture”), with U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association) (the “Trustee”) servicing as the trustee. |
Summary of Significant Accounting Policies |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), are stated in U.S. Dollars and include the accounts of the Company and its wholly owned special purpose financing subsidiaries, Saratoga Investment Funding, LLC (previously known as GSC Investment Funding LLC), SIF II, SBIC LP, SBIC II LP, SBIC III LP, SIA-AAP, Inc., SIA-ARC, Inc., SIA-Avionte, Inc., SIA-AX, Inc., SIA-G4, Inc., SIA-GH, Inc., SIA-MDP, Inc., SIA-MAC, Inc., SIA-PP, Inc., SIA-SZ, Inc., SIA-TG, Inc., SIA-TT Inc., SIA-Vector, Inc. and SIA-VR, Inc. All intercompany accounts and transactions have been eliminated in consolidation. Therefore, this form 10-Q should be read in conjunction with the Company's annual report on Form 10-K for the year ended February 28, 2023. The current period's result of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending February 28, 2024. All references made to the “Company,” “we,” and “us” herein include Saratoga Investment Corp. and its consolidated subsidiaries, except as stated otherwise.
The Company, SBIC LP, SBIC II LP, and SBIC III LP are all considered to be investment companies for financial reporting purposes and have applied the guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies (“ASC 946”). There have been no changes to the Company, SBIC LP, SBIC II LP, or SBIC III LP’s status as investment companies during the three months ended May 31, 2023.
Principles of Consolidation
Under the investment company rules and regulations pursuant to ASC 946, the Company is precluded from consolidating any entity other than another investment company or controlled operating company whose business consists of providing services to the Company. As a result, the consolidated financial statements of the Company include only the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
The Company has determined that SLF JV is an investment company under ASC 946; however, in accordance with such guidance the Company will generally not consolidate its investment in a company other than a wholly owned investment company subsidiary. SLF JV is not a wholly owned investment company subsidiary as the Company and TJHA each have an equal 50% voting interest in SLF JV and thus neither party has a controlling financial interest. Furthermore, ASC 810 concludes that in a joint venture where both members have equal decision making authority, it is not appropriate for one member to consolidate the joint venture since neither has control. Accordingly, the Company does not consolidate its investment in SLF JV.
Use of Estimates in the Preparation of Financial Statements
The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and income, gains (losses) and expenses during the period reported. Actual results could differ materially from those estimates.
Cash and Cash Equivalents
Cash and cash equivalents include short-term, liquid investments in a money market fund. The Company places its cash in financial institutions and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation insurance limits. Cash and cash equivalents are carried at cost which approximates fair value. Pursuant to Section 12(d)(1)(A) of the 1940 Act, the Company may not invest in another investment company, such as a money market fund, if such investment would cause the Company to exceed any of the following limitations:
As of May 31, 2023, the Company did not exceed any of these limitations.
Cash and Cash Equivalents, Reserve Accounts
Cash and cash equivalents, reserve accounts include amounts held in designated bank accounts in the form of cash and short-term liquid investments in money market funds, and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation insurance limits, representing payments received on secured investments or other reserved amounts associated with the Encina Credit Facility within SIF II, our wholly owned subsidiary. The Company is required to use these amounts to pay interest expense, reduce borrowings, or pay other amounts in accordance with the terms of the Encina Credit Facility.
In addition, cash and cash equivalents, reserve accounts also include amounts held in designated bank accounts, in the form of cash and short-term liquid investments in money market funds, within our wholly owned subsidiaries, SBIC LP, SBIC II LP and SBIC III LP.
The statements of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash and restricted cash equivalents when reconciling the beginning-of-period and end-of-period total amounts.
The following table provides a reconciliation of cash and cash equivalents and cash and cash equivalents, reserve accounts reported within the consolidated statements of assets and liabilities that sum to the total of the same such amounts shown in the consolidated statements of cash flows:
Investment Classification
The Company classifies its investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, “control investments” are defined as investments in companies in which we own more than 25.0% of the voting securities or maintain greater than 50.0% of the board representation. Under the 1940 Act, “affiliated investments” are defined as those non-control investments in companies in which we own between 5.0% and 25.0% of the voting securities. Under the 1940 Act, “non-affiliated investments” are defined as investments that are neither control investments nor affiliated investments.
Investment Valuation
The Company accounts for its investments at fair value in accordance with the FASB ASC Topic 820, Fair Value Measurements and Disclosure (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value and enhances disclosure requirements for fair value measurements. ASC 820 requires the Company to assume that its investments are to be sold or its liabilities are to be transferred at the measurement date in the principal market to independent market participants, or in the absence of a principal market, in the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact.
Investments for which market quotations are readily available are fair valued at such market quotations obtained from independent third-party pricing services and market makers subject to any decision by our board of directors to approve a fair value determination to reflect significant events affecting the value of these investments. We value investments for which market quotations are not readily available at fair value as approved, in good faith, by our board of directors based on input from our Manager, the audit committee of our board of directors and a third-party independent valuation firm.
The Company undertakes a multi-step valuation process each quarter when valuing investments for which market quotations are not readily available, as described below:
In addition, all our investments are subject to the following valuation process:
We use multiple techniques for determining fair value based on the nature of the investment and experience with those types of investments and specific portfolio companies. The selections of the valuation techniques and the inputs and assumptions used within those techniques often require subjective judgements and estimates. These techniques include market comparables, discounted cash flows and enterprise value waterfalls. Fair value is best expressed as a range of values from which the Company determines a single best estimate. The types of inputs and assumptions that may be considered in determining the range of values of our investments include the nature and realizable value of any collateral, the portfolio company’s ability to make payments, market yield trend analysis and volatility in future interest rates, call and put features, the markets in which the portfolio company does business, comparison to publicly traded companies, discounted cash flows and other relevant factors.
The Company’s investments in the subordinated notes of Saratoga CLO, Class F-2-R-3 Notes of the Saratoga CLO and the Class E Notes of SLF 2022 are carried at fair value, which is based on a discounted cash flow valuation technique that utilizes prepayment, re-investment and loss inputs based on historical experience and projected performance, economic factors, the characteristics of the underlying cash flow, and comparable yields for equity interests in collateralized loan obligation funds, when available, as determined by our Manager and recommended to our board of directors. Specifically, we use Intex cash flows, or an appropriate substitute, to form the basis for the valuation of our investment in the subordinated notes of Saratoga CLO, Class F-2-R-3 Notes of the Saratoga CLO and the Class E Notes of SLF 2022. The cash flows use a set of inputs including projected default rates, recovery rates, reinvestment rates and prepayment rates in order to arrive at estimated valuations. The inputs are based on available market data and projections provided by third parties as well as management estimates.
The Company’s equity investment in SLF JV is measured using the proportionate share of the net asset value (“NAV”), or equivalent, of SLF JV as a practical expedient for fair value, provided by ASC 820.
Because such valuations, and particularly valuations of private investments and private companies, are inherently uncertain, they may fluctuate over short periods of time and may be based on estimates. The determination of fair value may differ materially from the values that would have been used if a ready market for these investments existed. The Company’s NAV could be materially affected if the determinations regarding the fair value of our investments were materially higher or lower than the values that we ultimately realize upon the disposal of such investments.
In December 2020, the U.S. Securities and Exchange Commission (the “SEC”) adopted new Rule 2a-5 under the 1940 Act (“Rule 2a-5”) that establishes a regulatory framework for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits boards of directors, subject to board oversight and certain other conditions, to designate the investment adviser to perform fair value determinations. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must determine the fair value of a security. The SEC also adopted new Rule 31a-4 under the 1940 Act (“Rule 31a-4”) that provides the recordkeeping requirements associated with fair value determinations. Finally, the SEC rescinded previously issued guidance on related issues, including the role of the board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021 and had a compliance date of September 8, 2022. While our board of directors has not elected to designate Saratoga Investment Advisors as the valuation designee, the Company has adopted certain revisions to its valuation policies and procedures in order comply with the applicable requirements of Rule 2a-5 and Rule 31a-4.
Derivative Financial Instruments
The Company accounts for derivative financial instruments in accordance with FASB ASC Topic 815, Derivatives and Hedging (“ASC 815”). ASC 815 requires recognizing all derivative instruments as either assets or liabilities on the consolidated statements of assets and liabilities at fair value. The Company values derivative contracts at the closing fair value provided by the counterparty. Changes in the values of derivative contracts are included in the consolidated statements of operations.
Investment Transactions and Income Recognition
Purchases and sales of investments and the related realized gains or losses are recorded on a trade-date basis. Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis to the extent that such amounts are expected to be collected. The Company stops accruing interest on its investments when it is determined that interest is no longer collectible. Discounts and premiums on investments purchased are accreted/amortized using the effective yield method. The amortized cost of investments represents the original cost adjusted for the accretion of discounts over the life of the investment and amortization of premiums on investments up to the earliest call date.
Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected. Accrued interest is generally reserved when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as a reduction in principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current, although we may make exceptions to this general rule if the loan has sufficient collateral value and is in the process of collection. At May 31, 2023 our investment in one portfolio company was on non-accrual status with a fair value of approximately $9.8 million, or 0.9% of the fair value of our portfolio. At May 31, 2022, our investment in one portfolio company was on non-accrual status with a fair value of approximately $10.1 million, or 1.1% of the fair value of our portfolio.
Interest income on our investment in Saratoga CLO is recorded using the effective interest method in accordance with the provisions of ASC Topic 325, Investments-Other, Beneficial Interests in Securitized Financial Assets, (“ASC 325”), based on the anticipated yield and the estimated cash flows over the projected life of the investment. Yields are revised when there are changes in actual or estimated cash flows due to changes in prepayments and/or re-investments, credit losses or asset pricing. Changes in estimated yield are recognized as an adjustment to the estimated yield over the remaining life of the investment from the date the estimated yield was changed.
Payment-in-Kind Interest
The Company holds debt and preferred equity investments in its portfolio that contain a payment-in-kind (“PIK”) interest provision. The PIK interest, which represents contractually deferred interest added to the investment balance that is generally due at maturity, is generally recorded on the accrual basis to the extent such amounts are expected to be collected. The Company stops accruing PIK interest if it is expected that the issuer will not be able to pay all principal and interest when due.
Dividend Income
Dividend income is recorded in the consolidated statements of operations when earned.
Structuring and Advisory Fee Income
Structuring and advisory fee income represents various fee income earned and received for performing certain investment structuring and advisory activities during the closing of new investments.
Other Income
Other income includes prepayment income fees, and monitoring, administration, redemption and amendment fees and is recorded in the consolidated statements of operations when earned.
Deferred Debt Financing Costs
Financing costs incurred in connection with our credit facility and notes are deferred and amortized using the straight-line method over the life of the respective facility and debt securities. Financing costs incurred in connection with the SBA debentures of SBIC LP, SBIC II LP, and SBIC III LP are deferred and amortized using the straight-line method over the life of the debentures. Any discount or premium on the issuance of any debt is accreted and amortized using the effective interest method over the life of the respective debt security.
The Company presents deferred debt financing costs on the balance sheet as a contra-liability as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts.
Realized Loss on Extinguishment of Debt
Upon the repayment of debt obligations that are deemed to be extinguishments, the difference between the principal amount due at maturity adjusted for any unamortized debt issuance costs is recognized as a loss (i.e., the unamortized debt issuance costs are recognized as a loss upon extinguishment of the underlying debt obligation).
Contingencies
In the ordinary course of business, the Company may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Company. Based on its history and experience, management reasonably believes that the likelihood of such an event is remote. Therefore, the Company has not accrued any liabilities in connection with such indemnifications.
In the ordinary course of business, the Company may directly or indirectly be a defendant or plaintiff in legal actions with respect to bankruptcy, insolvency or other types of proceedings. Such lawsuits may involve claims that could adversely affect the value of certain financial instruments owned by the Company.
Income Taxes
The Company has elected, and intends to qualify annually, to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code. By meeting these requirements, the Company will not be subject to U.S. federal income tax on ordinary income or capital gains timely distributed to stockholders. Therefore, no provision has been recorded for federal income taxes, except as related to the Taxable Blockers and long-term capital gains, when applicable.
In order to qualify as a RIC, among other requirements, the Company generally is required to timely distribute to its stockholders at least 90% of its “investment company taxable income”, as defined by the Code, for each fiscal tax year. The Company will be subject to U.S. federal income tax at corporate rates on its investment company taxable income and net capital gains that it does not timely distribute to shareholders. The Company will be subject to a nondeductible U.S. federal excise tax of 4% on undistributed income if it does not distribute at least (1) 98% of its net ordinary income in any calendar year, (2) 98.2% of its capital gain net income for each one-year period ending on October 31and (3) any net ordinary income and capital gain net income that it recognized for preceding years, but were not distributed during such year, and on which the Company paid no U.S federal income tax.
Depending on the level of investment company taxable income earned in a tax year and the amount of net capital gains recognized in such tax year, the Company may choose to carry forward investment company taxable income and net capital gains in excess of current year dividend distributions into the next tax year and pay U.S. federal income tax, and possibly the 4.0% U.S. federal excise tax on such income, as required. To the extent that the Company determines that its estimated current year annual investment company taxable income will be in excess of estimated current year dividend distributions for U.S. federal excise tax purposes, the Company accrues the U.S. federal excise tax, if any, on estimated excess taxable income as taxable income is earned.
In accordance with U.S. Treasury regulations and published guidance issued by the Internal Revenue Service (“IRS”), a publicly offered RIC may treat a distribution of its own stock as counting toward its RIC distribution requirements if each stockholder may elect to receive his, her, or its entire distribution in either cash or stock of the RIC. This published guidance indicates that the rule will apply where the aggregate amount of cash to be distributed to all stockholders is not at least 20.0% of the aggregate declared distribution. Under the published guidance, if too many stockholders elect to receive cash, the cash available for distribution must be allocated among the stockholders electing to receive cash (with the balance of the distribution paid in stock). In no event will any stockholder, electing to receive cash, receive less than 20.0% of his or her entire distribution in cash. If these and certain other requirements are met, for U.S. federal income tax purposes, the amount of the dividend paid in stock will be equal to the amount of cash that could have been received instead of stock.
The Company may utilize wholly owned holding companies taxed under Subchapter C of the Code or tax blockers, when making equity investments in portfolio companies taxed as pass-through entities to meet its source-of-income requirements as a RIC. Taxable Blockers are consolidated in the Company’s U.S. GAAP financial statements and may result in current and deferred federal and state income tax expense with respect to income derived from those investments. Such income, net of applicable income taxes, is not included in the Company’s tax-basis net investment income until distributed by the Taxable Blocker, which may result in timing and character differences between the Company’s U.S. GAAP and tax-basis net investment income and realized gains and losses. Income tax expense or benefit from Taxable Blockers related to net investment income are included in total operating expenses, while any expense or benefit related to federal or state income tax originated for capital gains and losses are included together with the applicable net realized or unrealized gain or loss line item. Deferred tax assets of the Taxable Blockers are reduced by a valuation allowance when, in the opinion of management, it is more-likely than-not that some portion or all of the deferred tax assets will not be realized.
FASB ASC Topic 740, Income Taxes, (“ASC 740”), provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions deemed to meet a “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current period. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the consolidated statements of operations. During the fiscal year ended February 28, 2023, the Company did not incur any interest or penalties. Although we file federal and state tax returns, our major tax jurisdiction is federal. The 2020, 2021, 2022 and 2023 federal tax years for the Company remain subject to examination by the IRS. At May 31, 2023, and February 28, 2023, there were no uncertain tax positions. The Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change significantly in the next 12 months.
Dividends
Dividends to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a dividend is determined by the board of directors. Net realized capital gains, if any, are generally distributed at least annually, although we may decide to retain some or all of our net capital gains for reinvestment.
We have adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of our dividend distributions on behalf of our stockholders unless a stockholder elects to receive cash. As a result, if our board of directors authorizes, and we declare, a cash dividend, then our stockholders who have not “opted out” of the DRIP by the dividend record date will have their cash dividends automatically reinvested into additional shares of our common stock, rather than receiving the cash dividends. We have the option to satisfy the share requirements of the DRIP through the issuance of new shares of common stock or through open market purchases of common stock by the DRIP plan administrator.
Capital Gains Incentive Fee
The Company records an expense accrual on the consolidated statements of operations relating to the capital gains incentive fee payable to the Manager, as recorded on the consolidated statements of assets and liabilities when the net realized and unrealized gain on its investments exceed all net realized and unrealized capital losses on its investments because a capital gains incentive fee would be owed to the Manager if the Company were to liquidate its investment portfolio at such time.
The actual incentive fee payable to the Manager related to capital gains will be determined and payable in arrears at the end of each fiscal year and only reflect those realized capital gains net of realized and unrealized losses for the period.
Recent Accounting Pronouncements
In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (Topic 820) (“ASU 2022-03”), which clarifies that a contractual sale restriction prohibiting the sale of an equity security is a characteristic of the reporting entity holding the equity security and is not included in the equity security’s unit of account. Accordingly, an entity should not consider the contractual sale restriction when measuring the equity security’s fair value. In addition, ASU 2022-03 prohibits an entity from recognizing a contractual sale restriction as a separate unit of account. ASU 2022-03 amendments are effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The Company is currently evaluating the impact of the adoption of ASU 2022-03 on its consolidated financial statements.
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) to provide optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 established Topic 848 to provide relief during the temporary transition period and includes a sunset provision based on expectations of when the London Interbank Offered Rate (“LIBOR”) would cease being published. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset day of this guidance to December 31, 2024. With the adoption of ASU 2022-06, there was no significant impact to the Company’s financial position.
Risk Management
In the ordinary course of its business, the Company manages a variety of risks, including market risk and credit risk. Market risk is the risk of potential adverse changes to the value of investments because of changes in market conditions such as interest rate movements and volatility in investment prices.
Credit risk is the risk of default or non-performance by portfolio companies, equivalent to the investment’s carrying amount. The Company is also exposed to credit risk related to maintaining all of its cash and cash equivalents, including those in reserve accounts, at a major financial institution and credit risk related to any of its derivative counterparties.
The Company has investments in lower rated and comparable quality unrated high yield bonds and bank loans. Investments in high yield investments are accompanied by a greater degree of credit risk. The risk of loss due to default by the issuer is significantly greater for holders of high yield securities, because such investments are generally unsecured and are often subordinated to other creditors of the issuer. |
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| Saratoga Investment Corp. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments | Note 3. Investments
As noted above, the Company values all investments in accordance with ASC 820. As defined in ASC 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between independent market participants at the measurement date.
ASC 820 establishes a hierarchal disclosure framework which prioritizes and ranks the level of market price observability of inputs used in measuring investments at fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.
Based on the observability of the inputs used in the valuation techniques, the Company is required to provide disclosures on fair value measurements according to the fair value hierarchy. The fair value hierarchy ranks the observability of the inputs used to determine fair values. Investments carried at fair value are classified and disclosed in one of the following three categories:
In addition to using the above inputs in investment valuations, the Company continues to employ the valuation policy approved by the board of directors that is consistent with ASC 820 and the 1940 Act (see Note 2). Consistent with our valuation policy, we evaluate the source of inputs, including any markets in which our investments are trading, in determining fair value.
The following table presents fair value measurements of investments, by major class, as of May 31, 2023 (dollars in thousands), according to the fair value hierarchy:
The following table presents fair value measurements of investments, by major class, as of February 28, 2023 (dollars in thousands), according to the fair value hierarchy:
The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended May 31, 2023 (dollars in thousands):
Purchases, PIK and other adjustments to cost include purchases of new investments at cost, effects of refinancing/restructuring, accretion/amortization of income from discount/premium on debt securities, and PIK interests.
Sales and repayments represent net proceeds received from investments sold and principal paydowns received during the period.
Transfers and restructurings, if any, are recognized at the beginning of the period in which they occur. There were no transfers or restructurings in or out of Levels 1, 2 or 3 during the three months ended May 31, 2023.
The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended May 31, 2022 (dollars in thousands):
Transfers and restructurings, if any, are recognized at the beginning of the period in which they occur. There were no transfers or restructurings in or out of Levels 1, 2 or 3 during the three months ended May 31, 2022.
The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of May 31, 2023 were as follows (dollars in thousands):
The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of February 28, 2023 were as follows (dollars in thousands):
For investments utilizing a market comparables valuation technique, a significant increase (decrease) in the market yield, in isolation, would result in a significantly lower (higher) fair value measurement, and a significant increase (decrease) in any of the earnings before interest, tax, depreciation and amortization (“EBITDA”) or revenue valuation multiples, in isolation, would result in a significantly higher (lower) fair value measurement. For investments utilizing a discounted cash flow valuation technique, a significant increase (decrease) in the discount rate, and prepayment rate, in isolation, would result in a significantly lower (higher) fair value measurement while a significant increase (decrease) in recovery rate, in isolation, would result in a significantly higher (lower) fair value measurement. For investments utilizing a market quote, third party bid or NAV in deriving a value, a significant increase (decrease) in the market quote, bid or NAV in isolation, would result in a significantly higher (lower) fair value measurement.
The composition of our investments as of May 31, 2023 at amortized cost and fair value was as follows (dollars in thousands):
The composition of our investments as of February 28, 2023 at amortized cost and fair value was as follows (dollars in thousands):
For loans and debt securities for which market quotations are not readily available, we determine their fair value based on third party indicative broker quotes, where available, or the inputs that a hypothetical market participant would use to value the security in a current hypothetical sale using a market comparables valuation technique. In applying the market comparables valuation technique, we determine the fair value based on such factors as market participant inputs including synthetic credit ratings, estimated remaining life, current market yield and interest rate spreads of similar securities as of the measurement date. If, in our judgment, the market comparables technique is not sufficient or appropriate, we may use additional techniques such as an asset liquidation or expected recovery model.
For equity securities of portfolio companies and partnership interests, we determine the fair value using an enterprise value waterfall valuation technique. Under the enterprise value waterfall valuation technique, we determine the enterprise fair value of the portfolio company and then waterfall the enterprise value over the portfolio company’s securities in order of their preference relative to one another. To estimate the enterprise value of the portfolio company, we weigh some or all of the traditional market valuation techniques and factors based on the individual circumstances of the portfolio company in order to estimate the enterprise value. The techniques for performing investments may be based on, among other things: valuations of comparable public companies, recent sales of private and public comparable companies, discounting the forecasted cash flows of the portfolio company, third party valuations of the portfolio company, considering offers from third parties to buy the company, estimating the value to potential strategic buyers and considering the value of recent investments in the equity securities of the portfolio company. For non-performing investments, we may estimate the liquidation or collateral value of the portfolio company’s assets and liabilities. We also take into account historical and anticipated financial results.
Our investments in Saratoga CLO and SLF 2022 are carried at fair value, which is based on a discounted cash flow valuation technique that utilizes prepayment, re-investment and loss inputs based on historical experience and projected performance, economic factors, the characteristics of the underlying cash flow, and comparable yields for equity interests in collateralized loan obligation funds similar to Saratoga CLO and SLF 2022, when available, as determined by our Manager and recommended to our board of directors. Specifically, we use Intex cash flows, or an appropriate substitute, to form the basis for the valuation of our investment in Saratoga CLO and SLF 2022. The cash flows use a set of inputs including projected default rates, recovery rates, reinvestment rates and prepayment rates in order to arrive at estimated valuations. The inputs are based on available market data and projections provided by third parties as well as management estimates. We ran Intex models based on inputs about the refinanced Saratoga CLO’s structure and the SLF 2022 structure, including capital structure, cost of liabilities and reinvestment period. We use the output from the Intex models (i.e., the estimated cash flows) to perform a discounted cash flow analysis on expected future cash flows to determine a valuation for our investments in Saratoga CLO and SLF 2022 at May 31, 2023. The inputs at May 31, 2023 for the valuation model include:
Investment Concentration
Set forth is a brief description of each portfolio company in which the fair value of our investment represents greater than 5% of our total assets as of May 31, 2023, excluding Saratoga CLO, SLF JV and SLF 2022 (see Note 4 and Note 5 for more information on Saratoga CLO, SLF JV and SLF 2022, respectively).
HemaTerra Holdings Company, LLC
HemaTerra Holding Company, LLC (“HemaTerra”) provides SaaS-based software solutions addressing complex supply chain issues across a variety of medical environments, including blood, plasma, tissue, implants and DNA sample management, to customers in blood centers, hospitals, pharmaceuticals, and law enforcement settings.
Buildout, Inc.
Buildout, Inc. provides SaaS-based real estate marketing and customer relationship management software to commercial real estate brokerages. Buildout provides a suite of software solutions brokers use to manage relationships, efficiently create and distribute marketing materials over a wide variety of channels, including direct mail, multiple listing websites, brokerage website, property specific websites and manage back office functions like commission calculations and broker productivity.
Artemis Wax Corp.
Artemis Wax Corporation is a U.S. based retail aggregator of European Wax Center (“EWC”) franchise locations with a concentration in the northeast. Founded in 2004, EWC is the largest U.S. body waxing national chain with more than 800 locations across the country.
Granite Comfort, LP
Granite Comfort, LP is a U.S. based heating, ventilation and air conditioning (“HVAC”) company. The company provides traditional service and replacement of HVAC / plumbing systems, as well as a rental model that is in the early stages of implementation. |
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| Saratoga CLO [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments | Note 4. Investment in Saratoga CLO
On January 22, 2008, the Company entered into a collateral management agreement with Saratoga CLO, pursuant to which the Company acts as its collateral manager. The Saratoga CLO was initially refinanced in October 2013 with its reinvestment period extended to October 2016. On November 15, 2016, the Company completed a second refinancing of the Saratoga CLO with its reinvestment period extended to October 2018.
On December 14, 2018, the Company completed a third refinancing and upsize of the Saratoga CLO (the “2013-1 Reset CLO Notes”). The third Saratoga CLO refinancing, among other things, extended its reinvestment period to January 2021, and extended its legal maturity date to January 2030. Following this refinancing, the Saratoga CLO portfolio increased its aggregate principal amount from approximately $300.0 million to approximately $500.0 million of predominantly senior secured first lien term loans.
On February 11, 2020, the Company entered into an unsecured loan agreement (“CLO 2013-1 Warehouse 2 Loan”) with Saratoga Investment Corp. CLO 2013-1 Warehouse 2, Ltd. (“CLO 2013-1 Warehouse 2”), a wholly owned subsidiary of Saratoga CLO. During the fourth quarter ended February 28, 2021, the CLO 2013-1 Warehouse 2 Ltd. was repaid in full.
On February 26, 2021, the Company completed the fourth refinancing of the Saratoga CLO. This refinancing, among other things, extended the Saratoga CLO reinvestment period to April 2024, and extended its legal maturity to April 2033. A non-call period ended February 2022 was also added. In addition, and as part of the refinancing, the Saratoga CLO has also been upsized from $500 million in assets to approximately $650 million. As part of this refinancing and upsizing, the Company invested an additional $14.0 million in all of the newly issued subordinated notes of the Saratoga CLO, and purchased $17.9 million in aggregate principal amount of the Class F-R-3 Notes tranche at par. Concurrently, the existing $2.5 million of Class F-R-2 Notes, $7.5 million of Class G-R-2 Notes and $25.0 million of the CLO 2013-1 Warehouse 2 Loan were repaid. The Company also paid $2.6 million of transaction costs related to the refinancing and upsizing on behalf of the Saratoga CLO, to be reimbursed from future equity distributions. At August 31, 2021, the outstanding receivable of $2.6 million was repaid in full.
On August 9, 2021, the Company exchanged its existing $17.9 million Class F-R-3 Note for $8.5 million Class F-1-R-3 Notes and $9.4 million Class F-2-R-3 Notes at par. On August 11, 2021, the Company sold its Class F-1-R-3 Notes to third parties, resulting in a realized loss of $0.1 million.
The Saratoga CLO remains effectively 100.0% owned and managed by the Company. We receive a base management fee of 0.10% per annum and a subordinated management fee of 0.40% per annum of the outstanding principal amount of Saratoga CLO’s assets, paid quarterly to the extent of available proceeds. Following the third refinancing and the issuance of the 2013-1 Reset CLO Notes on December 14, 2018, we are no longer entitled to an incentive management fee equal to 20.0% of excess cash flow to the extent the Saratoga CLO subordinated notes receive an internal rate of return paid in cash equal to or greater than 12.0%.
For the three months ended May 31, 2023 and May 31, 2022, we accrued management fee income of $0.8 million and $0.8 million, respectively, and interest income of $0.0 million and $0.6 million, respectively, from the subordinated notes of Saratoga CLO.
As of May 31, 2023, the aggregate principal amounts of the Company’s investments in the subordinated notes and Class F-2-R-3 Notes of the Saratoga CLO was $111.0 million and $9.4 million, respectively, which had a corresponding fair value of $13.7 million and $8.8 million, respectively. The Company determines the fair value of its investment in the subordinated notes of Saratoga CLO based on the present value of the projected future cash flows of the subordinated notes over the life of Saratoga CLO. As of May 31, 2023, Saratoga CLO had investments with a principal balance of $652.8 million and a weighted average spread over LIBOR of 3.8% and had debt with a principal balance of $611.0 million with a weighted average spread over LIBOR of 2.2%. As a result, Saratoga CLO earns a “spread” between the interest income it receives on its investments and the interest expense it pays on its debt and other operating expenses, which is distributed quarterly to the Company as the holder of its subordinated notes. As of May 31, 2023, the present value of the projected future cash flows of the subordinated notes was approximately $13.7 million, using a 22.0% discount rate. The Company’s total investment in the subordinate notes of Saratoga CLO is $57.8 which consists of additional investments of $30 million in January 2008, $13.8 million in December 2018 and $14.0 million in February 2021; to date the Company has since received distributions of $79.5 million, management fees of $32.7 million and incentive fees of $1.2 million.
As of February 28, 2023, the Company determined that the fair value of its investment in the subordinated notes of Saratoga CLO was $21.2 million. As of February 28, 2023, the fair value of its investment in the Class F-R-3 Notes of Saratoga CLO was $8.8 million. As of February 28, 2023, Saratoga CLO had investments with a principal balance of $645.6 million and a weighted average spread over LIBOR of 3.8% and had debt with a principal balance of $611.0 million with a weighted average spread over LIBOR of 2.2%. As of February 28, 2023, the present value of the projected future cash flows of the subordinated notes, was approximately $21.2 million, using a 22.0% discount rate. The Company’s total investment in the subordinate notes of Saratoga CLO is $57.8 which consists of additional investments of $30 million in January 2008, $13.8 million in December 2018 and $14.0 million in February 2021; to date the Company has since received distributions of $77.7 million, management fees of $31.9 million and incentive fees of $1.2 million.
Below is certain financial information from the separate financial statements of Saratoga CLO as of May 31, 2023 (unaudited) and February 28, 2023 and for the three months ended May 31, 2023 (unaudited) and May 31, 2022 (unaudited).
LIBOR—London Interbank Offered Rate SOFR - Secured Overnight Financing Rate
1M USD LIBOR—The 1 month USD LIBOR rate as of May 31, 2023 was 5.19%. 3M USD LIBOR—The 3 month USD LIBOR rate as of May 31, 2023 was 5.52%. 6M USD LIBOR—The 6 month USD LIBOR rate as of May 31, 2023 was 5.65%. 1M SOFR - The 1 month SOFR rate as of May 31, 2023 was 5.17%. 3M SOFR - The 3 month SOFR rate as of May 31, 2023 was 5.29%. 6M SOFR - The 6 month SOFR rate as of May 31, 2023 was 5.32%.
Prime—The Prime Rate as of May 31, 2023 was 8.25%.
LIBOR—London Interbank Offered Rate SOFR - Secured Overnight Financing Rate
1M USD LIBOR—The 1 month USD LIBOR rate as of February 28, 2023 was 4.67%. 3M USD LIBOR—The 3 month USD LIBOR rate as of February 28, 2023 was 4.97%. 6M USD LIBOR—The 6 month USD LIBOR rate as of February 28, 2023 was 5.26%. 1M SOFR - The 1 month SOFR rate as of February 28, 2023 was 4.66%. 3M SOFR - The 3 month SOFR rate as of February 28, 2023 was 4.89%. 6M SOFR - The 6 month SOFR rate as of February 28, 2023 was 5.15%.
Prime—The Prime Rate as of February 28, 2023 was 7.75%. |
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| SLF JV [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments | Note 5. Investment in SLF JV
On October 26, 2021, the Company and TJHA entered into the LLC Agreement to co-manage SLF JV. SLF JV is invested in Saratoga Investment Corp Senior Loan Fund 2022-1, Ltd (“SLF 2021”), which is a wholly owned subsidiary of SLF JV. SLF 2021 was formed for the purpose of making investments in a diversified portfolio of broadly syndicated first lien and second lien term loans or bonds in the primary and secondary markets.
On September 30, 2022, SLF 2021 was renamed to Saratoga Investment Corp Senior Loan Fund 2022-1, Ltd. (“SLF 2022”).
The Company and TJHA have equal voting interest on all material decisions with respect to SLF JV, including those involving its investment portfolio, and equal control of corporate governance. No management fee is charged to SLF JV as control and management of SLF JV is shared equally.
The Company and TJHA have committed to provide up to a combined $50.0 million of financing to SLF JV through cash contributions, with the Company providing $43.75 million and TJHA providing $6.25 million, resulting in an 87.5% and 12.5% ownership between the two parties. The financing is issued in the form of an unsecured note and equity. The unsecured note paid a fixed rate of 10.0% per annum and was due and payable in full on October 20, 2033. As of May 31, 2023, the Company and TJHA’s investment in SLF JV consisted of an unsecured note of $17.6 million and $2.5 million, respectively; and membership interest of $17.6 million and $2.5 million, respectively. As of May 31, 2023 and February 28, 2023, the Company’s investment in the unsecured note of SLF JV had a fair value of $17.6 million and $17.6 million, respectively, and the Company’s investment in the membership interests of SLF JV had a fair value of $7.7 million and $13.1 million, respectively.
The Company has determined that SLF JV is an investment company under ASC 946; however, in accordance with such guidance the Company will generally not consolidate its investment in a company other than a wholly owned investment company subsidiary. SLF JV is not a wholly owned investment company subsidiary as the Company and TJHA each have an equal 50% voting interest in SLF JV and thus neither party has a controlling financial interest. Furthermore, ASC 810, Consolidation concludes that in a joint venture where both members have equal decision making authority, it is not appropriate for one member to consolidate the joint venture since neither has control. Accordingly, the Company does not consolidate SLF JV.
For the three months ended May 31, 2023 and May 31, 2022, the Company earned $0.5 million and $0.3 million, respectively, of interest income related to SLF JV, which is included in interest income. As of May 31, 2023 and February 28, 2023, $0.2 million and $0.4 million, respectively, of interest income related to SLF JV was included in interest receivable.
SLF JV’s initial investment in SLF 2022 was in the form of an unsecured loan. The unsecured loan paid a floating rate of LIBOR plus 7.00% per annum and was paid in full on June 9, 2023. The unsecured loan was repaid in full on October 28, 2022, as part of the CLO closing.
On October 28, 2022, SLF 2022 issued $402.1 million of the 2022 JV CLO Notes through the JV CLO trust. The 2022 JV CLO Notes were issued pursuant to the JV Indenture, with the Trustee. As part of the transaction, the Company purchased 87.50% of the Class E Notes from SLF 2022 with a par value of $12.25 million. As of May 31, 2023 and February 28, 2023, the fair value of these Class E Notes were $11.4 million and $11.4 million, respectively. |
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| Income Taxes | Note 6. Income Taxes
SIA-AAP, Inc., SIA-ARC, Inc., SIA-Avionte, Inc., SIA-AX, Inc., SIA-G4, Inc., SIA-GH, Inc., SIA-MDP, Inc., SIA-MAC, Inc., SIA-PP Inc., SIA-SZ, Inc., SIA-TG, Inc., SIA-TT Inc., SIA-Vector, Inc., and SIA-VR, Inc. each 100% owned by the Company, are each filing standalone C Corporation tax returns for U.S. federal and state tax purposes. As separately regarded entities for tax purposes, these entities are subject to U.S. federal income tax at normal corporate rates. For tax purposes, any distributions by the entities to the parent company would generally need to be distributed to the Company’s shareholders. Generally, such distributions of the entities’ income to the Company’s shareholders will be considered as qualified dividends for tax purposes. The entities’ taxable net income will differ from U.S. GAAP net income because of deferred tax temporary differences arising from net operating losses and unrealized appreciation and deprecation of securities held. Deferred tax assets and liabilities are measured using enacted corporate federal and state tax rates expected to apply to taxable income in the years in which those net operating losses are utilized and the unrealized gains and losses are realized. Deferred tax assets and deferred tax liabilities are netted off by entity, as allowed. The recoverability of deferred tax assets is assessed and a valuation allowance is recorded to the extent that it is more likely than not that any portion of the deferred tax asset will not be realized on the basis of a history of operating losses combined with insufficient projected taxable income or other taxable events in the taxable blockers. In February 2022, SIA-GH, Inc., SIA-TT Inc. and SIA-VR, Inc. received an approved plan of liquidation following the sale of equity held by each of the portfolio companies.
The Company may distribute a portion of its realized net long term capital gains in excess of realized net short term capital losses to its stockholders, but may also decide to retain a portion, or all, of its net capital gains and elect to pay the 21% U.S. federal tax on the net capital gain, potentially in the form of a “deemed distribution” to its stockholders. Income tax (provision) relating to an election to retain its net capital gains, including in the form of a deemed distribution, is included as a component of income tax (provision) benefit from realized gains on investments, depending on the character of the underlying taxable income (ordinary or capital gains), on the consolidated statements of operations.
Deferred tax assets and liabilities, and related valuation allowance as of May 31, 2023 and February 28, 2023 were as follows:
As of May 31, 2023, the valuation allowance on deferred tax assets was $2.2 million, which represents the federal and state tax effect of net operating losses and unrealized losses that we do not believe we will realize through future taxable income. Any adjustments to the Company’s valuation allowance will depend on estimates of future taxable income and will be made in the period such determination is made.
Net income tax expense for the three months ended May 31, 2023 includes ($0.06) million deferred tax expense (benefit) on net change in unrealized appreciation (depreciation) on investments, $0.0 million income tax provision/(benefit) from realized gain/(loss) on investments and $0.01 million net change in total operating expense, in the consolidated statement of operations, respectively. Net income tax expense for the three months ended May 31, 2022 includes $0.4 million deferred tax expense (benefit) on net change in unrealized appreciation (depreciation) on investments, $0.1 million income tax benefit from realized gain (loss) on investments and ($0.1) million net change in total operating expense, in the consolidated statement of operations, respectively.
Deferred tax temporary differences may include differences for state taxes and joint venture interests.
Federal and state income tax (provisions) benefit on investments for the three months ended May 31, 2023 and May 31, 2022:
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Agreements and Related Party Transactions |
3 Months Ended |
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May 31, 2023 | |
| Related Party Transactions [Abstract] | |
| Agreements and Related Party Transactions | Note 7. Agreements and Related Party Transactions
Investment Advisory and Management Agreement
On July 30, 2010, the Company entered into the Management Agreement with our Manager. The initial term of the Management Agreement was two years from its effective date, with one-year renewals thereafter subject to certain approvals by our board of directors and/or the Company’s stockholders. Most recently, on July 6, 2023, our board of directors approved the renewal of the Management Agreement for an additional one-year term. Pursuant to the Management Agreement, our Manager implements our business strategy on a day-to-day basis and performs certain services for us, subject to oversight by our board of directors. Our Manager is responsible for, among other duties, determining investment criteria, sourcing, analyzing and executing investments transactions, asset sales, financings and performing asset management duties. Under the Management Agreement, we have agreed to pay our Manager a management fee for investment advisory and management services consisting of a base management fee and an incentive management fee.
Base Management Fee and Incentive Management Fee
The base management fee of 1.75% per year is calculated based on the average value of our gross assets (other than cash or cash equivalents, but including assets purchased with borrowed funds) at the end of the two most recently completed fiscal quarters. The base management fee is paid quarterly following the filing of the most recent quarterly report on Form 10-Q.
The incentive management fee consists of the following two parts:
The first, payable quarterly in arrears, equals 20.0% of our pre-incentive fee net investment income, expressed as a rate of return on the value of our net assets at the end of the immediately preceding quarter, that exceeds a 1.875% quarterly hurdle rate measured as of the end of each fiscal quarter, subject to a “catch-up” provision. Under this provision, in any fiscal quarter, our Manager receives no incentive fee unless our pre-incentive fee net investment income exceeds the hurdle rate of 1.875%. Our Manager will receive 100.0% of pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than or equal to 2.344% in any fiscal quarter; and 20.0% of the amount of our pre-incentive fee net investment income, if any, that exceeds 2.344% in any fiscal quarter. There is no accumulation of amounts on the hurdle rate from quarter to quarter, and accordingly there is no claw back of amounts previously paid if subsequent quarters are below the quarterly hurdle rate, and there is no delay of payment if prior quarters are below the quarterly hurdle rate.
The second part of the incentive fee is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Management Agreement) and equals 20.0% of our “incentive fee capital gains,” which equals our realized capital gains on a cumulative basis from May 31, 2010 through the end of the fiscal year, if any, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis on each investment in the Company’s portfolio, less the aggregate amount of any previously paid capital gain incentive fee. Importantly, the capital gains portion of the incentive fee is based on realized gains and realized and unrealized losses from May 31, 2010. Therefore, realized and unrealized losses incurred prior to such time will not be taken into account when calculating the capital gains portion of the incentive fee, and our Manager will be entitled to 20.0% of incentive fee capital gains that arise after May 31, 2010. In addition, for the purpose of the “incentive fee capital gains” calculations, the cost basis for computing realized gains and losses on investments held by us as of May 31, 2010 will equal the fair value of such investments as of such date.
For the three months ended May 31, 2023 and May 31, 2022, the Company incurred $3.2 million and $0.0 million in incentive fees related to pre-incentive fee net investment income, respectively. For the three months ended May 31, 2023 and May 31, 2022, the Company accrued an expense (benefit) of ($3.1) million and ($1.9) million in incentive fees related to capital gains.
The accrual is calculated using both realized and unrealized capital gains for the period. The actual incentive fee related to capital gains will be determined and payable in arrears at the end of the fiscal year and will include only realized capital gains for the period. As of May 31, 2023, the base management fees accrual was $4.6 million and the incentive fees accrual was $0.1 million and is included in base management and incentive fees payable in the accompanying consolidated statements of assets and liabilities. As of February 28, 2023, the base management fees accrual was $4.3 million and the incentive fees accrual was $7.9 million and is included in base management and incentive fees payable in the accompanying consolidated statements of assets and liabilities.
Administration Agreement
On July 30, 2010, the Company entered into a separate administration agreement (the “Administration Agreement”) with our Manager, pursuant to which our Manager, as our administrator, has agreed to furnish us with the facilities and administrative services necessary to conduct our day-to-day operations and provide managerial assistance on our behalf to those portfolio companies to which we are required to provide such assistance. The initial term of the Administration Agreement was two years from its effective date, with one-year renewals thereafter subject to certain approvals by our board of directors and/or our stockholders. The amount of expenses payable or reimbursable thereunder by the Company was capped at $1.0 million for the initial two-year term of the Administration Agreement and subsequent renewals. Most recently, on July 6, 2023, our board of directors approved the renewal of the Administration Agreement for an additional one-year term and determined to keep the cap on the payment or reimbursement of expenses by the Company unchanged at $3.275 million, while continuing to assess whether to increase this within the foreseeable future, with any increase to be effective August 1, 2023.
For the three months ended May 31, 2023 and May 31, 2022, we recognized $0.8 million and $0.8 million in administrator expenses, respectively, pertaining to bookkeeping, recordkeeping and other administrative services provided to us in addition to our allocable portion of rent and other overhead related expenses. As of May 31, 2023, $0.3 million of administrator expenses were accrued and included in due to manager in the accompanying consolidated statements of assets and liabilities. As of February 28, 2023, $0.001 million of administrator expenses were accrued and included in due to manager in the accompanying consolidated statements of assets and liabilities.
Saratoga CLO
On December 14, 2018, the Company completed the third refinancing and issuance of the 2013-1 Reset CLO Notes. This refinancing, among other things, extended the Saratoga CLO reinvestment period to January 2021, and extended its legal maturity to January 2030. In addition, and as part of the refinancing, the Saratoga CLO has also been upsized from $300 million in assets to approximately $500 million.
In conjunction with the third refinancing and issuance of the 2013-1 Reset CLO Notes on December 14, 2018, the Company is no longer entitled to receive an incentive management fee from Saratoga CLO. See Note 4 for additional information.
On February 26, 2021, the Company completed the fourth refinancing of the Saratoga CLO. This refinancing, among other things, extended the Saratoga CLO reinvestment period to April 2024, and extended its legal maturity to April 2033. The non-call period was extended to February 2022. In addition, and as part of the refinancing, the Saratoga CLO has also been upsized from $500 million in assets to approximately $650 million. As part of this refinancing and upsizing, the Company invested an additional $14.0 million in all of the newly issued subordinated notes of the Saratoga CLO, and purchased $17.9 million in aggregate principal amount of the Class F-R-3 Notes tranche at par. Concurrently, the existing $2.5 million of Class F-R-2 Notes, $7.5 million of Class G-R-2 Notes and $25.0 million CLO 2013-1 Warehouse 2 Loan were repaid. The Company also paid $2.6 million of transaction costs related to the refinancing and upsizing on behalf of the Saratoga CLO, to be reimbursed from future equity distributions. At August 31, 2021, the outstanding receivable of 2.6 million was repaid in full.
On August 9, 2021, the Company exchanged its existing $17.9 million Class F-R-3 Notes for $8.5 million Class F-1-R-3 Notes and $9.4 million Class F-2-R-3 Notes at par. On August 11, 2021, the Company sold its Class F-1-R-3 Notes to third parties, resulting in a realized loss of $0.1 million.
For the three months ended May 31, 2023 and May 31, 2022, we recognized management fee income of $0.8 million and $0.8 million, respectively, related to the Saratoga CLO.
For the three months ended May 31, 2023 and May 31, 2022, the Company neither bought nor sold any investments from the Saratoga CLO.
SLF JV
On October 26, 2021, the Company and TJHA entered into an LLC Agreement to co-manage the SLF JV. SLF JV is a joint venture that invests in the debt or equity interests of collateralized loan obligations, loan, notes and other debt instruments.
On October 28, 2022, SLF 2022 issued $402.1 million of the 2022 JV CLO Notes through the JV CLO trust. The 2022 JV CLO Notes were issued pursuant to the JV Indenture, with the Trustee.
As of May 31, 2023, the Company’s investment in the SLF JV had a fair value of $25.4 million, consisting of an unsecured loan of $17.6 million and membership interest of $7.7 million. For the three months ended May 31, 2023, the Company had $0.5 million of interest income related to SLF JV of which $0.2 million was included in interest receivable as of May 31, 2023.
As part of the JV CLO trust transaction, the Company purchased 87.50% of the Class E Notes from SLF 2022 with a par value of $12.25 million. |
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| Borrowings | Note 8. Borrowings
Credit Facility
As a BDC, we are only allowed to employ leverage to the extent that our asset coverage, as defined in the 1940 Act, equals at least 200% after giving effect to such leverage, or, 150% if certain requirements under the 1940 Act are met. On April 16, 2018, as permitted by the Small Business Credit Availability Act, which was signed into law on March 23, 2018, our board of directors, including a majority of our directors who are not “interested persons” (as defined in Section 2(a)(19) of the 1940 Act”) of the Company (“independent directors”), approved a minimum asset coverage ratio of 150%. The 150% asset coverage ratio became effective on April 16, 2019. The amount of leverage that we employ at any time depends on our assessment of the market and other factors at the time of any proposed borrowing. Our asset coverage ratio, as defined in the 1940 Act, was 155.7% as of May 31, 2023 and 165.9% as of February 28, 2023.
On April 11, 2007, we entered into a $100.0 million revolving securitized credit facility (the “Revolving Facility”). On May 1, 2007, we entered into a $25.7 million term securitized credit facility (the “Term Facility” and, together with the Revolving Facility, the “Facilities”), which was fully drawn at closing. In December 2007, we consolidated the Facilities by using a draw under the Revolving Facility to repay the Term Facility. In response to the market wide decline in financial asset prices, which negatively affected the value of our portfolio, we terminated the revolving period of the Revolving Facility effective January 14, 2009 and commenced a two-year amortization period during which all principal proceeds from the collateral were used to repay outstanding borrowings. A significant percentage of our total assets had been pledged under the Revolving Facility to secure our obligations thereunder. Under the Revolving Facility, funds were borrowed from or through certain lenders and interest was payable monthly at the greater of the commercial paper rate and our lender’s prime rate plus 4.00% plus a default rate of 2.00% or, if the commercial paper market was unavailable, the greater of the prevailing LIBOR rates and our lender’s prime rate plus 6.00% plus a default rate of 3.00%.
On July 30, 2010, we used the net proceeds from (i) the stock purchase transaction and (ii) a portion of the funds available to us under the $45.0 million senior secured revolving credit facility with Madison Capital Funding LLC (the “Madison Credit Facility”), in each case, to pay the full amount of principal and accrued interest, including default interest, outstanding under the Revolving Facility. As a result, the Revolving Facility was terminated in connection therewith. Substantially all of our total assets, other than those held by SBIC LP, SBIC II LP and SBIC III LP, were pledged under the Madison Credit Facility to secure our obligations thereunder.
On October 4, 2021, all outstanding amounts on the Madison Credit Facility were repaid and the Madison Credit Facility was terminated. The repayment and termination of the Madison Credit Facility resulted in a realized loss on the extinguishment of debt of $0.8 million.
Encina Credit Facility
On October 4, 2021, the Company entered into the Credit and Security Agreement (the “Credit Agreement”) relating to a $50.0 million senior secured revolving credit facility with the Lender, supported by loans held by SIF II and pledged to the Encina Credit Facility. The terms of the Encina Credit Facility required a minimum drawn amount of $12.5 million at all times during the first six months following the closing date, which increased to the greater of $25.0 million or 50% of the commitment amount in effect at any time thereafter. The term of the Encina Credit Facility is three years. Advances under the Encina Credit Facility originally bore interest at a floating rate per annum equal to LIBOR plus 4.0%, with LIBOR having a floor of 0.75%, with customary provisions related to the selection by the Lender and the Company of a replacement benchmark rate. The commitment termination date was October 4, 2024.
On January 27, 2023, we entered into the first amendment to the Credit Agreement to, among other things:
In addition to any fees or other amounts payable under the terms of the Encina Credit Facility, an administrative agent fee per annum equal to $0.1 million is payable in equal monthly installments in arrears.
As of May 31, 2023 and February 28, 2023, there were $35.0 million and $32.5 million outstanding borrowings under the Encina Credit Facility. During the applicable periods, the Company was in compliance with all of the limitations and requirements of the facility. Financing costs of $2.0 million related to the Encina Credit Facility have been capitalized and are being amortized over the term of the facility, with all existing financing costs amortized through January 27, 2026 from the date of the amendment and extension.
For the three months ended May 31, 2023 and May 31, 2022, we recorded $1.1 million and $0.2 million of interest expense related to the Encina Credit Facility, respectively, which includes commitment and administrative agent fees. For the three months ended May 31, 2023 and May 31, 2022, we recorded $0.1 million and $0.1 million of deferred financing costs related to the Encina Credit Facility, respectively. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2023, the weighted average interest rate on the outstanding borrowings under the Encina Credit Facility was 9.41%, and the average dollar amount of outstanding borrowings under the Encina Credit Facility was $46.7 million.
The Encina Credit Facility contains limitations as to how borrowed funds may be used, such as restrictions on industry concentrations, asset size, weighted average life, currency denomination and collateral interests. The Encina Credit Facility also includes certain requirements relating to portfolio performance, the violation of which could result in the limit of further advances and, in some cases, result in an event of default, allowing the lenders to accelerate repayment of amounts owed thereunder. The Encina Credit Facility has a three-year term. Availability on the Encina Credit Facility will be subject to a borrowing base calculation, based on, among other things, applicable advance rates (which vary from 50.0% to 75.0% of par or fair value depending on the type of loan asset) and the value of certain “eligible” loan assets included as part of the borrowing base. Funds may be borrowed at the greater of the prevailing one-month SOFR rate, plus an applicable effective margin of 4.25%. In addition, the Company will pay the lender a commitment fee of 0.75% per year (or 0.50% if the ratio of advances outstanding to aggregate commitments is greater than or equal to 50%) on the unused amount of the Encina Credit Facility.
Our borrowing base under the Encina Credit Facility is $88.3 million subject to the Encina Credit Facility cap of $65.0 million at May 31, 2023. For purposes of determining the borrowing base, most assets are assigned the values set forth in our most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q filed with the SEC. Accordingly, the May 31, 2023 borrowing base relies upon the valuations set forth in the Annual Report on Form 10-K for the period ended February 28, 2023. The valuations presented in this Quarterly Report on Form 10-Q will not be incorporated into the borrowing base until after this Quarterly Report on Form 10-Q is filed with the SEC.
SBA Debentures
Our wholly owned SBIC Subsidiaries are able to borrow funds from the SBA against regulatory capital (which approximates equity capital in the respective SBIC) and is subject to customary regulatory requirements including but not limited to, a periodic examination by the SBA.
Our wholly owned Subsidiaries, SBIC LP, SBIC II LP, and SBIC III LP, received an SBIC license from the SBA on March 28, 2012, August 14, 2019, and September 29, 2022, respectively. SBIC LP’s license provided up to $150.0 million in additional long-term capital in the form of SBA debentures, while SBIC II LP’s and SBIC III LP’s SBIC licenses provide up to $175.0 million each. Under current SBIC regulations, for two or more SBICs under common control, the maximum amount of outstanding SBA debentures cannot exceed $350.0 million. With the third license approval, Saratoga can continue to grow its SBA relationship from $150.0 million to $350.0 million of committed capital.
As of May 31, 2023, we have funded SBIC LP, SBIC II LP and SBIC III LP with an aggregate total of equity capital of $75.0 million, $87.5 million and $66.7 million, respectively, and have $202.0 million in SBA-guaranteed debentures outstanding, of which $27.0 million was held in SBIC LP, $175.0 million held was SBIC II LP and $0.0 million held in SBIC III LP.
SBICs are designed to stimulate the flow of private equity capital to eligible small businesses. Under SBA regulations, SBICs may make loans to eligible small businesses and invest in the equity securities of small businesses. Under present SBA regulations, eligible small businesses include businesses that have a tangible net worth not exceeding $24.0 million and have average annual fully taxed net income not exceeding $8.0 million for the two most recent fiscal years. In addition, an SBIC must devote 25.0% of its investment activity to “smaller enterprises’’ as defined by the SBA. A smaller enterprise is one that has a tangible net worth not exceeding $6.0 million and has average annual fully taxed net income not exceeding $2.0 million for the two most recent fiscal years. SBA regulations also provide alternative size standard criteria to determine eligibility, which depend on the industry in which the business is engaged and are based on such factors as the number of employees and gross sales. According to SBA regulations, SBICs may make long-term loans to small businesses, invest in the equity securities of such businesses and provide them with consulting and advisory services.
The SBIC Subsidiaries are subject to regulation and oversight by the SBA, including requirements with respect to maintaining certain minimum financial ratios and other covenants. Receipt of an SBIC license does not assure that the SBIC Subsidiaries will receive SBA-guaranteed debenture funding, which is dependent upon the SBIC Subsidiaries continuing to be in compliance with SBA regulations and policies. The SBA, as a creditor, will have a superior claim to each SBIC Subsidiaries’ assets over our stockholders and debtholders in the event we liquidate such SBIC Subsidiary or the SBA exercises its remedies under the SBA-guaranteed debentures issued by the SBIC Subsidiary upon an event of default.
The Company received exemptive relief from the SEC to permit it to exclude the debt of our SBIC subsidiaries guaranteed by the SBA from the definition of senior securities in the asset coverage test under the 1940 Act. This allows the Company increased flexibility under the asset coverage requirement by permitting it to borrow up to $350.0 million more than it would otherwise be able to absent the receipt of this exemptive relief. On April 16, 2018, as permitted by the Small Business Credit Availability Act, which was signed into law on March 23, 2018, the board of directors, including a majority of the independent directors of the Company approved of the Company becoming subject to a minimum asset coverage ratio of 150% from 200% under Sections 18(a)(1) and 18(a)(2) of the Investment Company Act, as amended. The 150% asset coverage ratio became effective on April 16, 2019.
As noted above, as of May 31, 2023, there was $202.0 million of SBA debentures outstanding and as of February 28, 2023, there was $202.0 million of SBA debentures outstanding. The carrying amount of the amount outstanding of SBA debentures approximates its fair value, which is based on a waterfall analysis showing adequate collateral coverage and would be classified as a Level 3 liability within the fair value hierarchy. Financing costs of $5.0 million, $6.0, and $0.4 million related to the SBA debentures issued by SBIC LP, SBIC II LP and SBIC III LP, respectively, have been capitalized and are being amortized over the term of the commitment and drawdown.
For the three months ended May 31, 2023 and May 31, 2022, we recorded $1.5 million and $1.4 million of interest expense related to the SBA debentures, respectively. For the three months ended May 31, 2023 and May 31, 2022, we recorded $0.2 million and $0.2 million of amortization of deferred financing costs related to the SBA debentures, respectively. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. The weighted average interest rate during the three months ended May 31, 2023 and May 31, 2022 on the outstanding borrowings of the SBA debentures was 2.88% and 2.58%, respectively. During the three months ended May 31, 2023 and May 31, 2022, the average dollar amount of SBA debentures outstanding was $202.0 million and $214.9 million, respectively.
Notes
On May 10, 2013, the Company issued $48.3 million in aggregate principal amount of 7.50% fixed-rate notes due 2020 (the “7.50% 2020 Notes”). The 2020 Notes were redeemed in full on January 13, 2017 and are no longer listed on the New York Stock Exchange (“NYSE”).
On May 29, 2015, the Company entered into a Debt Distribution Agreement with Ladenburg Thalmann & Co. through which the Company may offer for sale, from time to time, up to $20.0 million in aggregate principal amount of the 2020 Notes through an At-the-Market (“ATM”) offering. Prior to the 2020 Notes being redeemed in full, the Company had sold 539,725 units of the 7.50% 2020 Notes with a principal of $13.5 million at an average price of $25.31 for aggregate net proceeds of $13.4 million (net of transaction costs).
On August 28, 2018, the Company issued $40.0 million in aggregate principal amount of our 6.25% fixed-rate notes due 2025 (the “6.25% 2025 Notes”) for net proceeds of $38.7 million after deducting underwriting commissions of approximately $1.3 million. Offering costs incurred were approximately $0.3 million. The issuance included the full exercise of the underwriters’ option to purchase an additional $5.0 million aggregate principal amount of 6.25% 2025 Notes within 30 days. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $1.6 million related to the 6.25% 2025 Notes have been capitalized and were amortized over the term of the 6.25% 2025 Notes.
On February 5, 2019, the Company issued an additional $20.0 million in aggregate principal amount of the 6.25% 2025 Notes for net proceeds of $19.2 million after deducting underwriting commissions of approximately $0.6 million and discount of $0.2 million. Offering costs incurred were approximately $0.2 million. The issuance included the full exercise of the underwriters’ option to purchase an additional $2.5 million aggregate principal amount of 6.25% 2025 Notes within 30 days. The additional 6.25% 2025 Notes were treated as a single series with the existing 6.25% 2025 Notes under the indenture and had the same terms as the existing 6.25% 2025 Notes. The net proceeds from this offering were used for general corporate purposes in accordance with our investment objective and strategies. The financing costs and discount of $1.0 million related to the 6.25% 2025 Notes have been capitalized and are being amortized over the term of the 6.25% 2025 Notes.
On August 31, 2021, the Company redeemed $60.0 million in aggregate principal amount of issued and outstanding 6.25% 2025 Notes. The 6.25% 2025 Notes were listed on the NYSE under the trading symbol of “SAF”, and have been delisted following the full redemption on August 31, 2021. The repayment of the 6.25% 2025 Notes resulted in a realized loss on the extinguishment of debt of $1.5 million.
On June 24, 2020, the Company issued $37.5 million in aggregate principal amount of our 7.25% fixed-rate notes due 2025 (the “7.25% 2025 Notes”) for net proceeds of $36.3 million after deducting underwriting commissions of approximately $1.2 million. Offering costs incurred were approximately $0.2 million. On July 6, 2020, the underwriters exercised their option in full to purchase an additional $5.625 million in aggregate principal amount of its 7.25% 2025 Notes. Net proceeds to the Company were $5.4 million after deducting underwriting commissions of approximately $0.2 million. Interest on the 7.25% 2025 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 7.25% per year, beginning August 31, 2020. The 7.25% 2025 Notes mature on June 30, 2025 and commencing June 24, 2022, may be redeemed in whole or in part at any time or from time to time at our option. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $1.6 million related to the 7.25% 2025 Notes have been capitalized and were being amortized over the term of the 7.25% 2025 Notes.
On July 14, 2022, the Company redeemed $43.1 million in aggregate principal amount of the issued and outstanding 7.25% 2025 Notes. The 7.25% 2025 Notes were listed on the NYSE under the trading symbol of “SAK” and have been delisted following the full redemption on July 14, 2022.
On July 14, 2022, the debt was extinguished. As such, it was not fair valued with market quotes and is not fair value leveled. The repayment of the 7.25% 2025 Notes resulted in a realized loss on the extinguishment of debt of $1.0 million.
For the three months ended May 31, 2023 and May 31, 2022, we recorded $0.0 million and $0.8 million, respectively, of interest expense and $0.00 million and $0.08 million, respectively, of amortization of deferred financing costs related to the 7.25% 2025 Notes. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2023 and May 31, 2022, the average dollar amount of the 7.25% 2025 Notes outstanding was $0.0 million and $43.1 million respectively.
On July 9, 2020, the Company issued $5.0 million aggregate principal amount of our 7.75% fixed-rate notes due in 2025 (the “7.75% 2025 Notes”) for net proceeds of $4.8 million after deducting underwriting commissions of approximately $0.2 million. Offering costs incurred were approximately $0.1 million. Interest on the 7.75% 2025 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 7.75% per year. The 7.75% 2025 Notes mature on July 9, 2025 and may be redeemed in whole or in part at any time or from time to time at our option subject to a fee depending on the date of repayment. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $0.3 million related to the 7.75% 2025 Notes have been capitalized and are being amortized over the term of the 7.75% 2025 Notes.
As of May 31, 2023, the total 7.75% 2025 Notes outstanding was $5.0 million. The 7.75% 2025 Notes are not listed and have a par value of $25.00 per note. The carrying amount of the amount outstanding of 7.75% 2025 Notes had a fair value of $4.9 million, which is based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy. As of February 28, 2023, the carrying amount and fair value of the 7.75% 2025 Notes was $5.0 million and $4.9 million, respectively.
For the three months ended May 31, 2023 and May 31, 2022, we recorded $0.1 million and $0.1 million, respectively, of interest expense and $0.01 million and $0.01 million, respectively, of amortization of deferred financing costs related to the 7.75% 2025 Notes. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2023 and May 31, 2022, the average dollar amount of 7.75% 2025 Notes outstanding was $5.0 million and $5.0 million respectively.
On December 29, 2020, the Company issued $5.0 million aggregate principal amount of our 6.25% fixed-rate notes due in 2027 (the “6.25% 2027 Notes”). Offering costs incurred were approximately $0.1 million. Interest on the 6.25% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 6.25% per year. The 6.25% 2027 Notes mature on December 29, 2027 and may be redeemed in whole or in part at any time or from time to time at our option, on or after December 29, 2024. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $0.1 million related to the 6.25% 2027 Notes have been capitalized and are being amortized over the term of the Notes.
On January 28, 2021, the Company issued $10.0 million aggregate principal amount of the 6.25% 2027 Notes for net proceeds of $9.7 million after deducting underwriting commissions of approximately $0.3 million. Offering costs incurred were approximately $0.1 million. Interest on the 6.25% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 6.25% per year, beginning February 28, 2021. The 6.25% 2027 Notes mature on January 28, 2027 and commencing January 28, 2023, may be redeemed in whole or in part at any time or from time to time at our option. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $0.4 million related to the 6.25% 2027 Notes have been capitalized and are being amortized over the term of the 6.25% 2027 Notes. The 6.25% 2027 Notes are not listed and have a par value of $25.00 per note.
As of May 31, 2023, the total 6.25% 2027 Notes outstanding was $15.0 million. The 6.25% 2027 Notes are not listed and have a par value of $25.00 per note. The carrying amount of the amount outstanding of 6.25% 2027 Notes had a fair value of $13.8 million, which is based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy. As of February 28, 2023, the carrying amount and fair value of the 6.25% 2027 Notes was $15.0 million and $13.7 million, respectively.
For the three months ended May 31, 2023 and May 31, 2022, we recorded $0.2 million and $0.2 million, respectively, of interest expense and $0.02 million and $0.02 million, respectively, of amortization of deferred financing costs related to the 6.25% 2027 Notes. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2023 and May 31, 2022 the average dollar amount of 6.25% 2027 Notes outstanding was $15.0 million and $15.0 million respectively.
On March 10, 2021, the Company issued $50.0 million aggregate principal amount of our 4.375% fixed-rate Notes due in 2026 (the “4.375% 2026 Notes”) for net proceeds of $49.0 million after deducting underwriting commissions of approximately $1.0 million. Offering costs incurred were approximately $0.3 million. Interest on the 4.375% 2026 Notes is paid semi-annually in arrears on February 28 and August 28, at a rate of 4.375% per year. The 4.375% 2026 Notes mature on February 28, 2026 and may be redeemed in whole or in part at any time on or after November 28, 2025 at par plus a “make-whole” premium, and thereafter at par. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $1.3 million related to the 4.375% 2026 Notes have been capitalized and are being amortized over the term of the 4.375% 2026 Notes.
On July 15, 2021, the Company issued an additional $125.0 million aggregate principal amount of the Company’s 4.375% 2026 Notes (the “Additional 4.375% 2026 Notes”) for net proceeds for approximately $123.5 million, based on the public offering price of 101.00% of the aggregate principal amount of the Additional 4.375% 2026 Notes, after deducting the underwriting discount of $2.5 million and the offering payable by the Company. The Additional 4.375% 2026 Notes are treated as a single series with the existing 4.375% 2026 Notes under the indenture and had the same terms as the existing 4.375% 2026 Notes. The net proceeds from the offering were used to redeem all of the outstanding 6.25% 2025 Notes (as described above), and for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $2.7 million have been capitalized and are being amortized over the term of the additional 4.375% 2026 Notes.
As of May 31, 2023, the total 4.375% 2026 Notes outstanding was $175.0 million. The 4.375% 2026 Notes are not listed and are issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. The carrying amount of the amount outstanding of 4.375% 2026 Notes had a fair value of $157.5 million, which is based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy. As of February 28, 2023, the carrying amount and fair value of the 4.375% 2026 Notes was $175.0 million and $156.1 million, respectively.
For the three months ended May 31, 2023 and May 31, 2022, we recorded $1.9 million and $1.9 million, respectively, of interest expense, $0.2 million and $0.2 million, respectively, of amortization of deferred financing costs and $0.06 million and $0.05 million, respectively, of amortization of premium on issuance of 4.375% Notes due 2026 (inclusive of the issuance of the Additional 4.375% 2026 Notes). Interest expense, amortization of deferred financing costs and amortization of premium on issuance of notes are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2023 and May 31, 2022, the average dollar amount of 4.375% 2026 Notes outstanding was $175.0 million and $175.0 million, respectively.
On January 19, 2022, the Company issued $75.0 million aggregate principal amount of our 4.35% fixed-rate Notes due in 2027 (the “4.35% 2027 Notes”) for net proceeds of $73.0 million, based on the public offering price of 99.317% of the aggregate principal amount of the 4.35% 2027 Notes, after deducting the underwriting commissions of approximately $1.5 million. Offering costs incurred were approximately $0.3 million. Interest on the 4.35% 2027 Notes is paid semi-annually in arrears on February 28 and August 28, at a rate of 4.35% per year. The 4.35% 2027 Notes mature on February 28, 2027 and may be redeemed in whole or in part at the Company’s option at any time prior to November 28, 2026, at par plus a “make-whole” premium, and thereafter at par. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $1.8 million related to the 4.35% 2027 Notes have been capitalized and are being amortized over the term of the 4.35% 2027 Notes.
As of May 31, 2023, the total 4.35% 2027 Notes outstanding was $75.0 million. The 4.35% 2027 Notes are not listed. The carrying amount of the amount outstanding of 4.35% 2027 Notes had a fair value of $65.1 million, which is based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy. As of February 28, 2023, the carrying amount and fair value of the 4.35% 2027 Notes was $75.0 million and $64.5 million, respectively.
For the three months ended May 31, 2023 and May 31, 2022, we recorded $0.8 million and $0.8 million, respectively, of interest expense and $0.1 million and $0.1 million, respectively, of amortization of discount and deferred financing costs related to the 4.35% 2027 Notes. Interest expense and amortization of discount and deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2023 and May 31, 2022, the average dollar amount of 4.35% 2027 Notes outstanding was $75.0 million and $75.0 million, respectively.
On April 27, 2022, the Company issued $87.5 million in aggregate principal amount of our 6.00% fixed-rate notes due 2027 (the “6.00% 2027 Notes”) for net proceeds of $84.8 million after deducting underwriting commissions of approximately $2.7 million. Offering costs incurred were approximately $0.1 million. On May 10, 2022, the underwriters partially exercised their option to purchase an additional $10.0 million in aggregate principal amount of the 6.00% 2027 Notes. Net proceeds to the Company were $9.7 million after deducting underwriting commissions of approximately $0.3 million. Interest on the 6.00% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 6.00% per year. The 6.00% 2027 Notes mature on April 30, 2027 and commencing April 27, 2024, may be redeemed in whole or in part at any time or from time to time at our option. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $3.3 million related to the 6.00% 2027 Notes have been capitalized and are being amortized over the term of the 6.00% 2027 Notes. The 6.00% 2027 Notes are listed on the NYSE under the trading symbol “SAT” with a par value of $25.00 per note.
On August 15, 2022, the Company issued an additional $8.0 million in aggregate principal amount of the 6.00% 2027 Notes (the “Additional 6.00% 2027 Notes”) for net proceeds of $7.8 million, based on the public offering price of 97.80% of the aggregate principal amount of the 6.00% 2027 Notes. Additional offering costs incurred were approximately $0.2 million. The Additional 6.00% 2027 Notes are treated as a single series with the existing 6.00% 2027 Notes under the indenture and had the same terms as the existing 6.00% 2027 Notes. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Additional financing costs of $0.2 million related to the 6.00% 2027 Notes have been capitalized and are being amortized over the term of the 6.00% 2027 Notes.
As of May 31, 2023, the carrying amount and fair value of the 6.00% 2027 Notes was $105.5 million and $97.5 million, respectively. The fair value of the 6.00% 2027 Notes, which are publicly traded, is based upon closing market quotes as of the measurement date and would be classified as a Level 1 liability within the fair value hierarchy. As of February 28, 2023, the carrying amount and fair value of the 6.00% 2027 Notes was $105.5 million and $100.4 million, respectively.
For the three months ended May 31, 2023 and May 31, 2022, we recorded $1.6 million and $0.5 million, respectively, of interest expense and $0.2 million and $0.06 million, respectively, of amortization of discount and deferred financing costs related to the 6.00% 2027 Notes. Interest expense and amortization of discount and deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2023 and May 31, 2022, the average dollar amount of 6.00% 2027 Notes outstanding was $105.5 million and $43.8 million, respectively.
On September 8, 2022, the Company issued $12.0 million in aggregate principal amount of our 7.00% fixed-rate notes due 2025 (the “7.00% 2025 Notes”) for net proceeds of $11.6 million after deducting customary fees and offering expenses of approximately $0.4 million. Interest on the 7.00% 2025 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 7.00% per year. The 7.00% 2025 Notes mature on September 8, 2025 and commencing September 8, 2024, may be redeemed in whole or in part at any time or from time to time at our option. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $0.05 million related to the 7.00% 2025 Notes have been capitalized and are being amortized over the term of the 7.00% 2025 Notes.
As of May 31, 2023, the carrying amount of the 7.00% 2025 Notes was $12.0 million. The 7.00% 2025 Notes are not listed. The carrying amount of the outstanding 7.00% 2025 Notes had a fair value of $11.6 million, which is based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy. As of February 28, 2023, the carrying amount and fair value of the 7.00% 2025 Notes was $12.0 million and $12.0 million, respectively.
For the three months ended May 31, 2023 and May 31, 2022, we recorded $0.2 million and $0.0 million, respectively, of interest expense and $0.03 million and $0.0 million, respectively, of amortization of discount and deferred financing costs related to the 7.00% 2025 Notes. Interest expense and amortization of discount and deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2023 and May 31, 2022, the average dollar amount of 7.00% 2025 Notes outstanding was $12.0 million and $0.0 million, respectively.
On October 27, 2022, the Company issued $40.0 million in aggregate principal amount of our 8.00% fixed-rate notes due 2027 (the “8.00% 2027 Notes”) for net proceeds of $38.7 million after deducting underwriting commissions of approximately $1.3 million. Offering costs incurred were approximately $0.2 million. On November 10, 2022, the underwriters partially exercised their option to purchase an additional $6.0 million in aggregate principal amount of the 8.00% 2027 Notes. Net proceeds to the Company were $5.8 million after deducting underwriting commissions of approximately $0.2 million. Interest on the 8.00% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 8.00% per year, beginning February 28, 2023. The 8.00% 2027 Notes mature on October 31, 2027 and commencing October 27, 2024, may be redeemed in whole or in part at any time or from time to time at our option. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $1.7 million related to the 8.00% 2027 Notes have been capitalized and are being amortized over the term of the 8.00% 2027 Notes. The 8.00% 2027 Notes are listed on the NYSE under the trading symbol “SAJ” with a par value of $25.00 per note.
As of May 31, 2023, the carrying amount and fair value of the 8.00% 2027 Notes was $46.0 million and $45.6 million, respectively. The fair value of the 8.00% 2027 Notes, which are publicly traded, is based upon closing market quotes as of the measurement date and would be classified as a Level 1 liability within the fair value hierarchy. As of February 28, 2023, the carrying amount and fair value of the 8.00% 2027 Notes was $46.0 million and $46.4 million, respectively.
For the three months ended May 31, 2023 and May 31, 2022, we recorded $0.9 million and $0.0 million, respectively, of interest expense and $0.09 million and $0.0 million, respectively, of amortization of deferred financing costs related to the 8.00% 2027 Notes. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2023 and May 31, 2022, the average dollar amount of 8.00% 2027 Notes outstanding was $46.0 million and $0.0 million, respectively.
On December 13, 2022, the Company issued $52.5 million in aggregate principal amount of our 8.125% fixed-rate notes due 2027 (the “8.125% 2027 Notes”) for net proceeds of $50.8 million after deducting underwriting commissions of approximately $1.6 million. Offering costs incurred were approximately $0.1 million. On December 21, 2022, the underwriters partially exercised their option to purchase an additional $7.9 million in aggregate principal amount of its 8.125% 2027 Notes. Net proceeds to the Company were $7.6 million after deducting underwriting commissions of approximately $0.2 million. Interest on the 8.125% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 8.125% per year, beginning February 28, 2023. The 8.125% 2027 Notes mature on December 31, 2027 and commencing December 13, 2024, may be redeemed in whole or in part at any time or from time to time at our option. The net proceeds from this offering were used to make investments in middle-market companies (including investments made through our SBIC Subsidiaries) in accordance with our investment objective and strategies and for general corporate purposes. Financing costs of $2.0 million related to the 8.125% 2027 Notes have been capitalized and are being amortized over the term of the 8.125% 2027 Notes. The 8.125% 2027 Notes are listed on the NYSE under the trading symbol “SAY” with a par value of $25.00 per share.
As of May 31, 2023, the carrying amount and fair value of the 8.125% 2027 Notes was $60.4 million and $59.0 million, respectively. The fair value of the 8.125% 2027 Notes, which are publicly traded, is based upon closing market quotes as of the measurement date and would be classified as a Level 1 liability within the fair value hierarchy. As of February 28, 2023, the carrying amount and fair value of the 8.125% 2027 Notes was $60.4 million and $61.1 million, respectively.
For the three months ended May 31, 2023 and May 31, 2022, we recorded $1.2 million and $0.0 million, respectively, of interest expense and $0.1 million and $0.00 million, respectively, of amortization of deferred financing costs related to the 8.125% 2027 Notes. Interest expense and amortization of discount and deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2023 and May 31, 2022 the average dollar amount of 8.125% 2027 Notes outstanding was $60.4 million and $0.0 million respectively.
On March 31, 2023, the Company issued $10.0 million in aggregate principal amount of our 8.75% fixed-rate notes due 2024 (the “8.75% 2024 Notes”) for net proceeds of $9.7 million after deducting underwriting discounts of approximately $0.4 million. On May 1, 2023, the Company issued an additional $10.0 million in aggregate principal amount of the 8.75% 2024 Notes for net proceeds of $9.7 million after deducting underwriting discounts of approximately $0.4 million. Offering costs incurred were approximately $0.03 million. Interest on the 8.75% 2024 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 8.75% per year, beginning May 31, 2023. The 8.75% 2024 Notes mature on March 31, 2024. Net proceeds from this offering were used to make investments in middle-market companies (including investments made through our SBIC Subsidiaries) in accordance with our investment objective and strategies and general corporate purposes. Financing costs and discounts of $0.7 million related to the 8.75% 2024 Notes have been capitalized and are being amortized over the term of the 8.75% 2024 Notes.
As of May 31, 2023, the total 8.75% 2024 Notes outstanding was $20.0 million. The 8.75% 2024 Notes are not listed. The carrying amount of the amount outstanding of 8.75% 2024 Notes had a fair value of $20.0 million, which is based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy. As of February 28, 2023, the carrying amount and fair value of the 8.75% 2024 Notes was $0.0 million and $0.0 million, respectively.
For the three months ended May 31, 2023 and May 31, 2022, we recorded $0.2 million and $0.0 million, respectively, of interest expense and $0.1 million and $0.00 million, respectively, of amortization of discount and deferred financing costs related to the 8.75% 2024 Notes. Interest expense and amortization of discount and deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2023 and May 31, 2022 the average dollar amount of 8.75% 2024 Notes outstanding was $10.0 million and $0.0 million respectively.
On April 14, 2023, the Company issued $50.0 million in aggregate principal amount of our 8.50% fixed-rate notes due 2028 (the “8.50% 2028 Notes”) for net proceeds of $48.4 million after deducting underwriting commissions of approximately $1.6 million. Offering costs incurred were approximately $0.03 million. On April 26, 2023, the underwriters fully exercised their option to purchase an additional $7.5 million in aggregate principal amount of the 8.50% 2028 Notes. Net proceeds to the Company were $7.3 million after deducting underwriting commissions of approximately $0.2 million. Interest on the 8.50% 2028 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 8.50% per year, beginning May 31, 2023. The 8.50% 2028 Notes mature on April 15, 2028, and commencing April 14, 2025, may be redeemed in whole or in part at any time or from time to time at our option. Net proceeds from this offering were used to repay a portion of the outstanding indebtedness under the Encina Credit Facility, make investments in middle-market companies (including investments made through our SBIC Subsidiaries) in accordance with our investment objective and strategies and for general corporate purposes. Financing costs of $2.0 million related to the 8.50% 2028 Notes have been capitalized and are being amortized over the term of the 8.50% 2028 Notes. The 8.50% 2028 Notes are listed on the NYSE under the trading symbol “SAZ” with a par value of $25.00 per share.
As of May 31, 2023, the carrying amount and fair value of the 8.50% 2028 Notes was $57.5 million and $56.8 million, respectively. The fair value of the 8.50% 2028 Notes, which are publicly traded, is based upon closing market quotes as of the measurement date and would be classified as a Level 1 liability within the fair value hierarchy. As of February 28, 2023, the carrying amount and fair value of the 8.50% 2028 Notes was $0.0 million and $0.0 million, respectively.
For the three months ended May 31, 2023 and May 31, 2022, we recorded $0.7 million and $0.0 million, respectively, of interest expense and $0.05 million and $0.00 million, respectively, of amortization of deferred financing costs related to the 8.50% 2028 Notes. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2023 and May 31, 2022 the average dollar amount of 8.50% 2028 Notes outstanding was $28.4 million and $0.0 million respectively.
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| Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies | Note 9. Commitments and Contingencies
Contractual Obligations
The following table shows our payment obligations for repayment of debt and other contractual obligations at May 31, 2023:
Off-Balance Sheet Arrangements
As of May 31, 2023 and February 28, 2023, the Company’s off-balance sheet arrangements consisted of $143.0 million and $108.8 million, respectively, of unfunded commitments outstanding to provide debt financing to its portfolio companies or to fund limited partnership interests. Such commitments are generally up to the Company’s discretion to approve, or the satisfaction of certain financial and nonfinancial covenants and involve, to varying degrees, elements of credit risk in excess of the amount recognized in the Company’s consolidated statements of assets and liabilities and are not reflected in the Company’s consolidated statements of assets and liabilities.
A summary of the unfunded commitments outstanding as of May 31, 2023: and February 28, 2023: is shown in the table below (dollars in thousands):
The Company believes its assets will provide adequate coverage to satisfy these unfunded commitments. As of May 31, 2023, the Company had May 31, 2023, the Company had total cash and cash equivalents of $53.2 million and $30.0 million in available borrowings under the Encina Credit Facility. |
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Directors Fees |
3 Months Ended |
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May 31, 2023 | |
| Directors Fees [Abstract] | |
| Directors Fees | Note 10. Directors Fees
The independent directors each receive an annual fee of $70,000. They also receive $3,000 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each board meeting and receive $1,500 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each committee meeting. In addition, the chairman of the Audit Committee receives an annual fee of $12,500 and the chairman of each other committee receives an annual fee of $6,000 for their additional services in these capacities. In addition, we have purchased directors’ and officers’ liability insurance on behalf of our directors and officers. Independent directors have the option to receive their directors’ fees in the form of our common stock issued at a price per share equal to the greater of NAV or the market price at the time of payment. No compensation is paid to directors who are “interested persons” of the Company (as defined in Section 2(a)(19) of the 1940 Act). For the three months ended May 31, 2023 and May 31, 2022, we incurred $0.09 million and $0.1 million for directors’ fees and expenses, respectively. As of May 31, 2023 and February 28, 2023, $0.0 million and $0.01 million in directors’ fees and expenses were accrued and unpaid, respectively. As of May 31, 2023, we had not issued any common stock to our directors as compensation for their services. |
Stockholders' Equity |
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| Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders’ Equity | Note 11. Stockholders’ Equity
On May 16, 2006, GSC Group, Inc. capitalized the LLC, by contributing $1,000 in exchange for 67 shares, constituting all of the issued and outstanding shares of the LLC.
On March 20, 2007, the Company issued 95,995.5 and 8,136.2 shares of common stock, priced at $150.00 per share, to GSC Group and certain individual employees of GSC Group, respectively, in exchange for the general partnership interest and a limited partnership interest in GSC Partners CDO III GP, LP, collectively valued at $15.6 million. At this time, the 6.7 shares owned by GSC Group in the LLC were exchanged for 6.7 shares of the Company.
On March 28, 2007, the Company completed its IPO of 725,000 shares of common stock, priced at $150.00 per share, before underwriting discounts and commissions. Total proceeds received from the IPO, net of $7.1 million in underwriter’s discount and commissions, and $1.0 million in offering costs, were $100.7 million.
On July 30, 2010, our Manager and its affiliates purchased 986,842 shares of common stock at $15.20 per share. Total proceeds received from this sale were $15.0 million.
On August 12, 2010, we effected a one-for-ten reverse stock split of our outstanding common stock. As a result of the reverse stock split, every ten shares of our common stock were converted into one share of our common stock. Any fractional shares received as a result of the reverse stock split were redeemed for cash. The total cash payment in lieu of shares was $230. Immediately after the reverse stock split, we had 2,680,842 shares of our common stock outstanding.
On September 24, 2014, the Company announced the approval of an open market share repurchase plan that originally allowed it to repurchase up to 200,000 shares of its common stock at prices below its NAV as reported in its then most recently published consolidated financial statements (the “Share Repurchase Plan”). Since September 24, 2014, the Share Repurchase Plan has been extended annually, and the Company has periodically increased the amount of shares of common stock that may be purchased under the Share Repurchase Plan. Most recently, on January 9, 2023, our board of directors extended the Share Repurchase Plan for another year to January 15, 2024, increasing the number of shares that may be repurchased under the Share Repurchase Plan to 1.7 million shares of common stock. As of May 31, 2023, the Company purchased 1,035,203 shares of common stock, at the average price of $22.05 for approximately $22.8 million pursuant to the Share Repurchase Plan. During the three months ended May 31, 2023 the Company purchased 88,576 shares of common stock, at the average price $24.36 for approximately $2.2 million pursuant to the Share Repurchase Plan.
On March 16, 2017, we entered into an equity distribution agreement with Ladenburg Thalmann & Co. Inc., through which we may offer for sale, from time to time, up to $30.0 million of our common stock through an ATM offering. Subsequent to this, BB&T Capital Markets and B. Riley FBR, Inc. were also added to the agreement. On July 11, 2019, the amount of the common stock to be offered was increased to $70.0 million, and on October 8, 2019, the amount of the common stock to be offered was increased to $130.0 million. This agreement was terminated as of July 29, 2021, and as of that date, the Company had sold 3,922,018 shares for gross proceeds of $97.1 million at an average price of $24.77 for aggregate net proceeds of $95.9 million (net of transaction costs).
On July 13, 2018, the Company issued 1,150,000 shares of its common stock priced at $25.00 per share (par value $0.001 per share) at an aggregate total of $28.75 million. The net proceeds, after deducting underwriting commissions of $1.15 million and offering costs of approximately $0.2 million, amounted to approximately $27.4 million. The Company also granted the underwriters a 30-day option to purchase up to an additional 172,500 shares of its common stock, which was not exercised.
On July 30, 2021, we entered into an equity distribution agreement with Ladenburg Thalmann & Co. Inc. and Compass Point Research and Trading, LLC (collectively the “Agents”), through which we may offer for sale, from time to time, up to $150.0 million of our common stock through the Agents, or to them, as principal for their account (the “ATM Program”). As of May 31, 2023, the Company sold 4,840,361 shares for gross proceeds of $124.0 million at an average price of $25.61 for aggregate net proceeds of $122.4 million (net of transaction costs). During the three months ended May 31, 2023, there were no shares sold pursuant to the equity distribution agreement with the Agents.
The Company adopted Rule 3-04/Rule 8-03(a)(5) under Regulation S-X (Note 2). Pursuant to Regulation S-X, the Company has presented a reconciliation of the changes in each significant caption of stockholders’ equity as shown in the tables below:
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Earnings Per Share |
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Nov. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share | Note 12. Earnings Per Share
In accordance with the provisions of FASB ASC Topic 260, Earnings per Share (“ASC 260”), basic earnings per share is computed by dividing earnings available to common shareholders by the weighted average number of shares outstanding during the period. Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis.
The following information sets forth the computation of the weighted average basic and diluted net increase (decrease) in net assets resulting from operations per share for the three months ended May 31, 2023 and May 31, 2022 (dollars in thousands except share and per share amounts):
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Dividend |
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May 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dividend [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dividend | Note 13. Dividend
On May 22, 2023, the Company declared a dividend of $0.70 per share payable on June 29, 2023, to common stockholders of record on June 13, 2023. Shareholders have the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant to the DRIP.
The following table summarizes dividends declared for the three months ended May 31, 2023 (dollars in thousands except per share amounts):
The following table summarizes dividends declared for the three months ended May 31, 2022 (dollars in thousands except per share amounts):
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Financial Highlights |
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| Investment Company, Financial Highlights [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial Highlights | Note 14. Financial Highlights
The following is a schedule of financial highlights as of and for the three months ended May 31, 2023 and May 31, 2022:
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Subsequent Events |
3 Months Ended |
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May 31, 2023 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Note 15. Subsequent Events
On July 6, 2023, we increased the maximum amount of shares of our common stock to be sold through the ATM Program to $300.0 million from $150.0 million. In connection with the upsize of the ATM Program, we entered into amendment no. 2 to the equity distribution agreement (“Amendment No. 2”), dated July 10, 2023 (as amended from time to time, the “Equity Distribution Agreement”), with the Agents. Under the Equity Distribution Agreement, we may, but have no obligation to, issue and sell up to $300.0 million in aggregate amount of our shares of common stock in the ATM Program, from time to time through the Agents, or to them, as principal for their own account.
The Agents will receive a commission from us up to 1.5% of the gross sales price of any shares of our common stock sold through the Agents under the Equity Distribution Agreement. The sales price per share of our common stock offered under the ATM Program, less the Agents’ commission, will not be less than the NAV per share of our common stock at the time of such sale. Saratoga Investment Advisors may, from time to time and in its sole discretion, contribute proceeds necessary to ensure that no sales are made at a price below the then-current NAV per share. |
Accounting Policies, by Policy (Policies) |
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||
| Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), are stated in U.S. Dollars and include the accounts of the Company and its wholly owned special purpose financing subsidiaries, Saratoga Investment Funding, LLC (previously known as GSC Investment Funding LLC), SIF II, SBIC LP, SBIC II LP, SBIC III LP, SIA-AAP, Inc., SIA-ARC, Inc., SIA-Avionte, Inc., SIA-AX, Inc., SIA-G4, Inc., SIA-GH, Inc., SIA-MDP, Inc., SIA-MAC, Inc., SIA-PP, Inc., SIA-SZ, Inc., SIA-TG, Inc., SIA-TT Inc., SIA-Vector, Inc. and SIA-VR, Inc. All intercompany accounts and transactions have been eliminated in consolidation. Therefore, this form 10-Q should be read in conjunction with the Company's annual report on Form 10-K for the year ended February 28, 2023. The current period's result of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending February 28, 2024. All references made to the “Company,” “we,” and “us” herein include Saratoga Investment Corp. and its consolidated subsidiaries, except as stated otherwise. The Company, SBIC LP, SBIC II LP, and SBIC III LP are all considered to be investment companies for financial reporting purposes and have applied the guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies (“ASC 946”). There have been no changes to the Company, SBIC LP, SBIC II LP, or SBIC III LP’s status as investment companies during the three months ended May 31, 2023.
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| Principles of Consolidation | Principles of Consolidation Under the investment company rules and regulations pursuant to ASC 946, the Company is precluded from consolidating any entity other than another investment company or controlled operating company whose business consists of providing services to the Company. As a result, the consolidated financial statements of the Company include only the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company has determined that SLF JV is an investment company under ASC 946; however, in accordance with such guidance the Company will generally not consolidate its investment in a company other than a wholly owned investment company subsidiary. SLF JV is not a wholly owned investment company subsidiary as the Company and TJHA each have an equal 50% voting interest in SLF JV and thus neither party has a controlling financial interest. Furthermore, ASC 810 concludes that in a joint venture where both members have equal decision making authority, it is not appropriate for one member to consolidate the joint venture since neither has control. Accordingly, the Company does not consolidate its investment in SLF JV. |
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| Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and income, gains (losses) and expenses during the period reported. Actual results could differ materially from those estimates. |
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| Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include short-term, liquid investments in a money market fund. The Company places its cash in financial institutions and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation insurance limits. Cash and cash equivalents are carried at cost which approximates fair value. Pursuant to Section 12(d)(1)(A) of the 1940 Act, the Company may not invest in another investment company, such as a money market fund, if such investment would cause the Company to exceed any of the following limitations:
As of May 31, 2023, the Company did not exceed any of these limitations.
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| Cash and Cash Equivalents, Reserve Accounts | Cash and Cash Equivalents, Reserve Accounts Cash and cash equivalents, reserve accounts include amounts held in designated bank accounts in the form of cash and short-term liquid investments in money market funds, and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation insurance limits, representing payments received on secured investments or other reserved amounts associated with the Encina Credit Facility within SIF II, our wholly owned subsidiary. The Company is required to use these amounts to pay interest expense, reduce borrowings, or pay other amounts in accordance with the terms of the Encina Credit Facility. In addition, cash and cash equivalents, reserve accounts also include amounts held in designated bank accounts, in the form of cash and short-term liquid investments in money market funds, within our wholly owned subsidiaries, SBIC LP, SBIC II LP and SBIC III LP. The statements of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash and restricted cash equivalents when reconciling the beginning-of-period and end-of-period total amounts. The following table provides a reconciliation of cash and cash equivalents and cash and cash equivalents, reserve accounts reported within the consolidated statements of assets and liabilities that sum to the total of the same such amounts shown in the consolidated statements of cash flows:
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| Investment Classification | Investment Classification The Company classifies its investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, “control investments” are defined as investments in companies in which we own more than 25.0% of the voting securities or maintain greater than 50.0% of the board representation. Under the 1940 Act, “affiliated investments” are defined as those non-control investments in companies in which we own between 5.0% and 25.0% of the voting securities. Under the 1940 Act, “non-affiliated investments” are defined as investments that are neither control investments nor affiliated investments.
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| Investment Valuation | Investment Valuation The Company accounts for its investments at fair value in accordance with the FASB ASC Topic 820, Fair Value Measurements and Disclosure (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value and enhances disclosure requirements for fair value measurements. ASC 820 requires the Company to assume that its investments are to be sold or its liabilities are to be transferred at the measurement date in the principal market to independent market participants, or in the absence of a principal market, in the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. Investments for which market quotations are readily available are fair valued at such market quotations obtained from independent third-party pricing services and market makers subject to any decision by our board of directors to approve a fair value determination to reflect significant events affecting the value of these investments. We value investments for which market quotations are not readily available at fair value as approved, in good faith, by our board of directors based on input from our Manager, the audit committee of our board of directors and a third-party independent valuation firm. The Company undertakes a multi-step valuation process each quarter when valuing investments for which market quotations are not readily available, as described below:
In addition, all our investments are subject to the following valuation process:
We use multiple techniques for determining fair value based on the nature of the investment and experience with those types of investments and specific portfolio companies. The selections of the valuation techniques and the inputs and assumptions used within those techniques often require subjective judgements and estimates. These techniques include market comparables, discounted cash flows and enterprise value waterfalls. Fair value is best expressed as a range of values from which the Company determines a single best estimate. The types of inputs and assumptions that may be considered in determining the range of values of our investments include the nature and realizable value of any collateral, the portfolio company’s ability to make payments, market yield trend analysis and volatility in future interest rates, call and put features, the markets in which the portfolio company does business, comparison to publicly traded companies, discounted cash flows and other relevant factors.
The Company’s investments in the subordinated notes of Saratoga CLO, Class F-2-R-3 Notes of the Saratoga CLO and the Class E Notes of SLF 2022 are carried at fair value, which is based on a discounted cash flow valuation technique that utilizes prepayment, re-investment and loss inputs based on historical experience and projected performance, economic factors, the characteristics of the underlying cash flow, and comparable yields for equity interests in collateralized loan obligation funds, when available, as determined by our Manager and recommended to our board of directors. Specifically, we use Intex cash flows, or an appropriate substitute, to form the basis for the valuation of our investment in the subordinated notes of Saratoga CLO, Class F-2-R-3 Notes of the Saratoga CLO and the Class E Notes of SLF 2022. The cash flows use a set of inputs including projected default rates, recovery rates, reinvestment rates and prepayment rates in order to arrive at estimated valuations. The inputs are based on available market data and projections provided by third parties as well as management estimates. The Company’s equity investment in SLF JV is measured using the proportionate share of the net asset value (“NAV”), or equivalent, of SLF JV as a practical expedient for fair value, provided by ASC 820. Because such valuations, and particularly valuations of private investments and private companies, are inherently uncertain, they may fluctuate over short periods of time and may be based on estimates. The determination of fair value may differ materially from the values that would have been used if a ready market for these investments existed. The Company’s NAV could be materially affected if the determinations regarding the fair value of our investments were materially higher or lower than the values that we ultimately realize upon the disposal of such investments. In December 2020, the U.S. Securities and Exchange Commission (the “SEC”) adopted new Rule 2a-5 under the 1940 Act (“Rule 2a-5”) that establishes a regulatory framework for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits boards of directors, subject to board oversight and certain other conditions, to designate the investment adviser to perform fair value determinations. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must determine the fair value of a security. The SEC also adopted new Rule 31a-4 under the 1940 Act (“Rule 31a-4”) that provides the recordkeeping requirements associated with fair value determinations. Finally, the SEC rescinded previously issued guidance on related issues, including the role of the board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021 and had a compliance date of September 8, 2022. While our board of directors has not elected to designate Saratoga Investment Advisors as the valuation designee, the Company has adopted certain revisions to its valuation policies and procedures in order comply with the applicable requirements of Rule 2a-5 and Rule 31a-4. |
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| Derivative Financial Instruments | Derivative Financial Instruments The Company accounts for derivative financial instruments in accordance with FASB ASC Topic 815, Derivatives and Hedging (“ASC 815”). ASC 815 requires recognizing all derivative instruments as either assets or liabilities on the consolidated statements of assets and liabilities at fair value. The Company values derivative contracts at the closing fair value provided by the counterparty. Changes in the values of derivative contracts are included in the consolidated statements of operations.
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| Investment Transactions and Income Recognition | Investment Transactions and Income Recognition Purchases and sales of investments and the related realized gains or losses are recorded on a trade-date basis. Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis to the extent that such amounts are expected to be collected. The Company stops accruing interest on its investments when it is determined that interest is no longer collectible. Discounts and premiums on investments purchased are accreted/amortized using the effective yield method. The amortized cost of investments represents the original cost adjusted for the accretion of discounts over the life of the investment and amortization of premiums on investments up to the earliest call date. Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected. Accrued interest is generally reserved when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as a reduction in principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current, although we may make exceptions to this general rule if the loan has sufficient collateral value and is in the process of collection. At May 31, 2023 our investment in one portfolio company was on non-accrual status with a fair value of approximately $9.8 million, or 0.9% of the fair value of our portfolio. At May 31, 2022, our investment in one portfolio company was on non-accrual status with a fair value of approximately $10.1 million, or 1.1% of the fair value of our portfolio. Interest income on our investment in Saratoga CLO is recorded using the effective interest method in accordance with the provisions of ASC Topic 325, Investments-Other, Beneficial Interests in Securitized Financial Assets, (“ASC 325”), based on the anticipated yield and the estimated cash flows over the projected life of the investment. Yields are revised when there are changes in actual or estimated cash flows due to changes in prepayments and/or re-investments, credit losses or asset pricing. Changes in estimated yield are recognized as an adjustment to the estimated yield over the remaining life of the investment from the date the estimated yield was changed. |
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| Payment-in-Kind Interest | Payment-in-Kind Interest The Company holds debt and preferred equity investments in its portfolio that contain a payment-in-kind (“PIK”) interest provision. The PIK interest, which represents contractually deferred interest added to the investment balance that is generally due at maturity, is generally recorded on the accrual basis to the extent such amounts are expected to be collected. The Company stops accruing PIK interest if it is expected that the issuer will not be able to pay all principal and interest when due. |
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| Dividend Income | Dividend Income Dividend income is recorded in the consolidated statements of operations when earned. |
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| Structuring and Advisory Fee Income | Structuring and Advisory Fee Income Structuring and advisory fee income represents various fee income earned and received for performing certain investment structuring and advisory activities during the closing of new investments. |
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| Other Income | Other Income Other income includes prepayment income fees, and monitoring, administration, redemption and amendment fees and is recorded in the consolidated statements of operations when earned. |
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| Deferred Debt Financing Costs | Deferred Debt Financing Costs Financing costs incurred in connection with our credit facility and notes are deferred and amortized using the straight-line method over the life of the respective facility and debt securities. Financing costs incurred in connection with the SBA debentures of SBIC LP, SBIC II LP, and SBIC III LP are deferred and amortized using the straight-line method over the life of the debentures. Any discount or premium on the issuance of any debt is accreted and amortized using the effective interest method over the life of the respective debt security. The Company presents deferred debt financing costs on the balance sheet as a contra-liability as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts.
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| Realized Loss on Extinguishment of Debt | Realized Loss on Extinguishment of Debt Upon the repayment of debt obligations that are deemed to be extinguishments, the difference between the principal amount due at maturity adjusted for any unamortized debt issuance costs is recognized as a loss (i.e., the unamortized debt issuance costs are recognized as a loss upon extinguishment of the underlying debt obligation). |
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| Contingencies | Contingencies In the ordinary course of business, the Company may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Company. Based on its history and experience, management reasonably believes that the likelihood of such an event is remote. Therefore, the Company has not accrued any liabilities in connection with such indemnifications. In the ordinary course of business, the Company may directly or indirectly be a defendant or plaintiff in legal actions with respect to bankruptcy, insolvency or other types of proceedings. Such lawsuits may involve claims that could adversely affect the value of certain financial instruments owned by the Company. |
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| Income Taxes | Income Taxes The Company has elected, and intends to qualify annually, to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code. By meeting these requirements, the Company will not be subject to U.S. federal income tax on ordinary income or capital gains timely distributed to stockholders. Therefore, no provision has been recorded for federal income taxes, except as related to the Taxable Blockers and long-term capital gains, when applicable. In order to qualify as a RIC, among other requirements, the Company generally is required to timely distribute to its stockholders at least 90% of its “investment company taxable income”, as defined by the Code, for each fiscal tax year. The Company will be subject to U.S. federal income tax at corporate rates on its investment company taxable income and net capital gains that it does not timely distribute to shareholders. The Company will be subject to a nondeductible U.S. federal excise tax of 4% on undistributed income if it does not distribute at least (1) 98% of its net ordinary income in any calendar year, (2) 98.2% of its capital gain net income for each one-year period ending on October 31and (3) any net ordinary income and capital gain net income that it recognized for preceding years, but were not distributed during such year, and on which the Company paid no U.S federal income tax. Depending on the level of investment company taxable income earned in a tax year and the amount of net capital gains recognized in such tax year, the Company may choose to carry forward investment company taxable income and net capital gains in excess of current year dividend distributions into the next tax year and pay U.S. federal income tax, and possibly the 4.0% U.S. federal excise tax on such income, as required. To the extent that the Company determines that its estimated current year annual investment company taxable income will be in excess of estimated current year dividend distributions for U.S. federal excise tax purposes, the Company accrues the U.S. federal excise tax, if any, on estimated excess taxable income as taxable income is earned. In accordance with U.S. Treasury regulations and published guidance issued by the Internal Revenue Service (“IRS”), a publicly offered RIC may treat a distribution of its own stock as counting toward its RIC distribution requirements if each stockholder may elect to receive his, her, or its entire distribution in either cash or stock of the RIC. This published guidance indicates that the rule will apply where the aggregate amount of cash to be distributed to all stockholders is not at least 20.0% of the aggregate declared distribution. Under the published guidance, if too many stockholders elect to receive cash, the cash available for distribution must be allocated among the stockholders electing to receive cash (with the balance of the distribution paid in stock). In no event will any stockholder, electing to receive cash, receive less than 20.0% of his or her entire distribution in cash. If these and certain other requirements are met, for U.S. federal income tax purposes, the amount of the dividend paid in stock will be equal to the amount of cash that could have been received instead of stock. The Company may utilize wholly owned holding companies taxed under Subchapter C of the Code or tax blockers, when making equity investments in portfolio companies taxed as pass-through entities to meet its source-of-income requirements as a RIC. Taxable Blockers are consolidated in the Company’s U.S. GAAP financial statements and may result in current and deferred federal and state income tax expense with respect to income derived from those investments. Such income, net of applicable income taxes, is not included in the Company’s tax-basis net investment income until distributed by the Taxable Blocker, which may result in timing and character differences between the Company’s U.S. GAAP and tax-basis net investment income and realized gains and losses. Income tax expense or benefit from Taxable Blockers related to net investment income are included in total operating expenses, while any expense or benefit related to federal or state income tax originated for capital gains and losses are included together with the applicable net realized or unrealized gain or loss line item. Deferred tax assets of the Taxable Blockers are reduced by a valuation allowance when, in the opinion of management, it is more-likely than-not that some portion or all of the deferred tax assets will not be realized.
FASB ASC Topic 740, Income Taxes, (“ASC 740”), provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions deemed to meet a “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current period. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the consolidated statements of operations. During the fiscal year ended February 28, 2023, the Company did not incur any interest or penalties. Although we file federal and state tax returns, our major tax jurisdiction is federal. The 2020, 2021, 2022 and 2023 federal tax years for the Company remain subject to examination by the IRS. At May 31, 2023, and February 28, 2023, there were no uncertain tax positions. The Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change significantly in the next 12 months. |
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| Dividends | Dividends Dividends to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a dividend is determined by the board of directors. Net realized capital gains, if any, are generally distributed at least annually, although we may decide to retain some or all of our net capital gains for reinvestment. We have adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of our dividend distributions on behalf of our stockholders unless a stockholder elects to receive cash. As a result, if our board of directors authorizes, and we declare, a cash dividend, then our stockholders who have not “opted out” of the DRIP by the dividend record date will have their cash dividends automatically reinvested into additional shares of our common stock, rather than receiving the cash dividends. We have the option to satisfy the share requirements of the DRIP through the issuance of new shares of common stock or through open market purchases of common stock by the DRIP plan administrator. |
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| Capital Gains Incentive Fee | Capital Gains Incentive Fee The Company records an expense accrual on the consolidated statements of operations relating to the capital gains incentive fee payable to the Manager, as recorded on the consolidated statements of assets and liabilities when the net realized and unrealized gain on its investments exceed all net realized and unrealized capital losses on its investments because a capital gains incentive fee would be owed to the Manager if the Company were to liquidate its investment portfolio at such time. The actual incentive fee payable to the Manager related to capital gains will be determined and payable in arrears at the end of each fiscal year and only reflect those realized capital gains net of realized and unrealized losses for the period. |
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| Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (Topic 820) (“ASU 2022-03”), which clarifies that a contractual sale restriction prohibiting the sale of an equity security is a characteristic of the reporting entity holding the equity security and is not included in the equity security’s unit of account. Accordingly, an entity should not consider the contractual sale restriction when measuring the equity security’s fair value. In addition, ASU 2022-03 prohibits an entity from recognizing a contractual sale restriction as a separate unit of account. ASU 2022-03 amendments are effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The Company is currently evaluating the impact of the adoption of ASU 2022-03 on its consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) to provide optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 established Topic 848 to provide relief during the temporary transition period and includes a sunset provision based on expectations of when the London Interbank Offered Rate (“LIBOR”) would cease being published. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset day of this guidance to December 31, 2024. With the adoption of ASU 2022-06, there was no significant impact to the Company’s financial position.
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| Risk Management | Risk Management In the ordinary course of its business, the Company manages a variety of risks, including market risk and credit risk. Market risk is the risk of potential adverse changes to the value of investments because of changes in market conditions such as interest rate movements and volatility in investment prices. Credit risk is the risk of default or non-performance by portfolio companies, equivalent to the investment’s carrying amount. The Company is also exposed to credit risk related to maintaining all of its cash and cash equivalents, including those in reserve accounts, at a major financial institution and credit risk related to any of its derivative counterparties. The Company has investments in lower rated and comparable quality unrated high yield bonds and bank loans. Investments in high yield investments are accompanied by a greater degree of credit risk. The risk of loss due to default by the issuer is significantly greater for holders of high yield securities, because such investments are generally unsecured and are often subordinated to other creditors of the issuer. |
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Summary of Significant Accounting Policies (Tables) |
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| Schedule of reconciliation of cash and cash equivalents and cash and cash equivalents |
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Investments (Tables) |
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| Schedule of fair value measurements of investments, by major class |
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| Schedule of reconciliation of beginning and ending balances for investments |
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| Schedule of valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets |
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| Schedule of investments at amortized cost and fair value |
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| Saratoga CLO [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments (Tables) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of statements of assets and liabilities |
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| Schedule of statements of operations |
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| Schedule of investments cash and cash equivalents |
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Income Taxes (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of deferred tax assets and liabilities |
|
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| Schedule of federal and state income tax provisions benefit |
|
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Borrowings (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 28, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of credit facility |
|
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Commitments and Contingencies (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of payment obligations for repayment of debt and other contractual obligations |
|
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| Schedule of unfunded commitments outstanding |
|
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Stockholders' Equity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of reconciliation of the changes in each significant caption of stockholders’ equity |
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Earnings Per Share (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Nov. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of weighted average basic and diluted net increase (decrease) in net assets |
|
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Dividend (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dividend [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of dividends declared |
|
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Financial Highlights (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Company, Financial Highlights [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of financial highlights |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization (Details) - USD ($) |
1 Months Ended | 3 Months Ended | ||
|---|---|---|---|---|
Jan. 27, 2023 |
Oct. 28, 2022 |
May 31, 2023 |
Feb. 28, 2023 |
|
| Organization (Details) [Line Items] | ||||
| Principal of a Loan | $ 175,000,000 | |||
| Credit facility | $ 35,000,000 | $ 32,500,000 | ||
| Interest rate | 0.10% | |||
| Collateralized Loan Obligations [Member] | ||||
| Organization (Details) [Line Items] | ||||
| Issued of debt | $ 402,100,000 | |||
| London inter bank offered rates LIBOR [Member] | ||||
| Organization (Details) [Line Items] | ||||
| Floating rate, percentage | 4.00% | |||
| LIBOR floor, percentage | 0.75% | |||
| Maximum [Member] | ||||
| Organization (Details) [Line Items] | ||||
| Principal of a Loan | $ 4.25 | |||
| Credit facility | $ 65,000,000 | |||
| Maturity date | Jan. 27, 2026 | |||
| Minimum [Member] | ||||
| Organization (Details) [Line Items] | ||||
| Principal of a Loan | $ 4 | |||
| Credit facility | $ 50,000,000 | |||
| Maturity date | Oct. 04, 2024 | |||
| SBA Debentures [Member] | ||||
| Organization (Details) [Line Items] | ||||
| Principal of a Loan | $ 150,000,000 | |||
| SBA Debentures [Member] | Maximum [Member] | ||||
| Organization (Details) [Line Items] | ||||
| Principal of a Loan | 350,000,000 | |||
| SBA Debentures [Member] | Minimum [Member] | ||||
| Organization (Details) [Line Items] | ||||
| Principal of a Loan | 175,000,000 | |||
| Encina Lender Finance, LLC [Member] | ||||
| Organization (Details) [Line Items] | ||||
| Credit facility | 50,000,000 | |||
| Maximum loan increasable amount | 75,000,000 | |||
| Credit facility minimum drawn amount | $ 25,000,000 | |||
| Loan increasable, percentage | 50.00% | |||
| Encina Lender Finance, LLC [Member] | ||||
| Organization (Details) [Line Items] | ||||
| Initial minimum amount drawn to increase loan facility | $ 12,500,000 | |||
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
May 31, 2023 |
May 31, 2022 |
|
| Summary of Significant Accounting Policies (Details) [Line Items] | ||
| Aggregate value of total assets, percentage | 5.00% | |
| Non-accrual fair value (in Dollars) | $ 9.8 | $ 10.1 |
| Fair value percentage | 0.90% | 1.10% |
| Minimum distribute percent to qualify RIC | 90.00% | |
| Federal excise tax, percentage | 4.00% | |
| Net ordinary income, percentage | 98.00% | |
| Capital gain net income, percentage | 98.20% | |
| Percentage of federal excise tax on income | 4.00% | |
| Aggregate declared distribution, percentage | 20.00% | |
| Cash declared distribution, percentage | 20.00% | |
| SLF JV [Member] | ||
| Summary of Significant Accounting Policies (Details) [Line Items] | ||
| Percentage of voting interest | 50.00% | |
| Cash and Cash Equivalents [Member] | ||
| Summary of Significant Accounting Policies (Details) [Line Items] | ||
| Investment owned outstanding voting shares percentage | 3.00% | |
| Investment Companies [Member] | ||
| Summary of Significant Accounting Policies (Details) [Line Items] | ||
| Aggregate value of total assets, percentage | 10.00% | |
| Control investments [Member] | ||
| Summary of Significant Accounting Policies (Details) [Line Items] | ||
| Investment owned outstanding voting shares percentage | 25.00% | |
| Investment owned board representation percentage | 50.00% | |
| Affiliated Investments [Member] | Minimum [Member] | ||
| Summary of Significant Accounting Policies (Details) [Line Items] | ||
| Investment owned outstanding voting shares percentage | 5.00% | |
| Affiliated Investments [Member] | Maximum [Member] | ||
| Summary of Significant Accounting Policies (Details) [Line Items] | ||
| Investment owned outstanding voting shares percentage | 25.00% | |
Summary of Significant Accounting Policies (Details) - Schedule of reconciliation of cash and cash equivalents and cash and cash equivalents - USD ($) |
May 31, 2023 |
Feb. 28, 2023 |
|---|---|---|
| Schedule of reconciliation of cash and cash equivalents and cash and cash equivalents [Abstract] | ||
| Cash and cash equivalents | $ 21,987,196 | $ 65,746,494 |
| Cash and cash equivalents, reserve accounts | 31,165,969 | 30,329,779 |
| Total cash and cash equivalents and cash and cash equivalents, reserve accounts | $ 53,153,165 | $ 96,076,273 |
Investments (Details) - USD ($) |
1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 28, 2023 |
Aug. 11, 2021 |
Dec. 14, 2018 |
Oct. 28, 2022 |
Feb. 28, 2021 |
Feb. 26, 2021 |
Dec. 31, 2018 |
Jan. 31, 2008 |
May 31, 2023 |
May 31, 2022 |
Aug. 31, 2021 |
Jun. 09, 2023 |
Feb. 28, 2023 |
Oct. 20, 2023 |
Aug. 09, 2021 |
|
| Investments (Details) [Line Items] | |||||||||||||||
| Description of valuation model rate | ●Default rate: 2.0% ● Recovery rate: 35%-70% ● Discount rate: 12.0%-22.0% ● Prepayment rate: 20.0% ● Reinvestment rate / price: $97.00 for eighteen months; then L+365bps / $99.00 | ||||||||||||||
| Fair value investment, Percentage | 5.00% | ||||||||||||||
| Cash contributions | $ 116,255,582 | $ 100,267,501 | $ 116,255,582 | ||||||||||||
| Company earned | $ 500,000 | $ 300,000 | |||||||||||||
| Purchased of fair value percentage | 87.50% | ||||||||||||||
| Aggregate fair value | 828,028,800 | $ 941,021,051 | 828,028,800 | ||||||||||||
| Legal maturity date | January 2030 | ||||||||||||||
| Additional an invested | $ 14,000,000 | $ 14,000,000 | $ 13,800,000 | $ 30,000,000 | |||||||||||
| Related transaction costs | 2,600,000 | ||||||||||||||
| Outstanding receivable | $ 2,600,000 | ||||||||||||||
| Realized loss | $ 100,000 | 90,691 | 162,509 | ||||||||||||
| Percentage owned and managed | 100.00% | ||||||||||||||
| Percentage of management fee | 0.10% | ||||||||||||||
| Percentage subordinated management fee | 0.40% | ||||||||||||||
| Percentage of excess cash flow | 20.00% | ||||||||||||||
| Percentage of internal rate in greater | 12.00% | ||||||||||||||
| Management fee income | 816,788 | 815,964 | |||||||||||||
| Investment principal balance | $ 645,600,000 | $ 652,800,000 | 645,600,000 | ||||||||||||
| Weighted average spread percentage | 3.80% | 3.80% | |||||||||||||
| Debt principal balance | $ 611,000,000 | $ 611,000,000 | |||||||||||||
| Percentage of debt weighted average spread | 2.20% | 2.20% | |||||||||||||
| Future cash flow amount | $ 21,200,000 | $ 13,700,000 | |||||||||||||
| Discount rate | 22.00% | 22.00% | |||||||||||||
| Total investment | $ 819,966,208 | 57.8 | $ 934,686,593 | 819,966,208 | |||||||||||
| London Interbank Offered Rate One [Member] | |||||||||||||||
| Investments (Details) [Line Items] | |||||||||||||||
| Investment description | 1M USD LIBOR—The 1 month USD LIBOR rate as of February 28, 2023 was 4.67%.3M USD LIBOR—The 3 month USD LIBOR rate as of February 28, 2023 was 4.97%.6M USD LIBOR—The 6 month USD LIBOR rate as of February 28, 2023 was 5.26%. | ||||||||||||||
| Secured Overnight Financing Rate One [Member] | |||||||||||||||
| Investments (Details) [Line Items] | |||||||||||||||
| Investment description | 1M SOFR - The 1 month SOFR rate as of February 28, 2023 was 4.66%.3M SOFR - The 3 month SOFR rate as of February 28, 2023 was 4.89%.6M SOFR - The 6 month SOFR rate as of February 28, 2023 was 5.15%. | ||||||||||||||
| Prime Rate One [Member] | |||||||||||||||
| Investments (Details) [Line Items] | |||||||||||||||
| Investment description | Prime—The Prime Rate as of February 28, 2023 was 7.75%. | ||||||||||||||
| Maximum [Member] | |||||||||||||||
| Investments (Details) [Line Items] | |||||||||||||||
| Aggregate principal amount | $ 500,000,000 | ||||||||||||||
| Minimum [Member] | |||||||||||||||
| Investments (Details) [Line Items] | |||||||||||||||
| Aggregate principal amount | $ 300,000,000 | ||||||||||||||
| The Class F-R-3 Notes [Member] | |||||||||||||||
| Investments (Details) [Line Items] | |||||||||||||||
| Aggregate fair value | 8,800,000 | 8,800,000 | |||||||||||||
| Aggregate principal amount | 17,900,000 | ||||||||||||||
| Notes exchanged | $ 17,900,000 | ||||||||||||||
| The Class F-R-2 [Member] | |||||||||||||||
| Investments (Details) [Line Items] | |||||||||||||||
| Aggregate principal amount | 2,500,000 | ||||||||||||||
| The Class G-R-2 [Member] | |||||||||||||||
| Investments (Details) [Line Items] | |||||||||||||||
| Aggregate principal amount | 7,500,000 | ||||||||||||||
| The CLO 2013-1 [Member] | |||||||||||||||
| Investments (Details) [Line Items] | |||||||||||||||
| Aggregate principal amount | 25,000,000 | ||||||||||||||
| Class F-R-3 Note [Member] | |||||||||||||||
| Investments (Details) [Line Items] | |||||||||||||||
| Notes exchanged | 8,500,000 | ||||||||||||||
| The Class F-1-R-3 Notes [Member] | |||||||||||||||
| Investments (Details) [Line Items] | |||||||||||||||
| Notes exchanged | $ 9,400,000 | ||||||||||||||
| Realized loss | $ 100,000 | ||||||||||||||
| The subordinated notes [Member] | |||||||||||||||
| Investments (Details) [Line Items] | |||||||||||||||
| Interest income | $ 0 | 600,000 | |||||||||||||
| Aggregate fair value | 21,200,000 | 21,200,000 | |||||||||||||
| Aggregate principal amount | 111,000,000 | ||||||||||||||
| Management fee income | 800,000 | $ 800,000 | |||||||||||||
| Corresponding fair value | 13,700,000 | ||||||||||||||
| The Class F-2-R-3 Notes [Member] | |||||||||||||||
| Investments (Details) [Line Items] | |||||||||||||||
| Aggregate principal amount | 9,400,000 | ||||||||||||||
| Corresponding fair value | 8,800,000 | ||||||||||||||
| Class E [Member] | |||||||||||||||
| Investments (Details) [Line Items] | |||||||||||||||
| Purchased of fair value percentage | 87.50% | ||||||||||||||
| Purchased of fair value per value | $ 12,250,000 | ||||||||||||||
| Aggregate fair value | 11,400,000 | 11,400,000 | 11,400,000 | ||||||||||||
| TJHA [Member] | |||||||||||||||
| Investments (Details) [Line Items] | |||||||||||||||
| Cash contributions | 6,250,000 | ||||||||||||||
| Unsecured note | 17,600,000 | ||||||||||||||
| Membership interest | $ 17,600,000 | ||||||||||||||
| TJHA [Member] | Maximum [Member] | |||||||||||||||
| Investments (Details) [Line Items] | |||||||||||||||
| Ownership percentage | 87.50% | ||||||||||||||
| TJHA [Member] | Minimum [Member] | |||||||||||||||
| Investments (Details) [Line Items] | |||||||||||||||
| Ownership percentage | 12.50% | ||||||||||||||
| Voting Interest in SLF JV [Member] | |||||||||||||||
| Investments (Details) [Line Items] | |||||||||||||||
| Ownership percentage | 50.00% | ||||||||||||||
| Subsequent Event [Member] | |||||||||||||||
| Investments (Details) [Line Items] | |||||||||||||||
| Unsecured percentage | 7.00% | ||||||||||||||
| Saratoga CLO [Member] | Maximum [Member] | |||||||||||||||
| Investments (Details) [Line Items] | |||||||||||||||
| Cash contributions | 650,000,000 | ||||||||||||||
| Saratoga CLO [Member] | Minimum [Member] | |||||||||||||||
| Investments (Details) [Line Items] | |||||||||||||||
| Cash contributions | $ 500,000,000 | ||||||||||||||
| CLO [Member] | |||||||||||||||
| Investments (Details) [Line Items] | |||||||||||||||
| Management fee income | 32,700,000 | 30,000,000 | $ 31,900,000 | ||||||||||||
| Total investment | $ 14,000,000 | $ 13,800,000 | $ 57,800,000 | ||||||||||||
| Cash distributions | 79,500,000 | 79,500,000 | |||||||||||||
| Incentive fee income | 1,200,000 | ||||||||||||||
| Received distributions | 77,700,000 | ||||||||||||||
| Inecentive fee expense | 1,200,000 | ||||||||||||||
| SLF JV [Member] | |||||||||||||||
| Investments (Details) [Line Items] | |||||||||||||||
| Cash contributions | 50,000,000 | ||||||||||||||
| Fixed interest rate | 10.00% | ||||||||||||||
| Unsecured note | 2,500,000 | ||||||||||||||
| Membership interest | 2,500,000 | ||||||||||||||
| Investment unsecured note | 17,600,000 | 17,600,000 | 17,600,000 | ||||||||||||
| Interest income | 200,000 | 400,000 | |||||||||||||
| Collateralized loan obligation trust | $ 402,100,000 | ||||||||||||||
| SLF JV [Member] | TJHA [Member] | |||||||||||||||
| Investments (Details) [Line Items] | |||||||||||||||
| Membership interest | $ 7,700,000 | 13,100,000 | $ 7,700,000 | ||||||||||||
| SLF JV One [Member] | |||||||||||||||
| Investments (Details) [Line Items] | |||||||||||||||
| Cash contributions | $ 43,750,000 | ||||||||||||||
Investments (Details) - Schedule of fair value measurements of investments, by major class - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
May 31, 2023 |
Feb. 28, 2023 |
|||
| Investments (Details) - Schedule of fair value measurements of investments, by major class [Line Items] | ||||
| First lien term loans | $ 917,590 | $ 798,534 | ||
| Second lien term loans | 15,185 | 14,936 | ||
| Unsecured term loans | 20,744 | 20,661 | ||
| Structured finance securities | 33,906 | 41,362 | ||
| Equity interests | 96,673 | 97,097 | ||
| Total | 1,084,098 | 972,590 | ||
| Level 1 [Member] | ||||
| Investments (Details) - Schedule of fair value measurements of investments, by major class [Line Items] | ||||
| First lien term loans | ||||
| Second lien term loans | ||||
| Unsecured term loans | ||||
| Structured finance securities | ||||
| Equity interests | ||||
| Total | ||||
| Level 2 [Member] | ||||
| Investments (Details) - Schedule of fair value measurements of investments, by major class [Line Items] | ||||
| First lien term loans | ||||
| Second lien term loans | ||||
| Unsecured term loans | ||||
| Structured finance securities | ||||
| Equity interests | ||||
| Total | ||||
| Level 3 [Member] | ||||
| Investments (Details) - Schedule of fair value measurements of investments, by major class [Line Items] | ||||
| First lien term loans | 917,590 | 798,534 | ||
| Second lien term loans | 15,185 | 14,936 | ||
| Unsecured term loans | 20,744 | 20,661 | ||
| Structured finance securities | 33,906 | 41,362 | ||
| Equity interests | 88,925 | 83,990 | ||
| Total | 1,076,350 | 959,483 | ||
| Valued Using Net Asset Value [Member] | ||||
| Investments (Details) - Schedule of fair value measurements of investments, by major class [Line Items] | ||||
| First lien term loans | [1] | |||
| Second lien term loans | [1] | |||
| Unsecured term loans | [1] | |||
| Structured finance securities | [1] | |||
| Equity interests | [1] | 7,748 | 13,107 | |
| Total | [1] | $ 7,748 | $ 13,107 | |
| ||||
Investments (Details) - Schedule of reconciliation of beginning and ending balances for investments - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
May 31, 2023 |
May 31, 2022 |
|
| Investments (Details) - Schedule of reconciliation of beginning and ending balances for investments [Line Items] | ||
| Beginning Balance | $ 959,483 | $ 805,551 |
| Payment-in-kind and other adjustments to cost | (1,474) | (1,322) |
| Net accretion of discount on investments | 461 | 350 |
| Net change in unrealized appreciation (depreciation) on investments | (10,963) | (3,964) |
| Purchases | 139,819 | 97,198 |
| Sales and repayments | (11,067) | (10,088) |
| Net realized gain (loss) from investments | 91 | 163 |
| Ending Balance | 1,076,350 | 887,888 |
| Net change in unrealized appreciation (depreciation) | (10,918) | (4,121) |
| First lien term loans [Member] | ||
| Investments (Details) - Schedule of reconciliation of beginning and ending balances for investments [Line Items] | ||
| Beginning Balance | 798,534 | 631,572 |
| Payment-in-kind and other adjustments to cost | 203 | (221) |
| Net accretion of discount on investments | 458 | 344 |
| Net change in unrealized appreciation (depreciation) on investments | (2,198) | (4,707) |
| Purchases | 131,660 | 95,886 |
| Sales and repayments | (11,067) | (4,947) |
| Net realized gain (loss) from investments | 163 | |
| Ending Balance | 917,590 | 718,090 |
| Net change in unrealized appreciation (depreciation) | (2,153) | (4,869) |
| Second lien term loans [Member] | ||
| Investments (Details) - Schedule of reconciliation of beginning and ending balances for investments [Line Items] | ||
| Beginning Balance | 14,936 | 44,386 |
| Payment-in-kind and other adjustments to cost | 200 | |
| Net accretion of discount on investments | 3 | 6 |
| Net change in unrealized appreciation (depreciation) on investments | 46 | (622) |
| Purchases | ||
| Sales and repayments | (5,141) | |
| Net realized gain (loss) from investments | ||
| Ending Balance | 15,185 | 38,629 |
| Net change in unrealized appreciation (depreciation) | 46 | (616) |
| Unsecured term loans [Member] | ||
| Investments (Details) - Schedule of reconciliation of beginning and ending balances for investments [Line Items] | ||
| Beginning Balance | 20,661 | 15,931 |
| Payment-in-kind and other adjustments to cost | ||
| Net accretion of discount on investments | ||
| Net change in unrealized appreciation (depreciation) on investments | 83 | (21) |
| Purchases | ||
| Sales and repayments | ||
| Net realized gain (loss) from investments | ||
| Ending Balance | 20,744 | 15,910 |
| Net change in unrealized appreciation (depreciation) | 83 | (20) |
| Structured finance securities [Member] | ||
| Investments (Details) - Schedule of reconciliation of beginning and ending balances for investments [Line Items] | ||
| Beginning Balance | 41,362 | 38,030 |
| Payment-in-kind and other adjustments to cost | (1,786) | (1,300) |
| Net accretion of discount on investments | ||
| Net change in unrealized appreciation (depreciation) on investments | (5,670) | (3,237) |
| Purchases | ||
| Sales and repayments | ||
| Net realized gain (loss) from investments | ||
| Ending Balance | 33,906 | 33,493 |
| Net change in unrealized appreciation (depreciation) | (5,670) | (3,239) |
| Equity interests [Member] | ||
| Investments (Details) - Schedule of reconciliation of beginning and ending balances for investments [Line Items] | ||
| Beginning Balance | 83,990 | 75,632 |
| Payment-in-kind and other adjustments to cost | (91) | 199 |
| Net accretion of discount on investments | ||
| Net change in unrealized appreciation (depreciation) on investments | (3,224) | 4,623 |
| Purchases | 8,159 | 1,312 |
| Sales and repayments | ||
| Net realized gain (loss) from investments | 91 | |
| Ending Balance | 88,925 | 81,766 |
| Net change in unrealized appreciation (depreciation) | $ (3,224) | $ 4,623 |
Investments (Details) - Schedule of valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets - USD ($) |
3 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
May 31, 2023 |
Feb. 28, 2023 |
|||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
| Fair Value | $ 1,076,350 | $ 959,483 | ||
| First lien term loans [Member] | ||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
| Fair Value | $ 798,534 | |||
| Valuation Technique | Market Comparables | Market Comparables | ||
| Unobservable Input | Market Yield (%) | Market Yield (%) | ||
| Weighted Average | [1] | 13.3% | 12.8% | |
| First lien term loans 1 [Member] | ||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
| Unobservable Input | Revenue Multiples (x) | Revenue Multiples (x) | ||
| Range | 4.1 | 4.1 | ||
| Weighted Average | [1] | 4.1 | 4.1 | |
| First lien term loans 2 [Member] | ||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
| Fair Value | $ 917,590 | |||
| Unobservable Input | EBITDA Multiples (x) | EBITDA Multiples (x) | ||
| Range | 8.0 | 8.0 | ||
| Weighted Average | [1] | 8.0 | 8.0 | |
| Second lien term loans [Member] | ||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
| Fair Value | $ 15,185 | $ 14,936 | ||
| Valuation Technique | Market Comparables | Market Comparables | ||
| Unobservable Input | Market Yield (%) | Market Yield (%) | ||
| Weighted Average | [1] | 40.3% | 45.8% | |
| Unsecured term loans [Member] | ||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
| Fair Value | $ 20,661 | |||
| Valuation Technique | Market Comparables | Market Comparables | ||
| Unobservable Input | Market Yield (%) | Market Yield (%) | ||
| Range | 19.8% | |||
| Weighted Average | [1] | 19.8% | 12.6% | |
| Unsecured term loans 1 [Member] | ||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
| Valuation Technique | Market Comparables | Market Comparables | ||
| Unobservable Input | Market Quote (%) | Market Quote (%) | ||
| Range | 100.0% | 100.0% | ||
| Weighted Average | [1] | 100.0% | 100.0% | |
| Unsecured term loans 2 [Member] | ||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
| Fair Value | $ 20,744 | |||
| Valuation Technique | Collateral Value Coverage | Collateral Value Coverage | ||
| Unobservable Input | Net Asset Value | Net Asset Value | ||
| Range | 100.0% | 100.0% | ||
| Weighted Average | [1] | 100.0% | 100.0% | |
| Structured finance securities [Member] | ||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
| Fair Value | $ 41,362 | |||
| Valuation Technique | Discounted Cash Flow | Discounted Cash Flow | ||
| Unobservable Input | Discount Rate (%) | Discount Rate (%) | ||
| Weighted Average | [1] | 16.7% | 17.6% | |
| Structured finance securities 1 [Member] | ||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
| Unobservable Input | Recovery Rate (%) | Recovery Rate (%) | ||
| Weighted Average | [1] | 70.0% | 70.0% | |
| Structured finance securities 2 [Member] | ||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
| Fair Value | $ 33,906 | |||
| Unobservable Input | Prepayment Rate (%) | Prepayment Rate (%) | ||
| Range | 20.0% | 20.0% | ||
| Weighted Average | [1] | 20.0% | 20.0% | |
| Equity interests [Member] | ||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
| Fair Value | $ 83,990 | |||
| Valuation Technique | Enterprise Value Waterfall | Enterprise Value Waterfall | ||
| Unobservable Input | EBITDA Multiples (x) | EBITDA Multiples (x) | ||
| Weighted Average | [1] | 11.9 | 11.0 | |
| Equity interests 1 [Member] | ||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
| Fair Value | $ 88,925 | |||
| Unobservable Input | Revenue Multiples (x) | Revenue Multiples (x) | ||
| Weighted Average | [1] | 6.4 | 6.4 | |
| Minimum [Member] | First lien term loans [Member] | ||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
| Range | 11.2% | 10.5% | ||
| Minimum [Member] | Second lien term loans [Member] | ||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
| Range | 15.7% | 15.6% | ||
| Minimum [Member] | Unsecured term loans [Member] | ||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
| Range | 10.0% | |||
| Minimum [Member] | Structured finance securities [Member] | ||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
| Range | 12.0% | 12.0% | ||
| Minimum [Member] | Structured finance securities 1 [Member] | ||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
| Range | 35% | 35.0% | ||
| Minimum [Member] | Equity interests [Member] | ||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
| Range | 5.5 | 5.5 | ||
| Minimum [Member] | Equity interests 1 [Member] | ||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
| Range | 1.3 | 1.3 | ||
| Maximum [Member] | First lien term loans [Member] | ||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
| Range | 26.2% | 23.1% | ||
| Maximum [Member] | Second lien term loans [Member] | ||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
| Range | 53.6% | 61.8% | ||
| Maximum [Member] | Unsecured term loans [Member] | ||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
| Range | 28.8% | |||
| Maximum [Member] | Structured finance securities [Member] | ||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
| Range | 22.0% | 22.0% | ||
| Maximum [Member] | Structured finance securities 1 [Member] | ||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
| Range | 70% | 70.0% | ||
| Maximum [Member] | Equity interests [Member] | ||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
| Range | 28.6 | 28.6 | ||
| Maximum [Member] | Equity interests 1 [Member] | ||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
| Range | 11.2 | 11.2 | ||
| ||||
Investments (Details) - Schedule of investments at amortized cost and fair value - USD ($) $ in Thousands |
May 31, 2023 |
Feb. 28, 2023 |
|---|---|---|
| Servicing Asset at Amortized Cost [Line Items] | ||
| Investments at Amortized Cost | $ 1,094,320 | $ 966,489 |
| Amortized Cost Percentage of Total Portfolio | 100.00% | 100.00% |
| Investments at Fair Value | $ 1,084,098 | $ 972,590 |
| Fair Value Percentage of Total Portfolio | 100.00% | 100.00% |
| First lien term loans [Member] | ||
| Servicing Asset at Amortized Cost [Line Items] | ||
| Investments at Amortized Cost | $ 929,717 | $ 808,464 |
| Amortized Cost Percentage of Total Portfolio | 85.00% | 83.70% |
| Investments at Fair Value | $ 917,590 | $ 798,534 |
| Fair Value Percentage of Total Portfolio | 84.70% | 82.10% |
| Second lien term loans [Member] | ||
| Servicing Asset at Amortized Cost [Line Items] | ||
| Investments at Amortized Cost | $ 21,318 | $ 21,114 |
| Amortized Cost Percentage of Total Portfolio | 1.90% | 2.20% |
| Investments at Fair Value | $ 15,185 | $ 14,936 |
| Fair Value Percentage of Total Portfolio | 1.40% | 1.50% |
| Unsecured term loans [Member] | ||
| Servicing Asset at Amortized Cost [Line Items] | ||
| Investments at Amortized Cost | $ 21,002 | $ 21,001 |
| Amortized Cost Percentage of Total Portfolio | 1.90% | 2.20% |
| Investments at Fair Value | $ 20,744 | $ 20,661 |
| Fair Value Percentage of Total Portfolio | 1.90% | 2.10% |
| Structured finance securities [Member] | ||
| Servicing Asset at Amortized Cost [Line Items] | ||
| Investments at Amortized Cost | $ 47,925 | $ 49,711 |
| Amortized Cost Percentage of Total Portfolio | 4.40% | 5.10% |
| Investments at Fair Value | $ 33,906 | $ 41,362 |
| Fair Value Percentage of Total Portfolio | 3.10% | 4.30% |
| Equity interests [Member] | ||
| Servicing Asset at Amortized Cost [Line Items] | ||
| Investments at Amortized Cost | $ 74,358 | $ 66,199 |
| Amortized Cost Percentage of Total Portfolio | 6.80% | 6.80% |
| Investments at Fair Value | $ 96,673 | $ 97,097 |
| Fair Value Percentage of Total Portfolio | 8.90% | 10.00% |
Investment in Saratoga CLO (Details) - Schedule of statements of assets and liabilities - Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] - USD ($) |
3 Months Ended | 12 Months Ended |
|---|---|---|
May 31, 2023 |
Feb. 28, 2023 |
|
| Investments at fair value | ||
| Loans at fair value (amortized cost of $640,919,738 and $645,599,001, respectively) | $ 590,856,540 | $ 605,954,468 |
| Equities at fair value (amortized cost of $440,405 and $0, respectively) | 521,832 | |
| Total investments at fair value (amortized cost of $641,360,143 and $645,599,001, respectively) | 591,378,372 | 605,954,468 |
| Cash and cash equivalents | 13,354,715 | 23,776,950 |
| Receivable from open trades | 998,500 | 1,827,460 |
| Interest receivable (net of reserve of $309,816 and $234,690, respectively) | 3,253,262 | 3,026,720 |
| Due from affiliate (See Note 7) | 159,774 | 119,150 |
| Prepaid expenses and other assets | 107,508 | 152,760 |
| Total assets | 609,252,131 | 634,857,508 |
| LIABILITIES | ||
| Interest payable | 5,199,562 | 4,662,695 |
| Payable from open trades | 7,853,385 | 23,184,337 |
| Accrued base management fee | 72,405 | 72,762 |
| Accrued subordinated management fee | 289,621 | 291,047 |
| Accounts payable and accrued expenses | 102,888 | 82,565 |
| Saratoga Investment Corp. CLO 2013-1, Ltd. Notes: | ||
| Deferred debt financing costs | (1,849,613) | (1,897,076) |
| Subordinated Notes | 111,000,000 | 111,000,000 |
| Discount on Subordinated Notes | (39,133,594) | (40,130,353) |
| Total liabilities | 691,822,194 | 705,484,428 |
| 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) | (82,570,313) | (70,627,170) |
| Total net deficit | (82,570,063) | (70,626,920) |
| Total liabilities and net assets | 609,252,131 | 634,857,508 |
| Class A-1-R-3 [Member] | ||
| Saratoga Investment Corp. CLO 2013-1, Ltd. Notes: | ||
| Senior Secured Floating Rate Notes | 357,500,000 | 357,500,000 |
| Class A-2-R-3 [Member] | ||
| Saratoga Investment Corp. CLO 2013-1, Ltd. Notes: | ||
| Senior Secured Floating Rate Notes | 65,000,000 | 65,000,000 |
| Class B-FL-R-3 [Member] | ||
| Saratoga Investment Corp. CLO 2013-1, Ltd. Notes: | ||
| Senior Secured Floating Rate Notes | 60,500,000 | 60,500,000 |
| Class B-FXD-R-3 [Member] | ||
| Saratoga Investment Corp. CLO 2013-1, Ltd. Notes: | ||
| Senior Secured Floating Rate Notes | 11,000,000 | 11,000,000 |
| Class C-FL-R-3 [Member] | ||
| Saratoga Investment Corp. CLO 2013-1, Ltd. Notes: | ||
| Senior Secured Floating Rate Notes | 26,000,000 | 26,000,000 |
| Class C-FXD-R-3 [Member] | ||
| Saratoga Investment Corp. CLO 2013-1, Ltd. Notes: | ||
| Senior Secured Floating Rate Notes | 6,500,000 | 6,500,000 |
| Class D-R-3 [Member] | ||
| Saratoga Investment Corp. CLO 2013-1, Ltd. Notes: | ||
| Senior Secured Floating Rate Notes | 39,000,000 | 39,000,000 |
| Discount | (238,167) | (244,234) |
| Class E-R-3 [Member] | ||
| Saratoga Investment Corp. CLO 2013-1, Ltd. Notes: | ||
| Senior Secured Floating Rate Notes | 27,625,000 | 27,625,000 |
| Discount | (2,474,293) | (2,537,315) |
| Class F-1-R-3 [Member] | ||
| Saratoga Investment Corp. CLO 2013-1, Ltd. Notes: | ||
| Senior Secured Floating Rate Notes | 8,500,000 | 8,500,000 |
| Class F-2-R-3 [Member] | ||
| Saratoga Investment Corp. CLO 2013-1, Ltd. Notes: | ||
| Senior Secured Floating Rate Notes | $ 9,375,000 | $ 9,375,000 |
Investment in Saratoga CLO (Details) - Schedule of statements of assets and liabilities (Parentheticals) - Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] - USD ($) |
May 31, 2023 |
Feb. 28, 2023 |
|---|---|---|
| Condensed Balance Sheet Statements, Captions [Line Items] | ||
| Amortized cost of loans at fair value | $ 640,919,738 | $ 645,599,001 |
| Amortized cost equities at fair value | 440,405 | 0 |
| Amortized cost total investments at fair value | 641,360,143 | 645,599,001 |
| Net of reserve | $ 309,816 | $ 234,690 |
| Ordinary equity, par value (in Dollars per share) | $ 1 | $ 1 |
| Ordinary shares authorized (in Shares) | 250 | 250 |
| Common shares issued (in Shares) | 250 | 250 |
| Common shares outstanding (in Shares) | 250 | 250 |
Investment in Saratoga CLO (Details) - Schedule of statements of operations - Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] - USD ($) |
3 Months Ended | |
|---|---|---|
May 31, 2023 |
May 31, 2022 |
|
| INVESTMENT INCOME | ||
| Total interest from investments | $ 14,977,479 | $ 8,145,447 |
| Interest from cash and cash equivalents | 185,044 | |
| Other income | 254,074 | 103,496 |
| Total investment income | 15,416,597 | 8,248,943 |
| EXPENSES | ||
| Interest and debt financing expenses | 13,924,131 | 7,532,364 |
| Base management fee | 163,358 | 163,193 |
| Subordinated management fee | 653,430 | 652,771 |
| Professional fees | 39,526 | 81,164 |
| Trustee expenses | 62,494 | 68,086 |
| Other expense | 70,996 | 38,089 |
| Total expenses | 14,913,935 | 8,535,667 |
| NET INVESTMENT INCOME (LOSS) | 502,662 | (286,724) |
| REALIZED AND UNREALIZED LOSS ON INVESTMENTS | ||
| Net realized loss from investments | (2,108,567) | 77,657 |
| Net change in unrealized depreciation on investments | (10,337,238) | (24,681,988) |
| Net realized and unrealized gain (loss) on investments | (12,445,805) | (24,604,331) |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ (11,943,143) | $ (24,891,055) |
Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents - USD ($) |
3 Months Ended | 12 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
May 31, 2023 |
Feb. 28, 2023 |
|||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Cost | $ 641,360,143 | $ 645,599,001 | ||||||||
| Fair Value | $ 591,378,372 | $ 605,954,468 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Isagenix International, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Beverage, Food & Tobacco | |||||||||
| Asset Type | Common Stock | |||||||||
| Principal/ Number of Shares | 86,398 | |||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | URS TOPCO LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Transportation: Cargo | |||||||||
| Asset Type | Common Stock | |||||||||
| Principal/ Number of Shares | 25,330 | |||||||||
| Cost | $ 440,405 | |||||||||
| Fair Value | $ 521,832 | |||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | 19TH HOLDINGS GOLF, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Consumer goods: Durable | Consumer goods: Durable | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 3.25% | 3.00% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.39% | 7.67% | ||||||||
| Maturity Date | Feb. 07, 2029 | Feb. 07, 2029 | ||||||||
| Principal/ Number of Shares | 2,492,481 | 1,997,500 | ||||||||
| Cost | $ 2,391,979 | $ 1,924,905 | ||||||||
| Fair Value | $ 2,353,849 | $ 1,901,380 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | 888 Acquisitions Limited [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Hotel, Gaming & Leisure | Hotel, Gaming & Leisure | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 6M USD SOFR+ | 3M USD SOFR+ | ||||||||
| Reference Spread | 5.25% | 5.25% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 10.21% | 9.93% | ||||||||
| Maturity Date | Jul. 08, 2028 | Jul. 08, 2028 | ||||||||
| Principal/ Number of Shares | 2,489,130 | 2,494,565 | ||||||||
| Cost | $ 2,150,159 | $ 2,143,085 | ||||||||
| Fair Value | $ 2,252,663 | $ 2,126,617 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ADMI Corp. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.00% | 3.00% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 8.15% | 7.63% | ||||||||
| Maturity Date | Apr. 30, 2025 | Apr. 30, 2025 | ||||||||
| Principal/ Number of Shares | 1,905,276 | 1,910,276 | ||||||||
| Cost | $ 1,902,725 | $ 1,907,516 | ||||||||
| Fair Value | $ 1,810,812 | $ 1,825,517 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Adtalem Global Education Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Business | Services: Business | ||||||||
| Asset Name | Term Loan B (02/21) | Term Loan B (02/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 4.00% | 4.00% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 9.15% | 8.63% | ||||||||
| Maturity Date | Aug. 11, 2028 | Aug. 11, 2028 | ||||||||
| Principal/ Number of Shares | 691,846 | 691,846 | ||||||||
| Cost | $ 686,717 | $ 686,475 | ||||||||
| Fair Value | $ 690,463 | $ 689,992 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Aegis Sciences Corporation [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 5.50% | 5.50% | ||||||||
| SOFR/ LIBOR Floor | 1.00% | 1.00% | ||||||||
| Current Rate (All In) | 10.84% | 10.36% | ||||||||
| Maturity Date | May 09, 2025 | May 09, 2025 | ||||||||
| Principal/ Number of Shares | 2,339,293 | 2,349,601 | ||||||||
| Cost | $ 2,333,100 | $ 2,341,307 | ||||||||
| Fair Value | $ 2,250,587 | $ 2,268,540 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Agiliti Health Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | ||||||||
| Asset Name | Term Loan B (03/23) | Term Loan (09/20) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.00% | 2.75% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.75% | ||||||||
| Current Rate (All In) | 7.99% | 7.38% | ||||||||
| Maturity Date | May 01, 2030 | Jan. 04, 2026 | ||||||||
| Principal/ Number of Shares | 1,678,901 | 214,286 | ||||||||
| Cost | $ 1,666,335 | $ 213,103 | ||||||||
| Fair Value | $ 1,656,874 | $ 212,946 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | AHEAD DB Holdings, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Business | Services: Business | ||||||||
| Asset Name | Term Loan (04/21) | Term Loan (04/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 3.75% | 3.75% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 8.91% | 8.48% | ||||||||
| Maturity Date | Oct. 18, 2027 | Oct. 18, 2027 | ||||||||
| Principal/ Number of Shares | 2,947,500 | 2,955,000 | ||||||||
| Cost | $ 2,868,078 | $ 2,871,299 | ||||||||
| Fair Value | $ 2,779,876 | $ 2,915,285 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Air Canada [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Transportation: Consumer | Transportation: Consumer | ||||||||
| Asset Name | Term Loan B (07/21) | Term Loan B (07/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 3.50% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 8.84% | 8.37% | ||||||||
| Maturity Date | Aug. 11, 2028 | Aug. 11, 2028 | ||||||||
| Principal/ Number of Shares | 1,985,000 | 1,990,000 | ||||||||
| Cost | $ 1,852,744 | $ 1,851,613 | ||||||||
| Fair Value | $ 1,977,139 | $ 1,984,408 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | AIS HoldCo, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Business | Services: Business | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 5.00% | 5.00% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 10.27% | 9.83% | ||||||||
| Maturity Date | Aug. 15, 2025 | Aug. 15, 2025 | ||||||||
| Principal/ Number of Shares | 4,760,410 | 4,789,642 | ||||||||
| Cost | $ 4,681,500 | $ 4,700,517 | ||||||||
| Fair Value | $ 4,718,756 | $ 4,622,004 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | AIT Worldwide Logistics Holdings, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Transportation: Cargo | Transportation: Cargo | ||||||||
| Asset Name | Term Loan (04/21) | Term Loan (04/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 4.75% | 4.75% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 9.85% | 9.33% | ||||||||
| Maturity Date | Apr. 06, 2028 | Apr. 06, 2028 | ||||||||
| Principal/ Number of Shares | 2,493,671 | 2,500,000 | ||||||||
| Cost | $ 2,334,109 | $ 2,333,827 | ||||||||
| Fair Value | $ 2,373,351 | $ 2,407,300 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Alchemy US Holdco 1, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Metals & Mining | Metals & Mining | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 5.50% | 5.50% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 5.60% | 5.60% | ||||||||
| Maturity Date | Oct. 10, 2025 | Oct. 10, 2025 | ||||||||
| Principal/ Number of Shares | 1,654,803 | 1,654,803 | ||||||||
| Cost | $ 1,645,239 | $ 1,644,633 | ||||||||
| Fair Value | $ 1,562,962 | $ 1,551,378 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | AlixPartners, LLP [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan B (01/21) | Term Loan B (01/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 2.50% | 2.75% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 7.65% | 7.38% | ||||||||
| Maturity Date | Feb. 04, 2028 | Feb. 04, 2028 | ||||||||
| Principal/ Number of Shares | 245,000 | 245,625 | ||||||||
| Cost | $ 244,668 | $ 245,275 | ||||||||
| Fair Value | $ 242,447 | $ 245,050 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Alkermes, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | ||||||||
| Asset Name | Term Loan B (3/21) | Term Loan B (3/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 2.50% | 2.50% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 7.62% | 7.11% | ||||||||
| Maturity Date | Mar. 12, 2026 | Mar. 12, 2026 | ||||||||
| Principal/ Number of Shares | 2,120,808 | 2,126,218 | ||||||||
| Cost | $ 2,108,871 | $ 2,112,914 | ||||||||
| Fair Value | $ 2,057,184 | $ 2,062,432 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Allen Media, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Media: Diversified & Production | Media: Diversified & Production | ||||||||
| Asset Name | Term Loan (7/21) | Term Loan (7/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | ||||||||
| Reference Spread | 5.50% | 5.50% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 10.55% | 10.23% | ||||||||
| Maturity Date | Feb. 10, 2027 | Feb. 10, 2027 | ||||||||
| Principal/ Number of Shares | 4,382,963 | 4,394,261 | ||||||||
| Cost | $ 4,359,520 | $ 4,368,566 | ||||||||
| Fair Value | $ 3,791,263 | $ 3,649,434 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Alliant Holdings Intermediate, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan B4 | Term Loan B4 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.50% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.63% | 8.09% | ||||||||
| Maturity Date | Nov. 05, 2027 | Nov. 05, 2027 | ||||||||
| Principal/ Number of Shares | 985,000 | 987,500 | ||||||||
| Cost | $ 984,506 | $ 986,800 | ||||||||
| Fair Value | $ 958,819 | $ 974,781 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Allied Universal Holdco LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Business | Services: Business | ||||||||
| Asset Name | Term Loan 4/21 | Term Loan 4/21 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 3.75% | 3.75% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 9.00% | 8.47% | ||||||||
| Maturity Date | May 12, 2028 | May 12, 2028 | ||||||||
| Principal/ Number of Shares | 1,970,000 | 1,975,000 | ||||||||
| Cost | $ 1,962,711 | $ 1,967,474 | ||||||||
| Fair Value | $ 1,848,353 | $ 1,900,404 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Altisource Solutions S.a r.l. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan B (03/18) | Term Loan B (03/18) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 5.00% | 4.00% | ||||||||
| SOFR/ LIBOR Floor | 1.00% | 1.00% | ||||||||
| Current Rate (All In) | 9.99% | 8.73% | ||||||||
| Maturity Date | Apr. 30, 2025 | Apr. 03, 2024 | ||||||||
| Principal/ Number of Shares | 1,126,283 | 1,126,283 | ||||||||
| Cost | $ 1,125,179 | $ 1,124,635 | ||||||||
| Fair Value | $ 893,514 | $ 893,142 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Altium Packaging LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Containers, Packaging & Glass | Containers, Packaging & Glass | ||||||||
| Asset Name | Term Loan (01/21) | Term Loan (01/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 2.75% | 2.75% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 7.90% | 7.38% | ||||||||
| Maturity Date | Jan. 29, 2028 | Jan. 29, 2028 | ||||||||
| Principal/ Number of Shares | 490,000 | 491,250 | ||||||||
| Cost | $ 488,349 | $ 489,554 | ||||||||
| Fair Value | $ 474,609 | $ 480,506 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | American Axle & Manufacturing Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Automotive | Automotive | ||||||||
| Asset Name | Term Loan (12/22) | Term Loan (12/22) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 6M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 3.50% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.44% | 8.16% | ||||||||
| Maturity Date | Dec. 13, 2029 | Dec. 05, 2029 | ||||||||
| Principal/ Number of Shares | 497,500 | 500,000 | ||||||||
| Cost | $ 483,398 | $ 485,367 | ||||||||
| Fair Value | $ 488,794 | $ 499,000 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | American Greetings Corporation [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Media: Advertising, Printing & Publishing | Media: Advertising, Printing & Publishing | ||||||||
| Asset Name | Term Loan (01/23) | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 6.00% | 4.50% | ||||||||
| SOFR/ LIBOR Floor | 1.00% | 1.00% | ||||||||
| Current Rate (All In) | 11.15% | 9.07% | ||||||||
| Maturity Date | Apr. 05, 2028 | Apr. 06, 2024 | ||||||||
| Principal/ Number of Shares | 3,005,329 | 3,012,861 | ||||||||
| Cost | $ 3,003,897 | $ 3,011,462 | ||||||||
| Fair Value | $ 2,967,763 | $ 3,011,596 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | American Trailer World Corp [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Automotive | Automotive | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 3.75% | 3.75% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 9.00% | 8.47% | ||||||||
| Maturity Date | Mar. 03, 2028 | Mar. 03, 2028 | ||||||||
| Principal/ Number of Shares | 1,357,439 | 1,357,439 | ||||||||
| Cost | $ 1,355,133 | $ 1,354,762 | ||||||||
| Fair Value | $ 1,170,112 | $ 1,194,967 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | AmWINS Group, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan 2/21 | Term Loan 2/21 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 2.25% | 2.25% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 7.40% | 6.88% | ||||||||
| Maturity Date | Feb. 17, 2028 | Feb. 17, 2028 | ||||||||
| Principal/ Number of Shares | 1,955,020 | 1,960,017 | ||||||||
| Cost | $ 1,936,956 | $ 1,940,778 | ||||||||
| Fair Value | $ 1,913,887 | $ 1,926,462 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Anastasia Parent LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Consumer goods: Non-durable | Consumer goods: Non-durable | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 3.75% | 3.75% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 8.91% | 8.48% | ||||||||
| Maturity Date | Aug. 11, 2025 | Aug. 11, 2025 | ||||||||
| Principal/ Number of Shares | 955,000 | 957,500 | ||||||||
| Cost | $ 953,443 | $ 955,643 | ||||||||
| Fair Value | $ 731,530 | $ 791,134 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Anchor Glass Container Corporation [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Containers, Packaging & Glass | Containers, Packaging & Glass | ||||||||
| Asset Name | Term Loan (07/17) | Term Loan (07/17) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 2.75% | 2.75% | ||||||||
| SOFR/ LIBOR Floor | 1.00% | 1.00% | ||||||||
| Current Rate (All In) | 7.96% | 7.48% | ||||||||
| Maturity Date | Dec. 07, 2023 | Dec. 07, 2023 | ||||||||
| Principal/ Number of Shares | 468,894 | 470,138 | ||||||||
| Cost | $ 468,743 | $ 469,901 | ||||||||
| Fair Value | $ 353,175 | $ 333,915 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Anchor Packaging, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Containers, Packaging & Glass | Containers, Packaging & Glass | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.50% | 4.00% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 8.65% | 8.63% | ||||||||
| Maturity Date | Jul. 18, 2026 | Jul. 18, 2026 | ||||||||
| Principal/ Number of Shares | 1,974,684 | 977,215 | ||||||||
| Cost | $ 1,949,219 | $ 971,052 | ||||||||
| Fair Value | $ 1,917,911 | $ 952,785 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ANI Pharmaceuticals, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 6.00% | 6.00% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 11.15% | 10.63% | ||||||||
| Maturity Date | Nov. 19, 2027 | Nov. 19, 2027 | ||||||||
| Principal/ Number of Shares | 2,962,500 | 2,970,000 | ||||||||
| Cost | $ 2,917,994 | $ 2,922,446 | ||||||||
| Fair Value | $ 2,927,335 | $ 2,866,050 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | AP Core Holdings II LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | High Tech Industries | High Tech Industries | ||||||||
| Asset Name | Term Loan B1 | Term Loan B1 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 5.50% | 5.50% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 10.65% | 10.13% | ||||||||
| Maturity Date | Sep. 01, 2027 | Sep. 01, 2027 | ||||||||
| Principal/ Number of Shares | 1,850,000 | 1,875,000 | ||||||||
| Cost | $ 1,829,440 | $ 1,852,824 | ||||||||
| Fair Value | $ 1,763,291 | $ 1,802,344 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | AP Core Holdings II LLC One [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | High Tech Industries | High Tech Industries | ||||||||
| Asset Name | Term Loan B2 | Term Loan B2 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 5.50% | 5.50% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 10.65% | 10.13% | ||||||||
| Maturity Date | Sep. 01, 2027 | Sep. 01, 2027 | ||||||||
| Principal/ Number of Shares | 500,000 | 500,000 | ||||||||
| Cost | $ 494,452 | $ 494,095 | ||||||||
| Fair Value | $ 476,250 | $ 480,415 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | APEX GROUP TREASURY LIMITED [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | ||||||||
| Reference Spread | 5.00% | 5.00% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 9.99% | 9.66% | ||||||||
| Maturity Date | Jul. 26, 2028 | Jul. 26, 2028 | ||||||||
| Principal/ Number of Shares | 498,750 | 500,000 | ||||||||
| Cost | $ 468,510 | $ 468,464 | ||||||||
| Fair Value | $ 488,775 | $ 497,500 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | APi Group DE, Inc. (J2 Acquisition) [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Business | Services: Business | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 2.50% | 2.50% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 7.75% | 7.13% | ||||||||
| Maturity Date | Oct. 01, 2026 | Oct. 01, 2026 | ||||||||
| Principal/ Number of Shares | 1,757,184 | 1,757,184 | ||||||||
| Cost | $ 1,752,298 | $ 1,751,429 | ||||||||
| Fair Value | $ 1,752,791 | $ 1,754,548 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | APLP Holdings Limited Partnership [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Energy: Electricity | Energy: Electricity | ||||||||
| Asset Name | Term Loan B (3/21) | Term Loan B (3/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 3.75% | 3.75% | ||||||||
| SOFR/ LIBOR Floor | 1.00% | 1.00% | ||||||||
| Current Rate (All In) | 8.91% | 8.48% | ||||||||
| Maturity Date | May 14, 2027 | May 14, 2027 | ||||||||
| Principal/ Number of Shares | 372,973 | 440,541 | ||||||||
| Cost | $ 370,439 | $ 437,327 | ||||||||
| Fair Value | $ 369,866 | $ 440,726 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Apollo Commercial Real Estate Finance, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 2.75% | 2.75% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 8.02% | 7.38% | ||||||||
| Maturity Date | May 15, 2026 | May 15, 2026 | ||||||||
| Principal/ Number of Shares | 2,931,472 | 2,939,086 | ||||||||
| Cost | $ 2,908,077 | $ 2,914,348 | ||||||||
| Fair Value | $ 2,609,010 | $ 2,850,914 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Apollo Commercial Real Estate Finance, Inc. One [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan B1 (2/21) | Term Loan B1 (2/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.50% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.77% | 8.13% | ||||||||
| Maturity Date | Mar. 06, 2028 | Mar. 06, 2028 | ||||||||
| Principal/ Number of Shares | 980,000 | 982,500 | ||||||||
| Cost | $ 972,917 | $ 975,109 | ||||||||
| Fair Value | $ 852,600 | $ 928,463 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | AppLovin Corporation [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | High Tech Industries | High Tech Industries | ||||||||
| Asset Name | Term Loan B | Term Loan (10/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 3M USD SOFR+ | ||||||||
| Reference Spread | 3.35% | 3.10% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.50% | ||||||||
| Current Rate (All In) | 8.50% | 7.70% | ||||||||
| Maturity Date | Aug. 15, 2025 | Oct. 21, 2028 | ||||||||
| Principal/ Number of Shares | 977,041 | 1,488,750 | ||||||||
| Cost | $ 977,041 | $ 1,485,729 | ||||||||
| Fair Value | $ 972,156 | $ 1,472,002 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | AppLovin Corporation One [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | High Tech Industries | High Tech Industries | ||||||||
| Asset Name | Term Loan (10/21) | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 3M USD SOFR+ | ||||||||
| Reference Spread | 3.10% | 3.35% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.00% | ||||||||
| Current Rate (All In) | 8.25% | 7.94% | ||||||||
| Maturity Date | Oct. 21, 2028 | Aug. 15, 2025 | ||||||||
| Principal/ Number of Shares | 1,485,000 | 979,592 | ||||||||
| Cost | $ 1,482,162 | $ 979,592 | ||||||||
| Fair Value | $ 1,461,240 | $ 972,245 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Aramark Corporation [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Consumer | Services: Consumer | ||||||||
| Asset Name | Term Loan | Term Loan B (4/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 1.75% | 2.50% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 6.90% | 7.13% | ||||||||
| Maturity Date | Jan. 15, 2027 | Apr. 01, 2028 | ||||||||
| Principal/ Number of Shares | 2,331,250 | 1,753,715 | ||||||||
| Cost | $ 2,283,700 | $ 1,747,448 | ||||||||
| Fair Value | $ 2,296,281 | $ 1,747,139 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Aramark Corporation One [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Consumer | Services: Consumer | ||||||||
| Asset Name | Term Loan B (4/21) | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 2.50% | 1.75% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 7.65% | 6.38% | ||||||||
| Maturity Date | Apr. 01, 2028 | Jan. 15, 2027 | ||||||||
| Principal/ Number of Shares | 1,753,715 | 2,331,250 | ||||||||
| Cost | $ 1,747,630 | $ 2,280,733 | ||||||||
| Fair Value | $ 1,746,700 | $ 2,305,023 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ARC FALCON I INC. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Chemicals, Plastics, & Rubber | Chemicals, Plastics, & Rubber | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.75% | 3.75% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.90% | 8.38% | ||||||||
| Maturity Date | Sep. 23, 2028 | Sep. 23, 2028 | ||||||||
| Principal/ Number of Shares | 988,774 | 863,885 | ||||||||
| Cost | $ 985,636 | $ 860,682 | ||||||||
| Fair Value | $ 886,604 | $ 811,836 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Arches Buyer Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Consumer | Services: Consumer | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 3.25% | 3.25% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.50% | 7.97% | ||||||||
| Maturity Date | Dec. 06, 2027 | Dec. 06, 2027 | ||||||||
| Principal/ Number of Shares | 1,481,061 | 1,484,848 | ||||||||
| Cost | $ 1,473,587 | $ 1,477,106 | ||||||||
| Fair Value | $ 1,371,832 | $ 1,395,758 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ARCIS GOLF LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Consumer | |||||||||
| Asset Name | Term Loan B | |||||||||
| Asset Type | Loan | |||||||||
| Reference Rate | 1M USD LIBOR+ | |||||||||
| Reference Spread | 4.25% | |||||||||
| SOFR/ LIBOR Floor | 0.50% | |||||||||
| Current Rate (All In) | 9.40% | |||||||||
| Maturity Date | Nov. 19, 2028 | |||||||||
| Principal/ Number of Shares | 400,000 | |||||||||
| Cost | $ 396,000 | |||||||||
| Fair Value | $ 397,000 | |||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ARCIS GOLF LLC One [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | [1] | Services: Consumer | ||||||||
| Asset Name | [1] | Delayed Draw Term Loan | ||||||||
| Asset Type | [1] | Loan | ||||||||
| Reference Rate | [1] | 1M USD LIBOR+ | ||||||||
| Reference Spread | [1] | 4.25% | ||||||||
| SOFR/ LIBOR Floor | [1] | 0.50% | ||||||||
| Current Rate (All In) | [1] | 0.00% | ||||||||
| Maturity Date | [1] | Nov. 23, 2028 | ||||||||
| Principal/ Number of Shares | [1] | |||||||||
| Cost | [1] | $ (1,000) | ||||||||
| Fair Value | [1] | $ (750) | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Aretec Group, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | |||||||||
| Asset Name | Term Loan (10/18) | |||||||||
| Asset Type | Loan | |||||||||
| Reference Rate | 1M USD SOFR+ | |||||||||
| Reference Spread | 4.25% | |||||||||
| SOFR/ LIBOR Floor | 0.00% | |||||||||
| Current Rate (All In) | 9.50% | |||||||||
| Maturity Date | Oct. 01, 2025 | |||||||||
| Principal/ Number of Shares | 1,911,213 | |||||||||
| Cost | $ 1,908,875 | |||||||||
| Fair Value | $ 1,901,657 | |||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Aretec Group, Inc One [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan B | Term Loan (10/18) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 4.50% | 4.25% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 9.41% | 8.97% | ||||||||
| Maturity Date | Mar. 07, 2030 | Oct. 01, 2025 | ||||||||
| Principal/ Number of Shares | 750,000 | 1,916,203 | ||||||||
| Cost | $ 735,000 | $ 1,913,228 | ||||||||
| Fair Value | $ 735,233 | $ 1,887,460 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ASP BLADE HOLDINGS, INC. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Capital Equipment | Capital Equipment | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 4.00% | 4.00% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 9.16% | 8.73% | ||||||||
| Maturity Date | Oct. 07, 2028 | Oct. 07, 2028 | ||||||||
| Principal/ Number of Shares | 98,824 | 99,059 | ||||||||
| Cost | $ 98,451 | $ 98,658 | ||||||||
| Fair Value | $ 83,349 | $ 82,491 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Asplundh Tree Expert, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Business | Services: Business | ||||||||
| Asset Name | Term Loan 2/21 | Term Loan 2/21 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 1.75% | 1.75% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 7.00% | 6.38% | ||||||||
| Maturity Date | Sep. 07, 2027 | Sep. 07, 2027 | ||||||||
| Principal/ Number of Shares | 975,000 | 977,500 | ||||||||
| Cost | $ 972,028 | $ 974,396 | ||||||||
| Fair Value | $ 967,415 | $ 974,010 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | AssuredPartners Capital, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan B (2/20) | Term Loan B (2/20) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.50% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 8.77% | 8.13% | ||||||||
| Maturity Date | Feb. 12, 2027 | Feb. 12, 2027 | ||||||||
| Principal/ Number of Shares | 987,245 | 989,796 | ||||||||
| Cost | $ 984,518 | $ 986,847 | ||||||||
| Fair Value | $ 959,484 | $ 967,773 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Assuredpartners Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Incremental Term Loan (7/21) | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 3.50% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.77% | 8.12% | ||||||||
| Maturity Date | Feb. 12, 2027 | Feb. 12, 2027 | ||||||||
| Principal/ Number of Shares | 982,500 | 496,250 | ||||||||
| Cost | $ 982,500 | $ 495,400 | ||||||||
| Fair Value | $ 954,872 | $ 485,084 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Assuredpartners Inc. One [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan | Incremental Term Loan (7/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.50% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.65% | 8.13% | ||||||||
| Maturity Date | Feb. 12, 2027 | Feb. 12, 2027 | ||||||||
| Principal/ Number of Shares | 495,000 | 985,000 | ||||||||
| Cost | $ 494,226 | $ 985,000 | ||||||||
| Fair Value | $ 480,977 | $ 962,838 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ASTRO ONE ACQUISITION CORPORATION [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Consumer goods: Durable | Consumer goods: Durable | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 5.50% | 5.50% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 10.66% | 10.23% | ||||||||
| Maturity Date | Sep. 15, 2028 | Sep. 15, 2028 | ||||||||
| Principal/ Number of Shares | 2,962,500 | 2,970,000 | ||||||||
| Cost | $ 2,939,647 | $ 2,946,187 | ||||||||
| Fair Value | $ 1,860,095 | $ 1,767,150 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Asurion, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan B8 | Term Loan B10 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 3M USD SOFR+ | ||||||||
| Reference Spread | 3.25% | 4.00% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 8.40% | 8.68% | ||||||||
| Maturity Date | Dec. 18, 2026 | Aug. 19, 2028 | ||||||||
| Principal/ Number of Shares | 2,957,295 | 1,995,000 | ||||||||
| Cost | $ 2,950,225 | $ 1,901,937 | ||||||||
| Fair Value | $ 2,729,346 | $ 1,866,741 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Asurion, LLC One [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan B10 | Term Loan B8 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 4.00% | 3.25% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 9.25% | 7.88% | ||||||||
| Maturity Date | Aug. 19, 2028 | Dec. 18, 2026 | ||||||||
| Principal/ Number of Shares | 1,990,000 | 2,964,858 | ||||||||
| Cost | $ 1,900,358 | $ 2,956,667 | ||||||||
| Fair Value | $ 1,823,895 | $ 2,817,683 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ATHENAHEALTH GROUP INC. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | ||||||||
| Asset Name | Term Loan B (2/22) | Term Loan B (2/22) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 3.50% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.60% | 8.06% | ||||||||
| Maturity Date | Feb. 15, 2029 | Feb. 15, 2029 | ||||||||
| Principal/ Number of Shares | 1,327,200 | 1,330,543 | ||||||||
| Cost | $ 1,322,486 | $ 1,325,206 | ||||||||
| Fair Value | $ 1,247,568 | $ 1,227,426 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ATHENAHEALTH GROUP INC. One [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Healthcare & Pharmaceuticals | [1] | Healthcare & Pharmaceuticals | |||||||
| Asset Name | Delayed Draw Term Loan (02/22) | [1] | Delayed Draw Term Loan (02/22) | |||||||
| Asset Type | Loan | [1] | Loan | |||||||
| Reference Rate | 1M USD SOFR+ | [1] | 3M USD LIBOR+ | |||||||
| Reference Spread | 3.50% | [1] | 3.50% | |||||||
| SOFR/ LIBOR Floor | 0.50% | [1] | 0.50% | |||||||
| Current Rate (All In) | 3.50% | [1] | 3.50% | |||||||
| Maturity Date | Feb. 15, 2029 | [1] | Feb. 15, 2029 | |||||||
| Principal/ Number of Shares | [1] | |||||||||
| Cost | [1] | |||||||||
| Fair Value | $ (9,783) | [1] | $ (12,636) | |||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Avison Young (Canada) Inc [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Business | Services: Business | ||||||||
| Asset Name | Term Loan | Term Loan (08/22) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 5.75% | 7.00% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 8.12% | 11.73% | ||||||||
| Maturity Date | Jan. 31, 2026 | Jan. 31, 2026 | ||||||||
| Principal/ Number of Shares | 3,362,103 | 748,125 | ||||||||
| Cost | $ 3,338,427 | $ 708,918 | ||||||||
| Fair Value | $ 2,373,645 | $ 635,906 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Avison Young (Canada) Inc One [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Business | Services: Business | ||||||||
| Asset Name | Term Loan (08/22) | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 7.00% | 5.75% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 12.27% | 10.48% | ||||||||
| Maturity Date | Jan. 31, 2026 | Jan. 31, 2026 | ||||||||
| Principal/ Number of Shares | 746,250 | 3,370,882 | ||||||||
| Cost | $ 709,938 | $ 3,344,831 | ||||||||
| Fair Value | $ 559,688 | $ 2,646,142 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Avolon TLB Borrower 1 (US) LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Capital Equipment | Capital Equipment | ||||||||
| Asset Name | Term Loan B3 | Term Loan B5 (7/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 1.75% | 2.25% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.50% | ||||||||
| Current Rate (All In) | 6.90% | 6.85% | ||||||||
| Maturity Date | Jan. 15, 2025 | Dec. 01, 2027 | ||||||||
| Principal/ Number of Shares | 1,000,000 | 490,000 | ||||||||
| Cost | $ 940,796 | $ 486,530 | ||||||||
| Fair Value | $ 995,110 | $ 489,539 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Avolon TLB Borrower 1 (US) LLC One [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Capital Equipment | Capital Equipment | ||||||||
| Asset Name | Term Loan B5 (7/21) | Term Loan B3 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 2.25% | 1.75% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.75% | ||||||||
| Current Rate (All In) | 7.40% | 6.35% | ||||||||
| Maturity Date | Dec. 01, 2027 | Jan. 15, 2025 | ||||||||
| Principal/ Number of Shares | 488,750 | 1,000,000 | ||||||||
| Cost | $ 485,497 | $ 932,184 | ||||||||
| Fair Value | $ 484,170 | $ 998,440 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Axalta Coating Systems Dutch Holding B B.V. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Chemicals, Plastics, & Rubber | Chemicals, Plastics, & Rubber | ||||||||
| Asset Name | Term Loan B-4 Dollar | Term Loan B-4 Dollar | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | ||||||||
| Reference Spread | 3.00% | 3.00% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 7.90% | 7.51% | ||||||||
| Maturity Date | Dec. 20, 2029 | Dec. 07, 2029 | ||||||||
| Principal/ Number of Shares | 937,500 | 1,000,000 | ||||||||
| Cost | $ 928,917 | $ 990,447 | ||||||||
| Fair Value | $ 937,284 | $ 1,003,570 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | AZURITY PHARMACEUTICALS, INC. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 6.00% | 6.00% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 11.19% | 10.75% | ||||||||
| Maturity Date | Sep. 20, 2027 | Sep. 20, 2027 | ||||||||
| Principal/ Number of Shares | 468,750 | 475,000 | ||||||||
| Cost | $ 457,410 | $ 463,094 | ||||||||
| Fair Value | $ 447,656 | $ 457,188 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | B&G Foods, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Beverage, Food & Tobacco | Beverage, Food & Tobacco | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 2.50% | 2.50% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 7.65% | 7.13% | ||||||||
| Maturity Date | Oct. 10, 2026 | Oct. 10, 2026 | ||||||||
| Principal/ Number of Shares | 579,183 | 642,295 | ||||||||
| Cost | $ 576,326 | $ 638,890 | ||||||||
| Fair Value | $ 556,635 | $ 613,391 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | B.C. Unlimited Liability Co (Burger King) [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Beverage, Food & Tobacco | Beverage, Food & Tobacco | ||||||||
| Asset Name | Term Loan B4 | Term Loan B4 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 1.75% | 1.75% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 6.90% | 6.38% | ||||||||
| Maturity Date | Nov. 19, 2026 | Nov. 19, 2026 | ||||||||
| Principal/ Number of Shares | 1,451,250 | 1,455,000 | ||||||||
| Cost | $ 1,428,310 | $ 1,430,342 | ||||||||
| Fair Value | $ 1,419,047 | $ 1,440,712 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | BAKELITE UK INTERMEDIATE LTD. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Chemicals, Plastics, & Rubber | Chemicals, Plastics, & Rubber | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | ||||||||
| Reference Spread | 4.00% | 4.00% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 9.05% | 8.73% | ||||||||
| Maturity Date | May 29, 2029 | May 29, 2029 | ||||||||
| Principal/ Number of Shares | 992,500 | 995,000 | ||||||||
| Cost | $ 988,402 | $ 990,609 | ||||||||
| Fair Value | $ 933,774 | $ 940,275 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Baldwin Risk Partners, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.50% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.61% | 8.10% | ||||||||
| Maturity Date | Oct. 14, 2027 | Oct. 14, 2027 | ||||||||
| Principal/ Number of Shares | 1,223,213 | 1,226,325 | ||||||||
| Cost | $ 1,213,297 | $ 1,215,617 | ||||||||
| Fair Value | $ 1,198,748 | $ 1,205,637 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Bausch Health Companies Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | ||||||||
| Asset Name | Term Loan B (1/22) | Term Loan B (1/22) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 5.25% | 5.25% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 10.42% | 9.91% | ||||||||
| Maturity Date | Feb. 01, 2027 | Feb. 01, 2027 | ||||||||
| Principal/ Number of Shares | 1,925,000 | 1,950,000 | ||||||||
| Cost | $ 1,751,630 | $ 1,764,574 | ||||||||
| Fair Value | $ 1,513,724 | $ 1,534,299 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Belfor Holdings Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Consumer | Services: Consumer | ||||||||
| Asset Name | Term Loan | Term Loan B-2 (3/22) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 4.00% | 4.25% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.50% | ||||||||
| Current Rate (All In) | 9.15% | 8.87% | ||||||||
| Maturity Date | Apr. 06, 2026 | Apr. 06, 2026 | ||||||||
| Principal/ Number of Shares | 244,911 | 994,911 | ||||||||
| Cost | $ 244,911 | $ 971,026 | ||||||||
| Fair Value | $ 243,277 | $ 992,424 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Belfor Holdings Inc. One [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Consumer | Services: Consumer | ||||||||
| Asset Name | Term Loan B-2 (3/22) | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 4.25% | 4.00% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.00% | ||||||||
| Current Rate (All In) | 9.40% | 8.63% | ||||||||
| Maturity Date | Apr. 06, 2026 | Apr. 06, 2026 | ||||||||
| Principal/ Number of Shares | 1,992,367 | 245,547 | ||||||||
| Cost | $ 1,967,661 | $ 245,547 | ||||||||
| Fair Value | $ 1,984,895 | $ 244,995 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Belron Finance US LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Automotive | Automotive | ||||||||
| Asset Name | Term Loan B (3/21) | Term Loan B (3/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 2.43% | 2.50% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 7.80% | 7.38% | ||||||||
| Maturity Date | Apr. 13, 2028 | Apr. 13, 2028 | ||||||||
| Principal/ Number of Shares | 1,960,000 | 1,965,000 | ||||||||
| Cost | $ 1,946,195 | $ 1,950,181 | ||||||||
| Fair Value | $ 1,953,258 | $ 1,960,913 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Belron Finance US LLC One [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Automotive | |||||||||
| Asset Name | Term Loan (04/23) | |||||||||
| Asset Type | Loan | |||||||||
| Reference Rate | 3M USD SOFR+ | |||||||||
| Reference Spread | 2.75% | |||||||||
| SOFR/ LIBOR Floor | 0.50% | |||||||||
| Current Rate (All In) | 7.83% | |||||||||
| Maturity Date | Apr. 17, 2029 | |||||||||
| Principal/ Number of Shares | 250,000 | |||||||||
| Cost | $ 248,774 | |||||||||
| Fair Value | $ 248,908 | |||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Bengal Debt Merger Sub LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Beverage, Food & Tobacco | Beverage, Food & Tobacco | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | ||||||||
| Reference Spread | 3.25% | 3.25% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.25% | 7.93% | ||||||||
| Maturity Date | Jan. 24, 2029 | Jan. 24, 2029 | ||||||||
| Principal/ Number of Shares | 1,985,000 | 1,990,000 | ||||||||
| Cost | $ 1,984,133 | $ 1,988,811 | ||||||||
| Fair Value | $ 1,809,665 | $ 1,804,273 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Blackstone Mortgage Trust, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan B | Term Loan (6/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 2.25% | 2.75% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.50% | ||||||||
| Current Rate (All In) | 7.40% | 7.38% | ||||||||
| Maturity Date | Apr. 23, 2026 | Apr. 23, 2026 | ||||||||
| Principal/ Number of Shares | 977,215 | 1,465,141 | ||||||||
| Cost | $ 973,032 | $ 1,457,842 | ||||||||
| Fair Value | $ 908,810 | $ 1,441,332 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Blackstone Mortgage Trust, Inc. One [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan (6/21) | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 2.75% | 2.25% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.00% | ||||||||
| Current Rate (All In) | 7.90% | 6.88% | ||||||||
| Maturity Date | Apr. 23, 2026 | Apr. 23, 2026 | ||||||||
| Principal/ Number of Shares | 1,461,413 | 979,747 | ||||||||
| Cost | $ 1,454,733 | $ 975,006 | ||||||||
| Fair Value | $ 1,362,767 | $ 952,804 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Blue Tree Holdings, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Chemicals, Plastics, & Rubber | Chemicals, Plastics, & Rubber | ||||||||
| Asset Name | Term Loan (2/21) | Term Loan (2/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 2.50% | 2.50% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 7.66% | 7.23% | ||||||||
| Maturity Date | Mar. 04, 2028 | Mar. 04, 2028 | ||||||||
| Principal/ Number of Shares | 980,000 | 982,500 | ||||||||
| Cost | $ 978,421 | $ 980,692 | ||||||||
| Fair Value | $ 954,275 | $ 967,763 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Bombardier Recreational Products, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Consumer goods: Durable | Consumer goods: Durable | ||||||||
| Asset Name | Term Loan (1/20) | Term Loan 12/22 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 2.00% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.50% | ||||||||
| Current Rate (All In) | 7.25% | 8.12% | ||||||||
| Maturity Date | May 24, 2027 | Dec. 12, 2029 | ||||||||
| Principal/ Number of Shares | 1,451,299 | 498,750 | ||||||||
| Cost | $ 1,445,805 | $ 486,572 | ||||||||
| Fair Value | $ 1,406,251 | $ 496,007 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Bombardier Recreational Products, Inc. One [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Consumer goods: Durable | Consumer goods: Durable | ||||||||
| Asset Name | Term Loan 12/22 | Term Loan (1/20) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.50% | 2.00% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.00% | ||||||||
| Current Rate (All In) | 8.75% | 6.63% | ||||||||
| Maturity Date | Dec. 12, 2029 | May 24, 2027 | ||||||||
| Principal/ Number of Shares | 497,500 | 1,455,049 | ||||||||
| Cost | $ 485,690 | $ 1,449,140 | ||||||||
| Fair Value | $ 493,396 | $ 1,416,854 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Boxer Parent Company, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | High Tech Industries | High Tech Industries | ||||||||
| Asset Name | Term Loan (2/21) | Term Loan (2/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.75% | 3.75% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 8.90% | 8.38% | ||||||||
| Maturity Date | Oct. 02, 2025 | Oct. 02, 2025 | ||||||||
| Principal/ Number of Shares | 515,281 | 516,794 | ||||||||
| Cost | $ 515,281 | $ 516,794 | ||||||||
| Fair Value | $ 507,505 | $ 509,827 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | BrightSpring Health Services (Phoenix Guarantor) [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Healthcare & Pharmaceuticals | |||||||||
| Asset Name | Term Loan B-3 | |||||||||
| Asset Type | Loan | |||||||||
| Reference Rate | 1M USD LIBOR+ | |||||||||
| Reference Spread | 3.50% | |||||||||
| SOFR/ LIBOR Floor | 0.00% | |||||||||
| Current Rate (All In) | 8.65% | |||||||||
| Maturity Date | Mar. 05, 2026 | |||||||||
| Principal/ Number of Shares | 980,000 | |||||||||
| Cost | $ 980,000 | |||||||||
| Fair Value | $ 949,865 | |||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | BroadStreet Partners, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan B3 | Term Loan B3 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.00% | 3.00% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 8.15% | 7.63% | ||||||||
| Maturity Date | Jan. 22, 2027 | Jan. 22, 2027 | ||||||||
| Principal/ Number of Shares | 2,941,205 | 2,948,786 | ||||||||
| Cost | $ 2,937,710 | $ 2,944,577 | ||||||||
| Fair Value | $ 2,854,822 | $ 2,906,412 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Brookfield WEC Holdings Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Energy: Electricity | Energy: Electricity | ||||||||
| Asset Name | Term Loan (1/21) | Term Loan (1/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 2.75% | 2.75% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 7.90% | 7.38% | ||||||||
| Maturity Date | Aug. 01, 2025 | Aug. 01, 2025 | ||||||||
| Principal/ Number of Shares | 1,458,882 | 1,462,613 | ||||||||
| Cost | $ 1,460,165 | $ 1,464,152 | ||||||||
| Fair Value | $ 1,441,944 | $ 1,456,090 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | BROWN GROUP HOLDING, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Aerospace & Defense | Aerospace & Defense | ||||||||
| Asset Name | Term Loan B-2 | Term Loan B-2 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 3.75% | 3.75% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 8.90% | 8.37% | ||||||||
| Maturity Date | Jul. 01, 2029 | Jun. 08, 2029 | ||||||||
| Principal/ Number of Shares | 497,500 | 498,750 | ||||||||
| Cost | $ 486,338 | $ 487,209 | ||||||||
| Fair Value | $ 489,858 | $ 498,336 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Buckeye Partners, L.P. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Utilities: Oil & Gas | Utilities: Oil & Gas | ||||||||
| Asset Name | Term Loan (1/21) | Term Loan (1/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 2.25% | 2.25% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 7.28% | 6.82% | ||||||||
| Maturity Date | Nov. 01, 2026 | Nov. 01, 2026 | ||||||||
| Principal/ Number of Shares | 1,945,213 | 1,950,188 | ||||||||
| Cost | $ 1,936,694 | $ 1,941,198 | ||||||||
| Fair Value | $ 1,917,143 | $ 1,946,931 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | BW Gas & Convenience Holdings LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Beverage, Food & Tobacco | Beverage, Food & Tobacco | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.50% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.65% | 8.13% | ||||||||
| Maturity Date | Mar. 31, 2028 | Mar. 31, 2028 | ||||||||
| Principal/ Number of Shares | 2,456,250 | 2,462,500 | ||||||||
| Cost | $ 2,438,591 | $ 2,443,814 | ||||||||
| Fair Value | $ 2,351,859 | $ 2,437,875 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Callaway Golf Company [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Retail | Retail | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.50% | 4.50% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 8.75% | 9.13% | ||||||||
| Maturity Date | Mar. 09, 2030 | Jan. 04, 2026 | ||||||||
| Principal/ Number of Shares | 500,000 | 675,000 | ||||||||
| Cost | $ 495,047 | $ 668,575 | ||||||||
| Fair Value | $ 492,145 | $ 674,582 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Camping World, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Retail | Retail | ||||||||
| Asset Name | Term Loan B (5/21) | Term Loan B (5/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 2.50% | 2.50% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 7.61% | 7.09% | ||||||||
| Maturity Date | Jun. 05, 2028 | Jun. 05, 2028 | ||||||||
| Principal/ Number of Shares | 2,481,013 | 2,487,342 | ||||||||
| Cost | $ 2,271,238 | $ 2,268,038 | ||||||||
| Fair Value | $ 2,300,023 | $ 2,208,560 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CareerBuilder, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Business | Services: Business | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 6.75% | 6.75% | ||||||||
| SOFR/ LIBOR Floor | 1.00% | 1.00% | ||||||||
| Current Rate (All In) | 11.91% | 11.48% | ||||||||
| Maturity Date | Jul. 31, 2023 | Jul. 31, 2023 | ||||||||
| Principal/ Number of Shares | 5,265,749 | 5,393,388 | ||||||||
| Cost | $ 5,248,888 | $ 5,347,671 | ||||||||
| Fair Value | $ 3,429,319 | $ 3,513,792 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Castle US Holding Corporation [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Media: Advertising, Printing & Publishing | Aerospace & Defense | ||||||||
| Asset Name | Term Loan B (USD) | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 3.75% | 2.75% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.50% | ||||||||
| Current Rate (All In) | 8.90% | 7.31% | ||||||||
| Maturity Date | Jan. 27, 2027 | Oct. 21, 2027 | ||||||||
| Principal/ Number of Shares | 1,959,198 | 1,000,000 | ||||||||
| Cost | $ 1,951,012 | $ 992,500 | ||||||||
| Fair Value | $ 1,368,715 | $ 987,080 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CASTLELAKE AVIATION LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Aerospace & Defense | |||||||||
| Asset Name | Term Loan B | |||||||||
| Asset Type | Loan | |||||||||
| Reference Rate | 3M USD SOFR+ | |||||||||
| Reference Spread | 2.75% | |||||||||
| SOFR/ LIBOR Floor | 0.50% | |||||||||
| Current Rate (All In) | 7.78% | |||||||||
| Maturity Date | Oct. 21, 2027 | |||||||||
| Principal/ Number of Shares | 997,500 | |||||||||
| Cost | $ 990,336 | |||||||||
| Fair Value | $ 975,475 | |||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CBI BUYER, INC. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Consumer goods: Durable | Consumer goods: Durable | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.25% | 3.25% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.36% | 7.88% | ||||||||
| Maturity Date | Jan. 06, 2028 | Jan. 06, 2028 | ||||||||
| Principal/ Number of Shares | 2,962,349 | 2,969,887 | ||||||||
| Cost | $ 2,813,816 | $ 2,814,181 | ||||||||
| Fair Value | $ 1,821,845 | $ 2,026,948 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CCC Intelligent Solutions Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Business | Services: Business | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 2.25% | 2.25% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 7.40% | 6.88% | ||||||||
| Maturity Date | Sep. 16, 2028 | Sep. 16, 2028 | ||||||||
| Principal/ Number of Shares | 246,875 | 247,500 | ||||||||
| Cost | $ 246,457 | $ 247,017 | ||||||||
| Fair Value | $ 242,466 | $ 244,612 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CCI Buyer, Inc [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Telecommunications | Telecommunications | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | ||||||||
| Reference Spread | 4.00% | 4.00% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 8.90% | 8.58% | ||||||||
| Maturity Date | Dec. 17, 2027 | Dec. 17, 2027 | ||||||||
| Principal/ Number of Shares | 245,000 | 245,625 | ||||||||
| Cost | $ 243,335 | $ 243,880 | ||||||||
| Fair Value | $ 232,598 | $ 241,223 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CCRR Parent, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | ||||||||
| Asset Name | Term Loan B | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 3.75% | 4.25% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.50% | ||||||||
| Current Rate (All In) | 8.91% | 8.97% | ||||||||
| Maturity Date | Mar. 05, 2028 | Mar. 05, 2028 | ||||||||
| Principal/ Number of Shares | 980,000 | 1,000,000 | ||||||||
| Cost | $ 976,504 | $ 951,484 | ||||||||
| Fair Value | $ 935,900 | $ 975,000 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CCRR Parent, Inc One [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | ||||||||
| Asset Name | Term Loan | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 4.25% | 3.75% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.75% | ||||||||
| Current Rate (All In) | 9.21% | 8.39% | ||||||||
| Maturity Date | Mar. 05, 2028 | Mar. 05, 2028 | ||||||||
| Principal/ Number of Shares | 997,500 | 982,500 | ||||||||
| Cost | $ 950,926 | $ 978,899 | ||||||||
| Fair Value | $ 952,613 | $ 957,938 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CCS-CMGC Holdings, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 5.50% | 5.50% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 10.98% | 10.13% | ||||||||
| Maturity Date | Sep. 25, 2025 | Sep. 25, 2025 | ||||||||
| Principal/ Number of Shares | 2,393,750 | 2,400,000 | ||||||||
| Cost | $ 2,385,103 | $ 2,390,330 | ||||||||
| Fair Value | $ 1,605,321 | $ 1,605,504 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CDK GLOBAL, INC. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | High Tech Industries | High Tech Industries | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | ||||||||
| Reference Spread | 4.25% | 4.50% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 9.15% | 9.08% | ||||||||
| Maturity Date | Jul. 06, 2029 | Jul. 06, 2029 | ||||||||
| Principal/ Number of Shares | 997,500 | 1,000,000 | ||||||||
| Cost | $ 970,032 | $ 971,508 | ||||||||
| Fair Value | $ 981,390 | $ 996,150 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Cengage Learning, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Media: Advertising, Printing & Publishing | Media: Advertising, Printing & Publishing | ||||||||
| Asset Name | Term Loan B (6/21) | Term Loan B (6/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 6M USD LIBOR+ | 6M USD LIBOR+ | ||||||||
| Reference Spread | 4.75% | 4.75% | ||||||||
| SOFR/ LIBOR Floor | 1.00% | 1.00% | ||||||||
| Current Rate (All In) | 9.88% | 9.88% | ||||||||
| Maturity Date | Jul. 14, 2026 | Jul. 14, 2026 | ||||||||
| Principal/ Number of Shares | 2,955,000 | 2,962,500 | ||||||||
| Cost | $ 2,936,136 | $ 2,942,124 | ||||||||
| Fair Value | $ 2,783,994 | $ 2,794,171 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CENTURI GROUP, INC. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Construction & Building | Construction & Building | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 2.25% | 2.50% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 7.73% | 7.45% | ||||||||
| Maturity Date | Aug. 27, 2028 | Aug. 27, 2028 | ||||||||
| Principal/ Number of Shares | 875,830 | 878,330 | ||||||||
| Cost | $ 869,235 | $ 871,190 | ||||||||
| Fair Value | $ 867,229 | $ 870,100 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CenturyLink, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Telecommunications | Telecommunications | ||||||||
| Asset Name | Term Loan B (1/20) | Term Loan B (1/20) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 2.25% | 2.25% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 7.52% | 6.88% | ||||||||
| Maturity Date | Mar. 15, 2027 | Mar. 15, 2027 | ||||||||
| Principal/ Number of Shares | 3,875,160 | 3,887,492 | ||||||||
| Cost | $ 3,871,908 | $ 3,883,600 | ||||||||
| Fair Value | $ 2,660,414 | $ 3,208,269 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Charlotte Buyer, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Business | Services: Business | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 5.25% | 5.25% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 10.30% | 9.81% | ||||||||
| Maturity Date | Feb. 11, 2028 | Feb. 11, 2028 | ||||||||
| Principal/ Number of Shares | 1,496,250 | 1,500,000 | ||||||||
| Cost | $ 1,403,536 | $ 1,403,100 | ||||||||
| Fair Value | $ 1,427,991 | $ 1,455,945 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Chemours Company, (The) [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Chemicals, Plastics, & Rubber | Chemicals, Plastics, & Rubber | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 1.75% | 1.75% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 7.00% | 6.39% | ||||||||
| Maturity Date | Apr. 03, 2025 | Apr. 03, 2025 | ||||||||
| Principal/ Number of Shares | 902,374 | 905,031 | ||||||||
| Cost | $ 880,889 | $ 880,859 | ||||||||
| Fair Value | $ 883,875 | $ 898,406 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Churchill Downs Incorporated [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Hotel, Gaming & Leisure | Hotel, Gaming & Leisure | ||||||||
| Asset Name | Term Loan B1 (3/21) | Term Loan B1 (3/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 2.00% | 2.00% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 7.25% | 6.64% | ||||||||
| Maturity Date | Mar. 17, 2028 | Mar. 17, 2028 | ||||||||
| Principal/ Number of Shares | 490,000 | 491,250 | ||||||||
| Cost | $ 489,227 | $ 490,382 | ||||||||
| Fair Value | $ 482,650 | $ 486,952 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CIMPRESS PUBLIC LIMITED COMPANY [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Media: Advertising, Printing & Publishing | Media: Advertising, Printing & Publishing | ||||||||
| Asset Name | USD Term Loan | USD Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.50% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.65% | 8.13% | ||||||||
| Maturity Date | May 17, 2028 | May 17, 2028 | ||||||||
| Principal/ Number of Shares | 1,974,924 | 1,979,950 | ||||||||
| Cost | $ 1,890,618 | $ 1,892,607 | ||||||||
| Fair Value | $ 1,885,223 | $ 1,785,419 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CITADEL SECURITIES LP [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan B (01/21) | Term Loan B (01/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 2.50% | 2.50% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 7.77% | 7.23% | ||||||||
| Maturity Date | Feb. 02, 2028 | Feb. 02, 2028 | ||||||||
| Principal/ Number of Shares | 4,900,000 | 4,912,500 | ||||||||
| Cost | $ 4,898,551 | $ 4,910,914 | ||||||||
| Fair Value | $ 4,829,587 | $ 4,865,684 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Clarios Global LP [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Automotive | Automotive | ||||||||
| Asset Name | Incremental Term Loan (04/23) | Term Loan B1 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.75% | 3.25% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 8.90% | 7.88% | ||||||||
| Maturity Date | May 05, 2030 | Apr. 30, 2026 | ||||||||
| Principal/ Number of Shares | 1,200,000 | 1,267,812 | ||||||||
| Cost | $ 1,194,004 | $ 1,261,524 | ||||||||
| Fair Value | $ 1,187,004 | $ 1,260,091 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Claros Mortgage Trust, Inc [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan B-1 (11/21) | Term Loan B-1 (11/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 4.50% | 4.50% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 9.67% | 9.16% | ||||||||
| Maturity Date | Aug. 09, 2026 | Aug. 09, 2026 | ||||||||
| Principal/ Number of Shares | 3,431,275 | 3,439,962 | ||||||||
| Cost | $ 3,414,261 | $ 3,421,651 | ||||||||
| Fair Value | $ 3,002,366 | $ 3,401,262 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CLYDESDALE ACQUISITION HOLDINGS, INC. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Containers, Packaging & Glass | Containers, Packaging & Glass | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 4.18% | 4.18% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 9.43% | 8.89% | ||||||||
| Maturity Date | Apr. 13, 2029 | Apr. 13, 2029 | ||||||||
| Principal/ Number of Shares | 1,488,750 | 1,492,500 | ||||||||
| Cost | $ 1,456,321 | $ 1,458,949 | ||||||||
| Fair Value | $ 1,412,824 | $ 1,469,993 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Cole Haan [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Consumer goods: Non-durable | Consumer goods: Non-durable | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 5.50% | 5.50% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 10.66% | 10.23% | ||||||||
| Maturity Date | Feb. 07, 2025 | Feb. 07, 2025 | ||||||||
| Principal/ Number of Shares | 862,500 | 875,000 | ||||||||
| Cost | $ 859,791 | $ 871,486 | ||||||||
| Fair Value | $ 831,234 | $ 841,461 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Columbus McKinnon Corporation [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Capital Equipment | Capital Equipment | ||||||||
| Asset Name | Term Loan (4/21) | Term Loan (4/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 2.75% | 2.75% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 7.92% | 7.50% | ||||||||
| Maturity Date | May 14, 2028 | May 14, 2028 | ||||||||
| Principal/ Number of Shares | 439,667 | 449,172 | ||||||||
| Cost | $ 438,942 | $ 448,339 | ||||||||
| Fair Value | $ 438,018 | $ 446,926 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Conduent, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Business | Services: Business | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 4.25% | 4.25% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 9.40% | 8.88% | ||||||||
| Maturity Date | Oct. 16, 2028 | Oct. 16, 2028 | ||||||||
| Principal/ Number of Shares | 2,783,470 | 1,787,985 | ||||||||
| Cost | $ 2,714,717 | $ 1,755,247 | ||||||||
| Fair Value | $ 2,660,997 | $ 1,742,177 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Connect Finco SARL [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Telecommunications | Telecommunications | ||||||||
| Asset Name | Term Loan (1/21) | Term Loan (1/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 3.50% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 1.00% | 1.00% | ||||||||
| Current Rate (All In) | 8.66% | 8.14% | ||||||||
| Maturity Date | Dec. 11, 2026 | Dec. 11, 2026 | ||||||||
| Principal/ Number of Shares | 2,910,000 | 2,917,500 | ||||||||
| Cost | $ 2,815,214 | $ 2,816,917 | ||||||||
| Fair Value | $ 2,886,371 | $ 2,863,526 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Consolidated Communications, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Telecommunications | Telecommunications | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.50% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 8.77% | 8.19% | ||||||||
| Maturity Date | Oct. 02, 2027 | Oct. 02, 2027 | ||||||||
| Principal/ Number of Shares | 2,714,005 | 2,714,005 | ||||||||
| Cost | $ 2,528,047 | $ 2,520,099 | ||||||||
| Fair Value | $ 2,327,259 | $ 2,435,819 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CORAL-US CO-BORROWER LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Telecommunications | Telecommunications | ||||||||
| Asset Name | Term Loan B-5 | Term Loan B-5 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 2.25% | 2.25% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 7.36% | 6.84% | ||||||||
| Maturity Date | Jan. 31, 2028 | Jan. 31, 2028 | ||||||||
| Principal/ Number of Shares | 4,000,000 | 4,000,000 | ||||||||
| Cost | $ 3,989,586 | $ 3,988,733 | ||||||||
| Fair Value | $ 3,824,280 | $ 3,867,160 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Corelogic, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Business | Services: Business | ||||||||
| Asset Name | Term Loan (4/21) | Term Loan (4/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.50% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.69% | 8.19% | ||||||||
| Maturity Date | Jun. 02, 2028 | Jun. 02, 2028 | ||||||||
| Principal/ Number of Shares | 2,462,500 | 2,468,750 | ||||||||
| Cost | $ 2,453,657 | $ 2,459,383 | ||||||||
| Fair Value | $ 2,196,402 | $ 2,110,164 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Cortes NP Acquisition Corp (Vertiv) [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Capital Equipment | Capital Equipment | ||||||||
| Asset Name | Term Loan 2/21 | Term Loan 2/21 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 2.75% | 2.75% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 7.81% | 7.32% | ||||||||
| Maturity Date | Mar. 02, 2027 | Mar. 02, 2027 | ||||||||
| Principal/ Number of Shares | 1,955,000 | 1,960,000 | ||||||||
| Cost | $ 1,955,000 | $ 1,960,000 | ||||||||
| Fair Value | $ 1,922,410 | $ 1,934,579 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Creative Artists Agency, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Media: Diversified & Production | Media: Diversified & Production | ||||||||
| Asset Name | Term Loan B (02/23) | Term Loan B (02/23) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 3.50% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 8.65% | 8.06% | ||||||||
| Maturity Date | Nov. 27, 2028 | Nov. 01, 2028 | ||||||||
| Principal/ Number of Shares | 1,600,000 | 1,600,000 | ||||||||
| Cost | $ 1,588,739 | $ 1,588,000 | ||||||||
| Fair Value | $ 1,576,000 | $ 1,595,008 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CROCS INC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Consumer goods: Durable | Consumer goods: Durable | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 6M USD SOFR+ | ||||||||
| Reference Spread | 3.50% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.75% | 7.73% | ||||||||
| Maturity Date | Feb. 20, 2029 | Feb. 20, 2029 | ||||||||
| Principal/ Number of Shares | 1,920,000 | 2,512,500 | ||||||||
| Cost | $ 1,852,365 | $ 2,421,039 | ||||||||
| Fair Value | $ 1,915,469 | $ 2,504,133 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Cross Financial Corp [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan B (3/21) | Term Loan B (3/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 4.00% | 4.00% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 9.19% | 8.69% | ||||||||
| Maturity Date | Sep. 15, 2027 | Sep. 15, 2027 | ||||||||
| Principal/ Number of Shares | 491,250 | 492,500 | ||||||||
| Cost | $ 491,009 | $ 492,174 | ||||||||
| Fair Value | $ 486,338 | $ 489,422 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Crown Subsea Communications Holding, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Construction & Building | Construction & Building | ||||||||
| Asset Name | Term Loan (4/21) | Term Loan (4/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 5.00% | 4.75% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 10.11% | 9.32% | ||||||||
| Maturity Date | Apr. 27, 2027 | Apr. 27, 2027 | ||||||||
| Principal/ Number of Shares | 3,404,110 | 3,404,110 | ||||||||
| Cost | $ 3,380,055 | $ 3,377,740 | ||||||||
| Fair Value | $ 3,375,379 | $ 3,340,283 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CSC Holdings LLC (Neptune Finco Corp.) [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Media: Broadcasting & Subscription | Media: Broadcasting & Subscription | ||||||||
| Asset Name | Term Loan B-5 | Term Loan B-5 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 2.50% | 2.50% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 7.61% | 7.09% | ||||||||
| Maturity Date | Apr. 15, 2027 | Apr. 15, 2027 | ||||||||
| Principal/ Number of Shares | 483,750 | 485,000 | ||||||||
| Cost | $ 483,750 | $ 485,000 | ||||||||
| Fair Value | $ 406,611 | $ 435,894 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CSC Holdings LLC (Neptune Finco Corp.) One [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Media: Broadcasting & Subscription | Media: Broadcasting & Subscription | ||||||||
| Asset Name | Term Loan 12/22 | Term Loan 12/22 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 4.50% | 4.50% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 9.56% | 9.06% | ||||||||
| Maturity Date | Apr. 15, 2027 | Apr. 15, 2027 | ||||||||
| Principal/ Number of Shares | 2,394,032 | 2,400,032 | ||||||||
| Cost | $ 2,384,472 | $ 2,389,363 | ||||||||
| Fair Value | $ 2,110,339 | $ 2,244,030 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CTC Holdings, LP [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | |||||||||
| Asset Name | Term Loan B | |||||||||
| Asset Type | Loan | |||||||||
| Reference Rate | 6M USD SOFR+ | |||||||||
| Reference Spread | 5.00% | |||||||||
| SOFR/ LIBOR Floor | 0.50% | |||||||||
| Current Rate (All In) | 10.34% | |||||||||
| Maturity Date | Feb. 15, 2029 | |||||||||
| Principal/ Number of Shares | 2,227,500 | |||||||||
| Cost | $ 2,178,143 | |||||||||
| Fair Value | $ 2,149,538 | |||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CTS Midco, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | High Tech Industries | High Tech Industries | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 6.00% | 6.00% | ||||||||
| SOFR/ LIBOR Floor | 1.00% | 1.00% | ||||||||
| Current Rate (All In) | 11.31% | 10.83% | ||||||||
| Maturity Date | Nov. 02, 2027 | Nov. 02, 2027 | ||||||||
| Principal/ Number of Shares | 1,950,227 | 1,960,000 | ||||||||
| Cost | $ 1,910,738 | $ 1,917,602 | ||||||||
| Fair Value | $ 1,711,325 | $ 1,666,000 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CAPSTONE BORROWER INC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Business | |||||||||
| Asset Name | Cvent 5/23 TLB | |||||||||
| Asset Type | Loan | |||||||||
| Reference Rate | 1M USD SOFR+ | |||||||||
| Reference Spread | 3.75% | |||||||||
| SOFR/ LIBOR Floor | 0.00% | |||||||||
| Current Rate (All In) | 8.32% | |||||||||
| Maturity Date | Jun. 17, 2030 | |||||||||
| Principal/ Number of Shares | 1,000,000 | |||||||||
| Cost | $ 985,000 | |||||||||
| Fair Value | $ 967,500 | |||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Daseke Inc [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Transportation: Cargo | Transportation: Cargo | ||||||||
| Asset Name | Term Loan 2/21 | Term Loan 2/21 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 4.00% | 4.00% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 9.27% | 8.64% | ||||||||
| Maturity Date | Mar. 05, 2028 | Mar. 05, 2028 | ||||||||
| Principal/ Number of Shares | 1,282,500 | 1,473,750 | ||||||||
| Cost | $ 1,278,086 | $ 1,468,500 | ||||||||
| Fair Value | $ 1,250,438 | $ 1,468,223 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Dave & Buster’s Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Hotel, Gaming & Leisure | Hotel, Gaming & Leisure | ||||||||
| Asset Name | Term Loan B (04/22) | Term Loan B (04/22) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 5.00% | 5.00% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 10.31% | 9.75% | ||||||||
| Maturity Date | Jun. 29, 2029 | Jun. 29, 2029 | ||||||||
| Principal/ Number of Shares | 992,500 | 995,000 | ||||||||
| Cost | $ 947,618 | $ 948,574 | ||||||||
| Fair Value | $ 991,885 | $ 997,736 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | DCert Buyer, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | High Tech Industries | High Tech Industries | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 6M USD SOFR+ | ||||||||
| Reference Spread | 4.00% | 4.00% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 9.26% | 8.70% | ||||||||
| Maturity Date | Oct. 16, 2026 | Oct. 16, 2026 | ||||||||
| Principal/ Number of Shares | 1,465,995 | 1,469,773 | ||||||||
| Cost | $ 1,465,995 | $ 1,469,773 | ||||||||
| Fair Value | $ 1,430,357 | $ 1,446,257 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Delek US Holdings, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Utilities: Oil & Gas | Utilities: Oil & Gas | ||||||||
| Asset Name | Term Loan B (11/22) | Term Loan B (11/22) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 3.50% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.75% | 8.22% | ||||||||
| Maturity Date | Nov. 16, 2029 | Nov. 16, 2029 | ||||||||
| Principal/ Number of Shares | 5,386,500 | 5,400,000 | ||||||||
| Cost | $ 5,275,790 | $ 5,285,256 | ||||||||
| Fair Value | $ 5,250,168 | $ 5,298,750 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Delta 2 Lux Sarl [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Hotel, Gaming & Leisure | Hotel, Gaming & Leisure | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 3.00% | 3.25% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.15% | 7.87% | ||||||||
| Maturity Date | Jan. 15, 2030 | Jan. 15, 2030 | ||||||||
| Principal/ Number of Shares | 1,000,000 | 1,000,000 | ||||||||
| Cost | $ 990,725 | $ 990,424 | ||||||||
| Fair Value | $ 999,000 | $ 1,001,750 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | DexKo Global, Inc. (Dragon Merger) [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Automotive | Automotive | ||||||||
| Asset Name | Term Loan (9/21) | Term Loan (9/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 3.75% | 3.75% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.91% | 8.48% | ||||||||
| Maturity Date | Oct. 04, 2028 | Oct. 04, 2028 | ||||||||
| Principal/ Number of Shares | 990,000 | 992,500 | ||||||||
| Cost | $ 986,887 | $ 989,236 | ||||||||
| Fair Value | $ 934,204 | $ 928,980 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | DG Investment Intermediate Holdings 2, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Aerospace & Defense | Aerospace & Defense | ||||||||
| Asset Name | Incremental Term Loan (3/22) | Incremental Term Loan (3/22) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 4.75% | 4.75% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 9.90% | 9.37% | ||||||||
| Maturity Date | Mar. 31, 2028 | Mar. 31, 2028 | ||||||||
| Principal/ Number of Shares | 497,500 | 498,750 | ||||||||
| Cost | $ 479,088 | $ 479,659 | ||||||||
| Fair Value | $ 486,620 | $ 488,152 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Diamond Sports Group, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Media: Broadcasting & Subscription | [2] | Media: Broadcasting & Subscription | |||||||
| Asset Name | 1st Priority Term Loan | [2] | Second Lien Term Loan | |||||||
| Asset Type | Loan | [2] | Loan | |||||||
| Reference Rate | 6M USD SOFR+ | [2] | 3M USD SOFR+ | |||||||
| Reference Spread | 8.00% | [2] | 3.40% | |||||||
| SOFR/ LIBOR Floor | 1.00% | [2] | 0.00% | |||||||
| Current Rate (All In) | 13.06% | [2] | 8.03% | |||||||
| Maturity Date | May 25, 2026 | [2] | Aug. 24, 2026 | |||||||
| Principal/ Number of Shares | 342,343 | [2] | 3,374,880 | |||||||
| Cost | $ 334,579 | [2] | $ 3,017,273 | |||||||
| Fair Value | $ 257,329 | [2] | $ 382,306 | |||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Diamond Sports Group, LLC One [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Media: Broadcasting & Subscription | [2] | Media: Broadcasting & Subscription | |||||||
| Asset Name | Second Lien Term Loan | [2] | 1st Priority Term Loan | |||||||
| Asset Type | Loan | [2] | Loan | |||||||
| Reference Rate | 1M USD SOFR+ | [2] | 6M USD SOFR+ | |||||||
| Reference Spread | 5.35% | [2] | 8.00% | |||||||
| SOFR/ LIBOR Floor | 0.00% | [2] | 1.00% | |||||||
| Current Rate (All In) | 10.50% | [2] | 13.06% | |||||||
| Maturity Date | Aug. 24, 2026 | [2] | May 25, 2026 | |||||||
| Principal/ Number of Shares | 3,374,880 | [2] | 342,343 | |||||||
| Cost | $ 3,041,095 | [2] | $ 333,975 | |||||||
| Fair Value | $ 133,578 | [2] | $ 318,951 | |||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | DIRECTV FINANCING, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Media: Broadcasting & Subscription | Media: Broadcasting & Subscription | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 5.00% | 5.00% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 10.15% | 9.63% | ||||||||
| Maturity Date | Aug. 02, 2027 | Aug. 02, 2027 | ||||||||
| Principal/ Number of Shares | 3,460,000 | 3,550,000 | ||||||||
| Cost | $ 3,435,127 | $ 3,523,794 | ||||||||
| Fair Value | $ 3,277,277 | $ 3,448,754 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | DISCOVERY PURCHASER CORPORATION [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Chemicals, Plastics, & Rubber | Chemicals, Plastics, & Rubber | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | ||||||||
| Reference Spread | 4.38% | 4.38% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 9.28% | 8.96% | ||||||||
| Maturity Date | Oct. 04, 2029 | Oct. 04, 2029 | ||||||||
| Principal/ Number of Shares | 1,496,250 | 1,500,000 | ||||||||
| Cost | $ 1,385,148 | $ 1,385,334 | ||||||||
| Fair Value | $ 1,408,585 | $ 1,433,310 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Dispatch Acquisition Holdings, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Environmental Industries | Environmental Industries | ||||||||
| Asset Name | Term Loan B (3/21) | Term Loan B (3/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 4.25% | 4.25% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 9.30% | 8.98% | ||||||||
| Maturity Date | Mar. 25, 2028 | Mar. 25, 2028 | ||||||||
| Principal/ Number of Shares | 491,250 | 492,500 | ||||||||
| Cost | $ 487,797 | $ 488,806 | ||||||||
| Fair Value | $ 432,300 | $ 434,631 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | DOMTAR CORPORATION [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Forest Products & Paper | Forest Products & Paper | ||||||||
| Asset Name | Term Loan 9/21 | Term Loan 9/21 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 5.50% | 5.50% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 10.61% | 10.10% | ||||||||
| Maturity Date | Nov. 30, 2028 | Nov. 30, 2028 | ||||||||
| Principal/ Number of Shares | 1,293,594 | 1,310,136 | ||||||||
| Cost | $ 1,257,755 | $ 1,272,492 | ||||||||
| Fair Value | $ 1,261,254 | $ 1,286,121 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | DOTDASH MEREDITH, INC. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Media: Advertising, Printing & Publishing | Media: Advertising, Printing & Publishing | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 4.00% | 4.00% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 9.12% | 8.67% | ||||||||
| Maturity Date | Nov. 30, 2028 | Nov. 30, 2028 | ||||||||
| Principal/ Number of Shares | 1,989,899 | 1,994,949 | ||||||||
| Cost | $ 1,804,951 | $ 1,803,027 | ||||||||
| Fair Value | $ 1,830,707 | $ 1,755,556 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | DRI HOLDING INC. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Media: Advertising, Printing & Publishing | Media: Advertising, Printing & Publishing | ||||||||
| Asset Name | Term Loan (12/21) | Term Loan (12/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 5.25% | 5.25% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 10.40% | 9.88% | ||||||||
| Maturity Date | Dec. 15, 2028 | Dec. 15, 2028 | ||||||||
| Principal/ Number of Shares | 3,962,481 | 3,972,487 | ||||||||
| Cost | $ 3,825,639 | $ 3,830,439 | ||||||||
| Fair Value | $ 3,529,105 | $ 3,552,913 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | DRW Holdings, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan (2/21) | Term Loan (2/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.75% | 3.75% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 8.90% | 8.38% | ||||||||
| Maturity Date | Mar. 01, 2028 | Mar. 01, 2028 | ||||||||
| Principal/ Number of Shares | 6,370,000 | 6,435,000 | ||||||||
| Cost | $ 6,335,329 | $ 6,396,896 | ||||||||
| Fair Value | $ 6,188,837 | $ 6,284,164 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | DTZ U.S. Borrower, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Construction & Building | Construction & Building | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 2.75% | 2.75% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 7.90% | 7.38% | ||||||||
| Maturity Date | Aug. 21, 2025 | Aug. 21, 2025 | ||||||||
| Principal/ Number of Shares | 1,612,878 | 1,612,878 | ||||||||
| Cost | $ 1,610,315 | $ 1,609,665 | ||||||||
| Fair Value | $ 1,563,153 | $ 1,602,798 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | DTZ U.S. Borrower, LLC One [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Construction & Building | Construction & Building | ||||||||
| Asset Name | Term Loan (01/23) | Term Loan (01/23) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 3.25% | 3.25% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 8.50% | 7.97% | ||||||||
| Maturity Date | Jan. 31, 2030 | Jan. 31, 2030 | ||||||||
| Principal/ Number of Shares | 2,034,413 | 2,034,413 | ||||||||
| Cost | $ 2,031,072 | $ 2,031,025 | ||||||||
| Fair Value | $ 1,897,090 | $ 2,021,698 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | EAB Global, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Business | Services: Business | ||||||||
| Asset Name | Term Loan (08/21) | Term Loan (08/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.50% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.65% | 8.13% | ||||||||
| Maturity Date | Aug. 16, 2028 | Aug. 16, 2028 | ||||||||
| Principal/ Number of Shares | 987,500 | 990,000 | ||||||||
| Cost | $ 983,879 | $ 985,965 | ||||||||
| Fair Value | $ 956,996 | $ 969,586 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Echo Global Logistics, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Business | Services: Business | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.50% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.65% | 8.13% | ||||||||
| Maturity Date | Nov. 23, 2028 | Nov. 23, 2028 | ||||||||
| Principal/ Number of Shares | 1,980,000 | 1,985,000 | ||||||||
| Cost | $ 1,976,735 | $ 1,981,077 | ||||||||
| Fair Value | $ 1,874,822 | $ 1,916,776 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Edelman Financial Group Inc., The [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan B (3/21) | Term Loan B (3/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.75% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 8.90% | 8.13% | ||||||||
| Maturity Date | Apr. 07, 2028 | Apr. 07, 2028 | ||||||||
| Principal/ Number of Shares | 2,182,992 | 2,188,547 | ||||||||
| Cost | $ 2,177,326 | $ 2,182,686 | ||||||||
| Fair Value | $ 2,091,459 | $ 2,129,281 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Electrical Components Inter., Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Capital Equipment | Capital Equipment | ||||||||
| Asset Name | Term Loan (6/18) | Term Loan (6/18) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 4.25% | 4.25% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 9.61% | 8.88% | ||||||||
| Maturity Date | Jun. 26, 2025 | Jun. 26, 2025 | ||||||||
| Principal/ Number of Shares | 1,883,409 | 1,888,404 | ||||||||
| Cost | $ 1,883,409 | $ 1,888,404 | ||||||||
| Fair Value | $ 1,744,036 | $ 1,719,638 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ELECTRON BIDCO INC. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.00% | 3.00% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.27% | 7.63% | ||||||||
| Maturity Date | Nov. 01, 2028 | Nov. 01, 2028 | ||||||||
| Principal/ Number of Shares | 495,000 | 496,250 | ||||||||
| Cost | $ 493,182 | $ 494,396 | ||||||||
| Fair Value | $ 483,709 | $ 491,208 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ELO Touch Solutions, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Media: Diversified & Production | Media: Diversified & Production | ||||||||
| Asset Name | Term Loan (12/18) | Term Loan (12/18) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 6.50% | 6.50% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 11.65% | 11.13% | ||||||||
| Maturity Date | Dec. 14, 2025 | Dec. 14, 2025 | ||||||||
| Principal/ Number of Shares | 2,175,269 | 2,175,269 | ||||||||
| Cost | $ 2,125,913 | $ 2,121,627 | ||||||||
| Fair Value | $ 2,052,910 | $ 2,169,831 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Embecta Corp [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 6M USD SOFR+ | 6M USD SOFR+ | ||||||||
| Reference Spread | 3.00% | 3.00% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 7.79% | 7.79% | ||||||||
| Maturity Date | Mar. 30, 2029 | Mar. 30, 2029 | ||||||||
| Principal/ Number of Shares | 613,370 | 614,918 | ||||||||
| Cost | $ 610,139 | $ 611,634 | ||||||||
| Fair Value | $ 600,845 | $ 604,735 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Emerson Climate Technologies Inc [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Business | |||||||||
| Asset Name | Term Loan B (04/23) | |||||||||
| Asset Type | Loan | |||||||||
| Reference Rate | 1M USD SOFR+ | |||||||||
| Reference Spread | 3.00% | |||||||||
| SOFR/ LIBOR Floor | 0.00% | |||||||||
| Current Rate (All In) | 8.03% | |||||||||
| Maturity Date | May 04, 2030 | |||||||||
| Principal/ Number of Shares | 626,147 | |||||||||
| Cost | $ 619,885 | |||||||||
| Fair Value | $ 618,514 | |||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Endo Luxembourg Finance Company I S.a.r.l. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | ||||||||
| Asset Name | Term Loan (3/21) | Term Loan (3/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | Prime | Prime | ||||||||
| Reference Spread | 6.00% | 6.00% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 14.25% | 13.75% | ||||||||
| Maturity Date | Mar. 27, 2028 | Mar. 27, 2028 | ||||||||
| Principal/ Number of Shares | 2,335,285 | 2,335,285 | ||||||||
| Cost | $ 2,329,571 | $ 2,328,380 | ||||||||
| Fair Value | $ 1,764,612 | $ 1,839,037 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Endure Digital, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | High Tech Industries | High Tech Industries | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 6M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.50% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 8.79% | 8.07% | ||||||||
| Maturity Date | Feb. 10, 2028 | Feb. 10, 2028 | ||||||||
| Principal/ Number of Shares | 2,456,250 | 2,462,500 | ||||||||
| Cost | $ 2,448,041 | $ 2,453,593 | ||||||||
| Fair Value | $ 2,234,426 | $ 2,276,581 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Entain Holdings (Gibraltar) Limited [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Hotel, Gaming & Leisure | Hotel, Gaming & Leisure | ||||||||
| Asset Name | Term Loan B (10/22) | Term Loan B (10/22) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 6M USD SOFR+ | 3M USD SOFR+ | ||||||||
| Reference Spread | 3.50% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.44% | 8.18% | ||||||||
| Maturity Date | Oct. 30, 2029 | Oct. 30, 2029 | ||||||||
| Principal/ Number of Shares | 997,500 | 1,000,000 | ||||||||
| Cost | $ 985,601 | $ 987,635 | ||||||||
| Fair Value | $ 995,425 | $ 999,060 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Envision Healthcare Corporation [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | ||||||||
| Asset Name | Term Loan B (06/18) | Term Loan B (06/18) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 3.75% | 3.75% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 8.91% | 8.48% | ||||||||
| Maturity Date | Oct. 10, 2025 | Oct. 10, 2025 | ||||||||
| Principal/ Number of Shares | 4,766,742 | 4,784,383 | ||||||||
| Cost | $ 4,765,301 | $ 4,782,311 | ||||||||
| Fair Value | $ 29,792 | $ 1,202,076 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | EOS U.S. FINCO LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Transportation: Cargo | Transportation: Cargo | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | ||||||||
| Reference Spread | 6.00% | 6.00% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 10.91% | 10.60% | ||||||||
| Maturity Date | Oct. 06, 2029 | Aug. 03, 2029 | ||||||||
| Principal/ Number of Shares | 993,750 | 1,000,000 | ||||||||
| Cost | $ 919,833 | $ 923,495 | ||||||||
| Fair Value | $ 984,637 | $ 986,250 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Equiniti Group PLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Business | Services: Business | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 6M USD SOFR+ | 6M USD SOFR+ | ||||||||
| Reference Spread | 4.50% | 4.50% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 9.54% | 9.54% | ||||||||
| Maturity Date | Dec. 11, 2028 | Dec. 11, 2028 | ||||||||
| Principal/ Number of Shares | 987,500 | 990,000 | ||||||||
| Cost | $ 979,612 | $ 981,797 | ||||||||
| Fair Value | $ 985,031 | $ 990,624 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | EyeCare Partners, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 3.75% | 3.75% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 8.90% | 8.48% | ||||||||
| Maturity Date | Feb. 18, 2027 | Feb. 18, 2027 | ||||||||
| Principal/ Number of Shares | 1,943,111 | 1,948,081 | ||||||||
| Cost | $ 1,943,111 | $ 1,948,081 | ||||||||
| Fair Value | $ 1,505,911 | $ 1,621,174 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Finco I LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan B (9/20) | Term Loan B (9/20) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 6M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 2.50% | 2.50% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 8.08% | 7.13% | ||||||||
| Maturity Date | Jun. 27, 2025 | Jun. 27, 2025 | ||||||||
| Principal/ Number of Shares | 2,830,950 | 2,830,950 | ||||||||
| Cost | $ 2,827,872 | $ 2,826,805 | ||||||||
| Fair Value | $ 2,824,580 | $ 2,830,950 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | First Brands Group, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Automotive | Automotive | ||||||||
| Asset Name | 1st Lien Term Loan (3/21) | 1st Lien Term Loan (3/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 6M USD SOFR+ | 6M USD SOFR+ | ||||||||
| Reference Spread | 5.00% | 5.00% | ||||||||
| SOFR/ LIBOR Floor | 1.00% | 1.00% | ||||||||
| Current Rate (All In) | 10.25% | 10.25% | ||||||||
| Maturity Date | Mar. 30, 2027 | Mar. 30, 2027 | ||||||||
| Principal/ Number of Shares | 4,900,000 | 4,912,500 | ||||||||
| Cost | $ 4,845,043 | $ 4,854,265 | ||||||||
| Fair Value | $ 4,708,900 | $ 4,754,367 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | First Eagle Investment Management [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Refinancing Term Loan | Refinancing Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 2.50% | 2.50% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 7.66% | 7.23% | ||||||||
| Maturity Date | Feb. 01, 2027 | Feb. 01, 2027 | ||||||||
| Principal/ Number of Shares | 5,132,522 | 5,146,145 | ||||||||
| Cost | $ 5,121,640 | $ 5,133,892 | ||||||||
| Fair Value | $ 4,877,487 | $ 5,055,007 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | First Student Bidco Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Transportation: Consumer | Transportation: Consumer | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 3.00% | 3.00% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.14% | 7.73% | ||||||||
| Maturity Date | Jul. 21, 2028 | Jul. 21, 2028 | ||||||||
| Principal/ Number of Shares | 721,243 | 723,088 | ||||||||
| Cost | $ 717,314 | $ 718,928 | ||||||||
| Fair Value | $ 669,054 | $ 689,255 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | First Student Bidco Inc. One [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Transportation: Consumer | Transportation: Consumer | ||||||||
| Asset Name | Term Loan C | Term Loan C | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 3.00% | 3.00% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.14% | 7.73% | ||||||||
| Maturity Date | Jul. 21, 2028 | Jul. 21, 2028 | ||||||||
| Principal/ Number of Shares | 269,608 | 269,608 | ||||||||
| Cost | $ 268,131 | $ 268,052 | ||||||||
| Fair Value | $ 250,099 | $ 256,993 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Fitness International, LLC (LA Fitness) [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Consumer | Services: Consumer | ||||||||
| Asset Name | Term Loan B (4/18) | Term Loan B (4/18) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | ||||||||
| Reference Spread | 3.25% | 3.25% | ||||||||
| SOFR/ LIBOR Floor | 1.00% | 1.00% | ||||||||
| Current Rate (All In) | 8.45% | 8.08% | ||||||||
| Maturity Date | Apr. 18, 2025 | Apr. 18, 2025 | ||||||||
| Principal/ Number of Shares | 1,330,058 | 1,330,058 | ||||||||
| Cost | $ 1,327,288 | $ 1,326,810 | ||||||||
| Fair Value | $ 1,268,729 | $ 1,268,211 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Flutter Financing B.V. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Hotel, Gaming & Leisure | Hotel, Gaming & Leisure | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 2.25% | 2.25% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 7.41% | 6.98% | ||||||||
| Maturity Date | Jul. 21, 2026 | Jul. 21, 2026 | ||||||||
| Principal/ Number of Shares | 1,970,000 | 1,975,000 | ||||||||
| Cost | $ 1,967,537 | $ 1,972,044 | ||||||||
| Fair Value | $ 1,960,367 | $ 1,971,643 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Flutter Financing B.V. One [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Hotel, Gaming & Leisure | Hotel, Gaming & Leisure | ||||||||
| Asset Name | Third Amendment 2028-B Term Loan | Third Amendment 2028-B Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | ||||||||
| Reference Spread | 3.25% | 3.25% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.41% | 8.09% | ||||||||
| Maturity Date | Jul. 21, 2028 | Jul. 21, 2028 | ||||||||
| Principal/ Number of Shares | 746,250 | 748,125 | ||||||||
| Cost | $ 731,094 | $ 732,248 | ||||||||
| Fair Value | $ 745,317 | $ 747,848 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | FOCUS FINANCIAL PARTNERS, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 3.25% | 3.25% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.40% | 7.87% | ||||||||
| Maturity Date | Jun. 30, 2028 | Jun. 30, 2028 | ||||||||
| Principal/ Number of Shares | 1,483,571 | 1,487,298 | ||||||||
| Cost | $ 1,467,480 | $ 1,470,684 | ||||||||
| Fair Value | $ 1,446,481 | $ 1,477,765 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Franchise Group, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Consumer | Services: Consumer | ||||||||
| Asset Name | First Out Term Loan | First Out Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 4.75% | 4.75% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 9.97% | 9.56% | ||||||||
| Maturity Date | Mar. 10, 2026 | Mar. 10, 2026 | ||||||||
| Principal/ Number of Shares | 799,104 | 799,104 | ||||||||
| Cost | $ 794,431 | $ 793,938 | ||||||||
| Fair Value | $ 749,160 | $ 760,148 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Franchise Group, Inc.One [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Consumer | Services: Consumer | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | ||||||||
| Reference Spread | 4.75% | 4.75% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 10.09% | 9.70% | ||||||||
| Maturity Date | Mar. 10, 2026 | Mar. 10, 2026 | ||||||||
| Principal/ Number of Shares | 3,000,000 | 3,000,000 | ||||||||
| Cost | $ 2,863,177 | $ 2,852,614 | ||||||||
| Fair Value | $ 2,801,250 | $ 2,857,500 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Franklin Square Holdings, L.P. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 2.25% | 2.25% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 7.50% | 6.94% | ||||||||
| Maturity Date | Aug. 01, 2025 | Aug. 01, 2025 | ||||||||
| Principal/ Number of Shares | 4,297,478 | 4,308,730 | ||||||||
| Cost | $ 4,285,561 | $ 4,296,025 | ||||||||
| Fair Value | $ 4,254,503 | $ 4,303,344 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Froneri International (R&R Ice Cream) [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Beverage, Food & Tobacco | Beverage, Food & Tobacco | ||||||||
| Asset Name | Term Loan B-2 | Term Loan B-2 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 2.25% | 2.25% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 7.41% | 6.88% | ||||||||
| Maturity Date | Jan. 29, 2027 | Jan. 29, 2027 | ||||||||
| Principal/ Number of Shares | 1,945,000 | 1,950,000 | ||||||||
| Cost | $ 1,943,129 | $ 1,948,124 | ||||||||
| Fair Value | $ 1,897,989 | $ 1,915,524 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Garrett LX III S.a r.l. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Automotive | Automotive | ||||||||
| Asset Name | Dollar Term Loan | Dollar Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 3.25% | 3.25% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.66% | 8.08% | ||||||||
| Maturity Date | Apr. 30, 2028 | Apr. 30, 2028 | ||||||||
| Principal/ Number of Shares | 1,477,500 | 1,481,250 | ||||||||
| Cost | $ 1,472,325 | $ 1,475,822 | ||||||||
| Fair Value | $ 1,381,463 | $ 1,460,261 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Gates Global LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Automotive | Automotive | ||||||||
| Asset Name | Term Loan (11/22) | Term Loan (11/22) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 3.50% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.65% | 8.12% | ||||||||
| Maturity Date | Nov. 15, 2029 | Nov. 15, 2029 | ||||||||
| Principal/ Number of Shares | 248,750 | 249,375 | ||||||||
| Cost | $ 241,726 | $ 242,119 | ||||||||
| Fair Value | $ 247,539 | $ 249,121 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Gemini HDPE LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Chemicals, Plastics, & Rubber | Chemicals, Plastics, & Rubber | ||||||||
| Asset Name | Term Loan B (12/20) | Term Loan B (12/20) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 3.00% | 3.00% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.15% | 7.83% | ||||||||
| Maturity Date | Dec. 31, 2027 | Dec. 31, 2027 | ||||||||
| Principal/ Number of Shares | 2,263,630 | 2,289,884 | ||||||||
| Cost | $ 2,251,094 | $ 2,276,592 | ||||||||
| Fair Value | $ 2,251,904 | $ 2,281,297 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Genesee & Wyoming, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Transportation: Cargo | Transportation: Cargo | ||||||||
| Asset Name | Term Loan (11/19) | Term Loan (11/19) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 2.00% | 2.00% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 7.00% | 6.73% | ||||||||
| Maturity Date | Dec. 30, 2026 | Dec. 30, 2026 | ||||||||
| Principal/ Number of Shares | 1,455,000 | 1,458,750 | ||||||||
| Cost | $ 1,451,280 | $ 1,454,820 | ||||||||
| Fair Value | $ 1,447,725 | $ 1,453,892 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | GGP Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 2.50% | 2.50% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 7.75% | 2.96% | ||||||||
| Maturity Date | Aug. 27, 2025 | Aug. 27, 2025 | ||||||||
| Principal/ Number of Shares | 3,062,839 | 3,072,992 | ||||||||
| Cost | $ 2,759,432 | $ 2,734,560 | ||||||||
| Fair Value | $ 2,893,097 | $ 3,053,141 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Global Tel*Link Corporation [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Telecommunications | Telecommunications | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 3M USD SOFR+ | ||||||||
| Reference Spread | 4.25% | 4.25% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 9.50% | 9.08% | ||||||||
| Maturity Date | Nov. 29, 2025 | Nov. 29, 2025 | ||||||||
| Principal/ Number of Shares | 4,884,879 | 4,897,634 | ||||||||
| Cost | $ 4,752,840 | $ 4,753,219 | ||||||||
| Fair Value | $ 4,330,738 | $ 4,342,830 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Go Daddy Operating Company, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | High Tech Industries | High Tech Industries | ||||||||
| Asset Name | Term Loan 2/21 | Term Loan 2/21 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 2.00% | 2.00% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 7.15% | 6.63% | ||||||||
| Maturity Date | Aug. 10, 2027 | Aug. 10, 2027 | ||||||||
| Principal/ Number of Shares | 954,774 | 1,959,799 | ||||||||
| Cost | $ 954,774 | $ 1,959,799 | ||||||||
| Fair Value | $ 950,601 | $ 1,950,255 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | GOLDEN WEST PACKAGING GROUP LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Forest Products & Paper | Forest Products & Paper | ||||||||
| Asset Name | Term Loan (11/21) | Term Loan (11/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 5.25% | 5.25% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 10.40% | 9.88% | ||||||||
| Maturity Date | Dec. 01, 2027 | Dec. 01, 2027 | ||||||||
| Principal/ Number of Shares | 1,915,517 | 1,962,500 | ||||||||
| Cost | $ 1,900,897 | $ 1,946,411 | ||||||||
| Fair Value | $ 1,838,897 | $ 1,903,625 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Graham Packaging Co Inc [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Containers, Packaging & Glass | Containers, Packaging & Glass | ||||||||
| Asset Name | Term Loan (2/21) | Term Loan (2/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.00% | 3.00% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 8.27% | 7.63% | ||||||||
| Maturity Date | Aug. 07, 2027 | Aug. 07, 2027 | ||||||||
| Principal/ Number of Shares | 948,542 | 962,517 | ||||||||
| Cost | $ 944,160 | $ 957,931 | ||||||||
| Fair Value | $ 923,510 | $ 956,501 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Great Outdoors Group, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Retail | Retail | ||||||||
| Asset Name | Term Loan B2 | Term Loan B2 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.75% | 3.75% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 8.90% | 8.38% | ||||||||
| Maturity Date | Mar. 06, 2028 | Mar. 06, 2028 | ||||||||
| Principal/ Number of Shares | 977,613 | 980,094 | ||||||||
| Cost | $ 974,174 | $ 976,551 | ||||||||
| Fair Value | $ 947,795 | $ 964,471 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Greenhill & Co., Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 3.25% | 3.25% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 8.73% | 8.20% | ||||||||
| Maturity Date | Apr. 12, 2024 | Apr. 12, 2024 | ||||||||
| Principal/ Number of Shares | 2,825,440 | 2,844,231 | ||||||||
| Cost | $ 2,819,803 | $ 2,836,329 | ||||||||
| Fair Value | $ 2,816,031 | $ 2,789,707 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Griffon Corporation [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Consumer goods: Durable | Consumer goods: Durable | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 2.25% | 2.50% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 7.30% | 7.20% | ||||||||
| Maturity Date | Jan. 24, 2029 | Jan. 24, 2029 | ||||||||
| Principal/ Number of Shares | 153,750 | 154,375 | ||||||||
| Cost | $ 153,502 | $ 154,051 | ||||||||
| Fair Value | $ 152,437 | $ 152,959 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Grosvenor Capital Management Holdings, LLLP [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Amendment 5 Term Loan | Amendment 5 Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 2.50% | 2.50% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 7.65% | 7.13% | ||||||||
| Maturity Date | Feb. 24, 2028 | Feb. 24, 2028 | ||||||||
| Principal/ Number of Shares | 2,829,586 | 2,836,805 | ||||||||
| Cost | $ 2,827,907 | $ 2,834,453 | ||||||||
| Fair Value | $ 2,809,779 | $ 2,808,437 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Groupe Solmax Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Environmental Industries | Environmental Industries | ||||||||
| Asset Name | Term Loan (6/21) | Term Loan (6/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 4.75% | 4.75% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 9.91% | 9.48% | ||||||||
| Maturity Date | May 27, 2028 | May 27, 2028 | ||||||||
| Principal/ Number of Shares | 1,989,873 | 1,994,937 | ||||||||
| Cost | $ 1,633,954 | $ 1,625,873 | ||||||||
| Fair Value | $ 1,782,190 | $ 1,720,633 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | GYP HOLDINGS III CORP. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Construction & Building | |||||||||
| Asset Name | 2023 Refinancing Term Loans | |||||||||
| Asset Type | Loan | |||||||||
| Reference Rate | 1M USD SOFR+ | |||||||||
| Reference Spread | 3.00% | |||||||||
| SOFR/ LIBOR Floor | 0.00% | |||||||||
| Current Rate (All In) | 8.15% | |||||||||
| Maturity Date | Apr. 25, 2030 | |||||||||
| Principal/ Number of Shares | 250,000 | |||||||||
| Cost | $ 248,751 | |||||||||
| Fair Value | $ 249,063 | |||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Harbor Freight Tools USA, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Retail | Retail | ||||||||
| Asset Name | Term Loan B (06/21) | Term Loan B (06/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 2.75% | 2.75% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 7.90% | 7.38% | ||||||||
| Maturity Date | Oct. 19, 2027 | Oct. 19, 2027 | ||||||||
| Principal/ Number of Shares | 3,429,648 | 3,438,442 | ||||||||
| Cost | $ 3,413,091 | $ 3,420,645 | ||||||||
| Fair Value | $ 3,287,901 | $ 3,324,355 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Helix Gen Funding, LLc [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Energy: Electricity | Energy: Electricity | ||||||||
| Asset Name | Term Loan B (02/17) | Term Loan B (02/17) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.75% | 3.75% | ||||||||
| SOFR/ LIBOR Floor | 1.00% | 1.00% | ||||||||
| Current Rate (All In) | 8.90% | 8.38% | ||||||||
| Maturity Date | Jun. 03, 2024 | Jun. 03, 2024 | ||||||||
| Principal/ Number of Shares | 208,209 | 209,702 | ||||||||
| Cost | $ 208,209 | $ 209,702 | ||||||||
| Fair Value | $ 205,440 | $ 208,332 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Hillman Group Inc. (The) (New) [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Consumer goods: Durable | Consumer goods: Durable | ||||||||
| Asset Name | Term Loan B-1 (2/21) | Term Loan B-1 (2/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 2.75% | 2.75% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 7.90% | 7.38% | ||||||||
| Maturity Date | Jul. 14, 2028 | Jul. 14, 2028 | ||||||||
| Principal/ Number of Shares | 3,470,359 | 3,479,167 | ||||||||
| Cost | $ 3,465,657 | $ 3,473,274 | ||||||||
| Fair Value | $ 3,414,833 | $ 3,441,105 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Hillman Group Inc. (The) (New) One [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Consumer goods: Durable | [1] | Consumer goods: Durable | |||||||
| Asset Name | Delayed Draw Term Loan (2/21) | [1] | Delayed Draw Term Loan (2/21) | |||||||
| Asset Type | Loan | [1] | Loan | |||||||
| Reference Rate | 1M USD LIBOR+ | [1] | 1M USD LIBOR+ | |||||||
| Reference Spread | 2.75% | [1] | 2.75% | |||||||
| SOFR/ LIBOR Floor | 0.50% | [1] | 0.50% | |||||||
| Current Rate (All In) | 7.90% | [1] | 7.38% | |||||||
| Maturity Date | Jul. 14, 2028 | [1] | Jul. 14, 2028 | |||||||
| Principal/ Number of Shares | 66,498 | [1] | 66,667 | |||||||
| Cost | $ 66,498 | [1] | $ 66,667 | |||||||
| Fair Value | $ 53,012 | [1] | $ 57,444 | |||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | HLF Financing SARL (Herbalife) [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Consumer goods: Non-durable | Consumer goods: Non-durable | ||||||||
| Asset Name | Term Loan B (08/18) | Term Loan B (08/18) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 2.50% | 2.50% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 7.65% | 7.13% | ||||||||
| Maturity Date | Aug. 18, 2025 | Aug. 18, 2025 | ||||||||
| Principal/ Number of Shares | 3,500,000 | 3,510,000 | ||||||||
| Cost | $ 3,494,979 | $ 3,504,423 | ||||||||
| Fair Value | $ 3,349,990 | $ 3,452,225 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Holley Purchaser, Inc [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Automotive | Automotive | ||||||||
| Asset Name | Term Loan (11/21) | Term Loan (11/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 3.75% | 3.75% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 8.91% | 8.48% | ||||||||
| Maturity Date | Nov. 17, 2028 | Nov. 17, 2028 | ||||||||
| Principal/ Number of Shares | 2,311,709 | 2,317,577 | ||||||||
| Cost | $ 2,304,423 | $ 2,309,047 | ||||||||
| Fair Value | $ 1,995,768 | $ 1,888,825 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Howden Group Holdings [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan (1/21) | Term Loan (1/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.25% | 3.25% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 8.44% | 7.94% | ||||||||
| Maturity Date | Nov. 12, 2027 | Nov. 12, 2027 | ||||||||
| Principal/ Number of Shares | 2,146,700 | 2,152,191 | ||||||||
| Cost | $ 2,139,286 | $ 2,144,311 | ||||||||
| Fair Value | $ 2,099,215 | $ 2,117,218 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Hudson River Trading LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan (3/21) | Term Loan (3/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 3.00% | 3.00% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 8.27% | 7.73% | ||||||||
| Maturity Date | Mar. 17, 2028 | Mar. 17, 2028 | ||||||||
| Principal/ Number of Shares | 5,880,000 | 5,895,000 | ||||||||
| Cost | $ 5,838,530 | $ 5,850,826 | ||||||||
| Fair Value | $ 5,541,900 | $ 5,619,173 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Idera, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | High Tech Industries | High Tech Industries | ||||||||
| Asset Name | Term Loan (02/21) | Term Loan (02/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 3.75% | 3.75% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 8.88% | 8.51% | ||||||||
| Maturity Date | Mar. 02, 2028 | Mar. 02, 2028 | ||||||||
| Principal/ Number of Shares | 4,798,869 | 4,811,111 | ||||||||
| Cost | $ 4,791,394 | $ 4,802,585 | ||||||||
| Fair Value | $ 4,595,925 | $ 4,635,698 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | IMA Financial Group, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan (10/21) | Term Loan (10/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.50% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.53% | 8.13% | ||||||||
| Maturity Date | Nov. 01, 2028 | Nov. 01, 2028 | ||||||||
| Principal/ Number of Shares | 1,975,000 | 1,980,000 | ||||||||
| Cost | $ 1,967,711 | $ 1,972,160 | ||||||||
| Fair Value | $ 1,930,563 | $ 1,947,825 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | IMA Financial Group, Inc.One [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | |||||||||
| Asset Name | Term Loan 5/23 | |||||||||
| Asset Type | Loan | |||||||||
| Reference Rate | 1M USD SOFR+ | |||||||||
| Reference Spread | 4.25% | |||||||||
| SOFR/ LIBOR Floor | 0.50% | |||||||||
| Current Rate (All In) | 9.40% | |||||||||
| Maturity Date | Nov. 01, 2028 | |||||||||
| Principal/ Number of Shares | 500,000 | |||||||||
| Cost | $ 487,500 | |||||||||
| Fair Value | $ 490,625 | |||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | INDY US BIDCO, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Business | Services: Business | ||||||||
| Asset Name | Term Loan (11/21) | Term Loan (11/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.75% | 3.75% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 8.90% | 8.38% | ||||||||
| Maturity Date | Mar. 06, 2028 | Mar. 06, 2028 | ||||||||
| Principal/ Number of Shares | 2,210,094 | 2,215,703 | ||||||||
| Cost | $ 2,209,548 | $ 2,215,226 | ||||||||
| Fair Value | $ 1,898,846 | $ 1,888,200 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | INEOS 226 Ltd. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Chemicals, Plastics, & Rubber | |||||||||
| Asset Name | Term Loan 3/23 | |||||||||
| Asset Type | Loan | |||||||||
| Reference Rate | 1M USD SOFR+ | |||||||||
| Reference Spread | 3.75% | |||||||||
| SOFR/ LIBOR Floor | 0.00% | |||||||||
| Current Rate (All In) | 9.00% | |||||||||
| Maturity Date | Mar. 13, 2030 | |||||||||
| Principal/ Number of Shares | 500,000 | |||||||||
| Cost | $ 495,038 | |||||||||
| Fair Value | $ 496,875 | |||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Ineos US Finance LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Chemicals, Plastics, & Rubber | Chemicals, Plastics, & Rubber | ||||||||
| Asset Name | Term Loan C | Term Loan C | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 3.50% | 3.75% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 8.75% | 8.42% | ||||||||
| Maturity Date | Feb. 09, 2030 | Feb. 09, 2030 | ||||||||
| Principal/ Number of Shares | 1,000,000 | 1,000,000 | ||||||||
| Cost | $ 990,100 | $ 990,000 | ||||||||
| Fair Value | $ 990,630 | $ 991,560 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | INEOS US PETROCHEM LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Chemicals, Plastics, & Rubber | Chemicals, Plastics, & Rubber | ||||||||
| Asset Name | Term Loan (1/21) | Term Loan (1/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 2.75% | 2.75% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.02% | 7.38% | ||||||||
| Maturity Date | Jan. 29, 2026 | Jan. 29, 2026 | ||||||||
| Principal/ Number of Shares | 1,974,924 | 1,979,950 | ||||||||
| Cost | $ 1,928,587 | $ 1,929,143 | ||||||||
| Fair Value | $ 1,954,346 | $ 1,967,080 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Informatica Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | High Tech Industries | High Tech Industries | ||||||||
| Asset Name | Term Loan B (10/21) | Term Loan B (10/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 2.75% | 2.75% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 7.94% | 7.44% | ||||||||
| Maturity Date | Oct. 27, 2028 | Oct. 27, 2028 | ||||||||
| Principal/ Number of Shares | 495,000 | 496,250 | ||||||||
| Cost | $ 494,703 | $ 495,896 | ||||||||
| Fair Value | $ 490,773 | $ 494,761 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Ingram Micro Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Wholesale | Wholesale | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 3.50% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.66% | 8.23% | ||||||||
| Maturity Date | Jun. 30, 2028 | Jun. 30, 2028 | ||||||||
| Principal/ Number of Shares | 1,473,750 | 1,477,500 | ||||||||
| Cost | $ 1,462,645 | $ 1,465,872 | ||||||||
| Fair Value | $ 1,414,800 | $ 1,468,266 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Inmar Acquisition Sub, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Business | Services: Business | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 4.00% | 4.00% | ||||||||
| SOFR/ LIBOR Floor | 1.00% | 1.00% | ||||||||
| Current Rate (All In) | 9.15% | 8.63% | ||||||||
| Maturity Date | May 01, 2024 | May 01, 2024 | ||||||||
| Principal/ Number of Shares | 3,341,808 | 3,350,673 | ||||||||
| Cost | $ 3,323,531 | $ 3,327,770 | ||||||||
| Fair Value | $ 3,257,428 | $ 3,270,055 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Innophos, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Chemicals, Plastics, & Rubber | Chemicals, Plastics, & Rubber | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.25% | 3.25% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 8.40% | 7.88% | ||||||||
| Maturity Date | Feb. 04, 2027 | Feb. 04, 2027 | ||||||||
| Principal/ Number of Shares | 485,000 | 486,250 | ||||||||
| Cost | $ 483,785 | $ 484,966 | ||||||||
| Fair Value | $ 474,543 | $ 483,007 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | INSTANT BRANDS HOLDINGS INC. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Consumer goods: Durable | Consumer goods: Durable | ||||||||
| Asset Name | Term Loan 4/21 | Term Loan 4/21 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 5.00% | 5.00% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 10.48% | 9.95% | ||||||||
| Maturity Date | Apr. 07, 2028 | Apr. 07, 2028 | ||||||||
| Principal/ Number of Shares | 3,942,576 | 4,027,667 | ||||||||
| Cost | $ 3,927,059 | $ 4,010,741 | ||||||||
| Fair Value | $ 463,253 | $ 2,154,802 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | IRB Holding Corporation [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Beverage, Food & Tobacco | Beverage, Food & Tobacco | ||||||||
| Asset Name | Term Loan B (1/22) | Term Loan B3 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 3.00% | 3.00% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 8.25% | 7.57% | ||||||||
| Maturity Date | Dec. 15, 2027 | Dec. 14, 2027 | ||||||||
| Principal/ Number of Shares | 498,740 | 500,000 | ||||||||
| Cost | $ 494,029 | $ 495,150 | ||||||||
| Fair Value | $ 483,220 | $ 493,125 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Isagenix International, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Beverage, Food & Tobacco | Beverage, Food & Tobacco | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 6M USD SOFR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 4.50% | 7.75% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 1.00% | ||||||||
| Current Rate (All In) | 9.59% | 11.35% | ||||||||
| Maturity Date | Apr. 13, 2028 | Jun. 14, 2025 | ||||||||
| Principal/ Number of Shares | 1,182,282 | 2,330,036 | ||||||||
| Cost | $ 721,726 | $ 2,311,947 | ||||||||
| Fair Value | $ 1,004,939 | $ 814,068 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Jane Street Group [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan (1/21) | Term Loan (1/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 2.75% | 2.75% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 7.90% | 7.38% | ||||||||
| Maturity Date | Jan. 31, 2028 | Jan. 31, 2028 | ||||||||
| Principal/ Number of Shares | 3,910,000 | 3,920,000 | ||||||||
| Cost | $ 3,907,823 | $ 3,917,671 | ||||||||
| Fair Value | $ 3,850,138 | $ 3,897,970 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Journey Personal Care Corp. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Consumer goods: Non-durable | Consumer goods: Non-durable | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 4.25% | 4.25% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 9.41% | 8.98% | ||||||||
| Maturity Date | Mar. 01, 2028 | Mar. 01, 2028 | ||||||||
| Principal/ Number of Shares | 982,500 | 985,000 | ||||||||
| Cost | $ 978,960 | $ 981,310 | ||||||||
| Fair Value | $ 825,300 | $ 731,569 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | JP Intermediate B, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Consumer goods: Non-durable | Consumer goods: Non-durable | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 5.50% | 5.50% | ||||||||
| SOFR/ LIBOR Floor | 1.00% | 1.00% | ||||||||
| Current Rate (All In) | 10.77% | 10.33% | ||||||||
| Maturity Date | Nov. 15, 2025 | Nov. 15, 2025 | ||||||||
| Principal/ Number of Shares | 3,816,695 | 3,884,160 | ||||||||
| Cost | $ 3,799,232 | $ 3,863,896 | ||||||||
| Fair Value | $ 1,822,472 | $ 2,469,199 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Klockner-Pentaplast of America, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Containers, Packaging & Glass | Containers, Packaging & Glass | ||||||||
| Asset Name | Term Loan (1/21) (USD) | Term Loan (1/21) (USD) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 6M USD SOFR+ | 6M USD SOFR+ | ||||||||
| Reference Spread | 4.73% | 4.75% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 10.10% | 10.13% | ||||||||
| Maturity Date | Feb. 12, 2026 | Feb. 12, 2026 | ||||||||
| Principal/ Number of Shares | 1,470,000 | 1,473,750 | ||||||||
| Cost | $ 1,466,436 | $ 1,469,605 | ||||||||
| Fair Value | $ 1,337,700 | $ 1,354,936 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Kodiak BP, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Construction & Building | Construction & Building | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 3.25% | 3.25% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 8.41% | 7.98% | ||||||||
| Maturity Date | Mar. 13, 2028 | Mar. 13, 2028 | ||||||||
| Principal/ Number of Shares | 489,971 | 491,242 | ||||||||
| Cost | $ 488,917 | $ 490,111 | ||||||||
| Fair Value | $ 471,597 | $ 472,083 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Koppers Inc [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Chemicals, Plastics, & Rubber | |||||||||
| Asset Name | Term Loan | |||||||||
| Asset Type | Loan | |||||||||
| Reference Rate | 1M USD SOFR+ | |||||||||
| Reference Spread | 4.00% | |||||||||
| SOFR/ LIBOR Floor | 0.50% | |||||||||
| Current Rate (All In) | 9.16% | |||||||||
| Maturity Date | Apr. 09, 2030 | |||||||||
| Principal/ Number of Shares | 1,000,000 | |||||||||
| Cost | $ 970,268 | |||||||||
| Fair Value | $ 992,500 | |||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | KREF Holdings X LLC Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan (11/21) | Term Loan (11/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.50% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.63% | 8.13% | ||||||||
| Maturity Date | Sep. 01, 2027 | Sep. 01, 2027 | ||||||||
| Principal/ Number of Shares | 490,047 | 491,288 | ||||||||
| Cost | $ 482,060 | $ 482,835 | ||||||||
| Fair Value | $ 458,194 | $ 482,690 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Lakeland Tours, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Hotel, Gaming & Leisure | Hotel, Gaming & Leisure | ||||||||
| Asset Name | Holdco Fixed Term Loan | Holdco Fixed Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | Fixed | Fixed | ||||||||
| Reference Spread | 0.00% | 0.00% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 13.25% | 13.25% | ||||||||
| Maturity Date | Sep. 27, 2027 | Sep. 27, 2027 | ||||||||
| Principal/ Number of Shares | 1,056,778 | 990,775 | ||||||||
| Cost | $ 459,661 | $ 383,373 | ||||||||
| Fair Value | $ 686,906 | $ 644,004 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Lealand Finance Company B.V. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Energy: Oil & Gas | Energy: Oil & Gas | ||||||||
| Asset Name | Exit Term Loan | Exit Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 1.00% | 1.00% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 6.15% | 5.63% | ||||||||
| Maturity Date | Jun. 30, 2025 | Jun. 30, 2025 | ||||||||
| Principal/ Number of Shares | 347,730 | 345,078 | ||||||||
| Cost | $ 347,730 | $ 345,078 | ||||||||
| Fair Value | $ 232,284 | $ 221,426 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | LHS BORROWER, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Construction & Building | Construction & Building | ||||||||
| Asset Name | Term Loan (02/22) | Term Loan (02/22) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 4.75% | 4.75% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 10.00% | 9.47% | ||||||||
| Maturity Date | Feb. 16, 2029 | Feb. 16, 2029 | ||||||||
| Principal/ Number of Shares | 994,975 | 997,487 | ||||||||
| Cost | $ 818,956 | $ 815,989 | ||||||||
| Fair Value | $ 766,131 | $ 817,940 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Lifetime Brands, Inc [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Consumer goods: Non-durable | Consumer goods: Non-durable | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 3.50% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 1.00% | 1.00% | ||||||||
| Current Rate (All In) | 8.77% | 8.23% | ||||||||
| Maturity Date | Feb. 28, 2025 | Feb. 28, 2025 | ||||||||
| Principal/ Number of Shares | 2,616,496 | 2,616,496 | ||||||||
| Cost | $ 2,603,772 | $ 2,602,628 | ||||||||
| Fair Value | $ 2,330,329 | $ 2,295,975 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Liquid Tech Solutions Holdings, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Business | Services: Business | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 6M USD SOFR+ | 6M USD LIBOR+ | ||||||||
| Reference Spread | 4.75% | 4.75% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 9.71% | 8.92% | ||||||||
| Maturity Date | Mar. 17, 2028 | Mar. 17, 2028 | ||||||||
| Principal/ Number of Shares | 982,500 | 985,000 | ||||||||
| Cost | $ 979,970 | $ 982,312 | ||||||||
| Fair Value | $ 957,938 | $ 940,675 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | LogMeIn, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | High Tech Industries | High Tech Industries | ||||||||
| Asset Name | Term Loan (8/20) | Term Loan (8/20) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 4.75% | 4.75% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 9.90% | 9.38% | ||||||||
| Maturity Date | Aug. 31, 2027 | Aug. 31, 2027 | ||||||||
| Principal/ Number of Shares | 3,910,000 | 3,920,000 | ||||||||
| Cost | $ 3,860,601 | $ 3,868,809 | ||||||||
| Fair Value | $ 2,364,651 | $ 2,137,145 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | LOYALTY VENTURES INC. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Business | [2] | Services: Business | |||||||
| Asset Name | Term Loan B | [2] | Term Loan B | |||||||
| Asset Type | Loan | [2] | Loan | |||||||
| Reference Rate | Prime | [2] | Prime | |||||||
| Reference Spread | 5.50% | [2] | 3.50% | |||||||
| SOFR/ LIBOR Floor | 0.50% | [2] | 0.50% | |||||||
| Current Rate (All In) | 13.75% | [2] | 11.25% | |||||||
| Maturity Date | Nov. 03, 2027 | [2] | Nov. 03, 2027 | |||||||
| Principal/ Number of Shares | 3,089,630 | [2] | 3,089,630 | |||||||
| Cost | $ 3,075,114 | [2] | $ 3,074,278 | |||||||
| Fair Value | $ 290,950 | [2] | $ 926,889 | |||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | LPL Holdings, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan B1 | Term Loan B1 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 1.75% | 1.75% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 6.84% | 6.32% | ||||||||
| Maturity Date | Nov. 11, 2026 | Nov. 11, 2026 | ||||||||
| Principal/ Number of Shares | 1,204,743 | 1,207,856 | ||||||||
| Cost | $ 1,203,544 | $ 1,206,501 | ||||||||
| Fair Value | $ 1,187,672 | $ 1,203,701 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | LSF11 A5 HOLDCO LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Chemicals, Plastics, & Rubber | Chemicals, Plastics, & Rubber | ||||||||
| Asset Name | Term Loan | Term Loan (01/23) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 3.50% | 4.25% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.77% | 8.97% | ||||||||
| Maturity Date | Oct. 16, 2028 | Oct. 14, 2028 | ||||||||
| Principal/ Number of Shares | 247,500 | 500,000 | ||||||||
| Cost | $ 246,627 | $ 486,534 | ||||||||
| Fair Value | $ 239,147 | $ 489,165 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | LSF11 A5 HOLDCO LLC One [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Chemicals, Plastics, & Rubber | Chemicals, Plastics, & Rubber | ||||||||
| Asset Name | Term Loan (01/23) | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 4.25% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 9.50% | 8.23% | ||||||||
| Maturity Date | Oct. 14, 2028 | Oct. 16, 2028 | ||||||||
| Principal/ Number of Shares | 500,000 | 248,125 | ||||||||
| Cost | $ 487,004 | $ 247,170 | ||||||||
| Fair Value | $ 489,585 | $ 241,508 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | LSF11 TRINITY BIDCO INC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Aerospace & Defense | |||||||||
| Asset Name | Term Loan | |||||||||
| Asset Type | Loan | |||||||||
| Reference Rate | 1M USD SOFR+ | |||||||||
| Reference Spread | 4.50% | |||||||||
| SOFR/ LIBOR Floor | 0.00% | |||||||||
| Current Rate (All In) | 9.50% | |||||||||
| Maturity Date | Apr. 25, 2030 | |||||||||
| Principal/ Number of Shares | 1,000,000 | |||||||||
| Cost | $ 985,000 | |||||||||
| Fair Value | $ 982,500 | |||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | LSF9 Atlantis Holdings, LLC (A Wireless) [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Retail | Retail | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | ||||||||
| Reference Spread | 7.25% | 7.25% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 12.15% | 11.83% | ||||||||
| Maturity Date | Mar. 29, 2029 | Mar. 29, 2029 | ||||||||
| Principal/ Number of Shares | 2,812,500 | 2,962,500 | ||||||||
| Cost | $ 2,730,109 | $ 2,872,908 | ||||||||
| Fair Value | $ 2,759,063 | $ 2,888,438 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | MAGNITE, INC. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Business | Services: Business | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 6M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 5.00% | 5.00% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 10.24% | 9.63% | ||||||||
| Maturity Date | Apr. 28, 2028 | Apr. 28, 2028 | ||||||||
| Principal/ Number of Shares | 2,957,424 | 2,964,950 | ||||||||
| Cost | $ 2,895,802 | $ 2,901,156 | ||||||||
| Fair Value | $ 2,903,215 | $ 2,826,575 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Marriott Ownership Resorts, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Hotel, Gaming & Leisure | Hotel, Gaming & Leisure | ||||||||
| Asset Name | Term Loan (11/19) | Term Loan (11/19) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 1.75% | 1.75% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 6.90% | 6.38% | ||||||||
| Maturity Date | Aug. 29, 2025 | Aug. 29, 2025 | ||||||||
| Principal/ Number of Shares | 1,317,074 | 1,317,074 | ||||||||
| Cost | $ 1,317,074 | $ 1,317,074 | ||||||||
| Fair Value | $ 1,300,202 | $ 1,308,842 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Match Group, Inc, The [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Consumer | Services: Consumer | ||||||||
| Asset Name | Term Loan (1/20) | Term Loan (1/20) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 1.75% | 1.75% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 6.71% | 6.49% | ||||||||
| Maturity Date | Feb. 15, 2027 | Feb. 15, 2027 | ||||||||
| Principal/ Number of Shares | 250,000 | 250,000 | ||||||||
| Cost | $ 249,705 | $ 249,658 | ||||||||
| Fair Value | $ 246,563 | $ 247,500 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Mayfield Agency Borrower Inc. (FeeCo) [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan B (02/23) | Term Loan B (02/23) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 3M USD SOFR+ | ||||||||
| Reference Spread | 5.00% | 5.00% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 10.25% | 8.81% | ||||||||
| Maturity Date | Feb. 27, 2028 | Feb. 27, 2028 | ||||||||
| Principal/ Number of Shares | 3,450,000 | 3,450,000 | ||||||||
| Cost | $ 3,351,865 | $ 3,346,500 | ||||||||
| Fair Value | $ 3,286,125 | $ 3,363,750 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | McGraw-Hill Education, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Media: Advertising, Printing & Publishing | Media: Advertising, Printing & Publishing | ||||||||
| Asset Name | Term Loan (07/21) | Term Loan (07/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 4.75% | 4.75% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 9.90% | 9.70% | ||||||||
| Maturity Date | Jul. 28, 2028 | Jul. 28, 2028 | ||||||||
| Principal/ Number of Shares | 1,970,000 | 1,975,000 | ||||||||
| Cost | $ 1,953,850 | $ 1,957,770 | ||||||||
| Fair Value | $ 1,845,240 | $ 1,894,025 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | MedAssets Software Inter Hldg, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | High Tech Industries | High Tech Industries | ||||||||
| Asset Name | Term Loan (11/21) (USD) | Term Loan (11/21) (USD) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 4.00% | 4.00% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 9.15% | 8.63% | ||||||||
| Maturity Date | Dec. 18, 2028 | Dec. 18, 2028 | ||||||||
| Principal/ Number of Shares | 495,000 | 496,250 | ||||||||
| Cost | $ 492,319 | $ 493,413 | ||||||||
| Fair Value | $ 413,637 | $ 462,753 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Mermaid Bidco Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | High Tech Industries | High Tech Industries | ||||||||
| Asset Name | Term Loan B2 | Term Loan B2 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 4.50% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 9.54% | 8.30% | ||||||||
| Maturity Date | Dec. 22, 2027 | Dec. 22, 2027 | ||||||||
| Principal/ Number of Shares | 1,981,272 | 983,769 | ||||||||
| Cost | $ 1,959,063 | $ 981,224 | ||||||||
| Fair Value | $ 1,911,927 | $ 964,093 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Messer Industries, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Chemicals, Plastics, & Rubber | Chemicals, Plastics, & Rubber | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 2.50% | 2.50% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 7.66% | 7.23% | ||||||||
| Maturity Date | Mar. 01, 2026 | Mar. 01, 2026 | ||||||||
| Principal/ Number of Shares | 2,970,367 | 2,980,405 | ||||||||
| Cost | $ 2,961,160 | $ 2,970,477 | ||||||||
| Fair Value | $ 2,959,852 | $ 2,968,871 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Michaels Companies Inc [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Retail | Retail | ||||||||
| Asset Name | Term Loan B (Magic Mergeco) | Term Loan B (Magic Mergeco) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 4.25% | 4.25% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 9.41% | 8.98% | ||||||||
| Maturity Date | Apr. 08, 2028 | Apr. 08, 2028 | ||||||||
| Principal/ Number of Shares | 2,461,187 | 2,467,450 | ||||||||
| Cost | $ 2,446,742 | $ 2,452,022 | ||||||||
| Fair Value | $ 2,158,166 | $ 2,254,632 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Momentive Performance Materials Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Chemicals, Plastics, & Rubber | |||||||||
| Asset Name | Term Loan (03/23) | |||||||||
| Asset Type | Loan | |||||||||
| Reference Rate | 1M USD SOFR+ | |||||||||
| Reference Spread | 4.50% | |||||||||
| SOFR/ LIBOR Floor | 0.00% | |||||||||
| Current Rate (All In) | 9.65% | |||||||||
| Maturity Date | Mar. 28, 2028 | |||||||||
| Principal/ Number of Shares | 500,000 | |||||||||
| Cost | $ 480,430 | |||||||||
| Fair Value | $ 489,690 | |||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Moneygram International, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Business | |||||||||
| Asset Name | MoneyGram Payment 5/23 TL | |||||||||
| Asset Type | Loan | |||||||||
| Reference Rate | 1M USD SOFR+ | |||||||||
| Reference Spread | 5.50% | |||||||||
| SOFR/ LIBOR Floor | 0.50% | |||||||||
| Current Rate (All In) | 10.55% | |||||||||
| Maturity Date | May 31, 2030 | |||||||||
| Principal/ Number of Shares | 2,000,000 | |||||||||
| Cost | $ 1,660,000 | |||||||||
| Fair Value | $ 1,660,000 | |||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | MPH Acquisition Holdings LLC (Multiplan) [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Business | Services: Business | ||||||||
| Asset Name | Term Loan B (08/21) | Term Loan B (08/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 4.25% | 4.25% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 9.73% | 9.20% | ||||||||
| Maturity Date | Sep. 01, 2028 | Sep. 01, 2028 | ||||||||
| Principal/ Number of Shares | 2,984,848 | 2,992,424 | ||||||||
| Cost | $ 2,728,880 | $ 2,725,679 | ||||||||
| Fair Value | $ 2,501,064 | $ 2,509,148 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | NAB Holdings, LLC (North American Bancard) [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan (11/21) | Term Loan (11/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | ||||||||
| Reference Spread | 3.00% | 3.00% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.05% | 7.73% | ||||||||
| Maturity Date | Nov. 23, 2028 | Nov. 23, 2028 | ||||||||
| Principal/ Number of Shares | 2,962,500 | 2,970,000 | ||||||||
| Cost | $ 2,957,096 | $ 2,963,897 | ||||||||
| Fair Value | $ 2,901,650 | $ 2,927,678 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Napa Management Services Corp [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | ||||||||
| Asset Name | Term Loan B (02/22) | Term Loan B (02/22) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 5.25% | 5.25% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 10.49% | 9.95% | ||||||||
| Maturity Date | Feb. 22, 2029 | Feb. 22, 2029 | ||||||||
| Principal/ Number of Shares | 2,992,443 | 3,000,000 | ||||||||
| Cost | $ 2,417,282 | $ 2,407,500 | ||||||||
| Fair Value | $ 2,179,995 | $ 2,285,640 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Natgasoline LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Chemicals, Plastics, & Rubber | Chemicals, Plastics, & Rubber | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.50% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 8.69% | 8.19% | ||||||||
| Maturity Date | Nov. 14, 2025 | Nov. 14, 2025 | ||||||||
| Principal/ Number of Shares | 3,364,175 | 3,436,481 | ||||||||
| Cost | $ 3,348,633 | $ 3,419,311 | ||||||||
| Fair Value | $ 3,305,301 | $ 3,395,690 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | National Mentor Holdings, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | ||||||||
| Asset Name | Term Loan 2/21 | Term Loan 2/21 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 3.75% | 3.75% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 8.48% | 8.47% | ||||||||
| Maturity Date | Mar. 02, 2028 | Mar. 02, 2028 | ||||||||
| Principal/ Number of Shares | 2,729,081 | 2,736,043 | ||||||||
| Cost | $ 2,721,430 | $ 2,727,702 | ||||||||
| Fair Value | $ 2,027,025 | $ 2,108,477 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | National Mentor Holdings, Inc. One [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | ||||||||
| Asset Name | Term Loan C 2/21 | Term Loan C 2/21 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 3.75% | 3.75% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 8.75% | 8.48% | ||||||||
| Maturity Date | Mar. 02, 2028 | Mar. 02, 2028 | ||||||||
| Principal/ Number of Shares | 87,464 | 87,464 | ||||||||
| Cost | $ 87,163 | $ 87,137 | ||||||||
| Fair Value | $ 64,964 | $ 67,402 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | NEW ERA CAP, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Consumer goods: Durable | Consumer goods: Durable | ||||||||
| Asset Name | Term Loan (01/22) | Term Loan (01/22) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 6.00% | 6.00% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 11.11% | 10.82% | ||||||||
| Maturity Date | Jul. 13, 2027 | Jul. 13, 2027 | ||||||||
| Principal/ Number of Shares | 3,581,045 | 3,628,164 | ||||||||
| Cost | $ 3,580,533 | $ 3,627,422 | ||||||||
| Fair Value | $ 3,473,614 | $ 3,483,037 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Nexstar Broadcasting, Inc. (Mission Broadcasting) [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Media: Broadcasting & Subscription | Media: Broadcasting & Subscription | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 2.50% | 2.50% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 7.65% | 7.13% | ||||||||
| Maturity Date | Sep. 18, 2026 | Sep. 18, 2026 | ||||||||
| Principal/ Number of Shares | 657,625 | 657,625 | ||||||||
| Cost | $ 653,083 | $ 652,850 | ||||||||
| Fair Value | $ 649,760 | $ 655,745 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Next Level Apparel, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Retail | Retail | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 7.50% | 5.50% | ||||||||
| SOFR/ LIBOR Floor | 1.00% | 1.00% | ||||||||
| Current Rate (All In) | 12.33% | 10.33% | ||||||||
| Maturity Date | Aug. 09, 2024 | Aug. 09, 2024 | ||||||||
| Principal/ Number of Shares | 2,909,971 | 1,675,340 | ||||||||
| Cost | $ 2,834,608 | $ 1,670,519 | ||||||||
| Fair Value | $ 2,517,125 | $ 1,373,779 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | NortonLifeLock Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | High Tech Industries | High Tech Industries | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 2.00% | 2.00% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 7.25% | 6.72% | ||||||||
| Maturity Date | Sep. 12, 2029 | Sep. 12, 2029 | ||||||||
| Principal/ Number of Shares | 1,333,648 | 1,398,374 | ||||||||
| Cost | $ 1,328,212 | $ 1,392,077 | ||||||||
| Fair Value | $ 1,310,723 | $ 1,382,391 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Novae LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Automotive | Automotive | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 6M USD SOFR+ | 3M USD SOFR+ | ||||||||
| Reference Spread | 5.00% | 5.00% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 10.34% | 9.82% | ||||||||
| Maturity Date | Dec. 22, 2028 | Dec. 22, 2028 | ||||||||
| Principal/ Number of Shares | 1,980,000 | 1,985,000 | ||||||||
| Cost | $ 1,967,827 | $ 1,972,048 | ||||||||
| Fair Value | $ 1,679,693 | $ 1,692,213 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Nuvei Technologies Corp. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | High Tech Industries | High Tech Industries | ||||||||
| Asset Name | US Term Loan | US Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 2.50% | 2.50% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 7.77% | 7.13% | ||||||||
| Maturity Date | Sep. 29, 2025 | Sep. 29, 2025 | ||||||||
| Principal/ Number of Shares | 2,210,625 | 2,216,250 | ||||||||
| Cost | $ 2,208,388 | $ 2,213,211 | ||||||||
| Fair Value | $ 2,202,335 | $ 2,210,709 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Olaplex, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Consumer goods: Non-durable | Consumer goods: Non-durable | ||||||||
| Asset Name | Term Loan (2/22) | Term Loan (2/22) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 3.50% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.74% | 8.20% | ||||||||
| Maturity Date | Feb. 23, 2029 | Feb. 23, 2029 | ||||||||
| Principal/ Number of Shares | 2,486,222 | 2,492,500 | ||||||||
| Cost | $ 2,384,953 | $ 2,386,817 | ||||||||
| Fair Value | $ 2,221,016 | $ 2,224,556 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Open Text Corporation [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | High Tech Industries | High Tech Industries | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 3.50% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.75% | 8.22% | ||||||||
| Maturity Date | Jan. 31, 2030 | Aug. 24, 2029 | ||||||||
| Principal/ Number of Shares | 1,496,250 | 1,500,000 | ||||||||
| Cost | $ 1,452,211 | $ 1,455,000 | ||||||||
| Fair Value | $ 1,492,509 | $ 1,496,955 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Organon & Co. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | ||||||||
| Asset Name | Term Loan USD | Term Loan USD | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 3.00% | 3.00% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.00% | 7.75% | ||||||||
| Maturity Date | Jun. 02, 2028 | Jun. 02, 2028 | ||||||||
| Principal/ Number of Shares | 2,118,750 | 2,327,083 | ||||||||
| Cost | $ 2,111,232 | $ 2,318,310 | ||||||||
| Fair Value | $ 2,107,097 | $ 2,297,995 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Oxbow Carbon, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Metals & Mining | |||||||||
| Asset Name | Term Loan B (04/23) | |||||||||
| Asset Type | Loan | |||||||||
| Reference Rate | 1M USD SOFR+ | |||||||||
| Reference Spread | 4.00% | |||||||||
| SOFR/ LIBOR Floor | 0.50% | |||||||||
| Current Rate (All In) | 9.16% | |||||||||
| Maturity Date | May 02, 2030 | |||||||||
| Principal/ Number of Shares | 500,000 | |||||||||
| Cost | $ 490,039 | |||||||||
| Fair Value | $ 491,250 | |||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Pacific Gas & Electric [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Utilities: Electric | Utilities: Electric | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.00% | 3.00% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.19% | 7.69% | ||||||||
| Maturity Date | Jun. 18, 2025 | Jun. 18, 2025 | ||||||||
| Principal/ Number of Shares | 1,461,187 | 1,464,944 | ||||||||
| Cost | $ 1,457,828 | $ 1,460,891 | ||||||||
| Fair Value | $ 1,445,962 | $ 1,457,619 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | PACTIV EVERGREEN GROUP HOLDINGS INC. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Containers, Packaging & Glass | Containers, Packaging & Glass | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.25% | 3.25% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.52% | 7.88% | ||||||||
| Maturity Date | Sep. 20, 2028 | Sep. 20, 2028 | ||||||||
| Principal/ Number of Shares | 985,000 | 987,500 | ||||||||
| Cost | $ 981,418 | $ 983,571 | ||||||||
| Fair Value | $ 962,611 | $ 981,950 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Padagis LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 4.75% | 4.75% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 9.97% | 9.54% | ||||||||
| Maturity Date | Jul. 06, 2028 | Jul. 06, 2028 | ||||||||
| Principal/ Number of Shares | 941,176 | 941,176 | ||||||||
| Cost | $ 934,000 | $ 933,570 | ||||||||
| Fair Value | $ 855,294 | $ 864,122 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Panther Guarantor II, L.P. (Forcepoint) [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | High Tech Industries | High Tech Industries | ||||||||
| Asset Name | Term Loan 1/21 | Term Loan 1/21 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 4.25% | 4.25% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 9.40% | 9.08% | ||||||||
| Maturity Date | Jan. 07, 2028 | Jan. 07, 2028 | ||||||||
| Principal/ Number of Shares | 491,250 | 492,500 | ||||||||
| Cost | $ 488,829 | $ 489,882 | ||||||||
| Fair Value | $ 466,894 | $ 461,719 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | PAR PETROLEUM LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Energy: Oil & Gas | Energy: Oil & Gas | ||||||||
| Asset Name | Term Loan 2/23 | Term Loan 2/23 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 4.25% | 4.25% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 9.61% | 8.92% | ||||||||
| Maturity Date | Feb. 27, 2030 | Feb. 13, 2030 | ||||||||
| Principal/ Number of Shares | 1,500,000 | 1,500,000 | ||||||||
| Cost | $ 1,477,916 | $ 1,477,500 | ||||||||
| Fair Value | $ 1,459,215 | $ 1,479,375 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | PATAGONIA HOLDCO LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Telecommunications | Telecommunications | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | ||||||||
| Reference Spread | 5.75% | 5.75% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 10.79% | 10.47% | ||||||||
| Maturity Date | Aug. 01, 2029 | Aug. 01, 2029 | ||||||||
| Principal/ Number of Shares | 1,990,000 | 1,995,000 | ||||||||
| Cost | $ 1,658,903 | $ 1,653,635 | ||||||||
| Fair Value | $ 1,592,000 | $ 1,700,738 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Pathway Partners Vet Management Company LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Business | Services: Business | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.75% | 3.75% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 8.90% | 8.38% | ||||||||
| Maturity Date | Mar. 30, 2027 | Mar. 30, 2027 | ||||||||
| Principal/ Number of Shares | 485,268 | 486,509 | ||||||||
| Cost | $ 478,405 | $ 479,333 | ||||||||
| Fair Value | $ 407,324 | $ 424,630 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | PCI Gaming Authority [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Hotel, Gaming & Leisure | Hotel, Gaming & Leisure | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 2.50% | 2.50% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 7.65% | 7.13% | ||||||||
| Maturity Date | May 29, 2026 | May 29, 2026 | ||||||||
| Principal/ Number of Shares | 809,038 | 809,038 | ||||||||
| Cost | $ 807,206 | $ 806,994 | ||||||||
| Fair Value | $ 804,993 | $ 807,396 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | PEARLS (Netherlands) Bidco B.V. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Chemicals, Plastics, & Rubber | Chemicals, Plastics, & Rubber | ||||||||
| Asset Name | USD Term Loan (02/22) | USD Term Loan (02/22) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | ||||||||
| Reference Spread | 3.75% | 3.75% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.80% | 8.43% | ||||||||
| Maturity Date | Feb. 28, 2029 | Feb. 28, 2029 | ||||||||
| Principal/ Number of Shares | 990,000 | 992,500 | ||||||||
| Cost | $ 988,398 | $ 990,539 | ||||||||
| Fair Value | $ 969,378 | $ 975,131 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | ||||||||
| Asset Name | Term Loan (12/22) | Term Loan (12/22) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.25% | 3.25% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.52% | 7.88% | ||||||||
| Maturity Date | Dec. 29, 2028 | Dec. 29, 2028 | ||||||||
| Principal/ Number of Shares | 1,289,605 | 1,292,862 | ||||||||
| Cost | $ 1,284,558 | $ 1,287,663 | ||||||||
| Fair Value | $ 1,234,255 | $ 1,272,396 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | ||||||||
| Asset Name | Delayed Draw Term Loan (12/21) | Delayed Draw Term Loan (12/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.25% | 3.25% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.52% | 7.88% | ||||||||
| Maturity Date | Dec. 29, 2028 | Dec. 29, 2028 | ||||||||
| Principal/ Number of Shares | 166,606 | 147,287 | ||||||||
| Cost | $ 166,606 | $ 147,287 | ||||||||
| Fair Value | $ 158,185 | $ 144,174 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Penn National Gaming, Inc [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Hotel, Gaming & Leisure | Hotel, Gaming & Leisure | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 2.75% | 2.75% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.00% | 7.47% | ||||||||
| Maturity Date | May 03, 2029 | May 03, 2029 | ||||||||
| Principal/ Number of Shares | 992,500 | 995,000 | ||||||||
| Cost | $ 988,325 | $ 990,530 | ||||||||
| Fair Value | $ 982,823 | $ 990,851 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Peraton Corp. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Aerospace & Defense | Aerospace & Defense | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.75% | 3.75% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 9.00% | 8.38% | ||||||||
| Maturity Date | Feb. 01, 2028 | Feb. 01, 2028 | ||||||||
| Principal/ Number of Shares | 5,292,824 | 5,306,577 | ||||||||
| Cost | $ 5,277,913 | $ 5,291,284 | ||||||||
| Fair Value | $ 5,030,088 | $ 5,249,372 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | PHYSICIAN PARTNERS, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 4.00% | 4.00% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 9.05% | 8.72% | ||||||||
| Maturity Date | Dec. 23, 2028 | Dec. 23, 2028 | ||||||||
| Principal/ Number of Shares | 2,480,000 | 1,985,000 | ||||||||
| Cost | $ 2,438,482 | $ 1,967,896 | ||||||||
| Fair Value | $ 2,320,362 | $ 1,900,638 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Pike Corporation [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Construction & Building | Construction & Building | ||||||||
| Asset Name | Term Loan (8/22) | Term Loan (8/22) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 3.50% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 8.65% | 8.12% | ||||||||
| Maturity Date | Jan. 21, 2028 | Jan. 21, 2028 | ||||||||
| Principal/ Number of Shares | 497,500 | 498,750 | ||||||||
| Cost | $ 486,614 | $ 487,274 | ||||||||
| Fair Value | $ 494,236 | $ 497,294 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Pitney Bowes Inc [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Business | Services: Business | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 4.00% | 4.00% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 9.27% | 8.73% | ||||||||
| Maturity Date | Mar. 17, 2028 | Mar. 17, 2028 | ||||||||
| Principal/ Number of Shares | 3,929,899 | 3,939,924 | ||||||||
| Cost | $ 3,905,884 | $ 3,914,651 | ||||||||
| Fair Value | $ 3,615,507 | $ 3,789,734 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Plastipak Holdings Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Containers, Packaging & Glass | Containers, Packaging & Glass | ||||||||
| Asset Name | Term Loan B (11/21) | Term Loan B (11/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 2.50% | 2.50% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 7.69% | 7.13% | ||||||||
| Maturity Date | Dec. 01, 2028 | Dec. 01, 2028 | ||||||||
| Principal/ Number of Shares | 1,916,176 | 1,921,176 | ||||||||
| Cost | $ 1,908,914 | $ 1,913,386 | ||||||||
| Fair Value | $ 1,893,029 | $ 1,911,974 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Playtika Holding Corp. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | High Tech Industries | High Tech Industries | ||||||||
| Asset Name | Term Loan B (3/21) | Term Loan B (3/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 2.75% | 2.75% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 7.90% | 7.38% | ||||||||
| Maturity Date | Mar. 13, 2028 | Mar. 13, 2028 | ||||||||
| Principal/ Number of Shares | 4,410,000 | 4,421,250 | ||||||||
| Cost | $ 4,403,277 | $ 4,414,119 | ||||||||
| Fair Value | $ 4,319,330 | $ 4,370,804 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | PMHC II, INC. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Chemicals, Plastics, & Rubber | Chemicals, Plastics, & Rubber | ||||||||
| Asset Name | Term Loan (02/22) | Term Loan (02/22) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | ||||||||
| Reference Spread | 4.25% | 4.25% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 9.30% | 9.08% | ||||||||
| Maturity Date | Apr. 21, 2029 | Apr. 21, 2029 | ||||||||
| Principal/ Number of Shares | 1,990,000 | 1,995,000 | ||||||||
| Cost | $ 1,981,777 | $ 1,986,056 | ||||||||
| Fair Value | $ 1,711,898 | $ 1,710,912 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | PointClickCare Technologies, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | High Tech Industries | High Tech Industries | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 3.00% | 3.00% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 8.19% | 7.75% | ||||||||
| Maturity Date | Dec. 29, 2027 | Dec. 29, 2027 | ||||||||
| Principal/ Number of Shares | 490,000 | 491,250 | ||||||||
| Cost | $ 488,391 | $ 489,531 | ||||||||
| Fair Value | $ 479,588 | $ 487,566 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Polymer Process Holdings, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Containers, Packaging & Glass | Containers, Packaging & Glass | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 4.75% | 4.75% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 9.90% | 9.38% | ||||||||
| Maturity Date | Feb. 12, 2028 | Feb. 12, 2028 | ||||||||
| Principal/ Number of Shares | 5,390,000 | 5,403,750 | ||||||||
| Cost | $ 5,348,460 | $ 5,359,857 | ||||||||
| Fair Value | $ 4,851,000 | $ 5,025,488 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Pre-Paid Legal Services, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Consumer | Services: Consumer | ||||||||
| Asset Name | Term Loan (12/21) | Term Loan (12/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.75% | 3.75% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.90% | 8.38% | ||||||||
| Maturity Date | Dec. 15, 2028 | Dec. 15, 2028 | ||||||||
| Principal/ Number of Shares | 2,970,000 | 2,977,500 | ||||||||
| Cost | $ 2,949,492 | $ 2,956,393 | ||||||||
| Fair Value | $ 2,870,505 | $ 2,929,116 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Presidio, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Business | Services: Business | ||||||||
| Asset Name | Term Loan B (1/20) | Term Loan B (1/20) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | ||||||||
| Reference Spread | 3.50% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 8.65% | 8.28% | ||||||||
| Maturity Date | Jan. 22, 2027 | Jan. 22, 2027 | ||||||||
| Principal/ Number of Shares | 486,250 | 487,500 | ||||||||
| Cost | $ 485,838 | $ 486,909 | ||||||||
| Fair Value | $ 480,780 | $ 485,267 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Prime Security Services Borrower, LLC (ADT) [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Consumer | Services: Consumer | ||||||||
| Asset Name | Term Loan (1/21) | Term Loan (1/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 2.75% | 2.75% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 7.84% | 7.52% | ||||||||
| Maturity Date | Sep. 23, 2026 | Sep. 23, 2026 | ||||||||
| Principal/ Number of Shares | 3,511,510 | 3,520,468 | ||||||||
| Cost | $ 3,511,510 | $ 3,520,468 | ||||||||
| Fair Value | $ 3,485,911 | $ 3,511,667 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | PRIORITY HOLDINGS, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Consumer | Services: Consumer | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 5.75% | 5.75% | ||||||||
| SOFR/ LIBOR Floor | 1.00% | 1.00% | ||||||||
| Current Rate (All In) | 11.23% | 10.70% | ||||||||
| Maturity Date | Apr. 27, 2027 | Apr. 27, 2027 | ||||||||
| Principal/ Number of Shares | 2,937,943 | 2,955,000 | ||||||||
| Cost | $ 2,916,925 | $ 2,932,371 | ||||||||
| Fair Value | $ 2,901,219 | $ 2,936,531 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | PriSo Acquisition Corporation [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Construction & Building | Construction & Building | ||||||||
| Asset Name | Term Loan (01/21) | Term Loan (01/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 6M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 3.25% | 3.25% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 8.52% | 8.00% | ||||||||
| Maturity Date | Dec. 28, 2027 | Dec. 28, 2027 | ||||||||
| Principal/ Number of Shares | 489,994 | 491,245 | ||||||||
| Cost | $ 488,306 | $ 489,458 | ||||||||
| Fair Value | $ 458,267 | $ 450,310 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Project Leopard Holdings, Inc. (NEW) [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | High Tech Industries | High Tech Industries | ||||||||
| Asset Name | Term Loan B (06/22) | Term Loan B (06/22) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 6M USD SOFR+ | ||||||||
| Reference Spread | 5.25% | 5.25% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 10.50% | 9.80% | ||||||||
| Maturity Date | Jul. 20, 2029 | Jul. 20, 2029 | ||||||||
| Principal/ Number of Shares | 997,500 | 1,000,000 | ||||||||
| Cost | $ 933,607 | $ 933,902 | ||||||||
| Fair Value | $ 878,428 | $ 924,690 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Prometric Inc. (Sarbacane Bidco) [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Consumer | Services: Consumer | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.00% | 3.00% | ||||||||
| SOFR/ LIBOR Floor | 1.00% | 1.00% | ||||||||
| Current Rate (All In) | 8.53% | 7.64% | ||||||||
| Maturity Date | Jan. 29, 2025 | Jan. 29, 2025 | ||||||||
| Principal/ Number of Shares | 475,200 | 476,438 | ||||||||
| Cost | $ 474,751 | $ 475,777 | ||||||||
| Fair Value | $ 445,025 | $ 444,278 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | PUG LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Consumer | Services: Consumer | ||||||||
| Asset Name | Term Loan B (02/20) | Term Loan B (02/20) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.50% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 8.65% | 8.13% | ||||||||
| Maturity Date | Feb. 12, 2027 | Feb. 12, 2027 | ||||||||
| Principal/ Number of Shares | 478,888 | 480,126 | ||||||||
| Cost | $ 477,642 | $ 478,777 | ||||||||
| Fair Value | $ 407,654 | $ 378,099 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Quartz AcquireCo, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | High Tech Industries | |||||||||
| Asset Name | Term Loan B | |||||||||
| Asset Type | Loan | |||||||||
| Reference Rate | 1M USD SOFR+ | |||||||||
| Reference Spread | 3.50% | |||||||||
| SOFR/ LIBOR Floor | 0.00% | |||||||||
| Current Rate (All In) | 8.38% | |||||||||
| Maturity Date | Apr. 13, 2030 | |||||||||
| Principal/ Number of Shares | 1,000,000 | |||||||||
| Cost | $ 990,000 | |||||||||
| Fair Value | $ 986,250 | |||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | QUEST BORROWER LIMITED [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | High Tech Industries | High Tech Industries | ||||||||
| Asset Name | Term Loan (1/22) | Term Loan (1/22) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | ||||||||
| Reference Spread | 4.25% | 4.25% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 9.45% | 9.08% | ||||||||
| Maturity Date | Feb. 01, 2029 | Feb. 01, 2029 | ||||||||
| Principal/ Number of Shares | 1,985,000 | 1,990,000 | ||||||||
| Cost | $ 1,968,797 | $ 1,972,710 | ||||||||
| Fair Value | $ 1,676,868 | $ 1,707,539 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Rackspace Technology Global, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | High Tech Industries | High Tech Industries | ||||||||
| Asset Name | Term Loan (1/21) | Term Loan (1/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 2.75% | 2.75% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 7.91% | 7.60% | ||||||||
| Maturity Date | Feb. 15, 2028 | Feb. 15, 2028 | ||||||||
| Principal/ Number of Shares | 2,967,254 | 2,974,823 | ||||||||
| Cost | $ 2,880,291 | $ 2,882,889 | ||||||||
| Fair Value | $ 1,166,872 | $ 1,863,310 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | RAND PARENT LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Transportation: Cargo | Transportation: Cargo | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 4.25% | 4.25% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 9.13% | 8.80% | ||||||||
| Maturity Date | Mar. 16, 2030 | Feb. 07, 2030 | ||||||||
| Principal/ Number of Shares | 2,500,000 | 1,500,000 | ||||||||
| Cost | $ 2,411,828 | $ 1,462,500 | ||||||||
| Fair Value | $ 2,145,825 | $ 1,455,000 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | RealPage, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | High Tech Industries | High Tech Industries | ||||||||
| Asset Name | Term Loan (04/21) | Term Loan (04/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.00% | 3.00% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.15% | 7.63% | ||||||||
| Maturity Date | Apr. 24, 2028 | Apr. 24, 2028 | ||||||||
| Principal/ Number of Shares | 985,000 | 987,500 | ||||||||
| Cost | $ 983,590 | $ 985,860 | ||||||||
| Fair Value | $ 945,905 | $ 955,159 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Rent-A-Center, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Retail | Retail | ||||||||
| Asset Name | Term Loan B2 (9/21) | Term Loan B2 (9/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 3.25% | 3.25% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.56% | 8.13% | ||||||||
| Maturity Date | Feb. 17, 2028 | Feb. 17, 2028 | ||||||||
| Principal/ Number of Shares | 1,875,243 | 1,976,155 | ||||||||
| Cost | $ 1,837,657 | $ 1,934,422 | ||||||||
| Fair Value | $ 1,847,114 | $ 1,927,997 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Research Now Group, Inc [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Media: Advertising, Printing & Publishing | Media: Advertising, Printing & Publishing | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 5.50% | 5.50% | ||||||||
| SOFR/ LIBOR Floor | 1.00% | 1.00% | ||||||||
| Current Rate (All In) | 10.80% | 10.31% | ||||||||
| Maturity Date | Dec. 20, 2024 | Dec. 20, 2024 | ||||||||
| Principal/ Number of Shares | 4,286,824 | 4,298,135 | ||||||||
| Cost | $ 4,244,733 | $ 4,249,328 | ||||||||
| Fair Value | $ 3,030,270 | $ 3,200,305 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Resideo Funding Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Consumer | Services: Consumer | ||||||||
| Asset Name | Term Loan (1/21) | Term Loan (1/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 2.25% | 2.25% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 7.36% | 7.12% | ||||||||
| Maturity Date | Feb. 11, 2028 | Feb. 11, 2028 | ||||||||
| Principal/ Number of Shares | 1,470,000 | 1,473,750 | ||||||||
| Cost | $ 1,468,339 | $ 1,471,623 | ||||||||
| Fair Value | $ 1,459,901 | $ 1,471,908 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Resolute Investment Managers (American Beacon), Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan (10/20) | Term Loan (10/20) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 4.25% | 4.25% | ||||||||
| SOFR/ LIBOR Floor | 1.00% | 1.00% | ||||||||
| Current Rate (All In) | 9.41% | 8.98% | ||||||||
| Maturity Date | Apr. 30, 2024 | Apr. 30, 2024 | ||||||||
| Principal/ Number of Shares | 3,027,094 | 3,038,616 | ||||||||
| Cost | $ 3,024,448 | $ 3,035,050 | ||||||||
| Fair Value | $ 2,209,779 | $ 2,385,313 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Restoration Hardware, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Retail | |||||||||
| Asset Name | Term Loan (9/21) | |||||||||
| Asset Type | Loan | |||||||||
| Reference Rate | 1M USD LIBOR+ | |||||||||
| Reference Spread | 2.50% | |||||||||
| SOFR/ LIBOR Floor | 0.50% | |||||||||
| Current Rate (All In) | 7.13% | |||||||||
| Maturity Date | Oct. 20, 2028 | |||||||||
| Principal/ Number of Shares | 3,462,437 | |||||||||
| Cost | $ 3,456,353 | |||||||||
| Fair Value | $ 3,320,477 | |||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Reynolds Consumer Products LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Containers, Packaging & Glass | Containers, Packaging & Glass | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 1.75% | 1.75% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 7.00% | 6.47% | ||||||||
| Maturity Date | Jan. 29, 2027 | Jan. 29, 2027 | ||||||||
| Principal/ Number of Shares | 1,273,182 | 1,276,932 | ||||||||
| Cost | $ 1,273,035 | $ 1,276,737 | ||||||||
| Fair Value | $ 1,252,225 | $ 1,273,880 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Reynolds Group Holdings Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Containers, Packaging & Glass | Containers, Packaging & Glass | ||||||||
| Asset Name | Term Loan B2 | Term Loan B2 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.25% | 3.25% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 8.52% | 7.88% | ||||||||
| Maturity Date | Feb. 05, 2026 | Feb. 05, 2026 | ||||||||
| Principal/ Number of Shares | 2,844,322 | 3,124,551 | ||||||||
| Cost | $ 2,836,000 | $ 3,114,804 | ||||||||
| Fair Value | $ 2,821,226 | $ 3,114,302 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Rocket Software, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | High Tech Industries | High Tech Industries | ||||||||
| Asset Name | Term Loan (11/18) | Term Loan (11/18) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 4.25% | 4.25% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 9.40% | 8.88% | ||||||||
| Maturity Date | Nov. 28, 2025 | Nov. 28, 2025 | ||||||||
| Principal/ Number of Shares | 2,867,848 | 2,875,317 | ||||||||
| Cost | $ 2,863,705 | $ 2,870,016 | ||||||||
| Fair Value | $ 2,816,055 | $ 2,818,414 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Russell Investments US Inst’l Holdco, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan (10/20) | Term Loan (10/20) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.50% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 1.00% | 1.00% | ||||||||
| Current Rate (All In) | 8.75% | 8.13% | ||||||||
| Maturity Date | Jun. 02, 2025 | Jun. 02, 2025 | ||||||||
| Principal/ Number of Shares | 5,503,217 | 5,590,662 | ||||||||
| Cost | $ 5,480,688 | $ 5,565,048 | ||||||||
| Fair Value | $ 5,206,043 | $ 5,499,813 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | RV Retailer LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Automotive | Automotive | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | ||||||||
| Reference Spread | 3.75% | 3.75% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 8.97% | 8.55% | ||||||||
| Maturity Date | Feb. 08, 2028 | Feb. 08, 2028 | ||||||||
| Principal/ Number of Shares | 2,950,162 | 2,957,631 | ||||||||
| Cost | $ 2,907,882 | $ 2,912,519 | ||||||||
| Fair Value | $ 2,636,708 | $ 2,516,441 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Ryan Specialty Group LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 3.00% | 3.00% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 8.25% | 7.72% | ||||||||
| Maturity Date | Sep. 01, 2027 | Sep. 01, 2027 | ||||||||
| Principal/ Number of Shares | 1,474,842 | 1,478,623 | ||||||||
| Cost | $ 1,464,122 | $ 1,467,543 | ||||||||
| Fair Value | $ 1,468,854 | $ 1,474,010 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | S&S HOLDINGS LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Business | Services: Business | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 5.00% | 5.00% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 10.09% | 9.83% | ||||||||
| Maturity Date | Mar. 10, 2028 | Mar. 10, 2028 | ||||||||
| Principal/ Number of Shares | 2,452,462 | 2,458,719 | ||||||||
| Cost | $ 2,405,746 | $ 2,409,819 | ||||||||
| Fair Value | $ 2,202,630 | $ 2,349,625 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Sally Holdings LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Retail | Retail | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 2.50% | 2.50% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 7.65% | 7.06% | ||||||||
| Maturity Date | Feb. 27, 2030 | Mar. 24, 2030 | ||||||||
| Principal/ Number of Shares | 500,000 | 500,000 | ||||||||
| Cost | $ 496,335 | $ 496,250 | ||||||||
| Fair Value | $ 499,375 | $ 498,750 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Samsonite International S.A. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Consumer goods: Non-durable | Consumer goods: Non-durable | ||||||||
| Asset Name | Term Loan B2 | Term Loan B2 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.00% | 3.00% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 8.15% | 7.63% | ||||||||
| Maturity Date | Apr. 25, 2025 | Apr. 25, 2025 | ||||||||
| Principal/ Number of Shares | 925,056 | 927,537 | ||||||||
| Cost | $ 913,402 | $ 914,134 | ||||||||
| Fair Value | $ 923,566 | $ 927,537 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Schweitzer-Mauduit International, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | High Tech Industries | High Tech Industries | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.75% | 3.75% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 8.94% | 8.44% | ||||||||
| Maturity Date | Apr. 20, 2028 | Apr. 20, 2028 | ||||||||
| Principal/ Number of Shares | 2,947,500 | 2,955,000 | ||||||||
| Cost | $ 2,936,027 | $ 2,942,014 | ||||||||
| Fair Value | $ 2,814,863 | $ 2,895,900 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Scientific Games Holdings LP [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Hotel, Gaming & Leisure | Hotel, Gaming & Leisure | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | ||||||||
| Reference Spread | 3.50% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.42% | 8.10% | ||||||||
| Maturity Date | Apr. 04, 2029 | Apr. 04, 2029 | ||||||||
| Principal/ Number of Shares | 497,500 | 498,750 | ||||||||
| Cost | $ 496,575 | $ 497,703 | ||||||||
| Fair Value | $ 479,520 | $ 489,942 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Sedgwick Claims Management Services, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Business | Services: Business | ||||||||
| Asset Name | Term Loan B 2/23 | Term Loan B 2/23 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 3.75% | 3.75% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 8.90% | 8.32% | ||||||||
| Maturity Date | Feb. 17, 2028 | Feb. 17, 2028 | ||||||||
| Principal/ Number of Shares | 1,000,000 | 1,000,000 | ||||||||
| Cost | $ 990,500 | $ 990,000 | ||||||||
| Fair Value | $ 970,940 | $ 987,500 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | SETANTA AIRCRAFT LEASING DAC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Aerospace & Defense | Aerospace & Defense | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 2.00% | 2.00% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 7.16% | 6.73% | ||||||||
| Maturity Date | Nov. 02, 2028 | Nov. 02, 2028 | ||||||||
| Principal/ Number of Shares | 1,000,000 | 1,000,000 | ||||||||
| Cost | $ 998,184 | $ 998,000 | ||||||||
| Fair Value | $ 990,890 | $ 991,250 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Sitel Worldwide Corporation [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Business | Services: Business | ||||||||
| Asset Name | USD Term Loan (7/21) | USD Term Loan (7/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.75% | 3.75% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.91% | 8.39% | ||||||||
| Maturity Date | Aug. 28, 2028 | Aug. 28, 2028 | ||||||||
| Principal/ Number of Shares | 1,970,000 | 1,975,000 | ||||||||
| Cost | $ 1,962,979 | $ 1,967,031 | ||||||||
| Fair Value | $ 1,881,961 | $ 1,966,982 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | SiteOne Landscape Supply, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Business | Services: Business | ||||||||
| Asset Name | Term Loan (3/21) | Term Loan (3/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 2.00% | 2.00% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 7.16% | 6.64% | ||||||||
| Maturity Date | Mar. 18, 2028 | Mar. 18, 2028 | ||||||||
| Principal/ Number of Shares | 775,873 | 777,852 | ||||||||
| Cost | $ 774,643 | $ 776,450 | ||||||||
| Fair Value | $ 768,114 | $ 774,609 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | SMG US Midco 2, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Business | Services: Business | ||||||||
| Asset Name | Term Loan (01/20) | Term Loan (01/20) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 2.50% | 2.50% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 7.77% | 7.33% | ||||||||
| Maturity Date | Jan. 23, 2025 | Jan. 23, 2025 | ||||||||
| Principal/ Number of Shares | 483,750 | 485,000 | ||||||||
| Cost | $ 483,750 | $ 485,000 | ||||||||
| Fair Value | $ 478,913 | $ 479,243 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Smyrna Ready Mix Concrete, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Construction & Building | Construction & Building | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 4.25% | 4.25% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 9.50% | 8.97% | ||||||||
| Maturity Date | Apr. 02, 2029 | Apr. 02, 2029 | ||||||||
| Principal/ Number of Shares | 997,487 | 1,000,000 | ||||||||
| Cost | $ 990,334 | $ 992,500 | ||||||||
| Fair Value | $ 990,834 | $ 995,000 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Solis IV B.V. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Consumer goods: Durable | Consumer goods: Durable | ||||||||
| Asset Name | Term Loan B-1 | Term Loan B-1 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | ||||||||
| Reference Spread | 3.50% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.67% | 8.37% | ||||||||
| Maturity Date | Feb. 26, 2029 | Feb. 26, 2029 | ||||||||
| Principal/ Number of Shares | 1,989,975 | 1,994,987 | ||||||||
| Cost | $ 1,729,773 | $ 1,724,963 | ||||||||
| Fair Value | $ 1,821,822 | $ 1,826,132 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Sparta U.S. HoldCo LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Chemicals, Plastics, & Rubber | Chemicals, Plastics, & Rubber | ||||||||
| Asset Name | Term Loan (04/21) | Term Loan (04/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.25% | 3.25% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 8.38% | 7.82% | ||||||||
| Maturity Date | Aug. 02, 2028 | Aug. 02, 2028 | ||||||||
| Principal/ Number of Shares | 1,975,000 | 1,980,000 | ||||||||
| Cost | $ 1,967,877 | $ 1,972,123 | ||||||||
| Fair Value | $ 1,941,425 | $ 1,964,160 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Specialty Pharma III Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Business | Services: Business | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 4.25% | 4.25% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 9.27% | 8.88% | ||||||||
| Maturity Date | Mar. 31, 2028 | Mar. 31, 2028 | ||||||||
| Principal/ Number of Shares | 1,970,000 | 1,975,000 | ||||||||
| Cost | $ 1,956,027 | $ 1,959,930 | ||||||||
| Fair Value | $ 1,841,950 | $ 1,821,938 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Spectrum Brands, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Consumer goods: Durable | Consumer goods: Durable | ||||||||
| Asset Name | Term Loan (2/21) | Term Loan (2/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 2.00% | 2.00% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 7.16% | 6.96% | ||||||||
| Maturity Date | Mar. 03, 2028 | Mar. 03, 2028 | ||||||||
| Principal/ Number of Shares | 490,000 | 491,250 | ||||||||
| Cost | $ 489,296 | $ 490,363 | ||||||||
| Fair Value | $ 488,878 | $ 487,158 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Spin Holdco, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Consumer | Services: Consumer | ||||||||
| Asset Name | Term Loan 3/21 | Term Loan 3/21 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 4.00% | 4.00% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 8.99% | 8.77% | ||||||||
| Maturity Date | Mar. 04, 2028 | Mar. 04, 2028 | ||||||||
| Principal/ Number of Shares | 2,940,000 | 2,947,500 | ||||||||
| Cost | $ 2,927,996 | $ 2,935,211 | ||||||||
| Fair Value | $ 2,348,325 | $ 2,475,487 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Spirit Aerosystems Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Aerospace & Defense | Aerospace & Defense | ||||||||
| Asset Name | Term Loan (11/22) | Term Loan (11/22) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | ||||||||
| Reference Spread | 4.50% | 4.50% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 9.55% | 9.18% | ||||||||
| Maturity Date | Jan. 14, 2027 | Jan. 14, 2027 | ||||||||
| Principal/ Number of Shares | 497,500 | 498,750 | ||||||||
| Cost | $ 484,087 | $ 484,414 | ||||||||
| Fair Value | $ 496,878 | $ 498,541 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | SRAM, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Consumer goods: Durable | Consumer goods: Durable | ||||||||
| Asset Name | Term Loan (05/21) | Term Loan (05/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 2.75% | 2.75% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 7.90% | 7.38% | ||||||||
| Maturity Date | May 12, 2028 | May 12, 2028 | ||||||||
| Principal/ Number of Shares | 2,690,909 | 2,709,091 | ||||||||
| Cost | $ 2,687,985 | $ 2,705,948 | ||||||||
| Fair Value | $ 2,639,620 | $ 2,682,000 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | SS&C Technologies, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Business | Services: Business | ||||||||
| Asset Name | Term Loan B3 | Term Loan B3 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 1.75% | 1.75% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 6.90% | 6.38% | ||||||||
| Maturity Date | Apr. 16, 2025 | Apr. 16, 2025 | ||||||||
| Principal/ Number of Shares | 167,061 | 167,061 | ||||||||
| Cost | $ 166,998 | $ 166,987 | ||||||||
| Fair Value | $ 165,975 | $ 166,678 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | SS&C Technologies, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Business | Services: Business | ||||||||
| Asset Name | Term Loan B4 | Term Loan B4 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 1.75% | 1.75% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 6.90% | 6.38% | ||||||||
| Maturity Date | Apr. 16, 2025 | Apr. 16, 2025 | ||||||||
| Principal/ Number of Shares | 148,146 | 148,146 | ||||||||
| Cost | $ 148,093 | $ 148,083 | ||||||||
| Fair Value | $ 147,184 | $ 147,807 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | SS&C Technologies, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Business | Services: Business | ||||||||
| Asset Name | Term Loan B-5 | Term Loan B-5 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 1.75% | 1.75% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 6.90% | 6.38% | ||||||||
| Maturity Date | Apr. 16, 2025 | Apr. 16, 2025 | ||||||||
| Principal/ Number of Shares | 456,902 | 458,152 | ||||||||
| Cost | $ 456,620 | $ 457,773 | ||||||||
| Fair Value | $ 454,047 | $ 457,199 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | STANDARD INDUSTRIES INC. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Construction & Building | Construction & Building | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 6M USD LIBOR+ | ||||||||
| Reference Spread | 2.50% | 2.25% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 7.71% | 6.43% | ||||||||
| Maturity Date | Sep. 22, 2028 | Sep. 22, 2028 | ||||||||
| Principal/ Number of Shares | 627,750 | 630,250 | ||||||||
| Cost | $ 623,026 | $ 625,240 | ||||||||
| Fair Value | $ 622,741 | $ 628,032 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Staples, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Wholesale | Wholesale | ||||||||
| Asset Name | Term Loan (03/19) | Term Loan (03/19) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 5.00% | 5.00% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 10.30% | 9.81% | ||||||||
| Maturity Date | Apr. 16, 2026 | Apr. 16, 2026 | ||||||||
| Principal/ Number of Shares | 4,330,081 | 4,341,357 | ||||||||
| Cost | $ 4,241,982 | $ 4,246,081 | ||||||||
| Fair Value | $ 3,680,569 | $ 4,013,802 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Storable, Inc [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | High Tech Industries | High Tech Industries | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 3M USD SOFR+ | ||||||||
| Reference Spread | 3.50% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.65% | 8.08% | ||||||||
| Maturity Date | Apr. 17, 2028 | Apr. 17, 2028 | ||||||||
| Principal/ Number of Shares | 493,750 | 495,000 | ||||||||
| Cost | $ 493,089 | $ 494,153 | ||||||||
| Fair Value | $ 468,569 | $ 482,318 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Summit Materials, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Metals & Mining | Metals & Mining | ||||||||
| Asset Name | Term Loan B (12/22) | Term Loan B (12/22) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 6M USD SOFR+ | 3M USD SOFR+ | ||||||||
| Reference Spread | 3.00% | 3.00% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 8.49% | 7.61% | ||||||||
| Maturity Date | Dec. 13, 2027 | Dec. 13, 2027 | ||||||||
| Principal/ Number of Shares | 249,375 | 250,000 | ||||||||
| Cost | $ 247,134 | $ 247,640 | ||||||||
| Fair Value | $ 249,687 | $ 249,583 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Superannuation & Investments US LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.75% | 3.75% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.90% | 8.38% | ||||||||
| Maturity Date | Dec. 01, 2028 | Dec. 01, 2028 | ||||||||
| Principal/ Number of Shares | 987,500 | 990,000 | ||||||||
| Cost | $ 979,662 | $ 981,648 | ||||||||
| Fair Value | $ 980,588 | $ 984,515 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Sweetwater Borrower, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Retail | Retail | ||||||||
| Asset Name | Term Loan (8/21) | Term Loan (8/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 4.25% | 4.25% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 9.52% | 8.94% | ||||||||
| Maturity Date | Aug. 02, 2028 | Aug. 02, 2028 | ||||||||
| Principal/ Number of Shares | 2,000,000 | 2,000,000 | ||||||||
| Cost | $ 1,909,130 | $ 1,905,968 | ||||||||
| Fair Value | $ 1,880,000 | $ 1,880,000 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Syncsort Incorporated [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | High Tech Industries | High Tech Industries | ||||||||
| Asset Name | Term Loan B (10/21) | Term Loan B (10/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 4.00% | 4.00% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 9.26% | 8.82% | ||||||||
| Maturity Date | Apr. 24, 2028 | Apr. 24, 2028 | ||||||||
| Principal/ Number of Shares | 2,463,734 | 2,469,987 | ||||||||
| Cost | $ 2,462,906 | $ 2,468,993 | ||||||||
| Fair Value | $ 2,214,281 | $ 2,243,984 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Ta TT Buyer LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Media: Broadcasting & Subscription | Media: Broadcasting & Subscription | ||||||||
| Asset Name | Term Loan 3/22 | Term Loan 3/22 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 6M USD SOFR+ | ||||||||
| Reference Spread | 5.00% | 5.00% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 9.90% | 8.98% | ||||||||
| Maturity Date | Apr. 02, 2029 | Apr. 02, 2029 | ||||||||
| Principal/ Number of Shares | 995,000 | 997,500 | ||||||||
| Cost | $ 986,321 | $ 988,507 | ||||||||
| Fair Value | $ 990,025 | $ 982,538 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Tenable Holdings, Inc.[Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Business | Services: Business | ||||||||
| Asset Name | Term Loan B (6/21) | Term Loan B (6/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 2.75% | 2.75% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 7.90% | 7.58% | ||||||||
| Maturity Date | Jul. 07, 2028 | Jul. 07, 2028 | ||||||||
| Principal/ Number of Shares | 987,500 | 990,000 | ||||||||
| Cost | $ 985,732 | $ 988,026 | ||||||||
| Fair Value | $ 972,688 | $ 980,922 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Teneo Holdings LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 5.25% | 5.25% | ||||||||
| SOFR/ LIBOR Floor | 1.00% | 1.00% | ||||||||
| Current Rate (All In) | 10.50% | 9.97% | ||||||||
| Maturity Date | Jul. 15, 2025 | Jul. 15, 2025 | ||||||||
| Principal/ Number of Shares | 4,371,891 | 4,383,217 | ||||||||
| Cost | $ 4,324,578 | $ 4,330,652 | ||||||||
| Fair Value | $ 4,336,391 | $ 4,322,948 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Ten-X, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 4.00% | 4.00% | ||||||||
| SOFR/ LIBOR Floor | 1.00% | 1.00% | ||||||||
| Current Rate (All In) | 9.02% | 8.63% | ||||||||
| Maturity Date | Sep. 27, 2024 | Sep. 27, 2024 | ||||||||
| Principal/ Number of Shares | 1,895,000 | 1,900,000 | ||||||||
| Cost | $ 1,894,422 | $ 1,899,296 | ||||||||
| Fair Value | $ 1,806,181 | $ 1,819,250 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | The Dun & Bradstreet Corporation [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Business | Services: Business | ||||||||
| Asset Name | Term Loan | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 3.25% | 3.25% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 8.41% | 7.85% | ||||||||
| Maturity Date | Feb. 06, 2026 | Jan. 18, 2029 | ||||||||
| Principal/ Number of Shares | 960,424 | 248,125 | ||||||||
| Cost | $ 959,854 | $ 246,554 | ||||||||
| Fair Value | $ 953,739 | $ 246,636 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | The Dun & Bradstreet Corporation One [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Business | Services: Business | ||||||||
| Asset Name | Term Loan B | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.25% | 3.25% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 8.39% | 7.87% | ||||||||
| Maturity Date | Jan. 18, 2029 | Feb. 06, 2026 | ||||||||
| Principal/ Number of Shares | 247,500 | 962,949 | ||||||||
| Cost | $ 246,002 | $ 962,285 | ||||||||
| Fair Value | $ 244,778 | $ 960,021 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | THE KNOT WORLDWIDE INC. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Consumer | Services: Consumer | ||||||||
| Asset Name | Term Loan (1/22) | Term Loan (1/22) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 4.50% | 4.50% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 9.75% | 9.22% | ||||||||
| Maturity Date | Dec. 19, 2025 | Dec. 19, 2025 | ||||||||
| Principal/ Number of Shares | 4,833,272 | 4,845,447 | ||||||||
| Cost | $ 4,829,687 | $ 4,840,970 | ||||||||
| Fair Value | $ 4,809,106 | $ 4,833,333 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Thor Industries, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Automotive | Automotive | ||||||||
| Asset Name | USD Term Loan (3/21) | USD Term Loan (3/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.00% | 3.00% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 8.25% | 7.69% | ||||||||
| Maturity Date | Feb. 01, 2026 | Feb. 01, 2026 | ||||||||
| Principal/ Number of Shares | 1,517,243 | 2,015,823 | ||||||||
| Cost | $ 1,499,416 | $ 1,990,264 | ||||||||
| Fair Value | $ 1,512,812 | $ 2,004,494 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Torrid LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Wholesale | Wholesale | ||||||||
| Asset Name | Term Loan 5/21 | Term Loan 5/21 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 5.50% | 5.50% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 10.77% | 10.31% | ||||||||
| Maturity Date | Jun. 14, 2028 | Jun. 14, 2028 | ||||||||
| Principal/ Number of Shares | 3,432,450 | 2,978,835 | ||||||||
| Cost | $ 2,955,101 | $ 2,540,024 | ||||||||
| Fair Value | $ 2,989,081 | $ 2,529,031 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | TORY BURCH LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Retail | Retail | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.50% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.65% | 8.13% | ||||||||
| Maturity Date | Apr. 15, 2028 | Apr. 15, 2028 | ||||||||
| Principal/ Number of Shares | 2,325,838 | 1,329,211 | ||||||||
| Cost | $ 2,171,836 | $ 1,232,469 | ||||||||
| Fair Value | $ 2,168,844 | $ 1,268,147 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Tosca Services, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Containers, Packaging & Glass | Containers, Packaging & Glass | ||||||||
| Asset Name | Term Loan (2/21) | Term Loan (2/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 3.50% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 8.81% | 8.23% | ||||||||
| Maturity Date | Aug. 18, 2027 | Aug. 18, 2027 | ||||||||
| Principal/ Number of Shares | 488,750 | 490,000 | ||||||||
| Cost | $ 484,129 | $ 485,078 | ||||||||
| Fair Value | $ 340,698 | $ 383,180 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Trans Union LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 2.25% | 2.25% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 7.52% | 6.88% | ||||||||
| Maturity Date | Dec. 01, 2028 | Dec. 01, 2028 | ||||||||
| Principal/ Number of Shares | 769,758 | 796,452 | ||||||||
| Cost | $ 768,416 | $ 794,928 | ||||||||
| Fair Value | $ 763,123 | $ 791,203 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Transdigm, Inc.[Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Aerospace & Defense | Aerospace & Defense | ||||||||
| Asset Name | Term Loan H | Term Loan H | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | ||||||||
| Reference Spread | 3.25% | 3.25% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 8.15% | 7.83% | ||||||||
| Maturity Date | Feb. 21, 2027 | Feb. 21, 2027 | ||||||||
| Principal/ Number of Shares | 1,988,386 | 1,993,370 | ||||||||
| Cost | $ 1,985,682 | $ 1,990,666 | ||||||||
| Fair Value | $ 1,978,445 | $ 1,989,941 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | TRITON WATER HOLDINGS, INC.[Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Beverage, Food & Tobacco | Beverage, Food & Tobacco | ||||||||
| Asset Name | Term Loan (03/21) | Term Loan (03/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 3.50% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.66% | 8.23% | ||||||||
| Maturity Date | Mar. 31, 2028 | Mar. 31, 2028 | ||||||||
| Principal/ Number of Shares | 1,473,752 | 1,477,502 | ||||||||
| Cost | $ 1,468,609 | $ 1,471,933 | ||||||||
| Fair Value | $ 1,394,376 | $ 1,372,422 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Tronox Finance LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Chemicals, Plastics, & Rubber | Chemicals, Plastics, & Rubber | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 2.25% | 2.25% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 7.40% | 6.88% | ||||||||
| Maturity Date | Mar. 10, 2028 | Mar. 10, 2028 | ||||||||
| Principal/ Number of Shares | 346,923 | 346,923 | ||||||||
| Cost | $ 346,442 | $ 346,338 | ||||||||
| Fair Value | $ 340,474 | $ 340,907 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | TruGreen Limited Partnership [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Consumer | Services: Consumer | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 4.00% | 4.00% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 9.25% | 8.63% | ||||||||
| Maturity Date | Oct. 29, 2027 | Oct. 29, 2027 | ||||||||
| Principal/ Number of Shares | 952,066 | 954,501 | ||||||||
| Cost | $ 947,175 | $ 949,189 | ||||||||
| Fair Value | $ 885,183 | $ 873,368 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Uber Technologies, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Transportation: Consumer | Transportation: Consumer | ||||||||
| Asset Name | Term Loan 2/23 | Term Loan B (2/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 2.75% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 7.66% | 8.45% | ||||||||
| Maturity Date | Feb. 27, 2030 | Feb. 25, 2027 | ||||||||
| Principal/ Number of Shares | 498,750 | 3,906,277 | ||||||||
| Cost | $ 497,503 | $ 3,874,854 | ||||||||
| Fair Value | $ 493,638 | $ 3,913,620 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Ultra Clean Holdings, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | High Tech Industries | High Tech Industries | ||||||||
| Asset Name | Incremental Term Loan 3/21 | Incremental Term Loan 3/21 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.75% | 3.75% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 8.90% | 8.38% | ||||||||
| Maturity Date | Aug. 27, 2025 | Aug. 27, 2025 | ||||||||
| Principal/ Number of Shares | 782,230 | 820,338 | ||||||||
| Cost | $ 780,229 | $ 817,776 | ||||||||
| Fair Value | $ 781,252 | $ 819,928 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Unimin Corporation [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Metals & Mining | Metals & Mining | ||||||||
| Asset Name | Term Loan (12/20) | Term Loan (12/20) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 4.00% | 4.00% | ||||||||
| SOFR/ LIBOR Floor | 1.00% | 1.00% | ||||||||
| Current Rate (All In) | 9.22% | 8.78% | ||||||||
| Maturity Date | Jul. 31, 2026 | Jul. 31, 2026 | ||||||||
| Principal/ Number of Shares | 496,815 | 496,815 | ||||||||
| Cost | $ 477,782 | $ 476,431 | ||||||||
| Fair Value | $ 482,884 | $ 489,984 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | United Natural Foods, Inc [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Beverage, Food & Tobacco | Beverage, Food & Tobacco | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 3.25% | 3.25% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 8.52% | 7.98% | ||||||||
| Maturity Date | Oct. 22, 2025 | Oct. 22, 2025 | ||||||||
| Principal/ Number of Shares | 1,289,967 | 1,289,967 | ||||||||
| Cost | $ 1,256,282 | $ 1,252,901 | ||||||||
| Fair Value | $ 1,285,878 | $ 1,291,309 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Univision Communications Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Media: Broadcasting & Subscription | Media: Broadcasting & Subscription | ||||||||
| Asset Name | Term Loan B (6/21) | Term Loan B (6/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.25% | 3.25% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 8.40% | 7.88% | ||||||||
| Maturity Date | Mar. 15, 2026 | Mar. 15, 2026 | ||||||||
| Principal/ Number of Shares | 2,440,439 | 2,446,648 | ||||||||
| Cost | $ 2,436,083 | $ 2,441,783 | ||||||||
| Fair Value | $ 2,352,314 | $ 2,426,610 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Univision Communications Inc. One [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Media: Broadcasting & Subscription | Media: Broadcasting & Subscription | ||||||||
| Asset Name | Term Loan B (6/22) | Term Loan B (6/22) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | ||||||||
| Reference Spread | 4.25% | 4.25% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 9.15% | 8.83% | ||||||||
| Maturity Date | Jun. 25, 2029 | Jun. 25, 2029 | ||||||||
| Principal/ Number of Shares | 248,125 | 248,750 | ||||||||
| Cost | $ 241,480 | $ 241,881 | ||||||||
| Fair Value | $ 240,061 | $ 248,233 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Utz Quality Foods, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Beverage, Food & Tobacco | Beverage, Food & Tobacco | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 3.00% | 3.00% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 8.27% | 7.73% | ||||||||
| Maturity Date | Jan. 20, 2028 | Jan. 20, 2028 | ||||||||
| Principal/ Number of Shares | 1,823,802 | 1,828,465 | ||||||||
| Cost | $ 1,822,695 | $ 1,827,288 | ||||||||
| Fair Value | $ 1,814,427 | $ 1,825,046 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Vaco Holdings, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Business | Services: Business | ||||||||
| Asset Name | Term Loan (01/22) | Term Loan (01/22) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | ||||||||
| Reference Spread | 5.00% | 5.00% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 10.05% | 9.73% | ||||||||
| Maturity Date | Jan. 19, 2029 | Jan. 19, 2029 | ||||||||
| Principal/ Number of Shares | 2,336,296 | 2,342,210 | ||||||||
| Cost | $ 2,271,898 | $ 2,275,198 | ||||||||
| Fair Value | $ 2,122,127 | $ 2,310,989 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Vericast Corp. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Media: Advertising, Printing & Publishing | Media: Advertising, Printing & Publishing | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 3M USD SOFR+ | ||||||||
| Reference Spread | 7.75% | 7.75% | ||||||||
| SOFR/ LIBOR Floor | 1.00% | 1.00% | ||||||||
| Current Rate (All In) | 13.02% | 12.33% | ||||||||
| Maturity Date | Jun. 15, 2026 | Jun. 15, 2026 | ||||||||
| Principal/ Number of Shares | 1,201,006 | 1,201,006 | ||||||||
| Cost | $ 1,199,979 | $ 1,199,817 | ||||||||
| Fair Value | $ 1,048,730 | $ 939,787 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Verifone Systems, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan (7/18) | Term Loan (7/18) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 4.00% | 4.00% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 9.48% | 8.96% | ||||||||
| Maturity Date | Aug. 20, 2025 | Aug. 20, 2025 | ||||||||
| Principal/ Number of Shares | 1,364,459 | 1,368,031 | ||||||||
| Cost | $ 1,361,447 | $ 1,364,137 | ||||||||
| Fair Value | $ 1,188,103 | $ 1,269,875 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Vertex Aerospace Services Corp [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Aerospace & Defense | Aerospace & Defense | ||||||||
| Asset Name | Term Loan (10/21) | Term Loan (10/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.75% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 8.90% | 8.13% | ||||||||
| Maturity Date | Dec. 06, 2028 | Dec. 06, 2028 | ||||||||
| Principal/ Number of Shares | 990,000 | 992,500 | ||||||||
| Cost | $ 986,356 | $ 988,789 | ||||||||
| Fair Value | $ 980,724 | $ 987,895 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | VFH Parent LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan (01/22) | Term Loan (01/22) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 3.00% | 3.00% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.20% | 7.66% | ||||||||
| Maturity Date | Jan. 12, 2029 | Jan. 12, 2029 | ||||||||
| Principal/ Number of Shares | 3,069,879 | 3,069,879 | ||||||||
| Cost | $ 3,064,185 | $ 3,063,097 | ||||||||
| Fair Value | $ 2,983,554 | $ 3,036,111 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Viasat Inc [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Telecommunications | Telecommunications | ||||||||
| Asset Name | Term Loan (2/22) | Term Loan (2/22) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 4.50% | 4.50% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 9.65% | 9.23% | ||||||||
| Maturity Date | Mar. 02, 2029 | Mar. 02, 2029 | ||||||||
| Principal/ Number of Shares | 2,989,975 | 1,994,987 | ||||||||
| Cost | $ 2,924,674 | $ 1,948,951 | ||||||||
| Fair Value | $ 2,869,628 | $ 1,967,137 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Virtus Investment Partners, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan B (9/21) | Term Loan B (9/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 2.25% | 2.25% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 7.36% | 6.85% | ||||||||
| Maturity Date | Sep. 28, 2028 | Sep. 28, 2028 | ||||||||
| Principal/ Number of Shares | 2,845,909 | 2,853,409 | ||||||||
| Cost | $ 2,838,787 | $ 2,845,646 | ||||||||
| Fair Value | $ 2,781,876 | $ 2,834,377 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Vistra Energy Corp [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Utilities: Electric | Utilities: Electric | ||||||||
| Asset Name | 2018 Incremental Term Loan | 2018 Incremental Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 1.75% | 1.75% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 6.90% | 6.38% | ||||||||
| Maturity Date | Dec. 31, 2025 | Dec. 31, 2025 | ||||||||
| Principal/ Number of Shares | 894,474 | 897,014 | ||||||||
| Cost | $ 894,376 | $ 896,802 | ||||||||
| Fair Value | $ 886,737 | $ 895,023 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Vizient, Inc [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | ||||||||
| Asset Name | Term Loan 4/22 | Term Loan 4/22 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 2.25% | 2.25% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 7.45% | 6.91% | ||||||||
| Maturity Date | May 16, 2029 | May 16, 2029 | ||||||||
| Principal/ Number of Shares | 496,250 | 497,500 | ||||||||
| Cost | $ 491,914 | $ 492,868 | ||||||||
| Fair Value | $ 494,568 | $ 496,525 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | VM Consolidated, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Construction & Building | Construction & Building | ||||||||
| Asset Name | Term Loan B (3/21) | Term Loan B (3/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.25% | 3.25% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 8.52% | 7.88% | ||||||||
| Maturity Date | Mar. 24, 2028 | Mar. 24, 2028 | ||||||||
| Principal/ Number of Shares | 2,120,393 | 2,185,087 | ||||||||
| Cost | $ 2,118,781 | $ 2,183,095 | ||||||||
| Fair Value | $ 2,115,092 | $ 2,180,170 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Vouvray US Finance LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | High Tech Industries | High Tech Industries | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 6.00% | 6.00% | ||||||||
| SOFR/ LIBOR Floor | 1.00% | 1.00% | ||||||||
| Current Rate (All In) | 11.15% | 10.62% | ||||||||
| Maturity Date | Sep. 30, 2025 | Sep. 09, 2025 | ||||||||
| Principal/ Number of Shares | 470,000 | 471,250 | ||||||||
| Cost | $ 470,000 | $ 471,250 | ||||||||
| Fair Value | $ 454,335 | $ 442,386 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Walker & Dunlop, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan B (12/22) | Term Loan B (12/22) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 3.00% | 3.00% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.25% | 7.72% | ||||||||
| Maturity Date | Dec. 15, 2028 | Dec. 15, 2028 | ||||||||
| Principal/ Number of Shares | 500,000 | 500,000 | ||||||||
| Cost | $ 490,617 | $ 490,249 | ||||||||
| Fair Value | $ 495,000 | $ 496,250 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Warner Music Group Corp. (WMG Acquisition Corp.) [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Hotel, Gaming & Leisure | Hotel, Gaming & Leisure | ||||||||
| Asset Name | Term Loan G | Term Loan Incremental (11/22) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 2.13% | 3.00% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.50% | ||||||||
| Current Rate (All In) | 7.28% | 7.62% | ||||||||
| Maturity Date | Jan. 20, 2028 | Jan. 19, 2028 | ||||||||
| Principal/ Number of Shares | 1,250,000 | 500,000 | ||||||||
| Cost | $ 1,249,879 | $ 490,562 | ||||||||
| Fair Value | $ 1,237,675 | $ 498,960 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Warner Music Group Corp. (WMG Acquisition Corp.) One [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Hotel, Gaming & Leisure | Hotel, Gaming & Leisure | ||||||||
| Asset Name | Term Loan Incremental (11/22) | Term Loan G | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.00% | 2.13% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.00% | ||||||||
| Current Rate (All In) | 7.98% | 6.76% | ||||||||
| Maturity Date | Jan. 19, 2028 | Jan. 20, 2028 | ||||||||
| Principal/ Number of Shares | 500,000 | 1,250,000 | ||||||||
| Cost | $ 491,037 | $ 1,249,851 | ||||||||
| Fair Value | $ 498,595 | $ 1,243,750 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Watlow Electric Manufacturing Company [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | High Tech Industries | High Tech Industries | ||||||||
| Asset Name | Term Loan B | Term Loan B | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | ||||||||
| Reference Spread | 3.75% | 3.75% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 9.06% | 8.69% | ||||||||
| Maturity Date | Mar. 02, 2028 | Mar. 02, 2028 | ||||||||
| Principal/ Number of Shares | 2,450,000 | 2,456,250 | ||||||||
| Cost | $ 2,442,192 | $ 2,447,468 | ||||||||
| Fair Value | $ 2,378,680 | $ 2,417,368 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | West Corporation [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Telecommunications | Telecommunications | ||||||||
| Asset Name | Term Loan B-3 | Term Loan B-3 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 3M USD SOFR+ | ||||||||
| Reference Spread | 4.00% | 4.00% | ||||||||
| SOFR/ LIBOR Floor | 1.00% | 1.00% | ||||||||
| Current Rate (All In) | 9.40% | 8.93% | ||||||||
| Maturity Date | Apr. 09, 2027 | Apr. 09, 2027 | ||||||||
| Principal/ Number of Shares | 1,189,119 | 1,189,119 | ||||||||
| Cost | $ 1,173,823 | $ 1,172,865 | ||||||||
| Fair Value | $ 1,058,982 | $ 1,044,939 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | WEX Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Business | Services: Business | ||||||||
| Asset Name | Term Loan B (3/21) | Term Loan B (3/21) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 2.25% | 2.25% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 7.52% | 6.88% | ||||||||
| Maturity Date | Mar. 31, 2028 | Mar. 31, 2028 | ||||||||
| Principal/ Number of Shares | 2,947,406 | 2,954,924 | ||||||||
| Cost | $ 2,939,191 | $ 2,946,492 | ||||||||
| Fair Value | $ 2,926,774 | $ 2,944,582 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | WildBrain Ltd. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Media: Diversified & Production | Media: Diversified & Production | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 4.25% | 4.25% | ||||||||
| SOFR/ LIBOR Floor | 0.75% | 0.75% | ||||||||
| Current Rate (All In) | 9.52% | 8.98% | ||||||||
| Maturity Date | Mar. 27, 2028 | Mar. 27, 2028 | ||||||||
| Principal/ Number of Shares | 1,960,000 | 1,965,000 | ||||||||
| Cost | $ 1,931,339 | $ 1,935,307 | ||||||||
| Fair Value | $ 1,891,400 | $ 1,864,903 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Wyndham Hotels & Resorts, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Hotel, Gaming & Leisure | |||||||||
| Asset Name | Term Loan 5/23 | |||||||||
| Asset Type | Loan | |||||||||
| Reference Rate | 1M USD SOFR+ | |||||||||
| Reference Spread | 2.25% | |||||||||
| SOFR/ LIBOR Floor | 0.00% | |||||||||
| Current Rate (All In) | 7.40% | |||||||||
| Maturity Date | May 10, 2030 | |||||||||
| Principal/ Number of Shares | 1,000,000 | |||||||||
| Cost | $ 995,000 | |||||||||
| Fair Value | $ 996,880 | |||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Xperi Corporation [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | High Tech Industries | High Tech Industries | ||||||||
| Asset Name | Term Loan | Term Loan | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | ||||||||
| Reference Spread | 3.50% | 3.50% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 8.65% | 8.13% | ||||||||
| Maturity Date | Jun. 08, 2028 | Jun. 08, 2028 | ||||||||
| Principal/ Number of Shares | 2,310,717 | 2,427,446 | ||||||||
| Cost | $ 2,304,550 | $ 2,420,580 | ||||||||
| Fair Value | $ 2,281,833 | $ 2,388,752 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Zayo Group, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Telecommunications | Telecommunications | ||||||||
| Asset Name | Term Loan 4/22 | Term Loan 4/22 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 4.25% | 4.25% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 9.40% | 8.87% | ||||||||
| Maturity Date | Mar. 09, 2027 | Mar. 09, 2027 | ||||||||
| Principal/ Number of Shares | 990,000 | 992,500 | ||||||||
| Cost | $ 969,668 | $ 971,029 | ||||||||
| Fair Value | $ 775,635 | $ 842,027 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ZEBRA BUYER (Allspring) LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | ||||||||
| Asset Name | Term Loan 4/21 | Term Loan 4/21 | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 3.00% | 3.00% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 8.19% | 7.75% | ||||||||
| Maturity Date | Nov. 01, 2028 | Nov. 01, 2028 | ||||||||
| Principal/ Number of Shares | 878,226 | 880,444 | ||||||||
| Cost | $ 875,022 | $ 876,985 | ||||||||
| Fair Value | $ 857,096 | $ 874,941 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Zekelman Industries, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Metals & Mining | Metals & Mining | ||||||||
| Asset Name | Term Loan (01/20) | Term Loan (01/20) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | ||||||||
| Reference Spread | 2.00% | 2.00% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 7.02% | 6.73% | ||||||||
| Maturity Date | Jan. 25, 2027 | Jan. 25, 2027 | ||||||||
| Principal/ Number of Shares | 959,611 | 961,471 | ||||||||
| Cost | $ 959,611 | $ 961,471 | ||||||||
| Fair Value | $ 946,416 | $ 948,251 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Zest Acquisition Corp. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | ||||||||
| Asset Name | Term Loan (1/23) | Term Loan (1/23) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 5.50% | 5.50% | ||||||||
| SOFR/ LIBOR Floor | 0.00% | 0.00% | ||||||||
| Current Rate (All In) | 10.54% | 10.07% | ||||||||
| Maturity Date | Feb. 08, 2028 | Jan. 31, 2028 | ||||||||
| Principal/ Number of Shares | 1,995,000 | 2,000,000 | ||||||||
| Cost | $ 1,900,560 | $ 1,901,512 | ||||||||
| Fair Value | $ 1,922,681 | $ 1,928,340 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Zodiac Pool Solutions [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Consumer goods: Durable | Consumer goods: Durable | ||||||||
| Asset Name | Term Loan (1/22) | Term Loan (1/22) | ||||||||
| Asset Type | Loan | Loan | ||||||||
| Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | ||||||||
| Reference Spread | 2.00% | 2.00% | ||||||||
| SOFR/ LIBOR Floor | 0.50% | 0.50% | ||||||||
| Current Rate (All In) | 7.25% | 6.72% | ||||||||
| Maturity Date | Jan. 29, 2029 | Jan. 29, 2029 | ||||||||
| Principal/ Number of Shares | 493,750 | 495,000 | ||||||||
| Cost | $ 492,872 | $ 494,015 | ||||||||
| Fair Value | $ 482,141 | $ 490,192 | ||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Agiliti Health Inc.One [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Healthcare & Pharmaceuticals | |||||||||
| Asset Name | Term Loan (1/19) | |||||||||
| Asset Type | Loan | |||||||||
| Reference Rate | 1M USD LIBOR+ | |||||||||
| Reference Spread | 2.75% | |||||||||
| SOFR/ LIBOR Floor | 0.00% | |||||||||
| Current Rate (All In) | 7.38% | |||||||||
| Maturity Date | Jan. 04, 2026 | |||||||||
| Principal/ Number of Shares | 1,468,430 | |||||||||
| Cost | $ 1,463,378 | |||||||||
| Fair Value | $ 1,457,416 | |||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | AI Convoy (Luxembourg) S.a.r.l. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Aerospace & Defense | |||||||||
| Asset Name | Term Loan B (USD) | |||||||||
| Asset Type | Loan | |||||||||
| Reference Rate | 6M USD LIBOR+ | |||||||||
| Reference Spread | 3.50% | |||||||||
| SOFR/ LIBOR Floor | 1.00% | |||||||||
| Current Rate (All In) | 8.17% | |||||||||
| Maturity Date | Jan. 18, 2027 | |||||||||
| Principal/ Number of Shares | ||||||||||
| Cost | ||||||||||
| Fair Value | ||||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | AL GCX Holdings (Arclight) T/L B [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Energy: Oil & Gas | |||||||||
| Asset Name | Term Loan B | |||||||||
| Asset Type | Loan | |||||||||
| Reference Rate | 3M USD SOFR+ | |||||||||
| Reference Spread | 3.50% | |||||||||
| SOFR/ LIBOR Floor | 0.50% | |||||||||
| Current Rate (All In) | 8.28% | |||||||||
| Maturity Date | May 17, 2029 | |||||||||
| Principal/ Number of Shares | 976,802 | |||||||||
| Cost | $ 971,918 | |||||||||
| Fair Value | $ 975,581 | |||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | American Airlines T/L (2/23) [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Transportation: Consumer | |||||||||
| Asset Name | Term Loan | |||||||||
| Asset Type | Loan | |||||||||
| Reference Rate | ||||||||||
| Reference Spread | ||||||||||
| SOFR/ LIBOR Floor | ||||||||||
| Current Rate (All In) | ||||||||||
| Maturity Date | ||||||||||
| Principal/ Number of Shares | ||||||||||
| Cost | $ 27 | |||||||||
| Fair Value | ||||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ARC FALCON I INC. One [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Chemicals, Plastics, & Rubber | |||||||||
| Asset Name | Delayed Draw Term Loan | |||||||||
| Asset Type | [1] | Loan | ||||||||
| Reference Rate | 3M USD LIBOR+ | |||||||||
| Reference Spread | 1.00% | |||||||||
| SOFR/ LIBOR Floor | 0.50% | |||||||||
| Current Rate (All In) | 1.00% | |||||||||
| Maturity Date | Sep. 29, 2028 | |||||||||
| Principal/ Number of Shares | ||||||||||
| Cost | $ (512) | |||||||||
| Fair Value | $ (7,675) | |||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Bracket Intermediate Holding Corp [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Healthcare & Pharmaceuticals | |||||||||
| Asset Name | Term Loan | |||||||||
| Asset Type | Loan | |||||||||
| Reference Rate | 3M USD LIBOR+ | |||||||||
| Reference Spread | 4.25% | |||||||||
| SOFR/ LIBOR Floor | 0.00% | |||||||||
| Current Rate (All In) | 9.04% | |||||||||
| Maturity Date | Sep. 05, 2025 | |||||||||
| Principal/ Number of Shares | 957,500 | |||||||||
| Cost | $ 955,597 | |||||||||
| Fair Value | $ 929,378 | |||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | BrightSpring Health Services (Phoenix Guarantor) [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Healthcare & Pharmaceuticals | |||||||||
| Asset Name | Term Loan B-3 | |||||||||
| Asset Type | Loan | |||||||||
| Reference Rate | 1M USD LIBOR+ | |||||||||
| Reference Spread | 3.50% | |||||||||
| SOFR/ LIBOR Floor | 0.00% | |||||||||
| Current Rate (All In) | 8.13% | |||||||||
| Maturity Date | Mar. 05, 2026 | |||||||||
| Principal/ Number of Shares | 982,500 | |||||||||
| Cost | $ 982,500 | |||||||||
| Fair Value | $ 967,556 | |||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Casa Systems, Inc [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Media: Advertising, Printing & Publishing | |||||||||
| Asset Name | Term Loan B (USD) | |||||||||
| Asset Type | Loan | |||||||||
| Reference Rate | 1M USD LIBOR+ | |||||||||
| Reference Spread | 3.75% | |||||||||
| SOFR/ LIBOR Floor | 0.00% | |||||||||
| Current Rate (All In) | 8.38% | |||||||||
| Maturity Date | Jan. 27, 2027 | |||||||||
| Principal/ Number of Shares | 1,963,384 | |||||||||
| Cost | $ 1,954,023 | |||||||||
| Fair Value | $ 1,375,469 | |||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | COWEN INC. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Banking, Finance, Insurance & Real Estate | |||||||||
| Asset Name | Term Loan | |||||||||
| Asset Type | Loan | |||||||||
| Reference Rate | 6M USD LIBOR+ | |||||||||
| Reference Spread | 3.25% | |||||||||
| SOFR/ LIBOR Floor | 0.00% | |||||||||
| Current Rate (All In) | 7.43% | |||||||||
| Maturity Date | Mar. 24, 2028 | |||||||||
| Principal/ Number of Shares | 3,927,406 | |||||||||
| Cost | $ 3,907,308 | |||||||||
| Fair Value | $ 3,922,496 | |||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | IRB Holding T/L B (1/22) [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Beverage, Food & Tobacco | |||||||||
| Asset Name | Term Loan B | |||||||||
| Asset Type | Loan | |||||||||
| Reference Rate | 1M USD SOFR+ | |||||||||
| Reference Spread | 3.00% | |||||||||
| SOFR/ LIBOR Floor | 0.75% | |||||||||
| Current Rate (All In) | 7.69% | |||||||||
| Maturity Date | Dec. 15, 2027 | |||||||||
| Principal/ Number of Shares | 500,000 | |||||||||
| Cost | $ 495,150 | |||||||||
| Fair Value | $ 493,125 | |||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | J Jill Group, Inc [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Retail | |||||||||
| Asset Name | Priming Term Loan | |||||||||
| Asset Type | Loan | |||||||||
| Reference Rate | 3M USD LIBOR+ | |||||||||
| Reference Spread | 5.00% | |||||||||
| SOFR/ LIBOR Floor | 1.00% | |||||||||
| Current Rate (All In) | 9.83% | |||||||||
| Maturity Date | May 08, 2024 | |||||||||
| Principal/ Number of Shares | 1,553,698 | |||||||||
| Cost | $ 1,553,299 | |||||||||
| Fair Value | $ 1,464,361 | |||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Maxar Technologies Inc [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Aerospace & Defense | |||||||||
| Asset Name | Term Loan (6/22) | |||||||||
| Asset Type | Loan | |||||||||
| Reference Rate | 1M USD SOFR+ | |||||||||
| Reference Spread | 4.25% | |||||||||
| SOFR/ LIBOR Floor | 0.50% | |||||||||
| Current Rate (All In) | 8.97% | |||||||||
| Maturity Date | Jun. 14, 2029 | |||||||||
| Principal/ Number of Shares | 1,994,987 | |||||||||
| Cost | $ 1,926,722 | |||||||||
| Fair Value | $ 1,997,641 | |||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | MW Industries, Inc. (Helix Acquisition Holdings) [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Capital Equipment | |||||||||
| Asset Name | Term Loan (2019 Incremental) | |||||||||
| Asset Type | Loan | |||||||||
| Reference Rate | 3M USD LIBOR+ | |||||||||
| Reference Spread | 3.75% | |||||||||
| SOFR/ LIBOR Floor | 0.00% | |||||||||
| Current Rate (All In) | 8.48% | |||||||||
| Maturity Date | Sep. 30, 2024 | |||||||||
| Principal/ Number of Shares | 2,842,097 | |||||||||
| Cost | $ 2,823,791 | |||||||||
| Fair Value | $ 2,778,150 | |||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Renaissance Learning, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Consumer | |||||||||
| Asset Name | Term Loan (5/18) | |||||||||
| Asset Type | Loan | |||||||||
| Reference Rate | 1M USD LIBOR+ | |||||||||
| Reference Spread | 3.25% | |||||||||
| SOFR/ LIBOR Floor | 0.00% | |||||||||
| Current Rate (All In) | 7.88% | |||||||||
| Maturity Date | May 30, 2025 | |||||||||
| Principal/ Number of Shares | 2,938,373 | |||||||||
| Cost | $ 2,922,432 | |||||||||
| Fair Value | $ 2,871,025 | |||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Signify Health, LLC [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Healthcare & Pharmaceuticals | |||||||||
| Asset Name | Term Loan B (6/21) | |||||||||
| Asset Type | Loan | |||||||||
| Reference Rate | 3M USD LIBOR+ | |||||||||
| Reference Spread | 3.00% | |||||||||
| SOFR/ LIBOR Floor | 0.50% | |||||||||
| Current Rate (All In) | 7.73% | |||||||||
| Maturity Date | Jun. 16, 2028 | |||||||||
| Principal/ Number of Shares | 493,750 | |||||||||
| Cost | $ 491,846 | |||||||||
| Fair Value | $ 493,750 | |||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Sotheby’s [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Business | |||||||||
| Asset Name | Term Loan (7/21) | |||||||||
| Asset Type | Loan | |||||||||
| Reference Rate | 3M USD LIBOR+ | |||||||||
| Reference Spread | 4.50% | |||||||||
| SOFR/ LIBOR Floor | 0.50% | |||||||||
| Current Rate (All In) | 9.33% | |||||||||
| Maturity Date | Jan. 15, 2027 | |||||||||
| Principal/ Number of Shares | 3,223,744 | |||||||||
| Cost | $ 3,183,482 | |||||||||
| Fair Value | $ 3,209,237 | |||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | United Road Services Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Transportation: Cargo | |||||||||
| Asset Name | Term Loan (10/17) | |||||||||
| Asset Type | Loan | |||||||||
| Reference Rate | 3M USD LIBOR+ | |||||||||
| Reference Spread | 5.75% | |||||||||
| SOFR/ LIBOR Floor | 1.00% | |||||||||
| Current Rate (All In) | 10.70% | |||||||||
| Maturity Date | Sep. 01, 2024 | |||||||||
| Principal/ Number of Shares | 889,180 | |||||||||
| Cost | $ 886,242 | |||||||||
| Fair Value | $ 465,335 | |||||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | U.S. Bank Money Market [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Principal/ Number of Shares | 13,354,715 | 23,776,950 | [3] | |||||||
| Cost | $ 13,354,715 | $ 23,776,950 | [3] | |||||||
| Fair Value | $ 13,354,715 | $ 23,776,950 | [3] | |||||||
| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Cash and cash equivalents [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Principal/ Number of Shares | 13,354,715 | 23,776,950 | ||||||||
| Cost | $ 13,354,715 | $ 23,776,950 | ||||||||
| Fair Value | $ 13,354,715 | $ 23,776,950 | ||||||||
| Reynolds Consumer Products LLC [Member] | Restoration Hardware, Inc. [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Retail | |||||||||
| Asset Name | Term Loan (9/21) | |||||||||
| Asset Type | Loan | |||||||||
| Reference Rate | 1M USD LIBOR+ | |||||||||
| Reference Spread | 2.50% | |||||||||
| SOFR/ LIBOR Floor | 0.50% | |||||||||
| Current Rate (All In) | 7.65% | |||||||||
| Maturity Date | Oct. 20, 2028 | |||||||||
| Principal/ Number of Shares | 3,453,672 | |||||||||
| Cost | $ 3,448,420 | |||||||||
| Fair Value | $ 3,076,842 | |||||||||
| Share-Based Payment Arrangement [Member] | Sotheby’s [Member] | ||||||||||
| Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items] | ||||||||||
| Industry | Services: Business | |||||||||
| Asset Name | Term Loan (7/21) | |||||||||
| Asset Type | Loan | |||||||||
| Reference Rate | 3M USD LIBOR+ | |||||||||
| Reference Spread | 4.50% | |||||||||
| SOFR/ LIBOR Floor | 0.50% | |||||||||
| Current Rate (All In) | 9.76% | |||||||||
| Maturity Date | Jan. 15, 2027 | |||||||||
| Principal/ Number of Shares | 3,215,561 | |||||||||
| Cost | $ 3,178,251 | |||||||||
| Fair Value | $ 3,124,722 | |||||||||
| ||||||||||
Income Taxes (Details) - USD ($) |
3 Months Ended | |
|---|---|---|
May 31, 2023 |
May 31, 2022 |
|
| Income Tax Disclosure [Abstract] | ||
| Owned percentage | 100.00% | |
| U.S. federal tax percentage | 21.00% | |
| Deferred tax assets | $ 2,200,000 | |
| Deferred tax expense | (60,000.00) | $ 400,000 |
| Income tax provision | 0 | 100,000 |
| Total operating expense | $ 10,000.00 | $ (0.1) |
Income Taxes (Details) - Schedule of deferred tax assets and liabilities - USD ($) |
May 31, 2023 |
Feb. 28, 2023 |
|---|---|---|
| Schedule of Deferred Tax Assets and Liabilities [Abstract] | ||
| Total deferred tax assets | $ 2,393,158 | $ 2,542,373 |
| Total deferred tax liabilities | (2,949,422) | (3,008,829) |
| Valuation allowance on net deferred tax assets | (2,246,371) | (2,350,116) |
| Net deferred tax liability | $ (2,802,635) | $ (2,816,572) |
Income Taxes (Details) - Schedule of federal and state income tax provisions benefit - USD ($) |
3 Months Ended | |
|---|---|---|
May 31, 2023 |
May 31, 2022 |
|
| Current | ||
| Federal | $ 213,842 | |
| State | (78,503) | |
| Net current expense | 135,339 | |
| Deferred | ||
| Federal | 14,909 | (296,071) |
| State | (972) | (33,236) |
| Net deferred expense | 13,937 | (329,307) |
| Net tax provision | $ 13,937 | $ (193,968) |
Agreements and Related Party Transactions (Details) - USD ($) |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 01, 2023 |
Aug. 11, 2021 |
Feb. 26, 2021 |
Jul. 30, 2010 |
May 31, 2023 |
May 31, 2022 |
Feb. 28, 2023 |
Oct. 28, 2022 |
Aug. 31, 2021 |
Aug. 09, 2021 |
Feb. 05, 2019 |
Dec. 18, 2018 |
Jul. 13, 2018 |
May 10, 2013 |
|
| Agreements and Related Party Transactions (Details) [Line Items] | ||||||||||||||
| Management agreement | 2 years | |||||||||||||
| Management fee, description | The base management fee of 1.75% per year is calculated based on the average value of our gross assets (other than cash or cash equivalents, but including assets purchased with borrowed funds) at the end of the two most recently completed fiscal quarters. | |||||||||||||
| Net investment income percentage | 20.00% | |||||||||||||
| Quarterly hurdle rate measured | 1.875% | |||||||||||||
| Incentive fee description | Under this provision, in any fiscal quarter, our Manager receives no incentive fee unless our pre-incentive fee net investment income exceeds the hurdle rate of 1.875%. Our Manager will receive 100.0% of pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than or equal to 2.344% in any fiscal quarter; and 20.0% of the amount of our pre-incentive fee net investment income, if any, that exceeds 2.344% in any fiscal quarter. | |||||||||||||
| Incentive fee capital gains percentage | 20.00% | |||||||||||||
| Incentive fees | $ 3,200,000 | $ 0 | ||||||||||||
| Incentive fees capital | (1,900,000) | |||||||||||||
| Management fee accrual | 4,600,000 | $ 4,300,000 | ||||||||||||
| Incentive fees accrual | 100,000 | 7,900,000 | ||||||||||||
| Upsized from assets | $ 500,000,000 | |||||||||||||
| Upsized in assets | 100,267,501 | 116,255,582 | ||||||||||||
| Aggregate principal amount | $ 20,000,000 | $ 48,300,000 | ||||||||||||
| Repayment of loan | 30,000,000 | |||||||||||||
| Realized loss | $ 100,000 | 90,691 | 162,509 | |||||||||||
| Recognized management fee income | 800,000 | 800,000 | ||||||||||||
| Investment fair value | $ 402,100,000 | |||||||||||||
| Interest income | $ 200,000 | |||||||||||||
| Share percentage | 87.50% | |||||||||||||
| Price par value (in Dollars per share) | $ 15.2 | $ 12,250,000 | $ 25 | |||||||||||
| Minimum [Member] | ||||||||||||||
| Agreements and Related Party Transactions (Details) [Line Items] | ||||||||||||||
| Aggregate principal amount | $ 0 | |||||||||||||
| Maximum [Member] | ||||||||||||||
| Agreements and Related Party Transactions (Details) [Line Items] | ||||||||||||||
| Aggregate principal amount | 800,000 | |||||||||||||
| Fair Value [Member] | Unsecured Loan [Member] | ||||||||||||||
| Agreements and Related Party Transactions (Details) [Line Items] | ||||||||||||||
| Unsecured loan | $ 17,600,000 | |||||||||||||
| Management Agreement [Member] | ||||||||||||||
| Agreements and Related Party Transactions (Details) [Line Items] | ||||||||||||||
| Incentive fee capital gains percentage | 20.00% | |||||||||||||
| Administration Agreement [Member] | ||||||||||||||
| Agreements and Related Party Transactions (Details) [Line Items] | ||||||||||||||
| Expenses payable | $ 1,000,000 | |||||||||||||
| Reimbursement of expenses | $ 800,000 | 800,000 | ||||||||||||
| Membership Interest [Member] | Fair Value [Member] | ||||||||||||||
| Agreements and Related Party Transactions (Details) [Line Items] | ||||||||||||||
| Unsecured loan | 7,700,000 | |||||||||||||
| Warehouse [Member] | ||||||||||||||
| Agreements and Related Party Transactions (Details) [Line Items] | ||||||||||||||
| Repayment of loan | $ 25,000,000 | |||||||||||||
| Manager [Member] | ||||||||||||||
| Agreements and Related Party Transactions (Details) [Line Items] | ||||||||||||||
| Administrator expenses | 300,000 | $ 1,000.000 | ||||||||||||
| SLF JV [Member] | ||||||||||||||
| Agreements and Related Party Transactions (Details) [Line Items] | ||||||||||||||
| Interest Income | 500,000 | |||||||||||||
| Subsequent Event [Member] | Administration Agreement [Member] | Minimum [Member] | ||||||||||||||
| Agreements and Related Party Transactions (Details) [Line Items] | ||||||||||||||
| Reimbursement of expenses | $ 3,275,000 | |||||||||||||
| Class F-R-3 Notes [Member] | ||||||||||||||
| Agreements and Related Party Transactions (Details) [Line Items] | ||||||||||||||
| Aggregate principal amount | $ 17,900,000 | |||||||||||||
| Class F-1-R-3 Notes [Member] | ||||||||||||||
| Agreements and Related Party Transactions (Details) [Line Items] | ||||||||||||||
| Aggregate principal amount | 8,500,000 | |||||||||||||
| Class F-2-R-3 Notes [Member] | ||||||||||||||
| Agreements and Related Party Transactions (Details) [Line Items] | ||||||||||||||
| Aggregate principal amount | $ 9,400,000 | |||||||||||||
| Saratoga CLO [Member] | ||||||||||||||
| Agreements and Related Party Transactions (Details) [Line Items] | ||||||||||||||
| Incentive fees capital | 3,100,000 | $ (1,900,000) | ||||||||||||
| Upsized from assets | $ 300,000,000 | |||||||||||||
| Newly issued subordinated notes | 14,000,000 | |||||||||||||
| Transaction cost paid | 2,600,000 | |||||||||||||
| Outstanding receivable amount | $ 2,600,000 | |||||||||||||
| Saratoga CLO [Member] | Minimum [Member] | ||||||||||||||
| Agreements and Related Party Transactions (Details) [Line Items] | ||||||||||||||
| Upsized in assets | 500,000,000 | |||||||||||||
| Saratoga CLO [Member] | Maximum [Member] | ||||||||||||||
| Agreements and Related Party Transactions (Details) [Line Items] | ||||||||||||||
| Upsized in assets | 650,000,000 | |||||||||||||
| Class F-R-3 Notes Tranche [Member] | ||||||||||||||
| Agreements and Related Party Transactions (Details) [Line Items] | ||||||||||||||
| Aggregate principal amount | 17,900,000 | |||||||||||||
| Class F-R-2 Notes Tranche [Member] | ||||||||||||||
| Agreements and Related Party Transactions (Details) [Line Items] | ||||||||||||||
| Aggregate principal amount | 2,500,000 | |||||||||||||
| Class G-R-2 Notes Tranche [Member] | ||||||||||||||
| Agreements and Related Party Transactions (Details) [Line Items] | ||||||||||||||
| Aggregate principal amount | $ 7,500,000 | |||||||||||||
| SLF JV [Member] | Fair Value [Member] | ||||||||||||||
| Agreements and Related Party Transactions (Details) [Line Items] | ||||||||||||||
| Investment fair value | $ 25,400,000 | |||||||||||||
Borrowings (Details) - USD ($) |
1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 01, 2023 |
Apr. 14, 2023 |
Dec. 13, 2022 |
Nov. 10, 2022 |
Sep. 08, 2022 |
Aug. 15, 2022 |
Jul. 14, 2022 |
May 10, 2022 |
Oct. 04, 2021 |
Jul. 15, 2021 |
Mar. 10, 2021 |
Jan. 28, 2021 |
Jul. 09, 2020 |
Jul. 06, 2020 |
Apr. 16, 2019 |
Apr. 16, 2019 |
Feb. 05, 2019 |
Apr. 16, 2018 |
Apr. 26, 2023 |
Mar. 31, 2023 |
Jan. 27, 2023 |
Dec. 21, 2022 |
Oct. 27, 2022 |
Apr. 27, 2022 |
Jan. 19, 2022 |
Dec. 29, 2020 |
Jun. 24, 2020 |
Aug. 28, 2018 |
Mar. 23, 2018 |
May 29, 2015 |
May 31, 2023 |
May 31, 2022 |
Aug. 31, 2022 |
Aug. 31, 2021 |
Nov. 30, 2022 |
Feb. 28, 2023 |
Feb. 28, 2022 |
Dec. 21, 2019 |
May 10, 2013 |
Jul. 30, 2010 |
May 01, 2007 |
Apr. 11, 2007 |
|
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Interest rate, description | The Revolving Credit Facility, SBA Debentures, 8.75% 2024 Notes, 6.00% 2025 Notes, 7.75% 2025 Notes, 4.375% 2026 Notes, 4.35% 2027 Notes and 6.25% 2027 Notes are not registered for public trading. | |||||||||||||||||||||||||||||||||||||||||
| Loss on the extinguishment of debt | $ 69,250 | |||||||||||||||||||||||||||||||||||||||||
| Securitized credit facility | $ 35,000,000 | $ 32,500,000 | ||||||||||||||||||||||||||||||||||||||||
| Encina Credit Facility percentage | 9.41% | |||||||||||||||||||||||||||||||||||||||||
| Administrative agent fee | $ 818,750 | 750,000 | ||||||||||||||||||||||||||||||||||||||||
| Financing costs | 2,715,705 | 4,112,912 | ||||||||||||||||||||||||||||||||||||||||
| Interest expense | $ 200,000 | 1,100,000 | ||||||||||||||||||||||||||||||||||||||||
| Debt instrument, description | Our wholly owned SBIC Subsidiaries are able to borrow funds from the SBA against regulatory capital (which approximates equity capital in the respective SBIC) and is subject to customary regulatory requirements including but not limited to, a periodic examination by the SBA. | |||||||||||||||||||||||||||||||||||||||||
| Additional long-term capital | $ 175,000,000 | |||||||||||||||||||||||||||||||||||||||||
| Outstanding principal amount | $ 20,000,000 | $ 48,300,000 | ||||||||||||||||||||||||||||||||||||||||
| SBA guaranteed debentures, description | With the third license approval, Saratoga can continue to grow its SBA relationship from $150.0 million to $350.0 million of committed capital. | |||||||||||||||||||||||||||||||||||||||||
| Net income taxes | $ 300 | 374 | ||||||||||||||||||||||||||||||||||||||||
| Investment percentage | 0.10% | |||||||||||||||||||||||||||||||||||||||||
| Borrowing amount | 350,000,000 | |||||||||||||||||||||||||||||||||||||||||
| Interest Expense, Subordinated Notes and Debentures | 202,000,000 | 202,000,000 | ||||||||||||||||||||||||||||||||||||||||
| Amortization of deferred financing costs | 200,000 | 200,000 | ||||||||||||||||||||||||||||||||||||||||
| Principal of loan | $ 175,000,000 | |||||||||||||||||||||||||||||||||||||||||
| Aggregate principal amount percentage | 7.25% | 7.25% | 6.25% | 6.75% | 7.50% | |||||||||||||||||||||||||||||||||||||
| Debt distribution agreement, description | On July 14, 2022, the Company redeemed $43.1 million in aggregate principal amount of the $43.1 million in aggregate principal amount of issued and outstanding 7.25% 2025 Notes and are no longer listed on the NYSE. | On May 29, 2015, the Company entered into a Debt Distribution Agreement with Ladenburg Thalmann & Co. through which the Company may offer for sale, from time to time, up to $20.0 million in aggregate principal amount of the 2020 Notes through an At-the-Market (“ATM”) offering. Prior to the 2020 Notes being redeemed in full, the Company had sold 539,725 units of the 7.50% 2020 Notes with a principal of $13.5 million at an average price of $25.31 for aggregate net proceeds of $13.4 million (net of transaction costs). | ||||||||||||||||||||||||||||||||||||||||
| Net proceeds | 19,200,000 | |||||||||||||||||||||||||||||||||||||||||
| Underwriting commissions | 600,000 | $ 1,429,222 | 851,728 | |||||||||||||||||||||||||||||||||||||||
| Discount amount | $ 200,000 | |||||||||||||||||||||||||||||||||||||||||
| Repayment realised loss Ppercentage | 7.25% | |||||||||||||||||||||||||||||||||||||||||
| Interest expense | 0 | 80,000.00 | ||||||||||||||||||||||||||||||||||||||||
| Offering costs | $ 30,000.00 | |||||||||||||||||||||||||||||||||||||||||
| Fixed interest, description | Interest on the 6.00% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 6.00% per year. | |||||||||||||||||||||||||||||||||||||||||
| Fair value | $ 0 | |||||||||||||||||||||||||||||||||||||||||
| Amortization of premium on issuances | 50,000.00 | |||||||||||||||||||||||||||||||||||||||||
| Incurred cost | $ 30,000.00 | |||||||||||||||||||||||||||||||||||||||||
| Financing cost | $ 1,220,162 | 798,768 | ||||||||||||||||||||||||||||||||||||||||
| Asset coverage ratio | 0.001% | 0.001% | ||||||||||||||||||||||||||||||||||||||||
| Average daily trading price, percentage | 7.50% | |||||||||||||||||||||||||||||||||||||||||
| Minimum [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Asset coverage ratio | 150.00% | |||||||||||||||||||||||||||||||||||||||||
| Securitized credit facility | $ 50,000,000 | |||||||||||||||||||||||||||||||||||||||||
| Encina Credit Facility | $ 12,500,000 | |||||||||||||||||||||||||||||||||||||||||
| Outstanding principal amount | 0 | |||||||||||||||||||||||||||||||||||||||||
| Principal of loan | 4 | |||||||||||||||||||||||||||||||||||||||||
| Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Securitized credit facility | 65,000,000 | |||||||||||||||||||||||||||||||||||||||||
| Encina Credit Facility | $ 25,000,000 | |||||||||||||||||||||||||||||||||||||||||
| Outstanding principal amount | 800,000 | |||||||||||||||||||||||||||||||||||||||||
| Principal of loan | $ 4.25 | |||||||||||||||||||||||||||||||||||||||||
| 2025 [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Aggregate principal amount percentage | 7.25% | 7.75% | ||||||||||||||||||||||||||||||||||||||||
| Principal amount, percentage | 6.25% | |||||||||||||||||||||||||||||||||||||||||
| 2027 Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Average daily trading price, percentage | 6.00% | |||||||||||||||||||||||||||||||||||||||||
| Smaller Enterprise [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Tangible net | $ 6,000,000 | |||||||||||||||||||||||||||||||||||||||||
| Net income taxes | 2,000,000 | |||||||||||||||||||||||||||||||||||||||||
| SBA Debentures [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Additional long-term capital | 150,000,000 | |||||||||||||||||||||||||||||||||||||||||
| Interest expense | 1,500,000 | 1,400,000 | ||||||||||||||||||||||||||||||||||||||||
| 8.50% 2028 Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Aggregate principal amount percentage | 6.25% | |||||||||||||||||||||||||||||||||||||||||
| Financing cost | 2,000,000 | |||||||||||||||||||||||||||||||||||||||||
| 4.375% Notes 2026 [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Interest expense | 1,900,000 | 1,900,000 | ||||||||||||||||||||||||||||||||||||||||
| 4.35% 2027 Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Outstanding amount | 75,000,000 | $ 75,000,000 | ||||||||||||||||||||||||||||||||||||||||
| Interest expense | 800,000 | 800,000 | ||||||||||||||||||||||||||||||||||||||||
| Deferred financing costs | 100,000 | |||||||||||||||||||||||||||||||||||||||||
| 8.50% 2028 Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Interest expense | 1,600,000 | 500,000 | ||||||||||||||||||||||||||||||||||||||||
| Fair value | 97,500,000 | |||||||||||||||||||||||||||||||||||||||||
| Carrying amount | 105,500,000 | |||||||||||||||||||||||||||||||||||||||||
| 7.00% 2025 Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Outstanding amount | 12,000,000 | |||||||||||||||||||||||||||||||||||||||||
| Interest expense | 200,000 | 0 | ||||||||||||||||||||||||||||||||||||||||
| Fair value | 11,600,000 | $ 12,000,000 | ||||||||||||||||||||||||||||||||||||||||
| Carrying amount | 12,000,000 | 12,000,000 | ||||||||||||||||||||||||||||||||||||||||
| Deferred financing costs | 30,000.00 | 0 | ||||||||||||||||||||||||||||||||||||||||
| Encina Credit Facility [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Outstanding amount | 35,000,000 | $ 32,500,000 | ||||||||||||||||||||||||||||||||||||||||
| SBIC LP [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Aggregate cost of capital | 75,000,000 | |||||||||||||||||||||||||||||||||||||||||
| Debentures outstanding amount | 27,000,000 | |||||||||||||||||||||||||||||||||||||||||
| SBIC II LP [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Aggregate cost of capital | 87,500,000 | |||||||||||||||||||||||||||||||||||||||||
| Debentures outstanding amount | 175,000,000 | |||||||||||||||||||||||||||||||||||||||||
| SBIC III LP [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Aggregate cost of capital | 66,700,000 | |||||||||||||||||||||||||||||||||||||||||
| Debentures outstanding amount | 0 | |||||||||||||||||||||||||||||||||||||||||
| SBA-Guaranteed Debentures [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Debentures outstanding amount | 202,000,000 | |||||||||||||||||||||||||||||||||||||||||
| SBIC [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Tangible net | 24,000,000 | |||||||||||||||||||||||||||||||||||||||||
| Net income taxes | $ 8,000,000 | |||||||||||||||||||||||||||||||||||||||||
| Investment percentage | 25.00% | |||||||||||||||||||||||||||||||||||||||||
| SBA Debentures [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Principal of loan | $ 150,000,000 | |||||||||||||||||||||||||||||||||||||||||
| Asset coverage ratio | 150.00% | |||||||||||||||||||||||||||||||||||||||||
| SBA Debentures [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Principal of loan | $ 175,000,000 | |||||||||||||||||||||||||||||||||||||||||
| SBA Debentures [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Principal of loan | 350,000,000 | |||||||||||||||||||||||||||||||||||||||||
| 2020 Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Aggregate principal amount percentage | 7.50% | |||||||||||||||||||||||||||||||||||||||||
| 8.50% 2028 Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Outstanding principal amount | $ 60,000,000 | |||||||||||||||||||||||||||||||||||||||||
| Aggregate principal amount percentage | 6.25% | 8.50% | ||||||||||||||||||||||||||||||||||||||||
| Borrowing note, description | Offering costs incurred were approximately $0.2 million. The issuance included the full exercise of the underwriters’ option to purchase an additional $2.5 million aggregate principal amount of 6.25% 2025 Notes within 30 days. The additional 6.25% 2025 Notes were treated as a single series with the existing 6.25% 2025 Notes under the indenture and had the same terms as the existing 6.25% 2025 Notes. The net proceeds from this offering were used for general corporate purposes in accordance with our investment objective and strategies. The financing costs and discount of $1.0 million related to the 6.25% 2025 Notes have been capitalized and are being amortized over the term of the 6.25% 2025 Notes. | On August 28, 2018, the Company issued $40.0 million in aggregate principal amount of our 6.25% fixed-rate notes due 2025 (the “6.25% 2025 Notes”) for net proceeds of $38.7 million after deducting underwriting commissions of approximately $1.3 million. Offering costs incurred were approximately $0.3 million. The issuance included the full exercise of the underwriters’ option to purchase an additional $5.0 million aggregate principal amount of 6.25% 2025 Notes within 30 days. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $1.6 million related to the 6.25% 2025 Notes have been capitalized and were amortized over the term of the 6.25% 2025 Notes. | ||||||||||||||||||||||||||||||||||||||||
| Loss on extinguishment of debt | $ 1,500,000 | |||||||||||||||||||||||||||||||||||||||||
| Fair value | $ 0 | |||||||||||||||||||||||||||||||||||||||||
| 7.25% 2025 Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Loss on the extinguishment of debt | $ 1,000,000 | |||||||||||||||||||||||||||||||||||||||||
| Outstanding amount | 0 | 43,100,000 | ||||||||||||||||||||||||||||||||||||||||
| Financing costs | $ 300,000 | |||||||||||||||||||||||||||||||||||||||||
| Debt instrument, description | On July 6, 2020, the underwriters exercised their option in full to purchase an additional $5.625 million in aggregate principal amount of its 7.25% 2025 Notes. Net proceeds to the Company were $5.4 million after deducting underwriting commissions of approximately $0.2 million. Interest on the 7.25% 2025 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 7.25% per year, beginning August 31, 2020. The 7.25% 2025 Notes mature on June 30, 2025 and commencing June 24, 2022, may be redeemed in whole or in part at any time or from time to time at our option. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $1.6 million related to the 7.25% 2025 Notes have been capitalized and were being amortized over the term of the 7.25% 2025 Notes. | Offering costs incurred were approximately $0.2 million. | ||||||||||||||||||||||||||||||||||||||||
| Outstanding principal amount | $ 5,000,000 | $ 37,500,000 | ||||||||||||||||||||||||||||||||||||||||
| Principal amount, percentage | 7.75% | 7.25% | ||||||||||||||||||||||||||||||||||||||||
| Due date | 2025 | |||||||||||||||||||||||||||||||||||||||||
| Net proceeds amount | $ 4,800,000 | $ 36,300,000 | ||||||||||||||||||||||||||||||||||||||||
| Deducting underwriting commissions amount | 200,000 | $ 1,200,000 | ||||||||||||||||||||||||||||||||||||||||
| Offering costs | $ 100,000 | |||||||||||||||||||||||||||||||||||||||||
| Fixed interest, description | Interest on the 7.75% 2025 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 7.75% per year. | |||||||||||||||||||||||||||||||||||||||||
| 7.25% 2025 Notes [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Outstanding principal amount | $ 43,100,000 | |||||||||||||||||||||||||||||||||||||||||
| 7.75% Notes 2025 [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Outstanding amount | 5,000,000 | 5,000,000 | ||||||||||||||||||||||||||||||||||||||||
| Amortization of deferred financing cost | 10,000.00 | 10,000.00 | ||||||||||||||||||||||||||||||||||||||||
| Interest expense | $ 100,000 | 100,000 | ||||||||||||||||||||||||||||||||||||||||
| Debt par value of per share (in Dollars per share) | $ 25 | |||||||||||||||||||||||||||||||||||||||||
| Fair value | $ 4,900,000 | 4,900,000 | ||||||||||||||||||||||||||||||||||||||||
| Carrying amount | 5,000,000 | |||||||||||||||||||||||||||||||||||||||||
| 7.75% Notes 2025 [Member] | Borrowings [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Outstanding principal amount | 5,000,000 | |||||||||||||||||||||||||||||||||||||||||
| 7.00% 2025 Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Outstanding amount | 0 | |||||||||||||||||||||||||||||||||||||||||
| Financing costs | $ 50,000.00 | |||||||||||||||||||||||||||||||||||||||||
| Outstanding principal amount | $ 12,000,000 | |||||||||||||||||||||||||||||||||||||||||
| Principal amount, percentage | 7.00% | |||||||||||||||||||||||||||||||||||||||||
| Net proceeds amount | $ 11,600,000 | |||||||||||||||||||||||||||||||||||||||||
| Fixed interest, description | Interest on the 7.00% 2025 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 7.00% per year. | |||||||||||||||||||||||||||||||||||||||||
| Offering expenses | $ 400,000 | |||||||||||||||||||||||||||||||||||||||||
| 7.00% 2025 Notes [Member] | Borrowings [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Outstanding principal amount | 7.75 | |||||||||||||||||||||||||||||||||||||||||
| 6.25% Notes 2027 [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Outstanding amount | 15,000,000 | 15,000,000 | ||||||||||||||||||||||||||||||||||||||||
| Financing costs | $ 400,000 | $ 100,000 | ||||||||||||||||||||||||||||||||||||||||
| Outstanding principal amount | $ 10,000,000 | 5,000,000 | 15,000,000 | |||||||||||||||||||||||||||||||||||||||
| Interest expense | $ 200,000 | 200,000 | ||||||||||||||||||||||||||||||||||||||||
| Principal amount, percentage | 6.25% | |||||||||||||||||||||||||||||||||||||||||
| Net proceeds amount | $ 9,700,000 | |||||||||||||||||||||||||||||||||||||||||
| Deducting underwriting commissions amount | 300,000 | |||||||||||||||||||||||||||||||||||||||||
| Offering costs | $ 100,000 | $ 100,000 | ||||||||||||||||||||||||||||||||||||||||
| Fixed interest, description | Interest on the 6.25% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 6.25% per year. | |||||||||||||||||||||||||||||||||||||||||
| Debt par value of per share (in Dollars per share) | $ 25 | |||||||||||||||||||||||||||||||||||||||||
| Fair value | $ 13,800,000 | 13,700,000 | ||||||||||||||||||||||||||||||||||||||||
| Carrying amount | 15,000,000 | |||||||||||||||||||||||||||||||||||||||||
| Per share (in Dollars per share) | $ 25 | |||||||||||||||||||||||||||||||||||||||||
| Deferred financing costs | 20,000.00 | 20,000.00 | ||||||||||||||||||||||||||||||||||||||||
| 6.25% Notes 2027 [Member] | Borrowings [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Principal amount, percentage | 6.25% | |||||||||||||||||||||||||||||||||||||||||
| 4.375% Notes 2026 [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Outstanding amount | 175,000,000 | 175,000,000 | ||||||||||||||||||||||||||||||||||||||||
| Financing costs | $ 2,700,000 | $ 1,300,000 | ||||||||||||||||||||||||||||||||||||||||
| Outstanding principal amount | 125,000,000 | $ 50,000,000 | 175,000,000 | |||||||||||||||||||||||||||||||||||||||
| Principal amount, percentage | 4.375% | |||||||||||||||||||||||||||||||||||||||||
| Net proceeds amount | $ 123,500,000 | $ 49,000,000 | ||||||||||||||||||||||||||||||||||||||||
| Deducting underwriting commissions amount | $ 1,000,000 | |||||||||||||||||||||||||||||||||||||||||
| Fair value | 157,500,000 | 156,100,000 | ||||||||||||||||||||||||||||||||||||||||
| Carrying amount | 175,000,000 | |||||||||||||||||||||||||||||||||||||||||
| Deferred financing costs | 200,000 | 200,000 | ||||||||||||||||||||||||||||||||||||||||
| Public offering price percentage | 101.00% | |||||||||||||||||||||||||||||||||||||||||
| Underwriting discount | $ 2,500,000 | |||||||||||||||||||||||||||||||||||||||||
| Minimum denominations amount | 2,000 | |||||||||||||||||||||||||||||||||||||||||
| Integral multiples of excess | 1,000 | |||||||||||||||||||||||||||||||||||||||||
| Amortization of premium on issuances | $ 60,000.00 | |||||||||||||||||||||||||||||||||||||||||
| 4.375% Notes 2026 [Member] | Borrowings [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Principal amount, percentage | 4.375% | |||||||||||||||||||||||||||||||||||||||||
| 8.00% 2027 Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Outstanding principal amount | $ 40,000,000 | |||||||||||||||||||||||||||||||||||||||||
| Principal amount, percentage | 8.00% | 8.00% | ||||||||||||||||||||||||||||||||||||||||
| Offering costs | $ 300,000 | |||||||||||||||||||||||||||||||||||||||||
| Fair value | 46,400,000 | |||||||||||||||||||||||||||||||||||||||||
| Carrying amount | 46,000,000 | |||||||||||||||||||||||||||||||||||||||||
| 4.35% 2027 Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Financing costs | $ 1,800,000 | |||||||||||||||||||||||||||||||||||||||||
| Outstanding principal amount | $ 75,000,000 | $ 75,000,000 | ||||||||||||||||||||||||||||||||||||||||
| Principal amount, percentage | 4.35% | |||||||||||||||||||||||||||||||||||||||||
| Net proceeds amount | $ 73,000,000 | |||||||||||||||||||||||||||||||||||||||||
| Deducting underwriting commissions amount | $ 1,500,000 | |||||||||||||||||||||||||||||||||||||||||
| Offering costs | $ 100,000 | |||||||||||||||||||||||||||||||||||||||||
| Fixed interest, description | Interest on the 4.35% 2027 Notes is paid semi-annually in arrears on February 28 and August 28, at a rate of 4.35% per year. | |||||||||||||||||||||||||||||||||||||||||
| Fair value | 65,100,000 | 64,500,000 | ||||||||||||||||||||||||||||||||||||||||
| Carrying amount | 75,000,000 | |||||||||||||||||||||||||||||||||||||||||
| Deferred financing costs | 100,000 | |||||||||||||||||||||||||||||||||||||||||
| Public offering price percentage | 99.317% | |||||||||||||||||||||||||||||||||||||||||
| 8.125% 2027 Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Outstanding amount | 60,400,000 | 0 | ||||||||||||||||||||||||||||||||||||||||
| Financing costs | $ 2,000,000 | |||||||||||||||||||||||||||||||||||||||||
| Outstanding principal amount | $ 52,500,000 | |||||||||||||||||||||||||||||||||||||||||
| Aggregate principal amount percentage | 8.125% | 8.125% | ||||||||||||||||||||||||||||||||||||||||
| Principal amount, percentage | 8.125% | |||||||||||||||||||||||||||||||||||||||||
| Deducting underwriting commissions amount | $ 200,000 | |||||||||||||||||||||||||||||||||||||||||
| Offering costs | $ 300,000 | $ 100,000 | ||||||||||||||||||||||||||||||||||||||||
| Fair value | 59,000,000 | |||||||||||||||||||||||||||||||||||||||||
| Carrying amount | 60,400,000 | |||||||||||||||||||||||||||||||||||||||||
| Deferred financing costs | $ 1,600,000 | 100,000 | 0 | |||||||||||||||||||||||||||||||||||||||
| Additional aggregate principal amount | 7,900,000 | |||||||||||||||||||||||||||||||||||||||||
| 8.125% 2027 Notes [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Net proceeds amount | $ 7,600,000 | |||||||||||||||||||||||||||||||||||||||||
| Fair value | $ 60,400,000 | |||||||||||||||||||||||||||||||||||||||||
| 8.125% 2027 Notes [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Net proceeds amount | $ 50,800,000 | |||||||||||||||||||||||||||||||||||||||||
| Fair value | 61,100,000 | |||||||||||||||||||||||||||||||||||||||||
| 8.125% 2027 Notes [Member] | Borrowings [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Interest expense | $ 1,200,000 | 0 | ||||||||||||||||||||||||||||||||||||||||
| Debt par value of per share (in Dollars per share) | $ 25 | |||||||||||||||||||||||||||||||||||||||||
| 8.50% 2028 Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Financing costs | $ 3,300,000 | |||||||||||||||||||||||||||||||||||||||||
| Outstanding principal amount | $ 8,000,000 | $ 87,500,000 | ||||||||||||||||||||||||||||||||||||||||
| Debentures outstanding amount | $ 28,400,000 | 0 | ||||||||||||||||||||||||||||||||||||||||
| Interest expense | 700,000 | 0 | ||||||||||||||||||||||||||||||||||||||||
| Principal amount, percentage | 6.00% | |||||||||||||||||||||||||||||||||||||||||
| Net proceeds amount | $ 7,800,000 | 9,700,000 | $ 84,800,000 | |||||||||||||||||||||||||||||||||||||||
| Deducting underwriting commissions amount | $ 300,000 | $ 2,700,000 | ||||||||||||||||||||||||||||||||||||||||
| Debt par value of per share (in Dollars per share) | $ 25 | |||||||||||||||||||||||||||||||||||||||||
| Fair value | 100,400,000 | |||||||||||||||||||||||||||||||||||||||||
| Carrying amount | 105,500,000 | |||||||||||||||||||||||||||||||||||||||||
| Public offering price percentage | 97.80% | |||||||||||||||||||||||||||||||||||||||||
| Additional aggregate principal amount | $ 10,000,000 | |||||||||||||||||||||||||||||||||||||||||
| Incurred cost | $ 200,000 | |||||||||||||||||||||||||||||||||||||||||
| Financing cost | $ 200,000 | |||||||||||||||||||||||||||||||||||||||||
| 8.50% 2028 Notes [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Deferred financing costs | 50,000.00 | |||||||||||||||||||||||||||||||||||||||||
| 8.50% 2028 Notes [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Deferred financing costs | 0 | |||||||||||||||||||||||||||||||||||||||||
| 8.00% 2027 Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Outstanding amount | 46,000,000 | 0 | ||||||||||||||||||||||||||||||||||||||||
| Financing costs | 1,700,000 | |||||||||||||||||||||||||||||||||||||||||
| Interest expense | $ 900,000 | 0 | ||||||||||||||||||||||||||||||||||||||||
| Net proceeds amount | $ 5,800,000 | $ 38,700,000 | ||||||||||||||||||||||||||||||||||||||||
| Deducting underwriting commissions amount | $ 200,000 | |||||||||||||||||||||||||||||||||||||||||
| Offering costs | 200,000 | |||||||||||||||||||||||||||||||||||||||||
| Fixed interest, description | Interest on the 8.00% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 8.00% per year, beginning February 28, 2023. | |||||||||||||||||||||||||||||||||||||||||
| Debt par value of per share (in Dollars per share) | $ 25 | |||||||||||||||||||||||||||||||||||||||||
| Fair value | $ 45,600,000 | |||||||||||||||||||||||||||||||||||||||||
| Carrying amount | 46,000,000 | |||||||||||||||||||||||||||||||||||||||||
| Deferred financing costs | $ 1,300,000 | 90,000.00 | 0 | |||||||||||||||||||||||||||||||||||||||
| Additional aggregate principal amount | $ 6,000,000 | |||||||||||||||||||||||||||||||||||||||||
| 8.75% 2024 Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Outstanding amount | 10,000,000 | 0 | ||||||||||||||||||||||||||||||||||||||||
| Outstanding principal amount | $ 10,000,000 | $ 10,000,000 | ||||||||||||||||||||||||||||||||||||||||
| Principal amount, percentage | 8.75% | 8.75% | ||||||||||||||||||||||||||||||||||||||||
| Net proceeds amount | $ 9,700,000 | $ 9,700,000 | ||||||||||||||||||||||||||||||||||||||||
| Fair value | 20,000,000 | 0 | ||||||||||||||||||||||||||||||||||||||||
| Carrying amount | $ 0 | |||||||||||||||||||||||||||||||||||||||||
| Deferred financing costs | 100,000 | 0 | ||||||||||||||||||||||||||||||||||||||||
| Underwriting discount | $ 400,000 | $ 400,000 | ||||||||||||||||||||||||||||||||||||||||
| 8.75% 2024 Notes [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Interest expense | 200,000 | |||||||||||||||||||||||||||||||||||||||||
| 8.75% 2024 Notes [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Interest expense | $ 0 | |||||||||||||||||||||||||||||||||||||||||
| 8.50% 2028 Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Outstanding principal amount | $ 50,000,000 | $ 7,500,000 | ||||||||||||||||||||||||||||||||||||||||
| Principal amount, percentage | 8.50% | 8.50% | ||||||||||||||||||||||||||||||||||||||||
| Due date | 2028 | |||||||||||||||||||||||||||||||||||||||||
| Net proceeds amount | $ 48,400,000 | $ 7,300,000 | ||||||||||||||||||||||||||||||||||||||||
| Deducting underwriting commissions amount | $ 1,600,000 | $ 200,000 | ||||||||||||||||||||||||||||||||||||||||
| 8.50% 2028 Notes [Member] | Borrowings [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Debt par value of per share (in Dollars per share) | $ 25 | |||||||||||||||||||||||||||||||||||||||||
| Two Thousand Twenty Eight Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Aggregate principal amount percentage | 8.50% | |||||||||||||||||||||||||||||||||||||||||
| Two Thousand Twenty Eight Notes [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Fair value | $ 57,500,000 | |||||||||||||||||||||||||||||||||||||||||
| Two Thousand Twenty Eight Notes [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Fair value | $ 56,800,000 | |||||||||||||||||||||||||||||||||||||||||
| 2025 [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Aggregate principal amount percentage | 8.50% | |||||||||||||||||||||||||||||||||||||||||
| 2023 Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Average daily trading price, percentage | 6.75% | |||||||||||||||||||||||||||||||||||||||||
| Level 3 Liability [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Debt instrument, description | The carrying amount of the amount outstanding of SBA debentures approximates its fair value, which is based on a waterfall analysis showing adequate collateral coverage and would be classified as a Level 3 liability within the fair value hierarchy. Financing costs of $5.0 million, $6.0, and $0.4 million related to the SBA debentures issued by SBIC LP, SBIC II LP and SBIC III LP, respectively, have been capitalized and are being amortized over the term of the commitment and drawdown.For the three months ended May 31, 2023 and May 31, 2022, we recorded $1.5 million and $1.4 million of interest expense related to the SBA debentures, respectively. For the three months ended May 31, 2023 and May 31, 2022, we recorded $0.2 million and $0.2 million of amortization of deferred financing costs related to the SBA debentures, respectively. | |||||||||||||||||||||||||||||||||||||||||
| Revolving Credit Facility [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Employ leverage, description | As a BDC, we are only allowed to employ leverage to the extent that our asset coverage, as defined in the 1940 Act, equals at least 200% after giving effect to such leverage, or, 150% if certain requirements under the 1940 Act are met. | |||||||||||||||||||||||||||||||||||||||||
| Asset coverage ratio | 150.00% | 150.00% | 165.90% | 155.70% | ||||||||||||||||||||||||||||||||||||||
| Securitized credit facility | $ 25,700,000 | $ 100,000,000 | ||||||||||||||||||||||||||||||||||||||||
| Credit facility, description | In response to the market wide decline in financial asset prices, which negatively affected the value of our portfolio, we terminated the revolving period of the Revolving Facility effective January 14, 2009 and commenced a two-year amortization period during which all principal proceeds from the collateral were used to repay outstanding borrowings. A significant percentage of our total assets had been pledged under the Revolving Facility to secure our obligations thereunder. | |||||||||||||||||||||||||||||||||||||||||
| Revolving Credit Facility [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Asset coverage ratio | 150.00% | |||||||||||||||||||||||||||||||||||||||||
| Revolving Credit Facility [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Asset coverage ratio | 200.00% | |||||||||||||||||||||||||||||||||||||||||
| Revolving Credit Facility [Member] | SBA Debentures [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Principal of loan | $ 202 | 214.9 | ||||||||||||||||||||||||||||||||||||||||
| Madison Credit Facility [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Credit facility, description | On October 4, 2021, all outstanding amounts on the Madison Credit Facility were repaid and the Madison Credit Facility was terminated. | |||||||||||||||||||||||||||||||||||||||||
| Senior secured revolving | $ 45,000,000 | |||||||||||||||||||||||||||||||||||||||||
| Loss on the extinguishment of debt | $ 800,000 | |||||||||||||||||||||||||||||||||||||||||
| Average interest rate | 2.88% | |||||||||||||||||||||||||||||||||||||||||
| Encina Credit Facility [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Credit facility, description | The terms of the Encina Credit Facility required a minimum drawn amount of $12.5 million at all times during the first six months following the closing date, which increased to the greater of $25.0 million or 50% of the commitment amount in effect at any time thereafter. The term of the Encina Credit Facility is three years. Advances under the Encina Credit Facility originally bore interest at a floating rate per annum equal to LIBOR plus 4.0%, with LIBOR having a floor of 0.75%, with customary provisions related to the selection by the Lender and the Company of a replacement benchmark rate. The commitment termination date was October 4, 2024. | On January 27, 2023, we entered into the first amendment to the Credit Agreement to, among other things: ● increase the borrowings available under the Encina Credit Facility from up to $50.0 million to up to $65.0 million; ● change the underlying benchmark used to compute interest under the Credit Agreement from LIBOR to Term SOFR for a one-month tenor plus a 0.10% credit spread adjustment; ● increase the applicable effective margin rate on borrowings from 4.00% to 4.25%; ● extend the revolving period from October 4, 2024 to January 27, 2026; ● extend the period during which the borrower may request one or more increases in the borrowings available under the Encina Credit Facility (each such increase, a “Facility Increase”) from October 4, 2023 to January 27, 2025, and increased the maximum borrowings available pursuant to such Facility Increase from $75.0 million to $150.0 million; | ||||||||||||||||||||||||||||||||||||||||
| Securitized credit facility | $ 50,000,000 | |||||||||||||||||||||||||||||||||||||||||
| Administrative agent fee | $ 100,000 | |||||||||||||||||||||||||||||||||||||||||
| Outstanding amount | 2,580,000 | |||||||||||||||||||||||||||||||||||||||||
| Financing costs | 2,000,000 | |||||||||||||||||||||||||||||||||||||||||
| Amortization of deferred financing cost | $ 100,000 | $ 100,000 | ||||||||||||||||||||||||||||||||||||||||
| Line of credit facility, borrowing capacity, description | Availability on the Encina Credit Facility will be subject to a borrowing base calculation, based on, among other things, applicable advance rates (which vary from 50.0% to 75.0% of par or fair value depending on the type of loan asset) and the value of certain “eligible” loan assets included as part of the borrowing base. Funds may be borrowed at the greater of the prevailing one-month SOFR rate, plus an applicable effective margin of 4.25%. In addition, the Company will pay the lender a commitment fee of 0.75% per year (or 0.50% if the ratio of advances outstanding to aggregate commitments is greater than or equal to 50%) on the unused amount of the Encina Credit Facility. | |||||||||||||||||||||||||||||||||||||||||
| Line of credit facility current borrowing capacity | $ 88,300,000 | |||||||||||||||||||||||||||||||||||||||||
| Line of credit facility maximum borrowing capacity | 65,000,000 | |||||||||||||||||||||||||||||||||||||||||
| Notes [Member] | 8.75% 2024 Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Outstanding principal amount | 20,000,000 | |||||||||||||||||||||||||||||||||||||||||
| Financing cost | $ 700,000 | |||||||||||||||||||||||||||||||||||||||||
| LIBOR [Member] | Revolving Credit Facility [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Interest rate, description | Under the Revolving Facility, funds were borrowed from or through certain lenders and interest was payable monthly at the greater of the commercial paper rate and our lender’s prime rate plus 4.00% plus a default rate of 2.00% or, if the commercial paper market was unavailable, the greater of the prevailing LIBOR rates and our lender’s prime rate plus 6.00% plus a default rate of 3.00%. | |||||||||||||||||||||||||||||||||||||||||
| Encina Credit Facility [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Encina Credit Facility percentage | 50.00% | |||||||||||||||||||||||||||||||||||||||||
| Outstanding amount | $ 46,700,000 | |||||||||||||||||||||||||||||||||||||||||
| SBIC LP [Member] | ||||||||||||||||||||||||||||||||||||||||||
| Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Outstanding principal amount | $ 350,000,000 | |||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) - Schedule of credit facility $ / shares in Units, $ in Thousands |
3 Months Ended | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
May 31, 2023
USD ($)
$ / shares
| ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC [Member] | Fiscal year 2024 (as of May 31, 2023)[Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 35,000 | [1],[2],[3] | ||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 1,557 | [1],[3],[4] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6] | |||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC [Member] | Fiscal year 2023 (as of February 28, 2023) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 32,500 | [1],[2],[3] | ||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 1,659 | [1],[3],[4] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6] | |||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC [Member] | Fiscal year 2022 (as of February 28, 2022) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 12,500 | [1],[2],[3] | ||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 2,093 | [1],[3],[4] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6] | |||||||||||||||||||||||||||||||||||
| Credit Facility with Madison Capital Funding [Member] | Fiscal year 2021 (as of February 28, 2021) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | [1],[2],[3],[7] | |||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 3,471 | [1],[3],[4],[7] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[7] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[7] | |||||||||||||||||||||||||||||||||||
| Credit Facility with Madison Capital Funding [Member] | Fiscal year 2020 (as of February 29, 2020) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | [1],[2],[3],[7] | |||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 6,071 | [1],[3],[4],[7] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[7] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[7] | |||||||||||||||||||||||||||||||||||
| Credit Facility with Madison Capital Funding [Member] | Fiscal year 2019 (as of February 28, 2019) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | [1],[2],[3],[7] | |||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 2,345 | [1],[3],[4],[7] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[7] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[7] | |||||||||||||||||||||||||||||||||||
| Credit Facility with Madison Capital Funding [Member] | Fiscal year 2018 (as of February 28, 2018) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | [1],[2],[3],[7] | |||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 2,930 | [1],[3],[4],[7] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[7] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[7] | |||||||||||||||||||||||||||||||||||
| Credit Facility with Madison Capital Funding [Member] | Fiscal year 2017 (as of February 28, 2017) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | [1],[2],[3],[7] | |||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 2,710 | [1],[3],[4],[7] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[7] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[7] | |||||||||||||||||||||||||||||||||||
| Credit Facility with Madison Capital Funding [Member] | Fiscal year 2016 (as of February 29, 2016) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | [1],[2],[3],[7] | |||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 3,025 | [1],[3],[4],[7] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[7] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[7] | |||||||||||||||||||||||||||||||||||
| Credit Facility with Madison Capital Funding [Member] | Fiscal year 2015 (as of February 28, 2015) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 9,600 | [1],[2],[3],[7] | ||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 3,117 | [1],[3],[4],[7] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[7] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[7] | |||||||||||||||||||||||||||||||||||
| Credit Facility with Madison Capital Funding [Member] | Fiscal year 2014 (as of February 28, 2014) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | [1],[2],[3],[7] | |||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 3,348 | [1],[3],[4],[7] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[7] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[7] | |||||||||||||||||||||||||||||||||||
| Credit Facility with Madison Capital Funding [Member] | Fiscal year 2013 (as of February 28, 2013) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 24,300 | [1],[2],[3],[7] | ||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 5,421 | [1],[3],[4],[7] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[7] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[7] | |||||||||||||||||||||||||||||||||||
| Credit Facility with Madison Capital Funding [Member] | Fiscal year 2012 (as of February 29, 2012) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 20,000 | [1],[2],[3],[7] | ||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 5,834 | [1],[3],[4],[7] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[7] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[7] | |||||||||||||||||||||||||||||||||||
| Credit Facility with Madison Capital Funding [Member] | Fiscal year 2011 (as of February 28, 2011) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 4,500 | [1],[2],[3],[7] | ||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 20,077 | [1],[3],[4],[7] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[7] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[7] | |||||||||||||||||||||||||||||||||||
| Credit Facility with Madison Capital Funding [Member] | Fiscal year 2010 (as of February 28, 2010) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | [1],[2],[3],[7] | |||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | [1],[3],[4],[7] | |||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[7] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[7] | |||||||||||||||||||||||||||||||||||
| Credit Facility with Madison Capital Funding [Member] | Fiscal year 2009 (as of February 28, 2009) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | [1],[2],[3],[7] | |||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | [1],[3],[4],[7] | |||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[7] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[7] | |||||||||||||||||||||||||||||||||||
| Credit Facility with Madison Capital Funding [Member] | Fiscal year 2008 (as of February 29, 2008) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | [1],[2],[3],[7] | |||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | [1],[3],[4],[7] | |||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[7] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[7] | |||||||||||||||||||||||||||||||||||
| Credit Facility with Madison Capital Funding [Member] | Fiscal year 2007 (as of February 28, 2007) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | [1],[2],[3],[7] | |||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | [1],[3],[4],[7] | |||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[7] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[7] | |||||||||||||||||||||||||||||||||||
| 7.50% Notes due 2020 [Member] | Fiscal year 2017 (as of February 28, 2017) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | [1],[2],[3],[8] | |||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | [1],[3],[4],[8] | |||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[8] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[8] | |||||||||||||||||||||||||||||||||||
| 7.50% Notes due 2020 [Member] | Fiscal year 2016 (as of February 29, 2016) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 61,793 | [1],[2],[3],[8] | ||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 3,025 | [1],[3],[4],[8] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[8],[9] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,240 | [1],[3],[6],[8],[9] | ||||||||||||||||||||||||||||||||||
| 7.50% Notes due 2020 [Member] | Fiscal year 2015 (as of February 28, 2015) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 48,300 | [1],[2],[3],[8] | ||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 3,117 | [1],[3],[4],[8] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[8] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,460 | [1],[3],[6],[8],[9] | ||||||||||||||||||||||||||||||||||
| 7.50% Notes due 2020 [Member] | Fiscal year 2014 (as of February 28, 2014) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 48,300 | [1],[2],[3],[8] | ||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 3,348 | [1],[3],[4],[8] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[8] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,180 | [1],[3],[6],[8],[9] | ||||||||||||||||||||||||||||||||||
| 7.50% Notes due 2020 [Member] | Fiscal year 2013 (as of February 28, 2013) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | [1],[2],[3],[8] | |||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | [1],[3],[4],[8] | |||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[8] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[8] | |||||||||||||||||||||||||||||||||||
| 7.50% Notes due 2020 [Member] | Fiscal year 2012 (as of February 29, 2012) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | [1],[2],[3],[8] | |||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | [1],[3],[4],[8] | |||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[8] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[8] | |||||||||||||||||||||||||||||||||||
| 7.50% Notes due 2020 [Member] | Fiscal year 2011 (as of February 28, 2011) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | [1],[2],[3],[8] | |||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | [1],[3],[4],[8] | |||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[8] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[8] | |||||||||||||||||||||||||||||||||||
| 7.50% Notes due 2020 [Member] | Fiscal year 2010 (as of February 28, 2010) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | [1],[2],[3],[8] | |||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | [1],[3],[4],[8] | |||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[8] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[8] | |||||||||||||||||||||||||||||||||||
| 7.50% Notes due 2020 [Member] | Fiscal year 2009 (as of February 28, 2009) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | [1],[2],[3],[8] | |||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | [1],[3],[4],[8] | |||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[8] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[8] | |||||||||||||||||||||||||||||||||||
| 7.50% Notes due 2020 [Member] | Fiscal year 2008 (as of February 29, 2008) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | [1],[2],[3],[8] | |||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | [1],[3],[4],[8] | |||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[8] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[8] | |||||||||||||||||||||||||||||||||||
| 7.50% Notes due 2020 [Member] | Fiscal year 2007 (as of February 28, 2007) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | [1],[2],[3],[8] | |||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | [1],[3],[4],[8] | |||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[8] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[8] | |||||||||||||||||||||||||||||||||||
| 6.75% Notes due 2023 [Member] | Fiscal year 2020 (as of February 29, 2020) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | [1],[2],[3],[10] | |||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | [1],[3],[4],[10] | |||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[10] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[10] | |||||||||||||||||||||||||||||||||||
| 6.75% Notes due 2023 [Member] | Fiscal year 2019 (as of February 28, 2019) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 74,451 | [1],[2],[3],[10] | ||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 2,345 | [1],[3],[4],[10] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[10] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,740 | [1],[3],[6],[10],[11] | ||||||||||||||||||||||||||||||||||
| 6.75% Notes due 2023 [Member] | Fiscal year 2018 (as of February 28, 2018) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 74,451 | [1],[2],[3],[10] | ||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 2,930 | [1],[3],[4],[10] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[10] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | $ 26,050.00 | [1],[3],[6],[10],[11] | ||||||||||||||||||||||||||||||||||
| 6.75% Notes due 2023 [Member] | Fiscal year 2017 (as of February 28, 2017) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 74,451 | [1],[2],[3],[10] | ||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 2,710 | [1],[3],[4],[10] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[10] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,890 | [1],[3],[6],[10],[11] | ||||||||||||||||||||||||||||||||||
| 8.75% Notes due 2024 [Member] | Fiscal year 2024 (as of May 31, 2023)[Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 20,000 | [1],[2],[3] | ||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 1,557 | [1],[3],[4] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | $ 1,000,000 | [1],[3],[6] | ||||||||||||||||||||||||||||||||||
| 6.25% Notes due 2027 [Member] | Fiscal year 2023 (as of February 28, 2023) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 15,000 | [1],[2],[3] | ||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 1,659 | [1],[3],[4] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,000 | [1],[3],[6],[12] | ||||||||||||||||||||||||||||||||||
| 6.25% Notes due 2027 [Member] | Fiscal year 2022 (as of February 28, 2022) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | [1],[2],[3],[13] | |||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | [1],[3],[4],[13] | |||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[13] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[13] | |||||||||||||||||||||||||||||||||||
| 6.25% Notes due 2027 [Member] | Fiscal year 2021 (as of February 28, 2021) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 60,000 | [1],[2],[3],[13] | ||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 3,471 | [1],[3],[4],[13] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[13] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | $ 24,240 | [1],[3],[6],[13],[14] | ||||||||||||||||||||||||||||||||||
| 6.25% Notes due 2027 [Member] | Fiscal year 2020 (as of February 29, 2020) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 60,000 | [1],[2],[3],[13] | ||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 6,071 | [1],[3],[4],[13] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[13] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,750 | [1],[3],[6],[13],[14] | ||||||||||||||||||||||||||||||||||
| 6.25% Notes due 2027 [Member] | Fiscal year 2019 (as of February 28, 2019) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 60,000 | [1],[2],[3],[13] | ||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 2,345 | [1],[3],[4],[13] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[13] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | $ 24,970 | [1],[3],[6],[13],[14] | ||||||||||||||||||||||||||||||||||
| 7.00% Notes due 2025 [Member] | Fiscal year 2024 (as of May 31, 2023)[Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 12,000 | [1],[2],[3] | ||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 1,557 | [1],[3],[4] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,000 | [1],[3],[6] | ||||||||||||||||||||||||||||||||||
| 7.00% Notes due 2025 [Member] | Fiscal year 2023 (as of February 28, 2023) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 12,000 | [1],[2],[3] | ||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 1,659 | [1],[3],[4] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,000 | [1],[3],[6],[12] | ||||||||||||||||||||||||||||||||||
| 7.25% Notes due 2025 [Member] | Fiscal year 2023 (as of February 28, 2023) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | [1],[2],[3],[15] | |||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | [1],[3],[4],[15] | |||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[15] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[15] | |||||||||||||||||||||||||||||||||||
| 7.25% Notes due 2025 [Member] | Fiscal year 2022 (as of February 28, 2022) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 43,125 | [1],[2],[3],[15] | ||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 2,093 | [1],[3],[4],[15] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[15] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,460 | [1],[3],[6],[14],[15] | ||||||||||||||||||||||||||||||||||
| 7.25% Notes due 2025 [Member] | Fiscal year 2021 (as of February 28, 2021) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 43,125 | [1],[2],[3],[15] | ||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 3,471 | [1],[3],[4],[15] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[15] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,770 | [1],[3],[6],[14],[15] | ||||||||||||||||||||||||||||||||||
| 7.75% Notes due 2025 [Member] | Fiscal year 2024 (as of May 31, 2023)[Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 5,000 | [1],[2],[3] | ||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 1,557 | [1],[3],[4] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,000 | [1],[3],[6] | ||||||||||||||||||||||||||||||||||
| 7.75% Notes due 2025 [Member] | Fiscal year 2023 (as of February 28, 2023) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 5,000 | [1],[2],[3] | ||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 1,659 | [1],[3],[4] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,000 | [1],[3],[6],[12] | ||||||||||||||||||||||||||||||||||
| 7.75% Notes due 2025 [Member] | Fiscal year 2022 (as of February 28, 2022) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 5,000 | [1],[2],[3] | ||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 2,093 | [1],[3],[4] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,000 | [1],[3],[6],[12] | ||||||||||||||||||||||||||||||||||
| 7.75% Notes due 2025 [Member] | Fiscal year 2021 (as of February 28, 2021) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 5,000 | [1],[2],[3] | ||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 3,471 | [1],[3],[4] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,000 | [1],[3],[6],[12] | ||||||||||||||||||||||||||||||||||
| 4.375% Notes due 2026 [Member] | Fiscal year 2024 (as of May 31, 2023)[Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 175,000 | [1],[2],[3] | ||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 1,557 | [1],[3],[4] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,000 | [1],[3],[6] | ||||||||||||||||||||||||||||||||||
| 4.375% Notes due 2026 [Member] | Fiscal year 2023 (as of February 28, 2023) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 175,000 | [1],[2],[3] | ||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 1,659 | [1],[3],[4] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,000 | [1],[3],[6],[12] | ||||||||||||||||||||||||||||||||||
| 4.375% Notes due 2026 [Member] | Fiscal year 2022 (as of February 28, 2022) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 175,000 | [1],[2],[3] | ||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 2,093 | [1],[3],[4] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,000 | [1],[3],[6],[12] | ||||||||||||||||||||||||||||||||||
| 4.35% Notes due 2027 [Member] | Fiscal year 2024 (as of May 31, 2023)[Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 75,000 | [1],[2],[3] | ||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 1,557 | [1],[3],[4] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,000 | [1],[3],[6] | ||||||||||||||||||||||||||||||||||
| 4.35% Notes due 2027 [Member] | Fiscal year 2023 (as of February 28, 2023) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 75,000 | [1],[2],[3] | ||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 1,659 | [1],[3],[4] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,000 | [1],[3],[6],[12] | ||||||||||||||||||||||||||||||||||
| 4.35% Notes due 2027 [Member] | Fiscal year 2022 (as of February 28, 2022) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 75,000 | [1],[2],[3] | ||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 2,093 | [1],[3],[4] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,000 | [1],[3],[6],[12] | ||||||||||||||||||||||||||||||||||
| 6.00% Notes due 2027 [Member] | Fiscal year 2024 (as of May 31, 2023)[Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 105,500 | [1],[2],[3] | ||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 1,557 | [1],[3],[4] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | $ 23,240 | [1],[3],[6] | ||||||||||||||||||||||||||||||||||
| 6.00% Notes due 2027 [Member] | Fiscal year 2023 (as of February 28, 2023) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 105,500 | [1],[2],[3] | ||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 1,659 | [1],[3],[4] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[6],[16] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | $ 23,970 | [6],[16] | ||||||||||||||||||||||||||||||||||
| 6.25% Notes due 2027 [Member] | Fiscal year 2024 (as of May 31, 2023)[Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 15,000 | [1],[2],[3] | ||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 1,557 | [1],[3],[4] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,000 | [1],[3],[6] | ||||||||||||||||||||||||||||||||||
| 6.25% Notes due 2027 [Member] | Fiscal year 2022 (as of February 28, 2022) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 15,000 | [1],[2],[3] | ||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 2,093 | [1],[3],[4] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,000 | [1],[3],[6],[12] | ||||||||||||||||||||||||||||||||||
| 6.25% Notes due 2027 [Member] | Fiscal year 2021 (as of February 28, 2021) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 15,000 | [1],[2],[3] | ||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 3,471 | [1],[3],[4] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,000 | [1],[3],[6],[12] | ||||||||||||||||||||||||||||||||||
| 8.00% Notes due 2027 [Member] | Fiscal year 2024 (as of May 31, 2023)[Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 46,000 | [1],[2],[3] | ||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 1,557 | [1],[3],[4] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | $ 24,860 | [1],[3],[6] | ||||||||||||||||||||||||||||||||||
| 8.00% Notes due 2027 [Member] | Fiscal year 2023 (as of February 28, 2023) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 46,000 | [1],[2],[3] | ||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 1,659 | [1],[3],[4] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[6],[16] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,080.00 | [6],[16] | ||||||||||||||||||||||||||||||||||
| 8.125% Notes due 2027 [Member] | Fiscal year 2023 (as of February 28, 2023) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 60,375 | [1],[2],[3] | ||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 1,659 | [1],[3],[4] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[6],[16] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,100 | [6],[16] | ||||||||||||||||||||||||||||||||||
| 8.125% Notes due 2027 [Member] | Fiscal year 2024 (as of May 31, 20234) [Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 60,375 | [1],[2],[3] | ||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 1,557 | [1],[3],[4] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | $ 24,880 | [1],[3],[6] | ||||||||||||||||||||||||||||||||||
| 8.50% Notes due 2028 [Member] | Fiscal year 2024 (as of May 31, 2023)[Member] | ||||||||||||||||||||||||||||||||||||
| Credit Facility with Encina Lender Finance, LLC | ||||||||||||||||||||||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 57,500 | [1],[2],[3] | ||||||||||||||||||||||||||||||||||
| Asset Coverage per Unit | $ | $ 1,557 | [1],[3],[4] | ||||||||||||||||||||||||||||||||||
| Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5] | |||||||||||||||||||||||||||||||||||
| Average Market Value per Share (in Dollars per share) | $ / shares | $ 24,910 | [1],[3],[6],[17] | ||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Commitments and Contingencies (Details) - USD ($) $ in Millions |
May 31, 2023 |
Feb. 28, 2023 |
|---|---|---|
| Commitments and Contingencies (Details) [Line Items] | ||
| Off-balance sheet arrangements | $ 143.0 | $ 108.8 |
| Cash and cash equivalents | 53.2 | |
| Encina Credit Facility [Member] | ||
| Commitments and Contingencies (Details) [Line Items] | ||
| Borrowings | $ 30.0 |
Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations $ in Thousands |
May 31, 2023
USD ($)
|
|---|---|
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | $ 808,375 |
| Encina Credit Facility [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | 35,000 |
| SBA Debentures [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | 202,000 |
| 8.75% 2024 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | 20,000 |
| 7.00% 2025 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | 12,000 |
| 7.75% 2025 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | 5,000 |
| 4.375% 2026 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | 175,000 |
| 4.35% 2027 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | 75,000 |
| 6.00% 2027 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | 105,500 |
| 6.25% 2027 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | 15,000 |
| 8.00% 2027 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | 46,000 |
| 8.125% 2027 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | 60,375 |
| 8.50% 2028 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | 57,500 |
| Less Than 1 Year [Memebr] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | 20,000 |
| Less Than 1 Year [Memebr] | Encina Credit Facility [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | |
| Less Than 1 Year [Memebr] | SBA Debentures [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | |
| Less Than 1 Year [Memebr] | 8.75% 2024 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | 20,000 |
| Less Than 1 Year [Memebr] | 7.00% 2025 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | |
| Less Than 1 Year [Memebr] | 7.75% 2025 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | |
| Less Than 1 Year [Memebr] | 4.375% 2026 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | |
| Less Than 1 Year [Memebr] | 4.35% 2027 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | |
| Less Than 1 Year [Memebr] | 6.00% 2027 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | |
| Less Than 1 Year [Memebr] | 6.25% 2027 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | |
| Less Than 1 Year [Memebr] | 8.00% 2027 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | |
| Less Than 1 Year [Memebr] | 8.125% 2027 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | |
| Less Than 1 Year [Memebr] | 8.50% 2028 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | |
| 1 - 3 Years [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | 254,000 |
| 1 - 3 Years [Member] | Encina Credit Facility [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | 35,000 |
| 1 - 3 Years [Member] | SBA Debentures [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | 27,000 |
| 1 - 3 Years [Member] | 8.75% 2024 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | |
| 1 - 3 Years [Member] | 7.00% 2025 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | 12,000 |
| 1 - 3 Years [Member] | 7.75% 2025 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | 5,000 |
| 1 - 3 Years [Member] | 4.375% 2026 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | 175,000 |
| 1 - 3 Years [Member] | 4.35% 2027 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | |
| 1 - 3 Years [Member] | 6.00% 2027 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | |
| 1 - 3 Years [Member] | 6.25% 2027 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | |
| 1 - 3 Years [Member] | 8.00% 2027 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | |
| 1 - 3 Years [Member] | 8.125% 2027 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | |
| 1 - 3 Years [Member] | 8.50% 2028 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | |
| 3 - 5 Years [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | 359,375 |
| 3 - 5 Years [Member] | Encina Credit Facility [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | |
| 3 - 5 Years [Member] | SBA Debentures [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | |
| 3 - 5 Years [Member] | 8.75% 2024 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | |
| 3 - 5 Years [Member] | 7.00% 2025 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | |
| 3 - 5 Years [Member] | 7.75% 2025 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | |
| 3 - 5 Years [Member] | 4.375% 2026 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | |
| 3 - 5 Years [Member] | 4.35% 2027 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | 75,000 |
| 3 - 5 Years [Member] | 6.00% 2027 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | 105,500 |
| 3 - 5 Years [Member] | 6.25% 2027 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | 15,000 |
| 3 - 5 Years [Member] | 8.00% 2027 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | 46,000 |
| 3 - 5 Years [Member] | 8.125% 2027 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | 60,375 |
| 3 - 5 Years [Member] | 8.50% 2028 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | 57,500 |
| More Than 5 Years [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | 175,000 |
| More Than 5 Years [Member] | Encina Credit Facility [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | |
| More Than 5 Years [Member] | SBA Debentures [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | 175,000 |
| More Than 5 Years [Member] | 8.75% 2024 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | |
| More Than 5 Years [Member] | 7.00% 2025 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | |
| More Than 5 Years [Member] | 7.75% 2025 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | |
| More Than 5 Years [Member] | 4.375% 2026 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | |
| More Than 5 Years [Member] | 4.35% 2027 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | |
| More Than 5 Years [Member] | 6.00% 2027 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | |
| More Than 5 Years [Member] | 6.25% 2027 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | |
| More Than 5 Years [Member] | 8.00% 2027 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | |
| More Than 5 Years [Member] | 8.125% 2027 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations | |
| More Than 5 Years [Member] | 8.50% 2028 Notes [Member] | |
| Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
| Total Long-Term Debt Obligations |
Commitments and Contingencies (Details) - Schedule of unfunded commitments outstanding - USD ($) |
May 31, 2023 |
Feb. 28, 2023 |
|---|---|---|
| At Company’s discretion | ||
| Off-Balance sheet arrangements | $ 142,956 | $ 108,771 |
| Company’s Discretion [Member] | ||
| At Company’s discretion | ||
| Off-Balance sheet arrangements | 59,298 | 59,798 |
| Company’s Discretion [Member] | ActiveProspect, Inc. [Member] | ||
| At Company’s discretion | ||
| Off-Balance sheet arrangements | 10,000 | 10,000 |
| Company’s Discretion [Member] | Ascend Software, LLC [Member] | ||
| At Company’s discretion | ||
| Off-Balance sheet arrangements | 5,000 | 5,000 |
| Company’s Discretion [Member] | Granite Comfort, LP [Member] | ||
| At Company’s discretion | ||
| Off-Balance sheet arrangements | 750 | 15,000 |
| Company’s Discretion [Member] | JDXpert [Member] | ||
| At Company’s discretion | ||
| Off-Balance sheet arrangements | 5,000 | 5,000 |
| Company’s Discretion [Member] | Procurement Partners, LLC [Member] | ||
| At Company’s discretion | ||
| Off-Balance sheet arrangements | 4,250 | 4,250 |
| Company’s Discretion [Member] | Saratoga Senior Loan Fund I JV, LLC [Member] | ||
| At Company’s discretion | ||
| Off-Balance sheet arrangements | 8,548 | 8,548 |
| Company’s Discretion [Member] | Sceptre Hospitality Resources, LLC [Member] | ||
| At Company’s discretion | ||
| Off-Balance sheet arrangements | 5,000 | 5,000 |
| Company’s Discretion [Member] | Stretch Zone Franchising, LLC [Member] | ||
| At Company’s discretion | ||
| Off-Balance sheet arrangements | 3,750 | |
| Company’s Discretion [Member] | VetnCare MSO, LLC [Member] | ||
| At Company’s discretion | ||
| Off-Balance sheet arrangements | 10,000 | |
| LFR Chicken LLC [Member] | Company’s Discretion [Member] | ||
| At Company’s discretion | ||
| Off-Balance sheet arrangements | 4,000 | 4,000 |
| Pepper Palace, Inc. [Member] | Company’s Discretion [Member] | ||
| At Company’s discretion | ||
| Off-Balance sheet arrangements | 3,000 | 3,000 |
| Alpha Aesthetics Partners OpCo, LLC [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
| At Company’s discretion | ||
| Off-Balance sheet arrangements | 8,600 | |
| ARC Health OpCo LLC [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
| At Company’s discretion | ||
| Off-Balance sheet arrangements | 5,463 | 10,773 |
| Artemis Wax Corp. [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
| At Company’s discretion | ||
| Off-Balance sheet arrangements | 8,500 | 8,500 |
| Ascend Software, LLC [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
| At Company’s discretion | ||
| Off-Balance sheet arrangements | 3,200 | 3,200 |
| Axero Holdings, LLC - Revolver [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
| At Company’s discretion | ||
| Off-Balance sheet arrangements | 500 | 500 |
| BQE Software, Inc. [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
| At Company’s discretion | ||
| Off-Balance sheet arrangements | 4,000 | |
| C2 Educational Systems [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
| At Company’s discretion | ||
| Off-Balance sheet arrangements | 3,000 | |
| Exigo, LLC [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
| At Company’s discretion | ||
| Off-Balance sheet arrangements | 4,167 | 4,167 |
| Exigo, LLC - Revolver [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
| At Company’s discretion | ||
| Off-Balance sheet arrangements | 1,042 | 833 |
| Gen4 Dental Partners Holdings, LLC [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
| At Company’s discretion | ||
| Off-Balance sheet arrangements | 9,186 | 11,000 |
| GoReact [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
| At Company’s discretion | ||
| Off-Balance sheet arrangements | 1,000 | 2,500 |
| JDXpert [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
| At Company’s discretion | ||
| Off-Balance sheet arrangements | 1,000 | |
| Modis Dental Partners OpCo, LLC [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
| At Company’s discretion | ||
| Off-Balance sheet arrangements | 7,500 | |
| Pepper Palace, Inc. - Delayed Draw Term Loan [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
| At Company’s discretion | ||
| Off-Balance sheet arrangements | 2,000 | 2,000 |
| Pepper Palace, Inc. - Revolver [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
| At Company’s discretion | ||
| Off-Balance sheet arrangements | 2,500 | 2,500 |
| Procurement Partners, LLC [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
| At Company’s discretion | ||
| Off-Balance sheet arrangements | 1,000 | 1,000 |
| Stretch Zone Franchising, LLC [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
| At Company’s discretion | ||
| Off-Balance sheet arrangements | 1,500 | |
| VetnCare MSO, LLC [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
| At Company’s discretion | ||
| Off-Balance sheet arrangements | 19,500 | |
| Zollege PBC [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
| At Company’s discretion | ||
| Off-Balance sheet arrangements | 1,000 | 1,000 |
| Defined Benefit Plan Portfolio [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
| At Company’s discretion | ||
| Off-Balance sheet arrangements | $ 83,658 | $ 48,973 |
Directors Fees (Details) - USD ($) |
3 Months Ended | ||
|---|---|---|---|
May 31, 2023 |
May 31, 2022 |
Feb. 28, 2023 |
|
| Directors Fee [Abstract] | |||
| Annual fee | $ 70,000 | ||
| Board meeting attending fees | 3,000 | ||
| Committee meeting attending fees | 1,500 | ||
| Audit committee annual fees | 12,500 | ||
| Chairman annual fees | 6,000 | ||
| Directors' fees and expenses | 100,000 | $ 90,000.00 | |
| Accrued and unpaid amount | $ 0 | $ 10,000.00 | |
Stockholders' Equity (Details) - USD ($) |
1 Months Ended | 3 Months Ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 08, 2019 |
Jul. 11, 2019 |
Jul. 13, 2018 |
Aug. 12, 2010 |
Jul. 30, 2010 |
Jul. 30, 2021 |
Mar. 16, 2017 |
Sep. 24, 2014 |
Jul. 30, 2010 |
Mar. 28, 2007 |
Mar. 20, 2007 |
May 16, 2006 |
May 31, 2023 |
Feb. 28, 2023 |
|
| Stockholders' Equity (Details) [Line Items] | ||||||||||||||
| Shares of common stock (in Shares) | 11,847,742 | 11,890,500 | ||||||||||||
| Stock issued price per share (in Dollars per share) | $ 25 | $ 15.2 | $ 15.2 | $ 12,250,000 | ||||||||||
| Stock issued at value | ||||||||||||||
| Purchased shares of common stock (in Shares) | 986,842 | |||||||||||||
| Total proceeds received | $ 15,000,000 | |||||||||||||
| Cash payment in lieu of shares | $ 230 | |||||||||||||
| Shares of our common stock outstanding (in Shares) | 2,680,842 | 11,847,742 | 11,890,500 | |||||||||||
| Repurchase plan, description | the Company announced the approval of an open market share repurchase plan that originally allowed it to repurchase up to 200,000 shares of its common stock at prices below its NAV as reported in its then most recently published consolidated financial statements (the “Share Repurchase Plan”). Since September 24, 2014, the Share Repurchase Plan has been extended annually, and the Company has periodically increased the amount of shares of common stock that may be purchased under the Share Repurchase Plan. Most recently, on January 9, 2023, our board of directors extended the Share Repurchase Plan for another year to January 15, 2024, increasing the number of shares that may be repurchased under the Share Repurchase Plan to 1.7 million shares of common stock. As of May 31, 2023, the Company purchased 1,035,203 shares of common stock, at the average price of $22.05 for approximately $22.8 million pursuant to the Share Repurchase Plan. During the three months ended May 31, 2023 the Company purchased 88,576 shares of common stock, at the average price $24.36 for approximately $2.2 million pursuant to the Share Repurchase Plan. | |||||||||||||
| Offer for sale | $ 150,000,000 | $ 30,000,000 | ||||||||||||
| Amount of common stock | $ 130,000,000 | $ 70,000,000 | $ 1,150,000 | |||||||||||
| Number of shares sold (in Shares) | 3,922,018 | |||||||||||||
| Gross proceeds | $ 97,100,000 | |||||||||||||
| Average price (in Dollars per share) | $ 24.77 | |||||||||||||
| Aggregate net proceeds | $ 95,900,000 | |||||||||||||
| Common stock par value (in Dollars per share) | $ 0.001 | |||||||||||||
| Sale of stock, description | The net proceeds, after deducting underwriting commissions of $1.15 million and offering costs of approximately $0.2 million, amounted to approximately $27.4 million. | |||||||||||||
| Additional common stock (in Shares) | 172,500 | |||||||||||||
| GSC Group [Member] | ||||||||||||||
| Stockholders' Equity (Details) [Line Items] | ||||||||||||||
| Shares issued (in Shares) | 67 | |||||||||||||
| Owned shares (in Shares) | 6.7 | |||||||||||||
| Exchanged shares (in Shares) | 6.7 | |||||||||||||
| GSC Group, Inc and Employees of GSC Group, Inc [Member] | ||||||||||||||
| Stockholders' Equity (Details) [Line Items] | ||||||||||||||
| Stock issued at value | $ 15,600,000 | |||||||||||||
| IPO [Member] | ||||||||||||||
| Stockholders' Equity (Details) [Line Items] | ||||||||||||||
| Shares of common stock (in Shares) | 725,000 | |||||||||||||
| Stock issued price per share (in Dollars per share) | $ 150 | |||||||||||||
| Total proceeds | $ 7,100,000 | |||||||||||||
| Underwriting discounts and commissions | 1,000,000 | |||||||||||||
| Offering costs | $ 100,700,000 | |||||||||||||
| Ladenburg Thalmann & Co. Inc. [Member] | ||||||||||||||
| Stockholders' Equity (Details) [Line Items] | ||||||||||||||
| Number of shares sold (in Shares) | 4,840,361 | |||||||||||||
| Gross proceeds | $ 124,000,000 | |||||||||||||
| Average price (in Dollars per share) | $ 25.61 | |||||||||||||
| Maximum [Member] | ||||||||||||||
| Stockholders' Equity (Details) [Line Items] | ||||||||||||||
| Aggregate net proceeds | $ 122,400,000 | |||||||||||||
| Maximum [Member] | GSC Group [Member] | ||||||||||||||
| Stockholders' Equity (Details) [Line Items] | ||||||||||||||
| Shares of common stock (in Shares) | 95,995.5 | |||||||||||||
| Minimum [Member] | ||||||||||||||
| Stockholders' Equity (Details) [Line Items] | ||||||||||||||
| Aggregate net proceeds | $ 28,750,000 | |||||||||||||
| Minimum [Member] | Employees of GSC Group, Inc [Member] | ||||||||||||||
| Stockholders' Equity (Details) [Line Items] | ||||||||||||||
| Shares of common stock (in Shares) | 8,136.2 | |||||||||||||
| LLC [Member] | ||||||||||||||
| Stockholders' Equity (Details) [Line Items] | ||||||||||||||
| Contributing amount | $ 1,000 | |||||||||||||
| GSC Group, Inc and Employees of GSC Group, Inc [Member] | ||||||||||||||
| Stockholders' Equity (Details) [Line Items] | ||||||||||||||
| Stock issued price per share (in Dollars per share) | $ 150 | |||||||||||||
Stockholders' Equity (Details) - Schedule of reconciliation of the changes in each significant caption of stockholders’ equity - USD ($) |
3 Months Ended | ||||
|---|---|---|---|---|---|
May 31, 2023 |
Feb. 28, 2023 |
Nov. 30, 2022 |
Aug. 31, 2022 |
May 31, 2022 |
|
| Common Stock [Member] | |||||
| Stockholders' Equity (Details) - Schedule of reconciliation of the changes in each significant caption of stockholders’ equity [Line Items] | |||||
| Balance | $ 11,891 | $ 11,885 | $ 11,927 | $ 12,032 | $ 12,131 |
| Balance (in Shares) | 11,890,500 | 11,885,479 | 11,927,238 | 12,031,998 | 12,131,350 |
| Balance | $ 11,848 | $ 11,891 | $ 11,885 | $ 11,927 | $ 12,032 |
| Balance (in Shares) | 11,847,742 | 11,890,500 | 11,885,479 | 11,927,238 | 12,031,998 |
| Capital Share Transactions: | |||||
| Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles | |||||
| Increase (Decrease) from Operations: | |||||
| Net investment income | |||||
| Net realized gain (loss) from investments | |||||
| Income tax (provision) benefit from realized gain on investments | |||||
| Net change in unrealized appreciation (depreciation) on investments | |||||
| Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments | |||||
| Decrease from Shareholder Distributions: | |||||
| Distributions of investment income – net | |||||
| Capital Share Transactions: | |||||
| Proceeds from issuance of common stock | |||||
| Stock dividend distribution | $ 47 | $ 55 | $ 53 | $ 49 | $ 43 |
| Stock dividend distribution, shares (in Shares) | 45,818 | 53,615 | 52,312 | 48,590 | 42,825 |
| Repurchases of common stock | $ (90) | $ (49) | $ (95) | $ (154) | $ (142) |
| Repurchases of common stock, shares (in Shares) | (88,576) | (48,594) | (94,071) | (153,350) | (142,177) |
| Repurchase fees | |||||
| Offering costs | |||||
| Capital in Excess of Par Value [Member] | |||||
| Stockholders' Equity (Details) - Schedule of reconciliation of the changes in each significant caption of stockholders’ equity [Line Items] | |||||
| Balance | 321,893,806 | $ 321,802,386 | 322,832,986 | 325,433,869 | 328,062,246 |
| Balance | 320,793,316 | 321,893,806 | 321,802,386 | 322,832,986 | 325,433,869 |
| Capital Share Transactions: | |||||
| Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles | 16,162 | ||||
| Increase (Decrease) from Operations: | |||||
| Net investment income | |||||
| Net realized gain (loss) from investments | |||||
| Income tax (provision) benefit from realized gain on investments | |||||
| Net change in unrealized appreciation (depreciation) on investments | |||||
| Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments | |||||
| Decrease from Shareholder Distributions: | |||||
| Distributions of investment income – net | |||||
| Capital Share Transactions: | |||||
| Proceeds from issuance of common stock | |||||
| Stock dividend distribution | 1,058,797 | 1,300,405 | 1,150,881 | 1,088,139 | 1,108,637 |
| Repurchases of common stock | (2,157,515) | (1,224,175) | (2,179,600) | (3,685,951) | (3,734,174) |
| Repurchase fees | (1,772) | (972) | (1,881) | (3,071) | (2,840) |
| Offering costs | |||||
| Total Distributable Earnings (Loss) [Member] | |||||
| Stockholders' Equity (Details) - Schedule of reconciliation of the changes in each significant caption of stockholders’ equity [Line Items] | |||||
| Balance | 25,052,345 | 13,949,329 | 14,368,362 | 19,789,910 | 27,706,146 |
| Balance | 16,645,684 | 25,052,345 | 13,949,329 | 14,368,362 | 19,789,910 |
| Capital Share Transactions: | |||||
| Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles | (16,162) | ||||
| Increase (Decrease) from Operations: | |||||
| Net investment income | 15,958,950 | 9,649,474 | 9,877,437 | 7,698,014 | 7,976,222 |
| Net realized gain (loss) from investments | 90,691 | 80,683 | (740,434) | 7,943,838 | 162,509 |
| Income tax (provision) benefit from realized gain on investments | 479,318 | 69,250 | |||
| Net change in unrealized appreciation (depreciation) on investments | (16,322,307) | 10,549,981 | (3,176,208) | (13,258,456) | (9,333,449) |
| Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments | 59,407 | (697,380) | (425,848) | (230,154) | (361,951) |
| Decrease from Shareholder Distributions: | |||||
| Distributions of investment income – net | (8,193,402) | (8,081,306) | (6,433,298) | (6,369,981) | (6,428,817) |
| Capital Share Transactions: | |||||
| Proceeds from issuance of common stock | |||||
| Stock dividend distribution | |||||
| Repurchases of common stock | |||||
| Repurchase fees | |||||
| Offering costs | |||||
| Increase (Decrease) from Operations: | |||||
| Realized losses on extinguishment of debt | (382,274) | (1,204,809) | |||
| Net Assets [Member] | |||||
| Stockholders' Equity (Details) - Schedule of reconciliation of the changes in each significant caption of stockholders’ equity [Line Items] | |||||
| Balance | 346,958,042 | 335,763,600 | 337,213,275 | 345,235,811 | 355,780,523 |
| Balance | 337,450,848 | 346,958,042 | 335,763,600 | 337,213,275 | 345,235,811 |
| Capital Share Transactions: | |||||
| Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles | |||||
| Increase (Decrease) from Operations: | |||||
| Net investment income | 15,958,950 | 9,649,474 | 9,877,437 | 7,698,014 | 7,976,222 |
| Net realized gain (loss) from investments | 90,691 | 80,683 | (740,434) | 7,943,838 | 162,509 |
| Income tax (provision) benefit from realized gain on investments | 479,318 | 69,250 | |||
| Net change in unrealized appreciation (depreciation) on investments | (16,322,307) | 10,549,981 | (3,176,208) | (13,258,456) | (9,333,449) |
| Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments | 59,407 | (697,380) | (425,848) | (230,154) | (361,951) |
| Decrease from Shareholder Distributions: | |||||
| Distributions of investment income – net | (8,193,402) | (8,081,306) | (6,433,298) | (6,369,981) | (6,428,817) |
| Capital Share Transactions: | |||||
| Proceeds from issuance of common stock | |||||
| Stock dividend distribution | 1,058,844 | 1,300,460 | 1,150,934 | 1,088,188 | 1,108,680 |
| Repurchases of common stock | (2,157,605) | (1,224,224) | (2,179,695) | (3,686,105) | (3,734,316) |
| Repurchase fees | $ (1,772) | (972) | $ (1,881) | (3,071) | (2,840) |
| Offering costs | |||||
| Increase (Decrease) from Operations: | |||||
| Realized losses on extinguishment of debt | $ (382,274) | $ (1,204,809) | |||
Earnings Per Share (Details) - Schedule of weighted average basic and diluted net increase (decrease) in net assets - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
|---|---|---|
May 31, 2023 |
May 31, 2022 |
|
| Schedule Of Weighted Average Basic And Diluted Net Increase Decrease In Net Assets [Abstract] | ||
| Net increase (decrease) in net assets resulting from operations | $ (213) | $ (1,487) |
| Weighted average common shares outstanding | 11,862,163 | 12,112,372 |
| Weighted average earnings (loss) per common share | $ (0.02) | $ (0.12) |
Dividend (Details) - USD ($) $ / shares in Units, $ in Millions |
1 Months Ended | 3 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 29, 2023 |
Jun. 28, 2023 |
Jun. 27, 2023 |
Jun. 24, 2023 |
Jun. 23, 2023 |
Jun. 22, 2023 |
Jun. 21, 2023 |
Jun. 17, 2023 |
May 31, 2023 |
May 22, 2023 |
|
| Dividend (Details) [Line Items] | |||||||||||
| Dividend share price (in Dollars per share) | $ 0.7 | ||||||||||
| Dividend in cash (in Dollars) | $ 7.6 | ||||||||||
| Dividend in common stock (in Shares) | 29,628 | ||||||||||
| Common stock dividend rate, percentage | 95.00% | 95.00% | 95.00% | 95.00% | 95.00% | 95.00% | 95.00% | 95.00% | 95.00% | 0.20% | |
| Common Stock [Member] | |||||||||||
| Dividend (Details) [Line Items] | |||||||||||
| Price per share (in Dollars per share) | $ 25.29 | ||||||||||
Dividend (Details) - Schedule of dividends declared - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |||||
|---|---|---|---|---|---|---|
May 31, 2023 |
May 31, 2022 |
|||||
| Dividend (Details) - Schedule of dividends declared [Line Items] | ||||||
| Amount per Share | $ 0.7 | $ 0.53 | ||||
| Total Amount | [1] | $ 8,352 | $ 6,370 | |||
| February 28, 2023 [Member] | ||||||
| Dividend (Details) - Schedule of dividends declared [Line Items] | ||||||
| Record Date | Jun. 13, 2023 | |||||
| Payment Date | Jun. 29, 2023 | |||||
| Amount per Share | $ 0.7 | |||||
| Total Amount | [1],[2] | $ 8,352 | ||||
| May 26, 2022 [Member] | ||||||
| Dividend (Details) - Schedule of dividends declared [Line Items] | ||||||
| Record Date | Jun. 14, 2022 | |||||
| Payment Date | Jun. 29, 2022 | |||||
| Amount per Share | $ 0.53 | |||||
| Total Amount | [1] | $ 6,370 | ||||
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Financial Highlights (Details) - USD ($) |
1 Months Ended | 3 Months Ended | |
|---|---|---|---|
Jul. 14, 2022 |
May 29, 2015 |
May 31, 2023 |
|
| Investment Company, Financial Highlights [Abstract] | |||
| Indebtedness amount | $ 1,000 | ||
| Revolving credit facility, description | The Revolving Credit Facility, SBA Debentures, 8.75% 2024 Notes, 6.00% 2025 Notes, 7.75% 2025 Notes, 4.375% 2026 Notes, 4.35% 2027 Notes and 6.25% 2027 Notes are not registered for public trading. | ||
| Debt instrument redemption, description | On July 14, 2022, the Company redeemed $43.1 million in aggregate principal amount of the $43.1 million in aggregate principal amount of issued and outstanding 7.25% 2025 Notes and are no longer listed on the NYSE. | On May 29, 2015, the Company entered into a Debt Distribution Agreement with Ladenburg Thalmann & Co. through which the Company may offer for sale, from time to time, up to $20.0 million in aggregate principal amount of the 2020 Notes through an At-the-Market (“ATM”) offering. Prior to the 2020 Notes being redeemed in full, the Company had sold 539,725 units of the 7.50% 2020 Notes with a principal of $13.5 million at an average price of $25.31 for aggregate net proceeds of $13.4 million (net of transaction costs). |
Financial Highlights (Details) - Schedule of financial highlights - USD ($) |
3 Months Ended | |||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 31, 2023 |
May 31, 2022 |
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| Investment Company, Financial Highlights [Line Items] | ||||||||||||||||||||||||||||||
| Net asset value at beginning of period | $ 29.18 | $ 29.33 | ||||||||||||||||||||||||||||
| Net investment income(1) | [1] | 1.35 | 0.66 | |||||||||||||||||||||||||||
| Net realized and unrealized gain and losses on investments(1) | [1] | (1.36) | (0.78) | |||||||||||||||||||||||||||
| Net increase in net assets resulting from operations | (0.01) | (0.12) | ||||||||||||||||||||||||||||
| Distributions declared from net investment income | (0.69) | (0.53) | ||||||||||||||||||||||||||||
| Total distributions to stockholders | (0.69) | (0.53) | ||||||||||||||||||||||||||||
| Issuance of common stock above net asset value (2) | [2] | |||||||||||||||||||||||||||||
| Repurchases of common stock(3) | [3] | 0.04 | 0.04 | |||||||||||||||||||||||||||
| Dilution(4) | [4] | (0.04) | (0.02) | |||||||||||||||||||||||||||
| Net asset value at end of period | $ 28.48 | $ 28.69 | ||||||||||||||||||||||||||||
| Net assets at end of period (in Dollars) | $ 337,450,848 | $ 345,235,811 | ||||||||||||||||||||||||||||
| Shares outstanding at end of period (in Shares) | 11,847,742 | 12,031,998 | ||||||||||||||||||||||||||||
| Per share market value at end of period | $ 28.1 | $ 26.57 | ||||||||||||||||||||||||||||
| Total return based on market value(5)(6) | [5],[6] | 5.04% | (1.30%) | |||||||||||||||||||||||||||
| Total return based on net asset value(5)(7) | [5],[7] | 0.52% | (0.13%) | |||||||||||||||||||||||||||
| Ratio/Supplemental data: | ||||||||||||||||||||||||||||||
| Ratio of net investment income to average net assets(8) | [8] | 18.64% | 7.42% | |||||||||||||||||||||||||||
| Ratios of Operating Expenses and Income Taxes to average net assets*(9) | [9],[10] | 7.98% | 6.49% | |||||||||||||||||||||||||||
| Ratio of incentive management fees to average net assets(5) | [5] | 0.03% | (0.54%) | |||||||||||||||||||||||||||
| Ratio of interest and debt financing expenses to average net assets(9) | [10] | 13.59% | 7.77% | |||||||||||||||||||||||||||
| Ratio of total expenses and income taxes to average net assets*(8) | [8],[9] | 21.60% | 13.72% | |||||||||||||||||||||||||||
| Portfolio turnover rate(5)(10) | [5],[11] | 1.09% | 1.18% | |||||||||||||||||||||||||||
| Asset coverage ratio per unit(11) (in Dollars) | [12] | $ 1,557 | $ 1,793 | |||||||||||||||||||||||||||
| Average market value per unit | ||||||||||||||||||||||||||||||
| Revolving Credit Facility(12) | [13] | |||||||||||||||||||||||||||||
| SBA Debentures Payable(12) | [13] | |||||||||||||||||||||||||||||
| 8.75% Notes Payable 2024 [Member] | ||||||||||||||||||||||||||||||
| Average market value per unit | ||||||||||||||||||||||||||||||
| Average market value per unit | [13] | |||||||||||||||||||||||||||||
| 6.00% Notes Payable 2025 [Member] | ||||||||||||||||||||||||||||||
| Average market value per unit | ||||||||||||||||||||||||||||||
| Average market value per unit | [13] | |||||||||||||||||||||||||||||
| 7.25% Notes Payable 2025 [Member] | ||||||||||||||||||||||||||||||
| Average market value per unit | ||||||||||||||||||||||||||||||
| Average market value per unit | [14] | 25.42 | ||||||||||||||||||||||||||||
| 7.75% Notes Payable 2025 [Member] | ||||||||||||||||||||||||||||||
| Average market value per unit | ||||||||||||||||||||||||||||||
| Average market value per unit | [13] | |||||||||||||||||||||||||||||
| 4.375% Notes Payable 2026 [Member] | ||||||||||||||||||||||||||||||
| Average market value per unit | ||||||||||||||||||||||||||||||
| Average market value per unit | [13] | |||||||||||||||||||||||||||||
| 4.35% Notes Payable 2027 [Member] | ||||||||||||||||||||||||||||||
| Average market value per unit | ||||||||||||||||||||||||||||||
| Average market value per unit | [13] | |||||||||||||||||||||||||||||
| 6.00% Notes Payable 2027 [Member] | ||||||||||||||||||||||||||||||
| Average market value per unit | ||||||||||||||||||||||||||||||
| Average market value per unit | 23.24 | 24.7 | ||||||||||||||||||||||||||||
| 6.25% Notes Payable 2027 [Member] | ||||||||||||||||||||||||||||||
| Average market value per unit | ||||||||||||||||||||||||||||||
| Average market value per unit | [13] | |||||||||||||||||||||||||||||
| 8.00% Notes Payable 2027 [Member] | ||||||||||||||||||||||||||||||
| Average market value per unit | ||||||||||||||||||||||||||||||
| Average market value per unit | 24.86 | |||||||||||||||||||||||||||||
| 8.125% Notes Payable 2027 [Member] | ||||||||||||||||||||||||||||||
| Average market value per unit | ||||||||||||||||||||||||||||||
| Average market value per unit | 24.88 | |||||||||||||||||||||||||||||
| 8.50% Notes Payable 2028 [Member] | ||||||||||||||||||||||||||||||
| Average market value per unit | ||||||||||||||||||||||||||||||
| Average market value per unit | $ 24.91 | |||||||||||||||||||||||||||||
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Subsequent Events (Details) - Subsequent Event [Member] $ in Millions |
Jul. 06, 2023
USD ($)
|
|---|---|
| ATM Program [Member] | |
| Subsequent Events (Details) [Line Items] | |
| Aggregate amount | $ 300.0 |
| Minimum [Member] | ATM Program [Member] | |
| Subsequent Events (Details) [Line Items] | |
| Maximum amount of shares to be issued | 150.0 |
| Maximum [Member] | ATM Program [Member] | |
| Subsequent Events (Details) [Line Items] | |
| Maximum amount of shares to be issued | $ 300.0 |
| Equity distribution agreement [Member] | |
| Subsequent Events (Details) [Line Items] | |
| Equity distribution agreement percentage | 1.50% |