Exhibit 21
| Name | Jurisdiction | |
| Saratoga Investment Funding II LLC | Delaware | |
| Saratoga Investment Funding III LLC | Delaware | |
| Saratoga Investment Corp. SBIC II LP | Delaware | |
| Saratoga Investment Corp. SBIC III LP | Delaware | |
| Saratoga Investment Corp. GP, LLC | Delaware | |
| SIA-Avionte, Inc. | Delaware | |
| SIA-ARC, Inc. | Delaware | |
| SIA-AX, Inc. | Delaware | |
| SIA-AAP, Inc. | Delaware | |
| SIA-G4, Inc. | Delaware | |
| SIA-GH, Inc. | Delaware | |
| SIA-MDP, Inc. | Delaware | |
| SIA-PP Inc. | Delaware | |
| SIA-SAIS, Inc. | Delaware | |
| SIA-SIQ, Inc. | Delaware | |
| SIA-SZ, Inc. | Delaware | |
| SIA-TT, Inc. | Delaware | |
| SIA-TG, Inc. | Delaware | |
| SIA-Vector, Inc. | Delaware | |
| Saratoga Investment Corp. CLO 2013-1, Ltd | Cayman Islands |