UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

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

For the Quarterly Period Ended August 31, 2026

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

Commission File No. 814-00732

SARATOGA INVESTMENT CORP.

(Exact name of registrant as specified in its charter)

Maryland		20-8700615
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification Number)

535 Madison Avenue

New York, New York 10022

(Address of principal executive offices)

(212) 906-7800

(Registrant’s telephone number, including area code)

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share	SAR	The New York Stock Exchange
8.00% Notes due 2027	SAJ	The New York Stock Exchange
8.125% Notes due 2027	SAY	The New York Stock Exchange
8.50% Notes due 2028	SAZ	The New York Stock Exchange
7.50% Notes due 2031	SAV	The New York Stock Exchange
8.00% Notes due 2031	SAX	The New York Stock Exchange

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: Yes ☒ No ☐

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). Yes ☒ No ☐

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	☒
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

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

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 October 5, 2026 was 15,559,638.

TABLE OF CONTENTS

		Page
PART I.	FINANCIAL INFORMATION	1

Item 1.	Consolidated Financial Statements	1

	Consolidated Statements of Assets and Liabilities as of August 31, 2026 (unaudited) and February 28, 2026	1

	Consolidated Statements of Operations for the three and six months ended August 31, 2026 (unaudited) and August 31, 2025 (unaudited)	2

	Consolidated Statements of Changes in Net Assets for three and six months ended August 31, 2026 (unaudited) and August 31, 2025 (unaudited)	3

	Consolidated Statements of Cash Flows for the six months ended August 31, 2026 (unaudited) and August 31, 2025 (unaudited)	4

	Consolidated Schedules of Investments as of August 31, 2026 (unaudited) and February 28, 2026	5

	Notes to Consolidated Financial Statements as of August 31, 2026 (unaudited)	34

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	103

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	148

Item 4.	Controls and Procedures	149

PART II.	OTHER INFORMATION	150

Item 1.	Legal Proceedings	150

Item 1A.	Risk Factors	150

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	150

Item 3.	Defaults Upon Senior Securities	150

Item 4.	Mine Safety Disclosures	150

Item 5.	Other Information	150

Item 6.	Exhibits	151

Signatures		154

PART I. FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

Saratoga Investment Corp.

Consolidated Statements of Assets and Liabilities

	August 31, 2026			February 28, 2026
	(unaudited)
ASSETS
Investments at fair value
Non-control/Non-affiliate investments (amortized cost of $1,082,091,998 and $1,011,840,007, respectively)	$	1,056,184,544		$	1,016,247,566
Affiliate investments (amortized cost of $49,910,512 and $49,429,192, respectively)		49,257,789			52,710,911
Control investments (amortized cost of $77,083,090 and $75,118,675, respectively)		44,748,011			40,175,335
Total investments at fair value (amortized cost of $1,209,085,600 and $1,136,387,874, respectively)		1,150,190,344			1,109,133,812
Cash and cash equivalents		80,087,303			1,680,070
Cash and cash equivalents, reserve accounts		15,786,427			20,105,683
Interest receivable (net of reserve of $1,265,898 and $470,751, respectively)		9,122,307			7,314,053
Management fee receivable		229,150			249,720
Other assets		847,327			781,766
Total assets	$	1,256,262,858		$	1,139,265,104

LIABILITIES
Revolving credit facilities	$	70,000,000		$	70,000,000
Deferred debt financing costs, revolving credit facilities		(1,236,703	)		(1,670,816	)
SBA debentures payable		213,000,000			160,000,000
Deferred debt financing costs, SBA debentures payable		(4,792,550	)		(3,888,087	)
4.35% Notes Payable 2027		75,000,000			75,000,000
Discount on 4.35% notes payable 2027		(41,071	)		(108,898	)
Deferred debt financing costs, 4.35% notes payable 2027		(170,781	)		(344,393	)
6.25% Notes Payable 2027		15,000,000			15,000,000
Deferred debt financing costs, 6.25% notes payable 2027		(94,894	)		(130,839	)
6.00% Notes Payable 2027		105,500,000			105,500,000
Discount on 6.00% notes payable 2027		(27,924	)		(48,361	)
Deferred debt financing costs, 6.00% notes payable 2027		(470,739	)		(823,774	)
8.00% Notes Payable 2027		46,000,000			46,000,000
Deferred debt financing costs, 8.00% notes payable 2027		(405,603	)		(580,514	)
8.125% Notes Payable 2027		60,375,000			60,375,000
Deferred debt financing costs, 8.125% notes payable 2027		(543,519	)		(748,873	)
8.50% Notes Payable 2028		57,500,000			57,500,000
Deferred debt financing costs, 8.50% notes payable 2028		(661,105	)		(866,230	)
7.25% Notes Payable 2029		25,000,000			-
Discount on 7.25% notes payable 2029		(442,158	)		-
Deferred debt financing costs, 7.25% notes payable 2029		(115,176	)		-
7.25% Notes Payable 2030		50,000,000			50,000,000
Discount on 7.25% notes payable 2030		(394,008	)		(435,318	)
Deferred debt financing costs, 7.25% notes payable 2030		(777,418	)		(775,165	)
7.50% Notes Payable 2031		100,000,000			100,000,000
Deferred debt financing costs, 7.50% notes payable 2031		(3,171,759	)		(3,298,905	)
8.00% Notes Payable 2031		85,000,000			-
Deferred debt financing costs, 8.00% notes payable 2031		(2,884,102	)		-
Base management and incentive fees payable		6,893,075			6,602,819
Deferred tax liability		3,600,349			4,579,522
Accounts payable and accrued expenses		853,687			1,771,915
Interest and debt fees payable		5,537,756			3,904,143
Directors fees payable		-			5,500
Due to Manager		622,572			590,624
Current income tax payable		33,106			-
Total liabilities		903,686,035			743,109,350
Commitments and contingencies (See Note 9)

NET ASSETS
Common stock, par value $0.001, 100,000,000 common shares authorized, 15,915,928 and 16,224,198 common shares issued and outstanding, respectively		15,916			16,224
Capital in excess of par value		433,529,752			439,202,477
Total distributable deficit		(80,968,845	)		(43,062,947	)
Total net assets		352,576,823			396,155,754
Total liabilities and net assets	$	1,256,262,858		$	1,139,265,104
NET ASSET VALUE PER SHARE	$	22.15		$	24.42

See accompanying notes to consolidated financial statements.

Saratoga Investment Corp.

Consolidated Statements of Operations

(unaudited)

	For the three months ended						For the six months ended
	August 31, 2026			August 31, 2025			August 31, 2026			August 31, 2025
INVESTMENT INCOME
Interest from investments
Interest income:
Non-control/Non-affiliate investments	$	26,680,966		$	23,697,449		$	52,686,744		$	49,162,112
Affiliate investments		710,089			684,587			1,436,183			1,280,211
Control investments		687,577			1,191,555			1,374,293			2,382,216
Payment in kind interest income:
Non-control/Non-affiliate investments		176,321			121,084			349,612			289,313
Affiliate investments		524,784			604,880			1,028,394			1,189,629
Control investments		19,829			77,880			39,415			77,880
Total interest from investments		28,799,566			26,377,435			56,914,641			54,381,361
Interest from cash and cash equivalents		441,110			2,360,397			995,496			4,387,608
Management fee income		101,090			663,632			646,078			1,368,807
Dividend income:
Non-control/Non-affiliate investments		369,276			127,689			369,276			689,872
Control investments		752,370			903,439			1,531,222			1,339,857
Total dividend from investments		1,121,646			1,031,128			1,900,498			2,029,729
Structuring and advisory fee income		563,616			221,600			1,219,979			485,975
Other income		142,196			(28,436	)		269,457			290,893
Total investment income		31,169,224			30,625,756			61,946,149			62,944,373

OPERATING EXPENSES
Interest and debt financing expenses		14,061,404			12,372,030			27,711,687			24,823,895
Base management fees		5,065,837			4,374,324			10,035,890			8,707,656
Incentive management fees expense (benefit)		1,827,237			2,271,173			3,719,298			4,807,686
Professional fees		626,850			649,899			1,158,086			1,349,099
Administrator expenses		1,350,000			1,283,333			2,700,000			2,533,333
Insurance		80,598			74,310			161,196			148,620
Directors fees and expenses		125,103			118,500			251,103			250,000
General and administrative		680,951			412,769			1,281,217			1,058,180
Income tax expense (benefit)		46,080			(11,315	)		29,521			43,139
Total operating expenses		23,864,060			21,545,023			47,047,998			43,721,608
NET INVESTMENT INCOME		7,305,164			9,080,733			14,898,151			19,222,765

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) from investments:
Non-control/Non-affiliate investments		2,057,105			52,691			1,568,957			2,315,675
Control investments		-			-			638,355			638,355
Net realized gain (loss) from investments		2,057,105			52,691			2,207,312			2,954,030
Income tax (provision) benefit from realized gain on investments		(71,949	)		-			(71,949	)		-
Net change in unrealized appreciation (depreciation) on investments:
Non-control/Non-affiliate investments		(18,387,829	)		478,796			(30,315,013	)		850,944
Affiliate investments		(1,515,830	)		139,577			(3,934,442	)		93,633
Control investments		3,439,596			3,109,340			2,608,261			3,727,113
Net change in unrealized appreciation (depreciation) on investments		(16,464,063	)		3,727,713			(31,641,194	)		4,671,690
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		512,564			423,998			1,043,388			368,913
Net realized and unrealized gain (loss) on investments		(13,966,343	)		4,204,402			(28,462,443	)		7,994,633
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(6,661,179	)	$	13,285,135		$	(13,564,292	)	$	27,217,398

WEIGHTED AVERAGE - BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE	$	(0.41	)	$	0.84		$	(0.84	)	$	1.75
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC AND DILUTED		16,155,202			15,775,387			16,203,415			15,560,114

See accompanying notes to consolidated financial statements.

Saratoga Investment Corp.

Consolidated Statements of Changes in Net Assets

(unaudited)

	For the six months ended
	August 31, 2026			August 31, 2025
INCREASE (DECREASE) FROM OPERATIONS:
Net investment income	$	14,898,151		$	19,222,765
Net realized gain (loss) from investments		2,207,312			2,954,030
Income tax (provision) benefit from realized gain on investments		(71,949	)		-
Net change in unrealized appreciation (depreciation) on investments		(31,641,194	)		4,671,690
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		1,043,388			368,913
Net increase (decrease) in net assets resulting from operations		(13,564,292	)		27,217,398

DECREASE FROM SHAREHOLDER DISTRIBUTIONS:
Total distributions to shareholders		(24,341,606	)		(30,777,392	)
Net decrease in net assets from shareholder distributions		(24,341,606	)		(30,777,392	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from issuance of common stock⁽¹⁾		-			17,245,664
Capital contribution from Manager		-			569,322
Stock dividend distribution		2,735,195			3,601,941
Repurchases of common stock		(8,399,346	)		-
Repurchase fees		(8,882	)		-
Offering costs		-			(22,833	)
Net increase (decrease) in net assets from capital share transactions		(5,673,033	)		21,394,094
Total increase (decrease) in net assets		(43,578,931	)		17,834,100
Net assets at beginning of period		396,155,754			392,665,468
Net assets at end of period	$	352,576,823		$	410,499,568

(1)

See Note 11 to the Consolidated Financial Statements contained herein for more information on share issuance.

See accompanying notes to consolidated financial statements.

Saratoga Investment Corp.

Consolidated Statements of Cash Flows

(unaudited)

	For the six months ended
	August 31, 2026			August 31, 2025
Operating activities
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(13,564,292	)	$	27,217,398
ADJUSTMENTS TO RECONCILE NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS TO NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:
Distributions from CLO, payment-in-kind and other adjustments to cost		(1,388,957	)		(1,061,847	)
Net accretion of discount on investments		(1,300,982	)		(1,164,246	)
Amortization of deferred debt financing costs		2,655,180			2,502,178
Income tax expense (benefit)		64,214			38,689
Net realized (gain) loss from investments		(2,207,312	)		(2,954,030	)
Net change in unrealized (appreciation) depreciation on investments		31,641,194			(4,671,690	)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		(1,043,388	)		(368,913	)
Proceeds from sales and repayments of investments		87,463,404			94,942,515
Purchases of investments		(155,263,880	)		(102,307,963	)
(Increase) decrease in operating assets:
Interest receivable		(1,808,254	)		(1,139,595	)
Management fee receivable		20,570			35,424
Other assets		(65,561	)		(265,363	)
Increase (decrease) in operating liabilities:
Base management and incentive fees payable		290,256			414,555
Payable from open trades		-			2,000,000
Accounts payable and accrued expenses		(918,228	)		239,435
Interest and debt fees payable		1,633,613			(749,243	)
Directors fees payable		(5,500	)		-
Due to Manager		31,948			281,777
Current income tax payable		33,106			-
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		(53,732,869	)		12,989,081

Financing activities
Borrowings on debt		53,000,000			17,500,000
Issuance of notes		109,500,000			-
Repayments of notes		-			(25,000,000	)
Payments of deferred debt financing costs		(4,664,515	)		(25,000	)
Proceeds from issuance of common stock		-			17,245,664
Capital contribution from Manager		-			569,322
Payments of cash dividends		(21,606,411	)		(27,175,451	)
Repurchases of common stock		(8,399,346	)		-
Repurchases fees		(8,882	)		-
Payments of offering costs		-			(22,833	)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES		127,820,846			(16,908,298	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS		74,087,977			(3,919,217	)
CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, BEGINNING OF PERIOD		21,785,753			204,723,924
CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, END OF PERIOD (See note 2)	$	95,873,730		$	200,804,707

Supplemental information:
Interest paid during the period	$	23,428,268		$	23,070,960
Cash paid for taxes		19,286			286,573
Supplemental non-cash information:
Payment-in-kind interest income and other adjustments to cost		1,388,957			1,061,847
Net accretion of discount on investments		1,300,982			1,164,246
Discount on debt issuance, 7.25% notes 2029		500,000			-
Amortization of deferred debt financing costs		2,655,180			2,502,178
Stock dividend distribution		2,735,195			3,601,941

See accompanying notes to consolidated financial statements.

Saratoga Investment Corp.

Consolidated Schedule of Investments

August 31, 2026

(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 - 299.4% (b)
Altvia MidCo, LLC.	Alternative Investment Management Software	First Lien Term Loan (3M USD TERM SOFR+8.08%), 11.88% Cash, 7/18/2027	7/18/2022	$	11,198,115	$	11,164,070	$	10,798,343		3.1	%
Altvia MidCo, LLC. (h)	Alternative Investment Management Software	Series A-1 Preferred Shares	7/18/2022	$	2,083,939		2,083,939		1,426,553		0.4	%
		Total Alternative Investment Management Software					13,248,009		12,224,896		3.5	%
BQE Software, Inc. (d)	Architecture & Engineering Software	First Lien Term Loan (3M USD TERM SOFR+5.50%), 9.30% Cash, 4/13/2028	4/13/2023	$	23,000,000		22,905,761		22,956,300		6.5	%
		Total Architecture & Engineering Software					22,905,761		22,956,300		6.5	%
Golden TopCo LP (h)	Association Management Software	Class A-2 Common Units	5/10/2023		1,072,394		1,072,394		1,788,830		0.5	%
		Total Association Management Software					1,072,394		1,788,830		0.5	%
Artemis Wax Corp. (d)	Consumer Services	Delayed Draw Term Loan (1M USD TERM SOFR+6.75%), 10.46% Cash, 5/20/2029	5/20/2021	$	65,000,000		64,902,821		65,000,000		18.4	%
Artemis Wax Corp. (h)	Consumer Services	Series B-1 Preferred Stock	5/20/2021		934,463		1,500,000		-		0.0	%
Artemis Wax Corp. (h)	Consumer Services	Series D Preferred Stock	12/22/2022		331,640		1,711,866		1,712,357		0.5	%
		Total Consumer Services					68,114,687		66,712,357		18.9	%
Schoox, Inc. (h)(i)	Corporate Education Software	Series 1 Membership Interest	12/8/2020		1,050		560,899		4,213,947		1.2	%
		Total Corporate Education Software					560,899		4,213,947		1.2	%
Innergy, Inc. (d)	Custom Millwork Software	First Lien Term Loan (3M USD TERM SOFR+7.29%), 11.09% Cash, 2/20/2030	5/20/2026	$	22,472,000		22,472,000		22,238,291		6.3	%
Innergy, Inc. (j)	Custom Millwork Software	Delayed Draw Term Loan (3M USD TERM SOFR+7.29%), 11.09% Cash, 2/20/2030	5/20/2026	$	-		-		-		0.0	%
		Total Custom Millwork Software					22,472,000		22,238,291		6.3	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

August 31, 2026

(unaudited)

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
GreyHeller LLC (h)	Cyber Security	Common Stock	11/10/2021		7,857,689		1,906,275		3,199,141		0.9	%
		Total Cyber Security					1,906,275		3,199,141		0.9	%
SGA Dental Partners Sub Holdings LLC	Dental Practice Management	First Lien Term Loan (3M USD TERM SOFR+6.00%), 9.80% Cash, 6/15/2031	6/15/2026	$	35,000,000		34,674,693		34,650,000		9.8	%
SGA Dental Partners TopCo, LLC (h)	Dental Practice Management	Class A Units	6/15/2026		6,262,394		6,262,394		5,227,888		1.5	%
		Total Dental Practice Management					40,937,087		39,877,888		11.3	%
Exigo, LLC (d)	Direct Selling Software	First Lien Term Loan (1M USD TERM SOFR+6.25%), 10.06% Cash, 3/16/2027	3/16/2022	$	23,690,038		23,655,663		8,573,425		2.4	%
Exigo, LLC (j)	Direct Selling Software	Revolving Credit Facility (1M USD TERM SOFR+6.25%), 10.06% Cash, 3/16/2027	3/16/2022	$	-		-		-		0.0	%
Exigo, LLC (h)(i)	Direct Selling Software	Common Units	3/16/2022		1,041,667		1,041,667		-		0.0	%
		Total Direct Selling Software					24,697,330		8,573,425		2.4	%
C2 Educational Systems, Inc. (d)	Education Services	First Lien Term Loan (3M USD TERM SOFR+8.50%), 12.30% Cash, 11/30/2026	5/31/2017	$	23,000,000		23,000,000		23,000,000		6.5	%
C2 Educational Systems, Inc. (h)	Education Services	Series A-1 Preferred Stock	5/18/2021		3,127		499,904		308,662		0.1	%
		Total Education Services					23,499,904		23,308,662		6.6	%
Ready Education (d)	Education Software	First Lien Term Loan (3M USD TERM SOFR+7.00%), 10.80% Cash, 8/5/2027	8/5/2022	$	32,000,000		31,919,636		31,801,600		9.0	%
		Total Education Software					31,919,636		31,801,600		9.0	%
Haystack Team Inc.	Employee Collaboration Software	First Lien Term Loan 9.30% PIK, 12/31/2030	12/31/2025	$	5,432,809		5,388,940		5,409,448		1.5	%
Haystack Team Inc. (j)	Employee Collaboration Software	Delayed Draw Term Loan 9.30% PIK, 12/31/2030	12/31/2025	$	-		-		-		0.0	%
Haystack Team Inc. (h)	Employee Collaboration Software	Series A Preferred Stock	12/31/2025		1,250,000		1,421,890		1,298,685		0.4	%
		Total Employee Collaboration Software					6,810,830		6,708,133		1.9	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

August 31, 2026

(unaudited)

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
GDS Software Holdings, LLC (d)	Financial Services	First Lien Term Loan (3M USD TERM SOFR+7.00%), 10.80% Cash, 12/30/2028	12/30/2021	$	28,713,926		28,691,898		28,504,314		8.1	%
GDS Software Holdings, LLC (d)	Financial Services	Delayed Draw Term Loan (3M USD TERM SOFR+7.00%), 10.80% Cash, 12/30/2028	12/30/2021	$	3,286,073		3,258,380		3,262,085		0.9	%
GDS Software Holdings, LLC (h)	Financial Services	Common Stock Class A Units	8/23/2018		250,000		250,000		250,000		0.1	%
		Total Financial Services					32,200,278		32,016,399		9.1	%
Inspect Point Holdings, LLC	Fire Inspection Business Software	First Lien Term Loan (1M USD TERM SOFR+5.50%), 9.21% Cash, 7/19/2029	7/19/2023	$	20,000,000		19,879,899		19,800,000		5.6	%
Inspect Point Holdings, LLC (j)	Fire Inspection Business Software	Delayed Draw Term Loan (1M USD TERM SOFR+5.50%), 9.21% Cash, 7/19/2029	7/19/2023	$	2,000,000		1,983,799		1,980,000		0.6	%
		Total Fire Inspection Business Software					21,863,698		21,780,000		6.2	%
Stretch Zone Franchising, LLC (d)	Health/Fitness Franchisor	First Lien Term Loan (3M USD TERM SOFR+7.00%), 10.80% Cash, 3/31/2028	3/31/2023	$	24,967,271		24,869,902		23,678,960		6.7	%
Stretch Zone Franchising, LLC (h)	Health/Fitness Franchisor	Class A Units	3/31/2023		20,000		2,000,000		458,868		0.1	%
		Total Health/Fitness Franchisor					26,869,902		24,137,828		6.8	%
Alpha Aesthetics Partners OpCo, LLC (h)	Healthcare Services	Class A Preferred Units	3/20/2023		3,675,000		3,675,000		3,642,897		1.0	%
ComForCare Health Care (d)	Healthcare Services	First Lien Term Loan (3M USD TERM SOFR+6.25%), 10.05% Cash, 12/31/2028	12/4/2020	$	93,500,000		93,183,909		93,500,000		26.5	%
		Total Healthcare Services					96,858,909		97,142,897		27.5	%
Procurement Partners, LLC	Healthcare Software	First Lien Term Loan (3M USD TERM SOFR+5.50%), 9.30% Cash, 12/31/2028	11/12/2020	$	35,125,000		35,125,000		34,555,975		9.8	%
Procurement Partners, LLC	Healthcare Software	Delayed Draw Term Loan (3M USD TERM SOFR+5.50%), 9.30% Cash, 12/31/2028	11/12/2020	$	10,300,000		10,309,937		10,133,140		2.9	%
Procurement Partners Holdings LLC (h)	Healthcare Software	Class A Units	11/12/2020		571,219		571,219		231,815		0.1	%
Procurement Partners Holdings LLC (h)	Healthcare Software	Class AA Units	11/12/2020		220,385		30,994		60,054		0.0	%
		Total Healthcare Software					46,037,150		44,980,984		12.8	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

August 31, 2026

(unaudited)

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
Granite Comfort, LP (d)	HVAC Services and Sales	First Lien Term Loan (3M USD TERM SOFR+7.38%), 11.18% Cash, 5/16/2028	11/16/2020	$	43,000,000		42,930,021		41,894,900		11.9	%
Granite Comfort, LP (d)	HVAC Services and Sales	Delayed Draw Term Loan (3M USD TERM SOFR+7.38%), 11.18% Cash, 5/16/2028	11/16/2020	$	7,626,823		7,604,901		7,430,814		2.1	%
		Total HVAC Services and Sales					50,534,922		49,325,714		14.0	%
Vector Controls Holding Co., LLC (h)	Industrial Products	Warrants to Purchase Limited Liability Company Interests	5/31/2015	$	329		-		8,865,812		2.5	%
		Total Industrial Products					-		8,865,812		2.5	%
AgencyBloc, LLC (d)	Insurance Software	First Lien Term Loan (1M USD TERM SOFR+6.31%), 10.02% Cash, 10/1/2029	10/1/2021	$	17,346,477		17,315,077		17,346,477		4.9	%
Panther ParentCo LLC (h)	Insurance Software	Class A Units	10/1/2021		2,500,000		2,500,000		3,923,485		1.1	%
		Total Insurance Software					19,815,077		21,269,962		6.0	%
Avantra (a)	IT Services	First Lien Term Loan (3M USD TERM SOFR+7.97%), 11.77% Cash, 9/20/2029	9/19/2024	$	17,000,000		16,869,123		17,000,000		4.8	%
Maple Holdings Midco Limited (a)(h)	IT Services	Class A Common Units	9/19/2024		2,000,000		2,000,000		1,612,814		0.5	%
		Total IT Services					18,869,123		18,612,814		5.3	%
Madison Logic, Inc. (d)(m)	Marketing Orchestration Software	First Lien Term Loan (1M USD TERM SOFR+7.00%), 10.71% Cash, 12/30/2028	12/30/2022	$	19,213,185		19,085,509		14,404,125		4.1	%
		Total Marketing Orchestration Software					19,085,509		14,404,125		4.1	%
ARC Health OpCo LLC (h)	Mental Healthcare Services	Class A Preferred Units	8/5/2022		3,818,403		4,169,599		502,623		0.1	%
		Total Mental Healthcare Services					4,169,599		502,623		0.1	%
Chronus LLC	Mentoring Software	First Lien Term Loan (3M USD TERM SOFR+5.25%), 9.20% Cash, 12/31/2027	8/26/2021	$	15,000,000		15,000,000		12,456,000		3.5	%
Chronus LLC (d)	Mentoring Software	First Lien Term Loan (3M USD TERM SOFR+6.00%), 9.95% Cash, 12/31/2027	8/26/2021	$	5,000,000		5,000,000		4,152,000		1.2	%
Chronus LLC (h)	Mentoring Software	Series A Preferred Stock	8/26/2021		3,000		3,000,000		-		0.0	%
		Total Mentoring Software					23,000,000		16,608,000		4.7	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

August 31, 2026

(unaudited)

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
Cloudpermit	Municipal Government Software	First Lien Term Loan (3M USD TERM SOFR+5.75%), 9.55% Cash, 9/5/2029	9/5/2024	$	31,500,000		31,282,860		31,194,450		8.8	%
Cloudpermit (j)	Municipal Government Software	Delayed Draw Term Loan (3M USD TERM SOFR+5.75%), 9.55% Cash, 9/5/2029	9/5/2024	$	500,000		495,306		495,150		0.1	%
Cloudpermit (h)	Municipal Government Software	Common Stock	9/5/2024		2,000		2,000,000		1,898,498		0.5	%
		Total Municipal Government Software					33,778,166		33,588,098		9.4	%
Emily Street Enterprises, L.L.C. (d)	Office Supplies	Senior Secured Note (3M USD TERM SOFR+6.75%), 11.00% Cash, 12/31/2028	12/28/2012	$	5,300,000		5,293,036		5,300,000		1.5	%
		Total Office Supplies					5,293,036		5,300,000		1.5	%
Ludi, Inc. (j)	Physician Compensation Management Software	Revolving Credit Facility (3M USD TERM SOFR+5.00%), 8.80% Cash, 12/31/2030	2/17/2026	$	3,150,000		3,126,828		3,136,140		0.9	%
		Total Physician Compensation Management Software					3,126,828		3,136,140		0.9	%
Vitana DSO, LLC	Pediatric and Orthodontic Dentistry Platform	First Lien Term Loan (3M USD TERM SOFR+7.00%), 10.80% Cash, 5/28/2031	5/28/2026	$	25,000,000		24,814,507		24,812,500		7.0	%
Vitana DSO, LLC (j)	Pediatric and Orthodontic Dentistry Platform	Delayed Draw Term Loan (3M USD TERM SOFR+7.00%), 10.80% Cash, 5/28/2031	5/28/2026	$	455,000		451,638		451,588		0.1	%
		Total Pediatric and Orthodontic Dentistry Platform					25,266,145		25,264,088		7.1	%
Breezeway Homes, Inc.	Property Operations Management Software	First Lien Term Loan (1M USD TERM SOFR+6.63%), 10.34% Cash, 2/23/2031	2/23/2026	$	22,000,000		21,797,063		21,969,200		6.2	%
Breezeway Homes, Inc. (j)	Property Operations Management Software	Delayed Draw Term Loan (1M USD TERM SOFR+6.63%), 10.34% Cash, 2/23/2031	2/23/2026	$	-		-		-		0.0	%
Breezeway Homes, Inc. (h)	Property Operations Management Software	Class A Common Units	2/23/2026		1,000,000		1,000,000		1,023,032		0.3	%
		Total Property Operations Management Software					22,797,063		22,992,232		6.5	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

August 31, 2026

(unaudited)

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
Source 44 LLC	Product Compliance Software	First Lien Term Loan (3M USD TERM SOFR+5.25%), 9.05% Cash, 10/17/2030	10/17/2025	$	3,000,000		2,968,872		2,979,600		0.8	%
Source 44 LLC (j)	Product Compliance Software	Delayed Draw Term Loan (3M USD TERM SOFR+5.25%), 9.05% Cash, 10/17/2030	10/17/2025	$	1,500,000		1,488,549		1,489,800		0.4	%
Source 44 LLC (j)	Product Compliance Software	Revolving Credit Facility (3M USD TERM SOFR+5.25%), 9.05% Cash, 10/17/2030	10/17/2025	$	-		-		-		0.0	%
PG Source Investments, LLC (h)	Product Compliance Software	Series A Preferred Stock	10/17/2025		705		1,500,000		1,604,754		0.5	%
		Total Product Compliance Software					5,957,421		6,074,154		1.7	%
Buildout, Inc.	Real Estate Services	First Lien Term Loan (3M USD TERM SOFR+7.00%), 10.90% Cash, 9/30/2028	7/9/2020	$	14,000,000		14,000,000		13,832,000		3.9	%
Buildout, Inc. (d)	Real Estate Services	Delayed Draw Term Loan (3M USD TERM SOFR+7.00%), 10.90% Cash, 9/30/2028	2/12/2021	$	38,500,000		38,500,000		38,038,000		10.8	%
Buildout, Inc. (h)(i)	Real Estate Services	Limited Partner Interests	7/9/2020	$	1,250		1,372,557		819,577		0.2	%
		Total Real Estate Services					53,872,557		52,689,577		14.9	%
Archimedes Parent LLC (h)	Research Software	Class A Common Units	6/27/2022		2,475,160		2,475,160		781,972		0.2	%
Wellspring Worldwide Inc. (d)	Research Software	First Lien Term Loan (3M USD TERM SOFR+8.42%), 12.22% Cash, 2/28/2029	6/27/2022	$	9,372,000		9,329,053		9,109,584		2.6	%
Wellspring Worldwide Inc.	Research Software	Delayed Draw Term Loan (3M USD TERM SOFR+8.42%), 12.22% Cash, 2/28/2029	6/27/2022	$	25,310,000		25,122,064		24,601,320		7.0	%
		Total Research Software					36,926,277		34,492,876		9.8	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

August 31, 2026

(unaudited)

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost			Fair Value (c)		% of Net Assets
Rewind Intermediate Inc.	Residential Remediation Services	First Lien Term Loan (3M USD TERM SOFR+4.25%), 8.05% Cash, 3/5/2031	3/5/2026	$	8,900,000		8,826,023			8,822,570		2.5	%
Rewind Intermediate Inc. (j)	Residential Remediation Services	Delayed Draw Term Loan (3M USD TERM SOFR+4.25%), 8.05% Cash, 3/5/2031	3/5/2026	$	-		-			-		0.0	%
Rewind Intermediate Inc. (j)	Residential Remediation Services	Revolving Credit Facility (3M USD TERM SOFR+4.25%), 8.05% Cash, 3/5/2031	3/5/2026	$	-		(23,730	)		-		0.0	%
Rewind Intermediate Inc. (h)	Residential Remediation Services	Class A-1 Units	3/5/2026		500,000		500,000			500,000		0.1	%
		Total Residential Remediation Services					9,302,293			9,322,570		2.6	%
Angry Chickz, Inc.	Restaurant	First Lien Term Loan (1M USD TERM SOFR+6.25%), 9.96% Cash, 10/9/2030	10/9/2025	$	7,900,000		7,899,999			7,965,570		2.3	%
Angry Chickz, Inc. (j)	Restaurant	Delayed Draw Term Loan (1M USD TERM SOFR+6.25%), 9.96% Cash, 10/9/2030	10/9/2025	$	10,000,000		9,980,187			10,083,000		2.9	%
LFR Chicken LLC (d)	Restaurant	First Lien Term Loan (1M USD TERM SOFR+4.50%), 8.21% Cash, 11/26/2030	11/19/2021	$	22,000,000		21,895,915			21,773,400		6.2	%
LFR Chicken LLC (d)(j)	Restaurant	Delayed Draw Term Loan (1M USD TERM SOFR+4.50%), 8.21% Cash, 11/26/2030	11/19/2021	$	18,000,000		17,955,567			17,814,600		5.1	%
LFR Chicken LLC (h)	Restaurant	Series B Preferred Units	11/19/2021		497,183		1,000,000			2,047,646		0.6	%
		Total Restaurant					58,731,668			59,684,216		17.1	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

August 31, 2026

(unaudited)

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
SAI Systems Health, LLC (d)	Revenue Cycle Management & Related Services	First Lien Term Loan (3M USD TERM SOFR+5.00%), 8.80% Cash, 11/24/2030	11/24/2025	$	28,000,000		27,847,087		28,372,400		8.0	%
SAI Systems Health, LLC (j)	Revenue Cycle Management & Related Services	Delayed Draw Term Loan (3M USD TERM SOFR+5.00%), 8.80% Cash, 11/24/2030	11/24/2025	$	-		-		-		0.0	%
SAI Systems Health Topco, LLC (h)	Revenue Cycle Management & Related Services	Class A Units	11/24/2025		350,000		350,000		425,940		0.1	%
		Total Revenue Cycle Management & Related Services					28,197,087		28,798,340		8.1	%
Yumi Ice Cream Company, LLC (d)	Specialty Distribution	First Lien Term Loan (3M USD TERM SOFR+6.50%), 10.30% Cash, 8/25/2031	8/25/2026	$	6,250,000		6,203,247		6,203,125		1.8	%
Yumi Ice Cream Company, LLC (d)	Specialty Distribution	First Lien Term Loan (3M USD TERM SOFR+6.50%), 10.30% Cash, 8/25/2031	8/25/2026	$	6,250,000		6,203,248		6,203,125		1.8	%
Yumi Ice Cream Company, LLC (j)	Specialty Distribution	Delayed Draw Term Loan (3M USD TERM SOFR+6.50%), 10.30% Cash, 8/25/2031	8/25/2026	$	-		-		-		0.0	%
Yumi Ice Cream Company, LLC (j)	Specialty Distribution	Revolving Credit Facility (3M USD TERM SOFR+6.50%), 10.30% Cash, 8/25/2031	8/25/2026	$	-		-		-		0.0	%
Yumi Ice Cream Company, LLC (h)	Specialty Distribution	Common Stock	8/25/2026		714,286		714,286		714,286		0.2	%
		Total Specialty Distribution					13,120,781		13,120,536		3.8	%
Avionte Holdings, LLC (h)	Staffing Services	Class A Units	1/8/2014		100,000		100,000		1,504,336		0.4	%
		Total Staffing Services					100,000		1,504,336		0.4	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

August 31, 2026

(unaudited)

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
AIMCO 2025-24A E (a)	Structured Finance Securities	Other/Structured Finance Securities (3M USD TERM SOFR+6.10%), 9.90% Cash, 4/19/2038	4/30/2025	$	1,500,000		1,500,000		1,513,479		0.4	%
AIMCO 2024-21A ER (a)	Structured Finance Securities	Other/Structured Finance Securities (3M USD TERM SOFR+5.40%), 9.20% Cash, 4/18/2039	4/1/2026	$	2,000,000		2,000,000		2,018,258		0.6	%
APID 2023-45A ER (a)(d)	Structured Finance Securities	Other/Structured Finance Securities (3M USD TERM SOFR+5.15%), 8.95% Cash, 7/26/2038	6/5/2025	$	2,800,000		2,800,000		2,803,363		0.8	%
APID 2017-28A DR (a)(d)	Structured Finance Securities	Other/Structured Finance Securities (3M USD TERM SOFR+5.00%), 8.80% Cash, 10/20/2038	7/25/2025	$	2,500,000		2,500,000		2,493,463		0.7	%
BGCLO 2025-13A D2 (a)(d)	Structured Finance Securities	Other/Structured Finance Securities (3M USD TERM SOFR+4.05%), 7.85% Cash, 10/23/2038	8/7/2025	$	2,000,000		2,000,000		2,005,740		0.6	%
BGCLO 2024-9A E (a)	Structured Finance Securities	Other/Structured Finance Securities (3M USD TERM SOFR+6.25%), 10.05% Cash, 10/22/2037	3/31/2026	$	1,000,000		1,000,500		1,004,018		0.3	%
BSP 2016-10A C2R3 (a)	Structured Finance Securities	Other/Structured Finance Securities (3M USD TERM SOFR+4.10%), 7.90% Cash, 7/20/2038	7/10/2025	$	2,000,000		2,000,000		2,003,988		0.6	%
BSP 2020-21A ER2 (a)	Structured Finance Securities	Other/Structured Finance Securities (3M USD TERM SOFR+4.95%), 8.75% Cash, 1/15/2039	11/4/2025	$	1,500,000		1,500,000		1,503,498		0.4	%
BSP 2025-40A E (a)(d)	Structured Finance Securities	Other/Structured Finance Securities (3M USD TERM SOFR+5.25%), 9.05% Cash, 7/25/2038	5/22/2025	$	3,000,000		3,000,000		3,010,919		0.9	%
DCLO 2024-7A DR (a)	Structured Finance Securities	Other/Structured Finance Securities (3M USD TERM SOFR+5.25%), 9.05% Cash, 7/20/2039	6/30/2026	$	2,000,000		2,000,000		2,006,000		0.6	%
ELM27 2024-3A D2R (a)	Structured Finance Securities	Other/Structured Finance Securities (3M USD TERM SOFR+4.60%), 8.40% Cash, 4/18/2039	4/28/2026	$	2,500,000		2,500,000		2,513,135		0.7	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

August 31, 2026

(unaudited)

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
HLM 2025-26A D2 (a)(d)	Structured Finance Securities	Other/Structured Finance Securities (3M USD TERM SOFR+4.10%), 7.90% Cash, 7/20/2038	7/18/2025	$	2,000,000		2,000,000		1,987,480		0.5	%
NMC CLO-4A ER (a)	Structured Finance Securities	Other/Structured Finance Securities (3M USD TERM SOFR+5.00%), 8.80% Cash, 3/31/2038	3/13/2025	$	1,000,000		980,000		1,004,995		0.3	%
NMC CLO-7A E (a)	Structured Finance Securities	Other/Structured Finance Securities (3M USD TERM SOFR+6.91%), 10.71% Cash, 3/20/2038	4/17/2025	$	1,000,000		1,000,000		967,599		0.3	%
NMC CLO-5A ER (a)(d)	Structured Finance Securities	Other/Structured Finance Securities (3M USD TERM SOFR+5.85%), 9.65% Cash, 7/20/2036	6/30/2025	$	3,000,000		3,000,000		2,928,000		0.8	%
NMC CLO-3A D2R (a)(d)	Structured Finance Securities	Other/Structured Finance Securities (3M USD TERM SOFR+4.10%), 7.90% Cash, 10/20/2038	8/4/2025	$	2,250,000		2,250,000		2,226,994		0.6	%
OAKC 2016-13A ER2 (a)	Structured Finance Securities	Other/Structured Finance Securities (3M USD TERM SOFR+5.75%), 9.55% Cash, 10/21/2037	4/10/2025	$	1,000,000		976,250		995,244		0.3	%
OAKC 2025-22A E (a)	Structured Finance Securities	Other/Structured Finance Securities (3M USD TERM SOFR+5.55%), 9.35% Cash, 7/20/2038	5/9/2025	$	1,250,000		1,250,000		1,254,639		0.4	%
OAKC 2020-7A D2R2 (a)(d)	Structured Finance Securities	Other/Structured Finance Securities (3M USD TERM SOFR+4.05%), 7.85% Cash, 7/19/2038	6/18/2025	$	3,250,000		3,250,000		3,254,310		0.9	%
OCP 2025-43A E (a)	Structured Finance Securities	Other/Structured Finance Securities (3M USD TERM SOFR+6.50%), 10.30% Cash, 7/20/2038	4/23/2025	$	1,000,000		1,000,000		1,014,240		0.3	%
OCP 2023-28A (a)(d)	Structured Finance Securities	Other/Structured Finance Securities (3M USD TERM SOFR+5.25%), 9.05% Cash, 7/16/2038	6/18/2025	$	3,000,000		3,000,000		3,020,079		0.9	%
OCP 2016-11A D2R3 (a)	Structured Finance Securities	Other/Structured Finance Securities (3M USD TERM SOFR+4.10%), 7.90% Cash, 7/26/2038	6/26/2025	$	1,500,000		1,500,000		1,502,643		0.4	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

August 31, 2026

(unaudited)

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
OCP 2016-12A D2R3 (a)	Structured Finance Securities	Other/Structured Finance Securities (3M USD TERM SOFR+4.25%), 8.05% Cash, 10/18/2037	5/5/2026	$	1,000,000		998,500		1,000,128		0.3	%
POST 2023-1A D2R (a)	Structured Finance Securities	Other/Structured Finance Securities (3M USD TERM SOFR+3.95%), 7.75% Cash, 10/20/2038	10/17/2025	$	1,000,000		1,000,000		999,321		0.3	%
POST 2024-1A D2R (a)	Structured Finance Securities	Other/Structured Finance Securities (3M USD TERM SOFR+4.35%), 8.15% Cash, 3/30/2039	5/6/2026	$	2,500,000		2,500,000		2,496,520		0.7	%
REGT6 2016-1A ER3 (a)	Structured Finance Securities	Other/Structured Finance Securities (3M USD TERM SOFR+5.45%), 9.25% Cash, 10/20/2038	9/12/2025	$	1,500,000		1,500,000		1,438,050		0.4	%
REG23 2021-4A D3R (a)	Structured Finance Securities	Other/Structured Finance Securities (3M USD TERM SOFR+4.00%), 7.80% Cash, 10/15/2038	10/30/2025	$	2,000,000		2,000,000		1,970,624		0.6	%
TREST 2017-1A ER3 (a)	Structured Finance Securities	Other/Structured Finance Securities (3M USD TERM SOFR+5.25%), 9.05% Cash, 7/25/2039	7/21/2026	$	1,675,000		1,675,000		1,679,474		0.5	%
TREST 2018-2A D2RR (a)	Structured Finance Securities	Other/Structured Finance Securities (3M USD TERM SOFR+4.25%), 8.05% Cash, 7/15/2039	5/8/2026	$	2,000,000		2,000,000		2,005,609		0.6	%
VOYA 2024-3A ER (a)	Structured Finance Securities	Other/Structured Finance Securities (3M USD TERM SOFR+5.50%), 9.30% Cash, 7/20/2039	7/23/2026	$	2,000,000		2,000,000		2,005,142		0.6	%
WBOX 2023-4A ER2 (a)	Structured Finance Securities	Other/Structured Finance Securities (3M USD TERM SOFR+5.15%), 8.95% Cash, 7/20/2039	6/18/2026	$	3,500,000		3,500,000		3,517,486		1.0	%
WBOX 2025-5A D2 (a)(d)	Structured Finance Securities	Other/Structured Finance Securities (3M USD TERM SOFR+4.10%), 7.90% Cash, 7/20/2038	6/24/2025	$	2,000,000		2,000,000		2,003,350		0.6	%
		Total Structured Finance Securities					62,180,250		62,147,788		17.9	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

August 31, 2026

(unaudited)

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
StockIQ Technologies, LLC	Supply Chain Planning Software	First Lien Term Loan (3M USD Term SOFR+5.50%), 9.30% Cash, 3/26/2030	3/26/2025	$	10,000,000		9,930,912		9,796,000		2.8	%
StockIQ Technologies, LLC (j)	Supply Chain Planning Software	Delayed Draw Term Loan (3M USD Term SOFR+5.50%), 9.30% Cash, 3/26/2030	3/26/2025	$	2,000,000		1,985,218		1,923,500		0.5	%
StockIQ Technologies, LLC (h)	Supply Chain Planning Software	Class A Units	3/26/2025		200,000		200,000		166,272		0.0	%
		Total Supply Chain Planning Software					12,116,130		11,885,772		3.3	%
Employer Direct Healthcare, LLC (Lantern)	Surgical Benefits Management	Second Lien Term Loan (3M USD TERM SOFR+7.25%), 11.05% Cash, 1/20/2031	1/20/2026	$	35,000,000		34,731,190		35,073,500		9.9	%
		Total Surgical Benefits Management					34,731,190		35,073,500		9.9	%
JDXpert	Talent Acquisition Software	First Lien Term Loan (3M USD TERM SOFR+8.50%), 12.56% Cash, 5/2/2027	5/2/2022	$	6,000,000		5,986,799		6,000,000		1.7	%
JDXpert (d)(j)	Talent Acquisition Software	Delayed Draw Term Loan (3M USD TERM SOFR+8.50%), 12.30% Cash, 5/2/2027	5/2/2022	$	1,500,000		1,495,986		1,500,000		0.4	%
Jobvite, Inc. (d)	Talent Acquisition Software	First Lien Term Loan (3M USD TERM SOFR+7.50%), 11.30% Cash, 8/5/2028	8/5/2022	$	20,000,000		19,942,401		18,416,000		5.2	%
		Total Talent Acquisition Software					27,425,186		25,916,000		7.3	%
VetnCare MSO, LLC	Veterinary Services	Delayed Draw Term Loan (3M USD TERM SOFR+5.75%), 9.55% Cash, 5/12/2028	5/12/2023	$	18,835,655		18,748,969		19,001,409		5.4	%
		Total Veterinary Services					18,748,969		19,001,409		5.4	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

August 31, 2026

(unaudited)

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
Better Impact USA Inc.	Volunteer Program Management Software	First Lien Term Loan (3M USD TERM SOFR+4.75%), 8.55% Cash, 1/8/2031	1/8/2026	$	12,000,000		11,921,259		11,839,200		3.4	%
Better Impact USA Inc. (j)	Volunteer Program Management Software	Delayed Draw Term Loan (3M USD TERM SOFR+4.75%), 8.55% Cash, 1/8/2031	1/8/2026	$	-		-		-		0.0	%
Better Impact USA Inc. (h)	Volunteer Program Management Software	Preferred Units	1/8/2026		708,821		1,050,713		1,103,084		0.3	%
		Total Volunteer Program Management Software					12,971,972		12,942,284		3.7	%
Sub Total Non-control/Non-affiliate investments							1,082,091,998		1,056,184,544		299.4	%
Affiliate investments - 14.0% (b)
ETU Holdings, Inc. (f)	Corporate Education Software	First Lien Term Loan (3M USD TERM SOFR+9.00%), 12.95% Cash, 8/18/2027	8/18/2022	$	7,100,000		7,082,347		7,100,000		2.0	%
ETU Holdings, Inc. (f)	Corporate Education Software	Second Lien Term Loan 15.00% PIK, 2/18/2028	8/18/2022	$	8,908,743		8,894,698		8,342,147		2.4	%
ETU Holdings, Inc. (f)(h)	Corporate Education Software	Series B Preferred Units	11/21/2025		854,300		3,000,000		-		0.0	%
ETU Holdings, Inc. (f)(h)	Corporate Education Software	Series C Preferred Units	11/21/2025		730,280		730,280		668,028		0.2	%
		Total Corporate Education Software					19,707,325		16,110,175		4.6	%
Axero Holdings, LLC (f)	Employee Collaboration Software	First Lien Term Loan 10.95% Cash, (3M USD TERM SOFR+7.00%) PIK, 12/31/2027	6/30/2021	$	17,325,860		17,317,819		17,074,635		4.8	%
Axero Holdings, LLC (f)	Employee Collaboration Software	Delayed Draw Term Loan 10.95% Cash, (3M USD TERM SOFR+7.00%) PIK, 12/31/2027	6/30/2021	$	1,229,577		1,227,460		1,211,748		0.3	%
Axero Holdings, LLC (f)(h)	Employee Collaboration Software	Series A Preferred Units	6/30/2021		2,055,609		2,055,609		4,028,994		1.2	%
Axero Holdings, LLC (f)(h)	Employee Collaboration Software	Series B Preferred Units	6/30/2021		2,055,609		2,055,609		3,586,333		1.0	%
		Total Employee Collaboration Software					22,656,497		25,901,710		7.3	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

August 31, 2026

(unaudited)

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
SmartAC.com, LLC (f)	HVAC Monitoring Devices	First Lien Term Loan (3M USD TERM SOFR+7.50%), 11.30% Cash, 4/7/2030	4/7/2025	$	4,574,116		4,546,691		4,527,460		1.3	%
SmartAC.com, LLC (f)(j)	HVAC Monitoring Devices	Delayed Draw Term Loan (3M USD Term SOFR+7.50%), 11.30% Cash, 4/7/2030	4/7/2025	$	-		-		-		0.0	%
SmartAC.com, LLC (f)(h)	HVAC Monitoring Devices	Series A Preferred Stock	4/7/2025		1,262,201		2,999,999		2,718,444		0.8	%
		Total HVAC Monitoring Devices					7,546,690		7,245,904		2.1	%
Sub Total Affiliate investments							49,910,512		49,257,789		14.0	%
Control investments - 12.8% (b)
Zollege PBC (g)	Education Services	First Lien Term Loan 4.84% PIK, 8/9/2027	5/11/2021	$	1,616,381		1,616,381		1,472,200		0.4	%
Zollege PBC (g)(j)	Education Services	Delayed Draw Term Loan 10.00% 8/9/2027	5/11/2021	$	-		-		-		0.0	%
Zollege PBC (h)(g)	Education Services	Common Stock	5/11/2021		7,731,294		558,799		15,389,933		4.4	%
		Total Education Services					2,175,180		16,862,133		4.8	%
Pepper Palace, Inc. (k)(g)	Specialty Food Retailer	First Lien Term Loan 4.42% PIK, 12/31/2028	6/30/2021	$	2,400,000		2,400,000		-		0.0	%
Pepper Palace, Inc. (j)(k)(g)	Specialty Food Retailer	Delayed Draw Term Loan 4.42% PIK, 12/31/2028	6/30/2021	$	400,000		400,000		-		0.0	%
Pepper Palace, Inc. (j)(k)(g)	Specialty Food Retailer	Delayed Draw Term Loan 4.42% PIK, 12/31/2028	6/30/2021	$	1,900,000		1,900,000		-		0.0	%
Pepper Palace, Inc. (j)(k)(g)	Specialty Food Retailer	Revolving Credit Facility 4.42% PIK, 12/31/2028	6/30/2021	$	1,000,000		1,000,000		-		0.0	%
Pepper Palace, Inc. (h)(g)	Specialty Food Retailer	Class A Units	6/30/2021		100,000		163,561		-		0.0	%
		Total Specialty Food Retailer					5,863,561		-		0.0	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

August 31, 2026

(unaudited)

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 0.00% 4/20/2033	1/22/2008	$	111,000,000		14,408,784		-		0.0	%
Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note (a)(g)(k)	Structured Finance Securities	Other/Structured Finance Securities (3M USD TERM SOFR +10.00%), 14.06% Cash, 4/20/2033	8/9/2021	$	9,375,000		9,375,000		-		0.0	%
Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E-R Note (a)(g)	Structured Finance Securities	Other/Structured Finance Securities (3M USD TERM SOFR +7.35%), 11.15% Cash, 10/20/2037	9/24/2025	$	8,750,000		8,443,750		8,324,492		2.4	%
		Total Structured Finance Securities					32,227,534		8,324,492		2.4	%
Saratoga Senior Loan Fund I JV, LLC (a)(g)(j)	Investment Fund	Unsecured Loan 10.00% 10/20/2033	12/17/2021	$	17,618,954		17,618,954		15,469,441		4.4	%
Saratoga Senior Loan Fund I JV, LLC (a)(g)(n)	Investment Fund	Membership Interest	12/17/2021		19,197,861		19,197,861		4,091,945		1.2	%
		Total Investment Fund					36,816,815		19,561,386		5.6	%
Sub Total Control investments							77,083,090		44,748,011		12.8	%
TOTAL INVESTMENTS - 326.2% (b)						$	1,209,085,600	$	1,150,190,344		326.2	%

	Number of Shares		Cost		Fair Value		% of Net Assets
Money Market Funds (included in cash and cash equivalents and cash and cash equivalents, reserve accounts) - 27.2% (b)
Goldman Sachs Financial Square Government Fund (1)(2)		80,087,303	$	80,087,303	$	80,087,303		22.7	%
Cash and cash equivalents		80,087,303		80,087,303		80,087,303		22.7	%
Goldman Sachs Financial Square Government Fund (1)(2)		13,225,215		13,225,215		13,225,215		3.8	%
Valley National Bank Business Money Market Fund (1)(3)		2,561,212		2,561,212		2,561,212		0.7	%
Cash and cash equivalents, reserve accounts		15,786,427		15,786,427		15,786,427		4.5	%
Total Money Market Funds (included in cash and cash equivalents and cash and cash equivalents, reserve accounts)		95,873,730	$	95,873,730	$	95,873,730		27.2	%

(1)	Securities are exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and are restricted securities. Money market funds are valued at net asset value and are considered level 1 investments within the fair value hierarchy.

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

Saratoga Investment Corp.

Consolidated Schedule of Investments

August 31, 2026

(unaudited)

(3)	Current yield as of August 31, 2026, was approximately 3.10% on the Valley National Bank Business Money Market Fund.

(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 August 31, 2026, 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 $352,576,823 as of August 31, 2026.

(c)	Because there is no “readily available market quotations” (as defined in the 1940 Act) for these investments, the fair values of these investments were determined using significant unobservable inputs and approved in good faith by our board of directors. These investments have been included as Level 3 in the Fair Value Hierarchy (see Note 3 to the consolidated financial statements).

(d)	These securities are either fully or partially pledged as collateral under the Company’s senior secured revolving credit facility (see Note 8 to the consolidated financial statements).

(e)	This investment does not have a stated interest rate that is payable thereon. As a result, the 0.00% interest rate in the table above represents the effective interest rate currently earned on the investment cost and is based on the current cash interest and other income generated by the investment.

(f)	As defined in the 1940 Act, this portfolio company is an “affiliate” as we own between 5.0% and 25.0% of the outstanding voting securities. Transactions during the six months ended August 31, 2026 in which the issuer was an affiliate are as follows:

Company	Fair Value at the Beginning of Year		Purchases/ Add-ons (1)		Sales/ Paydowns			Total Interest from Investments		Management Fee Income		Net Realized Gain (Loss) from Investments		Net Change in Unrealized Appreciation (Depreciation)			Fair Value at End of Period
Axero Holdings, LLC	$	28,427,238	$	366,814	$	-		$	1,021,285	$	-	$	-	$	(2,892,342	)	$	25,901,710
ETU Holdings, Inc.		16,055,433		652,147		-			1,145,857		-		-		(597,405	)		16,110,175
SmartAC.com, LLC		8,228,240		5,544		(543,183	)		297,436		-		-		(444,697	)		7,245,904
Total	$	52,710,911	$	1,024,505	$	(543,183	)	$	2,464,578	$	-	$	-	$	(3,934,444	)	$	49,257,789

(1)

Includes payment-in-kind interest and net accretion of discount on investments.

Saratoga Investment Corp.

Consolidated Schedule of Investments

August 31, 2026

(unaudited)

(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 six months ended August 31, 2026 in which the issuer was both an affiliate and a portfolio company that we control are as follows:

Company	Fair Value at the Beginning of Year		Purchases/ Add-ons (1)		Sales/ Paydowns			Total Interest from Investments		Total Dividends from Investments		Management Fee Income		Net Realized Gain (Loss) from Investments		Net Change in Unrealized Appreciation (Depreciation)			Fair Value at End of Period
Netreo Holdings, LLC	$	-	$	-	$	(638,355	)	$	-	$	-	$	-	$	638,355	$	-		$	-
Pepper Palace, Inc.		2,038,911		1,925,000		-			-		-		-		-		(3,963,911	)		-
Zollege PBC		12,048,652		39,416		-			39,416		-		-		-		4,774,065			16,862,133
Saratoga Investment Corp. CLO 2013-1, Ltd.		-		-		-			-		-		646,078		-		-			-
Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note		-		-		-			-		-		-		-		-			-
Saratoga Senior Loan Fund I JV, LLC		16,130,152		-		-			880,948		-		-		-		(660,711	)		15,469,441
Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E-R Note		8,422,177		-		-			493,340		-		-		-		(97,685	)		8,324,492
Saratoga Senior Loan Fund I JV, LLC		1,535,443		-		-			-		1,531,222		-		-		2,556,502			4,091,945
Total	$	40,175,335	$	1,964,416	$	(638,355	)	$	1,413,704	$	1,531,222	$	646,078	$	638,355	$	2,608,260		$	44,748,011

(1)

Includes payment-in-kind interest.

(h)	Non-income producing at August 31, 2026.

Saratoga Investment Corp.

Consolidated Schedule of Investments

August 31, 2026

(unaudited)

(i)	Includes securities issued by an affiliate of the company.

(j)	All or a portion of this investment has an unfunded commitment as of August 31, 2026. (See Note 9 to the consolidated financial statements).

(k)	As of August 31, 2026, the investment was on non-accrual status. The fair value of these investments was approximately $0.0 million, which represented 0.0% 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 August 31, 2026.

(m)	This investment elected to PIK 20% of accrued interest, with 80% of accrued interest payable in cash.

(n)

On September 24, 2025, the Company completed the first refinancing of SLF 2022. This refinancing, among other things, extended the SLF 2022’s investment period to October 2028. As part of this refinancing, the Company purchased $8.8 million of the SLF 2022-1 Class E-R Notes tranche at par. Concurrently, the existing $12.3 million of the SLF 2022-1 Class E Notes were repaid. The Company also paid $1.6 million of additional equity investment related to the refinancing to SLF JV. (See Note 5 to the consolidated financial statements).

SOFR - Secured Overnight Financing Rate

1M USD TERM SOFR - The 1 month USD TERM SOFR rate as of August 31, 2026 was 3.71%.

3M USD TERM SOFR - The 3 month USD TERM SOFR rate as of August 31, 2026 was 3.80%.

PIK - Payment-in-Kind (see Note 2 to the consolidated financial statements).

See accompanying notes to consolidated financial statements.

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 28, 2026

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 - 256.5% (b)
Altvia MidCo, LLC.	Alternative Investment Management Software	First Lien Term Loan (6M USD TERM SOFR+8.08%), 12.25% Cash, 7/18/2027	7/18/2022		11,255,757		11,202,536		11,046,400		2.7	%
Altvia MidCo, LLC. (h)	Alternative Investment Management Software	Series A-1 Preferred Shares	7/18/2022		2,083,939		2,083,939		2,042,756		0.5	%
		Total Alternative Investment Management Software					13,286,475		13,089,156		3.2	%
BQE Software, Inc. (d)	Architecture & Engineering Software	First Lien Term Loan (3M USD TERM SOFR+5.50%), 9.67% Cash, 4/13/2028	4/13/2023		23,500,000		23,383,683		23,697,400		6.0	%
BQE Software, Inc.	Architecture & Engineering Software	Delayed Draw Term Loan (3M USD TERM SOFR+5.50%), 9.67% Cash, 4/13/2028	4/13/2023		-		-		-		0.0	%
		Total Architecture & Engineering Software					23,383,683		23,697,400		6.0	%
Golden TopCo LP (h)	Association Management Software	Class A-2 Common Units	5/10/2023		1,072,394		1,072,394		1,860,341		0.5	%
		Total Association Management Software					1,072,394		1,860,341		0.5	%
Artemis Wax Corp. (d)	Consumer Services	Delayed Draw Term Loan (1M USD TERM SOFR+6.75%), 11.02% Cash, 5/20/2029	5/20/2021		65,000,000		64,886,056		64,473,500		16.2	%
Artemis Wax Corp. (h)	Consumer Services	Series B-1 Preferred Stock	5/20/2021		934,463		1,500,000		-		0.0	%
Artemis Wax Corp. (h)	Consumer Services	Series D Preferred Stock	12/22/2022		331,640		1,711,866		1,825,324		0.5	%
		Total Consumer Services					68,097,922		66,298,824		16.7	%
Schoox, Inc. (h)(i)	Corporate Education Software	Series 1 Membership Interest	12/8/2020		1,050		548,298		4,386,183		1.1	%
		Total Corporate Education Software					548,298		4,386,183		1.1	%
Innergy, Inc. (d)	Custom Millwork Software	First Lien Term Loan (3M USD TERM SOFR+5.50%), 9.67% Cash, 2/20/2030	2/20/2025		32,000,000		31,778,687		31,884,800		8.0	%
Innergy, Inc. (j)	Custom Millwork Software	Delayed Draw Term Loan (3M USD TERM SOFR+5.50%), 9.67% Cash, 2/20/2030	2/20/2025		8,500,000		8,432,838		8,469,400		2.1	%
		Total Custom Millwork Software					40,211,525		40,354,200		10.1	%
GreyHeller LLC (h)	Cyber Security	Common Stock	11/10/2021		7,857,689		1,906,275		4,233,053		1.1	%
		Total Cyber Security					1,906,275		4,233,053		1.1	%
Gen4 Dental Partners Holdings, LLC (d)	Dental Practice Management	First Lien Term Loan (3M USD TERM SOFR+5.75%), 10.02% Cash, 5/13/2030	5/13/2024		7,035,714		6,982,168		7,049,786		1.8	%
Gen4 Dental Partners Holdings, LLC (j)	Dental Practice Management	Delayed Draw Term Loan (3M USD TERM SOFR+5.75%), 10.02% Cash, 5/13/2030	5/13/2024		-		-		-		0.0	%
Gen4 Dental Partners Holdings, LLC (j)	Dental Practice Management	Revolving Credit Facility (3M USD TERM SOFR+5.75%), 10.02% Cash, 5/13/2030	5/13/2024		-		-		-		0.0	%
Gen4 Dental Partners Holdings, LLC (h)(i)	Dental Practice Management	Series A Preferred Units	2/8/2023		493,999		1,027,519		1,279,457		0.3	%
Modis Dental Partners OpCo, LLC	Dental Practice Management	First Lien Term Loan (1M USD TERM SOFR+9.34%), 13.69% Cash, 4/18/2028	4/18/2023		7,000,000		6,945,319		7,038,500		1.7	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 28, 2026

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)			% of Net Assets
Modis Dental Partners OpCo, LLC	Dental Practice Management	Delayed Draw Term Loan (1M USD TERM SOFR+9.34%), 13.69% Cash, 4/18/2028	4/18/2023		13,000,000		12,876,266		13,071,500			3.3	%
Modis Dental Partners OpCo, LLC (h)	Dental Practice Management	Class A Preferred Units	4/18/2023		3,200,000		3,200,000		3,983,552			1.0	%
		Total Dental Practice Management					31,031,272		32,422,795			8.1	%
Exigo, LLC (d)	Direct Selling Software	First Lien Term Loan (1M USD TERM SOFR+6.25%), 10.62% Cash, 3/16/2027	3/16/2022		23,815,038		23,755,517		20,695,268			5.2	%
Exigo, LLC (j)	Direct Selling Software	Revolving Credit Facility (1M USD TERM SOFR+6.25%), 10.62% Cash, 3/16/2027	3/16/2022		-		-		(81,875	)		0.0	%
Exigo, LLC (h), (i)	Direct Selling Software	Common Units	3/16/2022		1,041,667		1,041,667		-			0.0	%
		Total Direct Selling Software					24,797,184		20,613,393			5.2	%
C2 Educational Systems, Inc. (d)	Education Services	First Lien Term Loan (3M USD TERM SOFR+8.50%), 12.67% Cash, 11/30/2026	5/31/2017		23,000,000		23,000,000		22,839,000			5.8	%
C2 Educational Systems, Inc. (h)	Education Services	Series A-1 Preferred Stock	5/18/2021		3,127		499,904		636,224			0.2	%
Ready Education (d)	Education Software	First Lien Term Loan (3M USD TERM SOFR+7.00%), 11.17% Cash, 8/5/2027	8/5/2022		32,000,000		31,875,991		31,936,000			8.1	%
		Total Education Software					55,375,895		55,411,224			14.1	%
Haystack Team Inc.	Employee Collaboration Software	First Lien Term Loan (3M USD TERM SOFR+5.50%), 9.17% Cash, 12/31/2030	12/31/2025		5,299,222		5,249,222		5,248,609			1.3	%
Haystack Team Inc. (j)	Employee Collaboration Software	Delayed Draw Term Loan (3M USD TERM SOFR+5.50%), 9.17% Cash, 12/31/2030	12/31/2025		-		-		-			0.0	%
Haystack Team Inc. (h)	Employee Collaboration Software	Series A Preferred Stock	12/31/2025	$	1,250,000		1,421,890		1,250,000			0.3	%
		Total Employee Collaboration Software					6,671,112		6,498,609			1.6	%
TG Pressure Washing Holdings, LLC (h)	Facilities Maintenance	Preferred Equity	8/12/2019		488,148		488,148		-			0.0	%
		Total Facilities Maintenance					488,148		-			0.0	%
GDS Software Holdings, LLC (d)	Financial Services	First Lien Term Loan (3M USD TERM SOFR+7.00%), 11.17% Cash, 12/30/2028	12/30/2021		28,713,926		28,655,242		28,713,926			7.2	%
GDS Software Holdings, LLC (d)	Financial Services	Delayed Draw Term Loan (3M USD TERM SOFR+7.00%), 11.17% Cash, 12/30/2028	12/30/2021		3,286,073		3,253,213		3,286,073			0.8	%
GDS Software Holdings, LLC (h)	Financial Services	Common Stock Class A Units	8/23/2018		250,000		250,000		251,765			0.1	%
		Total Financial Services					32,158,455		32,251,764			8.1	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 28, 2026

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
Inspect Point Holdings, LLC	Fire Inspection Business Software	First Lien Term Loan (1M USD TERM SOFR+5.50%), 9.77% Cash, 07/19/2029	7/19/2023		20,000,000		19,869,748		20,046,000		5.1	%
Inspect Point Holdings, LLC (j)	Fire Inspection Business Software	Delayed Draw Term Loan (1M USD TERM SOFR+5.50%), 9.77% Cash, 07/19/2029	7/19/2023		-		-		-		0.0	%
		Total Fire Inspection Business Software					19,869,748		20,046,000		5.1	%
Stretch Zone Franchising, LLC (d)	Health/Fitness Franchisor	First Lien Term Loan (3M USD TERM SOFR+7.00%), 11.17% Cash, 3/31/2028	3/31/2023		16,228,726		16,154,267		15,504,925		3.9	%
Stretch Zone Franchising, LLC	Health/Fitness Franchisor	First Lien Term Loan (3M USD TERM SOFR+7.00%), 11.17% Cash, 3/31/2028	3/31/2023		8,738,545		8,696,307		8,348,806		2.1	%
Stretch Zone Franchising, LLC (h)	Health/Fitness Franchisor	Class A Units	3/31/2023		20,000		2,000,000		754,655		0.2	%
		Total Health/Fitness Franchisor					26,850,574		24,608,386		6.2	%
Alpha Aesthetics Partners OpCo, LLC (h)	Healthcare Services	Class A Preferred Units	3/20/2023		3,675,000		3,675,000		3,353,548		0.8	%
ComForCare Health Care (d)	Healthcare Services	First Lien Term Loan (3M USD TERM SOFR+6.25%), 10.42% Cash, 12/31/2028	1/31/2017		90,000,000		89,652,007		90,000,000		22.7	%
		Total Healthcare Services					93,327,007		93,353,548		23.5	%
Procurement Partners, LLC	Healthcare Software	First Lien Term Loan (3M USD TERM SOFR+5.50%), 10.67% Cash, 12/31/2028	11/12/2020		35,125,000		35,098,620		35,125,000		8.9	%
Procurement Partners, LLC	Healthcare Software	Delayed Draw Term Loan (3M USD TERM SOFR+5.50%), 10.67% Cash, 12/31/2028	11/12/2020		10,300,000		10,309,993		10,300,000		2.6	%
Procurement Partners Holdings LLC (h)	Healthcare Software	Class A Units	11/12/2020		571,219		571,219		238,402		0.1	%
Procurement Partners Holdings LLC (h)	Healthcare Software	Class AA Units	11/12/2020		220,385		30,994		60,670		0.0	%
		Total Healthcare Software					46,010,826		45,724,072		11.6	%
Granite Comfort, LP (d)	HVAC Services and Sales	First Lien Term Loan (3M USD TERM SOFR+7.40%), 11.57% Cash, 5/16/2027	11/16/2020	$	43,000,000		42,902,297		42,247,500		10.7	%
Granite Comfort, LP (j)(d)	HVAC Services and Sales	Delayed Draw Term Loan (3M USD TERM SOFR+7.40%), 11.57% Cash, 5/16/2027	11/16/2020	$	9,992,940		9,955,368		9,818,064		2.5	%
		Total HVAC Services and Sales					52,857,665		52,065,564		13.2	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 28, 2026

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
Vector Controls Holding Co., LLC (h)	Industrial Products	Warrants to Purchase Limited Liability Company Interests, Expires 11/30/2027	5/31/2015		329		-		8,604,501		2.2	%
		Total Industrial Products					-		8,604,501		2.2	%
AgencyBloc, LLC (d)	Insurance Software	First Lien Term Loan (1M USD TERM SOFR+6.31%), 12.03% Cash, 10/1/2029	10/1/2021	$	17,436,477		17,398,618		17,450,426		4.4	%
Panther ParentCo LLC (h)	Insurance Software	Class A Units	10/1/2021		2,500,000		2,500,000		5,866,373		1.5	%
		Total Insurance Software					19,898,618		23,316,799		5.9	%
Avantra	IT Services	First Lien Term Loan (3M USD TERM SOFR+7.97%), 12.14% Cash, 9/20/2029	9/19/2024	$	17,000,000		16,854,905		16,938,800		4.3	%
Maple Holdings Midco Limited (h)	IT Services	Class A Common Units	9/19/2024		2,000,000		2,000,000		2,333,016		0.6	%
		Total IT Services					18,854,905		19,271,816		4.9	%
Madison Logic, Inc. (d)(m)	Marketing Orchestration Software	First Lien Term Loan (1M USD TERM SOFR+7.00%), 11.37% Cash, 12/30/2028	12/30/2022	$	19,091,720		18,942,898		16,791,168		4.2	%
		Total Marketing Orchestration Software					18,942,898		16,791,168		4.2	%
ARC Health OpCo LLC (h)	Mental Healthcare Services	Class A Preferred Units	8/5/2022		3,818,400		4,169,599		332,895		0.1	%
		Total Mental Healthcare Services					4,169,599		332,895		0.1	%
Chronus LLC	Mentoring Software	First Lien Term Loan (3M USD TERM SOFR+5.25%), 9.19% Cash, 8/26/2026	8/26/2021	$	15,000,000		14,979,066		14,596,500		3.7	%
Chronus LLC (d)	Mentoring Software	First Lien Term Loan (3M USD TERM SOFR+6.00%), 9.94% Cash, 8/26/2026	8/26/2021	$	5,000,000		4,991,064		4,865,500		1.2	%
Chronus LLC (h)	Mentoring Software	Series A Preferred Stock	8/26/2021		3,000		3,000,000		1,087,028		0.3	%
		Total Mentoring Software					22,970,130		20,549,028		5.2	%
Cloudpermit	Municipal Government Software	First Lien Term Loan (3M USD TERM SOFR+5.75%), 9.92% Cash, 9/5/2029	9/5/2024	$	31,500,000		31,262,232		31,424,400		7.9	%
Cloudpermit (j)	Municipal Government Software	Delayed Draw Term Loan (3M USD TERM SOFR+5.75%), 9.92% Cash, 9/5/2029	9/5/2024	$	-		-		-		0.0	%
Cloudpermit (h)	Municipal Government Software	Limited Partner Interests	9/5/2024		2,000		2,000,000		2,269,227		0.6	%
		Total Municipal Government Software					33,262,232		33,693,627		8.5	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 28, 2026

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
Emily Street Enterprises, L.L.C. (d)	Office Supplies	Senior Secured Note (3M USD TERM SOFR+6.75%), 11.00% Cash, 12/31/2028	12/28/2012	$	5,300,000		5,288,924		5,313,250		1.3	%
		Total Office Supplies					5,288,924		5,313,250		1.3	%
Ludi, Inc. (j)	Physician Compensation Management Software	Revolving Credit Facility (3M USD TERM SOFR+5.00%), 8.67% Cash, 12/31/2030	2/17/2026	$	1,400,000		1,375,000		1,375,000		0.3	%
		Total Physician Compensation Management Software					1,375,000		1,375,000		0.3	%
Breezeway Homes, Inc	Property Operations Management Software	First Lien Term Loan (3M USD TERM SOFR+6.63%), 10.30% Cash, 2/23/2031	2/23/2026		22,000,000		21,783,721		21,782,500		5.5	%
Breezeway Homes, Inc (j)	Property Operations Management Software	Delayed Draw Term Loan (3M USD TERM SOFR+6.63%), 10.30% Cash, 2/23/2031	2/23/2026		-		-		-		0.0	%
Breezeway Homes, Inc (h)	Property Operations Management Software	Class A Common Units	2/23/2026		1,000,000		1,000,000		1,000,000		0.3	%
		Total Property Operations Management Software					22,783,721		22,782,500		5.8	%
Source 44 LLC	Product Compliance Software	First Lien Term Loan (3M USD TERM SOFR+5.25%), 6.75% Cash, 10/17/2030	10/17/2025		3,000,000		2,965,873		2,973,750		0.8	%
Source 44 LLC (j)	Product Compliance Software	Delayed Draw Term Loan (3M USD TERM SOFR+5.25%), 6.75% Cash, 10/17/2030	10/17/2025		1,500,000		1,486,911		1,486,875		0.4	%
Source 44 LLC (j)	Product Compliance Software	Revolving Credit Facility (3M USD TERM SOFR+5.25%), 6.75% Cash, 10/17/2030	10/17/2025		-		-		-		0.0	%
PG Source Investments, LLC (h)	Product Compliance Software	Series A Preferred Stock	10/17/2025		705		1,500,000		1,499,999		0.4	%
		Total Product Compliance Software					5,952,784		5,960,624		1.6	%
Buildout, Inc. (d)	Real Estate Services	First Lien Term Loan (3M USD TERM SOFR+7.00%), 11.27% Cash, 9/30/2028	7/9/2020	$	14,000,000		14,000,000		13,720,667		3.5	%
Buildout, Inc.	Real Estate Services	Delayed Draw Term Loan (3M USD TERM SOFR+7.00%), 11.27% Cash, 9/30/2028	2/12/2021	$	38,500,000		38,500,000		37,731,834		9.5	%
Buildout, Inc. (h)(i)	Real Estate Services	Limited Partner Interests	7/9/2020		1,250		1,372,557		872,433		0.2	%
		Total Real Estate Services					53,872,557		52,324,934		13.2	%
Wellspring Worldwide Inc. (d)	Research Software	First Lien Term Loan (3M USD TERM SOFR+8.42%), 12.59% Cash, 2/28/2029	6/27/2022	$	9,372,000		9,323,366		9,372,000		2.4	%
Wellspring Worldwide Inc.	Research Software	Delayed Draw Term Loan (3M USD TERM SOFR+8.42%), 12.59% Cash, 2/28/2029	6/27/2022	$	25,310,000		25,094,468		25,310,000		6.4	%
Archimedes Parent LLC (h)	Research Software	Class A Common Units	6/27/2022		2,475,160		2,475,160		1,871,060		0.5	%
		Total Research Software					36,892,994		36,553,060		9.3	%
Angry Chickz, Inc.	Restaurant	First Lien Term Loan (1M USD TERM SOFR+4.75%), 8.61% Cash, 10/9/2030	10/9/2025	$	7,900,000		7,860,500		7,860,500		2.0	%
Angry Chickz, Inc. (j)	Restaurant	Delayed Draw Term Loan (1M USD TERM SOFR+4.75%), 8.61% Cash, 10/9/2030	10/9/2025	$	6,000,000		5,970,000		5,970,000		1.5	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 28, 2026

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
LFR Chicken LLC (d)	Restaurant	First Lien Term Loan (1M USD TERM SOFR+4.50%), 8.36% Cash, 11/26/2030	11/19/2021	$	22,000,000		21,882,824		21,903,200		5.5	%
LFR Chicken LLC (d)(j)	Restaurant	Delayed Draw Term Loan (1M USD TERM SOFR+4.50%), 8.36% Cash, 11/26/2030	11/19/2021	$	18,000,000		17,948,780		17,920,800		4.5	%
LFR Chicken LLC (h)	Restaurant	Series B Preferred Units	11/19/2021		497,183		1,000,000		1,993,985		0.5	%
		Total Restaurant					54,662,104		55,648,485		14.0	%
SAI Systems Health, LLC	Revenue Cycle Management & Related Services	First Lien Term Loan (3M USD TERM SOFR+5.00%), 11.57% Cash, 11/24/2030	11/24/2025	$	28,000,000		27,825,000		27,825,000		7.0	%
SAI Systems Health, LLC (j)	Revenue Cycle Management & Related Services	Delayed Draw Term Loan (3M USD TERM SOFR+5.00%), 11.57% Cash, 11/24/2030	11/24/2025	$	-		-		-		0.0	%
SAI Systems Health Topco, LLC (h)	Revenue Cycle Management & Related Services	Class A Common Units	11/24/2025		350,000		350,000		350,000		0.1	%
		Total Revenue Cycle Management & Related Services					28,175,000		28,175,000		7.1	%
Avionte Holdings, LLC (h)	Staffing Services	Class A Units	1/8/2014		100,000		100,000		2,362,023		0.6	%
		Total Staffing Services					100,000		2,362,023		0.6	%
AIMCO 2025-24A E (a)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+6.10%), 10.27% Cash, 4/19/2038	4/30/2025	$	1,500,000		1,500,000		1,530,603		0.4	%
APID 2023-45A ER (a)(d)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+5.15%), 9.32% Cash, 7/26/2038	6/5/2025	$	2,800,000		2,800,000		2,735,813		0.7	%
APID 2017-28A DR (a)(d)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+5.00%), 9.17% Cash, 10/20/2038	7/25/2025	$	2,500,000		2,500,000		2,470,738		0.6	%
BGCLO 2025-13A D2 (a)(d)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+4.05%), 8.22% Cash, 10/23/2038	8/7/2025	$	2,000,000		2,000,000		2,012,484		0.5	%
BSP 2016-10A C2R3 (a)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+4.10%), 8.27% Cash, 7/20/2038	7/10/2025	$	2,000,000		2,000,000		1,989,962		0.5	%
BSP 2020-21A ER2 (a)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+4.95%), 8.74% Cash, 1/15/2039	11/4/2025	$	1,500,000		1,500,000		1,463,577		0.4	%
BSP 2025-40A E (a)(d)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+5.25%), 9.42% Cash, 7/25/2038	5/22/2025	$	3,000,000		3,000,000		3,026,652		0.8	%
HLM 2025-26A D2 (a)(d)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+4.10%), 8.27% Cash, 7/20/2038	7/18/2025	$	2,000,000		2,000,000		1,949,386		0.5	%
NMC CLO-4A ER (a)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+6.91%), 11.08% Cash, 3/20/2038	4/17/2025	$	1,000,000		980,000		1,026,088		0.3	%
NMC CLO-7A E (a)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+5.00%), 9.17% Cash, 3/31/2038	3/13/2025	$	1,000,000		1,000,000		976,321		0.2	%
NMC CLO-5A ER (a)(d)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+5.85%), 10.02% Cash, 7/20/2036	6/30/2025	$	3,000,000		3,000,000		2,973,408		0.8	%
NMC CLO-3A D2R (a)(d)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+4.10%), 8.27% Cash, 10/20/2038	8/4/2025	$	2,250,000		2,250,000		2,158,945		0.5	%
OAKC 2016-13A ER2 (a)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+5.75%), 9.92% Cash, 10/21/2037	4/10/2025	$	1,000,000		976,250		989,690		0.2	%
OAKC 2025-22A E (a)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+5.55%), 9.72% Cash, 7/20/2038	5/9/2025	$	1,250,000		1,250,000		1,261,281		0.3	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 28, 2026

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
OAKC 2020-7A D2R2 (a)(d)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+4.05%), 8.22% Cash, 7/19/2038	6/18/2025	$	3,250,000		3,250,000		3,251,898		0.8	%
OCP 2025-43A E (a)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+6.50%), 10.67% Cash, 7/20/2038	4/23/2025	$	1,000,000		1,000,000		1,025,791		0.3	%
OCP 2023-28A (a)(d)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+5.25%), 9.42% Cash, 7/16/2038	6/18/2025	$	3,000,000		3,000,000		2,915,295		0.7	%
OCP 2016-11A D2R3 (a)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+4.10%), 8.27% Cash, 7/26/2038	6/26/2025	$	1,500,000		1,500,000		1,510,355		0.3	%
POST 2023-1A D2R (a)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+3.95%), 7.74% Cash, 10/20/2038	10/17/2025	$	1,000,000		1,000,000		971,977		0.2	%
REGT6 2016-1A ER3 (a)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+5.45%), 9.24% Cash, 10/20/2038	9/12/2025	$	1,500,000		1,500,000		1,421,099		0.4	%
REGT23 2021-1A D2R (a)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+4.00%), 7.79% Cash, 10/15/2038	10/30/2025	$	2,000,000		2,000,000		1,978,886		0.5	%
TREST 2017-1A ERR (a)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+5.95%), 10.12% Cash, 7/25/2037	3/7/2025	$	1,250,000		1,257,125		1,262,855		0.3	%
WBOX 2023-4A ER (a)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+6.48%), 10.65% Cash, 4/20/2036	4/10/2025	$	3,500,000		3,470,645		3,501,505		0.9	%
WBOX 2025-5A D2 (a)(d)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+4.10%), 8.27% Cash, 7/20/2038	6/24/2025	$	2,000,000		2,000,000		2,006,926		0.5	%
		Total Structured Finance Securities					46,734,020		46,411,535		11.7	%
StockIQ Technologies, LLC	Supply Chain Planning Software	First Lien Term Loan (3M USD TERM SOFR+5.25%), 9.42% Cash,3/26/2030	3/25/2025	$	10,000,000		9,926,398		9,903,000		2.5	%
StockIQ Technologies, LLC (j)	Supply Chain Planning Software	Delayed Draw Term Loan (3M USD TERM SOFR+5.25%), 9.42% Cash, 3/26/2030	3/25/2025	$	1,600,000		1,587,257		1,584,480		0.4	%
StockIQ Technologies, LLC (h)	Supply Chain Planning Software	Class A Units	3/25/2025		200,000		200,000		202,924		0.1	%
		Total Supply Chain Planning Software					11,713,655		11,690,404		3.0	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 28, 2026

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
Employer Direct Healthcare, LLC (Lantern)	Surgical Benefits Management	Second Lien Term Loan (3M USD TERM SOFR+7.25%), 10.92% Cash, 1/20/2031	1/20/2026		35,000,000		34,693,750		34,693,750		8.8	%
		Total Surgical Benefits Management					34,693,750		34,693,750		8.8	%
JDXpert	Talent Acquisition Software	First Lien Term Loan (3M USD TERM SOFR+8.50%), 12.93% Cash, 5/2/2027	5/2/2022	$	6,000,000		5,982,179		6,000,000		1.4	%
JDXpert (d)	Talent Acquisition Software	Delayed Draw Term Loan (3M USD TERM SOFR+8.50%), 12.93% Cash, 5/2/2027	5/2/2022	$	1,000,000		996,525		1,000,000		0.3	%
JDXpert (j)	Talent Acquisition Software	Delayed Draw Term Loan (3M USD TERM SOFR+8.50%), 12.93% Cash, 5/2/2027	5/2/2022	$	500,000		497,964		500,000		0.1	%
Jobvite, Inc. (d)	Talent Acquisition Software	First Lien Term Loan (3M USD TERM SOFR+7.50%), 11.67% Cash, 8/5/2028	8/5/2022	$	20,000,000		19,924,505		19,782,000		5.0	%
		Total Talent Acquisition Software					27,401,173		27,282,000		6.8	%
VetnCare MSO, LLC	Veterinary Services	Delayed Draw Term Loan (3M USD TERM SOFR+5.75%), 9.92% Cash, 5/12/2028	5/12/2023	$	13,290,655		13,241,485		13,290,655		3.4	%
		Total Veterinary Services					13,241,485		13,290,655		3.4	%
Better Impact USA Inc.	Volunteer Program Management Software	First Lien Term Loan (3M USD TERM SOFR+4.75%), 8.42% Cash, 1/8/2031	1/8/2026	$	12,000,000		11,910,000		11,910,000		3.0	%
Better Impact USA Inc. (j)	Volunteer Program Management Software	Delayed Draw Term Loan (3M USD TERM SOFR+4.75%), 8.42% Cash, 1/8/2031	1/8/2026	$	-		-		-		0.0	%
Better Impact USA Inc. (h)	Volunteer Program Management Software	Preferred Units	1/8/2026		683,585		1,000,000		1,000,000		0.3	%
		Total Volunteer Program Management Software					12,910,000		12,910,000		3.3	%
Sub Total Non-control/Non-affiliate investments							1,011,840,007		1,016,247,566		256.5	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 28, 2026

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)			% of Net Assets
Affiliate investments - 13.4% (b)
ETU Holdings, Inc. (f)	Corporate Education Software	First Lien Term Loan (3M USD TERM SOFR+9.00%), 13.32% Cash, 8/18/2027	8/18/2022	$	7,100,000		7,073,608		7,100,000			1.8	%
ETU Holdings, Inc. (f)	Corporate Education Software	Second Lien Term Loan 15.00% PIK, 2/18/2028	8/18/2022	$	8,273,053		8,251,291		8,013,279			2.0	%
ETU Holdings, Inc. (f)(h)	Corporate Education Software	Series B Preferred Units	11/21/2025		854,300		3,000,000		211,874			0.1	%
ETU Holdings, Inc. (f)(h)	Corporate Education Software	Series C Preferred Units	11/21/2025		730,280		730,280		730,280			0.2	%
		Total Corporate Education Software					19,055,179		16,055,433			4.1	%
Axero Holdings, LLC (f)	Employee Collaboration Software	First Lien Term Loan 7.00% Cash, (3M USD TERM SOFR + 0.00%) PIK, 12/31/2027	6/30/2021	$	16,986,167		16,975,661		17,028,632			4.3	%
Axero Holdings, LLC (f)	Employee Collaboration Software	Delayed Draw Term Loan 4.50% Cash, (3M USD TERM SOFR + 2.50%) PIK, 12/31/2027	6/30/2021	$	1,205,470		1,202,805		1,208,484			0.3	%
Axero Holdings, LLC (f)(j)	Employee Collaboration Software	Revolving Credit Facility 7.00% Cash, (3M USD TERM SOFR + 0.00%) PIK, 12/31/2027	2/3/2022	$	-		-		-			0.0	%
Axero Holdings, LLC (f)(h)	Employee Collaboration Software	Series A Preferred Units	6/30/2021		2,055,609		2,055,609		4,193,442			1.1	%
Axero Holdings, LLC (f)(h)	Employee Collaboration Software	Series B Preferred Units	6/30/2021		2,055,609		2,055,609		5,996,680			1.5	%
		Total Employee Collaboration Software					22,289,684		28,427,238			7.2	%
SmartAC.com, LLC (f)	HVAC Monitoring Devices	First Lien Term Loan (3M USD TERM SOFR+7.50%), 11.67% Cash, 4/7/2030	4/7/2025	$	5,117,298		5,084,330		5,100,700			1.3	%
SmartAC.com, LLC (f)(j)	HVAC Monitoring Devices	Delayed Draw Term Loan (3M USD TERM SOFR+7.50%), 11.67% Cash, 4/7/2030	4/7/2025	$	-		-		-			0.0	%
SmartAC.com, LLC (f)(j)	HVAC Monitoring Devices	Series A Preferred Units	4/7/2025		1,262,201		2,999,999		3,127,540			0.8	%
		Total HVAC Monitoring Devices					8,084,329		8,228,240			2.1	%
Sub Total Affiliate investments							49,429,192		52,710,911			13.4	%
Control investments - 10.1% (b)
Zollege PBC (g)	Education Services	First Lien Term Loan 10.00%, 8/9/2027	5/11/2021	$	1,576,966		1,576,966		1,370,304			0.3	%
Zollege PBC (g)	Education Services	Delayed Draw Term Loan 10.00%, 8/9/2027	5/11/2021	$	-		-		(196,575	)		0.0	%
Zollege PBC (h)(g)	Education Services	Common Stock	5/11/2021		7,731,294		558,799		10,874,923			2.7	%
		Total Education Services					2,135,765		12,048,652			3.0	%
Pepper Palace, Inc. (k)(g)	Specialty Food Retailer	First Lien Term Loan 4.42% PIK, 12/31/2028	6/30/2021	$	2,400,000		2,400,000		1,303,994			0.3	%
Pepper Palace, Inc. (j)(k)(g)	Specialty Food Retailer	Delayed Draw Term Loan 4.42% PIK, 12/31/2028	6/30/2021	$	400,000		400,000		204,389			0.1	%
Pepper Palace, Inc. (j)(k)(g)	Specialty Food Retailer	Revolving Credit Facility 4.42% PIK, 12/31/2028	6/30/2021	$	1,000,000		1,000,000		530,528			0.1	%
Pepper Palace, Inc. (h)(g)	Specialty Food Retailer	Class A Units	6/30/2021		100,000		138,561		-			0.0	%
		Total Specialty Food Retailer					3,938,561		2,038,911			0.5	%
Saratoga Investment Corp. CLO 2013-1, Ltd. (a)(e)(g)	Structured Finance Securities	Other/Structured Finance Securities 0.00%, 4/20/2033	1/22/2008	$	111,000,000		14,408,784		-			0.0	%
Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note (a)(g)(k)	Structured Finance Securities	Other/Structured Finance Securities (3M USD TERM SOFR+10.00%), 14.43%, 4/20/2033	8/9/2021	$	9,375,000		9,375,000		-			0.0	%
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+7.35%), 11.14%, 10/20/2037	9/24/2025	$	8,750,000		8,443,750		8,422,177			2.1	%
		Total Structured Finance Securities					32,227,534		8,422,177			2.1	%
Saratoga Senior Loan Fund I JV, LLC (a)(g)(j)	Investment Fund	Unsecured Loan 10.00%, 10/20/2033	12/17/2021	$	17,618,954		17,618,954		16,130,152			4.1	%
Saratoga Senior Loan Fund I JV, LLC (a)(g)(n)	Investment Fund	Membership Interest	12/17/2021		19,197,861		19,197,861		1,535,443			0.4	%
		Total Investment Fund					36,816,815		17,665,595			4.5	%
Sub Total Control investments							75,118,675		40,175,335			10.1	%
TOTAL INVESTMENTS - 280.0% (b)						$	1,136,387,874	$	1,109,133,812			280.0	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 28, 2026

	Number of Shares		Cost		Fair Value		% of Net Assets
Money Market Funds (included in cash and cash equivalents and cash and cash equivalents, reserve accounts) - 5.4% (b)
Goldman Sachs Financial Square Government Fund (1)(2)		1,680,070	$	1,680,070	$	1,680,070		0.4	%
Cash and cash equivalents		1,680,070		1,680,070		1,680,070		0.4	%
Goldman Sachs Financial Square Government Fund (1)(2)		17,583,548		17,583,548		17,583,548		4.4	%
Valley National Bank Business Money Market Fund (1)(3)		2,522,135		2,522,135		2,522,135		0.7	%
Cash and cash equivalents, reserve accounts		20,105,683		20,105,683		20,105,683		5.1	%
Total Money Market Funds (included in cash and cash equivalents and cash and cash equivalents, reserve accounts)		21,785,753	$	21,785,753	$	21,785,753		5.5	%

(1)	Securities are exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and are restricted securities. Money market funds are valued at net asset value and are considered level 1 investments within the fair value hierarchy.

(2)	Current yield as of February 28, 2026, was approximately 3.59% on the Goldman Sachs Financial Square Government Fund.

(3)	Current yield as of February 28, 2026, was approximately 3.19% on the Valley National Bank Business Money Market Fund.

(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 2026, non-qualifying assets represent 7.0% of the Company’s portfolio at fair value. As a BDC, the Company generally has to invest at least 70% of its total assets in qualifying assets.

(b)	Percentages are based on net assets of $396,155,754 as of February 28, 2026.

(c)

Because there is no “readily available market quotations” (as defined in the 1940 Act) for these investments, the fair values of these investments were determined using significant unobservable inputs and approved in good faith by our board of directors. These investments have been included as Level 3 in the Fair Value Hierarchy (see Note 3 to the consolidated financial statements).

(d)	These securities are either fully or partially pledged as collateral under the Company’s senior secured revolving credit facility (see Note 8 to the consolidated financial statements).

(e)

This investment does not have a stated interest rate that is payable thereon. As a result, the 0.00% interest rate in the table above represents the effective interest rate currently earned on the investment cost and is based on the current cash interest and other income generated by the investment.

(f)	As defined in the 1940 Act, this portfolio company is an “affiliate” as we own between 5.0% and 25.0% of the outstanding voting securities. Transactions during the year ended February 28, 2026 in which the issuer was an affiliate are as follows:

Company	Fair Value at the Beginning of Year		Purchases/ Add-ons		Sales/ Paydowns			Total Interest from Investments		Management Fee Income		Net Realized Gain (Loss) from Investments		Net Change in Unrealized Appreciation (Depreciation)		Fair Value at End of Period
Axero Holdings, LLC	$	27,179,347	$	-	$	-		$	2,017,402	$	-	$	-	$	131,417	$	28,427,238
ETU Holdings, Inc.		13,368,085		730,280.00		-			2,143,472		-		-		684,994		16,055,433
SmartAC.com, LLC		-		10,939,999		(2,882,702	)		807,160		-		-		139,996		8,228,240
Total	$	40,547,432	$	11,670,279	$	(2,882,702	)	$	4,968,034	$	-	$	-	$	956,407	$	52,710,911

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 28, 2026

(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, 2026 in which the issuer was both an affiliate and a portfolio company that we control are as follows:

Company	Fair Value at the Beginning of Year		Purchases/ Add-Ons		Sales/ Paydowns			Total Interest from Investments		Total Dividends from Investments		Management Fee Income		Net Realized Gain (Loss) from Investments		Net Change in Unrealized Appreciation (Depreciation)			Fair Value at End of Period
Netreo Holdings, LLC	$	-	$	-	$	(638,355	)	$	-	$	-	$	-	$	638,355	$	-		$	-
Pepper Palace, Inc.		1,547,000		1,000,000		-			-		-		-		-		(508,089	)		2,038,911
Zollege PBC		3,937,150		-		-			115,928		-		-		-		8,192,362			12,048,652
Saratoga Investment Corp. CLO 2013-1, Ltd.		240,578		-		-			-		-		2,586,517		-		239,675			-
Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E Note		12,250,000		-		(12,250,000	)		1,762,122		-		-		-		(857,500	)		-
Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note		2,280,938		-		-			1,222,262		-		-		-		(2,280,938	)		-
Saratoga Senior Loan Fund I JV, LLC		16,533,626		-		-			1,765,814		-		-		-		(403,474	)		16,130,152
Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E-R Note		-		8,443,750		-			431,533		-		-		-		(21,573	)		8,422,177
Saratoga Senior Loan Fund I JV, LLC		3,080,916		1,614,375		-			-		2,404,864		-		-		(3,159,849	)		1,535,443
Total	$	39,870,208	$	11,058,125	$	(12,888,355	)	$	5,297,659	$	2,404,864	$	2,586,517	$	638,355	$	1,200,614		$	40,175,335

(h)	Non-income producing at February 28, 2026

(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, 2026. (See Note 9 to the consolidated financial statements).

(k)	As of February 28, 2026, the investment was on non-accrual status. The fair value of these investments was approximately $2.0 million, which represented 0.2% 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, 2026.

(m)	This investment elected to PIK 20% of accrued interest, with 80% of accrued interest payable in cash.

(n)

SOFR - Secured Overnight Financing Rate

1M USD TERM SOFR - The 1 month USD TERM SOFR rate as of February 28, 2026 was 3.67%.

3M USD TERM SOFR - The 3 month USD TERM SOFR rate as of February 28, 2026 was 3.67%.

PIK - Payment-in-Kind (see Note 2 to the consolidated financial statements).

See accompanying notes to consolidated financial statements.

SARATOGA INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

August 31, 2026

(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 regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company commenced operations on March 23, 2007 as GSC Investment Corp. and completed the initial public offering (“IPO”) on March 28, 2007. The Company has elected, and intends to qualify annually, to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation from its investments.

GSC Investment, LLC (the “LLC”) was organized in May 2006 as a Maryland limited liability company. On March 21, 2007, the Company was incorporated and concurrently therewith the LLC was merged with and into the Company, with the Company as the surviving entity, in accordance with the procedure for such merger in the LLC’s limited liability company agreement and Maryland law. In connection with such merger, each outstanding limited liability company interest of the LLC was converted into a share of common stock of the Company.

On July 30, 2010, the Company changed its name from “GSC Investment Corp.” to “Saratoga Investment Corp.” in connection with the consummation of a recapitalization transaction.

The Company is externally managed and advised by the investment adviser, Saratoga Investment Advisors, LLC (the “Manager” or “Saratoga Investment Advisors”), pursuant to an investment advisory and management agreement (the “Management Agreement”).

The Company has established wholly owned subsidiaries, SIA-AAP, Inc., SIA-SAIS, Inc., SIA-ARC, Inc., SIA-Avionte, Inc., SIA-AX, Inc., SIA-G4, Inc., SIA-GH, Inc., SIA-PP, Inc., SIA-SGA, Inc., SIA-SIQ, Inc., SIA-SZ, Inc., SIA-TG, Inc., SIA-Vector, Inc., and SIA-YUMI, Inc., which are structured as Delaware entities that are treated as corporations for U.S. federal income tax purposes and are intended to facilitate its compliance with the requirements to be treated as a RIC under the Code by holding equity or equity-like investments in portfolio companies organized as limited liability companies, or LLCs (or other forms of pass through entities). These entities are consolidated for accounting purposes but are not consolidated for U.S. federal income tax purposes and may incur U.S. federal income tax expenses as a result of their ownership of portfolio companies.

Our wholly owned subsidiaries, Saratoga Investment Corp. SBIC II LP (“SBIC II LP”) and Saratoga Investment Corp. SBIC III LP (“SBIC III LP”, and together with SBIC II LP, the “SBIC Subsidiaries”), received licenses to operate as small business investment companies from the SBA on August 14, 2019 and September 29, 2022, respectively. Each of the SBIC Subsidiaries provides up to $175.0 million in long-term capital in the form of debentures guaranteed by the SBA. Our wholly owned subsidiary Saratoga Investment Corp. SBIC LP (“SBIC LP”) repaid its outstanding debentures and subsequently surrendered its license to the SBA on January 3, 2024, providing the Company access to all undistributed capital of SBIC LP, and SBIC LP subsequently merged with and into the Company. In May 2026, legislation amending the Small Business Investment Act of 1958 increased (a) the individual leverage limit from $175.0 million to $250.0 million, subject to SBA approvals, and (b) the maximum leverage available for two or more SBICs under common control from $350.0 million to $475.0 million.

The Company has formed wholly owned special purpose entities organized as Delaware limited liability companies, Saratoga Investment Funding II LLC (“SIF II”) and Saratoga Investment Funding III LLC (“SIF III”) for the purpose of the Company’s credit facilities as described in Note 8, Borrowings.

On October 26, 2021, the Company and TJHA JV I LLC (“TJHA”) entered into a Limited Liability Company Agreement to co-manage Saratoga Senior Loan Fund I JV, LLC (“SLF JV”). SLF JV is under joint control and is not consolidated. SLF JV is invested in Saratoga Investment Corp Senior Loan Fund 2022-1, Ltd. (“SLF 2022”), which is a wholly owned subsidiary of SLF JV. SLF 2022 was formed for the purpose of making investments in a diversified portfolio of broadly syndicated first lien and second lien term loans or bonds in the primary and secondary markets. On October 28, 2022, SLF 2022 issued $402.1 million of debt (the “2022 JV CLO Notes”) through a collateralized loan obligation trust (the “JV CLO trust”). The 2022 JV CLO Notes were issued pursuant to an indenture, dated October 28, 2022 (the “JV Indenture”), with U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association) (the “Trustee”) serving as the trustee.

On September 24, 2025, the Company completed the first refinancing of SLF 2022. This refinancing, among other things, extended SLF 2022’s investment period to October 2028. As part of this refinancing, the Company purchased $8.8 million of the SLF 2022-1 Class E-R Notes tranche at par. Concurrently, the existing $12.3 million of the SLF 2022-1 Class E Notes were repaid. The Company also paid $1.6 million of additional equity investment related to the refinancing of SLF JV.

Note 2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), are stated in U.S. Dollars and include the accounts of the Company and its wholly owned special purpose financing subsidiaries, SIF II, SIF III, SBIC II LP, SBIC III LP, SIA-AAP, Inc., SIA-SAIS, Inc., SIA-ARC, Inc., SIA-Avionte, Inc., SIA-AX, Inc., SIA-G4, Inc., SIA-GH, Inc., SIA-PP, Inc., SIA-SGA, Inc., SIA-SIQ, Inc., SIA-SZ, Inc., SIA-TG, Inc., SIA-Vector, Inc. and SIA-YUMI, Inc. All intercompany accounts and transactions have been eliminated in consolidation. All references made to the “Company,” “we,” and “us” herein include Saratoga Investment Corp. and its consolidated subsidiaries, except as stated otherwise.

The Company, SIF II, SIF III, SBIC II LP, and SBIC III LP are all considered to be investment companies for financial reporting purposes and have applied the guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies (“ASC 946”). There have been no changes to the Company, SIF II, SIF III, SBIC II LP, or SBIC III LP’s status as investment companies in accordance with ASC 946 during the three and six months ended August 31, 2026.

Principles of Consolidation

Under the investment company rules and regulations pursuant to ASC 946, the Company is precluded from consolidating any entity other than another investment company or controlled operating company whose business consists of providing services to the Company. As a result, the consolidated financial statements of the Company include only the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

The Company has determined that SLF JV is an investment company under ASC 946; however, in accordance with such guidance the Company will generally not consolidate its investment in a company other than a wholly owned investment company subsidiary. SLF JV is not a wholly owned investment company subsidiary as the Company and TJHA each have an equal 50% voting interest in SLF JV and thus neither party has a controlling financial interest. Furthermore, FASB ASC Topic 810, Consolidation (“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.

Operating Segment

In accordance with ASC Topic 280, Segment Reporting, the Company operates through two separate operating segments, with one primary core business segment and one non-core segment, assessed as immaterial by management, resulting in only one reportable segment. The Company’s primary core segment invests in various industries and separately evaluates the performance of each of its investment relationships. However, because each of these investment relationships have similar business and economic characteristics, they have been aggregated into a single reportable segment. The Company’s management and independent Board of Directors are the Chief Operating Decision Makers (“CODM”). The Company and the CODM evaluate and monitor performance of the business on an aggregated basis. Further, each investment is evaluated and managed using similar processes and shared operations support functions such as deal origination, underwriting, loan and compliance administration in addition to administrative functions of human resources, legal, finance and information technology. As the Company’s operations comprise a single reporting segment, the segment assets are reflected on the accompanying consolidated statements of operations.

The CODM uses our consolidated net investment income and net increase (decrease) in net assets resulting from operations as reported in the consolidated statements of operations to assess the Company’s performance and when allocating resources. Net investment income is comprised of total investment income (‘segment revenues’), and total expenses (‘total segment expenses’) and operating expenses (“segment operating expenses”), which are considered the key segment measures of profit or loss received by the CODM. The expense categories included in the Company’s consolidated statements of operations are fully reflective of the significant expense categories and amounts that are regularly provided to the CODM. For the three months ended August 31, 2026 and August 31, 2025, operating expenses, which exclude interest and debt financing expenses, base management fees and incentive management fees expense (benefit), totaled $2.9 million and $2.5 million, respectively, and for the six months ended August 31, 2026 and August 31, 2025, totaled $5.6 million and $5.4 million, respectively.

Cash and Cash Equivalents

Cash and cash equivalents include short-term, liquid investments in a money market fund. The Company places its cash in financial institutions and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation insurance limits. Cash and cash equivalents are carried at cost which approximates fair value. Pursuant to Section 12(d)(1)(A) of the 1940 Act, the Company may not invest in another investment company, such as a money market fund, if such investment would cause the Company to:

●

own more than 3.0% of the investment company’s total outstanding voting stock;

●

hold securities in the investment company having an aggregate value in excess of 5.0% of the value of the Company’s total assets; or

●

hold securities in investment companies having an aggregate value in excess of 10.0% of the value of the Company’s total assets.

As of August 31, 2026, 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 credit facilities held by the Company’s wholly owned subsidiaries, SIF II and SIF III, respectively. The Company is required to use these amounts to pay interest expense, reduce borrowings, or pay other amounts in accordance with the terms of the credit facilities, after which these amounts are available for general corporate purposes.

In addition, cash and cash equivalents, reserve accounts also include amounts held in designated bank accounts, in the form of cash and short-term liquid investments in money market funds, within the Company’s wholly owned subsidiaries, SBIC II LP and SBIC III LP.

The statements of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash and restricted cash equivalents when reconciling the beginning-of-period and end-of-period total amounts.

The following table provides a reconciliation of cash and cash equivalents and cash and cash equivalents, reserve accounts reported within the consolidated statements of assets and liabilities that sum to the total of the same such amounts shown in the consolidated statements of cash flows:

	August 31, 2026		February 28, 2026
Cash and cash equivalents		80,087,303	$	1,680,070
Cash and cash equivalents, reserve accounts		15,786,427		20,105,683
Total cash and cash equivalents and cash and cash equivalents, reserve accounts	$	95,873,730	$	21,785,753

Investment Classification

The Company classifies its investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, “control investments” are defined as investments in companies in which the Company owns more than 25.0% of the voting securities or maintains greater than 50.0% of the board representation. Under the 1940 Act, “affiliated investments” are defined as those non-control investments in companies in which the Company owns between 5.0% and 25.0% of the voting securities. Under the 1940 Act, “non-affiliated investments” are defined as investments that are neither control investments nor affiliated investments.

Investment Valuation

The Company accounts for its investments at fair value in accordance with the FASB ASC Topic 820, Fair Value Measurement (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value and enhances disclosure requirements for fair value measurements. ASC 820 requires the Company to assume that its investments are to be sold or its liabilities are to be transferred at the measurement date in the principal market to independent market participants, or in the absence of a principal market, in the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact.

The Company undertakes a multi-step valuation process each quarter when valuing investments for which market quotations are not readily available, as described below:

●

each investment is initially valued by the responsible investment professionals of the Manager and preliminary valuation conclusions are documented, reviewed and discussed with our senior management; and

●

an independent valuation firm engaged by the Company’s board of directors independently reviews a selection of these preliminary valuations each quarter so that the valuation of each investment for which market quotes are not readily available is reviewed by the independent valuation firm at least once each fiscal year. The Company uses a third-party independent valuation firm to value its investment in the subordinated notes of Saratoga Investment Corp. CLO 2013-1, Ltd. (“Saratoga CLO”), the Class F-2-R-3 Notes of the Saratoga CLO, and the Class E-R Notes of the SLF 2022 every quarter.

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

●

the audit committee of the Company’s board of directors reviews and approves each preliminary valuation and the Manager and independent valuation firm (if applicable) will supplement the preliminary valuation to reflect any comments provided by the audit committee; and

●

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

The Company uses multiple techniques for determining fair value based on the nature of the investment and experience with those types of investments and specific portfolio companies. The selections of the valuation techniques and the inputs and assumptions used within those techniques often require subjective judgements and estimates. These techniques include market comparables, the Black-Scholes modeling, discounted cash flows and enterprise value waterfalls. Fair value is best expressed as a range of values from which the Company determines a single best estimate. The types of inputs and assumptions that may be considered in determining the range of values of the Company’s investments include the nature and realizable value of any collateral, the portfolio company’s ability to make payments, market yield trend analysis and volatility in future interest rates, call and put features, the markets in which the portfolio company does business, comparison to publicly traded companies, discounted cash flows and other relevant factors.

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-R Notes of SLF 2022 are carried at fair value, which is based on a discounted cash flow valuation technique that utilizes prepayment, re-investment and loss inputs based on historical experience and projected performance, economic factors, the characteristics of the underlying cash flow, and comparable yields for equity interests in collateralized loan obligation funds, when available, as determined by the Manager and recommended to the Company’s board of directors. Specifically, the Company uses Intex cash flows, or an appropriate substitute, to form the basis for the valuation of its investment in the subordinated notes of Saratoga CLO, Class F-2-R-3 Notes of the Saratoga CLO and the Class E-R Notes of SLF 2022. The inputs are based on available market data and projections provided by third parties as well as management estimates. The Company uses the output from the Intex models (i.e., the estimated cash flows) to perform a discounted cash flow analysis on expected future cash flows to determine the valuation for our investment in Saratoga CLO.

The Company’s equity investment in SLF JV is measured using the proportionate share of the net asset value (“NAV”), or equivalent, of SLF JV as a practical expedient for fair value, provided by ASC 820. The Company’s unsecured loan investment in SLF JV is based on a discounted cash flow valuation technique.

The Company’s investments in CLO BB and CLO BBB debt have been valued using recent actual market trades or an independent pricing service. The valuation methodology of the independent pricing service includes incorporating data comprised of observable market transactions, executable bids, broker quotes from dealers with two sided markets, as well as transaction activity from comparable securities to those being valued. As the independent pricing service contemplates real-time market data and no unobservable inputs or significant judgment has been used by Saratoga Investment Advisors in the valuation of the Company’s investments in CLO BB and CLO BBB debt, such positions are considered level II assets.

Because such valuations, and particularly valuations of private investments and private companies, are inherently uncertain, they may fluctuate over short periods of time and may be based on estimates. The determination of fair value may differ materially from the values that would have been used if a ready market for these investments existed. The Company’s NAV could be materially affected if the determinations regarding the fair value of its investments were materially higher or lower than the values that the Company ultimately realizes upon the disposal of such investments.

Rule 2a-5 under the 1940 Act (“Rule 2a-5”) establishes a regulatory framework for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits boards of directors, subject to board oversight and certain other conditions, to designate the investment adviser to perform fair value determinations. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must determine the fair value of a security. Rule 31a-4 under the 1940 Act (“Rule 31a-4”) provides for certain recordkeeping requirements associated with fair value determinations. While the Company’s board of directors has not elected to designate Saratoga Investment Advisors as the valuation designee, the Company has established policies and procedures in compliance with the applicable requirements of Rule 2a-5 and Rule 31a-4.

Derivative Financial Instruments

The Company accounts for derivative financial instruments in accordance with FASB ASC Topic 815, Derivatives and Hedging (“ASC 815”). ASC 815 requires recognizing all derivative instruments as either assets or liabilities on the consolidated statements of assets and liabilities at fair value. The Company values derivative contracts at the closing fair value provided by the counterparty. Changes in the values of derivative contracts are included in the consolidated statements of operations.

Investment Transactions and Income Recognition

Purchases and sales of investments and the related realized gains or losses are recorded on a trade-date basis. Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis to the extent that such amounts are expected to be collected. The Company stops accruing interest on its investments when it is determined that interest is no longer collectible. Discounts and premiums on investments purchased are accreted/amortized using the effective yield method. The amortized cost of investments represents the original cost adjusted for the accretion of discounts over the life of the investment and amortization of premiums on investments up to the earliest call date.

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected. Accrued interest is generally reserved when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as a reduction in principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current, although management may make exceptions to this general rule if the loan has sufficient collateral value and is in the process of collection. At August 31, 2026 our investment in one portfolio company and the Class F-2-R-3 Notes of the Saratoga CLO were on non-accrual status with a fair value of approximately $0.0 million, or 0.0% of the fair value of our portfolio. At February 28, 2026, our investment in one portfolio company and the Class F-2-R-3 Notes of the Saratoga CLO were on non-accrual status with a fair value of approximately $2.0 million, or 0.2% of the fair value of our portfolio.

Interest income on our investment in the subordinated note of Saratoga CLO is recorded using the effective interest method in accordance with the provisions of ASC Topic 325-40, Investments—Other, Beneficial Interests in Securitized Financial Assets, based on the anticipated yield and the estimated cash flows over the projected life of the investment. Yields are revised when there are changes in actual or estimated cash flows due to changes in prepayments and/or re-investments, credit losses or asset pricing. Changes in estimated yield are recognized as an adjustment to the estimated yield over the remaining life of the investment from the date the estimated yield was changed.

Payment-in-Kind Interest

The Company may hold debt and preferred equity investments in its portfolio that contain a payment-in-kind (“PIK”) interest provision. The PIK interest, which represents contractually deferred interest added to the investment balance that is generally due at maturity, is generally recorded on an accrual basis to the extent such amounts are expected to be collected. The Company stops accruing PIK interest if it is expected that the issuer will not be able to pay all principal and interest when due. The Company restores such investments to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current, although management may make exceptions to this general rule if the loan has sufficient collateral value and is in the process of collection.

Dividend Income

Dividend income is recorded in the consolidated statements of operations when earned.

Structuring and Advisory Fee Income

Structuring and advisory fee income represents various fee income earned and received for performing certain investment structuring and advisory activities during the closing of new investments.

Other Income

Other income includes prepayment income fees, and monitoring, administration, redemption and amendment fees and is recorded in the consolidated statements of operations when earned.

Deferred Debt Financing Costs

Financing costs incurred in connection with our credit facilities and notes are deferred and amortized using the straight-line method over the life of the respective facility and debt securities. Financing costs incurred in connection with the SBA debentures of SBIC II LP and SBIC III LP are deferred and amortized using the straight-line method over the life of the debentures. Any discount or premium on the issuance of any debt is accreted and amortized using the effective interest method over the life of the respective debt security.

The Company presents deferred debt financing costs on the balance sheet as a contra-liability, which is a direct deduction from the carrying amount of that debt liability, consistent with debt discounts.

Realized Loss on Extinguishment of Debt

Upon the repayment of debt obligations that are deemed to be extinguishments, the difference between the principal amount due at maturity adjusted for any unamortized debt issuance costs is recognized as a loss (i.e., the unamortized debt issuance costs are recognized as a loss upon extinguishment of the underlying debt obligation).

Contingencies

In the ordinary course of business, the Company may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Company. Based on its history and experience, management reasonably believes that the likelihood of such an event is remote. Therefore, the Company has not accrued any liabilities in connection with such indemnifications.

In the ordinary course of business, the Company may directly or indirectly be a defendant or plaintiff in legal actions with respect to bankruptcy, insolvency or other types of proceedings. Such lawsuits may involve claims that could adversely affect the value of certain financial instruments owned by the Company.

Income Taxes

The Company has elected, and intends to qualify annually, to be treated for U.S. federal income tax purposes as a RIC under subchapter M of the Code. By meeting these requirements, the Company generally will not be subject to U.S. federal income tax on ordinary income or capital gains timely distributed to stockholders. Therefore, no provision has been recorded for federal income taxes, except as related to the Corporate Blockers (as defined below) and long-term capital gains, when applicable.

In order to qualify as a RIC, among other requirements, the Company generally is required to timely distribute to its stockholders at least 90% of its “investment company taxable income”, as defined by the Code, for each fiscal tax year. The Company will be subject to U.S. federal income tax imposed at corporate rates on its investment company taxable income and net capital gains that it does not timely distribute to shareholders. The Company will be subject to a non-deductible U.S. federal excise tax of 4% on undistributed income if it does not distribute at least (1) 98% of its net ordinary income in any calendar year, (2) 98.2% of its capital gain net income for each one-year period ending on October 31 and (3) certain undistributed amounts from previous years on which we paid no U.S. federal income tax.

Depending on the level of investment company taxable income earned in a tax year and the amount of net capital gains recognized in such tax year, the Company may choose to carry forward investment company taxable income and net capital gains in excess of current year dividend distributions into the next tax year and pay U.S. federal income tax, and possibly the 4% U.S. federal excise tax on such income, as required. To the extent that the Company determines that its estimated current year annual investment company taxable income will be in excess of estimated current year dividend distributions for U.S. federal excise tax purposes, the Company accrues the U.S. federal excise tax, if any, on estimated excess taxable income as taxable income is earned. For the years ended February 28, 2026, February 28, 2025 and February 29, 2024, the excise tax accrual on estimated excess taxable income was $1.7 million, $2.4 million and $1.8 million, respectively.

In accordance with U.S. Treasury regulations and published guidance issued by the Internal Revenue Service (“IRS”), a publicly offered RIC may treat a distribution of its own stock as counting toward its RIC distribution requirements if each stockholder may elect to receive his, her, or its entire distribution in either cash or stock of the RIC, subject to a limitation that the aggregate amount of cash to be distributed to all stockholders must be at least 20% of the aggregate distribution. Under the published guidance, if too many stockholders elect to receive cash, the cash available for distribution must be allocated among the stockholders electing to receive cash (with the balance of the distribution paid in stock). In no event will any stockholder, electing to receive cash, receive less than 20% of his or her entire distribution in cash. If these and certain other requirements are met, for U.S. federal income tax purposes, the amount of the dividend paid in stock will be equal to the amount of cash that could have been received instead of stock.

The Company may utilize wholly owned holding companies that are treated as corporations for U.S. federal income tax purposes when making equity investments in portfolio companies taxed as pass-through entities to meet its source-of-income requirements as a RIC (“Corporate Blockers”). Corporate Blockers are consolidated in the Company’s U.S. GAAP financial statements and may result in current and deferred U.S. federal and state income tax expense with respect to income derived from those investments. Such income, net of applicable income taxes, is not included in the Company’s taxable income until distributed by the Corporate Blocker, which may result in timing and character differences between the Company’s income for U.S. GAAP purposes and the Company’s income for U.S. federal income tax purposes. Income tax expense or benefit from Corporate Blockers related to net investment income are included in total operating expenses, while any expense or benefit related to federal or state income tax originated for capital gains and losses are included together with the applicable net realized or unrealized gain or loss line item. Deferred tax assets of the Corporate Blockers are reduced by a valuation allowance when, in the opinion of management, it is more-likely than-not that some portion or all of the deferred tax assets will not be realized.

FASB ASC Topic 740, Income Taxes (“ASC 740”), provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions deemed to meet a “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current period. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the consolidated statements of operations. During the fiscal year ended February 28, 2026, February 28, 2025 and February 29, 2024 the Company did not incur any interest or penalties. Although we file federal and state tax returns, our major tax jurisdiction is federal. The 2022, 2023, 2024, 2025 and 2026 federal tax years for the Company remain subject to examination by the IRS. At August 31, 2026, and February 28, 2026, 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, as a capital gains incentive fee would be owed to the Manager if the Company were to liquidate its investment portfolio at such time.

The actual incentive fee payable to the Manager related to capital gains will be determined and payable in arrears at the end of each fiscal year and only reflect those realized capital gains net of realized and unrealized losses for the period.

Recent Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which requires additional disclosure of the nature of expenses included in the income statement in response to requests from investors for more information about an entity’s expenses. The new standard requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. The new guidance is effective for annual periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of the new standard on the Company’s consolidated financial statements and related disclosures and does not believe it will have a material impact on its consolidated financial statements or its disclosures.

Risk Management

In the ordinary course of its business, the Company manages a variety of risks, including market and credit risk. Market risk is the risk of potential adverse changes to the value of investments because of changes in market conditions such as interest rate movements and volatility in investment prices.

Credit risk is the risk of default or non-performance by portfolio companies, equivalent to the investment’s carrying amount. The Company is also exposed to credit risk related to maintaining all of its cash and cash equivalents, including those in reserve accounts, at a major financial institution and credit risk related to any of its derivative counterparties.

The Company has investments in lower rated and comparable quality unrated high yield bonds and bank loans. Investments in high yield investments are accompanied by a greater degree of credit risk. The risk of loss due to default by the issuer is significantly greater for holders of high yield securities, because such investments are generally unsecured and are often subordinated to other creditors of the issuer.

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 hierarchical disclosure framework that 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 include situations where there is little, if any, market activity for the investment. The inputs may be based on the Company’s own assumptions about how market participants would price the asset or liability or may use Level 2 inputs, as adjusted, to reflect specific investment attributes relative to a broader market assumption. 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. The Company uses multiple techniques for determining fair value based on the nature of the investment and experience with those types of investments and specific portfolio companies. The selection of the valuation techniques and the inputs and assumptions used within those techniques often requires subjective judgments and estimates. These techniques include market comparables, the Black-Scholes model, discounted cash flows and enterprise value waterfalls. Fair value is best expressed as a range of values from which the Company determines a single best estimate. The types of inputs and assumptions that may be considered in determining the range of values of the Company’s investments include the nature and realizable value of any collateral, the portfolio company’s ability to make payments, market yield trend analysis and volatility in future interest rates, call and put features, the markets in which the portfolio company does business, comparison to publicly traded companies, discounted cash flows and other relevant factors.

In addition to using the above inputs in investment valuations, the Company continues to employ the valuation policy approved by the board of directors that is consistent with ASC 820 and the 1940 Act (see Note 2. Summary of Significant Accounting Policies). Consistent with our valuation policy, the Company evaluates the source of inputs, including any markets in which its investments are trading, in determining fair value.

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

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

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

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

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

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

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

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 six months ended August 31, 2026.

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

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

Sales and repayments represent net proceeds received from investments sold and principal paydowns received during the period.

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

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted Average*

First lien term loans

939,036

Market Comparables

Market Yield (%)

8.3% - 25.2%

11.2%

Revenue Multiples (x)

0.0x - 1.1x

1.1x

Third-party Bid (x)

3.7x

Second lien term loans

43,416

Market Comparables

Market Yield (%)

11.0% - 20.1%

12.7%

Unsecured term loans

15,469

Discounted Cash Flow

Discount Rate (%)

10.8%

Structured finance securities

8,324

Discounted Cash Flow

Discount Rate (%)

9.0% - 70.0%

11.1%

Recovery Rate (%)

70.0%

Prepayment Rate (%)

20.0%

Equity interests

77,706

Market Comparables

Market Yield (%)

22.8%

0.1%

Enterprise Value Waterfall

Revenue Multiples (x)

0.0x - 7.7x

5.1x

Black-Scholes Modeling

Volatility (%)

40.0%

EBITDA Multiples (x)

4.8x - 29.6x

9.5x

Total

1,083,951

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

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

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

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

For investments utilizing a market comparables valuation technique, a significant increase (decrease) in the market yield, in isolation, would result in a significantly lower (higher) fair value measurement, and a significant increase (decrease) in any of the earnings before interest, tax, depreciation and amortization (“EBITDA”) or revenue valuation multiples, in isolation, would result in a significantly higher (lower) fair value measurement. For investments utilizing a discounted cash flow valuation technique, a significant increase (decrease) in the discount rate, and prepayment rate, in isolation, would result in a significantly lower (higher) fair value measurement while a significant increase (decrease) in recovery rate, in isolation, would result in a significantly higher (lower) fair value measurement. For investments utilizing a market quote, third party bid or net asset value in deriving a value, a significant increase (decrease) in the market quote, bid or net asset value in isolation, would result in a significantly higher (lower) fair value measurement.

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

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

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

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

For loans and debt securities for which market quotations are not readily available, the Company determines their fair value based on third party indicative broker quotes, where available, or the inputs that a hypothetical market participant would use to value the security in a current hypothetical sale using a market comparables valuation technique. In applying the market comparables valuation technique, the Company determines the fair value based on such factors as market participant inputs including synthetic credit ratings, estimated remaining life, current market yield and interest rate spreads of similar securities as of the measurement date. If, in the Company’s judgment, the market comparables technique is not sufficient or appropriate, the Company may use additional techniques such as an asset liquidation or expected recovery model.

For equity securities of portfolio companies and partnership interests, the Company determines the fair value using an enterprise value waterfall valuation technique. Under the enterprise value waterfall valuation technique, the Company determines the enterprise fair value of the portfolio company and then waterfalls the enterprise value over the portfolio company’s securities in order of their preference relative to one another. To estimate the enterprise value of the portfolio company, the Company weighs some or all of the traditional market valuation techniques and factors based on the individual circumstances of the portfolio company in order to estimate the enterprise value. The techniques for performing investments may be based on, among other things: valuations of comparable public companies, recent sales of private and public comparable companies, Black-Scholes modeling, discounting the forecasted cash flows of the portfolio company, third party valuations of the portfolio company, considering offers from third parties to buy the company, estimating the value to potential strategic buyers and considering the value of recent investments in the equity securities of the portfolio company. For non-performing investments, the Company may estimate the liquidation or collateral value of the portfolio company’s assets and liabilities. The Company also takes into account historical and anticipated financial results.

For CLO BB and CLO BBB debt, the Company determines the fair value by using recent actual market trades or an independent pricing service. The valuation methodology of the independent pricing service includes incorporating data comprised of observable market transactions, executable bids, broker quotes from dealers with two sided markets, as well as transaction activity from comparable securities to those being valued.

The Company’s investments in Saratoga CLO and SLF 2022 are carried at fair value, which is based on a discounted cash flow valuation technique that utilizes prepayment, re-investment and loss inputs based on historical experience and projected performance, economic factors, the characteristics of the underlying cash flow, and comparable yields for equity interests in collateralized loan obligation funds similar to Saratoga CLO and SLF 2022, when available, as determined by the Manager and recommended to the Company’s board of directors. Specifically, the Company uses Intex cash flows, or an appropriate substitute, to form the basis for the valuation of the investment in Saratoga CLO and SLF 2022. The cash flows use a set of inputs including projected default rates, recovery rates, reinvestment rates and prepayment rates in order to arrive at estimated valuations. The inputs are based on available market data and projections provided by third parties as well as management estimates. The Company ran Intex models based on inputs about the refinanced Saratoga CLO’s structure and the SLF 2022 structure, including capital structure, cost of liabilities and reinvestment period. The Company uses the output from the Intex models (i.e., the estimated cash flows) to perform a discounted cash flow analysis on expected future cash flows to determine a valuation for our investments in Saratoga CLO and SLF 2022 at August 31, 2026. The inputs at August 31, 2026 for the valuation model include:

●

Default rate: 2.0%

●

Recovery rate: 70%

●

Discount rate: 9.00%–70.0%

●

Prepayment rate: 20.0%

●

Reinvestment rate / price: S+365bps / $99.00

The Company’s equity investment in SLF JV is measured using the proportionate share of the NAV of SLF JV, or equivalent, as a practical expedient.

Investment Concentration

Set forth is a brief description of each portfolio company in which the fair value of the Company’s investment represents greater than 5% of the Company’s total assets as of August 31, 2026, excluding Saratoga CLO, SLF JV and SLF 2022 (see Note 4. Investment in Saratoga CLO and Note 5. Investment in SLF JV for more information on Saratoga CLO, SLF JV and SLF 2022, respectively). As of August 31, 2026, our current total investments in SAAS companies was $516.2 million, or 44.9% of total investments at fair value.

ComForCare Health Care

ComForCare Health Care is a franchisor that provides home care services allowing elderly, physically handicapped, and injured people to live at home. The Company began franchising the concept in 2001, which has grown domestically to include 201 territories in 34 states.

Artemis Wax Corp.

Artemis Wax Corp. 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.

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 and November 2016 with its reinvestment period extended to October 2016 and October 2018, respectively.

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, which, 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, which, among other things, extended the Saratoga CLO reinvestment period to April 2024, extended its legal maturity to April 2033, and added a non-call period of February 2022. In addition, and as part of the refinancing, the Saratoga CLO was upsized from $500 million in assets to approximately $650 million. As part of this refinancing and upsizing, the Company invested an additional $14.0 million in all of the newly issued subordinated notes of the Saratoga CLO, and purchased $17.9 million in aggregate principal amount of the Class F-R-3 Notes tranche at par. Concurrently with the fourth refinancing of the Saratoga CLO, the existing $2.5 million of Class F-R-2 Notes, $7.5 million of Class G-R-2 Notes and $25.0 million of the CLO 2013-1 Warehouse 2 Loan were repaid. The Company also paid $2.6 million of transaction costs related to the refinancing and upsizing on behalf of the Saratoga CLO, to be reimbursed from future equity distributions. At August 31, 2021, the outstanding receivable of $2.6 million was repaid in full.

On August 9, 2021, the Company exchanged its existing $17.9 million Class F-R-3 Note for $8.5 million Class F-1-R-3 Notes and $9.4 million Class F-2-R-3 Notes at par. On August 11, 2021, the Company sold its Class F-1-R-3 Notes to third parties, resulting in a realized loss of $0.1 million.

On June 10, 2024, the Company completed its fifth refinancing of the Saratoga CLO, which adjusted the interest rate of two of the existing Notes. Saratoga CLO issued $422.5 million of notes (the “2013-1 2024 Reset CLO Notes”), consisting of Class A-1-R-4 and Class A-2-R-4. The 2013-1 2024 Reset CLO Notes were issued pursuant to the Indenture with the same Trustee. Proceeds of the issuance of the 2013-1 2024 Reset CLO Notes were used along with existing assets of the Saratoga CLO to redeem the existing Class A-1-R-3 and Class A-2-R-3 Notes. No other Notes were refinanced as part of this refinancing. The Saratoga CLO paid $0.5 million of transaction costs related to the refinancing.

The Saratoga CLO remains effectively 100.0% owned and managed by the Company. The Company receives a base management fee of 0.10% per annum and a subordinated management fee of 0.40% per annum of the outstanding principal amount of Saratoga CLO’s assets, paid quarterly to the extent of available proceeds. Following the third refinancing and the issuance of the 2013-1 Reset CLO Notes on December 14, 2018, the Company is no longer entitled to an incentive management fee equal to 20.0% of excess cash flow to the extent the Saratoga CLO subordinated notes receive an internal rate of return paid in cash equal to or greater than 12.0%.

For the three months ended August 31, 2026 and August 31, 2025, the Company accrued management fee income of $0.1 million and $0.7 million, respectively, and interest income of $0.0 million and $0.0 million, respectively, from the Saratoga CLO.

For the six months ended August 31, 2026 and August 31, 2025, the Company accrued management fee income of $0.6 million and $1.4 million, respectively, and interest income of $0.0 million and $0.0 million, respectively, from the Saratoga CLO.

As of August 31, 2026, the Company determined that the fair value of its investment in the subordinated notes of Saratoga CLO was $0.0 million. As of August 31, 2026, the fair value of its investment in the Class F-2-R-3 Notes of Saratoga CLO was $0.0 million. As of August 31, 2026, Saratoga CLO had investments with a principal balance of $337.5 million and a weighted average spread over SOFR of 3.5% and had debt with a principal balance of $347.9 million with a weighted average spread over SOFR of 2.9%. As of August 31, 2026, the present value of the projected future cash flows of the subordinated notes was approximately $0.0 million, using a 70.0% discount rate. The Company’s total investment in the subordinated notes of Saratoga CLO is $57.8 million, which consists of additional investments of $30.0 million in January 2008, $13.8 million in December 2018 and $14.0 million in February 2021; to date, the Company has received distributions of $92.2 million, management fees of $41.5 million and incentive fees of $1.2 million.

As of February 28, 2026, the Company determined that the fair value of its investment in the subordinated notes of Saratoga CLO was $0.0 million. As of February 28, 2026, the fair value of its investment in the Class F-2-R-3 Notes of Saratoga CLO was $0.0 million. As of February 28, 2026, Saratoga CLO had investments with a principal balance of $390.0 million and a weighted average spread over SOFR of 3.4% and had debt with a principal balance of $410.3 million with a weighted average spread over SOFR of 2.6%. As of February 28, 2026, the present value of the projected future cash flows of the subordinated notes was approximately $0.0 million, using a 70% discount rate. The Company’s total investment in the subordinated notes of Saratoga CLO is $57.8 million, which consists of additional investments of $30.0 million in January 2008, $13.8 million in December 2018 and $14.0 million in February 2021. To date, the Company has received distributions of $92.2 million, management fees of $41.0 million and incentive fees of $1.2 million.

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

Saratoga Investment Corp. CLO 2013-1, Ltd.

Statements of Assets and Liabilities

	August 31, 2026			February 28, 2026
	(unaudited)
ASSETS
Investments at fair value
Loans at fair value (amortized cost of $331,419,496 and $381,488,638, respectively)	$	306,272,584		$	353,285,019
Equities at fair value (amortized cost of $2,023,524 and $1,324,217, respectively)		871,838			831,552
Total investments at fair value (amortized cost of $333,443,020 and $382,812,855, respectively)		307,144,422			354,116,571
Cash and cash equivalents		15,713,681			22,319,387
Receivable from open trades		7,078,372			10,432,424
Interest receivable (net of reserve of $836,267 and $817,651, respectively)		1,771,735			2,115,446
Due from affiliate (See Note 7)		1,591			1,591
Prepaid expenses and other assets		672,419			596,520
Total assets	$	332,382,220		$	389,581,939

LIABILITIES
Interest payable	$	2,417,782		$	2,852,957
Accrued base management fee		42,880			49,944
Accrued subordinated management fee		186,270			199,776
Accounts payable and accrued expenses		836,420			568,796
Saratoga Investment Corp. CLO 2013-1, Ltd. Notes:
Class A-1-R-4 Senior Secured Floating Rate Notes		94,384,987			156,828,563
Class A-2-R-4 Senior Secured Floating Rate Notes		65,000,000			65,000,000
Class B-FL-R-3 Senior Secured Floating Rate Notes		60,500,000			60,500,000
Class B-FXD-R-3 Senior Secured Fixed Rate Notes		11,000,000			11,000,000
Class C-FL-R-3 Deferrable Mezzanine Floating Rate Notes		26,000,000			26,000,000
Class C-FXD-R-3 Deferrable Mezzanine Fixed Rate Notes		6,500,000			6,500,000
Class D-R-3 Deferrable Mezzanine Floating Rate Notes		39,000,000			39,000,000
Discount on Class D-R-3 Notes		(159,833	)		(171,966	)
Class E-R-3 Deferrable Mezzanine Floating Rate Notes		27,625,000			27,625,000
Discount on Class E-R-3 Notes		(1,660,489	)		(1,786,533	)
Class F-1-R-3 Notes Deferrable Junior Floating Rate Notes		8,500,000			8,500,000
Class F-2-R-3 Notes Deferrable Junior Floating Rate Notes		9,375,000			9,375,000
Deferred debt financing costs		(1,006,945	)		(1,081,116	)
Subordinated Notes		111,000,000			111,000,000
Discount on Subordinated Notes		(26,262,412	)		(28,255,929	)
Total liabilities		433,278,660			493,704,492

Commitments and contingencies

NET ASSETS
Ordinary equity, par value $1.00, 250 ordinary shares authorized, 250 and 250 common shares issued and outstanding, respectively		250			250
Total distributable earnings (loss)		(100,896,690	)		(104,122,803	)
Total net deficit		(100,896,440	)		(104,122,553	)
Total liabilities and net assets	$	332,382,220		$	389,581,939

See accompanying notes to financial statements.

Saratoga Investment Corp. CLO 2013-1, Ltd.

Statements of Operations

(unaudited)

	For the three months ended						For the six months ended
	August 31, 2026			August 31, 2025			August 31, 2026			August 31, 2025
INVESTMENT INCOME
Total interest from investments	$	7,245,137		$	10,546,800		$	15,994,162		$	21,960,657
Interest from cash and cash equivalents		147,372			222,520			345,081			430,629
Other income		1,136,604			104,263			1,179,653			110,122
Total investment income		8,529,113			10,873,583			17,518,896			22,501,408

EXPENSES
Interest and debt financing expenses		6,800,240			9,652,379			14,275,927			19,596,740
Base management fee		101,090			126,689			210,088			273,761
Subordinated management fee		-			536,943			435,991			1,095,046
Professional fees		212,411			(14,059	)		292,795			174,066
Trustee expenses		-			47,403			40,030			96,263
Other expense		126,781			89,347			221,479			225,823
Total expenses		7,240,522			10,438,702			15,476,310			21,461,699
NET INVESTMENT INCOME (LOSS)		1,288,591			434,881			2,042,586			1,039,709

REALIZED AND UNREALIZED LOSS ON INVESTMENTS
Net realized loss from investments		(669,414	)		(6,389,175	)		(1,214,159	)		(8,456,051	)
Net change in unrealized depreciation on investments		1,062,018			6,769,038			2,397,686			1,746,629
Net realized and unrealized gain (loss) on investments		392,604			379,863			1,183,527			(6,709,422	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,681,195		$	814,744		$	3,226,113		$	(5,669,713	)

See accompanying notes to financial statements

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

August 31, 2026

(unaudited)

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread		SOFR Floor			Current Rate (All In)			Maturity Date	Principal/ Number of Shares		Cost		Fair Value
ALTISOURCE PORTFOLIO SOL	Banking, Finance, Insurance & Real Estate	Common Stock	Equity											37,028	$	216,246	$	215,505
ALTISOURCE PORTFOLIO - 29C	Banking, Finance, Insurance & Real Estate	Common Stock	Equity											7,917		-		1,504
ALTISOURCE PORTFOLIO - 30	Banking, Finance, Insurance & Real Estate	Common Stock	Equity											7,917		-		2,138
Altisource Portfolio Solutions - CS Warrant	Banking, Finance, Insurance & Real Estate	Warrants	Equity											990		3,735		188
Altisource Portfolio Solutions - NS Warrant	Banking, Finance, Insurance & Real Estate	Warrants	Equity											990		3,129		267
CCRR Parent, Inc.	Healthcare & Pharmaceuticals	Equity Interests	Equity											54,864		54,864		-
Instant Brands Litigation Trust	Consumer Goods: Durable	Equity Interests	Equity											177,877		96,773		530,254
Isagenix International, LLC	Beverage, Food & Tobacco	Common Stock	Equity											86,398		-		-
JP Intermediate B, LLC	Consumer goods: Non-durable	Common Stock	Equity											9,319		-		-
Lakeland Tours LLC Litigation C/S	Hotel, Gaming & Leisure	Common Stock	Equity											38,169		614,196		382
Resolute Investment Managers (American Beacon), Inc.	Banking, Finance, Insurance & Real Estate	Common Stock	Equity											24,320		1,034,581		121,600
1011778 B.C Unltd Liability Co	Beverage, Food & Tobacco	Term Loan B6	Loan	1M USD SOFR+	1.75%		0.00	%		5.44	%	9/20/2030	$	1,354,209		1,341,883		1,353,965
19TH HOLDINGS GOLF, LLC	Consumer goods: Durable	Term Loan	Loan	1M USD SOFR+	3.00%		0.50	%		6.75	%	2/7/2029		2,410,863		2,363,838		2,419,157
888 Acquisitions Limited	Hotel, Gaming & Leisure	Term Loan B	Loan	6M USD SOFR+	5.25%		0.00	%		9.02	%	7/8/2028		2,990,096		2,850,177		2,975,146
Agiliti Health Inc.	Healthcare & Pharmaceuticals	Term Loan B (03/23)	Loan	6M USD SOFR+	3.00%		0.00	%		6.75	%	5/1/2030		2,121,425		2,111,625		2,056,891
AHEAD DB Holdings, LLC	Services: Business	Term Loan B3 (07/24)	Loan	3M USD SOFR+	2.50%		0.75	%		6.23	%	2/1/2031		2,849,260		2,805,059		2,842,137
Air Canada	Transportation: Consumer	Term Loan B (03/24)	Loan	3M USD SOFR+	1.75%		0.00	%		5.57	%	3/21/2031		977,513		975,888		975,314
AlixPartners, LLP	Banking, Finance, Insurance & Real Estate	Term Loan (08/25)	Loan	1M USD SOFR+	2.00%		0.00	%		5.69	%	8/12/2032		238,177		238,177		237,841
Allen Media, LLC	Media: Diversified & Production	Term Loan (7/21)	Loan	3M USD SOFR+	5.50%		0.00	%		9.38	%	2/10/2027		4,236,033		4,234,300		3,119,839
Alliant Holdings Intermediate, LLC	Banking, Finance, Insurance & Real Estate	Term Loan (8/25)	Loan	1M USD SOFR+	2.50%		0.00	%		6.19	%	9/19/2031		785,096		785,096		783,094
Alterra Mountain Company (Intrawest Resort Holdings)	Hotel, Gaming & Leisure	Term Loan B8 (07/25)	Loan	1M USD SOFR+	2.50%		0.00	%		6.19	%	5/31/2030		246,267		246,267		246,883
Altisource Solutions S.a r.l.	Banking, Finance, Insurance & Real Estate	Term Loan (Specified) B	Loan	3M USD SOFR+	6.50%		3.50	%		10.33	%	2/20/2029		493,745		485,679		493,745
Altium Packaging LLC	Containers, Packaging & Glass	Term Loan B	Loan	1M USD SOFR+	2.50%		0.00	%		6.19	%	6/11/2031		475,300		474,539		461,835
American Axle & Manufacturing Inc.	Automotive	Term Loan (12/22)	Loan	1M USD SOFR+	3.00%		0.50	%		6.64	%	12/13/2029		477,500		469,793		478,842
Amynta Agency Borrower Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+	2.50%		0.00	%		6.19	%	12/29/2031		3,381,558		3,329,640		3,384,466
APEX GROUP TREASURY LLC	Banking, Finance, Insurance & Real Estate	Term Loan (2/25)	Loan	3M USD SOFR+	3.50%		0.00	%		7.26	%	2/27/2032		483,912		466,614		460,254
Aramark Services, Inc.	Services: Consumer	Term Loan B-10 (12/25)	Loan	1M USD SOFR+	1.75%		0.00	%		5.44	%	6/24/2030		2,178,778		2,160,579		2,182,874
Aramark Services, Inc.	Services: Consumer	Term Loan (08/25)	Loan	1M USD SOFR+	1.75%		0.00	%		5.48	%	4/6/2028		1,513,631		1,511,914		1,514,388

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

August 31, 2026

(unaudited)

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread		SOFR Floor			Current Rate (All In)			Maturity Date	Principal/ Number of Shares		Cost		Fair Value
ARCIS GOLF LLC	Services: Consumer	term loan	Loan	3M USD SOFR+	2.50%		0.00	%		6.26	%	8/5/2033		487,240		484,960		487,698
Aretec Group, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B-4	Loan	1M USD SOFR+	3.00%		0.00	%		6.69	%	8/9/2030		2,590,210		2,580,380		2,592,567
Ascensus Group Holdings, Inc	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	3.00%		0.00	%		6.69	%	11/24/2032		489,615		487,141		482,476
Aspire Bakeries Holdings, LLC	Beverage, Food & Tobacco	Term Loan (12/25)	Loan	1M USD SOFR+	3.00%		0.00	%		6.69	%	12/23/2030		884,329		877,696		888,016
Asurion, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B10	Loan	3M USD SOFR+	4.00%		0.00	%		7.92	%	8/19/2028		1,905,933		1,868,241		1,907,363
Asurion, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B12	Loan	3M USD SOFR+	4.25%		0.00	%		8.07	%	9/19/2030		2,868,387		2,866,037		2,841,510
ATHENAHEALTH GROUP INC.	Healthcare & Pharmaceuticals	Athenahealth 4/26 Term Loan B	Loan	1M USD SOFR+	3.25%		0.50	%		6.94	%	2/16/2032		1,290,761		1,282,605		1,289,380
Avolon TLB Borrower 1 (US) LLC	Capital Equipment	Term Loan B6	Loan	1M USD SOFR+	1.75%		0.00	%		5.40	%	6/22/2030		1,450,533		1,425,358		1,453,463
Axalta Coating Systems US Holdings	Chemicals, Plastics, & Rubber	Term Loan B (11/24)	Loan	3M USD SOFR+	1.75%		0.50	%		5.48	%	12/20/2029		670,782		667,354		670,903
B&G Foods, Inc.	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+	3.50%		0.00	%		7.19	%	10/10/2029		524,283		523,212		515,763
Baldwin Insurance Group Holdings, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B2	Loan	1M USD SOFR+	2.50%		0.00	%		6.14	%	5/27/2031		1,615,757		1,608,167		1,595,560
Belfor Holdings Inc.	Services: Consumer	Term Loan B	Loan	1M USD SOFR+	2.75%		0.50	%		6.44	%	11/1/2030		1,379,273		1,370,342		1,382,722
Bengal Debt Merger Sub LLC (c)	Beverage, Food & Tobacco	Third Out Term Loan	Loan	3M USD SOFR+	1.00%		0.50	%		4.83	%	1/24/2030		413,076		191,766		155,729
Bombardier Recreational Products, Inc.	Consumer goods: Durable	Term Loan	Loan	1M USD SOFR+	2.25%		0.00	%		5.94	%	1/22/2031		1,404,347		1,402,218		1,407,226
Bombardier Recreational Products, Inc.	Consumer goods: Durable	Term Loan B3	Loan	1M USD SOFR+	2.25%		0.50	%		5.94	%	12/13/2029		481,462		474,943		482,487
Boxer Parent Company, Inc.	High Tech Industries	Term Loan	Loan	3M USD SOFR+	2.75%		0.00	%		6.51	%	7/30/2031		994,604		991,476		941,243
BroadStreet Partners, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B-4	Loan	1M USD SOFR+	2.50%		0.00	%		6.19	%	6/13/2031		2,856,004		2,854,803		2,811,736
Brookfield WEC Holdings Inc.	Energy: Electricity	Term Loan B	Loan	1M USD SOFR+	2.00%		0.00	%		5.71	%	1/27/2031		1,418,735		1,418,735		1,418,508
Brookfield Property REIT Inc.	Banking, Finance, Insurance & Real Estate	GGP/Brookfield Retail 4/26 Term Loan B	Loan	1M USD SOFR+	3.00%		0.00	%		6.69	%	5/28/2030		1,721,912		1,755,487		1,721,379
BROWN GROUP HOLDING, LLC	Aerospace & Defense	Term Loan B-2	Loan	3M USD SOFR+	2.25%		0.00	%		6.01	%	7/1/2031		485,143		477,591		486,880
Buckeye Partners, L.P.	Utilities: Oil & Gas	Term Loan B-7 (10/25)	Loan	1M USD SOFR+	1.75%		0.00	%		5.44	%	11/22/2032		1,130,560		1,128,644		1,132,968
BW Gas & Convenience Holdings LLC	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+	3.50%		0.50	%		7.30	%	3/31/2028		2,375,000		2,368,436		2,380,938
Camping World, Inc.	Retail	Term Loan B (5/21)	Loan	1M USD SOFR+	2.50%		0.75	%		6.30	%	6/5/2028		2,337,859		2,257,339		2,255,403
CAPSTONE BORROWER INC	Services: Business	Term Loan B	Loan	3M USD SOFR+	2.75%		0.00	%		6.48	%	6/17/2030		859,579		851,803		846,840

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

August 31, 2026

(unaudited)

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread		SOFR Floor			Current Rate (All In)			Maturity Date	Principal/ Number of Shares		Cost		Fair Value
CareerBuilder, LLC (c)	Services: Business	Term Loan B3	Loan	1M USD SOFR+	2.50%		0.00	%		6.58	%	7/31/2026		-		597,917		-
Castle US Holding Corporation	Media: Advertising, Printing & Publishing	Term Loan B1	Loan	3M USD SOFR+	4.25%		0.00	%		8.33	%	5/31/2030		1,730,489		1,263,033		844,911
CCC Intelligent Solutions Inc.	Services: Business	Term Loan B	Loan	1M USD SOFR+	2.00%		0.50	%		5.69	%	1/23/2032		239,003		238,865		238,525
CCRR Parent, Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+	5.25%		0.75	%		9.02	%	5/27/2032		650,351		396,270		453,295
CDK GLOBAL, INC.	High Tech Industries	Term Loan B (05/24)	Loan	3M USD SOFR+	3.25%		0.00	%		6.98	%	7/6/2029		975,131		960,745		489,194
Charlotte Buyer, Inc.	Services: Business	Term Loan B	Loan	1M USD SOFR+	4.50%		0.50	%		8.14	%	6/30/2031		1,455,384		1,406,190		1,458,615
Chemours Company, (The)	Chemicals, Plastics, & Rubber	Term Loan B4 (10/25)	Loan	1M USD SOFR+	3.50%		0.00	%		7.19	%	10/15/2032		2,339,963		2,316,926		2,345,088
Churchill Downs Incorporated	Hotel, Gaming & Leisure	Term Loan B1 (3/21)	Loan	1M USD SOFR+	1.75%		0.00	%		5.44	%	3/17/2028		473,750		473,596		472,566
CIMPRESS PUBLIC LIMITED COMPANY	Media: Advertising, Printing & Publishing	Term Loan B (5/26)	Loan	1M USD SOFR+	2.50%		0.00	%		6.19	%	5/19/2033		1,911,084		1,877,557		1,914,677
Clarios Global LP	Automotive	Term Loan B (07/24)	Loan	1M USD SOFR+	2.50%		0.00	%		6.19	%	5/6/2030		963,856		961,218		966,506
Cloud Software Group Inc	High Tech Industries	Term Loan B	Loan	3M USD SOFR+	3.25%		0.00	%		6.98	%	3/21/2031		492,525		492,341		469,992
CLYDESDALE ACQUISITION HOLDINGS, INC.	Containers, Packaging & Glass	Term Loan B	Loan	1M USD SOFR+	3.18%		0.50	%		6.86	%	4/13/2029		1,220,000		1,206,224		1,217,633
Connect Finco SARL	Telecommunications	Term Loan B (03/24)	Loan	1M USD SOFR+	4.50%		0.50	%		8.19	%	9/27/2029		2,822,531		2,777,400		2,837,716
Corelogic, Inc.	Services: Business	Term Loan B (07/26)	Loan	1M USD SOFR+	4.25%		0.00	%		7.94	%	7/25/2031		2,381,250		2,378,595		2,331,387
Creative Artists Agency, LLC	Media: Diversified & Production	Term Loan B (7/25)	Loan	1M USD SOFR+	2.50%		0.00	%		6.19	%	10/1/2031		1,556,452		1,550,009		1,558,787
CROCS INC	Consumer goods: Durable	Term Loan B (01/24)	Loan	1M USD SOFR+	2.25%		0.50	%		5.94	%	2/19/2029		750,000		737,265		753,345
Cross Financial Corp	Banking, Finance, Insurance & Real Estate	Term Loan B4 (07/25)	Loan	1M USD SOFR+	2.75%		0.00	%		6.44	%	10/31/2031		479,017		478,303		465,844
Crown Subsea Communications Holding, Inc.	Construction & Building	Term Loan B (01/26)	Loan	1M USD SOFR+	3.00%		0.75	%		6.69	%	1/30/2031		2,376,000		2,359,968		2,388,617
Dave & Buster's Inc.	Hotel, Gaming & Leisure	Term Loan B (1/24)	Loan	3M USD SOFR+	3.25%		0.50	%		7.06	%	6/29/2029		762,038		743,396		624,711
Delek US Holdings, Inc.	Utilities: Oil & Gas	Term Loan B (5/26)	Loan	1M USD SOFR+	3.00%		0.50	%		6.73	%	5/17/2032		4,831,579		4,773,499		4,847,668
Derby Buyer LLC	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+	2.75%		0.50	%		6.39	%	11/1/2030		611,015		605,056		614,071
DexKo Global, Inc. (Dragon Merger) (c)	Automotive	Dexko Global 3/26 (USD) Term Loan B	Loan	3M USD SOFR+	4.50%		0.00	%		8.32	%	10/3/2031		967,200		965,979		932,623
DIRECTV FINANCING, LLC	Media: Broadcasting & Subscription	Term Loan B (07/26)	Loan	3M USD SOFR+	4.50%		0.75	%		8.32	%	8/2/2029		2,472,250		2,463,608		2,487,899
DISCOVERY PURCHASER CORPORATION	Chemicals, Plastics, & Rubber	Term Loan	Loan	3M USD SOFR+	3.75%		0.50	%		7.48	%	10/4/2029		1,451,947		1,391,117		1,445,239
DOMTAR CORPORATION	Forest Products & Paper	Term Loan 9/21	Loan	1M USD SOFR+	5.50%		0.75	%		9.35	%	11/30/2028		2,812,589		2,786,990		2,253,587
DRI HOLDING INC.	Media: Advertising, Printing & Publishing	Term Loan (12/21)	Loan	3M USD SOFR+	5.25%		0.50	%		9.22	%	12/15/2028		3,832,400		3,766,484		3,640,780

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

August 31, 2026

(unaudited)

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread		SOFR Floor			Current Rate (All In)			Maturity Date	Principal/ Number of Shares		Cost		Fair Value
DRW Holdings, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (06/24)	Loan	1M USD SOFR+	3.50%		0.00	%		7.19	%	6/26/2031		6,178,900		6,161,542		6,007,065
DTZ U.S. Borrower, LLC	Construction & Building	Term Loan B	Loan	1M USD SOFR+	2.50%		0.50	%		6.19	%	1/31/2030		1,704,673		1,704,673		1,706,275
DTZ U.S. Borrower, LLC	Construction & Building	Term Loan B	Loan	1M USD SOFR+	2.25%		0.50	%		5.94	%	6/13/2033		932,250		918,038		932,250
Dye & Durham Corporation	Services: Business	Term Loan B (04/24)	Loan	3M USD SOFR+	4.25%		1.00	%		8.08	%	4/11/2031		1,299,175		1,285,157		608,442
EAB Global, Inc.	Services: Business	Term Loan (08/21)	Loan	1M USD SOFR+	3.00%		0.50	%		6.69	%	8/16/2030		955,506		954,426		842,938
Echo Global Logistics, Inc.	Services: Business	Term Loan	Loan	1M USD SOFR+	3.75%		0.50	%		7.58	%	11/23/2028		1,915,000		1,915,000		1,874,306
Embecta Corp	Healthcare & Pharmaceuticals	Term Loan B	Loan	3M USD SOFR+	3.00%		0.50	%		6.73	%	3/30/2029		2,123,456		2,101,999		1,805,999
Emrld Borrower LP	Capital Equipment	Term Loan B (04/23)	Loan	1M USD SOFR+	2.25%		0.00	%		5.94	%	5/31/2030		975,150		972,443		977,461
Endo Finance Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD SOFR+	3.75%		0.50	%		7.44	%	4/23/2031		1,965,000		1,950,799		1,969,087
Entain Holdings (Gibraltar) Limited	Hotel, Gaming & Leisure	Term Loan B6	Loan	3M USD SOFR+	2.25%		0.00	%		5.98	%	10/31/2029		1,457,889		1,449,353		1,457,175
Equiniti Group PLC	Services: Business	Term Loan	Loan	6M USD SOFR+	3.75%		0.50	%		7.60	%	12/10/2031		955,554		951,097		954,656
Evertec Group LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (09/23)	Loan	1M USD SOFR+	2.25%		0.50	%		5.94	%	10/30/2030		1,125,000		1,113,898		1,123,594
Examworks Bidco Inc	Healthcare & Pharmaceuticals	ExamWorks/Electron 1/26 TL	Loan	1M USD SOFR+	2.50%		0.50	%		6.19	%	2/6/2033		483,844		483,281		485,576
Fiesta Purchaser, Inc.	Beverage, Food & Tobacco	Second Refinancing Term Loan (8/25)	Loan	1M USD SOFR+	2.75%		0.00	%		6.44	%	2/12/2031		490,059		486,739		485,159
Finco I LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (07/25)	Loan	1M USD SOFR+	1.75%		0.00	%		5.44	%	6/27/2029		2,760,723		2,760,133		2,759,950
First Brands Group, LLC (b) (c)	Automotive	1st Lien Term Loan (3/21)	Loan	1M USD SOFR+	0.00%		1.00	%		3.71	%	3/30/2027		57,237		57,154		27
First Brands Group, LLC (b) (c)	Automotive	1st Lien Term Loan (3/21)	Loan	1M USD SOFR+	0.00%		1.00	%		0.00	%	3/30/2027		1,346,904		40,386		242
First Brands Group, LLC (b) (c)	Automotive	New Money DIP Term Loan A (10/25)	Loan	1M USD SOFR+	0.00%		1.00	%		0.00	%	7/31/2026		1,581,855		1,581,916		224,101
First Brands Group, LLC (b) (c)	Automotive	Roll-Up DIP Term Loan B (10/25)	Loan	1M USD SOFR+	0.00%		1.00	%		0.00	%	7/31/2026		3,569,559		3,569,559		214
First Student Bidco Inc.	Transportation: Consumer	Term Loan	Loan	3M USD SOFR+	2.25%		0.00	%		5.98	%	8/15/2030		781,647		779,611		781,647
Fitness International, LLC (LA Fitness)	Services: Consumer	Term Loan B (1/24)	Loan	1M USD SOFR+	4.50%		1.00	%		8.19	%	2/5/2029		1,173,000		1,154,031		1,175,346
Flutter Financing B.V.	Hotel, Gaming & Leisure	Term Loan	Loan	3M USD SOFR+	1.75%		0.50	%		5.48	%	11/29/2030		3,656,250		3,650,226		3,580,090
Franklin Square Holdings, L.P.	Banking, Finance, Insurance & Real Estate	Term Loan B (04/24)	Loan	1M USD SOFR+	2.25%		0.00	%		5.94	%	4/25/2031		4,167,422		4,165,101		3,959,051
Froneri International (R&R Ice Cream)	Beverage, Food & Tobacco	Term Loan B4 (10/24)	Loan	6M USD SOFR+	2.25%		0.00	%		6.20	%	9/30/2031		1,891,063		1,891,894		1,881,607
Garrett LX III S.a r.l.	Automotive	Term Loan (1/25)	Loan	3M USD SOFR+	1.75%		0.50	%		5.57	%	1/30/2032		1,223,319		1,221,273		1,221,276
Genesee & Wyoming, Inc.	Transportation: Cargo	Term Loan B (03/24)	Loan	3M USD SOFR+	1.75%		0.00	%		5.48	%	4/10/2031		1,473,750		1,468,574		1,471,687
GIP Pilot Acquisition Partners, L.P.	Energy: Oil & Gas	GIP Pilot 5/26 Cov-Lite	Loan	3M USD SOFR+	2.00%		0.00	%		5.72	%	5/19/2033		301,391		299,770		302,144
Global Tel*Link Corporation	Telecommunications	Term Loan (6/24)	Loan	1M USD SOFR+	7.50%		3.00	%		11.19	%	7/31/2029		4,693,780		4,645,832		4,740,718

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

August 31, 2026

(unaudited)

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread		SOFR Floor			Current Rate (All In)			Maturity Date	Principal/ Number of Shares		Cost		Fair Value
Go Daddy Operating Company, LLC	High Tech Industries	Term Loan B7	Loan	1M USD SOFR+	1.75%		0.00	%		5.44	%	5/30/2031		926,057		926,057		913,129
GOLDEN WEST PACKAGING GROUP LLC (c)	Forest Products & Paper	Term Loan B1 (06/25)	Loan	3M USD SOFR+	5.25%		0.75	%		9.33	%	6/27/2031		1,750,000		1,744,741		1,102,500
GOTO GROUP, INC.	High Tech Industries	Second-Out Term Loan (02/24)	Loan	3M USD SOFR+	4.75%		0.00	%		8.69	%	4/28/2028		1,693,820		1,656,614		441,105
Great Outdoors Group, LLC	Retail	Term Loan (1/25)	Loan	1M USD SOFR+	3.25%		0.75	%		6.94	%	1/20/2032		945,840		944,458		949,557
Grosvenor Capital Management Holdings, LLLP	Banking, Finance, Insurance & Real Estate	Term Loan B (5/24)	Loan	1M USD SOFR+	2.25%		0.00	%		5.94	%	2/25/2030		2,329,068		2,329,068		2,336,498
Hertz Corporation (The)	Transportation: Consumer	Term Loan B	Loan	3M USD SOFR+	3.75%		0.00	%		7.57	%	6/30/2028		2,051,410		2,024,252		1,128,275
Hillman Group Inc. (The) (New)	Consumer goods: Durable	Term Loan (7/26)	Loan	1M USD SOFR+	2.00%		0.00	%		5.66	%	7/22/2033		2,660,665		2,660,665		2,659,920
Hilton Domestic Operating Company Inc.	Hotel, Gaming & Leisure	Term Loan B 4	Loan	1M USD SOFR+	1.75%		0.00	%		5.42	%	11/8/2030		1,500,000		1,498,183		1,503,375
Holley Purchaser, Inc	Automotive	Term Loan (11/21)	Loan	1M USD SOFR+	3.75%		0.75	%		7.55	%	11/17/2028		2,088,475		2,085,789		2,091,086
Hudson River Trading LLC	Banking, Finance, Insurance & Real Estate	Hudson River 1/26	Loan	1M USD SOFR+	2.50%		0.00	%		6.16	%	3/18/2030		5,689,037		5,628,281		5,678,398
Hunter Douglas Inc	Consumer goods: Durable	Term Loan B (1/25)	Loan	3M USD SOFR+	3.00%		0.00	%		6.73	%	1/19/2032		2,199,159		2,040,495		2,201,446
Hyperion Refinance S.a.r.l.	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	2.75%		0.50	%		6.44	%	2/15/2031		2,932,986		2,924,617		2,775,338
Idera, Inc.	High Tech Industries	Term Loan (06/24)	Loan	3M USD SOFR+	3.50%		0.75	%		7.31	%	3/2/2028		4,654,531		4,653,244		4,040,413
INEOS 226 Ltd.	Chemicals, Plastics, & Rubber	Term Loan 3/23	Loan	1M USD SOFR+	3.75%		0.00	%		7.54	%	3/14/2030		485,000		482,065		383,354
Ineos US Finance LLC	Chemicals, Plastics, & Rubber	Term Loan C	Loan	1M USD SOFR+	3.25%		0.00	%		6.94	%	2/19/2030		975,131		969,518		919,549
INEOS US PETROCHEM LLC	Chemicals, Plastics, & Rubber	Term Loan B	Loan	1M USD SOFR+	4.25%		0.00	%		8.04	%	4/2/2029		2,653,789		2,622,489		2,214,799
Ingram Micro Inc.	Wholesale	Term Loan B (6/25)	Loan	3M USD SOFR+	2.25%		0.00	%		5.93	%	9/19/2031		450,298		448,282		451,986
Inmar, Inc.	Services: Business	Term Loan B (06/25)	Loan	3M USD SOFR+	4.50%		0.50	%		8.32	%	10/30/2031		3,250,440		3,209,928		2,906,446
Innophos, Inc.	Chemicals, Plastics, & Rubber	Term Loan B	Loan	1M USD SOFR+	4.25%		0.00	%		8.05	%	3/16/2029		468,750		467,587		465,234
IRB Holding Corporation	Beverage, Food & Tobacco	Term Loan B (11/25)	Loan	1M USD SOFR+	2.50%		0.50	%		6.19	%	12/16/2030		421,994		420,246		423,268
Isagenix International, LLC (c)	Beverage, Food & Tobacco	Term Loan	Loan	1M USD SOFR+	7.50%		0.00	%		11.24	%	4/13/2028		1,542,521		1,328,496		169,677
Isolved Inc.	Services: Business	Infinisource/iSolved 7/25 Cov-lite TL B	Loan	1M USD SOFR+	2.75%		0.00	%		6.44	%	10/15/2030		611,043		606,925		591,948
Journey Personal Care Corp.	Consumer goods: Non-durable	Term Loan B (11/24)	Loan	3M USD SOFR+	3.75%		0.75	%		7.57	%	3/1/2028		2,851,463		2,831,879		2,837,205
JP Intermediate B, LLC	Consumer goods: Non-durable	Term Loan	Loan	3M USD SOFR+	7.00%		1.00	%		10.73	%	9/30/2030		232,011		232,011		185,609
JP Intermediate B, LLC	Consumer goods: Non-durable	Term Loan (9/25)	Loan	3M USD SOFR+	5.50%		0.00	%		9.23	%	3/30/2031		1,103,261		598,594		551,630
Koppers Inc	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+	2.50%		0.50	%		6.19	%	4/10/2030		970,268		952,972		971,238

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

August 31, 2026

(unaudited)

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread		SOFR Floor			Current Rate (All In)			Maturity Date	Principal/ Number of Shares		Cost		Fair Value
Lakeland Tours, LLC (c)	Hotel, Gaming & Leisure	Term Loan A PIK	Loan	Fixed	0.00%		0.00	%		8.00	%	3/31/2030		529,519		529,519		105,904
LSF9 Atlantis Holdings, LLC (A Wireless)	Retail	Term Loan B (9/25)	Loan	3M USD SOFR+	3.75%		0.75	%		7.48	%	3/29/2029		2,474,759		2,436,306		2,445,879
MAGNITE, INC.	Services: Business	Term Loan B	Loan	1M USD SOFR+	3.00%		0.00	%		6.69	%	2/6/2031		3,193,348		3,171,433		3,192,550
Marriott Ownership Resorts, Inc.	Hotel, Gaming & Leisure	Term Loan B (3/24)	Loan	1M USD SOFR+	2.25%		0.00	%		5.94	%	4/1/2031		1,290,732		1,290,732		1,294,359
Max US Bidco Inc.	Beverage, Food & Tobacco	Term Loan B	Loan	3M USD SOFR+	5.00%		0.50	%		8.73	%	10/3/2030		1,955,000		1,866,807		1,840,398
McGraw-Hill Education, Inc.	Media: Advertising, Printing & Publishing	Term Loan B	Loan	1M USD SOFR+	2.50%		0.50	%		6.19	%	8/6/2031		565,552		562,896		567,831
Michaels Companies Inc	Retail	Term Loan B (3/26)	Loan	3M USD SOFR+	5.00%		0.00	%		8.73	%	2/22/2033		2,392,299		2,339,947		2,388,567
MIWD Holdco II LLC	Construction & Building	Term Loan B2 (03/24)	Loan	1M USD SOFR+	2.75%		0.00	%		6.44	%	3/28/2031		485,348		483,734		479,281
Moneygram International, Inc.	Services: Business	Term Loan B	Loan	1M USD SOFR+	4.75%		0.50	%		8.39	%	6/3/2030		2,919,056		2,666,834		2,097,751
MPH Acquisition Holdings LLC (Multiplan)	Services: Business	First-Out Term Loan (01/25)	Loan	3M USD SOFR+	3.75%		0.50	%		7.57	%	12/31/2030		311,666		288,264		312,641
NAB Holdings, LLC (North American Bancard)	Banking, Finance, Insurance & Real Estate	Term Loan B (2/25)	Loan	3M USD SOFR+	2.50%		0.50	%		6.23	%	11/24/2028		2,866,606		2,865,479		2,641,263
Natgasoline LLC	Chemicals, Plastics, & Rubber	Term Loan (3/25)	Loan	1M USD SOFR+	5.50%		0.00	%		9.19	%	3/25/2030		3,167,669		3,090,953		3,195,386
National Mentor Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD SOFR+	6.00%		0.00	%		9.69	%	12/12/2030		2,740,058		2,714,728		2,765,513
Next Level Apparel, Inc.	Retail	Term Loan	Loan	3M USD SOFR+	7.50%		1.00	%		11.33	%	11/20/2026		2,317,073		2,317,609		1,621,951
Nielsen Consumer Inc.	Services: Business	Term Loan (08/25)	Loan	1M USD SOFR+	2.25%		0.50	%		5.94	%	10/31/2030		2,143,747		2,143,028		2,133,028
NortonLifeLock Inc.	High Tech Industries	Term Loan B (05/24)	Loan	1M USD SOFR+	1.75%		0.50	%		5.44	%	9/12/2029		947,500		945,671		942,762
Nouryon Finance B.V.	Chemicals, Plastics, & Rubber	AkzoNobel Specialty Chemicals (Starfruit) 6/26 (USD) Term Loan B	Loan	3M USD SOFR+	3.50%		0.00	%		7.23	%	7/31/2031		417,389		415,855		418,825
Novae LLC	Automotive	Term Loan B	Loan	3M USD SOFR+	5.00%		0.75	%		8.88	%	12/22/2028		1,915,000		1,909,563		1,371,963
Open Text Corporation	High Tech Industries	Term Loan B (08/23)	Loan	1M USD SOFR+	1.75%		0.50	%		5.44	%	1/31/2030		642,897		632,032		639,882
Oxbow Carbon, LLC	Metals & Mining	Term Loan B (04/23)	Loan	1M USD SOFR+	3.50%		0.50	%		7.19	%	5/2/2030		458,036		452,381		461,279
PACIFIC DENTAL SERVICES, LLC	Healthcare & Pharmaceuticals	Term Loan B (02//24)	Loan	1M USD SOFR+	2.25%		0.00	%		5.91	%	3/17/2031		1,173,150		1,172,918		1,174,452
Padagis LLC	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+	4.75%		0.50	%		8.74	%	7/6/2028		920,682		917,767		897,665
PATAGONIA HOLDCO LLC	Telecommunications	Term Loan B	Loan	3M USD SOFR+	5.75%		0.50	%		9.51	%	8/1/2029		2,902,157		2,679,152		2,270,938
PCI Gaming Authority	Hotel, Gaming & Leisure	Term Loan	Loan	1M USD SOFR+	2.00%		0.00	%		5.69	%	7/18/2031		778,600		778,570		778,452

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

August 31, 2026

(unaudited)

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread		SOFR Floor			Current Rate (All In)			Maturity Date	Principal/ Number of Shares		Cost		Fair Value
PEARLS (Netherlands) Bidco B.V.	Chemicals, Plastics, & Rubber	USD Term Loan (02/22)	Loan	3M USD SOFR+	3.25%		0.50	%		7.07	%	2/28/2029		958,169		957,875		876,006
PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC	Healthcare & Pharmaceuticals	Term Loan B (5/26)	Loan	3M USD SOFR+	5.00%		0.00	%		8.76	%	12/29/2031		1,440,869		1,439,109		1,404,400
Penn National Gaming, Inc	Hotel, Gaming & Leisure	Term Loan B	Loan	1M USD SOFR+	2.00%		0.50	%		5.69	%	5/28/2033		960,000		958,256		958,637
Phoenix Guarantor Inc.	Healthcare & Pharmaceuticals	Term Loan B-6	Loan	1M USD SOFR+	2.00%		0.00	%		5.69	%	2/21/2031		865,523		865,523		866,414
PHYSICIAN PARTNERS, LLC (c)	Healthcare & Pharmaceuticals	Term Loan B1 (1/25)	Loan	3M USD SOFR+	1.50%		0.00	%		5.32	%	12/31/2029		650,691		645,904		652,968
Playtika Holding Corp.	High Tech Industries	Term Loan B (3/21)	Loan	1M USD SOFR+	2.75%		0.00	%		6.55	%	3/13/2028		4,263,750		4,261,786		4,159,842
PointClickCare Technologies, Inc.	High Tech Industries	Term Loan (07/25)	Loan	3M USD SOFR+	2.75%		0.00	%		6.57	%	11/3/2031		476,561		475,724		473,883
Polymer Process Holdings, Inc.	Containers, Packaging & Glass	Term Loan	Loan	1M USD SOFR+	4.75%		0.75	%		8.55	%	2/12/2028		3,942,289		3,936,587		2,366,596
Pre-Paid Legal Services, Inc.	Services: Consumer	Term Loan (12/21)	Loan	1M USD SOFR+	3.25%		0.50	%		6.94	%	12/15/2028		2,873,609		2,864,434		2,706,136
Prime Security Services Borrower, LLC (ADT)	Services: Consumer	Term Loan B	Loan	1M USD SOFR+	2.00%		0.00	%		5.66	%	10/13/2030		1,759,565		1,748,304		1,759,020
PRIORITY HOLDINGS, LLC	Services: Consumer	Term Loan B (07/25)	Loan	1M USD SOFR+	3.75%		0.50	%		7.44	%	7/30/2032		2,830,585		2,818,043		2,789,910
Project Leopard Holdings, Inc. (NEW)	High Tech Industries	Term Loan B (06/22)	Loan	3M USD SOFR+	5.25%		0.50	%		9.17	%	7/20/2029		965,000		931,256		575,787
PUG LLC	Services: Consumer	Term Loan B (03/24)	Loan	1M USD SOFR+	4.75%		0.00	%		8.44	%	3/15/2030		195,701		195,514		196,108
Quartz AcquireCo, LLC	High Tech Industries	Term Loan (2/25)	Loan	3M USD SOFR+	2.25%		0.00	%		5.98	%	6/28/2030		1,216,234		1,210,341		1,058,731
Quikrete Holdings, Inc.	Construction & Building	Term Loan (2/25)	Loan	1M USD SOFR+	2.25%		0.00	%		5.94	%	4/14/2031		977,613		976,178		978,786
Rackspace Technology Global, Inc.	High Tech Industries	Term Loan (3/24)	Loan	1M USD SOFR+	2.75%		0.75	%		6.52	%	5/15/2028		2,008,367		1,445,910		1,748,665
Rackspace Technology Global, Inc.	High Tech Industries	Super-Priority Term Loan (03/24)	Loan	1M USD SOFR+	6.25%		0.75	%		10.02	%	5/15/2028		538,644		536,105		544,369
RAND PARENT LLC	Transportation: Cargo	Term Loan B (06/26)	Loan	3M USD SOFR+	3.00%		0.00	%		6.73	%	3/18/2030		2,419,560		2,368,821		2,427,424
RealPage, Inc.	High Tech Industries	Term Loan (04/21)	Loan	3M USD SOFR+	3.00%		0.50	%		6.99	%	4/24/2028		952,500		952,500		937,117
Rent-A-Center, Inc.	Retail	Term Loan B (08/25)	Loan	3M USD SOFR+	2.75%		0.50	%		6.48	%	8/13/2032		1,816,365		1,798,535		1,816,365
Research Now Group, Inc	Media: Advertising, Printing & Publishing	Term Loan (07/24)	Loan	3M USD SOFR+	5.00%		1.00	%		8.90	%	7/15/2028		333,630		331,291		313,055
Research Now Group, Inc	Media: Advertising, Printing & Publishing	Second-Out Term Loan	Loan	3M USD SOFR+	5.76%		1.00	%		9.48	%	10/15/2028		2,843,898		2,770,933		1,123,340

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

August 31, 2026

(unaudited)

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread		SOFR Floor			Current Rate (All In)			Maturity Date	Principal/ Number of Shares		Cost		Fair Value
Resolute Investment Managers (American Beacon), Inc. (c)	Banking, Finance, Insurance & Real Estate	Term Loan (12/23)	Loan	3M USD SOFR+	6.50%		1.00	%		10.49	%	10/30/2028		1,938,143		1,938,143		1,775,823
Restoration Hardware, Inc.	Retail	Term Loan (9/21)	Loan	1M USD SOFR+	2.50%		0.50	%		6.30	%	10/20/2028		3,339,718		3,338,278		3,280,505
Reynolds Consumer Products LLC	Containers, Packaging & Glass	Term Loan B (2/25)	Loan	1M USD SOFR+	1.75%		0.00	%		5.44	%	3/4/2032		931,115		931,115		933,610
Ryan Specialty Group LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (09/24)	Loan	1M USD SOFR+	2.00%		0.00	%		5.69	%	9/15/2031		1,434,094		1,428,248		1,432,302
S&S HOLDINGS LLC	Services: Business	Term Loan	Loan	1M USD SOFR+	5.00%		0.50	%		8.79	%	3/10/2028		2,371,131		2,354,160		2,371,131
Sally Holdings LLC	Retail	Term Loan B	Loan	1M USD SOFR+	1.75%		0.00	%		5.44	%	2/28/2030		268,750		267,589		269,422
Scientific Games Holdings LP	Hotel, Gaming & Leisure	Term Loan B	Loan	3M USD SOFR+	3.00%		0.50	%		6.75	%	4/4/2029		483,881		483,595		436,906
Sedgwick Claims Management Services, Inc.	Services: Business	Term Loan B 2/23	Loan	1M USD SOFR+	2.50%		0.00	%		6.19	%	7/31/2031		970,293		965,571		969,934
SETANTA AIRCRAFT LEASING DAC	Aerospace & Defense	Term Loan B (05/24)	Loan	3M USD SOFR+	1.75%		0.00	%		5.48	%	11/5/2028		350,000		349,786		351,166
Sitel Worldwide Corporation	Services: Business	USD Term Loan (7/21)	Loan	3M USD SOFR+	3.75%		0.50	%		7.71	%	8/28/2028		-		7,023		-
SiteOne Landscape Supply, LLC	Services: Business	Term Loan B (06/24)	Loan	1M USD SOFR+	1.75%		0.50	%		5.40	%	3/23/2030		1,238,796		1,235,959		1,241,893
Smyrna Ready Mix Concrete, LLC	Construction & Building	Term Loan B	Loan	1M USD SOFR+	3.00%		0.00	%		6.69	%	4/2/2029		502,712		500,999		504,285
Sparta U.S. HoldCo LLC	Chemicals, Plastics, & Rubber	Term Loan	Loan	3M USD SOFR+	3.00%		0.00	%		6.66	%	8/2/2030		1,910,000		1,907,807		1,911,433
SRAM, LLC	Consumer goods: Durable	Term Loan (02/25)	Loan	1M USD SOFR+	2.00%		0.00	%		5.69	%	2/23/2032		2,235,055		2,234,504		2,234,116
STANDARD INDUSTRIES INC.	Construction & Building	Term Loan B	Loan	1M USD SOFR+	1.75%		0.50	%		5.41	%	9/22/2028		195,250		194,861		195,150
Staples, Inc.	Wholesale	Term Loan B	Loan	3M USD SOFR+	5.75%		0.50	%		9.56	%	9/4/2029		4,199,276		4,161,999		3,930,019
Star Parent, Inc.	Services: Business	Term Loan B (09/23)	Loan	3M USD SOFR+	3.50%		0.00	%		7.23	%	9/27/2030		1,080,534		1,070,006		1,086,801
Storable, Inc	High Tech Industries	Term Loan B (3/25)	Loan	1M USD SOFR+	3.25%		0.00	%		6.94	%	4/16/2031		478,938		478,905		401,412
Superannuation & Investments US LLC	Banking, Finance, Insurance & Real Estate	Superannuation and Investments/CFS 1/26 TL	Loan	1M USD SOFR+	2.50%		0.50	%		6.19	%	12/1/2028		935,132		931,769		937,863
SupplyOne, Inc	Wholesale	Term Loan B (03/24)	Loan	1M USD SOFR+	3.50%		0.00	%		7.19	%	3/27/2031		488,813		485,227		490,313
Sweetwater Borrower, LLC	Retail	Term Loan B (08/26)	Loan	1M USD SOFR+	3.25%		0.00	%		6.94	%	2/17/2033		1,852,074		1,814,081		1,859,019
Syncsort Incorporated	High Tech Industries	Term Loan B (10/21)	Loan	3M USD SOFR+	4.00%		0.75	%		8.08	%	4/24/2028		2,382,444		2,382,402		1,924,681
Ta TT Buyer LLC	Media: Broadcasting & Subscription	Term Loan B (6/24)	Loan	3M USD SOFR+	4.75%		0.50	%		8.48	%	4/2/2029		965,258		960,790		884,417
Tenable Holdings, Inc.	Services: Business	Term Loan B (6/21)	Loan	1M USD SOFR+	2.75%		0.50	%		6.60	%	7/7/2028		955,000		954,843		952,613
Thor Industries, Inc.	Automotive	Term Loan B (06/24)	Loan	1M USD SOFR+	2.25%		0.00	%		5.94	%	11/15/2030		94,142		93,553		93,906
Torrid LLC	Wholesale	Term Loan 5/21	Loan	6M USD SOFR+	5.50%		0.75	%		9.80	%	6/14/2028		2,829,452		2,658,850		1,194,651

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

August 31, 2026

(unaudited)

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread		SOFR Floor			Current Rate (All In)			Maturity Date	Principal/ Number of Shares		Cost		Fair Value
Tosca Services, LLC (c)	Containers, Packaging & Glass	Term Loan A (08/24)	Loan	3M USD SOFR+	5.50%		1.50	%		9.23	%	11/30/2028		80,509		79,712		80,686
Trans Union LLC	Banking, Finance, Insurance & Real Estate	Term Loan B9 (11/24)	Loan	1M USD SOFR+	1.75%		0.00	%		5.44	%	6/24/2031		596,897		596,672		596,014
TruGreen Limited Partnership	Services: Consumer	Term Loan	Loan	1M USD SOFR+	4.00%		0.75	%		7.79	%	11/2/2027		920,411		919,334		856,903
Univision Communications Inc.	Media: Broadcasting & Subscription	Term Loan B (05/24)	Loan	1M USD SOFR+	3.50%		0.50	%		7.30	%	1/31/2029		2,367,288		2,367,288		2,352,491
Univision Communications Inc.	Media: Broadcasting & Subscription	Term Loan B (6/22)	Loan	3M USD SOFR+	4.25%		0.50	%		7.98	%	6/25/2029		240,000		236,532		240,199
Vaco Holdings, LLC	Services: Business	Term Loan (01/22)	Loan	3M USD SOFR+	5.00%		0.75	%		8.88	%	1/22/2029		2,259,320		2,228,853		2,035,806
Vericast Corp. (c)	Media: Advertising, Printing & Publishing	Extended Term Loan (07/24)	Loan	3M USD SOFR+	7.75%		1.00	%		11.50	%	6/15/2030		1,239,911		1,239,784		1,228,541
Verifone Systems, Inc. (c)	Banking, Finance, Insurance & Real Estate	Term Loan (03/25)	Loan	3M USD SOFR+	5.50%		0.00	%		9.58	%	8/18/2028		1,182,785		1,182,574		1,133,995
Vertex Aerospace Services Corp	Aerospace & Defense	Term Loan (10/21)	Loan	1M USD SOFR+	2.00%		0.75	%		5.69	%	12/6/2030		936,596		935,558		937,767
Viasat Inc	Telecommunications	Term Loan (2/22)	Loan	1M USD SOFR+	4.50%		0.50	%		8.27	%	3/5/2029		2,892,066		2,859,175		2,912,109
WeddingWire, Inc. (c)	Services: Consumer	Term Loan B (12/24)	Loan	1M USD SOFR+	6.25%		0.00	%		9.91	%	7/31/2030		4,772,588		4,772,589		3,372,645
WEX Inc.	Services: Business	Term Loan B (11/24)	Loan	1M USD SOFR+	1.75%		0.00	%		5.44	%	3/31/2028		2,852,112		2,850,471		2,850,343
Windsor Holdings III, LLC	Chemicals, Plastics, & Rubber	Term Loan B (02/25)	Loan	1M USD SOFR+	2.75%		0.00	%		6.44	%	8/1/2030		487,587		487,587		489,070
Wyndham Hotels & Resorts, Inc.	Hotel, Gaming & Leisure	Term Loan (05/24)	Loan	1M USD SOFR+	1.75%		0.00	%		5.44	%	5/24/2030		972,650		969,908		974,595
Xperi Corporation	High Tech Industries	Term Loan (1/25)	Loan	1M USD SOFR+	2.50%		0.00	%		6.19	%	6/8/2028		1,362,743		1,362,717		1,362,743
Zayo Group, LLC (c)	Telecommunications	Term Loan (09/25)	Loan	1M USD SOFR+	3.00%		0.00	%		6.80	%	3/11/2030		366,098		363,332		366,460
ZEBRA BUYER (Allspring) LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (12/24)	Loan	3M USD SOFR+	3.00%		0.50	%		6.75	%	11/1/2030		1,829,108		1,824,085		1,836,497
Zekelman Industries, Inc.	Metals & Mining	Term Loan B (03/24)	Loan	1M USD SOFR+	2.25%		0.00	%		5.94	%	1/24/2031		1,421,313		1,420,808		1,419,536
Zest Acquisition Corp.	Healthcare & Pharmaceuticals	Term Loan (1/23)	Loan	3M USD SOFR+	5.25%		0.00	%		9.09	%	2/8/2028		1,930,000		1,898,133		1,903,463
Zodiac Pool Solutions	Consumer goods: Durable	Term Loan (1/22)	Loan	1M USD SOFR+	1.93%		0.50	%		5.71	%	1/29/2029		477,500		477,500		477,500
TOTAL INVESTMENTS															$	333,443,020	$	307,144,422

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

(a)

Included within cash and cash equivalents in Saratoga CLO's Statements of Assets and Liabilities as of August 31, 2026.

(b)

As of August 31, 2026, the investment was in default and on non-accrual status.

(c)

Investments include Payment-in-Kind Interest.

(d)

All or a portion of this investment has an unfunded commitment as of August 31, 2026.

SOFR - Secured Overnight Financing Rate

1M SOFR - The 1-month SOFR rate as of August 31, 2026 was 3.71%.

3M SOFR - The 3-month SOFR rate as of August 31, 2026 was 3.80%.

6M SOFR - The 6-month SOFR rate as of August 31, 2026 was 3.94%.

Prime - The Prime Rate as of August 31, 2026 was 6.75%.

See accompanying notes to financial statements.

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

February 28, 2026

(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
ALTISOURCE PORTFOLIO SOL	Banking, Finance, Insurance & Real Estate	Common Stock	Equity										37,028	$	216,246	$	282,156
Altisource Portfolio Solutions - CS Warrant	Banking, Finance, Insurance & Real Estate	Warrants	Equity										990		3,736		330
Altisource Portfolio Solutions - NS Warrant	Banking, Finance, Insurance & Real Estate	Warrants	Equity										990		3,129		426
Instant Brands Litigation Trust	Consumer Goods: Durable	Equity Interests	Equity										82,384		66,525		500,000
Isagenix International, LLC	Beverage, Food & Tobacco	Common Stock	Equity										86,398		-		-
JP Intermediate B, LLC	Consumer goods: Non-durable	Common Stock	Equity										9,319		-		-
Resolute Investment Managers (American Beacon), Inc.	Banking, Finance, Insurance & Real Estate	Common Stock	Equity										24,320		1,034,581		48,640
1011778 B.C Unltd Liability Co	Beverage, Food & Tobacco	Term Loan B6	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	9/20/2030	$	1,361,428		1,347,552		1,359,154
19TH HOLDINGS GOLF, LLC	Consumer goods: Durable	Term Loan	Loan	1M USD SOFR+ 3.25%		0.50	%		7.02	%	2/7/2029		2,423,420		2,366,682		2,412,830
888 Acquisitions Limited	Hotel, Gaming & Leisure	Term Loan B	Loan	6M USD SOFR+ 5.25%		0.00	%		9.05	%	7/8/2028		3,005,629		2,830,391		2,806,506
Adtalem Global Education Inc.	Services: Business	Term Loan B (08/24)	Loan	1M USD SOFR+ 2.75%		0.75	%		6.42	%	8/12/2028		237,528		236,609		237,331
Agiliti Health Inc.	Healthcare & Pharmaceuticals	Term Loan B (03/23)	Loan	6M USD SOFR+ 3.00%		0.00	%		6.58	%	5/1/2030		2,132,332		2,121,217		2,031,110
AHEAD DB Holdings, LLC	Services: Business	Term Loan B3 (07/24)	Loan	3M USD SOFR+ 2.50%		0.75	%		6.17	%	2/1/2031		2,866,735		2,817,968		2,785,205
Air Canada	Transportation: Consumer	Term Loan B (03/24)	Loan	1M USD SOFR+ 1.75%		0.00	%		5.47	%	3/21/2031		982,500		980,765		980,289
AIT Worldwide Logistics Holdings, Inc.	Transportation: Cargo	Term Loan B (01/25)	Loan	1M USD SOFR+ 4.00%		0.75	%		7.67	%	4/8/2030		2,431,139		2,337,505		2,421,634
AlixPartners, LLP	Banking, Finance, Insurance & Real Estate	Term Loan (08/25)	Loan	1M USD SOFR+ 2.00%		0.00	%		5.67	%	8/12/2032		239,374		239,374		235,585
Allen Media, LLC	Media: Diversified & Production	Term Loan (7/21)	Loan	3M USD SOFR+ 5.50%		0.00	%		9.32	%	2/10/2027		4,258,657		4,252,679		2,516,866
Alliant Holdings Intermediate, LLC	Banking, Finance, Insurance & Real Estate	Term Loan (8/25)	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	9/19/2031		789,061		789,061		769,879
Alterra Mountain Company (Intrawest Resort Holdings)	Hotel, Gaming & Leisure	Term Loan B8 (07/25)	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	5/31/2030		247,508		247,508		247,508
Altisource Solutions S.a r.l.	Banking, Finance, Insurance & Real Estate	Term Loan (Specified) B	Loan	3M USD SOFR+ 6.50%		3.50	%		10.27	%	2/20/2029		496,248		486,595		496,248
Altium Packaging LLC	Containers, Packaging & Glass	Term Loan B	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	6/11/2031		477,725		476,870		460,207
American Axle & Manufacturing Inc.	Automotive	Term Loan (12/22)	Loan	1M USD SOFR+ 3.00%		0.50	%		6.66	%	12/13/2029		480,000		471,250		478,800
American Greetings Corporation	Media: Advertising, Printing & Publishing	Term Loan B (04/24)	Loan	1M USD SOFR+ 5.75%		0.00	%		9.42	%	10/30/2029		2,852,238		2,851,373		2,845,108
Amynta Agency Borrower Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	12/29/2031		3,390,033		3,332,526		3,278,637
APEX GROUP TREASURY LLC	Banking, Finance, Insurance & Real Estate	Term Loan (2/25)	Loan	3M USD SOFR+ 3.50%		0.00	%		7.17	%	2/27/2032		486,362		467,586		430,431
Aramark Services, Inc.	Services: Consumer	Term Loan B-10 (12/25)	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	6/24/2030		2,230,663		2,209,788		2,232,515
Aramark Services, Inc.	Services: Consumer	Term Loan (08/25)	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	4/6/2028		1,753,715		1,751,257		1,754,820
ARC FALCON I INC.	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+ 3.50%		0.50	%		7.27	%	9/23/2028		961,274		960,627		957,938
ARCIS GOLF LLC	Services: Consumer	Term Loan B (01/25)	Loan	1M USD SOFR+ 2.75%		0.50	%		6.42	%	11/24/2028		489,544		486,712		490,919
Aretec Group, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B-4	Loan	1M USD SOFR+ 3.00%		0.00	%		6.67	%	8/9/2030		2,603,226		2,592,314		2,509,223
Ascensus Group Holdings, Inc	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+ 3.00%		0.00	%		6.67	%	11/24/2032		490,842		488,123		478,978
Aspire Bakeries Holdings, LLC	Beverage, Food & Tobacco	Term Loan (12/25)	Loan	1M USD SOFR+ 3.00%		0.00	%		6.67	%	12/23/2030		886,545		880,042		887,653
Asurion, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B10	Loan	1M USD SOFR+ 4.00%		0.00	%		7.77	%	8/19/2028		1,935,000		1,887,506		1,932,581
Asurion, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B12	Loan	1M USD SOFR+ 4.25%		0.00	%		7.92	%	9/19/2030		2,882,984		2,880,325		2,874,335
ATHENAHEALTH GROUP INC.	Healthcare & Pharmaceuticals	Term Loan B (2/22)	Loan	1M USD SOFR+ 2.75%		0.50	%		6.42	%	2/15/2029		1,294,020		1,291,768		1,258,435
Avolon TLB Borrower 1 (US) LLC	Capital Equipment	Term Loan B6	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	6/22/2030		1,457,896		1,427,348		1,462,196
Axalta Coating Systems US Holdings	Chemicals, Plastics, & Rubber	Term Loan B (11/24)	Loan	3M USD SOFR+ 1.75%		0.50	%		5.42	%	12/20/2029		725,038		720,887		724,675

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

February 28, 2026

(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
B&G Foods, Inc.	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+ 3.50%		0.00	%		7.17	%	10/10/2029		526,951		525,719		495,334
Baldwin Insurance Group Holdings, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B2	Loan	1M USD SOFR+ 2.50%		0.00	%		6.16	%	5/27/2031		1,623,917		1,615,529		1,590,091
Belfor Holdings Inc.	Services: Consumer	Term Loan B	Loan	1M USD SOFR+ 2.75%		0.50	%		6.42	%	11/4/2030		1,386,385		1,376,720		1,388,118
Bengal Debt Merger Sub LLC (c)	Beverage, Food & Tobacco	Third Out Term Loan	Loan	3M USD SOFR+ 1.00%		0.50	%		4.77	%	1/24/2030		402,884		165,333		84,831
Bombardier Recreational Products, Inc.	Consumer goods: Durable	Term Loan	Loan	1M USD SOFR+ 2.25%		0.00	%		5.92	%	1/22/2031		1,411,439		1,408,828		1,411,877
Bombardier Recreational Products, Inc.	Consumer goods: Durable	Term Loan B3	Loan	1M USD SOFR+ 2.25%		0.50	%		5.92	%	12/13/2029		483,893		476,456		485,224
Boxer Parent Company, Inc.	High Tech Industries	Term Loan	Loan	3M USD SOFR+ 3.00%		0.00	%		6.82	%	7/30/2031		999,640		996,144		917,849
BroadStreet Partners, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B-4	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	6/16/2031		2,868,890		2,867,506		2,739,503
Brookfield WEC Holdings Inc.	Energy: Electricity	Term Loan B	Loan	1M USD SOFR+ 2.00%		0.00	%		5.67	%	1/27/2031		1,425,973		1,425,973		1,421,267
Brookfield Property REIT Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B (05/25)	Loan	1M USD SOFR+ 3.50%		0.00	%		7.17	%	5/16/2030		1,730,609		1,764,353		1,733,084
BROWN GROUP HOLDING, LLC	Aerospace & Defense	Term Loan B-2	Loan	3M USD SOFR+ 2.50%		0.00	%		6.17	%	7/1/2031		486,359		478,134		487,060
Buckeye Partners, L.P.	Utilities: Oil & Gas	Term Loan B-7 (10/25)	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	11/22/2032		1,136,241		1,133,991		1,138,604
BW Gas & Convenience Holdings LLC	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+ 3.50%		0.50	%		7.29	%	3/31/2028		2,387,500		2,378,891		2,378,547
Callaway Golf Company	Retail	Term Loan B	Loan	1M USD SOFR+ 2.75%		0.00	%		6.42	%	3/16/2030		76,620		76,101		76,907
Camping World, Inc.	Retail	Term Loan B (5/21)	Loan	1M USD SOFR+ 2.50%		0.75	%		6.29	%	6/5/2028		2,350,518		2,247,033		2,292,742
CAPSTONE BORROWER INC	Services: Business	Term Loan B	Loan	3M USD SOFR+ 2.75%		0.00	%		6.42	%	6/17/2030		863,942		855,298		765,306
CareerBuilder, LLC (c)	Services: Business	Term Loan B3	Loan	1M USD SOFR+ 2.50%		0.00	%		6.58	%	7/31/2026		-		380,369		-
Castle US Holding Corporation	Media: Advertising, Printing & Publishing	Term Loan B1	Loan	3M USD SOFR+ 4.25%		0.00	%		8.18	%	5/31/2030		1,739,251		1,226,866		832,232
CBL & Associates Limited Partnership	Retail	Term Loan 11/21	Loan	1M USD SOFR+ 2.75%		1.00	%		6.54	%	3/2/2026		1,966,341		1,958,592		1,899,151
CCC Intelligent Solutions Inc.	Services: Business	Term Loan B	Loan	1M USD SOFR+ 2.00%		0.50	%		5.67	%	1/23/2032		240,216		240,010		236,538
CCRR Parent, Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+ 4.25%		0.50	%		8.17	%	3/6/2028		970,000		948,589		227,950
CCRR Parent, Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	3M USD SOFR+ 4.25%		0.75	%		8.33	%	3/6/2028		952,500		951,356		261,147
CDK GLOBAL, INC.	High Tech Industries	Term Loan B (05/24)	Loan	3M USD SOFR+ 3.25%		0.00	%		6.92	%	7/6/2029		980,094		963,358		612,559
Charlotte Buyer, Inc.	Services: Business	Term Loan B (01/25)	Loan	3M USD SOFR+ 4.25%		0.50	%		7.91	%	2/11/2028		1,459,068		1,416,074		1,394,709
Chemours Company, (The)	Chemicals, Plastics, & Rubber	Term Loan B4 (10/25)	Loan	1M USD SOFR+ 3.50%		0.00	%		7.17	%	10/15/2032		2,351,722		2,327,364		2,343,491
Churchill Downs Incorporated	Hotel, Gaming & Leisure	Term Loan B1 (3/21)	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	3/17/2028		476,250		475,992		475,955
CIMPRESS PUBLIC LIMITED COMPANY	Media: Advertising, Printing & Publishing	Term Loan B	Loan	1M USD SOFR+ 2.50%		0.50	%		6.17	%	5/17/2028		1,920,736		1,885,068		1,920,736

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

February 28, 2026

(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
CITADEL SECURITIES LP	Banking, Finance, Insurance & Real Estate	Term Loan (10/24)	Loan	3M USD SOFR+ 2.00%		0.00	%		5.67	%	10/31/2031		4,778,621		4,778,621		4,762,708
Clarios Global LP	Automotive	Term Loan B (07/24)	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	5/6/2030		1,185,030		1,181,455		1,180,586
Cloud Software Group Inc	High Tech Industries	Term Loan B	Loan	1M USD SOFR+ 3.25%		0.00	%		6.92	%	3/21/2031		495,013		494,747		458,629
CLYDESDALE ACQUISITION HOLDINGS, INC.	Containers, Packaging & Glass	Term Loan B	Loan	1M USD SOFR+ 3.18%		0.50	%		6.85	%	4/13/2029		1,220,000		1,203,910		1,209,044
Connect Finco SARL	Telecommunications	Term Loan B (03/24)	Loan	1M USD SOFR+ 4.50%		0.50	%		8.17	%	9/27/2029		2,836,969		2,784,593		2,831,210
Corelogic, Inc.	Services: Business	Term Loan (4/21)	Loan	1M USD SOFR+ 3.50%		0.50	%		7.29	%	6/2/2028		2,393,750		2,390,000		2,268,078
Creative Artists Agency, LLC	Media: Diversified & Production	Term Loan B (7/25)	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	10/1/2031		1,564,293		1,557,435		1,558,099
CROCS INC	Consumer goods: Durable	Term Loan B (01/24)	Loan	3M USD SOFR+ 2.25%		0.50	%		5.92	%	2/19/2029		750,000		734,817		752,813
Cross Financial Corp	Banking, Finance, Insurance & Real Estate	Term Loan B4 (07/25)	Loan	1M USD SOFR+ 2.75%		0.00	%		6.42	%	10/31/2031		481,431		480,633		468,793
Crown Subsea Communications Holding, Inc.	Construction & Building	Term Loan B (01/26)	Loan	1M USD SOFR+ 3.00%		0.75	%		6.67	%	1/30/2031		2,376,000		2,358,575		2,377,497
Dave & Buster’s Inc.	Hotel, Gaming & Leisure	Term Loan B (1/24)	Loan	3M USD SOFR+ 3.25%		0.50	%		7.13	%	6/29/2029		762,038		740,571		704,123
Delek US Holdings, Inc.	Utilities: Oil & Gas	Term Loan B (11/22)	Loan	1M USD SOFR+ 3.50%		0.50	%		7.27	%	11/16/2029		5,238,000		5,168,379		5,214,638
Derby Buyer LLC	Chemicals, Plastics, & Rubber	Term Loan B (12/24)	Loan	1M USD SOFR+ 3.00%		0.00	%		6.66	%	11/1/2030		614,102		607,478		613,844
DexKo Global, Inc. (Dragon Merger)	Automotive	Term Loan (9/21)	Loan	3M USD SOFR+ 3.75%		0.50	%		7.68	%	10/4/2028		962,500		960,816		957,004
Diamond Sports Group, LLC	Media: Broadcasting & Subscription	1st Priority Term Loan	Loan	1M USD SOFR+ 10.00%		1.00	%		13.77	%	5/25/2026		29,734		29,677		5,947
DIRECTV FINANCING, LLC	Media: Broadcasting & Subscription	Term Loan (1/24)	Loan	3M USD SOFR+ 5.25%		0.75	%		9.18	%	8/2/2029		2,615,800		2,604,745		2,614,989
DISCOVERY PURCHASER CORPORATION	Chemicals, Plastics, & Rubber	Term Loan	Loan	3M USD SOFR+ 3.75%		0.50	%		7.42	%	10/4/2029		1,459,234		1,389,418		1,429,510
DOMTAR CORPORATION	Forest Products & Paper	Term Loan 9/21	Loan	1M USD SOFR+ 5.50%		0.75	%		9.29	%	11/30/2028		2,898,865		2,867,842		2,348,081
DRI HOLDING INC.	Media: Advertising, Printing & Publishing	Term Loan (12/21)	Loan	1M USD SOFR+ 5.25%		0.50	%		9.02	%	12/15/2028		3,852,412		3,773,120		3,772,166
DRW Holdings, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (06/24)	Loan	1M USD SOFR+ 3.50%		0.00	%		7.17	%	6/17/2031		6,241,950		6,221,653		6,117,111
DTZ U.S. Borrower, LLC	Construction & Building	Term Loan B	Loan	1M USD SOFR+ 2.50%		0.50	%		6.17	%	1/31/2030		1,708,945		1,708,945		1,709,663
DTZ U.S. Borrower, LLC	Construction & Building	Term Loan (7/25)	Loan	1M USD SOFR+ 2.75%		0.50	%		6.42	%	1/31/2030		932,250		916,770		933,415
Dye & Durham Corporation	Services: Business	Term Loan B (04/24)	Loan	3M USD SOFR+ 4.25%		1.00	%		8.02	%	4/11/2031		1,299,800		1,284,463		1,152,494
EAB Global, Inc.	Services: Business	Term Loan (08/21)	Loan	1M USD SOFR+ 3.00%		0.50	%		6.67	%	8/16/2030		960,394		958,888		861,800
Echo Global Logistics, Inc.	Services: Business	Term Loan	Loan	1M USD SOFR+ 3.75%		0.50	%		7.52	%	11/23/2028		1,925,000		1,924,346		1,896,433
Edelman Financial Group Inc., The	Banking, Finance, Insurance & Real Estate	Term Loan (12/24)	Loan	1M USD SOFR+ 3.00%		0.00	%		6.67	%	4/7/2028		2,133,818		2,132,281		2,116,705
Embecta Corp	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD SOFR+ 3.00%		0.50	%		6.67	%	3/30/2029		2,255,886		2,229,506		2,256,112
Emrld Borrower LP	Capital Equipment	Term Loan B (04/23)	Loan	3M USD SOFR+ 2.25%		0.00	%		6.07	%	5/31/2030		980,075		977,113		975,527
Endo Finance Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD SOFR+ 3.75%		0.50	%		7.42	%	4/23/2031		1,975,000		1,959,230		1,975,494

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

February 28, 2026

(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
Endure Digital, Inc.	High Tech Industries	Term Loan B	Loan	1M USD SOFR+ 3.50%		0.75	%		7.61	%	2/10/2028		-		9,730		-
Entain Holdings (Gibraltar) Limited	Hotel, Gaming & Leisure	Term Loan B6	Loan	3M USD SOFR+ 2.25%		0.00	%		5.92	%	10/31/2029		1,465,234		1,455,384		1,458,948
Equiniti Group PLC	Services: Business	Term Loan	Loan	6M USD SOFR+ 3.75%		0.50	%		7.55	%	12/10/2031		960,368		955,647		953,367
Evertec Group LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (09/23)	Loan	1M USD SOFR+ 2.25%		0.50	%		5.92	%	10/30/2030		1,125,000		1,112,817		1,124,066
Examworks Bidco Inc	Healthcare & Pharmaceuticals	Examworks/Electron 1/26 TL	Loan	1M USD SOFR+ 2.50%		0.50	%		6.17	%	2/6/2033		483,844		483,218		482,837
Fiesta Purchaser, Inc.	Beverage, Food & Tobacco	Second Refinancing Term Loan (8/25)	Loan	1M USD SOFR+ 2.75%		0.00	%		6.42	%	2/12/2031		492,534		488,885		477,143
Finco I LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (07/25)	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	6/27/2029		2,774,631		2,773,459		2,737,645
First Brands Group, LLC (c)	Automotive	1st Lien Term Loan (3/21)	Loan	1M USD SOFR+ 0.00%		1.00	%		0.00	%	3/30/2027		1,404,140		90,412		784
First Brands Group, LLC (c)	Automotive	New Money DIP Term Loan A (10/25)	Loan	1M USD SOFR+ 0.00%		1.00	%		0.00	%	6/29/2026		1,597,186		1,459,537		293,483
First Brands Group, LLC (c)	Automotive	Roll-Up DIP Term Loan B (10/25)	Loan	1M USD SOFR+ 0.00%		1.00	%		0.00	%	6/29/2026		3,569,559		2,218,257		7,139
First Student Bidco Inc.	Transportation: Consumer	Term Loan C (01/26)	Loan	3M USD SOFR+ 2.50%		0.00	%		6.17	%	8/15/2030		707,702		705,487		706,379
Fitness International, LLC (LA Fitness)	Services: Consumer	Term Loan B (1/24)	Loan	1M USD SOFR+ 4.50%		1.00	%		8.17	%	2/5/2029		1,179,000		1,156,545		1,181,582
Flutter Financing B.V.	Hotel, Gaming & Leisure	Term Loan	Loan	3M USD SOFR+ 1.75%		0.50	%		5.42	%	11/29/2030		3,675,000		3,668,121		3,610,688
Franklin Square Holdings, L.P.	Banking, Finance, Insurance & Real Estate	Term Loan B (04/24)	Loan	1M USD SOFR+ 2.25%		0.00	%		5.92	%	4/25/2031		4,188,685		4,184,968		3,790,760
Froneri International (R&R Ice Cream)	Beverage, Food & Tobacco	Term Loan B4 (10/24)	Loan	6M USD SOFR+ 2.25%		0.00	%		5.88	%	9/16/2031		1,900,638		1,901,053		1,853,331
Garrett LX III S.a r.l.	Automotive	Term Loan (1/25)	Loan	3M USD SOFR+ 2.00%		0.50	%		5.67	%	1/20/2032		1,335,471		1,332,852		1,334,910
Genesee & Wyoming, Inc.	Transportation: Cargo	Term Loan B (03/24)	Loan	3M USD SOFR+ 1.75%		0.00	%		5.42	%	4/10/2031		1,481,250		1,475,521		1,478,747
GIP Pilot Acquisition Partners, L.P.	Energy: Oil & Gas	Term Loan B	Loan	3M USD SOFR+ 2.00%		0.00	%		5.65	%	10/4/2030		383,422		382,138		383,614
Global Tel*Link Corporation	Telecommunications	Term Loan (6/24)	Loan	1M USD SOFR+ 7.50%		3.00	%		11.17	%	7/31/2029		4,748,790		4,693,939		4,763,654
Go Daddy Operating Company, LLC	High Tech Industries	Term Loan B7	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	5/30/2031		930,782		930,782		896,780
GOLDEN WEST PACKAGING GROUP LLC (c)	Forest Products & Paper	Term Loan B1 (06/25)	Loan	1M USD SOFR+ 5.25%		0.75	%		9.35	%	6/27/2031		1,750,000		1,744,125		1,070,423
GOTO GROUP, INC.	High Tech Industries	Second-Out Term Loan (02/24)	Loan	3M USD SOFR+ 4.75%		0.00	%		8.57	%	4/30/2028		469,651		641,354		143,243
Great Outdoors Group, LLC	Retail	Term Loan (1/25)	Loan	1M USD SOFR+ 3.25%		0.75	%		6.92	%	1/20/2032		950,641		948,924		948,265
Griffon Corporation	Consumer goods: Durable	Term Loan B	Loan	1M USD SOFR+ 2.00%		0.00	%		5.67	%	1/24/2029		121,563		121,483		121,866
Grosvenor Capital Management Holdings, LLLP	Banking, Finance, Insurance & Real Estate	Term Loan B (5/24)	Loan	1M USD SOFR+ 2.25%		0.00	%		5.92	%	2/25/2030		2,343,071		2,343,071		2,335,011
Hertz Corporation (The)	Transportation: Consumer	Term Loan B	Loan	1M USD SOFR+ 3.75%		0.00	%		7.42	%	6/30/2028		2,061,930		2,027,902		1,580,820

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

February 28, 2026

(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
Hillman Group Inc. (The) (New)	Consumer goods: Durable	Term Loan B-1 (2/21)	Loan	1M USD SOFR+ 2.00%		0.50	%		5.68	%	7/14/2028		2,678,618		2,678,618		2,674,306
Hilton Domestic Operating Company Inc.	Hotel, Gaming & Leisure	Term Loan B 4	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	11/8/2030		1,500,000		1,497,879		1,504,845
HLF Financing SARL (Herbalife)	Consumer goods: Non-durable	Term Loan	Loan	1M USD SOFR+ 6.75%		0.50	%		10.42	%	4/12/2029		2,882,670		2,882,597		2,883,708
Holley Purchaser, Inc	Automotive	Term Loan (11/21)	Loan	1M USD SOFR+ 3.75%		0.75	%		7.54	%	11/17/2028		2,163,198		2,159,946		2,149,678
Hudson River Trading LLC	Banking, Finance, Insurance & Real Estate	Hudson River 1/26	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	3/18/2030		5,717,625		5,648,595		5,643,753
Hunter Douglas Inc	Consumer goods: Durable	Term Loan B (1/25)	Loan	3M USD SOFR+ 3.00%		0.00	%		6.67	%	1/19/2032		2,210,322		2,039,275		2,208,023
Hyperion Refinance S.a.r.l.	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+ 2.75%		0.50	%		6.42	%	2/15/2031		2,947,799		2,938,339		2,794,514
Idera, Inc.	High Tech Industries	Term Loan (06/24)	Loan	3M USD SOFR+ 3.50%		0.75	%		7.16	%	3/2/2028		4,678,430		4,676,802		3,719,351
IMA Financial Group, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (10/21)	Loan	1M USD SOFR+ 3.00%		0.50	%		6.67	%	11/1/2028		2,415,776		2,410,653		2,385,579
INEOS 226 Ltd.	Chemicals, Plastics, & Rubber	Term Loan 3/23	Loan	1M USD SOFR+ 3.75%		0.00	%		7.52	%	3/13/2030		487,500		484,204		379,031
Ineos US Finance LLC	Chemicals, Plastics, & Rubber	Term Loan C	Loan	1M USD SOFR+ 3.25%		0.00	%		6.92	%	2/18/2030		980,094		973,648		820,829
INEOS US PETROCHEM LLC	Chemicals, Plastics, & Rubber	Term Loan B	Loan	1M USD SOFR+ 4.25%		0.00	%		8.02	%	4/2/2029		2,667,363		2,630,839		2,158,351
Ingram Micro Inc.	Wholesale	Term Loan B (6/25)	Loan	1M USD SOFR+ 2.25%		0.00	%		5.92	%	9/22/2031		450,298		448,093		451,144
Inmar, Inc.	Services: Business	Term Loan B (06/25)	Loan	3M USD SOFR+ 4.50%		0.50	%		8.17	%	10/30/2031		3,266,898		3,222,520		3,177,058
Innophos, Inc.	Chemicals, Plastics, & Rubber	Term Loan B	Loan	1M USD SOFR+ 4.25%		0.00	%		8.04	%	3/16/2029		471,250		469,569		454,521
IRB Holding Corporation	Beverage, Food & Tobacco	Term Loan B (11/25)	Loan	1M USD SOFR+ 2.50%		0.50	%		6.17	%	12/16/2030		486,195		483,914		484,119
Isagenix International, LLC (c)	Beverage, Food & Tobacco	Term Loan	Loan	3M USD SOFR+ 2.50%		0.00	%		2.50	%	4/13/2028		1,509,341		1,242,094		75,467
Isolved Inc.	Services: Business	Infinisource/iSolved 7/25 Cov-lite TL B	Loan	1M USD SOFR+ 2.75%		0.00	%		6.42	%	10/15/2030		614,129		609,564		571,527
Jane Street Group	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	3M USD SOFR+ 2.00%		0.00	%		5.82	%	12/15/2031		3,800,000		3,800,000		3,675,132
Journey Personal Care Corp.	Consumer goods: Non-durable	Term Loan B (11/24)	Loan	1M USD SOFR+ 3.75%		0.75	%		7.42	%	3/1/2028		2,865,975		2,840,446		2,839,694
JP Intermediate B, LLC	Consumer goods: Non-durable	Term Loan	Loan	3M USD SOFR+ 7.00%		1.00	%		10.67	%	9/30/2030		233,182		233,182		186,546
JP Intermediate B, LLC	Consumer goods: Non-durable	Term Loan (9/25)	Loan	3M USD SOFR+ 5.50%		0.00	%		9.17	%	9/30/2032		1,103,261		571,479		551,630
Koppers Inc	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+ 2.50%		0.50	%		6.18	%	4/10/2030		975,206		955,785		968,701
Lakeland Tours, LLC (c)	Hotel, Gaming & Leisure	Holdco Fixed Term Loan	Loan	Fixed 0.00%		0.00	%		10.00	%	9/27/2027		1,127,568		818,937		107,119
Latham Pool Products, Inc.	Consumer goods: Durable	Term Loan 2/22	Loan	3M USD SOFR+ 3.75%		0.50	%		7.72	%	2/23/2029		980,422		970,513		974,706
Lifetime Brands, Inc	Consumer goods: Non-durable	Term Loan	Loan	1M USD SOFR+ 5.50%		1.00	%		9.28	%	8/26/2027		1,493,382		1,491,106		1,314,176
LSF11 TRINITY BIDCO INC	Aerospace & Defense	Term Loan (9/25)	Loan	1M USD SOFR+ 2.50%		0.00	%		6.18	%	6/17/2030		961,092		951,264		960,496
LSF9 Atlantis Holdings, LLC (A Wireless)	Retail	Term Loan B (9/25)	Loan	3M USD SOFR+ 3.75%		0.75	%		7.42	%	3/29/2029		2,539,884		2,494,092		2,528,785
MAGNITE, INC.	Services: Business	Term Loan B	Loan	1M USD SOFR+ 3.00%		0.00	%		6.67	%	2/6/2031		3,209,517		3,185,690		3,177,422

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

February 28, 2026

(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
Marriott Ownership Resorts, Inc.	Hotel, Gaming & Leisure	Term Loan B (3/24)	Loan	1M USD SOFR+ 2.25%		0.00	%		5.92	%	4/1/2031		1,297,318		1,297,318		1,294,619
Max US Bidco Inc.	Beverage, Food & Tobacco	Term Loan B	Loan	3M USD SOFR+ 5.00%		0.50	%		8.67	%	10/3/2030		1,965,000		1,867,659		1,611,791
McGraw-Hill Education, Inc.	Media: Advertising, Printing & Publishing	Term Loan B	Loan	1M USD SOFR+ 2.75%		0.50	%		6.42	%	8/6/2031		579,182		576,274		577,282
Michaels Companies Inc	Retail	Term Loan B (Magic Mergeco)	Loan	3M USD SOFR+ 4.25%		0.75	%		8.18	%	4/8/2028		2,392,299		2,385,209		2,387,323
MIWD Holdco II LLC	Construction & Building	Term Loan B2 (03/24)	Loan	1M USD SOFR+ 2.75%		0.00	%		6.42	%	3/21/2031		492,525		490,631		488,462
Moneygram International, Inc.	Services: Business	Term Loan B	Loan	1M USD SOFR+ 4.75%		0.50	%		8.41	%	6/1/2030		2,933,988		2,654,564		1,915,483
MPH Acquisition Holdings LLC (Multiplan)	Services: Business	First-Out Term Loan (01/25)	Loan	3M USD SOFR+ 3.75%		0.50	%		7.42	%	12/31/2030		313,244		287,511		308,389
NAB Holdings, LLC (North American Bancard)	Banking, Finance, Insurance & Real Estate	Term Loan B (2/25)	Loan	3M USD SOFR+ 2.50%		0.50	%		6.17	%	11/24/2028		2,881,401		2,879,478		2,661,176
Natgasoline LLC	Chemicals, Plastics, & Rubber	Term Loan (3/25)	Loan	1M USD SOFR+ 5.50%		0.00	%		9.17	%	3/25/2030		3,208,542		3,122,422		3,220,574
National Mentor Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD SOFR+ 6.00%		0.00	%		9.67	%	12/5/2030		1,922,848		1,921,097		1,886,198
Next Level Apparel, Inc.	Retail	Term Loan	Loan	3M USD SOFR+ 7.50%		1.00	%		12.89	%	8/9/2026		2,317,073		2,312,037		1,567,894
Nielsen Consumer Inc.	Services: Business	Term Loan (08/25)	Loan	1M USD SOFR+ 2.25%		0.50	%		5.92	%	10/7/2030		2,154,574		2,153,950		2,079,164
NortonLifeLock Inc.	High Tech Industries	Term Loan B (05/24)	Loan	1M USD SOFR+ 1.75%		0.50	%		5.42	%	9/12/2029		955,000		952,861		928,737
Nouryon Finance B.V.	Chemicals, Plastics, & Rubber	Term Loan B (10/24)	Loan	6M USD SOFR+ 3.25%		0.00	%		7.04	%	4/3/2028		479,041		476,798		478,442
Novae LLC	Automotive	Term Loan B	Loan	3M USD SOFR+ 5.00%		0.75	%		8.82	%	12/22/2028		1,925,000		1,918,692		1,764,590
Olaplex, Inc.	Consumer goods: Non-durable	Term Loan (2/22)	Loan	3M USD SOFR+ 3.50%		0.50	%		7.42	%	2/23/2029		1,319,846		1,288,190		1,290,704
Open Text Corporation	High Tech Industries	Term Loan B (08/23)	Loan	1M USD SOFR+ 1.75%		0.50	%		5.42	%	1/31/2030		838,682		822,775		814,746
Oxbow Carbon, LLC	Metals & Mining	Term Loan B (04/23)	Loan	1M USD SOFR+ 3.50%		0.50	%		7.17	%	5/2/2030		460,397		454,127		459,103
PACIFIC DENTAL SERVICES, LLC	Healthcare & Pharmaceuticals	Term Loan B (02//24)	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	3/17/2031		1,179,075		1,178,728		1,177,436
Padagis LLC	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+ 4.75%		0.50	%		8.66	%	7/6/2028		930,329		926,455		860,555
PAR PETROLEUM LLC	Energy: Oil & Gas	Term Loan B (12/25)	Loan	3M USD SOFR+ 3.25%		0.50	%		6.95	%	2/28/2030		2,433,760		2,417,597		2,434,272
PATAGONIA HOLDCO LLC	Telecommunications	Term Loan B	Loan	3M USD SOFR+ 5.75%		0.50	%		9.41	%	8/1/2029		2,917,234		2,660,957		2,042,063
Pathway Partners Vet Management Company LLC (c)	Consumer goods: Non-durable	Term Loan B (03/25)	Loan	3M USD SOFR+ 5.00%		1.00	%		8.67	%	6/30/2028		-		6,950		-
PCI Gaming Authority	Hotel, Gaming & Leisure	Term Loan	Loan	1M USD SOFR+ 2.00%		0.00	%		5.67	%	7/18/2031		782,573		782,327		780,460
PEARLS (Netherlands) Bidco B.V.	Chemicals, Plastics, & Rubber	USD Term Loan (02/22)	Loan	3M USD SOFR+ 3.25%		0.50	%		6.92	%	2/28/2029		962,978		962,623		798,068
PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC	Healthcare & Pharmaceuticals	Term Loan (12/22)	Loan	3M USD SOFR+ 3.25%		0.50	%		7.18	%	12/29/2028		1,444,621		1,442,234		1,391,531

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

February 28, 2026

(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
Penn National Gaming, Inc	Hotel, Gaming & Leisure	Term Loan B	Loan	1M USD SOFR+ 2.50%		0.50	%		6.17	%	5/3/2029		965,000		962,640		966,476
Phoenix Guarantor Inc.	Healthcare & Pharmaceuticals	Term Loan B (12/24)	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	2/21/2031		955,542		955,542		953,564
PHYSICIAN PARTNERS, LLC (b) (c)	Healthcare & Pharmaceuticals	Term Loan B1 (1/25)	Loan	3M USD SOFR+ 1.50%		0.00	%		5.32	%	12/31/2029		1,865,532		985,648		895,455
Playtika Holding Corp.	High Tech Industries	Term Loan B (3/21)	Loan	1M USD SOFR+ 2.75%		0.00	%		6.54	%	3/13/2028		4,286,250		4,283,564		3,974,168
PointClickCare Technologies, Inc.	High Tech Industries	Term Loan (07/25)	Loan	3M USD SOFR+ 2.75%		0.00	%		6.42	%	11/3/2031		478,962		478,042		474,474
Polymer Process Holdings, Inc.	Containers, Packaging & Glass	Term Loan	Loan	1M USD SOFR+ 4.75%		0.75	%		8.54	%	2/12/2028		3,942,289		3,932,110		2,534,340
Pre-Paid Legal Services, Inc.	Services: Consumer	Term Loan (12/21)	Loan	1M USD SOFR+ 3.25%		0.50	%		6.92	%	12/15/2028		2,888,325		2,877,497		2,451,466
Prime Security Services Borrower, LLC (ADT)	Services: Consumer	Term Loan B	Loan	1M USD SOFR+ 2.00%		0.00	%		5.67	%	10/13/2030		1,769,515		1,757,142		1,765,286
Primo Brands Corporation	Beverage, Food & Tobacco	Term Loan B (01/25)	Loan	3M USD SOFR+ 2.25%		0.50	%		5.92	%	3/31/2028		1,433,030		1,430,561		1,431,497
PRIORITY HOLDINGS, LLC	Services: Consumer	Term Loan B (07/25)	Loan	1M USD SOFR+ 3.75%		0.50	%		7.42	%	7/30/2032		2,830,585		2,817,297		2,761,009
Project Leopard Holdings, Inc. (NEW)	High Tech Industries	Term Loan B (06/22)	Loan	3M USD SOFR+ 5.25%		0.50	%		9.02	%	7/20/2029		970,000		930,838		603,825
PUG LLC	Services: Consumer	Term Loan B (03/24)	Loan	1M USD SOFR+ 4.75%		0.00	%		8.42	%	3/15/2030		244,372		244,095		236,022
Quartz AcquireCo, LLC	High Tech Industries	Term Loan (2/25)	Loan	3M USD SOFR+ 2.25%		0.00	%		5.92	%	6/28/2030		1,222,487		1,215,995		1,084,958
Quikrete Holdings, Inc.	Construction & Building	Term Loan (2/25)	Loan	1M USD SOFR+ 2.25%		0.00	%		5.92	%	4/14/2031		982,575		980,934		981,475
Rackspace Technology Global, Inc.	High Tech Industries	Term Loan (3/24)	Loan	1M USD SOFR+ 2.75%		0.75	%		6.53	%	5/15/2028		2,018,945		1,329,862		826,092
Rackspace Technology Global, Inc.	High Tech Industries	Super-Priority Term Loan (03/24)	Loan	1M USD SOFR+ 6.25%		0.75	%		10.03	%	5/15/2028		541,399		538,133		537,338
RAND PARENT LLC	Transportation: Cargo	Term Loan B (01/25)	Loan	3M USD SOFR+ 3.00%		0.00	%		6.67	%	3/18/2030		2,431,842		2,374,944		2,430,626
RealPage, Inc.	High Tech Industries	Term Loan (04/21)	Loan	3M USD SOFR+ 3.00%		0.50	%		6.93	%	4/24/2028		957,500		957,300		882,499
Rent-A-Center, Inc.	Retail	Term Loan B (08/25)	Loan	3M USD SOFR+ 2.75%		0.50	%		6.42	%	8/13/2032		1,825,515		1,806,157		1,820,951
Research Now Group, Inc	Media: Advertising, Printing & Publishing	Term Loan (07/24)	Loan	3M USD SOFR+ 5.00%		1.00	%		8.91	%	7/15/2028		335,333		332,328		330,303
Research Now Group, Inc	Media: Advertising, Printing & Publishing	Second-Out Term Loan	Loan	3M USD SOFR+ 5.50%		1.00	%		9.41	%	10/15/2028		2,858,408		2,768,737		1,667,881
Resideo Funding Inc.	Services: Consumer	Term Loan B (12/24)	Loan	1M USD SOFR+ 2.00%		0.00	%		5.66	%	2/11/2028		674,488		674,488		673,227
Resolute Investment Managers (American Beacon), Inc. (c)	Banking, Finance, Insurance & Real Estate	Term Loan (12/23)	Loan	3M USD SOFR+ 6.50%		1.00	%		10.43	%	10/30/2028		1,948,080		1,948,081		1,504,892
Restoration Hardware, Inc.	Retail	Term Loan (9/21)	Loan	1M USD SOFR+ 2.50%		0.50	%		6.29	%	10/20/2028		3,357,249		3,355,349		3,295,140
Reynolds Consumer Products LLC	Containers, Packaging & Glass	Term Loan B (2/25)	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	3/4/2032		931,115		931,115		935,771
Ryan Specialty Group LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (09/24)	Loan	1M USD SOFR+ 2.00%		0.00	%		5.67	%	9/15/2031		1,441,374		1,434,941		1,437,771
S&S HOLDINGS LLC	Services: Business	Term Loan	Loan	1M USD SOFR+ 5.00%		0.50	%		8.77	%	3/10/2028		2,383,643		2,361,520		2,332,991
Sally Holdings LLC	Retail	Term Loan B	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	2/28/2030		318,750		317,260		319,349
Schweitzer-Mauduit International, Inc.	High Tech Industries	Term Loan B	Loan	1M USD SOFR+ 3.75%		0.75	%		7.54	%	4/20/2028		939,236		937,872		931,017

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

February 28, 2026

(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
Scientific Games Holdings LP	Hotel, Gaming & Leisure	Term Loan B	Loan	3M USD SOFR+ 3.00%		0.50	%		6.65	%	4/4/2029		486,344		485,950		476,213
Sedgwick Claims Management Services, Inc.	Services: Business	Term Loan B 2/23	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	7/31/2031		975,193		970,172		942,524
SETANTA AIRCRAFT LEASING DAC	Aerospace & Defense	Term Loan B (05/24)	Loan	3M USD SOFR+ 1.75%		0.00	%		5.42	%	11/5/2028		350,000		349,707		350,875
Sitel Worldwide Corporation	Services: Business	USD Term Loan (7/21)	Loan	3M USD SOFR+ 3.75%		0.50	%		7.68	%	8/28/2028		1,915,000		1,912,199		716,765
SiteOne Landscape Supply, LLC	Services: Business	Term Loan B (06/24)	Loan	1M USD SOFR+ 1.75%		0.50	%		5.41	%	3/23/2030		1,245,101		1,241,692		1,243,544
Smyrna Ready Mix Concrete, LLC	Construction & Building	Term Loan B	Loan	1M USD SOFR+ 3.00%		0.00	%		6.67	%	4/2/2029		505,257		503,333		505,677
Sparta U.S. HoldCo LLC	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+ 3.00%		0.00	%		6.67	%	8/2/2030		1,920,000		1,917,584		1,914,163
SRAM, LLC	Consumer goods: Durable	Term Loan (02/25)	Loan	1M USD SOFR+ 2.25%		0.00	%		5.92	%	2/23/2032		2,246,400		2,245,458		2,246,400
STANDARD INDUSTRIES INC.	Construction & Building	Term Loan B	Loan	1M USD SOFR+ 1.75%		0.50	%		5.43	%	9/22/2028		200,250		199,674		200,546
Staples, Inc.	Wholesale	Term Loan B	Loan	3M USD SOFR+ 5.75%		0.50	%		9.41	%	9/4/2029		4,220,701		4,178,169		3,766,976
Star Parent, Inc.	Services: Business	Term Loan B (09/23)	Loan	3M USD SOFR+ 4.00%		0.00	%		7.67	%	9/27/2030		1,228,125		1,215,137		1,187,340
Storable, Inc	High Tech Industries	Term Loan B (3/25)	Loan	1M USD SOFR+ 3.25%		0.00	%		6.92	%	4/16/2031		481,363		481,250		459,099
Superannuation & Investments US LLC	Banking, Finance, Insurance & Real Estate	Superannuation and Investments/CFS 1/26 TL	Loan	1M USD SOFR+ 2.50%		0.50	%		6.17	%	12/1/2028		960,175		956,194		953,876
SupplyOne, Inc	Wholesale	Term Loan B (03/24)	Loan	1M USD SOFR+ 3.50%		0.00	%		7.17	%	3/27/2031		491,288		487,342		492,978
Sweetwater Borrower, LLC	Retail	Term Loan B (2/26)	Loan	1M USD SOFR+ 4.00%		0.00	%		7.66	%	2/17/2033		1,895,910		1,854,369		1,898,280
Syncsort Incorporated	High Tech Industries	Term Loan B (10/21)	Loan	3M USD SOFR+ 4.00%		0.75	%		7.93	%	4/24/2028		2,394,950		2,394,735		2,037,216
Ta TT Buyer LLC	Media: Broadcasting & Subscription	Term Loan B (6/24)	Loan	3M USD SOFR+ 4.75%		0.50	%		8.42	%	4/2/2029		970,182		964,903		940,670
Tenable Holdings, Inc.	Services: Business	Term Loan B (6/21)	Loan	1M USD SOFR+ 2.75%		0.50	%		6.54	%	7/7/2028		960,000		959,716		954,605
Thor Industries, Inc.	Automotive	Term Loan B (06/24)	Loan	1M USD SOFR+ 2.25%		0.00	%		5.92	%	11/15/2030		94,142		93,485		93,906
Torrid LLC	Wholesale	Term Loan 5/21	Loan	1M USD SOFR+ 5.50%		0.75	%		9.29	%	6/14/2028		2,922,221		2,705,250		1,168,888
TORY BURCH LLC	Retail	Term Loan	Loan	1M USD SOFR+ 3.25%		0.50	%		7.04	%	4/17/2028		2,260,738		2,186,326		2,253,956
Tosca Services, LLC (c)	Containers, Packaging & Glass	Term Loan A (08/24)	Loan	1M USD SOFR+ 5.50%		1.50	%		9.17	%	11/30/2028		80,509		79,712		81,224
Trans Union LLC	Banking, Finance, Insurance & Real Estate	Term Loan B9 (11/24)	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	6/24/2031		599,927		599,530		594,006
Tronox Finance LLC	Chemicals, Plastics, & Rubber	Term Loan B (09/24)	Loan	3M USD SOFR+ 2.50%		0.00	%		6.17	%	9/30/2031		343,454		343,361		267,035
TruGreen Limited Partnership	Services: Consumer	Term Loan	Loan	1M USD SOFR+ 4.00%		0.75	%		7.77	%	11/2/2027		925,281		923,548		908,700
Ultra Clean Holdings, Inc.	High Tech Industries	Term Loan (09/25)	Loan	1M USD SOFR+ 2.75%		0.00	%		6.42	%	2/25/2028		1,203,008		1,201,345		1,205,017
Univision Communications Inc.	Media: Broadcasting & Subscription	Term Loan B (05/24)	Loan	1M USD SOFR+ 3.50%		0.50	%		7.29	%	1/31/2029		2,379,366		2,379,365		2,371,442
Univision Communications Inc.	Media: Broadcasting & Subscription	Term Loan B (6/22)	Loan	3M USD SOFR+ 4.25%		0.50	%		7.92	%	6/25/2029		241,250		237,262		238,234
Vaco Holdings, LLC	Services: Business	Term Loan (01/22)	Loan	3M USD SOFR+ 5.00%		0.75	%		8.82	%	1/19/2029		2,271,234		2,234,639		1,704,243
Vericast Corp. (c)	Media: Advertising, Printing & Publishing	Extended Term Loan (07/24)	Loan	3M USD SOFR+ 7.75%		1.00	%		11.42	%	6/16/2026		1,259,184		1,259,163		1,212,758
Verifone Systems, Inc. (c)	Banking, Finance, Insurance & Real Estate	Term Loan (03/25)	Loan	3M USD SOFR+ 5.25%		0.00	%		9.18	%	8/21/2028		1,188,774		1,188,361		1,089,428
Vertex Aerospace Services Corp	Aerospace & Defense	Term Loan (10/21)	Loan	1M USD SOFR+ 2.25%		0.75	%		5.92	%	12/6/2030		962,997		961,733		962,997
Vertiv Group Corporation	Capital Equipment	Term Loan	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	8/12/2032		1,901,601		1,901,601		1,901,601

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

February 28, 2026

(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
Viasat Inc	Telecommunications	Term Loan (2/22)	Loan	1M USD SOFR+ 4.50%		0.50	%		8.29	%	3/5/2029		2,907,129		2,869,038		2,906,780
Vistra Operations Company LLC	Energy: Electricity	2018 Incremental Term Loan	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	12/20/2030		1,851,605		1,850,971		1,854,956
Warner Music Group Corp. (WMG Acquisition Corp.)	Hotel, Gaming & Leisure	Term Loan J	Loan	3M USD SOFR+ 1.75%		0.00	%		5.57	%	1/24/2031		1,250,000		1,250,000		1,251,563
Watlow Electric Manufacturing Company	High Tech Industries	Term Loan B (03/21)	Loan	3M USD SOFR+ 3.00%		0.50	%		6.67	%	3/2/2028		2,631,521		2,627,980		2,632,626
WeddingWire, Inc.	Services: Consumer	Term Loan B (12/24)	Loan	1M USD SOFR+ 3.75%		0.00	%		7.42	%	1/31/2028		4,725,068		4,725,067		4,032,042
WEX Inc.	Services: Business	Term Loan B (11/24)	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	3/31/2028		2,866,626		2,864,574		2,849,312
Windsor Holdings III, LLC	Chemicals, Plastics, & Rubber	Term Loan B (02/25)	Loan	1M USD SOFR+ 2.75%		0.00	%		6.42	%	8/1/2030		490,062		490,062		488,989
Wyndham Hotels & Resorts, Inc.	Hotel, Gaming & Leisure	Term Loan (05/24)	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	5/24/2030		977,613		974,397		980,330
Xperi Corporation	High Tech Industries	Term Loan (1/25)	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	6/8/2028		1,481,388		1,481,214		1,473,981
Zayo Group, LLC (c)	Telecommunications	Term Loan (09/25)	Loan	1M USD SOFR+ 3.00%		0.00	%		6.79	%	3/11/2030		620,347		615,143		596,308
ZEBRA BUYER (Allspring) LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (12/24)	Loan	3M USD SOFR+ 3.00%		0.50	%		6.69	%	11/1/2030		1,838,369		1,832,728		1,832,909
Zekelman Industries, Inc.	Metals & Mining	Term Loan B (03/24)	Loan	1M USD SOFR+ 2.25%		0.00	%		5.91	%	1/24/2031		1,428,583		1,427,966		1,430,769
Zest Acquisition Corp.	Healthcare & Pharmaceuticals	Term Loan (1/23)	Loan	3M USD SOFR+ 5.25%		0.00	%		8.92	%	2/8/2028		1,940,000		1,896,965		1,828,450
Zodiac Pool Solutions	Consumer goods: Durable	Term Loan (1/22)	Loan	1M USD SOFR+ 1.93%		0.50	%		5.70	%	1/29/2029		480,000		479,676		479,280
TOTAL INVESTMENTS														$	382,812,855	$	354,116,571

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

(a)

Included within cash and cash equivalents in Saratoga CLO’s Statements of Assets and Liabilities as of February 28, 2026.

(b)

As of February 28, 2026, the investment was in default and on non-accrual status.

(c)

Investments include Payment-in-Kind Interest.

(d)

All or a portion of this investment has an unfunded commitment as of February 28, 2026.

SOFR - Secured Overnight Financing Rate

1M SOFR - The 1-month SOFR rate as of February 28, 2026 was 3.86%.

3M SOFR - The 3-month SOFR rate as of February 28, 2026 was 3.79%.

6M SOFR - The 6-month SOFR rate as of February 28, 2026 was 3.70%.

Prime - The Prime Rate as of February 28, 2026 was 7.00%.

See accompanying notes to financial statements.

Note 5. Investment in SLF JV

On October 26, 2021, the Company and TJHA entered into a LLC Agreement to co-manage SLF JV. SLF JV is invested in Saratoga Investment Corp Senior Loan Fund 2021-1, Ltd. (“SLF 2021”), which is a wholly owned subsidiary of SLF JV. SLF 2021 was formed for the purpose of making investments in a diversified portfolio of broadly syndicated first lien and second lien term loans or bonds in the primary and secondary markets.

On September 30, 2022, SLF 2021 was renamed to Saratoga Investment Corp Senior Loan Fund 2022-1, Ltd. (“SLF 2022”).

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

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

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

(1)

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

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

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

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

(1)

Current yield as of February 28, 2026, was approximately 3.59% on the Goldman Sachs Financial Square Government Fund.

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 loan and equity. The unsecured loan pays a fixed rate of 10% per annum and is due and payable in full on October 20, 2033. As of August 31, 2026, the Company and TJHA’s investment in SLF JV consisted of an unsecured loan of $17.6 million and $2.5 million, respectively; and membership interest of $19.2 million and $2.7 million, respectively. As of February 28, 2026, the Company and TJHA’s investment in SLF JV consisted of an unsecured loan of $17.6 million and $2.5 million, respectively; and membership interest of $19.2 million and $2.7 million, respectively. As of August 31, 2026 and February 28, 2026, the Company’s investment in the unsecured note of SLF JV had a fair value of $15.5 million and $16.1 million, respectively, and the Company’s investment in the membership interests of SLF JV had a fair value of $4.1 million and $1.5 million, respectively.

The Company has determined that SLF JV is an investment company under ASC 946; however, in accordance with such guidance the Company will generally not consolidate its investment in a company other than a wholly owned investment company subsidiary. SLF JV is not a wholly owned investment company subsidiary as the Company and TJHA each have an equal 50% voting interest in SLF JV and thus neither party has a controlling financial interest. Furthermore, ASC 810 concludes that in a joint venture where both members have equal decision making authority, it is not appropriate for one member to consolidate the joint venture since neither has control. Accordingly, the Company does not consolidate SLF JV.

For the three months ended August 31, 2026 and August 31, 2025, the Company earned $0.4 million and $0.4 million, respectively, of interest income related to SLF JV, which is included in interest income on the consolidated statements of operations. For the six months ended August 31, 2026 and August 31, 2025, the Company earned $0.9 million and $0.9 million, respectively, of interest income related to SLF JV, which is included in interest income on the consolidated statements of operations. As of August 31, 2026 and February 28, 2026, $0.2 million and $0.2 million, respectively, of interest income related to SLF JV was included in interest receivable on the consolidated statements of assets and liabilities.

For the three months ended August 31, 2026 and August 31, 2025, the Company earned $0.8 million and $0.9 million, respectively, of dividend income related to SLF JV, which is included in dividend income on control investments. For the six months ended August 31, 2026 and August 31, 2025, the Company earned $1.5 million and $1.3 million, respectively, of dividend income related to SLF JV, which is included in dividend income on control investments. As of August 31, 2026 and February 28, 2026, $0.0 million and $0.0 million, respectively, of dividend income related to SLF JV was included in dividend receivable on the consolidated statements of assets and liabilities.

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 87.5% of the Class E Notes from SLF 2022 with a par value of $12.3 million.

As of August 31, 2026 and February 28, 2026, the fair value of the Class E-R Notes was $8.3 million and $8.4 million, respectively.

Note 6. Income Taxes

SIA-AAP, Inc., SIA-SAIS, Inc., SIA-ARC, Inc., SIA-Avionte, Inc., SIA-AX, Inc., SIA-G4, Inc., SIA-GH, Inc., SIA-PP, Inc., SIA-SGA, Inc., SIA-SIQ, Inc., SIA-SZ, Inc., SIA-TG, Inc., SIA-Vector, Inc. and SIA-YUMI, Inc., each of which is 100% owned by the Company, and each files a standalone C corporation tax return for U.S. federal and state tax purposes. As separately regarded entities for tax purposes, these entities are subject to U.S. federal income tax at corporate rates. For tax purposes, any distributions by the entities to the parent company would generally need to be distributed to the Company’s shareholders. Generally, such distributions of the entities’ income to the Company’s shareholders will be considered 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 depreciation 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 offset by entity, as permitted. The recoverability of deferred tax assets is assessed and a valuation allowance is recorded to the extent that it is more likely than not that any portion of the deferred tax asset will not be realized on the basis of a history of operating losses combined with insufficient projected taxable income or other taxable events in the Corporate Blockers.

The Company may distribute a portion of its realized net long term capital gains in excess of realized net short term capital losses to its stockholders, but may also decide to retain a portion, or all, of its net capital gains and elect to pay the 21% U.S. federal tax on the net capital gain, potentially in the form of a “deemed distribution” to its stockholders. Income tax (provision) relating to an election to retain its net capital gains, including in the form of a deemed distribution, is included as a component of income tax (provision) benefit from realized gains on investments, depending on the character of the underlying taxable income (ordinary or capital gains), on the consolidated statements of operations.

Deferred tax assets and liabilities, and related valuation allowances, as of August 31, 2026 and February 28, 2026, were as follows:

	August 31, 2026			February 28, 2026
Total deferred tax assets	$	2,407,095		$	2,595,077
Total deferred tax liabilities		(3,806,045	)		(4,849,432	)
Valuation allowance on net deferred tax assets		(2,201,399	)		(2,325,167	)
Net deferred tax liability	$	(3,600,349	)	$	(4,579,522	)

As of August 31, 2026, 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 August 31, 2026 includes ($0.5) million deferred tax expense (benefit) on net change in unrealized appreciation (depreciation) on investments, $0.07 million income tax provision/benefit from realized gain/(loss) on investments and $0.05 million net change in total operating expense in the consolidated statements of operations, respectively. Net income tax expense for the three months ended August 31, 2025 includes ($0.4) million deferred tax expense (benefit) on net change in unrealized appreciation (depreciation) on investments, and $0.0 million income tax provision/benefit from realized gain/(loss) on investments and $0.0 million net change in total operating expense, in the consolidated statements of operations, respectively.

Net income tax expense for the six months ended August 31, 2026 includes ($1.0) million deferred tax expense (benefit) on net change in unrealized appreciation (depreciation) on investments, and $0.07 million income tax provision/benefit from realized gain/(loss) on investments and $0.03 million net change in total operating expense in the consolidated statements of operations, respectively. Net income tax expense for the six months ended August 31, 2025 includes ($0.4) million deferred tax expense (benefit) on net change in unrealized appreciation (depreciation) on investments, and $0.0 million income tax provision/benefit from realized gain/(loss) on investments and $0.04 million net change in total operating expense, in the consolidated statements 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 three and six months ended August 31, 2026 and August 31, 2025:

	For the three months ended						For the six months ended
	August 31, 2026			August 31, 2025			August 31, 2026			August 31, 2025
Current
Federal	$	64,269		$	-		$	64,269		$	-
State		7,680			-			7,680			-
Net current expense		71,949			-			71,949			-
Deferred
Federal		(419,943	)		(338,262	)		(946,532	)		(239,486	)
State		(46,541	)		(97,049	)		(78,333	)		(90,737	)
Net deferred expense		(466,484	)		(435,312	)		(1,024,865	)		(330,224	)
Net tax provision	$	(394,535	)	$	(435,312	)	$	(952,916	)	$	(330,224	)

Note 7. Agreements and Related Party Transactions

Investment Advisory and Management Agreement

On July 30, 2010, the Company entered into the Management Agreement with the Manager. The initial term of the Management Agreement was two years from its effective date, with one-year renewals thereafter subject to certain approvals by the Company’s board of directors and/or the Company’s stockholders. Most recently, on July 6, 2026, the Company’s board of directors approved the renewal of the Management Agreement for an additional one-year term. Pursuant to the Management Agreement, the Manager implements the Company’s business strategy on a day-to-day basis and performs certain services for the Company, subject to oversight by the board of directors. The Manager is responsible for, among other duties, determining investment criteria, sourcing, analyzing and executing investments transactions, asset sales, financings and performing asset management duties. Under the Management Agreement, the Company pays the Manager a management fee for investment advisory and management services consisting of a base management fee and an incentive management fee.

Base Management Fee and Incentive Management Fee

The base management fee of 1.75% per year is calculated based on the average value of our gross assets (other than cash or cash equivalents, but including assets purchased with borrowed funds) at the end of the two most recently completed fiscal quarters. The base management fee is paid quarterly following the filing of the most recent quarterly report on Form 10-Q.

The incentive management fee consists of the following two parts:

The first, payable quarterly in arrears, equals 20% of the Company’s pre-incentive fee net investment income, expressed as a rate of return on the value of our net assets at the end of the immediately preceding quarter, that exceeds a 1.875% quarterly hurdle rate measured as of the end of each fiscal quarter, subject to a “catch-up” provision. Under this provision, in any fiscal quarter, the Manager receives no incentive fee unless our pre-incentive fee net investment income exceeds the hurdle rate of 1.875%. The Manager will receive 100% of pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than or equal to 2.344% in any fiscal quarter; and 20% of the amount of our pre-incentive fee net investment income, if any, that exceeds 2.344% in any fiscal quarter. There is no accumulation of amounts on the hurdle rate from quarter to quarter, and accordingly there is no claw back of amounts previously paid if subsequent quarters are below the quarterly hurdle rate, and there is no delay of payment if prior quarters are below the quarterly hurdle rate.

The second part of the incentive fee is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Management Agreement) and equals 20.0% of the Company’s “incentive fee capital gains,” which equals the Company’s realized capital gains on a cumulative basis from May 31, 2010 through the end of the fiscal year, if any, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis on each investment in the Company’s portfolio, less the aggregate amount of any previously paid capital gain incentive fee. Importantly, the capital gains portion of the incentive fee is based on realized gains and realized and unrealized losses from May 31, 2010. Therefore, realized and unrealized losses incurred prior to such time will not be taken into account when calculating the capital gains portion of the incentive fee, and the Manager will be entitled to 20.0% of incentive fee capital gains that arise after May 31, 2010. In addition, for the purpose of the “incentive fee capital gains” calculations, the cost basis for computing realized gains and losses on investments held by us as of May 31, 2010 will equal the fair value of such investments as of such date.

For the three months ended August 31, 2026 and August 31, 2025, the Company incurred $5.1 million and $4.4 million in base management fees, respectively. For the three months ended August 31, 2026 and August 31, 2025, the Company incurred $1.8 million and $2.3 million in incentive fees related to pre-incentive fee net investment income, respectively. For the three months ended August 31, 2026 and August 31, 2025, the Company accrued an expense (benefit) of $0.0 million and ($0.8) million in incentive fees related to capital gains.

For the six months ended August 31, 2026 and August 31, 2025, the Company incurred $10.0 million and $8.7 million in base management fees, respectively. For the six months ended August 31, 2026 and August 31, 2025, the Company incurred $3.7 million and $4.8 million in incentive fees related to pre-incentive fee net investment income, respectively. For the six months ended August 31, 2026 and August 31, 2025, the Company accrued an expense (benefit) of $0.0 million and ($0.3) 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 August 31, 2026, the base management fees accrual was $5.1 million and the incentive fees accrual was $1.8 million and are included in base management and incentive fees payable in the accompanying consolidated statements of assets and liabilities. As of February 28, 2026, the base management fees accrual was $4.6 million and the incentive fees accrual was $2.0 million and are included in base management and incentive fees payable in the accompanying consolidated statements of assets and liabilities.

Administration Agreement

On July 30, 2010, the Company entered into a separate administration agreement (the “Administration Agreement”) with the Manager, pursuant to which the Manager, as the Company’s administrator, has agreed to furnish the Company with the facilities and administrative services necessary to conduct day-to-day operations and provide managerial assistance on the Company’s behalf to those portfolio companies to which the Company is required to provide such assistance. The initial term of the Administration Agreement was two years from its effective date, with one-year renewals thereafter subject to certain approvals by the Company’s board of directors and/or the Company’s stockholders. Since its inception the amount of expenses payable or reimbursable by the Company under the Administration Agreement has been subject to a cap that is reviewed annually in connection with the renewal of the Administration Agreement. On July 6, 2026, the Company’s board of directors approved the renewal of the Administration Agreement for an additional one-year term. Most recently, on September 22, 2026, the Company’s board of directors determined to increase the cap on the payment or reimbursement of expenses by the Company from $5.4 million to $5.8 million, effective August 1, 2026.

For the three months ended August 31, 2026 and August 31, 2025, the Company recognized $1.4 million and $1.3 million in administrator expenses, respectively, pertaining to bookkeeping, recordkeeping and other administrative services provided to the Company in addition to the Company’s allocable portion of rent and other overhead related expenses.

For the six months ended August 31, 2026 and August 31, 2025, the Company recognized $2.7 million and $2.5 million in administrator expenses, respectively, pertaining to bookkeeping, recordkeeping and other administrative services provided to the Company in addition to the Company’s allocable portion of rent and other overhead related expenses.

As of August 31, 2026 and February 28, 2026, $0.6 million and $0.6 million, respectively, of administrator expenses were accrued and included in Due to Manager in the accompanying consolidated statements of assets and liabilities.

Saratoga CLO

See Note 4. Investment in Saratoga CLO for more information regarding Saratoga CLO.

For the three months ended August 31, 2026 and August 31, 2025, the Company recognized management fee income of $0.1 million and $0.7 million, respectively, related to the Saratoga CLO.

For the six months ended August 31, 2026 and August 31, 2025, the Company recognized management fee income of $0.6 million and $1.4 million, respectively, related to the Saratoga CLO.

For the six months ended August 31, 2026 and August 31, 2025, the Company neither bought nor sold any investments from the Saratoga CLO.

SLF JV

See Note 5 for more information about SLF JV.

As of August 31, 2026, the Company’s investment in the SLF JV had a fair value of $19.6 million, consisting of an unsecured loan of $15.5 million and membership interest of $4.1 million. For the three months ended August 31, 2026, the Company had $0.4 million of interest income related to SLF JV, of which $0.2 million was included in interest receivable on the consolidated statements of assets and liabilities as of August 31, 2026. For the three months ended August 31, 2025, the Company had $0.4 million of interest income related to SLF JV, of which $0.2 million was included in interest receivable on the consolidated statements of assets and liabilities as of August 31, 2025.

As part of the JV CLO trust transaction, the Company purchased 87.50% of the Class E Notes from SLF 2022 with a principal value of $12.3 million and fair value of $12.3 million, respectively. This was repaid as part of the refinancing of the SLF 2022 on September 24, 2025, and the Company purchased 87.5% of the Class E-R Notes from SLF 2022 with a principal value of $8.8 million and fair value of $8.8 million, respectively.

As of August 31, 2026 and February 28, 2026, the fair value of the Class E-R Notes were $8.3 million and $8.4 million, respectively.

Note 8. Borrowings

As a BDC, we are only allowed to employ leverage to the extent that our asset coverage, as defined in the 1940 Act, equals at least 200% after giving effect to such leverage, or, 150% if certain requirements under the 1940 Act are met. On April 16, 2018, as permitted by the Small Business Credit Availability Act, which was signed into law on March 23, 2018, our board of directors, including a majority of our directors who are not “interested persons” (as defined in Section 2(a)(19) of the 1940 Act) of the Company (“independent directors”), approved a minimum asset coverage ratio of 150%, which 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 171.9% as of August 31, 2026 and 168.4% as of February 28, 2026.

During the three months ended August 31, 2026 and August 31, 2025, average total borrowings outstanding was $822.9 million and $788.4 million, respectively, and the weighted average interest rate was 6.11% and 5.57%, respectively.

During the six months ended August 31, 2026 and August 31, 2025, average total borrowings outstanding was $809.8 million and $790.6 million, respectively, and the weighted average interest rate was 6.12% and 5.58%, respectively.

Encina Credit Facility

On October 4, 2021, the Company entered into the Credit and Security Agreement (as amended from time to time, the “Encina Credit Agreement”) relating to a senior secured revolving credit facility (the “Encina Credit Facility”) with Encina Lender Finance, LLC (“Encina”), supported by loans held by SIF II and pledged to the Encina Credit Facility. The terms of the Encina Credit Facility required a minimum drawn amount of $12.5 million at all times during period through April 4, 2022, which increased to the greater of $25.0 million or 50% of the commitment amount in effect at any time thereafter. On January 27, 2023, we entered into the first amendment to the Encina Credit Agreement which, among other things: (i) increased the borrowings available under the Encina Credit Facility from up to $50.0 million to up to $65.0 million; (ii) changed the underlying benchmark used to compute interest under the Encina Credit Agreement from LIBOR to Term SOFR for a one-month tenor plus a 0.10% credit spread adjustment; (iii) increased the applicable effective margin rate on borrowings from 4.00% to 4.25%; (iv) extended the revolving period from October 4, 2024 to January 27, 2026; (v) 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 the Encina Facility Increase from $75.0 million to $150.0 million; (vi) revised the eligibility criteria for eligible collateral loans to exclude certain industries in which an obligor or related guarantor may be involved; and (vii) amended the provisions permitting the borrower to request an extension in the Commitment Termination Date (as defined in the Encina Credit Agreement) to allow requests to extend any applicable Commitment Termination Date, rather than a one-time request to extend the original Commitment Termination Date, subject to a notice requirement.

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 was payable in equal monthly installments in arrears. The Company paid the lender a commitment fee of 0.75% per year (or 0.50% if the ratio of advances outstanding to aggregate commitments was greater than or equal to 50%) on the unused amount of the Encina Credit Facility. Availability on the Encina Credit Facility was subject to a borrowing base calculation, based on, among other things, applicable advance rates (which varied 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 could be borrowed at the prevailing one-month SOFR rate, plus an applicable effective margin of 4.25%.

On November 6, 2025, the Company terminated in full (i) the Encina Credit Agreement, and (ii) the Equity Pledge Agreement, dated as of October 4, 2021 (the “Encina Equity Pledge Agreement”), by and between the Company and Encina, as collateral agent, and repaid all outstanding amounts. The Encina Credit Agreement and the Encina Equity Pledge Agreement terminated upon the satisfaction of all obligations and liabilities of SIF II and the Company to secured parties thereunder, including, without limitation, payments of principal and interest, other fees, breakage costs and other amounts owing to the secured parties.

As of August 31, 2026 and February 28, 2026, there were $0.0 million and $0.0 million outstanding borrowings under the Encina Credit Facility. During the applicable periods, the Company was in compliance with all of the limitations and requirements under the Encina Credit Agreement. The repayment and termination of the Encina Credit Facility on November 6, 2025 resulted in a realized loss on the extinguishment of debt of $0.1 million.

For the three months ended August 31, 2026 and August 31, 2025, we recorded $0.0 million and $0.8 million of interest expense related to the Encina Credit Facility, respectively, which includes commitment and administrative agent fees. For the three months ended August 31, 2026 and August 31, 2025, we recorded $0.0 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 August 31, 2026 and August 31, 2025, the weighted average interest rate on the outstanding borrowings under the Encina Credit Facility was 0.0% and 8.9%, respectively, and the average dollar amount of outstanding borrowings under the Encina Credit Facility was $0.0 million and $32.5 million, respectively.

For the six months ended August 31, 2026 and August 31, 2025, we recorded $0.0 million and $1.6 million of interest expense related to the Encina Credit Facility, respectively, which includes commitment and administrative agent fees. For the six months ended August 31, 2026 and August 31, 2025, we recorded $0.0 million and $0.2 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 six months ended August 31, 2026 and August 31, 2025, the weighted average interest rate on the outstanding borrowings under the Encina Credit Facility was 0.0% and 8.9%, respectively, and the average dollar amount of outstanding borrowings under the Encina Credit Facility was $0.0 million and $32.5 million, respectively.

Live Oak Credit Facility

On March 27, 2024, the Company and its wholly owned special purpose subsidiary, SIF III, entered into a credit and security agreement (the “Live Oak Credit Agreement”), by and among SIF III, as borrower, the Company, as collateral manager and equity holder, the lenders from time to time parties thereto, Live Oak, as administrative agent and collateral agent, U.S. Bank National Association, as custodian, and U.S. Bank Trust Company, National Association, as collateral administrator, relating to the Live Oak Credit Facility.

The Live Oak Credit Facility originally provided for borrowings in U.S. dollars in an aggregate amount of up to $50.0 million. During the first two years following the closing date, SIF III may request one or more increases in the commitment amount from $50.0 million to an amount not to exceed $150.0 million, subject to certain terms and conditions and a customary fee. The terms of the Live Oak Credit Agreement required a minimum drawn amount of $12.5 million at all times during the period ended March 27, 2025 and, thereafter, require the greater of: (i) $25.0 million and (ii) 50% of the facility amount in effect at such time. The Live Oak Credit Facility matures on March 27, 2027. Advances are available during the term of the Live Oak Credit Facility and must be repaid in full at maturity. SIF III may request an extension of the maturity date by an additional one year, subject to the agreement of the lenders and an extension fee.

On June 14, 2024, the Company entered into the first amendment to the Live Oak Credit Agreement (the “Amendment”). The Amendment, among other things:

●

increased the borrowings available under the Live Oak Credit Facility from up to $50.0 million to up to $75.0 million, subject to a borrowing base requirement;

●

replaced administrative agent approval with “Required Lender” (as defined in the Live Oak Credit Agreement) approval with respect to certain matters;

●

replaced Required Lender approval with 100% lender approval with respect to certain matters;

●

added new lenders (as identified in the Amendment) to the Live Oak Credit Agreement; and

●

changed the definition of Required Lender to require the approval of at least two unaffiliated lenders.

Advances under the Live Oak Credit Facility are subject to a borrowing base calculation, and the Live Oak Credit Facility has various eligibility criteria for loans to be included in the borrowing base. Advances under the Live Oak Credit Facility bear interest at a floating rate per annum equal to Adjusted Term SOFR plus an applicable margin between 3.50% and 4.25% based on the Live Oak Credit Facility’s utilization. The Live Oak Credit Agreement also provides for an unused fee of 0.50% on the unused commitments. SIF III’s obligations to the lenders under the Live Oak Credit Facility are secured by a first priority security interest in substantially all of SIF III’s assets. In addition, SIF III’s obligations to the lenders under the Live Oak Credit Facility are secured by a pledge by the Company of its equity interests in SIF III, which is evidenced by the equity pledge agreement, dated as of March 27, 2024, by and between the Company, as pledgor, and Live Oak, as collateral agent for the benefit of the secured parties.

In connection with the Live Oak Credit Agreement, the Company entered into a loan sale and contribution agreement with SIF III, dated as of March 27, 2024, by and between the Company, as seller, and SIF III, as purchaser, pursuant to which the Company will sell or contribute certain loans held by the Company to SIF III to be used to support the borrowing base under the Live Oak Credit Facility. The Live Oak Credit Facility permits loan proceeds and excess cash in SIF III’s collection accounts to be distributed to us at any time based on three business days advance notice, subject to compliance with various conditions, including the absence of a default or event of default, the absence of an over-advance against the borrowing base and the absence of a violation of the financial covenant.

As of August 31, 2026 and February 28, 2026, there was $37.5 million and $37.5 million in outstanding borrowings under the Live Oak Credit Facility, respectively. During the applicable period, the Company was in compliance with all of the limitations and requirements under the Live Oak Credit Agreement.

For the three months ended August 31, 2026 and August 31, 2025, we recorded $0.8 million and $0.9 million of interest expense related to the Live Oak Credit Facility, respectively, which includes commitment and administrative agent fees. For the three months ended August 31, 2026 and August 31, 2025, we recorded $0.1 million and $0.1 million, respectively, of deferred financing costs related to the Live Oak Credit Facility. 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 August 31, 2026 and August 31, 2025, the weighted average interest rate on the outstanding borrowings under the Live Oak Credit Facility was 7.8% and 8.5%, respectively, and the average dollar amount of outstanding borrowings under the Live Oak Credit Facility was $37.5 million and $37.5 million, respectively.

For the six months ended August 31, 2026 and August 31, 2025, we recorded $1.6 million and $1.6 million of interest expense related to the Live Oak Credit Facility, respectively, which includes commitment and administrative agent fees. For the six months ended August 31, 2026 and August 31, 2025, we recorded $0.2 million and $0.2 million of deferred financing costs related to the Live Oak Credit Facility. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the six months ended August 31, 2026 and August 31, 2025, the weighted average interest rate on the outstanding borrowings under the Live Oak Credit Facility was 7.8% and 8.5% respectively, and the average dollar amount of outstanding borrowings under the Live Oak Credit Facility was $37.5 million and $37.5 million, respectively.

Our borrowing base under the Live Oak Credit Facility was $89.9 million subject to the Live Oak Credit Facility cap of $75.0 million at August 31, 2026. 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 August 31, 2026 borrowing base relies upon the valuations set forth in the Quarterly Report on Form 10-Q for the period ended May 31, 2026. 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.

Valley Credit Facility

On November 6, 2025, the Company entered into a Credit and Security Agreement (the “Valley Credit Agreement”) establishing an $85.0 million senior secured revolving credit facility with Valley, as administrative agent and as a lender, and certain other lenders, supported by loans held by SIF II and pledged as collateral to secure the obligations under the Valley Credit Facility. The terms of the Valley Credit Facility require a minimum drawn amount at all times equal to the greater of $25.0 million or 38% of the facility amount in effect at such time. The Valley Credit Facility matures on November 6, 2028. The Valley Credit Facility has numerous eligibility criteria for loans to be included in the borrowing base. The Valley Credit Agreement also requires SIF II to pay an unused fee on the amount by which the commitment amount exceeds outstanding principal amounts on each day at a rate per annum equal to 0.75% if the unused amount is greater than 62% of the commitment amount, or otherwise 0.50%.

In addition to any fees or other amounts payable under the terms of the Valley Credit Facility, an administrative agent fee per annum equal to $35,000 is payable annually in advance.

As of August 31, 2026 and February 28, 2026, there were $32.5 million and $32.5 million outstanding borrowings under the Valley Credit Facility, respectively. During the applicable periods, the Company was in compliance with all of the limitations and requirements under the Valley Credit Agreement. Financing costs of $1.4 million related to the Valley Credit Facility have been capitalized and are being amortized over the term of the facility, with all existing financing costs amortized through November 6, 2028.

For the three months ended August 31, 2026, we recorded $0.6 million of interest expense related to the Valley Credit Facility, which includes commitment and administrative agent fees. For the three months ended August 31, 2026, we recorded $0.1 million of deferred financing costs related to the Valley Credit Facility, including arranger fees. 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 August 31, 2026, the weighted average interest rate on the outstanding borrowings under the Valley Credit Facility was 6.7% and the average dollar amount of outstanding borrowings under the Valley Credit Facility was $32.5 million.

For the six months ended August 31, 2026, we recorded $1.2 million of interest expense related to the Valley Credit Facility, which includes commitment and administrative agent fees. For the six months ended August 31, 2026, we recorded $0.2 million of deferred financing costs related to the Valley Credit Facility, including arranger fees. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the six months ended August 31, 2026, the weighted average interest rate on the outstanding borrowings under the Valley Credit Facility was 6.7%, and the average dollar amount of outstanding borrowings under the Valley Credit Facility was $32.5 million.

The Valley 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 Valley 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 if not cured in the prescribed period, allowing the lenders to accelerate repayment of amounts owed thereunder. Availability on the Valley Credit Facility is subject to a borrowing base calculation, with advance rates on eligible loans ranging from 25% to 75%. Advances under the Valley Credit Facility bear interest at a floating rate per annum equal to Term SOFR plus an applicable margin of 2.85%, with a SOFR Floor of 1.00%.

Our borrowing base under the Valley Credit Facility was $97.3 million subject to the Valley Credit Facility cap of $85.0 million at August 31, 2026. 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 August 31, 2026 borrowing base relies upon the valuations set forth in the Quarterly Report on Form 10-Q for the period year ended May 31, 2026. 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

The Company’s wholly owned subsidiaries, SBIC II LP and SBIC III LP, received SBIC licenses from the SBA on August 14, 2019 and September 29, 2022, respectively. Each of the SBIC Subsidiaries provide up to $175.0 million in long-term capital in the form of debentures guaranteed by the SBA. The Company’s wholly owned subsidiary, SBIC LP, repaid its outstanding debentures and subsequently surrendered its license to the SBA on January 3, 2024, providing the Company access to all undistributed capital of SBIC LP, and SBIC LP subsequently merged with and into the Company. In May 2026, legislation amending the Small Business Investment Act of 1958 increased (a) the individual leverage limit from $175.0 million to $250.0 million, subject to SBA approvals, and (b) the maximum leverage available for two or more SBICs under common control from $350.0 million to $475.0 million.

SBICs are designed to stimulate the flow of private equity capital to eligible small businesses. Under SBA regulations, SBICs may make loans to eligible small businesses and invest in the equity securities of small businesses. Under present SBA regulations, eligible small businesses include businesses that have a tangible net worth not exceeding $24.0 million and have average annual fully taxed net income not exceeding $8.0 million for the two most recent fiscal years. In addition, an SBIC must devote 25.0% of its investment activity to “smaller enterprises” as defined by the SBA. A smaller enterprise is one that has a net worth not exceeding $6.0 million and has an average annual fully taxed net income not exceeding $2.0 million for the two most recent fiscal years. SBA regulations also provide alternative size standard criteria to determine eligibility, which depend on the industry in which the business is engaged and are based on such factors as the number of employees and gross sales. According to SBA regulations, SBICs may make long-term loans to small businesses, invest in the equity securities of such businesses and provide them with consulting and advisory services.

The SBIC Subsidiaries are able to borrow funds from the SBA against each SBIC’s regulatory capital (which generally approximates equity capital in the respective SBIC). The SBIC Subsidiaries are subject to customary regulatory requirements including but not limited to, a periodic examination by the SBA and requirements to maintain certain minimum financial ratios and other covenants. Receipt of an SBIC license does not assure that the SBIC Subsidiaries will receive SBA-guaranteed debenture funding, which is dependent upon the SBIC Subsidiaries complying with SBA regulations and policies. The SBA, as a creditor, will have a superior claim to each SBIC Subsidiary’s assets over the Company’s stockholders and debtholders in the event that the Company liquidates such SBIC Subsidiary or the SBA exercises its remedies under the SBA-guaranteed debentures issued by the SBIC Subsidiary upon an event of default.

The Company received exemptive relief from the SEC to permit it to exclude the debentures guaranteed by the SBA of the SBIC Subsidiaries from the definition of senior securities in the asset coverage test under the 1940 Act. This allows the Company increased flexibility under the asset coverage requirement by permitting it to borrow more than it would otherwise be able to absent the receipt of this exemptive relief.

As of August 31, 2026, we have funded SBIC II LP and SBIC III LP with an aggregate total of equity capital of $87.5 million and $87.5 million, respectively, and have $213.0 million in SBA-guaranteed debentures outstanding, of which $84.0 million was held by SBIC II LP and $129.0 million held by SBIC III LP.

As noted above, as of August 31, 2026, there was $213.0 million of SBA debentures outstanding and as of February 28, 2026, there was $160.0 million of SBA debentures outstanding. The carrying amount of SBA debentures outstanding approximates 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 million and $1.4 million related to the SBA debentures issued by SBIC LP, SBIC II LP and SBIC III LP, respectively, have been capitalized and are being amortized over the term of the commitment and drawdown. During the year ended February 28, 2026, the Company repaid $47.0 million of SBA debentures in SBIC II LP, resulting in a realized loss on extinguishment of $0.7 million related to the acceleration of deferred debt financing costs.

For the three months ended August 31, 2026 and August 31, 2025, the Company recorded $1.9 million and $1.3 million of interest expense related to the SBA debentures, respectively. For the three months ended August 31, 2026 and August 31, 2025, the Company 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 August 31, 2026 and August 31, 2025 on the outstanding borrowings of the SBA debentures was 3.6% and 3.0%, respectively. During the three months ended August 31, 2026 and August 31, 2025, the average dollar amount of SBA debentures outstanding was $213.0 million and $170.0 million, respectively.

For the six months ended August 31, 2026 and August 31, 2025, the Company recorded $3.8 million and $2.6 million of interest expense related to the SBA debentures, respectively. For the six months ended August 31, 2026 and August 31, 2025, the Company recorded $0.4 million and $0.4 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 six months ended August 31, 2026 and August 31, 2025 on the outstanding borrowings of the SBA debentures was 3.6% and 3.0%, respectively. During the six months ended August 31, 2026 and August 31, 2025, the average dollar amount of SBA debentures outstanding was $208.1 million and $170.0 million, respectively.

Unsecured Notes

7.75% 2025 Notes

On July 9, 2020, the Company issued $5.0 million in aggregate principal amount of 7.75% fixed-rate notes due in 2025 (the “7.75% 2025 Notes”) for net proceeds of $4.8 million after deducting underwriting commissions of approximately $0.2 million. Offering costs incurred were approximately $0.1 million. Interest on the 7.75% 2025 Notes was 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 matured and were paid off on July 9, 2025.

For the three months ended August 31, 2026 and August 31, 2025, the Company recorded $0.0 million and $0.04 million, respectively, of interest expense and $0.0 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 August 31, 2026 and August 31, 2025, the average dollar amount of 7.75% 2025 Notes outstanding was $0.0 million and $2.1 million respectively.

For the six months ended August 31, 2026 and August 31, 2025, the Company recorded $0.0 million and $0.1 million, respectively, of interest expense and $0.0 million and $0.02 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 six months ended August 31, 2026 and August 31, 2025, the average dollar amount of 7.75% 2025 Notes outstanding was $0.0 million and $3.5 million, respectively.

6.25% 2027 Notes

On December 29, 2020, the Company issued $5.0 million in aggregate principal amount of 6.25% fixed-rate notes due in 2027 (the “Existing 6.25% 2027 Notes”). Offering costs incurred were approximately $0.1 million. On January 28, 2021, the Company issued an additional $10.0 million in aggregate principal amount of the 6.25% 2027 Notes for net proceeds of $9.7 million after deducting underwriting commissions of approximately $0.3 million. Offering costs incurred were approximately $0.1 million on the additional $10.0 million aggregate principal amount (the “Additional 6.25% 2027 Notes” and together with the Existing 6.25% 2027 Notes, the “6.25% 2027 Notes”). The Additional 6.25% 2027 Notes are treated as a single series with the Existing 6.25% 2027 Notes under the indenture and have the same terms as the Existing 6.25% 2027 Notes. Interest on the 6.25% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 6.25% per year. The 6.25% 2027 Notes mature on December 29, 2027 and may be redeemed in whole or in part at any time or from time to time at the Company’s option, on or after December 29, 2024. The net proceeds from the offering were used for general corporate purposes in accordance with the Company’s investment objective and strategies. Financing costs of $0.5 million related to the 6.25% 2027 Notes have been capitalized and are being amortized over the term of the Notes.

As of August 31, 2026, the total amount of 6.25% 2027 Notes outstanding was $15.0 million. The 6.25% 2027 Notes are not listed and have a par value of $25.00 per note. The carrying amount of the outstanding 6.25% 2027 Notes had a fair value of $14.9 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, 2026, the carrying amount and fair value of the 6.25% 2027 Notes was $15.0 million and $14.8 million, respectively.

For the three months ended August 31, 2026 and August 31, 2025, the Company 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 August 31, 2026 and August 31, 2025 the average dollar amount of 6.25% 2027 Notes outstanding was $15.0 million and $15.0 million respectively.

For the six months ended August 31, 2026 and August 31, 2025, the Company recorded $0.5 million and $0.5 million, respectively, of interest expense and $0.04 million and $0.04 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 six months ended August 31, 2026 and August 31, 2025 the average dollar amount of 6.25% 2027 Notes outstanding was $15.0 million and $15.0 million, respectively.

4.375% 2026 Notes

On March 10, 2021, the Company issued $50.0 million in aggregate principal amount of the 4.375% fixed-rate notes due 2026 (the “Existing 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. On July 15, 2021, the Company issued an additional $125.0 million in aggregate principal amount of the 4.375% 2026 Notes (the “Additional 4.375% 2026 Notes” and together with the Existing 4.375% 2026 Notes, the “4.375% 2026 Notes”) for net proceeds of approximately $123.8 million, based on the public offering price of 101.00% of the aggregate principal amount of the Additional 4.375% 2026 Notes, after deducting the underwriting commissions of $2.5 million. Offering costs incurred were approximately $0.2 million. The Additional 4.375% 2026 Notes 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. Interest on the 4.375% 2026 Notes was paid semi-annually in arrears on February 28 and August 28, at a rate of 4.375% per year.

The 4.375% 2026 Notes matured and were paid off on February 28, 2026.

For the three months ended August 31, 2026 and August 31, 2025, the Company recorded $0.0 million and $1.9 million, respectively, of interest expense, $0.0 million and $0.2 million, respectively, of amortization of deferred financing costs and $0.0 million and $0.06 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 August 31, 2026 and August 31, 2025, the average dollar amount of 4.375% 2026 Notes outstanding was $0.0 million and $175.0 million, respectively.

For the six months ended August 31, 2026 and August 31, 2025, the Company recorded $0.0 million and $3.8 million, respectively, of interest expense, $0.0 million and $0.3 million, respectively, of amortization of deferred financing costs and $0.0 million and $0.1 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 six months ended August 31, 2026 and August 31, 2025, the average dollar amount of 4.375% 2026 Notes outstanding was $0.0 million and $175.0 million, respectively.

4.35% 2027 Notes

On January 19, 2022, the Company issued $75.0 million in aggregate principal amount of 4.35% fixed-rate notes due in 2027 (the “4.35% 2027 Notes”) for net proceeds of $73.0 million, based on the public offering price of 99.317% of the aggregate principal amount of the 4.35% 2027 Notes, after deducting the underwriting commissions of approximately $1.5 million. Offering costs incurred were approximately $0.3 million. Interest on the 4.35% 2027 Notes is paid semi-annually in arrears on February 28 and August 28, at a rate of 4.35% per year. The 4.35% 2027 Notes mature on February 28, 2027 and may be redeemed in whole or in part at the Company’s option at any time prior to November 28, 2026, at par plus a “make-whole” premium, and thereafter at par. The net proceeds from the offering were used for general corporate purposes in accordance with the Company’s investment objective and strategies. Financing costs of $1.8 million related to the 4.35% 2027 Notes have been capitalized and are being amortized over the term of the 4.35% 2027 Notes.

As of August 31, 2026, the total amount of 4.35% 2027 Notes outstanding was $75.0 million. The 4.35% 2027 Notes are not listed. The carrying amount of the outstanding 4.35% 2027 Notes had a fair value of $73.6 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, 2026, the total amount of 4.35% 2027 Notes outstanding was $75.0 million, and they had a fair value of $72.7 million, which is based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy.

For the three months ended August 31, 2026 and August 31, 2025, the Company recorded $0.8 million and $0.8 million, respectively, of interest expense, $0.1 million and $0.1 million, respectively, of amortization of deferred financing costs and $0.03 million and $0.03 million, respectively, of amortization of discount on issuance of the 4.35% Notes due 2027 (inclusive of the issuance of the Additional 4.35% 2027 Notes). Interest expense, amortization of deferred financing costs, and amortization of discount on issuance of notes are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended August 31, 2026 and August 31, 2025, the average dollar amount of 4.35% 2027 Notes outstanding was $75.0 million and $75.0 million, respectively.

For the six months ended August 31, 2026 and August 31, 2025, the Company recorded $1.6 million and $1.6 million, respectively, of interest expense, $0.2 million and $0.2 million, respectively, of amortization of deferred financing costs and $0.07 million and $0.06 million, respectively, of amortization of discount on issuance of the 4.35% Notes due 2027 (inclusive of the issuance of the Additional 4.35% 2027 Notes). Interest expense, amortization of deferred financing costs, and amortization of discount on issuance of notes are reported as interest and debt financing expense on the consolidated statements of operations. During the six months ended August 31, 2026 and August 31, 2025, the average dollar amount of 4.35% 2027 Notes outstanding was $75.0 million and $75.0 million, respectively.

6.00% 2027 Notes

On April 27, 2022, the Company issued $87.5 million in aggregate principal amount of 6.00% fixed-rate notes due 2027 (the “Existing 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 Existing 6.00% 2027 Notes for net proceeds to the Company of $9.7 million after deducting underwriting commissions of approximately $0.3 million. On August 15, 2022, the Company issued an additional $8.0 million in aggregate principal amount of the Existing 6.00% 2027 Notes (the “Additional 6.00% 2027 Notes” and together with the Existing 6.00% 2027 Notes, the “6.00% 2027 Notes”) for net proceeds of $7.8 million, based on the public offering price of 97.80% of the aggregate principal amount of the 6.00% 2027 Notes. Additional offering costs incurred were approximately $0.2 million. The Additional 6.00% 2027 Notes are treated as a single series with the Existing 6.00% 2027 Notes under the indenture and have the same terms as the Existing 6.00% 2027 Notes. Interest on the 6.00% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 6.00% per year. The 6.00% 2027 Notes mature on April 30, 2027 and commencing April 27, 2024, may be redeemed in whole or in part at any time or from time to time at the Company’s option. The net proceeds from the offering were used for general corporate purposes in accordance with the Company’s investment objective and strategies. Financing costs of $3.3 million related to the 6.00% 2027 Notes have been capitalized and are being amortized over the term of the 6.00% 2027 Notes. The 6.00% 2027 Notes are listed on the NYSE under the trading symbol “SAT” with a par value of $25.00 per note.

Subsequent to the quarter ended August 31, 2026, the Company redeemed $105.5 million in aggregate principal amount of the issued and outstanding 6.00% 2027 Notes in full. See Note 15, Subsequent Events for more information.

As of August 31, 2026, the carrying amount and fair value of the 6.00% 2027 Notes was $105.5 million and $105.5 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, 2026, the carrying amount and fair value of the 6.00% 2027 Notes was $105.5 million and $104.4 million, respectively.

For the three months ended August 31, 2026 and August 31, 2025, the Company recorded $1.6 million and $1.6 million, respectively, of interest expense, $0.2 million and $0.2 million, respectively, of amortization of deferred financing costs and $0.01 million and $0.01 million, respectively, of amortization of discount on issuance of 6.00% Notes due 2027. Interest expense, amortization of deferred financing costs and amortization of discount on issuance of notes are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended August 31, 2026 and August 31, 2025, the average dollar amount of 6.00% 2027 Notes outstanding was $105.5 million and $105.5 million, respectively.

For the six months ended August 31, 2026 and August 31, 2025, the Company recorded $3.2 million and $3.2 million, respectively, of interest expense, $0.4 million and $0.4 million, respectively, of amortization of deferred financing costs and $0.02 million and $0.02 million, respectively, of amortization of discount on issuance of 6.00% Notes due 2027. Interest expense, amortization of deferred financing costs and amortization of discount on issuance of notes are reported as interest and debt financing expense on the consolidated statements of operations. During the six months ended August 31, 2026 and August 31, 2025, the average dollar amount of 6.00% 2027 Notes outstanding was $105.5 million and $105.5 million, respectively.

7.00% 2025 Notes

On September 8, 2022, the Company issued $12.0 million in aggregate principal amount of 7.00% fixed-rate notes due 2025 (the “7.00% 2025 Notes”) for net proceeds of $11.6 million after deducting underwriting discounts of approximately $0.4 million. Additional offering costs incurred were approximately $0.05 million. Interest on the 7.00% 2025 Notes was 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 matured and were paid off on September 8, 2025. Financing costs of $0.05 million related to the 7.00% 2025 Notes had been capitalized and were amortized over the term of the 7.00% 2025 Notes.

On September 8, 2025, $12.0 million in aggregate principal amount of the issued and outstanding 7.00% 2025 Notes was repaid in full.

For the three months ended August 31, 2026 and August 31, 2025, the Company recorded $0.0 million and $0.2 million, respectively, of interest expense, $0.0 million and $0.04 million, respectively, of amortization of deferred financing costs and $0.0 million and $0.04 million, respectively, of amortization of discount on issuance of 7.00% 2025 Notes. Interest expense, amortization of deferred financing costs and amortization of discount on issuance of notes are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended August 31, 2026 and August 31, 2025, the average dollar amount of 7.00% 2025 Notes outstanding was $0.0 million and $12.0 million, respectively.

For the six months ended August 31, 2026 and August 31, 2025, the Company recorded $0.0 million and $0.4 million, respectively, of interest expense, $0.0 million and $0.07 million, respectively, of amortization of deferred financing costs and $0.0 million and $0.07 million, respectively, of amortization of discount on issuance of 7.00% 2025 Notes. Interest expense, amortization of deferred financing costs and amortization of discount on issuance of notes are reported as interest and debt financing expense on the consolidated statements of operations. During the six months ended August 31, 2026 and August 31, 2025, the average dollar amount of 7.00% 2025 Notes outstanding was $0.0 million and $12.0 million, respectively.

7.25% 2029 Notes

On April 10, 2026, we issued $25.0 million in aggregate principal amount of 7.25% fixed-rate notes due 2029 (the “7.25% 2029 Notes”) for net proceeds of $24.5 million based on an offering price of 98.0% per Note, and after deducting offering expenses of approximately $0.2 million. Interest on the 7.25% 2029 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 7.25% per year. The 7.25% 2029 Notes mature on April 10, 2029 and commencing April 10, 2027, 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 $0.1 million related to the 7.25% 2029 Notes have been capitalized and are being amortized over the term of the 7.25% 2029 Notes.

In addition, holders of the 7.25% 2029 Notes will have the option to have the 7.25% 2029 Notes repaid prior to the stated maturity date if (i) the Company is no longer directly managed by Saratoga Investment Advisors or any of its affiliates, or if two or more of Christian L. Oberbeck, Michael J. Grisius, Thomas V. Inglesby, Charles G. Phillips or Henri J. Steenkamp cease to work or be employed on a full-time basis with respect to the business of Saratoga Investment Advisors at least the duties and responsibilities delegated to him as of April 10, 2026 and has not been promptly replaced by another person reasonably acceptable by the holders of the 7.25% 2029 Notes; or (ii) the Company violates Section 18(a)(1)(A) as modified by Section 61(a)(2) of the 1940 Act as in effect as of April 10, 2026, but giving effect to any exemptive relief granted to the Company by the SEC.

As of August 31, 2026, the total amount of 7.25% 2029 Notes outstanding was $25.0 million. The 7.25% 2029 Notes are not listed and have a par value of $1,000 per note. As of August 31, 2026, the carrying amount and fair value of the 7.25% 2029 Notes was $25.0 million and $24.4 million, respectively, which is based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy.

For the three months ended August 31, 2026, the Company recorded $0.5 million of interest expense, $0.05 million of amortization of deferred financing costs and $0.04 million of amortization of discount related to the 7.25% 2029 Notes. Interest expense, amortization of deferred financing costs and amortization of discount on issuance of notes are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended August 31, 2026 the average dollar amount of 7.25% 2029 Notes outstanding was $25.0 million.

For the six months ended August 31, 2026, the Company recorded $0.7 million of interest expense, $0.08 million of amortization of deferred financing costs and $0.06 million of amortization of discount related to the 7.25% 2029 Notes. Interest expense, amortization of deferred financing costs and amortization of discount on issuance of notes are reported as interest and debt financing expense on the consolidated statements of operations. During the six months ended August 31, 2026 the average dollar amount of 7.25% 2029 Notes outstanding was $19.6 million.

8.00% 2027 Notes

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 for net proceeds to the Company of $5.8 million after deducting underwriting commissions of approximately $0.2 million. Interest on the 8.00% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 8.00% per year. The 8.00% 2027 Notes mature on October 31, 2027 and commencing October 27, 2024, may be redeemed in whole or in part at any time or from time to time at the Company’s option. The net proceeds from the offering were used for general corporate purposes in accordance with the Company’s investment objective and strategies. Financing costs of $1.7 million related to the 8.00% 2027 Notes have been capitalized and are being amortized over the term of the 8.00% 2027 Notes.

As of August 31, 2026, the total amount of 8.00% 2027 Notes outstanding was $46.0 million. The 8.00% 2027 Notes are listed on the NYSE under the trading symbol “SAJ” with a par value of $25.00 per note. As of August 31, 2026, the carrying amount and fair value of the 8.00% 2027 Notes was $46.0 million and $46.2 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, 2026, 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 August 31, 2026 and August 31, 2025, the Company recorded $0.9 million and $0.9 million, respectively, of interest expense and $0.09 million and $0.09 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 August 31, 2026 and August 31, 2025, the average dollar amount of 8.00% 2027 Notes outstanding was $46.0 million and $46.0 million, respectively.

For the six months ended August 31, 2026 and August 31, 2025, the Company recorded $1.8 million and $1.8 million, respectively, of interest expense and $0.2 million and $0.2 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 six months ended August 31, 2026 and August 31, 2025, the average dollar amount of 8.00% 2027 Notes outstanding was $46.0 million and $46.0 million, respectively.

8.125% 2027 Notes

On December 13, 2022, the Company issued $52.5 million in aggregate principal amount of 8.125% fixed-rate notes due 2027 (the “8.125% 2027 Notes”) for net proceeds of $50.8 million after deducting underwriting commissions of approximately $1.6 million. Offering costs incurred were approximately $0.1 million. On December 21, 2022, the underwriters fully exercised their option to purchase an additional $7.875 million in aggregate principal amount of the 8.125% 2027 Notes for net proceeds to the Company of $7.6 million after deducting underwriting commissions of approximately $0.2 million. Interest on the 8.125% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 8.125% per year. The 8.125% 2027 Notes mature on December 31, 2027 and commencing December 13, 2024, may be redeemed in whole or in part at any time or from time to time at the Company’s option. The net proceeds from this offering were used to make investments in middle-market companies (including investments made through our SBIC Subsidiaries) in accordance with the Company’s investment objective and strategies and for general corporate purposes. Financing costs of $2.0 million related to the 8.125% 2027 Notes have been capitalized and are being amortized over the term of the 8.125% 2027 Notes.

As of August 31, 2026, the total amount of 8.125% 2027 Notes outstanding was $60.4 million. The 8.125% 2027 Notes are listed on the NYSE under the trading symbol “SAY” with a par value of $25.00 per note. As of August 31, 2026, the carrying amount and fair value of the 8.125% 2027 Notes was $60.4 million and $60.6 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, 2026, the carrying amount and fair value of the 8.125% 2027 Notes was $60.4 million and $60.7 million, respectively.

For the three months ended August 31, 2026 and August 31, 2025, the Company recorded $1.2 million and $1.2 million, respectively, of interest expense and $0.1 million and $0.1 million, respectively, of amortization of deferred financing costs related to the 8.125% 2027 Notes. Interest expense, amortization of deferred financing costs and amortization of discount on issuance of notes are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended August 31, 2026 and August 31, 2025 the average dollar amount of 8.125% 2027 Notes outstanding was $60.4 million and $60.4 million, respectively.

For the six months ended August 31, 2026 and August 31, 2025, the Company recorded $2.5 million and $2.5 million, respectively, of interest expense and $0.2 million and $0.2 million, respectively, of amortization of deferred financing costs related to the 8.125% 2027 Notes. Interest expense, amortization of deferred financing costs and amortization of discount on issuance of notes are reported as interest and debt financing expense on the consolidated statements of operations. During the six months ended August 31, 2026 and August 31, 2025 the average dollar amount of 8.125% 2027 Notes outstanding was $60.4 million and $60.4 million, respectively.

8.75% 2025 Notes

On March 31, 2023, the Company issued $10.0 million in aggregate principal amount of 8.75% fixed-rate notes due 2025 (the “8.75% 2025 Notes”) for net proceeds of $9.7 million after deducting underwriting discounts of approximately $0.4 million. On May 1, 2023, the Company issued an additional $10.0 million in aggregate principal amount of the 8.75% 2025 Notes for net proceeds of $9.7 million after deducting underwriting discounts of approximately $0.4 million. Offering costs incurred were approximately $0.03 million. Interest on the 8.75% 2025 Notes was paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 8.75% per year. On February 2, 2024, pursuant to the terms of the indenture governing the 8.75% 2025 Notes, the Company elected to exercise its option to extend the maturity date of the 8.75% 2025 Notes from March 31, 2024 to March 31, 2025. The 8.75% 2025 Notes were paid off in full at maturity on March 31, 2025.

For the three months ended August 31, 2026 and August 31, 2025, the Company recorded $0.0 million and $0.0 million, respectively, of interest expense, $0.0 million and $0.0 million, respectively, of amortization of deferred financing costs and $0.0 million and $0.0 million, respectively, of amortization of discount related to the 8.75% 2025 Notes. Interest expense, amortization of deferred financing costs and amortization of discount on issuance of notes are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended August 31, 2026 and August 31, 2025 the average dollar amount of 8.75% 2025 Notes outstanding was $0.0 million and $0.0 million, respectively.

For the six months ended August 31, 2026 and August 31, 2025, the Company recorded $0.0 million and $0.1 million, respectively, of interest expense, $0.0 million and $0.01 million, respectively, of amortization of deferred financing costs and $0.0 million and $0.01 million, respectively, of amortization of discount related to the 8.75% 2025 Notes. Interest expense, amortization of deferred financing costs and amortization of discount on issuance of notes are reported as interest and debt financing expense on the consolidated statements of operations. During the six months ended August 31, 2026 and August 31, 2025 the average dollar amount of 8.75% 2025 Notes outstanding was $0.0 million and $3.3 million, respectively.

8.50% 2028 Notes

On April 14, 2023, the Company issued $50.0 million in aggregate principal amount of 8.50% fixed-rate notes due 2028 (the “8.50% 2028 Notes”) for net proceeds of $48.4 million after deducting underwriting commissions of approximately $1.6 million. Offering costs incurred were approximately $0.03 million. On April 26, 2023, the underwriters fully exercised their option to purchase an additional $7.5 million in aggregate principal amount of the 8.50% 2028 Notes for net proceeds to the Company of $7.3 million after deducting underwriting commissions of approximately $0.2 million. Interest on the 8.50% 2028 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 8.50% per year. The 8.50% 2028 Notes mature on April 15, 2028, and commencing April 14, 2025, may be redeemed in whole or in part at any time or from time to time at the Company’s option. Net proceeds from this offering were used to repay a portion of the outstanding indebtedness under the Encina Credit Facility, make investments in middle-market companies (including investments made through our SBIC Subsidiaries) in accordance with the Company’s investment objective and strategies and for general corporate purposes. Financing costs of $2.0 million related to the 8.50% 2028 Notes have been capitalized and are being amortized over the term of the 8.50% 2028 Notes.

As of August 31, 2026, the total amount of 8.50% 2028 Notes outstanding was $57.5 million. The 8.50% 2028 Notes are listed on the NYSE under the trading symbol “SAZ” with a par value of $25.00 per note. As of August 31, 2026, the carrying amount and fair value of the 8.50% 2028 Notes was $57.5 million and $57.9 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, 2026, the carrying amount and fair value of the 8.50% 2028 Notes was $57.5 million and $58.1 million, respectively.

For the three months ended August 31, 2026 and August 31, 2025, the Company recorded $1.2 million and $1.2 million, respectively, of interest expense and $0.1 million and $0.1 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 August 31, 2026 and August 31, 2025 the average dollar amount of 8.50% 2028 Notes outstanding was $57.5 million and $57.5 million, respectively.

For the six months ended August 31, 2026 and August 31, 2025, the Company recorded $2.4 million and $2.4 million, respectively, of interest expense and $0.2 million and $0.2 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 six months ended August 31, 2026 and August 31, 2025 the average dollar amount of 8.50% 2028 Notes outstanding was $57.5 million and $57.5 million, respectively.

7.25% 2030 Notes

On January 23, 2026, the Company issued $50.0 million in aggregate principal amount of 7.25% fixed-rate notes due 2030 (the “7.25% 2030 Notes”) for net proceeds of approximately $48.8 million, based on an offering price of 99.117% per Note, after deducting the placement agent fee and estimated offering expenses of approximately $0.8 million. Interest on the 7.25% 2030 Notes is paid semi-annually in arrears on May 1 and November 1, at a rate of 7.25% per year, commencing on May 1, 2026. The 7.25% 2030 Notes will mature on May 1, 2030 and may be redeemed in whole or in part at the Company’s option at any time prior to January 23, 2028 at par plus a “make-whole” premium, and thereafter at par. Net proceeds from this offering were used to pay off the Company’s outstanding 4.375% 2026 Notes and for general corporate purposes. Financing costs of $0.9 million related to the 7.25% 2030 Notes have been capitalized and are being amortized over the term of the 7.25% 2030 Notes.

As of August 31, 2026, the total amount of 7.25% 2030 Notes outstanding was $50.0 million. The 7.25% 2030 Notes are not listed and have a par value of $1,000 per note. As of August 31, 2026, the carrying amount and fair value of the 7.25% 2030 Notes was $50.0 million and $48.4 million, respectively, 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, 2026, the carrying amount and fair value of the 7.25% 2030 Notes was $50.0 million and $49.6 million, respectively, which is based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy.

For the three months ended August 31, 2026, the Company recorded $0.9 million of interest expense and $0.1 million of amortization of deferred financing costs related to the 7.25% 2030 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 August 31, 2026 the average dollar amount of 7.25% 2030 Notes outstanding was $50.0 million.

For the six months ended August 31, 2026, the Company recorded $1.8 million of interest expense and $0.2 million of amortization of deferred financing costs related to the 7.25% 2030 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 six months ended August 31, 2026 the average dollar amount of 7.25% 2030 Notes outstanding was $50.0 million.

7.50% 2031 Notes

On February 6, 2026, the Company issued $100.0 million in aggregate principal amount of 7.50% fixed-rate notes due 2031 (the “7.50% 2031 Notes”) for net proceeds of approximately $96.4 million, after deducting the underwriting commission of approximately $3.1 million and estimated offering costs of approximately $0.5 million. Interest on the 7.50% 2031 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 7.50% per year, commencing May 31, 2026. The 7.50% 2031 Notes mature on February 6, 2031 and, commencing February 6, 2028, may be redeemed in whole or in part at any time or from time to time at the Company’s option. Net proceeds from this offering, together with available cash, were used to pay off the outstanding 4.375% 2026 Notes at maturity on February 28, 2026. Financing costs of $3.6 million related to the 7.50% 2031 Notes have been capitalized and are being amortized over the term of the 7.50% 2031 Notes.

As of August 31, 2026, the total amount of 7.50% 2031 Notes outstanding was $100.0 million. The 7.50% 2031 Notes are listed on the NYSE under the trading symbol “SAV” with a par value of $25.00 per note. As of August 31, 2026, the carrying amount and fair value of the 7.50% 2031 Notes was $100.0 million and $98.6 million, respectively. The fair value of the 7.50% 2031 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, 2026, the carrying amount and fair value of the 7.50% 2031 Notes was $100.0 million and $101.7 million, respectively.

For the three months ended August 31, 2026, the Company recorded $1.9 million of interest expense and $0.2 million of amortization of deferred financing costs related to the 7.50% 2031 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 August 31, 2026, the average dollar amount of 7.50% 2031 Notes outstanding was $100.0 million.

For the six months ended August 31, 2026, the Company recorded $3.8 million of interest expense and $0.4 million of amortization of deferred financing costs related to the 7.50% 2031 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 six months ended August 31, 2026, the average dollar amount of 7.50% 2031 Notes outstanding was $100.0 million.

8.00% 2031 Notes

On August 26, 2026, the Company issued $85.0 million in aggregate principal amount of 8.00% fixed-rate notes due 2031 (the “8.00% 2031 Notes”) for net proceeds of $82.3 million after deducting the underwriting commission of approximately $2.7 million. Offering costs incurred were approximately $0.2 million. Interest on the 8.00% 2031 Notes is paid quarterly in arrears on February 28, May 31, August 31, and November 30, at a rate of 8.00% per year, commencing November 30, 2026. The 8.00% 2031 Notes mature on August 31, 2031, and commencing August 26, 2028, may be redeemed in whole or in part at any time or from time to time at the Company’s option. Net proceeds from this offering, together with available cash, were used to redeem the Company’s outstanding 6.00% 2027 Notes. Financing costs of $2.9 million related to the 8.00% 2031 Notes have been capitalized and are being amortized over the term of the 8.00% 2031 Notes.

As of August 31, 2026, the total amount of 8.00% 2031 Notes outstanding was $85.0 million. The 8.00% 2031 Notes are listed on the NYSE under the trading symbol “SAX” with a par value of $25.00 per note. As of August 31, 2026, the carrying amount and fair value of the 8.00% 2031 Notes was $85.0 million and $84.3 million, respectively. The fair value of the 8.00% 2031 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.

For the three and six months ended August 31, 2026, the Company recorded $0.1 million of interest expense and $0.01 million of amortization of deferred financing costs related to the 8.00% 2031 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 and six months ended August 31, 2026, the average dollar amount of 8.00% 2031 Notes outstanding was $5.5 million and $2.8 million, respectively.

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 Valley National Bank
Fiscal year 2027 (as of August 31, 2026)	$	32,500	$	1,719		-		N/A
Fiscal year 2026 (as of February 28, 2026)	$	32,500	$	1,684		-		N/A
Credit Facility with Encina Lender Finance, LLC (21)
Fiscal year 2026 (as of February 28, 2026)	$	-	$	-		-		N/A
Fiscal year 2025 (as of February 28, 2025)	$	32,500	$	1,629		-		N/A
Fiscal year 2024 (as of February 29, 2024)	$	3,500	$	1,610		-		N/A
Fiscal year 2023 (as of February 28, 2023)	$	32,500	$	1,659		-		N/A
Fiscal year 2022 (as of February 28, 2022)	$	12,500	$	2,093		-		N/A
Credit Facility with Live Oak Banking Company
Fiscal year 2027 (as of August 31, 2026)	$	37,500	$	1,719		-		N/A
Fiscal year 2026 (as of February 28, 2026)	$	37,500	$	1,684		-		N/A
Fiscal year 2025 (as of February 28, 2025)	$	20,000	$	1,629		-		N/A
Credit Facility with Madison Capital Funding (14)
Fiscal year 2021 (as of February 28, 2021)	$	-	$	3,471		-		N/A
Fiscal year 2020 (as of February 29, 2020)	$	-	$	6,071		-		N/A
Fiscal year 2019 (as of February 28, 2019)	$	-	$	2,345		-		N/A
Fiscal year 2018 (as of February 28, 2018)	$	-	$	2,930		-		N/A
Fiscal year 2017 (as of February 28, 2017)	$	-	$	2,710		-		N/A
Fiscal year 2016 (as of February 29, 2016)	$	-	$	3,025		-		N/A
Fiscal year 2015 (as of February 28, 2015)	$	9,600	$	3,117		-		N/A
Fiscal year 2014 (as of February 28, 2014)	$	-	$	3,348		-		N/A
Fiscal year 2013 (as of February 28, 2013)	$	24,300	$	5,421		-		N/A
Fiscal year 2012 (as of February 29, 2012)	$	20,000	$	5,834		-		N/A
Fiscal year 2011 (as of February 28, 2011)	$	4,500	$	20,077		-		N/A
7.50% Notes due 2020 (7)
Fiscal year 2017 (as of February 28, 2017)	$	-	$	-		-		N/A
Fiscal year 2016 (as of February 29, 2016)	$	61,793	$	3,025		-	$	25.24	(8)
Fiscal year 2015 (as of February 28, 2015)	$	48,300	$	3,117		-	$	25.46	(8)
Fiscal year 2014 (as of February 28, 2014)	$	48,300	$	3,348		-	$	25.18	(8)
6.75% Notes due 2023 (9)
Fiscal year 2020 (as of February 29, 2020)	$	-	$	-		-		N/A
Fiscal year 2019 (as of February 28, 2019)	$	74,451	$	2,345		-	$	25.74	(10)
Fiscal year 2018 (as of February 28, 2018)	$	74,451	$	2,930		-	$	26.05	(10)
Fiscal year 2017 (as of February 28, 2017)	$	74,451	$	2,710		-	$	25.89	(10)
8.75% Notes due 2025 (18)
Fiscal year 2026 (as of February 28, 2026)	$	-	$	-		-		N/A
Fiscal year 2025 (as of February 28, 2025)	$	20,000	$	1,629		-		N/A	(12)
Fiscal year 2024 (as of February 29, 2024)	$	20,000	$	1,610		-	$	25.00	(12)
6.25% Notes due 2025 (13)
Fiscal year 2022 (as of February 28, 2022)	$	-	$	-		-		N/A
Fiscal year 2021 (as of February 28, 2021)	$	60,000	$	3,471		-	$	24.24	(11)
Fiscal year 2020 (as of February 29, 2020)	$	60,000	$	6,071		-	$	25.75	(11)
Fiscal year 2019 (as of February 28, 2019)	$	60,000	$	2,345		-	$	24.97	(11)
7.00% Notes due 2025 (20)
Fiscal year 2026 (as of February 28, 2026)	$	-	$	-		-		N/A
Fiscal year 2025 (as of February 28, 2025)	$	12,000	$	1,629		-	$	25.00	(12)
Fiscal year 2024 (as of February 29, 2024)	$	12,000	$	1,610		-	$	25.00	(12)
Fiscal year 2023 (as of February 28, 2023)	$	12,000	$	1,659		-	$	25.00	(12)
7.25% Notes due 2025 (17)
Fiscal year 2023 (as of February 28, 2023)	$	-	$	-		-		N/A
Fiscal year 2022 (as of February 28, 2022)	$	43,125	$	2,093		-	$	25.46	(11)
Fiscal year 2021 (as of February 28, 2021)	$	43,125	$	3,471		-	$	25.77	(11)

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)
7.75% Notes due 2025 (19)
Fiscal year 2025 (as of February 28, 2025)	$	-	$	-		-		N/A
Fiscal year 2024 (as of February 29, 2024)	$	5,000	$	1,610		-	$	25.00	(12)
Fiscal year 2023 (as of February 28, 2023)	$	5,000	$	1,659		-	$	25.00	(12)
Fiscal year 2022 (as of February 28, 2022)	$	5,000	$	2,093		-	$	25.00	(12)
Fiscal year 2021 (as of February 28, 2021)	$	5,000	$	3,471		-	$	25.00	(12)
4.375% Notes due 2026 (22)
Fiscal year 2026 (as of February 28, 2026)	$	-	$	-		-		N/A
Fiscal year 2025 (as of February 28, 2025)	$	175,000	$	1,629		-	$	25.00	(12)
Fiscal year 2024 (as of February 29, 2024)	$	175,000	$	1,610		-	$	25.00	(12)
Fiscal year 2023 (as of February 28, 2023)	$	175,000	$	1,659		-	$	25.00	(12)
Fiscal year 2022 (as of February 28, 2022)	$	175,000	$	2,093		-	$	25.00	(12)
4.35% Notes due 2027
Fiscal year 2027 (as of August 31, 2026)	$	75,000	$	1,719		-	$	25.00	(12)
Fiscal year 2026 (as of February 28, 2026)	$	75,000	$	1,684		-	$	25.00	(12)
Fiscal year 2025 (as of February 28, 2025)	$	75,000	$	1,629		-	$	25.00	(12)
Fiscal year 2024 (as of February 29, 2024)	$	75,000	$	1,610		-	$	25.00	(12)
Fiscal year 2023 (as of February 28, 2023)	$	75,000	$	1,659		-	$	25.00	(12)
Fiscal year 2022 (as of February 28, 2022)	$	75,000	$	2,093		-	$	25.00	(12)
6.00% Notes due 2027
Fiscal year 2027 (as of August 31, 2026)	$	105,500	$	1,719		-	$	24.94	(15)
Fiscal year 2026 (as of February 28, 2026)	$	105,500	$	1,684		-	$	24.74	(15)
Fiscal year 2025 (as of February 28, 2025)	$	105,500	$	1,629		-	$	24.36	(15)
Fiscal year 2024 (as of February 29, 2024)	$	105,500	$	1,610		-	$	23.51	(15)
Fiscal year 2023 (as of February 28, 2023)	$	105,500	$	1,659		-	$	23.97	(15)
6.25% Notes due 2027
Fiscal year 2027 (as of August 31, 2026)	$	15,000	$	1,719		-	$	25.00	(12)
Fiscal year 2026 (as of February 28, 2026)	$	15,000	$	1,684		-	$	25.00	(12)
Fiscal year 2025 (as of February 28, 2025)	$	15,000	$	1,629		-	$	25.00	(12)
Fiscal year 2024 (as of February 29, 2024)	$	15,000	$	1,610		-	$	25.00	(12)
Fiscal year 2023 (as of February 28, 2023)	$	15,000	$	1,659		-	$	25.00	(12)
Fiscal year 2022 (as of February 28, 2022)	$	15,000	$	2,093		-	$	25.00	(12)
8.00% Notes due 2027
Fiscal year 2027 (as of August 31, 2026)	$	46,000	$	1,719		-	$	25.48	(15)
Fiscal year 2026 (as of February 28, 2026)	$	46,000	$	1,684		-	$	25.47	(15)
Fiscal year 2025 (as of February 28, 2025)	$	46,000	$	1,629		-	$	25.21	(15)
Fiscal year 2024 (as of February 29, 2024)	$	46,000	$	1,610		-	$	25.00	(15)
8.125% Notes due 2027
Fiscal year 2027 (as of August 31, 2026)	$	60,375	$	1,719		-	$	25.29	(15)
Fiscal year 2026 (as of February 28, 2026)	$	60,375	$	1,684		-	$	25.37	(15)
Fiscal year 2025 (as of February 28, 2025)	$	60,375	$	1,629		-	$	25.27	(15)
Fiscal year 2024 (as of February 29, 2024)	$	60,375	$	1,610		-	$	25.05	(15)
Fiscal year 2023 (as of February 28, 2023)	$	60,375	$	1,659		-	$	25.10	(15)
8.50% Notes due 2028
Fiscal year 2027 (as of August 31, 2026)	$	57,500	$	1,719		-	$	25.39	(16)
Fiscal year 2026 (as of February 28, 2026)	$	57,500	$	1,684		-	$	25.39	(16)
Fiscal year 2025 (as of February 28, 2025)	$	57,500	$	1,629		-	$	25.47	(16)
Fiscal year 2024 (as of February 29, 2024)	$	57,500	$	1,610		-	$	25.17	(16)
7.25% Notes due 2029
Fiscal year 2027 (as of August 31, 2026)	$	25,000	$	1,719		-		N/A	(12)
7.25% Notes due 2030
Fiscal year 2027 (as of August 31, 2026)	$	50,000	$	1,719		-		N/A	(12)
Fiscal year 2026 (as of February 28, 2026)	$	50,000	$	1,684		-		N/A	(12)
7.50% Notes due 2031
Fiscal year 2027 (as of August 31, 2026)	$	100,000	$	1,719		-	$	24.98	(23)
Fiscal year 2026 (as of February 28, 2026)	$	100,000	$	1,684		-	$	25.29	(23)
8.00% Notes due 2031
Fiscal year 2027 (as of August 31, 2026)	$	85,000	$	1,719		-	$	24.77	(24)

(1)	We have excluded our SBA-guaranteed debentures from this table because the SEC has granted us exemptive relief that permits us to exclude such debentures from the definition of senior securities in the 150% asset coverage ratio we are required to maintain under the 1940 Act.

(2)	This table does not include the senior securities of our predecessor entity, GSC Investment Corp., relating to a revolving securitized credit facility with Deutsche Bank, in light of the fact that the Company was under different management during the time that such credit facility was outstanding.

(3)	Total amount of senior securities outstanding at the end of the period presented.

(4)	Asset coverage per unit is the ratio of our total assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness, calculated on a total basis.

(5)	The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it. The “—” indicates information which the Securities and Exchange Commission expressly does not require to be disclosed for certain types of senior securities.

(6)	Not applicable for credit facility because not registered for public trading.

(7)	On January 13, 2017, the Company redeemed in full its 2020 Notes. The Company used a portion of the net proceeds from the 2023 Notes offering, which was completed in December 2016, to redeem the 2020 Notes in full.

(8)	Based on the average daily trading price of the 2020 Notes on the NYSE.

(9)	On December 21, 2019 and February 7, 2020, the Company redeemed $50.0 million and $24.45 million, respectively, in aggregate principal amount of the $74.45 million in aggregate principal amount of issued and outstanding 2023 Notes.

(10)	Based on the average daily trading price of the 2023 Notes on the NYSE.

(11)	Based on the average daily trading price of the 2025 Notes on the NYSE.

(12)	The carrying value of this unlisted security approximates its fair value, based on a waterfall analysis showing adequate collateral coverage.

(13)	On August 31, 2021, the Company redeemed $60.0 million in aggregate principal amount of the issued and outstanding 6.25% 2025 Notes. The Company used a portion of the net proceeds from the 4.375% 2026 Notes offering, which was completed in July 2021, to redeem the 6.25% 2025 Notes in full.

(14)	On October 4, 2021, the Company repaid all remaining amounts outstanding under the Madison Credit Facility and the credit agreement relating to the Madison Credit Facility was terminated.

(15)	Based on the average daily trading price of the 2027 Notes on the NYSE.

(16)	Based on the average daily trading price of the 2028 Notes on the NYSE.

(17)	On July 14, 2022, the Company redeemed $43.1 million in aggregate principal amount of the issued and outstanding 7.25% 2025 Notes.

(18)	On March 31, 2025, we repaid $20.0 million in aggregate principal amount of the issued and outstanding 8.75% 2025 Notes.

(19)	On July 9, 2025, we repaid $5.0 million in aggregate principal amount of the issued and outstanding 7.75% 2025 Notes.

(20)	On September 8, 2025, we repaid $12.0 million in aggregate principal amount of the issued and outstanding 7.00% 2025 Notes.

(21)	On November 6, 2025, the Company repaid all remaining amounts outstanding under the Encina Credit Facility and the credit agreement relating to the Encina Credit Facility was terminated.

(22)	On February 28, 2026, we repaid $175.0 million in aggregate principal amount of the issued and outstanding 4.375% 2026 Notes.

(23)	Based on the average daily trading price of the 2031 Notes on the NYSE.

(24)	Based on the average daily trading price of the 2031 Notes on the NYSE.

Note 9. Commitments and Contingencies

Contractual Obligations

The following table shows our payment obligations for repayment of debt and other contractual obligations at August 31, 2026:

			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)
Valley Bank credit facility	$	32,500	$	-	$	32,500	$	-	$	-
Live Oak credit facility		37,500		37,500		-		-		-
SBA debentures		213,000		-		-		84,000		129,000
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		-		-
7.25% 2029 Notes		25,000		-		25,000		-		-
7.25% 2030 Notes		50,000		-		-		50,000		-
7.50% 2031 Notes		100,000		-		-		100,000		-
8.00% 2031 Notes		85,000		-		-		85,000		-
Total Long-Term Debt Obligations	$	902,375	$	218,000	$	236,375	$	319,000	$	129,000

Off-Balance Sheet Arrangements

As of August 31, 2026 and February 28, 2026, the Company’s off-balance sheet arrangements consisted of $181.1 million and $153.1 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 August 31, 2026 and February 28, 2026 is shown in the table below (dollars in thousands):

	August 31, 2026		February 28, 2026
At Company’s discretion
Angry Chickz, Inc.		-	$	4,000
Artemis Wax Corp.		-		7,500
Better Impact USA Inc.		5,000		5,000
Haystack Team Inc.		5,000		5,000
JDXpert		4,500		4,500
LFR Chicken LLC		10,000		10,000
Pepper Palace, Inc.		900		800
Saratoga Senior Loan Fund I JV, LLC		6,933		6,933
SAI Systems Health, LLC		4,000		4,000
Source 44 LLC		20,000		20,000
StockIQ Technologies, LLC		3,250		5,000
Zollege PBC		1,500		-
Total	$	61,083	$	72,733

At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required
Angry Chickz, Inc.		2,100		2,100
Axero Holdings, LLC - Revolving Credit Facility		-		500
Better Impact USA Inc.		5,000		5,000
BQE Software, Inc.		-		250
Breezeway Homes, Inc.		4,000		4,000
Cloudpermit		8,000		8,500
Exigo, LLC - Revolving Credit Facility		625		625
Gen4 Dental Partners Holdings, LLC		-		2,381
Innergy, Inc.		2,120		1,500
Inspect Point Holdings, LLC		2,000		4,000
LFR Chicken LLC		25,000		25,000
Ludi, Inc. - Revolving Credit Facility		1,850		3,600
Rewind Intermediate Inc.		24,100		-
Rewind Intermediate Inc. - Revolving Credit Facility		3,000		-
SAI Systems Health, LLC		1,474		1,474
SmartAC.com, LLC		17,000		17,000
Source 44 LLC		500		500
Source 44 LLC - Revolving Credit Facility		2,000		2,000
StockIQ Technologies, LLC		1,750		400
Vitana DSO, LLC		12,045		-
Yumi Ice Cream Company, LLC		3,839		-
Yumi Ice Cream Company, LLC - Revolving Credit Facility		3,571		-
Zollege PBC		-		1,500
		119,974		80,330
Total	$	181,057	$	153,063

The Company believes its assets will provide adequate coverage to satisfy these unfunded commitments. As of August 31, 2026, the Company had cash and cash equivalents of $80.1 million, $52.5 million in available borrowings under the Valley Credit Facility, and $37.5 million in available borrowings under the Live Oak Credit Facility. The Company also has $46.0 million available SBA debentures that can be used for any commitments held by SBIC III LP.

Note 10. Directors Fees

The independent directors of the Company’s board of directors each receive an annual fee of $90,000. They also receive $3,500 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each board meeting and receive $2,000 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each committee meeting. In addition, the chairman of the audit committee receives an annual fee of $15,000 and the chairman of each other committee receives an annual fee of $8,000 for their additional services in these capacities. In addition, we have purchased directors’ and officers’ liability insurance on behalf of our directors and officers. Independent directors have the option to receive their directors’ fees in the form of our common stock issued at a price per share equal to the greater of NAV or the market price at the time of payment. No compensation is paid to directors who are “interested persons” of the Company (as defined in Section 2(a)(19) of the 1940 Act). For the three months ended August 31, 2026 and August 31, 2025, we incurred $0.1 million and $0.1 million for directors’ fees and expenses, respectively. For the six months ended August 31, 2026 and August 31, 2025, the Company incurred $0.3 million and $0.3 million for directors’ fees and expenses, respectively. As of August 31, 2026 and February 28, 2026, $0.0 million and $0.0 million in directors’ fees and expenses were accrued and unpaid, respectively. As of August 31, 2026, the Company had not issued any common stock to our directors as compensation for their services.

Note 11. Stockholders’ Equity

Share Repurchases

On September 24, 2014, the Company announced the approval of an open market share repurchase plan that originally allowed it to repurchase up to 200,000 shares of its common stock at prices below its NAV as reported in its then most recently published consolidated financial statements (the “Share Repurchase Plan”). Since September 24, 2014, the Share Repurchase Plan has been extended annually, and the Company has periodically increased the amount of shares of common stock that may be purchased under the Share Repurchase Plan, most recently to 2.7 million shares of common stock. On January 6, 2026, the Company’s board of directors extended the Share Repurchase Plan for another year to January 15, 2027. As of August 31, 2026, the Company purchased 1,481,822 shares of common stock, at an average price of $21.11 for approximately $31.3 million pursuant to the Share Repurchase Plan. During the three months ended August 31, 2026, the Company purchased 444,124 shares of common stock, at an average price of $18.91 for approximately $8.4 million pursuant to the Share Repurchase Plan. During the six months ended August 31, 2026, the Company purchased 444,124 shares of common stock, at an average price of $18.91 for approximately $8.4 million pursuant to the Share Repurchase Plan.

Public Equity Offering

On July 13, 2018, the Company issued 1,150,000 shares of its common stock priced at $25.00 per share (par value $0.001 per share) at an aggregate total of $28.75 million. The net proceeds, after deducting underwriting commissions of $1.15 million and offering costs of approximately $0.2 million, amounted to approximately $27.4 million. The Company also granted the underwriters a 30-day option to purchase up to an additional 172,500 shares of its common stock, which was not exercised.

Equity ATM Program

On March 16, 2017, the Company entered into an equity distribution agreement with Ladenburg Thalmann & Co. Inc. (“Ladenburg”), through which the Company offered for sale, from time to time, up to $30.0 million of the Company’s common stock through an ATM offering. Subsequent to this, BB&T Capital Markets and B. Riley FBR, Inc. were also added to the agreement. On July 11, 2019, the amount of the common stock to be offered was increased to $70.0 million, and on October 8, 2019, the amount of the common stock to be offered was increased to $130.0 million. This agreement was terminated as of July 29, 2021, and as of that date, the Company had sold 3,922,018 shares for gross proceeds of $97.1 million at an average price of $24.77 for aggregate net proceeds of $95.9 million (net of transaction costs).

On July 30, 2021, the Company entered into an equity distribution agreement (the “Equity Distribution Agreement”) with Ladenburg and Compass Point Research and Trading, LLC (“Compass Point”), through which the Company may offer for sale, from time to time, up to $150.0 million of the Company’s common stock through the Agents (as defined below), or to them, as principal for their account (the “ATM Program”).

On July 6, 2023, the Company amended the Equity Distribution Agreement to increase the maximum amount of shares of our common stock to be sold through the ATM Program to $300.0 million from $150.0 million. On July 19, 2023, the Company amended the Equity Distribution Agreement to add an additional distribution agent, Raymond James & Associates, Inc. (“Raymond James”). On May 15, 2024, the Company amended the Equity Distribution Agreement to add an additional distribution agent, Lucid Capital Markets, LLC (“Lucid” and together with Ladenburg, Compass Point, and Raymond James, the “Agents”). The sales price per share of the Company’s common stock offered under the ATM Program, less the Agents’ commission, will not be less than the NAV per share of the Company’s common stock at the time of such sale. Consistent with the terms of the ATM Program, the Manager may, from time to time and in its sole discretion, contribute proceeds necessary to ensure that no sales are made at a price below the then-current NAV per share.

During the three and six months ended August 31, 2026, the Company did not sell any shares of common stock pursuant to the Equity ATM Program. As of August 31, 2026, the Company sold 8,591,915 shares for gross proceeds of $227.2 million at an average price of $26.42 for aggregate net proceeds of $225.4 million (net of transaction costs). The Manager agreed to reimburse the Company to the extent the per share price of the shares to the public, less underwriting fees, was less than net asset value per share.

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:

	Common Stock				Capital in Excess			Total Distributable Earnings
	Shares		Amount		of Par Value			(Loss)			Net Assets
Balance at February 28, 2025	$	15,183,078	$	15,183	$	412,913,597		$	(20,263,312	)	$	392,665,468
Increase (Decrease) from Operations:
Net investment income		-		-		-			10,142,032			10,142,032
Net realized gain (loss) from investments		-		-		-			2,901,339			2,901,339
Income tax (provision) benefit from realized gain on investments		-		-		-			-			-
Realized losses on extinguishment of debt		-		-		-			-			-
Net change in unrealized appreciation (depreciation) on investments		-		-		-			943,977			943,977
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		-		-		-			(55,085	)		(55,085	)
Decrease from Shareholder Distributions:
Distributions of investment income		-		-		-			(18,980,079	)		(18,980,079	)
Capital Share Transactions:
Proceeds from issuance of common stock		244,831		245		6,143,575			-			6,143,820
Capital contribution from Manager		-		-		297,770			-			297,770
Stock dividend distribution		101,482		101		2,312,052			-			2,312,153
Offering costs		-		-		(2,080	)		-			(2,080	)
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles		-		-		-			-			-
Balance at May 31, 2025	$	15,529,391	$	15,529	$	421,664,914		$	(25,311,128	)	$	396,369,315
Net investment income		-		-		-			9,080,733			9,080,733
Net realized gain (loss) from investments		-		-		-			52,691			52,691
Income tax (provision) benefit from realized gain on investments		-		-		-			-			-
Realized losses on extinguishment of debt		-		-		-			-			-
Net change in unrealized appreciation (depreciation) on investments		-		-		-			3,727,713			3,727,713
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		-		-		-			423,998			423,998
Decrease from Shareholder Distributions:									-
Distributions of investment income		-		-		-			(11,797,313	)		(11,797,313	)
Capital Share Transactions:
Proceeds from issuance of common stock		443,406		443		11,101,401			-			11,101,844
Capital contribution from Manager		-		-		271,552			-			271,552
Stock dividend distribution		54,515		55		1,289,733			-			1,289,788
Offering costs		-		-		(20,753	)		-			(20,753	)
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles		-		-		-			-			-
Balance at August 31, 2025	$	16,027,312	$	16,027	$	434,306,847		$	(23,823,306	)	$	410,499,568
Net investment income		-		-		-			9,786,386			9,786,386
Net realized gain (loss) from investments		-		-		-			3,070,547			3,070,547
Income tax (provision) benefit from realized gain on investments		-		-		-			-			-
Realized losses on extinguishment of debt		-		-		-			-			-
Net change in unrealized appreciation (depreciation) on investments		-		-		-			(583,659	)		(583,659	)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		-		-		-			(150,134	)		(150,134	)
Realized losses on extinguishment of debt		-		-		-			(123,157	)		(123,157	)
Decrease from Shareholder Distributions:
Distributions of investment income		-		-		-			(12,078,766	)		(12,078,766	)
Capital Share Transactions:
Proceeds from issuance of common stock		58,962		59		1,507,206			-			1,507,265
Capital contribution from Manager		-		-		-			-			-
Stock dividend distribution		59,124		59		1,281,827			-			1,281,886
Offering costs		-		-		(3,024	)		-			(3,024	)
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles		-		-		-			-			-
Balance at November 30, 2025	$	16,145,398	$	16,145	$	437,092,856		$	(23,902,089	)	$	413,206,912
Net investment income		-		-		-			7,797,648			7,797,648
Net realized gain (loss) from investments		-		-		-			(278,087	)		(278,087	)
Income tax (provision) benefit from realized gain on investments		-		-		-			-			-
Realized losses on extinguishment of debt		-		-		-			-			-

	Common Stock						Capital in Excess			Total Distributable Earnings
	Shares			Amount			of Par Value			(Loss)			Net Assets
Net change in unrealized appreciation (depreciation) on investments		-			-			-			(9,326,511	)		(9,326,511	)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		-			-			-			(105,281	)		(105,281	)
Realized losses on extinguishment of debt		-			-			-			(700,853	)		(700,853	)
Decrease from Shareholder Distributions:
Distributions of investment income		-			-			-			(16,169,750	)		(16,169,750	)
Capital Share Transactions:
Proceeds from issuance of common stock		-			-			-			-			-
Repurchases of common stock		(2,495	)		(2	)		(54,312	)		-			(54,314	)
Capital contribution from Manager		-			-			-			-			-
Stock dividend distribution		81,295			81			1,785,909			-			1,785,990
Offering costs		-			-			-			-			-
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles		-			-			378,024			(378,024	)		-
Balance at February 28, 2026	$	16,224,198		$	16,224		$	439,202,477		$	(43,062,947	)	$	396,155,754
Net investment income		-			-			-			7,592,987			7,592,987
Net realized gain (loss) from investments		-			-			-			150,207			150,207
Income tax (provision) benefit from realized gain on investments		-			-			-			-			-
Realized losses on extinguishment of debt		-			-			-			-			-
Net change in unrealized appreciation (depreciation) on investments		-			-			-			(15,177,131	)		(15,177,131	)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		-			-			-			530,824			530,824
Realized losses on extinguishment of debt		-			-			-			-			-
Decrease from Shareholder Distributions:														-
Distributions of investment income		-			-			-			(12,184,227	)		(12,184,227	)
Capital Share Transactions:														-
Proceeds from issuance of common stock		-			-			-			-			-
Repurchases of common stock		-			-			-			-			-
Capital contribution from Manager					-			-			-			-
Stock dividend distribution		64,827			65			1,386,479			-			1,386,544
Offering costs					-						-			-
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles		-			-			-			-			-
Balance at May 31, 2026	$	16,289,025		$	16,289		$	440,588,956		$	(62,150,287	)	$	378,454,958
Net investment income		-			-			-			7,305,164			7,305,164
Net realized gain (loss) from investments		-			-			-			2,057,105			2,057,105
Income tax (provision) benefit from realized gain on investments		-			-			-			(71,949	)		(71,949	)
Realized losses on extinguishment of debt		-			-			-			-			-
Net change in unrealized appreciation (depreciation) on investments		-			-			-			(16,464,063	)		(16,464,063	)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		-			-			-			512,564			512,564
Realized losses on extinguishment of debt		-			-			-			-			-
Decrease from Shareholder Distributions:
Distributions of investment income		-			-			-			(12,157,379	)		(12,157,379	)
Capital Share Transactions:
Proceeds from issuance of common stock		-			-			-			-			-
Repurchases of common stock		(444,124	)		(444	)		(8,398,902	)		-			(8,399,346	)
Repurchase fees		-			-			(8,882	)		-			(8,882	)
Capital contribution from Manager		-			-			-			-			-
Stock dividend distribution		71,027			71			1,348,580			-			1,348,651
Offering costs		-			-			-			-			-
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles		-			-			-			-			-
Balance at August 31, 2026	$	15,915,928		$	15,916		$	433,529,752		$	(80,968,845	)	$	352,576,823

Note 12. Earnings Per Share

In accordance with the provisions of FASB ASC Topic 260, Earnings per Share, basic earnings per share is computed by dividing earnings available to common shareholders by the weighted average number of shares outstanding during the period. Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis.

The following information sets forth the computation of the weighted average basic and diluted net increase (decrease) in net assets resulting from operations per share for the three and six months ended August 31, 2026 and August 31, 2025 (dollars in thousands except share and per share amounts):

	For the three months ended					For the six months ended
Basic and Diluted	August 31, 2026			August 31, 2025		August 31, 2026			August 31, 2025
Net increase (decrease) in net assets resulting from operations	$	(6,661	)	$	13,285	$	(13,564	)	$	27,217
Weighted average common shares outstanding		16,155,202			15,775,387		16,203,415			15,560,114
Weighted average earnings (loss) per common share	$	(0.41	)	$	0.84	$	(0.84	)	$	1.75

Note 13. Dividend

The following table summarizes dividends declared for the six months ended August 31, 2026 (dollars in thousands except per share amounts):

Date Declared	Record Date	Payment Date	Amount Per Share		Total Amount*
March 17, 2026	April 7, 2026	April 23, 2026	$	0.25	$	4,061
March 17, 2026	May 5, 2026	May 21, 2026		0.25		4,067
March 17, 2026	June 4, 2026	June 23, 2026		0.25		4,072
June 11, 2026	July 6, 2026	July 23, 2026		0.25		4,078
June 11, 2026	August 5, 2026	August 25, 2026		0.25		4,007
June 11, 2026	September 3, 2026	September 23, 2026		0.25		3,978
Total dividends declared			$	1.50	$	24,263

Total amount is calculated based on the number of shares outstanding at the date of record.

The following table summarizes dividends declared for the six months ended August 31, 2025 (dollars in thousands except per share amounts):

Date Declared	Record Date	Payment Date	Amount Per Share		Total Amount*
March 6, 2025	March 6, 2025	March 25, 2025	$	0.74	$	11,303
April 8, 2025	April 8, 2025	April 24, 2025		0.25		3,836
May 6, 2025	May 6, 2025	May 22, 2025		0.25		3,841
June 5, 2025	June 5, 2025	June 24, 2025		0.25		3,892
July 8, 2025	July 8, 2025	July 24, 2025		0.25		3,917
August 6, 2025	August 6, 2025	August 21, 2025		0.25		3,988
Total dividends declared			$	1.99	$	30,777

Total amount is calculated based on the number of shares outstanding at the date of record.

Note 14. Financial Highlights

The following is a schedule of financial highlights as of and for the six months ended August 31, 2026 and August 31, 2025:

Per share data	August 31, 2026			August 31, 2025
Net asset value at beginning of period	$	24.42		$	25.86
Net investment income(1)		0.92			1.24
Net realized and unrealized gain and losses on investments(1)(20)		(1.76	)		0.51
Net increase in net assets resulting from operations		(0.84	)		1.75
Distributions declared from net investment income		(1.50	)		(1.99	)
Total distributions to stockholders		(1.50	)		(1.99	)
Issuance of common stock at net asset value (2)		-			(0.04	)
Capital contribution from Manager for the issuance of common stock (19)		-			0.04
Repurchases of common stock(3)		0.15			-
Dilution(4)		(0.08	)		(0.01	)
Net asset value at end of period	$	22.15		$	25.61
Net assets at end of period	$	352,576,823		$	410,499,568
Shares outstanding at end of period		15,915,928			16,027,312
Per share market value at end of period	$	18.50		$	25.54
Total return based on market value(5)(6)		(13.97	)%		4.79	%
Total return based on net asset value(5)(7)		(2.41	)%		7.52	%
Ratio/Supplemental data:
Ratio of net investment income to average net assets(8)		8.85	%		10.72	%
Expenses:
Ratios of operating expenses and income taxes to average net assets(9)		7.96	%		6.90	%
Ratio of incentive management fees to average net assets(5)		0.99	%		1.20	%
Ratio of interest and debt financing expenses to average net assets(9)		14.63	%		12.32	%
Ratio of total expenses and income taxes to average net assets(8)		23.58	%		20.42	%
Portfolio turnover rate(5)(10)		7.74	%		9.68	%
Asset coverage ratio per unit(11)		1,719			1,666
Average market value per unit
Revolving Credit Facilities(12)		N/A			N/A
SBA Debentures Payable(12)		N/A			N/A
8.75% Notes Payable 2025(12)(15)		N/A			N/A
6.25% Notes Payable 2025(13)		N/A			N/A
7.00% Notes Payable 2025(12)(17)		N/A			N/A
7.25% Notes Payable 2025(14)		N/A			N/A
7.75% Notes Payable 2025(12)(16)		N/A			N/A
4.375% Notes Payable 2026(12)(18)		N/A			N/A
4.35% Notes Payable 2027(12)		N/A			N/A
6.00% Notes Payable 2027	$	24.94		$	24.62
6.25% Notes Payable 2027(12)		N/A			N/A
8.00% Notes Payable 2027	$	25.48		$	25.50
8.125% Notes Payable 2027	$	25.29		$	25.37
8.50% Notes Payable 2028	$	25.39		$	25.37
7.25% Notes Payable 2029 (12)		N/A			N/A
7.25% Notes Payable 2030 (12)		N/A			N/A
7.50% Notes Payable 2031	$	24.98			N/A
8.00% Notes Payable 2031	$	24.77			N/A

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

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

100

(3)	Represents the anti-dilutive impact on the NAV of the Company due to the repurchase of common shares. See Note 11. Stockholders’ Equity.

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

(5)	Ratios are not annualized.

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

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

(8)	Ratios are annualized. Incentive management fees included within the ratio are not annualized.

(9)	Ratios are annualized, except for income taxes.

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

(11)	Asset coverage ratio per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage ratio per unit is expressed in terms of dollar amounts per $1,000 of indebtedness. Asset coverage ratio per unit does not include unfunded commitments. The inclusion of unfunded commitments in the calculation of the asset coverage ratio per unit would not cause us to be below the required amount of regulatory coverage.

(12)	The Revolving Credit Facilities, SBA Debentures, 8.75% Notes Payable 2025, 7.00% Notes Payable 2025, 7.75% Notes Payable 2025, 4.375% Notes Payable 2026, 4.35% Notes Payable 2027, 6.25% Notes Payable 2027, 7.25% Notes Payable 2029 and 7.25% Notes Payable 2030 are not registered for public trading.

(13)	On August 31, 2021, the Company redeemed $60.0 million in aggregate principal amount of the issued and outstanding 6.25% 2025 Notes and, as a result of the full redemption, the 6.25% 2025 Notes are no longer listed on the NYSE.

(14)	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.

(15)	On March 31, 2025, we repaid $20.0 million in aggregate principal amount of the issued and outstanding 8.75% 2025 Notes.

(16)	On July 9, 2025, we repaid $5.0 million in aggregate principal amount of the issued and outstanding 7.75% 2025 Notes.

(17)	On September 8, 2025, we repaid $12.0 million in aggregate principal amount of the issued and outstanding 7.00% 2025 Notes.

(18)	On February 28, 2026, we repaid $175.0 million in aggregate principal amount of the issued and outstanding 4.375% 2026 Notes.

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

(20)	Includes income tax (provision) benefit from realized gain on investments and net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments.

101

Note 15. Subsequent Events

Dividend Declaration

On September 9, 2026, the Company declared the following dividends for the quarter ending November 30, 2026. Shareholders have the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant to the DRIP.

Month	Amount per Share		Record Date	Payment Date
September 2026	$	0.25	October 6, 2026	October 22, 2026
October 2026	$	0.25	November 5, 2026	November 24, 2026
November 2026	$	0.25	December 3, 2026	December 22, 2026

SBIC III LP

On September 4, 2026, the Company received notification from the SBA that SBIC III LP’s individual leverage limit was increased to $250.0 million, providing an additional $75.0 million of long-term capital in the form of SBA-guaranteed debentures.

Refinancing of the Saratoga CLO

On September 17, 2026, the Company completed the sixth refinancing of the Saratoga CLO. This refinancing, among other things, extended the Saratoga CLO reinvestment period to October 2029, extended its legal maturity to October 2037, and established a non-call period ending in April 2028. In addition, and as part of the refinancing, the Saratoga CLO had approximately $350 million in assets. As part of this refinancing, the Company invested an additional $16.2 million in newly issued subordinated notes of the Saratoga CLO and purchased $2.6 million in aggregate principal amount of its Class E-2-R5 notes tranche at par.

Redemption of 6.00% 2027 Notes

On September 18, 2026, the Company redeemed, in full, $105.5 million aggregate principal amount of the issued and outstanding 6.00% 2027 Notes. The 6.00% 2027 Notes were redeemed at 100% of their principal amount, plus the accrued and unpaid interest thereon, through, but excluding, the date of redemption.

Exercise of Overallotment Option for 8.00% 2031 Notes

On September 2, 2026, the underwriters fully exercised their option to purchase an additional $12.8 million in aggregate principal amount of the 8.00% 2031 Notes for net proceeds to the Company of $12.4 million after deducting underwriting commissions of approximately $0.4 million.

Additional Offering for 8.00% 2031 Notes

On September 24, 2026, the Company issued an additional $23.1 million in aggregate principal amount of the 8.00% 2031 Notes, including the underwriters’ exercise in full of their over-allotment option. Net proceeds to the Company were $22.5 million, based on the public offering price of 99.6% of the aggregate principal amount, after deducting underwriting commissions of approximately $0.5 million. Estimated offering costs incurred were approximately $0.2 million. The additional 8.00% 2031 Notes are treated as a single series with the existing 8.00% 2031 Notes under the indenture and have the same terms as the existing 8.00% 2031 Notes, except for the issue date and offering price. Following this issuance, the total amount of 8.00% 2031 Notes outstanding was $120.8 million.

102

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, 2026 and Part II, Item 1A, “Risk Factors,” of this Quarterly Report on Form 10-Q.

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 our ability to achieve our and their respective objectives as a result of the current economic conditions caused by, among other things, elevated levels of inflation, and uncertainty relating to the interest rate environment, and the effects of the disruptions caused thereby on our ability to continue to effectively manage our business;

●

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

●

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

●

our contractual arrangements and relationships with third parties;

●

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

●

the ability of our portfolio companies to achieve their objectives;

●

our expected financings and investments;

●

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

●

the adequacy of our cash resources and working capital;

●

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

●

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

●

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

103

●

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

●

the impact of geopolitical conditions on our portfolio companies and on the industries in which we invest, including the conflict between Ukraine and Russia and turmoil in Europe and the Middle East, and their impact on financial market volatility, global economic markets, and various sectors, industries and markets for commodities globally, such as oil and natural gas;

●

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

●

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

●

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

●

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

●

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

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

We have based the forward-looking statements included in this 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 U.S. Securities and Exchange Commission (the “SEC”), including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

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

OVERVIEW

We are a Maryland corporation that has elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”). Our investment objective is to create attractive risk-adjusted returns by generating current income and long-term capital appreciation from our investments. We invest primarily in senior and unitranche leveraged loans and mezzanine debt issued by private U.S. middle-market companies, which we define as companies having earnings before interest, tax, depreciation and amortization (“EBITDA”) of between $2 million and $50 million, both through direct lending and through participation in loan syndicates. We may also invest up to 30.0% of the portfolio in opportunistic investments in order to seek to enhance returns to stockholders. Such investments may include investments in distressed debt, which may include securities of companies in bankruptcy, foreign debt, private equity, securities of public companies that are not thinly traded and structured finance vehicles such as collateralized loan obligation funds. Although we have no current intention to do so, we may invest in private equity funds in the future. Private equity funds are not limited in how they invest their assets, and the underlying investments held by private equity funds may impact our strategies, risks, and costs. Shareholders may have limited information about the underlying investments of the private equity funds in which we invest, including with respect to such funds’ holdings, liquidity, and valuation. We have elected, and intend to qualify annually, to be treated for U.S. federal income tax purposes as a RIC under subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

104

Corporate History

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

Our wholly owned subsidiaries, Saratoga Investment Corp. SBIC II LP (“SBIC II LP”) and Saratoga Investment Corp. SBIC III LP (“SBIC III LP”, and together with SBIC II LP, the “SBIC Subsidiaries”), received SBIC licenses from the SBA on August 14, 2019 and September 29, 2022, respectively. Each of the SBIC Subsidiaries provides up to $175.0 million in long-term capital in the form of debentures guaranteed by the SBA. Our wholly owned subsidiary, SBIC LP’s (“SBIC LP”), repaid its outstanding debentures and subsequently surrendered its license to the SBA on January 3, 2024, providing the Company access to all undistributed capital of SBIC LP, and SBIC LP subsequently merged with and into the Company. In May 2026, legislation amending the Small Business Investment Act of 1958 increased (a) the individual leverage limit from $175.0 million to $250.0 million, subject to SBA approvals, and (b) the maximum leverage available for two or more SBICs under common control from $350.0 million to $475.0 million.

On June 10, 2024, we completed the fifth refinancing of the Saratoga CLO. This refinancing, among other things, did not extend the Saratoga CLO reinvestment period nor extend its legal maturity, while adjusting the interest rate of two of the existing Notes. The Issuer issued $422.5 million of notes (the “2013-1 2024 Reset CLO Notes”), consisting of Class A-1-R-4 and Class A-2-R-4. The 2013-1 2024 Reset CLO Notes were issued pursuant to the Indenture with the same Trustee. Proceeds of the issuance of the 2013-1 2024 Reset CLO Notes were used along with existing assets of the Saratoga CLO to redeem the existing Class A-1-R-3 and Class A-2-R-3 Notes. No other Notes were refinanced as part of this refinancing. The Saratoga CLO paid $0.5 million of transaction costs related to the refinancing.

We have formed wholly owned special purpose entities as Delaware limited liability companies, Saratoga Investment Funding II LLC (“SIF II”) and Saratoga Investment Funding III LLC (“SIF III”), for the purpose of entering into senior secured revolving credit facilities, as described in “Financial Condition, Liquidity and Capital Resources” below.

On October 26, 2021, we entered into a Limited Liability Company Agreement with TJHA JV I LLC (“TJHA”) to co-manage Saratoga Senior Loan Fund I JV, LLC (“SLF JV”). SLF JV is invested in Saratoga Investment Corp Senior Loan Fund 2021-1 Ltd (“SLF 2021”), which is a wholly owned subsidiary of SLF JV. SLF 2021 was formed for the purpose of making investments in a diversified portfolio of broadly syndicated first lien and second lien term loans or bonds in the primary and secondary markets.

On September 30, 2022, SLF 2021 was renamed to Saratoga Investment Corp Senior Loan Fund 2022-1, Ltd. (“SLF 2022”).

We and TJHA have equal voting interest on all material decisions with respect to SLF JV, including those involving its investment portfolio, and equal control of corporate governance. No management fee is charged to SLF JV as control and management of SLF JV is shared equally.

We and TJHA have committed to provide up to a combined $50.0 million of financing to SLF JV through cash contributions, where we provided $43.75 million and TJHA provided $6.25 million, resulting in an 87.5% and 12.5% ownership between the two parties. The financing is issued in the form of an unsecured note and equity. The unsecured note will pay a fixed-rate of 10.0% per annum and is due and payable in full on October 20, 2033. As of August 31, 2026, our and TJHA’s investment in SLF JV consisted of an unsecured note of $17.6 million and $2.5 million, respectively; and membership interest of $19.2 million and $2.7 million, respectively. As of February 28, 2026, our and TJHA’s investment in SLF JV consisted of an unsecured note of $17.6 million and $2.5 million, respectively; and membership interest of $19.2 million and $2.7 million, respectively. As of August 31, 2026 and February 28, 2026, our investment in the unsecured note of SLF JV had a fair value of $15.5 million and $16.1 million, respectively, and our investment in the membership interests of SLF JV had a fair value of $4.1 million and $1.5 million, respectively.

105

We have determined that SLF JV is an investment company under (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies (“ASC 946”); however, in accordance with such guidance we will generally not consolidate our investment in a company other than a wholly owned investment company subsidiary. SLF JV is not a wholly owned investment company subsidiary as we and TJHA each have an equal 50% voting interest in SLF JV and thus neither party has a controlling financial interest. Furthermore, FASB ASC Topic 810, Consolidation (“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, we do not consolidate SLF JV.

On October 28, 2022, SLF 2022 issued $402.1 million of debt through the JV CLO trust. The 2022 JV CLO Notes were issued pursuant to the JV Indenture, with the Trustee. As part of the transaction, we purchased 87.50% of the Class E Notes from SLF 2022 with a par value of $12.3 million.

On September 24, 2025, we completed the first refinancing of SLF 2022. This refinancing, among other things, extended SLF 2022’s investment period to October 2028. As part of this refinancing, we purchased $8.8 million of the SLF 2022-1 Class E-R Notes tranche at par. Concurrently, the existing $12.3 million of the SLF 2022-1 Class E Notes were repaid. We also paid $1.6 million of additional equity investment related to the refinancing of SLF JV. As of August 31, 2026 and February 28, 2026, the fair value of these Class E-R Notes was $8.3 million and $8.4 million, respectively.

Critical Accounting Policies and Estimates

Basis of Presentation

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

Investment Valuation

We account for investments at fair value in accordance with the FASB ASC Topic 820, Fair Value Measurement (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value and enhances disclosure requirements for fair value measurements. Under ASC 820 we are required to assume that its investments are to be sold or its liabilities are to be transferred at the balance sheet date in the principal market to independent market participants, or in the absence of a principal market, in the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact.

Investments for which market quotations are readily available are fair valued at such market quotations obtained from independent third-party pricing services and market makers subject to any decision by our board of directors to approve a fair value determination to reflect significant events affecting the value of these investments. We value investments for which market quotations are not readily available at fair value as approved, in good faith, by our board of directors based on input from Saratoga Investment Advisors, the audit committee of our board of directors and a third-party independent valuation firm. We use multiple techniques for determining fair value based on the nature of the investment and experience with those types of investments and specific portfolio companies. The selections of the valuation techniques and the inputs and assumptions used within those techniques often require subjective judgements and estimates. These techniques include market comparables, discounted cash flows and enterprise value waterfalls. Fair value is best expressed as a range of values from which we determine a single best estimate. The types of inputs and assumptions that may be considered in determining the range of values of our investments include the nature and realizable value of any collateral, the portfolio company’s ability to make payments, market yield trend analysis and volatility in future interest rates, call and put features, the markets in which the portfolio company does business, comparison to publicly traded companies, discounted cash flows and other relevant factors.

106

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, the Class F-2-R-3 Notes tranche of the Saratoga CLO, and the Class E-R Notes of 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 Saratoga Investment Advisors and an independent valuation firm (if applicable) will supplement the preliminary valuation to reflect any comments provided by the audit committee; and

●

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

Our investment in Saratoga CLO is carried at fair value, which is based on discounted cash flows that utilize 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.

Our investments in CLO BB and CLO BBB debt have been valued using recent actual market trades or an independent pricing service. The valuation methodology of the independent pricing service includes incorporating data comprised of observable market transactions, executable bids, broker quotes from dealers with two sided markets, as well as transaction activity from comparable securities to those being valued. As the independent pricing service contemplates real-time market data and no unobservable inputs or significant judgment has been used by Saratoga Investment Advisors in the valuation of the Company’s investments in CLO BB and CLO BBB debt, such positions are considered level II assets.

Rule 2a-5 under the 1940 Act (“Rule 2a-5”) establishes a regulatory framework for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits boards, subject to board oversight and certain other conditions, to designate the investment adviser to perform fair value determinations. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must determine the fair value of a security. Rule 31a-4 under the 1940 Act (“Rule 31a-4”) provides the recordkeeping requirements associated with fair value determinations. While our board of directors has not elected to designate Saratoga Investment Advisors as the valuation designee, we have adopted certain revisions to our valuation policies and procedures in order comply with the applicable requirements of Rule 2a-5 and Rule 31a-4.

107

Revenue Recognition

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. We stop accruing interest on our 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.

Payment-in-Kind Interest

We hold debt and preferred equity investments in our portfolio that contain a payment-in-kind (“PIK”) interest provision. The PIK interest, which represents contractually deferred interest added to the investment balance that is generally due at maturity, is generally recorded on an accrual basis to the extent such amounts are expected to be collected. We stop accruing PIK interest if we do not expect the issuer to be able to pay all principal and interest when due.

Revenues

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

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

On December 14, 2018, we completed a third refinancing and upsize of the Saratoga CLO. The third Saratoga CLO refinancing, among other things, extended its reinvestment period to January 2021, and extended its legal maturity date to January 2030, and added a non-call period of January 2020. Following this refinancing, the Saratoga CLO portfolio increased from approximately $300.0 million in aggregate principal 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.

108

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

On February 26, 2021, we completed the fourth refinancing of the Saratoga CLO. This refinancing, among other things, extended the Saratoga CLO reinvestment period to April 2024, extended its legal maturity to April 2033, and added a non-call period of February 2022. In addition, and as part of the refinancing, the Saratoga CLO was upsized from $500 million in assets to approximately $650 million. As part of this refinancing and upsizing, we invested an additional $14.0 million in all of the newly issued subordinated notes of the Saratoga CLO, and purchased $17.9 million in aggregate principal amount of the Class F-R-3 Notes tranche at par. Concurrently, the existing $2.5 million of Class F-R-2 Notes, $7.5 million of Class G-R-2 Notes and $25.0 million of the CLO 2013-1 Warehouse 2 Loan were repaid. We also paid $2.6 million of transaction costs related to the refinancing and upsizing on behalf of the Saratoga CLO, to be reimbursed from future equity distributions. At August 31, 2021, the outstanding receivable of $2.6 million was repaid in full.

On August 9, 2021, we exchanged our existing $17.9 million Class F-R-3 Notes for $8.5 million Class F-1-R-3 Notes and $9.4 million Class F-2-R-3 Notes at par. On August 11, 2021, we sold our Class F-1-R-3 Notes to third parties, resulting in a realized loss of $0.1 million.

On June 10, 2024, we completed our fifth refinancing of the Saratoga CLO, which adjusted the interest rate of two of the existing Notes. Saratoga CLO issued $422.5 million notes (the “2013-1 2024 Reset CLO Notes”), consisting of Class A-1-R-4 and Class A-2-R-4. The 2013-1 2024 Reset CLO Notes were issued pursuant to the indenture with the same trustee. Proceeds of the issuance of the 2013-1 2024 Reset CLO Notes were used along with existing assets of the Saratoga CLO to redeem the existing Class A-1-R-3 and Class A-2-R-3 Notes. No other Notes were refinanced as part of this refinancing. The Saratoga CLO paid $0.5 million of transaction costs related to the refinancing.

The Saratoga CLO remains effectively 100% owned and managed by Saratoga Investment Corp. We receive a base management fee of 0.10% per annum and a subordinated management fee of 0.40% per annum of the outstanding principal amount of Saratoga CLO’s assets, paid quarterly to the extent of available proceeds. Prior to the second refinancing and the issuance of the 2013-1 Amended CLO Notes, we received a base management fee of 0.25% per annum and a subordinated management fee of 0.25% per annum of the outstanding principal amount of Saratoga CLO’s assets, paid quarterly to the extent of available proceeds.

Following the third refinancing and the issuance of the 2013-1 Reset CLO Notes on December 14, 2018, we are no longer entitled to an incentive management fee equal to 20.0% of excess cash flow to the extent the Saratoga CLO subordinated notes receive an internal rate of return paid in cash equal to or greater than 12.0%.

Interest income on our investment in Saratoga CLO is recorded using the effective interest method in accordance with the provisions of FASB ASC Topic 325-40, Investments—Other, Beneficial Interests in Securitized Financial Assets, based on the anticipated yield and the estimated cash flows over the projected life of the investment. Yields are revised when there are changes in actual or estimated cash flows due to changes in prepayments and/or re-investments, credit losses or asset pricing. Changes in estimated yield are recognized as an adjustment to the estimated yield over the remaining life of the investment from the date the estimated yield was changed.

109

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;

110

●

U.S. federal, state and local taxes;

●

independent directors’ fees and expenses;

●

costs of preparing and filing reports or other documents required by governmental bodies (including the 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)).

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

●

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

●

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

●

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

Capital Gains Incentive Fee

We record an expense accrual relating to the capital gains incentive fee payable by us to the Manager when the unrealized gains on its investments exceed all realized capital losses on its investments given the fact that a capital gains incentive fee would be owed to the Manager if we were to liquidate our investment portfolio at such time. The actual incentive fee payable to the 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 November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which requires additional disclosure of the nature of expenses included in the income statement in response to requests from investors for more information about an entity’s expenses. The new standard requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. The new guidance is effective for annual periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the impact of the new standard on our consolidated financial statements and related disclosures and do not believe it will have a material impact on our consolidated financial statements or our disclosures.

111

Portfolio and Investment Activity

Investment Portfolio Overview

	August 31, 2026			February 28, 2026
	($ in millions)
Number of investments(1)		112			108
Number of portfolio companies(2)		50			49
Average investment per portfolio company(2)	$	21.2		$	21.2
Average investment size(1)	$	9.5		$	9.6
Weighted average maturity(3)		2.9 yrs			3.0 yrs
Number of industries(5)		45			43
Non-performing or delinquent investments (fair value)	$	-		$	2.0
Fixed rate debt (% of interest earning portfolio)(3)	$	9.8(1.0	)%	$	11.2(1.2	)%
Fixed rate debt (weighted average current coupon)(3)		8.7	%		9.1	%
Floating rate debt (% of interest earning portfolio)(3)	$	972.6(99.0	)%	$	942.5(98.8	)%
Floating rate debt (weighted average current spread over SOFR)(3)(4)		6.5	%		6.6	%

(1)

Excludes our investment in the subordinated notes of Saratoga CLO, and our investments in BBB and BB CLO debt securities.

(2)

Excludes our investment in the subordinated notes and F-2-R-3 Notes of Saratoga CLO, the unsecured notes and equity interests in the SLF JV, Class E-R Notes of the SLF 2022, and our investments in BB and BBB CLO debt securities.

(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, Class E-R Notes of the SLF 2022 and our investments in BB and BBB CLO debt securities.

(4)

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

(5)

Our investment in the subordinated notes of Saratoga CLO and Class F-R-3 Note tranche, the unsecured notes and equity interests in the SLF JV, Class E-R Notes tranche of the SLF 2022 and our investments in BB and BBB CLO debt securities are included in Structured Finance Securities industry.

During the three months ended August 31, 2026, we invested $76.1 million in new and existing portfolio companies and had $39.0 million in aggregate amount of exits and repayments resulting in net investments of $37.1 million for the period. During the three months ended August 31, 2025, we invested $52.2 million in new and existing portfolio companies and had $29.8 million in aggregate amount of exits and repayments resulting in net investments of $22.4 million for the period.

During the six months ended August 31, 2026, we invested $155.3 million in new and existing portfolio companies and had $87.5 million in aggregate amount of exits and repayments, including $86.9 million of proceeds from sales and repayments of debt and equity investments in the current period and $0.6 million of additional proceeds from sales of equity investments realized in a prior period, resulting in net investments of $67.8 million for the period. During the six months ended August 31, 2025, we invested $102.3 million in new and existing portfolio companies and had $94.9 million in aggregate amount of exits and repayments resulting in net investments of $7.4 million for the period.

Portfolio Composition

Our portfolio composition at August 31, 2026: and February 28, 2026: at fair value was as follows:

	August 31, 2026						February 28, 2026
	Percentage of Total Portfolio			Weighted Average Current Yield			Percentage of Total Portfolio			Weighted Average Current Yield
First lien term loans		81.5	%		10.5	%		82.1	%		10.2	%
Second lien term loans		3.9			12.0			3.9			11.9
Unsecured term loans		1.4			11.4			1.5			10.9
Structured finance securities		6.1			10.9			4.9			11.6
Equity interests		7.1			-			7.6			-
Total		100.0	%		9.9	%		100.0	%		9.6	%

At August 31, 2026, our investment in the subordinated notes of Saratoga CLO, a collateralized loan obligation fund, had a fair value of $0.0 million and constituted 0.0% of our portfolio. This investment constitutes a first loss position in a portfolio that, as of August 31, 2026 and February 28, 2026, was composed of $337.5 million and $391.0 million, respectively, in aggregate principal amount of primarily senior secured first lien term loans. In addition, as of August 31, 2026, 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, and had a fair value of $0.0 million.

112

This investment is subject to unique risks. (See Part 1. Item 1A. Risk Factors—“Our investment in Saratoga CLO constitutes a leveraged investment in a portfolio of subordinated notes representing the lowest-rated securities issued by a pool of predominantly senior secured first lien term loans and is subject to additional risks and volatility. All losses in the pool of loans will be borne by our subordinated notes and only after the value of our subordinated notes is reduced to zero will the higher-rated notes issued by the pool bear any losses.” in our Annual Report on Form 10-K for the fiscal year ended February 28, 2026).

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 August 31, 2026, $301.6 million or 98.3% 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 were in default with a fair value of $0.2 million. At February 28, 2026, $348.3 million or 98.4% of the Saratoga CLO portfolio investments in terms of market value had a CMR color rating of green or yellow and one of the Saratoga CLO portfolio investments were in default with a fair value of $0.9 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, 2026.

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 August 31, 2026 and February 28, 2026 was as follows:

Saratoga Investment Corp.

	August 31, 2026					February 28, 2026
Color Score	Investments at Fair Value		Percentage of Total Portfolio			Investments at Fair Value		Percentage of Total Portfolio
	($ in thousands)
Green	$	966,660		84.1	%	$	700,326		63.1	%
Yellow		31,012		2.7			20,695		1.9
Red		8,573		0.7			2,039		0.2
N/A(1)		143,945		12.5			386,074		34.8
Total	$	1,150,190		100.0	%	$	1,109,134		100.0	%

(1)

Comprised of our investment in the subordinated notes of Saratoga CLO, equity interests, and our investments in BB and BBB CLO debt securities.

The CMR distribution of Saratoga CLO investments at August 31, 2026 and February 28, 2026 was as follows:

Saratoga CLO

	August 31, 2026					February 28, 2026
Color Score	Investments at Fair Value		Percentage of Total Portfolio			Investments at Fair Value		Percentage of Total Portfolio
	($ in thousands)
Green	$	267,382		87.0	%	$	326,391		92.2	%
Yellow		34,272		11.2			21,870		6.2
Red		4,618		1.5			5,023		1.4
N/A(1)		872		0.3			832		0.2
Total	$	307,144		100.0	%	$	354,116		100.0	%

(1)

Comprised of Saratoga CLO’s equity interests.

113

Portfolio composition by industry grouping at fair value

The following table shows our portfolio composition by industry grouping at fair value at August 31, 2026 and February 28, 2026:

Saratoga Investment Corp.

	August 31, 2026					February 28, 2026
	Investments At Fair Value		Percentage of Total Portfolio			Investments At Fair Value		Percentage of Total Portfolio
	($ in thousands)
Healthcare Services	$	97,143		8.4	%	$	93,354		8.4	%
Structured Finance Securities(1)		90,034		7.8			72,499		6.6
Consumer Services		66,712		5.8			66,299		6.0
Restaurant		59,684		5.2			55,648		5.0
Real Estate Services		52,690		4.6			52,325		4.7
HVAC Services and Sales		49,326		4.3			52,066		4.7
Healthcare Software		44,981		3.9			45,724		4.1
Education Services		40,171		3.5			35,720		3.2
Dental Practice Management		39,878		3.5			32,423		2.9
Surgical Benefits Management		35,074		3.0			34,694		3.1
Research Software		34,493		3.0			36,553		3.3
Municipal Government Software		33,587		2.9			33,694		3.0
Employee Collaboration Software		32,610		2.8			34,926		3.1
Financial Services		32,016		2.8			32,252		2.9
Education Software		31,802		2.8			31,936		2.9
Revenue Cycle Management & Related Services		28,798		2.5			28,175		2.6
Talent Acquisition Software		25,916		2.3			27,282		2.5
Pediatric and Orthodontic Dentistry		25,264		2.2			-		-
Health/Fitness Franchisor		24,138		2.1			24,608		2.2
Property Operations Management Software		22,992		2.0			22,783		2.1
Architecture & Engineering Software		22,956		2.0			23,697		2.1
Custom Millwork Software		22,238		1.9			40,354		3.6
Fire Inspection Business Software		21,780		1.9			20,046		1.8
Insurance Software		21,270		1.8			23,317		2.1
Corporate Education Software		20,324		1.8			20,442		1.8
Veterinary Services		19,001		1.7			13,291		1.2
IT Services		18,613		1.6			19,272		1.7
Mentoring Software		16,608		1.4			20,549		1.9
Marketing Orchestration Software		14,404		1.3			16,791		1.5
Specialty Distribution		13,121		1.1			-		-
Volunteer Program Management Software		12,942		1.1			12,910		1.2
Alternative Investment Management Software		12,225		1.1			13,089		1.2
Supply Chain Planning Software		11,886		1.0			11,690		1.1
Residential Remediation Services		9,323		0.8			-		-
Industrial Products		8,866		0.8			8,604		0.8
Direct Selling Software		8,573		0.7			20,417		1.8
HVAC Monitoring Devices		7,246		0.6			8,228		0.7
Product Compliance Software		6,074		0.5			5,961		0.5
Office Supplies		5,300		0.5			5,313		0.5
Cyber Security		3,199		0.3			4,233		0.4
Physician Compensation Management Software		3,136		0.3			1,375		0.1
Association Management Software		1,789		0.2			1,860		0.2
Staffing Services		1504		0.1			2,362		0.2
Mental Healthcare Services		503		0.1			333		-
Specialty Food Retailer		-		-			2,039		0.2
Total	$	1,150,190		100.0	%	$	1,109,134		100.0	%

(1)

As of August 31, 2026 and February 28, 2026, the foregoing comprised of our investment in the subordinated notes and F-2-R-3 Notes of Saratoga CLO, the unsecured notes and equity interests in the SLF JV, Class E-R Notes of SLF 2022, and our investments in BB and BBB CLO debt securities.

114

The following table shows Saratoga CLO’s portfolio composition by industry grouping at fair value at August 31, 2026 and February 28, 2026:

Saratoga CLO

	August 31, 2026					February 28, 2026
	Investments at Fair Value		Percentage of Total Portfolio			Investments at Fair Value		Percentage of Total Portfolio
	($ in thousands)
Banking, Finance, Insurance & Real Estate	$	55,112		17.9	%	$	67,426		19.0	%
Services: Business		34,740		11.4			35,712		10.1
High Tech Industries		22,065		7.2			25,614		7.3
Services: Consumer		18,424		6.0			19,876		5.6
Healthcare & Pharmaceuticals		17,725		5.8			17,486		4.9
Chemicals, Plastics, & Rubber		16,920		5.5			18,018		5.1
Retail		16,887		5.5			21,289		6.0
Hotel, Gaming & Leisure		15,409		5.0			16,665		4.7
Consumer Goods: Durable		13,165		4.3			14,267		4.0
Telecommunications		13,128		4.3			13,140		3.7
Beverage, Food & Tobacco		10,095		3.3			11,139		3.1
Media: Advertising, Printing & Publishing		9,633		3.1			13,159		3.7
Automotive		7,381		2.4			8,261		2.3
Construction & Building		7,185		2.3			7,197		2.0
Wholesale		6,067		2.0			5,880		1.7
Utilities: Oil & Gas		5,981		1.9			6,353		1.8
Media: Broadcasting & Subscription		5,965		1.9			6,171		1.8
Containers, Packaging & Glass		5,060		1.6			5,221		1.5
Media: Diversified & Production		4,679		1.5			4,075		1.2
Transportation: Cargo		3,899		1.3			6,331		1.8
Consumer goods: Non-durable		3,574		1.2			9,066		2.6
Forest Products & Paper		3,356		1.1			3,419		1.0
Transportation: Consumer		2,885		0.9			3,268		0.9
Capital Equipment		2,431		0.8			4,339		1.2
Metals & Mining		1,881		0.6			1,890		0.5
Aerospace & Defense		1,776		0.6			2,761		0.8
Energy: Electricity		1,419		0.5			3,276		0.9
Energy: Oil & Gas		302		0.1			2,818		0.8
Total	$	307,144		100.0	%	$	354,117		100.0	%

115

Portfolio composition by geographic location at fair value

The following table shows our portfolio composition by geographic location at fair value at August 31, 2026 and February 28, 2026. The geographic composition is determined by the location of the corporate headquarters of the portfolio company.

	August 31, 2026					February 28, 2026
	Investments at Fair Value		Percentage of Total Portfolio			Investments at Fair Value		Percentage of Total Portfolio
	($ in thousands)
Midwest	$	295,025		25.7	%	$	340,057		30.7	%
Southeast		280,325		24.4			224,036		20.2
Northeast		189,625		16.5			187,405		16.9
West		143,060		12.4			141,267		12.7
Southwest		117,398		10.2			108,542		9.8
International		18,613		1.6			19,272		1.7
Other(1)		106,144		9.2			88,555		8.0
Total	$	1,150,190		100.0	%	$	1,109,134		100.0	%

(1)

Comprised of our investments in the subordinated notes, F-2-R-3 Notes of Saratoga CLO, the unsecured notes and equity interests in the SLF JV, Class E-R Notes of SLF 2022, foreign investments and our investments in BB and BBB CLO debt securities.

Results of operations

Operating results for the three and six months ended August 31, 2026 and August 31, 2025 was as follows:

	For the three months ended					For the six months ended
	August 31, 2026			August 31, 2025		August 31, 2026			August 31, 2025
	($ in thousands)
Total investment income	$	31,169		$	30,626	$	61,946		$	62,944
Total operating expenses		23,864			21,545		47,048			43,722
Net investment income		7,305			9,081		14,898			19,222
Net realized gain (loss) from investments		2,057			53		2,207			2,954
Income tax (provision) benefit from realized gain on investments		(72	)		-		(72	)		-
Net change in unrealized appreciation (depreciation) on investments		(16,464	)		3,727		(31,640	)		4,672
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		513			424		1,043			369
Net increase (decrease) in net assets resulting from operations	$	(6,661	)	$	13,285	$	(13,564	)	$	27,217

Investment income

The composition of our investment income for three and six months ended August 31, 2026 and August 31, 2025 was as follows:

	For the three months ended					For the six months ended
	August 31, 2026		August 31, 2025			August 31, 2026		August 31, 2025
	($ in thousands)
Interest from investments	$	28,800	$	26,377		$	56,915	$	54,381
Interest from cash and cash equivalents		441		2,360			995		4,388
Management fee income		101		664			646		1,369
Dividend Income		1,122		1,031			1,900		2,030
Structuring and advisory fee income		564		222			1,220		486
Other income		142		(28	)		269		291
Total investment income	$	31,170	$	30,626		$	61,945	$	62,945

116

For the three months ended August 31, 2026, total investment income increased $0.5 million, or 1.8%, to $31.2 million from $30.6 million for the three months ended August 31, 2025. Interest income from investments increased $2.4 million, or 9.2%, to $28.8 million for the three months ended August 31, 2026 from $26.4 million for the three months ended August 31, 2025. Interest income from investments increased primarily due to an increase of $154.9 million, or 15.6%, in total investments from $995.3 million at August 31, 2025 to $1,150.2 million as of August 31, 2026, partially offset by a decrease in the weighted average current yield on investments to 9.9%, down from 10.4% at August 31, 2025, primarily due to the reduction in SOFR base rates during this period, as well as the tightening of spreads in the middle market resulting in new originations being done at lower rates than assets repaid.

For the six months ended August 31, 2026, total investment income decreased $1.0 million, or 1.6%, to $61.9 million from $62.9 million for the six months ended August 31, 2025. Interest income from investments increased $2.5 million, or 4.7%, to $56.9 million for the six months ended August 31, 2026 from $54.4 million for the six months ended August 31, 2025. Interest income from investments increased primarily due to an increase of $154.9 million, or 15.6%, in total investments from $995.3 million at August 31, 2025 to $1,150.2 million as of August 31, 2026, partially offset by a decrease in the weighted average current yield on investments to 9.9%, down from 10.4% at August 31, 2025, primarily due to the reduction in SOFR base rates during this period, as well as the tightening of spreads in the middle market resulting in new originations being done at lower rates than assets repaid.

For the three and six months ended August 31, 2026 and August 31, 2025, total PIK income was $0.7 million and $1.4 million, respectively and $0.8 million and $1.6 million, respectively.

For the three months ended August 31, 2026 and August 31, 2025, interest from cash and cash equivalents was $0.4 million and $2.4 million, respectively. The decrease of $2.0 million was due to decrease cash and cash equivalents balances during this period as compared to last year, reflecting the significant levels of purchases experienced during this period.

For the six months ended August 31, 2026 and August 31, 2025, interest from cash and cash equivalents was $1.0 million and $4.4 million, respectively. The decrease of $3.4 million was due to decreased cash and cash equivalents balances during this period as compared to last year, reflecting the significant levels of purchases experienced during this period.

Management fee income reflects the fee income received for managing the Saratoga CLO. For the three months ended August 31, 2026 and August 31, 2025, total management fee income was $0.1 million and $0.7 million, respectively. For the six months ended August 31, 2026 and August 31, 2025, total management fee income was $0.6 million and $1.4 million, respectively. The reduction reflects the reduction of the asset levels in the Saratoga CLO as it is currently in winddown mode, as well as subordinated management fees not earned for part of the period as the CLO went into non-compliance.

For the three and six months ended August 31, 2026 and August 31, 2025, total dividend income was $1.1 million and $1.0 million, respectively and $1.9 million and $2.0 million. Dividends received is recorded in the consolidated statements of operations when earned.

117

For the three and six months ended August 31, 2026 and August 31, 2025, total structuring and advisory fee income was $0.6 million and $0.2 million, respectively and $1.2 million and $0.5 million. Structuring and advisory fee income represents fee income earned and received performing certain investment and advisory activities during the closing of new investments, which were higher this year than last year.

For the three and six months ended August 31, 2026 and August 31, 2025, other income was $0.1 million and $0.0 million, respectively and $0.3 million and $0.3 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.

Operating expenses

The composition of our operating expenses for the three and six months ended August 31, 2026 and August 31, 2025 was as follows:

	For the three months ended					For the six months ended
	August 31, 2026		August 31, 2025			August 31, 2026		August 31, 2025
	($ in thousands)
Interest and debt financing expenses	$	14,061	$	12,372		$	27,712	$	24,824
Base management fees		5,066		4,374			10,036		8,708
Incentive management fees expense (benefit)		1,827		2,271			3,719		4,808
Professional fees		627		650			1,158		1,349
Administrator expenses		1,350		1,283			2,700		2,533
Insurance		81		74			161		149
Directors fees and expenses		125		119			251		250
General & administrative and other expenses		681		413			1,281		1,058
Income tax expense (benefit)		46		(11	)		30		43
Total operating expenses	$	23,864	$	21,545		$	47,048	$	43,722

For the three months ended August 31, 2026, total operating expenses increased $2.3 million, or 10.8%, compared to the three months ended August 31, 2025. For the six months ended August 31, 2026, total operating expenses increased $3.3 million, or 7.6%, compared to the six months ended August 31, 2025.

For the three months ended August 31, 2026, interest and debt financing expenses increased $1.7 million, or 13.7%, compared to the three months ended August 31, 2025. The increase is primarily attributable to an increase of 4.4% in average outstanding debt from $788.4 million for the three months ended August 31, 2025 to $822.9 million for the three months ended August 31, 2026. For the six months ended August 31, 2026, interest and debt financing expenses increased $2.9 million, or 11.6% compared to the six months ended August 31, 2025. The increase is primarily attributable to an increase of 2.4% in average outstanding debt from $790.6 million for the six months ended August 31, 2025 to $809.8 million for the six months ended August 31, 2026.

For the three and six months ended August 31, 2026 and August 31, 2025, the weighted average interest rate on our outstanding indebtedness was 6.11% and 5.57%, respectively and 6.12% and 5.58%, respectively.

As of August 31, 2026 and February 28, 2026, the SBA debentures represented 23.6% and 21.6% of overall debt, respectively.

For the three months ended August 31, 2026, base management fees increased $0.7 million, or 15.8%, from $4.4 million to $5.1 million compared to the three months ended August 31, 2025. The increase in base management fees results from the 15.8% increase in the average value of our total assets, less cash and cash equivalents, from $991.7 million for the three months ended August 31, 2025 to $1,148.5 million for the three months ended August 31, 2026.

118

For the six months ended August 31, 2026, base management fees increased $1.3 million, or 15.3%, from $8.7 million to $10.0 million compared to the six months ended August 31, 2025. The increase in base management fees results from the 15.3% increase in the average value of our total assets, less cash and cash equivalents, from $987.0 million for the six months ended August 31, 2025 to $1,137.6 million for the six months ended August 31, 2026.

For the three months ended August 31, 2026, incentive management fees decreased $0.4 million to $1.8 million, or 19.5%, compared to $2.3 million the three months ended August 31, 2025. The incentive fee on income decreased from $2.3 million to $1.8 million for the three months ended August 31, 2025 and 2026, respectively, reflecting the decrease in net investment income during the three months ended August 31, 2026 as compared to the three months ended August 31, 2025. The incentive fee on capital gains remained unchanged at $0.0 million for both the three months ended August 31, 2025 and August 31, 2026, reflecting no incentive fee on net realized and unrealized depreciation recognized during both these periods, with the liability floor capped at zero.

For the six months ended August 31, 2026, incentive management fees decreased $1.1 million to $3.7 million, or 22.6%, compared to $4.8 million the six months ended August 31, 2025. The incentive fee on income decreased from $4.8 million to $3.7 million for the six months ended August 31, 2025 and 2026, respectively, reflecting the decrease in net investment income during the six months ended August 31, 2026 as compared to the six months ended August 31, 2025. The incentive fee on capital gains remained unchanged at $0.0 million for both the six months ended August 31, 2025 and August 31, 2026, reflecting no incentive fee on net realized and unrealized depreciation recognized during both these periods, with the liability floor capped at zero.

For the three months ended August 31, 2026, professional fees decreased $0.02 million, or 3.5% compared to the three months ended August 31, 2025.

For the six months ended August 31, 2026, professional fees decreased $0.2 million, or 14.2% compared to the six months ended August 31, 2025.

For the three months ended August 31, 2026, administrator expenses increased $0.1 million, or 5.2% compared to the three months ended August 31, 2025, reflecting the contractual changes to the administrator agreement cap.

For the six months ended August 31, 2026, administrator expenses increased $0.2 million, or 6.6% compared to the six months ended August 31, 2025, reflecting the contractual changes to the administrator agreement cap.

For the three months ended August 31, 2026, general and administrative expenses increased $0.3 million, or 65.0% compared to the three months ended August 31, 2025.

For the six months ended August 31, 2026, general and administrative expenses increased $0.2 million, or 21.1% compared to the six months ended August 31, 2025.

As discussed above, the increase in interest and debt financing expenses for the three months ended August 31, 2026 compared to the three months ended August 31, 2025 is primarily attributable to an increase in the overall average dollar amount of outstanding debt. For the three months ended August 31, 2026 and August 31, 2025, the average borrowings outstanding under the Encina Credit Facility was $0.0 million and $32.5 million, respectively, and the average weighted average interest rate on the outstanding borrowing under the Encina Credit Facility was 0.0% and 8.9%, respectively. For the three months ended August 31, 2026 and August 31, 2025, the average borrowings outstanding under the Live Oak Credit Facility was $37.5 million and $37.5 million, respectively, and the average weighted average interest rate on the outstanding borrowing under the Live Oak Credit Facility was 7.83% and 8.5%, respectively. For the three months ended August 31, 2026 and August 31, 2025, the average borrowings outstanding under the Valley Credit Facility was $32.5 million and $0.0 million, respectively, and the average weighted average interest rate on the outstanding borrowing under the Valley Credit Facility was 6.65% and 0.00%, respectively. For the three months ended August 31, 2026 and August 31, 2025, the average borrowings outstanding of SBA debentures was $213.0 million and $170.0 million, respectively. For the three months ended August 31, 2026 and August 31, 2025, the weighted average interest rate on the outstanding borrowings of the SBA debentures was 3.64% and 3.04%, respectively. For the three months ended August 31, 2026 and August 31, 2025, the average borrowings outstanding of our Notes Payable was $539.9 million and $546.4 million, respectively. For the three months ended August 31, 2026 and August 31, 2025, the weighted average interest rate on the Notes Payable was 6.93% and 5.96%, respectively.

119

As discussed above, the increase in interest and debt financing expenses for the six months ended August 31, 2026 compared to the six months ended August 31, 2025 is primarily attributable to an increase in the overall average dollar amount of outstanding debt. For the six months ended August 31, 2026 and August 31, 2025, the average borrowings outstanding under the Encina Credit Facility was $0.0 million and $32.5 million, respectively, and the average weighted average interest rate on the outstanding borrowing under the Encina Credit Facility was 0.0% and 8.9%, respectively. For the six months ended August 31, 2026 and August 31, 2025, the average borrowings outstanding under the Live Oak Credit Facility was $37.5 million and $37.5 million, respectively, and the average weighted average interest rate on the outstanding borrowing under the Live Oak Credit Facility was 7.83% and 8.5%, respectively. For the six months ended August 31, 2026 and August 31, 2025, the average borrowings outstanding under the Valley Credit Facility was $32.5 million and $0.0 million, respectively, and the average weighted average interest rate on the outstanding borrowing under the Valley Credit Facility was 6.65% and 0.00%, respectively. For the six months ended August 31, 2026 and August 31, 2025, the average borrowings outstanding of SBA debentures was $208.1 million and $170.0 million, respectively. For the six months ended August 31, 2026 and August 31, 2025, the weighted average interest rate on the outstanding borrowings of the SBA debentures was 3.62% and 3.0%, respectively. For the six months ended August 31, 2026 and August 31, 2025, the average borrowings outstanding of our Notes Payable was $531.7 million and $546.4 million, respectively. For the six months ended August 31, 2026 and August 31, 2025, the weighted average interest rate on the Notes Payable was 6.94% and 5.98%, respectively.

The weighted average dollar amount of our unsecured notes for the three and six months ended August 31, 2026 and August 31, 2025 was as follows:

	For the three months ended				For the six months ended
	August 31, 2026		August 31, 2025		August 31, 2026		August 31, 2025
	($ in millions)
7.75% 2025 Notes	$	-	$	-	$	-	$	5.0
6.25% 2027 Notes		15.0		15.0		15.0		15.0
4.375% 2026 Notes		-		175.0		-		175.0
4.35% 2027 Notes		75.0		75.0		75.0		75.0
6.00% 2027 Notes		105.5		105.5		105.5		105.5
7.00% 2025 Notes		-		12.0		-		12.0
8.00% 2027 Notes		46.0		46.0		46.0		46.0
8.125% 2027 Notes		60.4		60.4		60.4		60.4
8.50% 2028 Notes		57.5		57.5		57.5		57.5
7.25% 2029 Notes		25.0		-		19.6		-
7.25% 2030 Notes		50.0		-		50.0		-
7.50% 2031 Notes		100.0		-		100.0		-
8.00% 2031 Notes		5.5		-		2.8		-

For the three and six months ended August 31, 2026 and August 31, 2025, there were income tax expense (benefits) of $0.05 million and ($0.01) million, respectively and $0.03 million and $0.04 million. 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 ended August 31, 2026, we had $39.1 million of sales, repayments, exits or restructurings resulting in $2.1 million of net realized gains. For the six months ended August 31, 2026, we had $87.5 million of sales, repayments, exits or restructurings resulting in $2.2 million of net realized gains.

The most significant cumulative net change in realized gains (losses) for the six months ended August 31, 2026 were the following (dollars in thousands):

Six Months ended August 31, 2026

Issuer	Asset Type	Gross Proceeds		Cost		Net Realized Gain (Loss)
Modis Dental Partners, LLC	First Lien Term Loan & Equity Interests	$	24,930	$	23,200	$	1,730
Gen4 Dental Partners, LLC	First Lien Term Loan & Equity Interests		8,350		8,045		305
Netreo Holdings, LLC	First Lien Term Loan & Equity Interests		638		-		638
TG Pressure Washing Holdings LLC	Equity Interests		-		488		(488	)

120

The $1.7 million of net realized gains was from the conversion of the equity positions in our Modis Dental Partners, LLC investment as part of a merger transaction.

The $0.3 million of net realized gains was from the conversion of the equity positions in our Gen4 Dental Partners, LLC investment as part of a merger transaction

We received an escrow payment from the prior sale of our investment in Netreo Holdings, LLC.

The $0.5 million of net realized losses was from our investment in TG Pressure Washing Holdings LLC, which was written off during the period.

For the three months ended August 31, 2025, we had $29.8 million of sales, repayments, exits or restructurings resulting in $0.05 million of net realized gains. For the six months ended August 31, 2025, we had $94.9 million of sales, repayments, exits or restructurings resulting in $3.0 million of net realized gains.

The most significant cumulative net change in realized gains (losses) for the six months ended August 31, 2025 were the following (dollars in thousands):

Six Months ended August 31, 2025

Issuer	Asset Type	Gross Proceeds			Cost			Net Realized Gain (Loss)
HemaTerra Holdings Company, LLC	First Lien Term Loan & Equity Interests	$	-		$	(97	)	$	97
Identity Automation Systems	First Lien Term Loan & Equity Interests		(2,570	)		(4,735	)		2,165
Netreo Holdings, LLC	First Lien Term Loan & Equity Interests		-			(638	)		638

We received escrow payments from the prior sales of our investments in HemaTerra Holdings Company, LLC and Netreo Holdings, LLC.

The $2.2 million of net realized gains was from the sale of the equity positions in our Identity Automation Systems investment.

Net change in unrealized appreciation (depreciation) on investments

For the six months ended August 31, 2026, our investments had a net change in unrealized depreciation of $31.6 million compared to a net change in unrealized appreciation of $4.7 million for the six months ended August 31, 2025.

The most significant cumulative changes in unrealized appreciation (depreciation) for the six months ended August 31, 2026 were the following (dollars in thousands):

Six Months ended August 31, 2026

Issuer	Asset Type	Cost		Fair Value		Total Unrealized Appreciation (Depreciation)			YTD Change in Unrealized Appreciation (Depreciation)
Zollege PBC	First Lien Term Loan, Delayed Draw Term Loan & Equity Interests	$	2,175	$	16,862	$	14,687		$	4,774
Saratoga Senior Loan Fund I JV, LLC	Unsecured Loan & Equity Interests		36,817		19,561		(17,256	)		1,896
Exigo, LLC	First Lien Term Loan & Equity Interests		24,697		8,573		(16,124	)		(11,940	)
Chronus LLC	First Lien Term Loan & Equity Interests		23,000		16,608		(6,392	)		(3,971	)
Pepper Palace, Inc.	First Lien Term Loan, Delayed Draw Term Loan, Revolving Credit Facility & Equity Interests		5,864		-		(5,864	)		(3,964	)
Axero Holdings, LLC	First Lien Term Loan, Delayed Draw Term Loan & Equity Interests		22,656		25,902		3,246			(2,892	)
Madison Logic, Inc.	First Lien Term Loan		19,086		14,404		(4,682	)		(2,530	)
Wellspring Worldwide Inc.	First Lien Term Loan, Delayed Draw Term Loan & Equity Interests		36,926		34,493		(2,433	)		(2,093	)
AgencyBloc, LLC	First Lien Term Loan & Equity Interests		19,815		21,270		1,455			(1,963	)

121

The $11.9 million net change in unrealized depreciation in our investment in Exigo, LLC was primarily driven by overall company performance.

The $4.8 million net change in unrealized appreciation in our investment in Zollege PBC, was primarily driven by overall company performance.

The $1.9 million net change in unrealized appreciation in our investment in Saratoga Senior Loan Fund I JV, LLC was primarily driven by the impact of the performance of individual credits in the portfolio and overall market conditions.

The $4.0 million net change in unrealized depreciation in our investment in Chronus LLC was primarily driven by overall company performance.

The $4.0 million net change in unrealized depreciation in our investment in Pepper Palace, Inc. was primarily driven by overall company performance.

The $2.9 million net change in unrealized depreciation in our investment in Axero Holdings, LLC was primarily driven by overall market conditions.

The $2.5 million net change in unrealized depreciation in our investment in Madison Logic, Inc. was primarily driven by overall company performance and market conditions.

The $2.1 million net change in unrealized depreciation in our investment in Wellspring Worldwide Inc. was primarily driven by overall company performance.

The $2.0 million net change in unrealized depreciation in our investment in AgencyBloc, LLC was primarily driven by a decline in company performance.

The most significant cumulative net change in unrealized appreciation (depreciation) for the six months ended August 31, 2025 were the following (dollars in thousands):

Six Months ended August 31, 2025

Issuer	Asset Type	Cost		Fair Value		Total Unrealized Appreciation (Depreciation)		YTD Change in Unrealized Appreciation (Depreciation)
Zollege PBC	First Lien Term Loan & Equity Interests	$	2,098	$	8,610	$	6,512	$	4,595
Identity Automation Systems	First Lien Term Loan & Equity Interests		-		-		-		(1,108	)
Avionte Holdings	Equity Interests		100		2,403		2,303		(1,024	)

The $4.6 million net change in unrealized appreciation in our investment in Zollege PBC was driven by improved Company performance.

The $1.1 million net change in unrealized depreciation in our investment in Identity Automation Systems was driven by the sale of the equity position, resulting in a reversal of previously recognized unrealized appreciation reclassified to realized gain.

The $1.1 million net change in unrealized depreciation in our investment in Avionte Holdings was driven by a change in the industry multiple.

Changes in net assets resulting from operations

For the three months ended August 31, 2026, we recorded a net decrease in net assets resulting from operations of $6.7 million. Based on 16,155,202 weighted average common shares outstanding as of August 31, 2026, our per share net increase in net assets resulting from operations was ($0.41) for the three months ended August 31, 2026. For the three months ended August 31, 2025, we recorded a net increase in net assets resulting from operations of $13.3 million. Based on 15,775,387 weighted average common shares outstanding as of August 31, 2025, our per share net increase in net assets resulting from operations was $0.84 for the three months ended August 31, 2025.

For the six months ended August 31, 2026, we recorded a net decrease in net assets resulting from operations of $13.6 million. Based on 16,203,415 weighted average common shares outstanding as of August 31, 2026, our per share net increase in net assets resulting from operations was ($0.84) for the six months ended August 31, 2026. For the six months ended August 31, 2025, we recorded a net increase in net assets resulting from operations of $27.2 million. Based on 15,560,114 weighted average common shares outstanding as of August 31, 2025, our per share net increase in net assets resulting from operations was $1.75 for the six months ended August 31, 2025.

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

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

122

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

In addition, we intend to distribute to our stockholders substantially all of our operating taxable income in order to satisfy the distribution requirement applicable to RICs under the Code. In satisfying this distribution requirement, in accordance with certain applicable provisions of the Code and the Treasury regulations and a revenue procedure issued by the Internal Revenue Service (“IRS”), a RIC may treat a distribution of its own stock as fulfilling its RIC distribution requirements if each stockholder may elect to receive his or her entire distribution in either cash or stock of the RIC subject to a limitation that the aggregate amount of cash to be distributed to all stockholders must be at least 20% of the aggregate declared distribution. We may rely on the revenue procedure in future periods to satisfy our RIC distribution requirement.

Also, as a BDC, we generally are required to meet a coverage ratio of total assets, less liabilities and indebtedness not represented by senior securities, to total senior securities, which include all of our borrowings and any outstanding preferred stock, of at least 200%, reduced to 150% effective April 16, 2019 following the approval received from our board of directors, including a majority of our independent directors, on April 16, 2018. This requirement limits the amount that we may borrow. Our asset coverage ratio, as defined in the 1940 Act, was 171.9% as of August 31, 2026 and 168.4% as of February 28, 2026. To fund growth in our investment portfolio in the future, we anticipate needing to raise additional capital from various sources, including the equity markets and other public and private debt-related markets, which may or may not be available on favorable terms, if at all.

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

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

Encina Credit Facility

Below is a summary of the senior secured revolving credit facility we entered into with Encina Lender Finance, LLC on October 4, 2021 and amended on January 27, 2023 (the “Encina Credit Facility” and the related credit agreement, the “Encina Credit Agreement”). On November 6, 2025, we terminated in full (i) the Encina Credit Agreement, and (ii) the Equity Pledge Agreement, dated as of October 4, 2021 (the “Encina Equity Pledge Agreement”), by and between the Company and Encina, as collateral agent. All outstanding obligations were repaid. The Encina Credit Agreement and the Encina Equity Pledge Agreement terminated upon the satisfaction of all obligations and liabilities of SIF II and the Company to secured parties thereunder, including, without limitation, payments of principal and interest, other fees, breakage costs and other amounts owing to the secured parties.

Commitment. The Encina Credit Agreement provided for borrowings up to $65.0 million (the “Encina Facility Amount”).

Availability. We were able to draw up to the lesser of (i) the Encina Facility Amount and (ii) the borrowing base. The borrowing base was an amount equal to (i) the difference of (A) the product of the applicable advance rate which varied from 50.0% to 75.0% depending on the type of loan asset (Defaulted Loans being excluded in that they carry an advance rate of 0%) and the value, determined in accordance with the Encina Credit Facility (the “Adjusted Borrowing Value”), of certain “eligible” loan assets pledged as security for the loan (the “Borrowing Base Value”) and (B) the Excess Concentration Amount, as calculated in accordance with the Encina Credit Facility, plus (ii) any amounts held in the Prefunding Account and, without duplication, Excess Cash held in the Collection Account, less (iii) the product of (a) the amount of any undrawn funding commitments we had under any loan asset and (b) the Unfunded Exposure Haircut Percentage, and less (iv) $100,000. Each loan asset we held as of the date on which the Encina Credit Facility closed was valued as of that date and each loan asset that we acquired after such date was 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 were 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.

123

The Encina Credit Facility contained limitations on the type of loan assets that were “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 was to remain an “eligible” loan asset, we could not make changes to the payment, amortization, collateral and certain other terms of the loan assets without the consent of the administrative agent that would either result in subordination of the loan asset or be materially adverse to the lenders.

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

Collateral. The Encina Credit Facility was secured by assets of SIF II, a wholly owned special purpose entity, and pledged to Encina under the Encina Credit Facility.

Interest Rate and Fees. Under the Encina Credit Facility, funds were borrowed from or through certain lenders at the greater of the prevailing LIBOR rate and 0.75%, plus an applicable margin of 4.00%. The Encina Credit Agreement included benchmark replacement provisions which permitted the Administrative Agent and the borrower to select a replacement rate upon the unavailability of LIBOR. In addition, we paid the lenders a commitment fee of 0.75% per year (or 0.50% if the ratio of advances outstanding to aggregate commitments was 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 were payable monthly in arrears. We were also obligated to pay certain other fees to the lenders in connection with the closing of the Encina Credit Facility.

Collateral Tests. It was 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 also had to be satisfied (together with the Borrowing Base Test, the “Collateral Tests”):

○

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%.

○

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 required payment of outstanding borrowings or replacement of pledged loan assets upon our breach of our representation and warranty that pledged loan assets included in the borrowing base were “eligible” loan assets. Such ineligible collateral loans were excluded from the calculation of the borrowing base and could have led to a Borrowing Base Deficiency, which could have been 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 was also a condition to the discretionary sale of pledged loan assets by us.

124

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

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

○

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

○

our failure to maintain an Overcollateralization Ratio of less than 200%;

○

the filing of certain ERISA or tax liens on our assets or the equity holder;

○

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;

○

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;

○

resignation, termination, disability or death of a “key person” or failure of any “key person” to provide active participation in Saratoga Investment Advisors’ daily activities, all without a reputable, experienced individual reasonably satisfactory to Encina Lender Finance appointed within 30 days.

Fees and Expenses. We paid certain fees and reimbursed Encina for the aggregate amount of all documented, out-of-pocket costs and expenses, including the reasonable fees and expenses of lawyers, incurred by Encina in connection with the Encina Credit Facility and the carrying out of any and all acts contemplated thereunder up to and as of the date of closing. These amounts totaled $1.4 million.

On January 27, 2023, we entered into the first amendment to the Encina Credit Agreement which, among other things: (i) increased the borrowings available under the Encina Credit Facility from up to $50.0 million to up to $65.0 million; (ii) changed the underlying benchmark used to compute interest under the Encina Credit Agreement from LIBOR to Term SOFR for a one-month tenor plus a 0.10% credit spread adjustment; (iii) increased the applicable effective margin rate on borrowings from 4.00% to 4.25%; (iv) extended the revolving period from October 4, 2024 to January 27, 2026; (v) 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 the Encina Facility Increase from $75.0 million to $150.0 million; (vi) revised the eligibility criteria for eligible collateral loans to exclude certain industries in which an obligor or related guarantor may be involved; and (vii) amended the provisions permitting the borrower to request an extension in the Commitment Termination Date (as defined in the Encina Credit Agreement) to allow requests to extend any applicable Commitment Termination Date, rather than a one-time request to extend the original Commitment Termination Date, subject to a notice requirement.

125

As of August 31, 2026, we had no outstanding borrowings under the Encina Credit Facility. As of August 31, 2025, we had $32.5 million outstanding borrowings under the Encina Credit Facility. Our borrowing base under the Encina Credit Facility at August 31, 2026 and August 31, 2025 was $0 million and $78.4 million, respectively.

Live Oak Credit Facility

Below is a summary of the terms of the senior secured revolving credit facility we entered into with Live Oak Banking Company on March 27, 2024.

Commitment. We entered into the Credit and Security Agreement (the “Live Oak Credit Agreement”) relating to the Live Oak Credit Facility in the initial facility amount of $50.0 million (the “Live Oak Facility Amount”), which was increased to up to $75.0 million pursuant to the first amendment to the Live Oak Credit Agreement. The Live Oak Credit Facility matures on March 27, 2027.

Availability. We can draw up to the lesser of (i) the Live Oak 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 Live Oak 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 Live Oak Credit Facility, plus (ii) any amounts held in the Prefunding Account and, without duplication, Excess Cash held in the Collection Account, less (iii) the product of (a) the amount of any undrawn funding commitments we have under any loan asset and (b) the Unfunded Exposure Haircut Percentage, and less (iv) $100,000. Each loan asset we held as of the date on which the Live Oak Credit Facility was closed was valued as of that date and each loan asset that we acquire after such date will be valued at the lowest of its fair value, its face value (excluding accrued interest) and the purchase price paid for such loan asset. Adjustments to the value of a loan asset will be made to reflect, among other things and under certain circumstances, changes in its fair value, a default by the obligor on the loan asset, insolvency of the obligor, acceleration of the loan asset, and certain modifications to the terms of the loan asset.

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

The Live Oak Credit Facility requires certain minimum drawn amounts. For the period beginning on the closing date of March 27, 2024, and ending March 27, 2025, the minimum funding amount was $12.5 million. For the period beginning on March 28, 2025, through maturity, the minimum funding amount is equal to the greater of $25.0 million and 50% of the Live Oak Facility Amount in effect from time to time.

Collateral. The Live Oak Credit Facility is secured by assets of Saratoga Investment Funding III LLC (“SIF III”) and pledged to Live Oak under the Live Oak Credit Facility. SIF III is a wholly owned special purpose entity formed for the purpose of entering into the Live Oak Credit Facility.

Interest Rate and Fees. Advances under the Live Oak Credit Facility bear interest at a floating rate per annum equal to the greater of the prevailing Adjusted Term SOFR and 0.75%, plus an applicable margin between 3.50% and 4.25% based on the Live Oak Credit Facility’s utilization. In addition, we pay the lenders a commitment fee of 0.50% per year on the unused amount of the Live Oak Credit Facility for the duration of the term of the Live Oak Credit Facility. Accrued interest and commitment fees are payable monthly in arrears. We were also obligated to pay certain other fees to the lenders in connection with the closing of the Live Oak Credit Facility.

126

Collateral Tests. It is a condition precedent to any borrowing under the Live Oak Credit Facility that the principal amount outstanding under the Live Oak 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”):

●

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 Live Oak Credit Facility, to accrued interest and commitment fees payable to the lenders under the Live Oak Credit Facility for the last 6 payment periods must equal at least 175.0%.

●

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 Live Oak Credit Facility plus the Unfunded Exposure Amount must equal at least 200.0%.

The Live Oak Credit Facility also may require payment of outstanding borrowings or replacement of pledged loan assets upon our breach of our representation and warranty that pledged loan assets included in the borrowing base are “eligible” loan assets. Such ineligible collateral loans will be excluded from the calculation of the borrowing base and may lead to a Borrowing Base Deficiency, which may be cured by effecting one or more (or any combination thereof) of the following actions: (A) deposit into or credit to the Collection Account cash and Eligible Investments, (B) repay Advances (together with all accrued and unpaid costs and expenses of the Agents, Custodian, Collateral Administrator, Securities Intermediary and the Lenders), (C) sell or substitute Collateral Loans in accordance with Article X, or (D) pledge additional Collateral Loans as Collateral.

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

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

●

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

●

our failure to maintain an Overcollateralization Ratio of less than 200%;

●

the filing of certain ERISA or tax liens on our assets or the equity holder;

●

127

●

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 Live Oak Lender Finance appointed to replace such key person within 30 days;

●

Fees and Expenses. We paid certain fees and reimbursed Live Oak 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 Live Oak Banking Company in connection with the Live Oak 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 $0.8 million.

As of August 31, 2026, we had $37.5 million in outstanding borrowings under the Live Oak Credit Facility. During the applicable period, we were in compliance with all of the limitations and requirements under the Live Oak Credit Agreement. Our borrowing base under the Live Oak Credit Facility at August 31, 2026 was $89.9 million.

Valley Credit Facility

Below is a summary of the terms of the senior secured revolving credit facility we entered into with Valley on November 6, 2025.

Commitment. We entered into the Credit and Security Agreement (the “Valley Credit Agreement”) relating to the Valley Credit Facility in the initial facility amount of $85.0 million (the “Valley Facility Amount”). The Valley Credit Facility matures on November 6, 2028.

Availability. SIF II can draw up to the lesser of (i) the Valley Facility Amount and (ii) the borrowing base. The borrowing base is an amount equal to (i) the difference of (x) the Aggregate Borrowing Base Value less (y) the Excess Concentration Amount, plus (ii) the amount on deposit in the Pre-Funding Account plus, without duplication, the amount of Excess Cash on deposit in the Collection Account, minus (iii) the product of (A) with respect to each Delayed Drawdown Collateral Loan, the portion of the Unfunded Exposure Amount attributable to such Delayed Drawdown Collateral Loan multiplied by (B) the Unfunded Exposure Haircut Percentage with respect to such Delayed Drawdown Collateral Loan, minus (iv) the Availability Block, in each case, as of such date. Each loan asset we held as of the date on which the Valley Credit Facility was closed was valued as of that date and each loan asset that we acquire after such date will be valued at the lowest of its fair value, its face value (excluding accrued interest) and the purchase price paid for such loan asset. Adjustments to the value of a loan asset will be made to reflect, among other things and under certain circumstances, changes in its fair value, a default by the obligor on the loan asset, insolvency of the obligor, acceleration of the loan asset, and certain modifications to the terms of the loan asset.

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

The Valley Credit Facility requires a minimum drawn amount at all times equal to the greater of $25.0 million or 38% of the facility amount in effect at such time.

128

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

Interest Rate and Fees. Under the Valley Credit Facility, funds may be borrowed from or through certain lenders at a floating rate per annum equal to Term SOFR plus an applicable margin of 2.85%, with a SOFR Floor of 1.00%. In addition, SIF II is required to pay an unused fee on the amount by which the commitment amount exceeds outstanding principal amounts on each day at a rate per annum equal to 0.75% if the unused amount is greater than 62% of the commitment amount, or otherwise 0.50%. We were also obligated to pay certain other fees to the lenders in connection with the closing of the Valley Credit Facility.

Collateral Tests. It is a condition precedent to any borrowing under the Valley Credit Facility that the principal amount outstanding under the Valley 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 the Borrowing Base Test, the “Collateral Tests”):

●

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 Valley Credit Facility, to accrued interest and commitment fees payable to the lenders under the Valley Credit Facility for the last six payment periods must equal at least 175.0%.

●

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 Valley Credit Facility plus the Unfunded Exposure Amount must equal at least 200.0%.

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

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

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

●

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

●

our failure to maintain an Overcollateralization Ratio of less than 200%;

129

●

the filing of certain ERISA or tax liens on our assets or the equity holder;

●

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 Valley appointed to replace such key person within 30 days; and

●

resignation, termination, disability or death of two or more “key persons” or failure of any two or more “key persons” to provide active participation in Saratoga Investment Advisors’ daily activities, all without a reputable, experienced individual reasonably satisfactory to the Required Lenders (as defined in the Valley Credit Agreement) appointed within 30 days.

Fees and Expenses. We paid certain fees and reimbursed Valley for the aggregate amount of all documented, out-of-pocket costs and expenses, including the reasonable fees and expenses of lawyers, incurred by Valley in connection with the Valley 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.

As of August 31, 2026, we had $32.5 million in outstanding borrowings under the Valley Credit Facility. Our borrowing base under the Valley Credit Facility at August 31, 2026 was $97.3 million.

SBA Debentures

The Company’s wholly owned subsidiaries, SBIC II LP and SBIC III LP, received SBIC licenses from the SBA on August 14, 2019 and September 29, 2022, respectively. Each of the SBIC Subsidiaries provides up to $175.0 million in long-term capital in the form of debentures guaranteed by the SBA. The Company’s wholly owned subsidiary, SBIC LP, repaid its outstanding debentures and subsequently surrendered its license to the SBA on January 3, 2024, providing the Company access to all undistributed capital of SBIC LP, and SBIC LP subsequently merged with and into the Company. In May 2026, legislation amending the Small Business Investment Act of 1958 increased (a) the individual leverage limit from $175.0 million to $250.0 million, subject to SBA approvals, and (b) the maximum leverage available for two or more SBICs under common control from $350.0 million to $475.0 million.

130

As of August 31, 2026 SBIC II LP had $87.5 million in regulatory capital and $84.0 million in SBA-guaranteed debentures outstanding and SBIC III LP had $87.5 million in regulatory capital and $129.0 million in SBA-guaranteed debentures outstanding.

Unsecured notes

7.75% 2025 Notes

On July 9, 2020, we issued $5.0 million in 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 was 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 matured and were paid off on July 9, 2025.

6.25% 2027 Notes

On December 29, 2020, the Company issued $5.0 million in aggregate principal amount of 6.25% fixed-rate notes due in 2027 (the “Existing 6.25% 2027 Notes”). Offering costs incurred were approximately $0.1 million. On January 28, 2021, the Company issued an additional $10.0 million in aggregate principal amount of the 6.25% 2027 Notes for net proceeds of $9.7 million after deducting underwriting commissions of approximately $0.3 million (the “Additional 6.25% 2027 Notes” and together with the Existing 6.25% 2027 Notes, the 6.25% 2027 Notes). Offering costs incurred were approximately $0.1 million. The Additional 6.25% 2027 Notes are treated as a single series with the existing 6.25% 2027 Notes under the indenture and have the same terms as the existing 6.25% 2027 Notes. Interest on the 6.25% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 6.25% per year. The 6.25% 2027 Notes mature on December 29, 2027 and may be redeemed in whole or in part at any time or from time to time at the Company’s option, on or after December 29, 2024. The net proceeds from the offering were used for general corporate purposes in accordance with the Company’s investment objective and strategies. Financing costs of $0.5 million related to the 6.25% 2027 Notes have been capitalized and are being amortized over the term of the Notes.

At August 31, 2026, the total amount of 6.25% 2027 Notes outstanding was $15.0 million.

4.375% 2026 Notes

On March 10, 2021, we issued $50.0 million in aggregate principal amount of the 4.375% fixed-rate notes due 2026 (the “Existing 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. On July 15, 2021, we issued an additional $125.0 million in aggregate principal amount of the 4.375% 2026 Notes (the “Additional 4.375% 2026 Notes” and together with the Existing 4.375% 2026 Notes, the “4.375% 2026 Notes”) for net proceeds of approximately $123.8 million, based on the public offering price of 101.00% of the aggregate principal amount of the Additional 4.375% 2026 Notes, after deducting the underwriting commissions of $2.5 million. Offering costs incurred were approximately $0.2 million. The Additional 4.375% 2026 Notes 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. Interest on the 4.375% 2026 Notes was paid semi-annually in arrears on February 28 and August 28, at a rate of 4.375% per year. The 4.375% 2026 Notes matured and were paid off on February 28, 2026.

At August 31, 2026, the total amount of 4.375% 2026 Notes outstanding was $0.0 million.

131

4.35% 2027 Notes

On January 19, 2022, we issued $75.0 million in aggregate principal amount of our 4.35% fixed-rate Notes due in 2027 (the “4.35% 2027 Notes”) for net proceeds of $73.0 million, based on the public offering price of 99.317% of the aggregate principal amount of the 4.35% 2027 Notes, after deducting the underwriting commissions of approximately $1.5 million. Offering costs incurred were approximately $0.3 million. Interest on the 4.35% 2027 Notes is paid semi-annually in arrears on February 28 and August 28, at a rate of 4.35% per year. The 4.35% 2027 Notes mature on February 28, 2027 and may be redeemed in whole or in part at our option at any time prior to November 28, 2026, at par plus a “make-whole” premium, and thereafter at par. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $1.8 million related to the 4.35% 2027 Notes have been capitalized and are being amortized over the term of the 4.35% 2027 Notes.

At August 31, 2026, the total amount of 4.35% 2027 Notes outstanding was $75.0 million.

6.00% 2027 Notes

On April 27, 2022, the Company issued $87.5 million in aggregate principal amount of 6.00% fixed-rate notes due 2027 (the “Existing 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 Existing 6.00% 2027 Notes for net proceeds of $9.7 million after deducting underwriting commissions of approximately $0.3 million. 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” and together with the Existing 6.00% 2027 Notes, the “6.00% 2027 Notes”) for net proceeds of $7.8 million, based on the public offering price of 97.80% of the aggregate principal amount of the 6.00% 2027 Notes. Additional offering costs incurred were approximately $0.2 million. The Additional 6.00% 2027 Notes are treated as a single series with the existing 6.00% 2027 Notes under the indenture and have the same terms as the Existing 6.00% 2027 Notes. Interest on the 6.00% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 6.00% per year. The 6.00% 2027 Notes mature on April 30, 2027 and commencing April 27, 2024, may be redeemed in whole or in part at any time or from time to time at the Company’s option. The net proceeds from the offering were used for general corporate purposes in accordance with the Company’s investment objective and strategies. Financing costs of $3.3 million related to the 6.00% 2027 Notes have been capitalized and are being amortized over the term of the 6.00% 2027 Notes. The 6.00% 2027 Notes are listed on the NYSE under the trading symbol “SAT” with a par value of $25.00 per note.

Subsequent to the quarter ended August 31, 2026, the Company redeemed $105.5 million in aggregate principal amount of the issued and outstanding 6.00% 2027 Notes in full. See “Subsequent Events” below for more information.

At August 31, 2026, the total amount of 6.00% 2027 Notes outstanding was $105.5 million.

7.00% 2025 Notes

On September 8, 2022, we issued $12.0 million in aggregate principal amount of 7.00% fixed-rate notes due 2025 (the “7.00% 2025 Notes”) for net proceeds of $11.6 million after deducting underwriting discounts of approximately $0.4 million. Additional offering costs incurred were approximately $0.05 million. Interest on the 7.00% 2025 Notes was 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 matured and were paid off on September 8, 2025. 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 were capitalized and amortized over the term of the 7.00% 2025 Notes.

132

7.25% 2029 Notes

At August 31, 2026, the total amount of 7.25% 2029 Notes outstanding was $25.0 million.

8.00% 2027 Notes

On October 27, 2022, we issued $40.0 million in aggregate principal amount of our 8.00% fixed-rate notes due 2027 (the “8.00% 2027 Notes”) for net proceeds of $38.7 million after deducting underwriting commissions of approximately $1.3 million. Offering costs incurred were approximately $0.2 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 were $5.8 million after deducting underwriting commissions of approximately $0.2 million. Interest on the 8.00% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 8.00% per year. The 8.00% 2027 Notes mature on October 31, 2027 and commencing October 27, 2024, may be redeemed in whole or in part at any time or from time to time at our option. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $1.7 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.

At August 31, 2026, the total amount of 8.00% 2027 Notes outstanding was $46.0 million.

8.125% 2027 Notes

On December 13, 2022, we issued $52.5 million in aggregate principal amount of 8.125% fixed-rate notes due 2027 (the “8.125% 2027 Notes”) for net proceeds of $50.8 million after deducting underwriting commissions of approximately $1.6 million. Offering costs incurred were approximately $0.1 million. On December 21, 2022, the underwriters fully exercised their option to purchase an additional $7.875 million in aggregate principal amount of the 8.125% 2027 Notes. Net proceeds were $7.6 million after deducting underwriting commissions of approximately $0.2 million. Interest on the 8.125% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 8.125% per year. The 8.125% 2027 Notes mature on December 31, 2027 and commencing December 13, 2024, may be redeemed in whole or in part at any time or from time to time at our option. The net proceeds from this offering were used to make investments in middle-market companies (including investments made through our SBIC subsidiaries) in accordance with our investment objective and strategies and for general corporate purposes. Financing costs of $2.0 million related to the 8.125% 2027 Notes have been capitalized and are being amortized over the term of the 8.125% 2027 Notes. The 8.125% 2027 Notes are listed on the NYSE under the trading symbol “SAY” with a par value of $25.00 per note.

At August 31, 2026, the total amount of 8.125% 2027 Notes outstanding was $60.4 million.

133

8.75% 2025 Notes

On March 31, 2023, we issued $10.0 million in aggregate principal amount of 8.75% fixed-rate notes due 2025 (the “8.75% 2025 Notes”) for net proceeds of $9.7 million after deducting underwriting discounts of approximately $0.4 million. On May 1, 2023, we issued an additional $10.0 million in aggregate principal amount of the 8.75% 2025 Notes for net proceeds of $9.7 million after deducting underwriting discounts of approximately $0.4 million. Offering costs incurred were approximately $0.03 million. Interest on the 8.75% 2025 Notes was paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 8.75% per year. On February 2, 2024, pursuant to the terms of the indenture governing the 8.75% 2025 Notes, we elected to exercise our option to extend the maturity date of the 8.75% 2025 Notes from March 31, 2024 to March 31, 2025. The 8.75% 2025 Notes were paid off in full at maturity on March 31, 2025.

8.50% 2028 Notes

On April 14, 2023, we issued $50.0 million in aggregate principal amount of 8.50% fixed-rate notes due 2028 (the “8.50% 2028 Notes”) for net proceeds of $48.4 million after deducting underwriting commissions of approximately $1.6 million. Offering costs incurred were approximately $0.03 million. On April 26, 2023, the underwriters fully exercised their option to purchase an additional $7.5 million in aggregate principal amount of the 8.50% 2028 Notes. Net proceeds were $7.3 million after deducting underwriting commissions of approximately $0.2 million. Interest on the 8.50% 2028 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 8.50% per year. The 8.50% 2028 Notes mature on April 15, 2028, and commencing April 14, 2025, may be redeemed in whole or in part at any time or from time to time at our option. Net proceeds from this offering were used to repay a portion of the outstanding indebtedness under the Encina Credit Facility, make investments in middle-market companies (including investments made through our SBIC Subsidiaries) in accordance with our investment objective and strategies and for general corporate purposes. Financing costs of $2.0 million related to the 8.50% 2028 Notes have been capitalized and are being amortized over the term of the 8.50% 2028 Notes. The 8.50% 2028 Notes are listed on the NYSE under the trading symbol “SAZ” with a par value of $25.00 per note.

At August 31, 2026, the total amount of 8.50% 2028 Notes outstanding was $57.5 million.

7.25% 2030 Notes

At August 31, 2026, the total amount of 7.25% 2030 Notes outstanding was $50.0 million.

7.50% 2031 Notes

On February 6, 2026, we issued $100.0 million in aggregate principal amount of 7.50% fixed-rate notes due 2031 (the “7.50% 2031 Notes”) for net proceeds of approximately $96.4 million, after deducting the underwriting commission of approximately $3.1 million and estimated offering costs of approximately $0.5 million. Interest on the 7.50% 2031 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 7.50% per year, commencing May 31, 2026. The 7.50% 2031 Notes mature on February 6, 2031 and, commencing February 6, 2028, may be redeemed in whole or in part at any time or from time to time at our option. Net proceeds from this offering, together with available cash, were used to pay off the outstanding 4.375% 2026 Notes at maturity on February 28, 2026. Financing costs of $3.6 million related to the 7.50% 2031 Notes have been capitalized and are being amortized over the term of the 7.50% 2031 Notes. The 7.50% 2031 Notes are listed on the NYSE under the trading symbol “SAV” with a par value of $25.00 per note.

At August 31, 2026, the total amount of 7.50% 2031 Notes outstanding was $100.0 million.

134

8.00% 2031 Notes

On August 26, 2026, the Company issued $85.0 million in aggregate principal amount of our 8.00% fixed-rate notes due 2031 (the “8.00% 2031 Notes”) for net proceeds of $82.3 million after deducting the underwriting commissions of approximately $2.7 million. Offering costs incurred were approximately $0.2 million. Interest on the 8.00% 2031 Notes is paid quarterly in arrears on February 28, May 31, August 31, and November 30, at a rate of 8.00% per year, commencing November 30, 2026. The 8.00% 2031 Notes mature on August 31, 2031, and commencing August 26, 2028, may be redeemed in whole or in part at any time or from time to time at the Company’s option. The net proceeds from this offering, together with available cash, were used to redeem the Company’s outstanding 6.00% 2027 Notes. Financing costs of $2.9 million related to the 8.00% 2031 Notes have been capitalized and are being amortized over the term of the 8.00% 2031 Notes. The 8.00% 2031 Notes are listed on the NYSE under the trading symbol “SAX” with a par value of $25.00 per note.

At August 31, 2026, the total amount of 8.00% 2031 Notes outstanding was $85.0 million.

At August 31, 2026 and February 28, 2026, the fair value of investments, cash and cash equivalents and cash and cash equivalents, reserve accounts were as follows:

	August 31, 2026					February 28, 2026
	Fair Value		Percentage of Total			Fair Value		Percentage of Total
	($ in thousands)
Cash and cash equivalents	$	80,087		6.4	%	$	1,680		0.2	%
Cash and cash equivalents, reserve accounts		15,786		1.3			20,106		1.8
First lien term loans		939,036		75.3			910,991		80.5
Second lien term loans		43,416		3.5			42,707		3.8
Structured finance securities		70,471		5.7			54,834		4.8
Unsecured loan		15,469		1.2			16,130		1.4
Equity interests		81,798		6.6			84,472		7.5
Total	$	1,246,063		100.0	%	$	1,130,920		100.0	%

Equity Capital Activities

Share Repurchases

On September 24, 2014, we announced the approval of the Share Repurchase Plan. Since September 24, 2014, the Share Repurchase Plan has been extended annually, and we have periodically increased the amount of shares of common stock that may be purchased under the Share Repurchase Plan. On January 6, 2026, our board of directors extended the Share Repurchase Plan for another year to January 15, 2027, and the Share Repurchase Plan currently permits up to 2.7 million shares of common stock to be repurchased. As of August 31, 2026, we purchased 1,481,822 shares of common stock, at an average price of $21.11 for approximately $31.3 million pursuant to the Share Repurchase Plan. During the three months ended August 31, 2026, the Company purchased 444,124 shares of common stock, at an average price of $18.91 for approximately $8.4 million pursuant to the Share Repurchase Plan. During the six months ended August 31, 2026, the Company purchased 444,124 shares of common stock, at an average price of $18.91 for approximately $8.4 million pursuant to the Share Repurchase Plan.

Public Equity Offering

On July 13, 2018, we issued 1,150,000 shares of common stock priced at $25.00 per share (par value $0.001 per share) at an aggregate total of $28.75 million. The net proceeds, after deducting underwriting commissions of $1.15 million and offering costs of approximately $0.2 million, amounted to approximately $27.4 million. We also granted the underwriters a 30-day option to purchase up to an additional 172,500 shares of common stock, which was not exercised.

Equity ATM Program

On March 16, 2017, we entered into an equity distribution agreement with Ladenburg Thalmann & Co. Inc. (“Ladenburg”), 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).

135

On July 30, 2021, we entered into an equity distribution agreement (the “Equity Distribution Agreement”) with Ladenburg and Compass Point Research and Trading, LLC (“Compass Point”), each as distribution agents, through which we may offer for sale, from time to time, up to $150.0 million of our common stock through the Agents (as defined below), or to them, as principal for their account (the “ATM Program”).

On July 6, 2023, we amended the Equity Distribution Agreement to increase the maximum amount of shares of our common stock to be sold through the ATM Program to $300.0 million from $150.0 million. On July 19, 2023, we amended the Equity Distribution Agreement to add an additional distribution agent, Raymond James & Associates, Inc. (“Raymond James”). On May 15, 2024, we amended the Equity Distribution Agreement to add an additional distribution agent, Lucid Capital Markets, LLC (“Lucid” and together with Ladenburg, Compass Point, and Raymond James, the “Agents”). The sales price per share of our common stock offered under the ATM Program, less the Agents’ commission, will not be less than the NAV per share of our common stock at the time of such a sale. Consistent with the terms of the ATM Program, the Manager may, from time to time and in its sole discretion, contribute proceeds necessary to ensure that no sales are made at a price below the then-current NAV per share.

As of August 31, 2026, we sold 8,591,915 shares for gross proceeds of $227.2 million at an average price of $26.42 for aggregate net proceeds of $225.4 million (net of transaction costs). During the three and six months ended August 31, 2026, the Company did not sell any shares of common stock pursuant to the Equity ATM Program.

Dividend Distributions

We have distributed or intend to distribute sufficient dividends to eliminate our taxable income for our completed tax years. If we fail to satisfy the 90% distribution requirement or otherwise fail to qualify as a RIC in any tax year, we would be subject to U.S. federal income tax in that year on all of our taxable income imposed at corporate rates, regardless of whether we made any distributions to our shareholders. Shareholders have the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant to the DRIP. Our distributions for the tax years ended February 28, 2027 to inception were as follows:

Payment date	Cash Dividend
Tax Year Ended February 28, 2027
September 23, 2026		0.25	⁽⁶⁷⁾
August 25, 2026		0.25	⁽⁶⁶⁾
July 23, 2026		0.25	⁽⁶⁵⁾
June 23, 2026		0.25	⁽⁶⁴⁾
May 21, 2026		0.25	⁽⁶³⁾
April 23, 2026		0.25	⁽⁶²⁾
March 19, 2026		0.25	⁽⁶¹⁾
	$	1.75
Tax Year Ended February 28, 2026
February 23, 2026		0.25	⁽⁶⁰⁾
January 26, 2026		0.25	⁽⁵⁹⁾
December 18, 2025		0.50	⁽⁵⁸⁾
November 20, 2025		0.25	⁽⁵⁷⁾
October 23, 2025		0.25	⁽⁵⁶⁾
September 24, 2025		0.25	⁽⁵⁵⁾
August 21, 2025		0.25	⁽⁵⁴⁾
July 24, 2025		0.25	⁽⁵³⁾
June 24, 2025		0.25	⁽⁵²⁾
May 22, 2025		0.25	⁽⁵¹⁾
April 24, 2025		0.25	⁽⁵⁰⁾
March 25, 2025		0.74	⁽⁴⁹⁾
	$	3.74
Tax Year Ended February 28, 2025
December 19, 2024	$	1.09	⁽⁴⁸⁾
September 26, 2024		0.74	⁽⁴⁷⁾
June 27, 2024		0.74	⁽⁴⁶⁾
March 28, 2024		0.73	⁽⁴⁵⁾
	$	3.30
Tax Year Ended February 29, 2024
December 28, 2023	$	0.72	⁽⁴⁴⁾
September 28, 2023		0.71	⁽⁴³⁾
June 29, 2023		0.70	⁽⁴²⁾
March 30, 2023		0.69	⁽¹⁾
	$	2.82

136

Payment date	Cash Dividend
Tax Year Ended February 28, 2023
January 4, 2023	$	0.68	⁽²⁾
September 29, 2022		0.54	⁽³⁾
June 29, 2022		0.53	⁽⁴⁾
March 28, 2022		0.53	⁽⁵⁾
	$	2.28
Tax Year Ended February 28, 2022
January 19, 2022	$	0.53	⁽⁶⁾
September 28, 2021		0.52	⁽⁷⁾
June 29, 2021		0.44	⁽⁸⁾
April 22, 2021		0.43	⁽⁹⁾
	$	1.92
Tax Year Ended February 28, 2021
February 10, 2021	$	0.42	⁽¹⁰⁾
November 10, 2020		0.41	⁽¹¹⁾
August 12, 2020		0.40	⁽¹²⁾
	$	1.23
Tax Year Ended February 29, 2020
February 6, 2020	$	0.56	⁽¹³⁾
September 26, 2019		0.56	⁽¹⁴⁾
June 27, 2019		0.55	⁽¹⁵⁾
March 28, 2019		0.54	⁽¹⁶⁾
	$	2.21
Tax Year Ended February 28, 2019
January 2, 2019	$	0.53	⁽¹⁷⁾
September 27, 2018		0.52	⁽¹⁸⁾
June 27, 2018		0.51	⁽¹⁹⁾
March 26, 2018		0.50	⁽²⁰⁾
	$	2.06
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

137

Payment date	Cash Dividend
Tax Year Ended February 29, 2016
February 29, 2016	$	0.40	⁽³⁰⁾
November 30, 2015		0.36	⁽³¹⁾
August 31, 2015		0.33	⁽³²⁾
June 5, 2015		1.00	⁽³³⁾
May 29. 2015		0.27	⁽³⁴⁾
	$	2.36
Tax Year Ended February 28, 2015
February 27, 2015	$	0.22	⁽³⁵⁾
November 28, 2014		0.18	⁽³⁶⁾
	$	0.40
Tax Year Ended February 28. 2014
December 27, 2013	$	2.65	⁽³⁷⁾
	$	2.65
Tax Year Ended February 28, 2013
December 31, 2012	$	4.25	⁽³⁸⁾
	$	4.25
Tax Year Ended February 29, 2012
December 30, 2011	$	3.00	⁽³⁹⁾
	$	3.00
Tax Year Ended February 28, 2011
December 29, 2010	$	4.40	⁽⁴⁰⁾
	$	4.40
Tax Year Ended February 28, 2010
December 31, 2009	$	18.25	⁽⁴¹⁾
	$	18.25

(1)	Based on shareholder elections, the dividend consisted of approximately $7.1 million in cash and 45,818 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.11 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on March 17, 20, 21, 22, 23, 24, 27, 28, 29, and 30, 2023.

(2)	Based on shareholder elections, the dividend consisted of approximately $6.8 million in cash and 53,615 newly issued shares of common stock, or 0.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $24.26 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on December 20, 21, 22, 23, 27, 28, 29 and 30 2022 and January 3 and 4, 2023.

(3)

Based on shareholder elections, the dividend consisted of approximately $5.3 million in cash and 52,312 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.00 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on September 16, 19, 20, 21, 22, 23, 26, 27, 28 and 29, 2022.

138

(4)	Based on shareholder elections, the dividend consisted of approximately $5.1 million in cash and 48,590 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.40 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on June 15, 16, 17, 21, 22, 23, 24, 27, 28 and 29, 2022.

(5)	Based on shareholder elections, the dividend consisted of approximately $5.3 million in cash and 42,825 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $25.89 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on March 15, 16, 17, 18, 21, 22, 23, 24, 25 and 28, 2022.

(6)	Based on shareholder elections, the dividend consisted of approximately $5.3 million in cash and 41,520 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $26.85 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on January 5, 6, 7, 10, 11, 12, 13, 14, 18 and 19, 2022.

(7)	Based on shareholder elections, the dividend consisted of approximately $4.9 million in cash and 38,016 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $26.77 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on September 15, 16, 17, 20, 21, 22, 23, 24, 27 and 28, 2021.

(8)	Based on shareholder elections, the dividend consisted of approximately $4.1 million in cash and 33,100 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $25.03 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on June 16, 17, 18, 21, 22, 23, 24, 25, 28 and 29, 2021.

(9)	Based on shareholder elections, the dividend consisted of approximately $3.9 million in cash and 38,580 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.69 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on April 9,12, 13, 14, 15, 16, 19, 20, 21 and 22, 2021.

(10)	Based on shareholder elections, the dividend consisted of approximately $3.8 million in cash and 41,388 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.75 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on January 28, 29 and February 1, 2, 3, 4, 5, 8, 9 and 10, 2021.

(11)	Based on shareholder elections, the dividend consisted of approximately $3.8 million in cash and 45,706 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.63 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on October 28, 29, 30 and November 2, 3, 4, 5, 6, 9 and 10, 2020.

(12)	Based on shareholder elections, the dividend consisted of approximately $3.7 million in cash and 47,098 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.45 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on July 30, 31 and August 3, 4, 5, 6, 7, 10, 11 and 12, 2020.

139

(13)

Based on shareholder elections, the dividend consisted of approximately $5.4 million in cash and 35,682 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $25.44 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on January 24, 27, 28, 29, 30, 31 and February 3, 4, 5 and 6, 2020.

(14)	Based on shareholder elections, the dividend consisted of approximately $4.5 million in cash and 34,575 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.34 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on September 13, 16, 17, 18, 19, 20, 23, 24, 25 and 26, 2019.

(15)	Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 31,545 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.65 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on June 14, 17, 18, 19, 20, 21, 24, 25, 26 and 27, 2019.

(16)	Based on shareholder elections, the dividend consisted of approximately $3.5 million in cash and 31,240 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.36 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on March 15, 18, 19, 20, 21, 22, 25, 26, 27 and 28, 2019.

(17)	Based on shareholder elections, the dividend consisted of approximately $3.4 million in cash and 30,796 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $18.88 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on December 18, 19, 20, 21, 24, 26, 27, 28, 31, 2018 and January 2, 2019.

(18)	Based on shareholder elections, the dividend consisted of approximately $3.3 million in cash and 25,862 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.35 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on September 14, 17, 18, 19, 20, 21, 24, 25, 26 and 27, 2018.

(19)	Based on shareholder elections, the dividend consisted of approximately $2.7 million in cash and 21,562 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.72 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on June 14, 15, 18, 19, 20, 21, 22, 25, 26 and 27, 2018.

(20)	Based on shareholder elections, the dividend consisted of approximately $2.6 million in cash and 25,354 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $19.91 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on March 13, 14, 15, 16, 19, 20, 21, 22, 23 and 26, 2018.

(21)	Based on shareholder elections, the dividend consisted of approximately $2.5 million in cash and 25,435 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.14 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on December 13, 14, 15, 18, 19, 20, 21, 22, 26 and 27, 2017.

(22)

Based on shareholder elections, the dividend consisted of approximately $2.2 million in cash and 33,551 newly issued shares of common stock, or 0.6% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.19 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on September 13, 14, 15, 18, 19, 20, 21, 22, 25 and 26, 2017.

140

(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.

141

(32)

Based on shareholder elections, the dividend consisted of approximately $1.1 million in cash and 47,861 newly issued shares of common stock, or 0.9% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.28 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on August 18, 19, 20, 21, 24, 25, 26, 27, 28 and 31, 2015.

(33)	Based on shareholder elections, the dividend consisted of approximately $3.4 million in cash and 126,230 newly issued shares of common stock, or 2.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.47 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on May 22, 26, 27, 28, 29 and June 1, 2, 3, 4, and 5, 2015.

(34)	Based on shareholder elections, the dividend consisted of approximately $0.9 million in cash and 33,766 newly issued shares of common stock, or 0.6% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.78 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on May 15, 18, 19, 20, 21, 22, 26, 27, 28 and 29, 2015.

(35)

Based on shareholder elections, the dividend consisted of approximately $0.8 million in cash and 26,858 newly issued shares of common stock, or 0.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $14.97 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on February 13, 17, 18, 19, 20, 23, 24, 25, 26 and 27, 2015.

(36)	Based on shareholder elections, the dividend consisted of approximately $0.6 million in cash and 22,283 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $14.37 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on November 14, 17, 18, 19, 20, 21, 24, 25, 26 and 28, 2014.

(37)	Based on shareholder elections, the dividend consisted of approximately $2.5 million in cash and 649,500 shares of common stock, or 13.7% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 20.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.439 per share, which equaled the volume weighted average trading price per share of the common stock on December 11, 13 and 16, 2013.

(38)	Based on shareholder elections, the dividend consisted of $3.3 million in cash and 853,455 shares of common stock, or 22.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 20.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.444 per share, which equaled the volume weighted average trading price per share of the common stock on December 14, 17 and 19, 2012.

(39)	Based on shareholder elections, the dividend consisted of $2.0 million in cash and 599,584 shares of common stock, or 18.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 20.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $13.117067 per share, which equaled the volume weighted average trading price per share of the common stock on December 20, 21 and 22, 2011.

142

(40)

Based on shareholder elections, the dividend consisted of $1.2 million in cash and 596,235 shares of common stock, or 22.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 10.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.8049 per share, which equaled the volume weighted average trading price per share of the common stock on December 20, 21 and 22, 2010.

(41)	Based on shareholder elections, the dividend consisted of $2.1 million in cash and 864,872 shares of common stock, or 104.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 13.7% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $1.5099 per share, which equaled the volume weighted average trading price per share of the common stock on December 24 and 28, 2009.

(42)	Based on shareholder elections, the dividend consisted of approximately $7.6 million in cash and 29,627 newly issued shares of common stock, or 0.2% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $25.29 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on June 15, 16, 20, 21, 22, 23, 26, 27, 28, and 29, 2023.

(43)	Based on shareholder elections, the dividend consisted of approximately $8.4 million in cash and 35,196 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $24.41 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on September 15, 18, 19, 20, 21, 22, 25, 26, 27, and 28, 2023.

(44)	Based on shareholder elections, the dividend consisted of approximately $8.9 million in cash and 37,394 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $24.47 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on December 14, 15, 18, 19, 20, 21, 22, 26, 27, and 28, 2023.

(45)	Based on shareholder elections, the dividend consisted of approximately $9.0 million in cash and 45,490 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.85 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on March 15, 18, 19, 20, 21, 22, 25, 26, 27, and 28, 2024.

(46)	Based on shareholder elections, the dividend consisted of approximately $9.1 million in cash and 46,803 newly issued shares of common stock, or 10.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.76 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on June 13, 14, 17, 18, 20, 21, 24, 25, 26, and 27, 2024.

(47)	Based on shareholder elections, the dividend consisted of approximately $9.0 million in cash and 54,999 newly issued shares of common stock, or 10.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.08 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on September 13, 16, 17, 18, 19, 20, 23, 24, 25, and 26, 2024.

(48)	Based on shareholder elections, the dividend consisted of approximately $13.7 million in cash and 81,471 newly issued shares of common stock, or 11.9% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.80 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on December 6, 9, 10, 11, 12, 13, 16, 17, 18, and 19, 2024.

143

(49)

Based on shareholder elections, the dividend consisted of approximately $9.9 million in cash and 60,611 newly issued shares of common stock, or 12.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.96 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on March 12, 13, 14, 17, 18, 19, 20, 21, 24, and 25, 2025.

(50)	Based on shareholder elections, the dividend consisted of approximately $3.4 million in cash and 20,086 newly issued shares of common stock, or 11.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.02 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on April 10, 11, 14, 15, 16, 17, 21, 22, 23, and 24, 2025.

(51)	Based on shareholder elections, the dividend consisted of approximately $3.4 million in cash and 20,784 newly issued shares of common stock, or 12.5% 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 $23.02 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on May 9, 12, 13, 14, 15, 16, 19, 20, 21, and 22, 2025.

(52)	Based on shareholder elections, the dividend consisted of approximately $3.4 million in cash and 19,750 newly issued shares of common stock, or 11.7% 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 $23.09 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on June 10, 11, 12, 13, 16, 17, 18, 20, 23, and 24, 2025.

(53)	Based on shareholder elections, the dividend consisted of approximately $3.5 million in cash and 17,443 newly issued shares of common stock, or 10.6% 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 $23.86 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on July 11, 14, 15, 16, 17, 18, 21, 22, 23 and 24, 2025.

(54)	Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 17,320 newly issued shares of common stock, or 10.5% 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 $24.11 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on August 8, 11, 12, 13, 14, 15, 18, 19, 20 and 21, 2025.

(55)	Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 17,673 newly issued shares of common stock, or 10.3% 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 $23.32 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on September 11, 12, 15, 16, 17, 18, 19, 22, 23 and 24, 2025.

(56)	Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 20,898 newly issued shares of common stock, or 10.9% 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 $20.97 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on October 10, 13, 14, 15, 16, 17, 20, 21, 22, and 23, 2025.

(57)	Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 20,552 newly issued shares of common stock, or 10.7% 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 $20.99 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on November 7, 10, 11, 12, 13, 14, 17, 18, 19, and 20, 2025.

144

(58)

Based on shareholder elections, the dividend consisted of approximately $7.2 million in cash and 41,155 newly issued shares of common stock, or 11.1% 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 $21.85 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on December 5, 8, 9, 10, 11, 12, 15, 16, 17, and 18, 2025.

(59)	Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 20,092 newly issued shares of common stock, or 11.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.12 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on January 8, 9, 12, 13, 14, 15, 16, 20, 21, and 22, 2026.

(60)	Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 20,049 newly issued shares of common stock, or 10.9% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.07 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on February 9, 10, 11, 12, 13, 17, 18, 19, 20, and 23, 2026.

(61)	Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 20,766 newly issued shares of common stock, or 11.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.45 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on March 6, 9, 10, 11, 12, 13, 16, 17, 18, and 19, 2026.

(62)	Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 22,784 newly issued shares of common stock, or 12.2% 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 $21.71 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on April 10, 13, 14, 15, 16, 17, 20, 21, 22, and 23, 2026.

(63)

Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 21,277 newly issued shares of common stock, or 11.0% 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 $20.99 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on May 8, 11, 12, 13, 14, 15, 18, 19, 20, and 21, 2026.

(64)

Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 21,577 newly issued shares of common stock, or 11.2% 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 $21.09 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on June 9, 10, 11, 12, 15, 16, 17, 18, 22, and 23, 2026.

(65)

Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 24,870 newly issued shares of common stock, or 11.1% 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 $18.27 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on July 10, 13, 14, 15, 16, 17, 20, 21, 22, and 23, 2026.

(66)

Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 24,580 newly issued shares of common stock, or 11.0% 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 $17.87 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on August 12, 13, 14, 17, 18, 19, 20, 21, 24, and 25, 2026.

(67)

Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 25,346 newly issued shares of common stock, or 10.6% 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 $16.59 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on September 9, 10, 11, 14, 15, 16, 17, 18, 21, and 23, 2026.

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 171.9% as of August 31, 2026 and 168.4% as of February 28, 2026.

145

Subsequent Events

Dividend Declaration

Month	Amount per Share		Record Date	Payment Date
September 2026	$	0.25	October 6, 2026	October 22, 2026
October 2026	$	0.25	November 5, 2026	November 24, 2026
November 2026	$	0.25	December 3, 2026	December 22, 2026

SBIC III LP

Refinancing of the Saratoga CLO

Redemption of 6.00% 2027 Notes

Exercise of Overallotment Option for 8.00% 2031 Notes

Additional Offering for 8.00% 2031 Notes

Contractual obligations

The following table shows our payment obligations for repayment of debt and other contractual obligations at August 31, 2026:

			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)
Valley Bank credit facility	$	32,500	$	-	$	32,500	$	-	$	-
Live Oak credit facility		37,500		37,500		-		-		-
SBA debentures		213,000		-		-		84,000		129,000
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		-		-
8.5% 2028 Notes		57,500		-		57,500		-		-
7.25% 2029 Notes		25,000		-		25,000		-		-
7.25% 2030 Notes		50,000		-		-		50,000		-
7.50% 2031 Notes		100,000		-		-		100,000		-
8.00% 2031 Notes		85,000		-		-		85,000		-
Total Long-Term Debt Obligations	$	902,375	$	218,000	$	236,375	$	319,000	$	129,000

146

Off-balance sheet arrangements

A summary of the unfunded commitments outstanding as of August 31, 2026 and February 28, 2026 is shown in the table below (dollars in thousands):

	August 31, 2026		February 28, 2026
At Company’s discretion
Angry Chickz, Inc.		-	$	4,000
Artemis Wax Corp.		-		7,500
Better Impact USA Inc.		5,000		5,000
Haystack Team Inc.		5,000		5,000
JDXpert		4,500		4,500
LFR Chicken LLC		10,000		10,000
Pepper Palace, Inc.		900		800
Saratoga Senior Loan Fund I JV, LLC		6,933		6,933
SAI Systems Health, LLC		4,000		4,000
Source 44 LLC		20,000		20,000
StockIQ Technologies, LLC		3,250		5,000
Zollege PBC		1,500		-
Total	$	61,083	$	72,733

At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required
Angry Chickz, Inc.		2,100		2,100
Axero Holdings, LLC - Revolving Credit Facility		-		500
Better Impact USA Inc.		5,000		5,000
BQE Software, Inc.		-		250
Breezeway Homes, Inc.		4,000		4,000
Cloudpermit		8,000		8,500
Exigo, LLC - Revolving Credit Facility		625		625
Gen4 Dental Partners Holdings, LLC		-		2,381
Innergy, Inc.		2,120		1,500
Inspect Point Holdings, LLC		2,000		4,000
LFR Chicken LLC		25,000		25,000
Ludi, Inc. - Revolving Credit Facility		1,850		3,600
Rewind Intermediate Inc.		24,100		-
Rewind Intermediate Inc. - Revolving Credit Facility		3,000		-
SAI Systems Health, LLC		1,474		1,474
SmartAC.com, LLC		17,000		17,000
Source 44 LLC		500		500
Source 44 LLC - Revolving Credit Facility		2,000		2,000
StockIQ Technologies, LLC		1,750		400
Vitana DSO, LLC		12,045		-
Yumi Ice Cream Company, LLC		3,839		-
Yumi Ice Cream Company, LLC - Revolving Credit Facility		3,571		-
Zollege PBC		-		1,500
		119,974		80,330
Total	$	181,057	$	153,063

147

We believe our assets will provide adequate coverage to satisfy these unfunded commitments. As of August 31, 2026, we had cash and cash equivalents of $80.1 million, $52.5 million in available borrowings under the Valley Credit Facility and $37.5 million in available borrowings under the Live Oak Credit Facility. As of August 31, 2026, we have $46.0 million available SBA debentures that can be used for any commitments held in SBIC III LP.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Our business activities contain elements of market risk. We consider the fluctuation in interest rates to be our principal market risk. Managing this risk is essential to our business. Accordingly, we have systems and procedures designed to identify and analyze our risks, to establish appropriate policies and thresholds and to continually monitor this risk and thresholds by means of administrative and information technology systems and other policies and processes.

Interest rate risk is defined as the sensitivity of our current and future earnings to interest rate volatility, including relative changes in different interest rates, variability of spread relationships, the difference in re-pricing intervals between our assets and liabilities and the effect that interest rates may have on our cash flows. Changes in the general level of interest rates can affect our net interest income, which is the difference between the interest income earned on interest earning assets and our interest expense incurred in connection with our interest-bearing debt and liabilities. Changes in interest rates can also affect, among other things, our ability to acquire leveraged loans, high yield bonds and other debt investments and the value of our investment portfolio.

Our investment income is affected by fluctuations in various interest rates, including SOFR and the prime rate. Substantially all of our portfolio is, and we expect will continue to be, comprised of floating rate investments that utilize SOFR or an alternate rate. The Federal Reserve reduced its benchmark interest rate by 0.25% in each of September 2025, October 2025 and December 2025, bringing the benchmark rate to the 3.50% to 3.75% range. The Federal Reserve maintained this range at each of its meetings held from January 2026 through July 2026. In September 2026, the Federal Reserve raised its benchmark interest rate by 0.25%, bringing the target benchmark rate to the 3.75% to 4.00% range, and stated that inflation remains elevated. While market participants had broadly expected additional rate cuts in 2026 at the start of the year, expectations have shifted toward rates remaining at current or increased levels for longer, as headline inflation remains above the Federal Reserve’s 2% target and geopolitical tensions added further upside pressure to the inflation outlook. In considering the extent and timing of any additional future adjustments, the Federal Reserve stated that it will carefully assess income data relating to inflationary pressures and the unemployment rate, the evolving economic outlook, and the balance of risks. Given the evolving economic environment and policy considerations, there can be no assurance regarding the magnitude or timing of future federal funds rate adjustments in either direction. In an elevated interest rate environment, our cost of funds would increase, which could reduce our net investment income if there is not a corresponding increase in interest income generated by our investment portfolio. It is possible that the Federal Reserve’s tightening cycle could result in a recession in the United States, which would likely decrease interest rates. A prolonged reduction in interest rates will reduce our gross investment income and could result in a decrease in our net investment income if such decreases in base rates, such as SOFR, are not offset by corresponding increases in the spread over such base rates that we earn on any portfolio investments, a decrease in our operating expenses, including with respect to our income incentive fee, or a decrease in the interest rate of our floating interest rate liabilities. Our interest expense is affected by fluctuations in SOFR on our Valley Credit Facility and Live Oak Credit Facility. In addition, all of our assets have been transitioned from LIBOR to an acceptable replacement rate, such as SOFR.

148

At August 31, 2026, we had $902.4 million of borrowings outstanding, which includes $32.5 million of borrowings outstanding under the Valley Credit Facility and $37.5 million under the Live Oak Credit Facility. As of August 31, 2026, on a fair value basis, approximately 99.0% of our debt investments bear interest at a fixed-rate and approximately 1.0% of our debt investments bear interest at a floating rate. As of August 31, 2026, 100% of our floating rate debt investments are subject to interest rate floors. Additionally, both the Valley Credit Facility and the Live Oak Credit Facility are subject to floating interest rates and are currently paid based on floating Term SOFR rates.

We have analyzed the potential impact of changes in interest rates on interest income from investments. Assuming that our investments as of August 31, 2026 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% increase in interest rates would cause a corresponding increase of approximately $10.7 million to our interest income. Conversely, a hypothetical change of a 1% decrease in interest rates would cause a corresponding decrease of approximately $10.7 million to our interest income.

Changes in interest rates would have no impact on our current interest and debt financing expenses, except for our borrowings under our Valley Credit Facility and Live Oak Credit Facility. All of our remaining borrowings are fixed-rate borrowings. Assuming that borrowings under our Valley Credit Facility and Live Oak Credit Facility as of August 31, 2026 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 $0.7 million to our interest expense. Conversely, a hypothetical change of a 1.0% decrease in interest rates would cause a corresponding decrease of approximately $0.7 million to our interest expense.

Although management believes that this measure is indicative of our sensitivity to interest rate changes, it does not adjust for potential changes in credit quality, size and composition of the assets on the statements of assets and liabilities and other business developments that could magnify or diminish our sensitivity to interest rate changes, nor does it account for divergences in SOFR and the commercial paper rate, which have historically moved in tandem but, in times of unusual credit dislocations, have experienced periods of divergence. Accordingly, no assurances can be given that actual results would not materially differ from the potential outcome simulated by this estimate.

For further information, the following table shows the approximate annualized increase or decrease in the components of net investment income due to hypothetical base rate changes in interest rates, assuming no changes in our investments and borrowings as of August 31, 2026.

	Increase			(Increase)			Increase			Increase			Increase
Basis	(Decrease)			Decrease			(Decrease) in Net			(Decrease) in Net			(Decrease) in Net
Point	in Interest			in Interest			Interest			Interest			Investment
Change	Income			Expense			Income			Income*			Income per Share
	($ in thousands)
-100		(10,654	)		700			(9,954	)		(7,963	)		(0.50	)
-50		(5,346	)		350			(4,996	)		(3,997	)		(0.25	)
-25		(2,673	)		175			(2,498	)		(1,998	)		(0.13	)
25		2,686			(175	)		2,511			2,009			0.13
50		5,372			(350	)		5,022			4,018			0.25
75		8,058			(525	)		7,533			6,026			0.38
100		10,744			(700	)		10,044			8,035			0.50
200		21,488			(1,400	)		20,088			16,070			1.01
300		32,233			(2,100	)		30,133			24,106			1.51
400		42,977			(2,800	)		40,177			32,142			2.02

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, as amended (the “Exchange Act”)). Based on that evaluation, our chief executive officer and our chief financial officer have concluded that our current disclosure controls and procedures are effective in facilitating timely decisions regarding required disclosure of any material information relating to us that is required to be disclosed by us in the reports we file or submit under the Exchange Act. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

(b)

There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) that occurred during the quarter ended August 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

149

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

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

Item 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. Except as set forth below, there have been no material changes during the six months ended August 31, 2026 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, 2026. 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.

The early redemption feature in our outstanding 7.25% 2029 Notes increases our dependence on certain key individuals and could result in early repayment obligations at a time when we may not have sufficient cash, which could trigger cross defaults under our other indebtedness.

Our 7.25% 2029 Notes contain a provision that grants the holders the option to have the 7.25% 2029 Notes repaid prior to their stated maturity date if (i) we are no longer directly managed by Saratoga Investment Advisors or any of its affiliates, or if two or more of Christian L. Oberbeck, Michael J. Grisius, Thomas V. Inglesby, Charles G. Phillips or Henri J. Steenkamp cease to work or be employed on a full-time basis with respect to the business of Saratoga Investment Advisors at least the duties and responsibilities delegated to him as of the date of the indenture governing the 7.25% 2029 Notes and has not been promptly replaced by another person reasonably acceptable to the holders of the 7.25% 2029 Notes, or (ii) we violate Section 18(a)(1)(A) of the 1940 Act, as modified by Section 61(a)(2) of the 1940 Act. This early redemption feature increases our dependence on these key individuals. On September 16, 2026, Mr. Steenkamp notified our board of directors that he will step down as our Chief Financial Officer, Chief Compliance Officer, Treasurer and Secretary, effective as of October 31, 2026. Mr. Steenkamp will continue to support us in a consulting capacity and will continue to serve as a member of our board of directors and as the Chief Financial Officer of the SBIC Subsidiaries. We may not repay the 7.25% 2029 Notes upon the occurrence of any such event because we may not have sufficient funds. In addition, our failure to purchase the 7.25% 2029 Notes upon the occurrence of any such event would cause an event of default under the indenture governing the 7.25% 2029 Notes and a cross-default under the agreements governing certain of our other indebtedness. Any such cross-default could result in the acceleration of our indebtedness, which would have a material adverse effect on our financial condition, results of operations and our ability to make payments on our indebtedness.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

(a)

None.

(b)

None.

(c)

For the period covered by this Quarterly Report on Form 10-Q, no director or officer of the Company has entered into (i) any contract, instruction or written plan for the purchase or sale of securities of the Company intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or (ii) any non-Rule 10b5-1 trading arrangement.

150

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:

EXHIBIT INDEX

Exhibit Number		Description
3.1(a)		Articles of Incorporation of Saratoga Investment Corp. (f/k/a GSC Investment Corp.) (incorporated by reference to Saratoga Investment Corp.’s Form 10-Q for the quarterly period ended May 31, 2007).

3.1(b)		Articles of Amendment of Saratoga Investment Corp. (incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed August 3, 2010).

3.1(c)		Articles of Amendment of Saratoga Investment Corp. (incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed August 13, 2010).

3.2		Third Amended and Restated Bylaws of Saratoga Investment Corp. (incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 10-Q filed January 6, 2021)

4.1		Specimen certificate of Saratoga Investment Corp.’s common stock, par value $0.001 per share. (incorporated by reference to Saratoga Investment Corp.’s Registration Statement on Form N-2, File No. 333-169135, filed on September 1, 2010).

4.2		Registration Rights Agreement dated July 30, 2010 between GSC Investment Corp., GSC CDO III L.L.C., and the investors party thereto (incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed on August 3, 2010).

4.3		Dividend Reinvestment Plan (incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed on September 24, 2014).

4.4		Form of Indenture by and between the Company and U.S. Bank National Association, as trustee (incorporated by reference to Saratoga Investment Corp.’s Pre-Effective Amendment No. 2 to the Registration Statement on Form N-2, File No. 333-186323 filed April 30, 2013).

4.5		Form of Articles Supplementary Establishing and Fixing the Rights and Preferences of Preferred Stock (incorporated by reference to Saratoga Investment Corp.’s registration statement on Form N-2 Pre-Effective Amendment No. 1, File No. 333-196526, filed on December 5, 2014).

4.6		Seventh Supplemental Indenture between Saratoga Investment Corp. and U.S. Bank National Association, as trustee, relating to 6.25% Notes due 2027 (incorporated by reference to Saratoga Investment Corp.’s Quarterly Report on Form 10-Q, filed on January 10, 2023).

4.7		Eighth Supplemental Indenture between the Saratoga Investment Corp. and U.S. Bank National Association, as trustee, relating to the 4.375% Note due 2026 (incorporated by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K (File No. 814-00732) filed on March 10, 2021).

4.8		Ninth Supplemental Indenture between Saratoga Investment Corp. and U.S. Bank National Association, as trustee, relating to the 4.35% Note due 2027 (incorporated by reference to the Registrant’s Current Report on Form 8-K (File No. 814-00732) filed on January 19, 2022).

4.9		Eleventh Supplemental Indenture between Saratoga Investment Corp. and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee, relating to the 7.00% Notes due 2025 (incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q, filed on January 10, 2023).

151

4.10		Twelfth Supplemental Indenture between Saratoga Investment Corp. and U.S. Bank Trust Company, National Association, as trustee, relating to the 8.00% Notes due 2027 (incorporated by reference to the Registrant’s Current Report on Form 8-K (File No. 814-00732) filed on October 27, 2022).

4.11		Thirteenth Supplemental Indenture between Saratoga Investment Corp. and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee, relating to the 8.125% Notes due 2027 (incorporated by reference to the Registrant’s Current Report on Form 8-K, filed on December 13, 2022).

4.12

Fifteenth Supplemental Indenture between Saratoga Investment Corp. and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee, relating to the 8.50% Notes due 2028 (incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed on April 14, 2023).

4.13		Sixteenth Supplemental Indenture between Saratoga Investment Corp. and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee, relating to the 7.50% Notes due 2031 (incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed on February 6, 2026).

4.14		Seventeenth Supplemental Indenture, dated as of April 10, 2026, by and between Saratoga Investment Corp. and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee, relating to the 7.25% Notes due 2029 (incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed on April 14, 2026).

4.15		Eighteenth Supplemental Indenture, dated as of August 26, 2026, by and between Saratoga Investment Corp. and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee, relating to the 8.00% Notes due 2031 (incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed on August 26, 2026).

4.16		Form of 6.25% Notes due 2027 (incorporated by reference to Exhibit 4.6 hereto).

4.17		Form of 4.375% Notes due 2026 (incorporated by reference to Exhibit 4.7 hereto).

4.18		Form of 4.35% Notes due 2027 (incorporated by reference to Exhibit 4.8 hereto).

4.19		Form of 7.00% Notes due 2025 (incorporated by reference to Exhibit 4.9 hereto).

4.20		Form of 8.00% Notes due 2027 (incorporated by reference to Exhibit 4.10 hereto).

4.21		Form of 8.125% Notes due 2027 (incorporated by reference to Exhibit 4.11 hereto).

4.22		Form of 8.50% Notes due 2028 (incorporated by reference to Exhibit 4.12 hereto).

4.23		Form of 7.50% Notes due 2031 (incorporated by reference to Exhibit 4.13 hereto).

4.24		Form of 7.25% Notes due 2029 (incorporated by reference to Exhibit 4.14 hereto).

4.25		Form of 8.00% Notes due 2031 (incorporated by reference to Exhibit 4.15 hereto).

152

31.1*		Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934

31.2*		Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934

32.1*		Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C.1350)

32.2*		Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)

101.INS		Inline XBRL Instance Document.

101.SCH		Inline XBRL Taxonomy Extension Schema Document.

101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document.

101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document.

104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

*	Filed herewith

153

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: October 6, 2026	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

154