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.

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.