**Exhibit 31.1**

 

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO**

**RULE 13a-14(a) and 15d-14(a) UNDER THE SECURITIES EXCHANGEACT OF 1934, AS AMENDED**

 

I, Christian L. Oberbeck, certify that:

 

1. I have reviewed this Annual Report on Form 10-K of SaratogaInvestment Corp.;

 

2. Based on myknowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make thestatements made, in light of the circumstances under which such statements were made, not misleading with respect to the period coveredby this report;

 

3. Based on my knowledge, the financialstatements, and other financial information included in this report, fairly present in all material respects the financial condition,results of operations and cash flows of the company as of, and for, the periods presented in this report;

 

4. The company’s other certifyingofficer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) forthe company and have:

 

(a) Designed such disclosure controls and procedures,or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relatingto the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly duringthe period in which this report is being prepared;

 

(b) Designed such internal controlover financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonableassurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles;

 

(c) Evaluated the effectiveness ofthe company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosurecontrols and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d) Disclosed in this report any changein the company’s internal control over financial reporting that occurred during the company’s most recent fiscal quarter (theregistrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materiallyaffect, the company’s internal control over financial reporting; and

 

5. The company’s other certifyingofficer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company’sauditors and the audit committee of the company’s board of directors (or persons performing the equivalent functions):

 

(a) All significant deficiencies andmaterial weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affectthe company’s ability to record, process, summarize and report financial information; and

 

(b) Any fraud, whether or not material,that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: May 4, 2022