# EDGAR Filing Document

**Accession Number:** 0001377936
**File Stem:** 0001213900-26-052176
**Filing Date:** 2026-5
**Character Count:** 1074901
**Document Hash:** 321566c5f007a4b6828ac963d05f44e6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-052176.hdr.sgml**: 20260505

**ACCESSION NUMBER**: 0001213900-26-052176

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 103

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260505

**DATE AS OF CHANGE**: 20260505

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SARATOGA INVESTMENT CORP.
- **CENTRAL INDEX KEY:** 0001377936

**ORGANIZATION NAME:**
- **EIN:** 204876925
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-00732
- **FILM NUMBER:** 26942984

**BUSINESS ADDRESS:**
- **STREET 1:** 535 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212 750-3343

**MAIL ADDRESS:**
- **STREET 1:** 535 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GSC INVESTMENT CORP.
- **DATE OF NAME CHANGE:** 20070321

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GSC Investment LLC
- **DATE OF NAME CHANGE:** 20061011

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 10-K**

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

**For the fiscal year ended February 28, 2026**

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

**For the transition period from ______ to** ______

**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<br> incorporation or organization)** | **(I.R.S. Employer<br> 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:**

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| | | |
|:---|:---|:---|
| **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 |
| 6.00% Notes due 2027 | SAT | 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 |

---

**Securities registered pursuant to Section 12(g) of the Act: None**

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐ No ☒

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 ☒ <br> Non-accelerated filer ☐ Smaller reporting company ☐ <br> 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 has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The aggregate market value of the voting and non-voting common stock held by non-affiliates of the registrant as of August 31, 2025 was approximately $350.6 million based upon a closing price of $25.54 reported for such date by the New York Stock Exchange.

The number of outstanding common shares of the registrant as of May 4, 2026 was 16,267,748.

**NOTE ABOUT REFERENCES**

In this Annual Report on Form 10-K (the "Annual Report"), the "Company," "we," "us" and "our" refer to Saratoga Investment Corp. and its wholly owned subsidiaries, Saratoga Investment Funding II LLC, Saratoga Investment Funding III LLC, Saratoga Investment Corp. SBIC II LP, and Saratoga Investment Corp. SBIC III LP, unless the context otherwise requires. We refer to Saratoga Investment Advisors, LLC, our investment adviser, as "Saratoga Investment Advisors," the "Investment Adviser" or the "Manager."

**NOTE ABOUT FORWARD-LOOKING STATEMENTS** 

Some of the statements in this Annual Report constitute forward-looking statements. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by 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 Annual Report on information available to us on the date of this Annual Report, 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 occurring after the date of this Annual Report, whether as a result of new information, future events or otherwise, unless required by law or SEC rule or regulation. You are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

The forward-looking statements contained in this Annual Report involve risks and uncertainties, including statements as to:

● our future operating results;

● the introduction, withdrawal, success and timing of business initiatives and strategies;

● changes in political, economic or industry conditions, the interest rate environment or financial and capital markets, which could result in changes in the value of our assets;

● the relative and absolute investment performance and operations of our Manager;

● the impact of increased competition;

● our ability to turn potential investment opportunities into transactions and thereafter into completed and successful investments;

● the unfavorable resolution of any future legal proceedings;

● our business prospects and the operational and financial performance of our portfolio companies, including their ability to achieve our respective objectives as a result of the current economic conditions caused by, among other things, 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;

● 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.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. Important assumptions include our ability to originate new loans and investments, borrowing costs and levels of profitability and the availability of additional capital. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Annual Report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described in Part I. Item 1A. "Risk Factors." You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Annual Report.

---

| | |
|:---|:---|
| [PART I](#k_001) |  |
| [Item 1. Business](#k_002) | 1 |
| [Item 1A. Risk Factors](#k_003) | 25 |
| [Item 1B. Unresolved Staff Comments](#k_004) | 59 |
| [Item 1C. Cybersecurity](#k_005) | 59 |
| [Item 2. Properties](#k_006) | 59 |
| [Item 3. Legal Proceedings](#k_007) | 59 |
| [Item 4. Mine Safety Disclosures](#k_008) | 59 |
| [PART II](#k_009) |  |
| [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#k_010) | 60 |
| [Item 6. \[Reserved\]](#k_011) | 68 |
| [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](#k_012) | 68 |
| [Item 7A. Quantitative and Qualitative Disclosures About Market Risk](#k_013) | 114 |
| [Item 8. Consolidated Financial Statements and Supplementary Data](#k_014) | 116 |
| [Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#k_015) | 116 |
| [Item 9A. Controls and Procedures](#k_016) | 116 |
| [Item 9B. Other Information](#k_017) | 116 |
| [Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#k_018) | 116 |
| [PART III](#k_019) |  |
| [Item 10. Directors, Executive Officers and Corporate Governance](#k_020) | 117 |
| [Item 11. Executive Compensation](#k_021) | 119 |
| [Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#k_022) | 121 |
| [Item 13. Certain Relationships and Related Transactions, and Director Independence](#k_023) | 122 |
| [Item 14. Principal Accounting Fees and Services](#k_024) | 123 |
| [PART IV](#k_025) |  |
| [Item 15. Exhibits, Consolidated Financial Statement Schedules](#k_026) | 124 |
| [Item 16. Form 10-K Summary](#k_027) | 128 |
| [Signatures](#k_028) | 129 |

---

i

**PART I**

**ITEM 1. BUSINESS**

**General**

We are a specialty finance company that provides customized financing solutions to U.S middle-market businesses. Our investment objective is to create attractive risk-adjusted returns by generating current income and long-term capital appreciation from our investments. We primarily invest in senior and unitranche leveraged loans and mezzanine debt and, to a lesser extent, equity issued by private U.S. middle-market companies, which we define as companies having annual earnings before interest, taxes, depreciation and amortization ("EBITDA") of between $2 million and $50 million, both through direct lending and through participation in loan syndicates. Our investments generally provide financing for change of ownership transactions, strategic acquisitions, recapitalizations, and growth initiatives in partnership with business owners, management teams and financial sponsors. Our investment activities are externally managed and advised by Saratoga Investment Advisors, LLC, a New York-based investment firm affiliated with Saratoga Partners, a middle-market private equity investment firm.

Our portfolio is comprised primarily of investments in leveraged loans issued by middle-market companies. Leveraged loans are generally senior debt instruments that rank ahead of subordinated debt with below investment grade or "junk" ratings or, if not rated, would be rated below investment grade or "junk" and, as a result, carry a higher risk of default. Leveraged loans also have the benefit of security interests on the assets of the portfolio company, which may rank ahead of, or be junior to, other security interests. Term loans are loans that do not allow the borrowers to repay all or a portion of the loans prior to maturity and then re-borrow such repaid amounts under the loan again. We also invest in mezzanine debt and make equity investments in middle-market companies. Mezzanine debt is typically unsecured and subordinated to senior debt of the portfolio company.

While our primary focus is to generate current income and capital appreciation from our debt and equity investments in middle-market companies, we may invest up to 30.0% of our portfolio in opportunistic investments in order to seek to enhance returns to stockholders. Such investments may include investments in distressed debt, including securities of companies in bankruptcy, foreign debt, private equity, securities of public companies that are not thinly traded, joint ventures 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.

As of February 28, 2026, we had total assets of $1,139.3 million and investments in 49 portfolio companies, excluding an investment in the subordinated notes of one collateralized loan obligation fund, Saratoga Investment Corp. CLO 2013-1, Ltd. ("Saratoga CLO"), which had a fair value of $0.0 million as of February 28, 2026, investment in the Class F-2-R-3 Note of Saratoga CLO which as of February 28, 2026 had a fair value of $0.0 million, investment in the Class E-R Note of Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd which as of February 28, 2026 has a fair value of $8.4 million and investments in the Saratoga Senior Loan Fund I JV LLC ("SLF JV") and its subsidiaries, a joint venture which as of February 28, 2026 had a total fair value of $17.7 million which consists of both membership interests and an unsecured note. The overall portfolio composition as of February 28, 2026 consisted of 82.1% of first lien term loans, 3.9% of second lien term loans, 1.5% of unsecured loans, 4.9% of structured finance securities and 7.6% of equity interests. As of February 28, 2026, the weighted average yield on all of our investments, including our investment in the subordinated notes of Saratoga CLO and Class F-2-R-3 Note was approximately 9.6%. The weighted average yield of our investments is not the same as a return on investment for our stockholders and, among other things, is calculated before the payment of our fees and expenses. As of February 28, 2026, our total return based on market value was 1.54% and our total return based on net asset value ("NAV") per share was 7.50%. As of February 28, 2025, our total return based on market value was 27.17% and our total return based on net asset value per share was 10.11%. Total return based on market value is the change in the ending market value of the Company's common stock plus dividends distributed during the period assuming participation in the Company's dividend reinvestment plan divided by the beginning market value of the Company's common stock. Total return based on NAV is the change in ending NAV per share plus dividends distributed per share paid during the period assuming participation in the Company's dividend reinvestment plan divided by the beginning NAV per share. While total return based on NAV and total return based on market value reflect fund expenses, they do not reflect any sales load that may be paid by investors. As of February 28, 2026, approximately 100% of our first lien debt investments were fully collateralized in the sense that the portfolio companies in which we held such investments had an enterprise value or our investment had an asset coverage equal to or greater than the principal amount of the related debt investment. The Company uses enterprise value to assess the level of collateralization of its portfolio companies. The enterprise value of a portfolio company is determined by analyzing various factors, including EBITDA, cash flows from operations less capital expenditures and other pertinent factors, such as recent offers to purchase a portfolio company's securities or other liquidation events. As a result, while we consider a portfolio company to be collateralized if its enterprise value exceeds the amount of our loan, we do not hold tangible assets as collateral in our portfolio companies that we would obtain in the event of a default. Our investment in the subordinated notes of Saratoga CLO represents a first loss position in a portfolio that, at February 28, 2026, was composed of $391.0 million in aggregate principal amount of predominantly senior secured first lien term loans. A first loss position means that we will suffer the first economic losses if losses are incurred on loans held by the Saratoga CLO. As a result, this investment is subject to unique risks. See Part I. 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."

We are an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company ("BDC") under the 1940 Act. As a BDC, we are required to comply with various regulatory requirements, including limitations on our use of debt. We finance our investments through borrowings. However, as a BDC, we are only generally allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, equals at least 200% after such borrowing, or 150% if we obtain the required approvals from our directors who are not "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) of the Company ("independent directors") and/or stockholders. On April 16, 2018, our board of directors, including, a majority of our independent directors, approved of us becoming subject to a minimum asset coverage ratio of 150% under Sections 18(a)(1) and 18(a)(2) of the 1940 Act. The 150% asset coverage ratio became effective on April 16, 2019.

We have elected, and intend 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"). As a RIC, we generally will not be subject to U.S. federal income tax on any net ordinary income or capital gains that we timely distribute to our stockholders if we meet certain source-of-income, annual distribution and asset diversification requirements.

In addition, 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 a small business investment company ("SBIC") from the Small Business Administration ("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. With all debentures repaid to the SBA, SBIC LP's ("SBIC LP") license was surrendered 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. Under current SBIC regulations, for two or more SBICs under common control, the maximum amount of outstanding SBA debentures cannot exceed $350.0 million with at least $175.0 million in combined regulatory capital. See Part I. Item 1. "Business—Small Business Investment Company Regulations."

We received exemptive relief from the U.S. Securities and Exchange Commission (the "SEC") to permit us to exclude the senior securities issued by the SBIC Subsidiaries from the definition of senior securities in the asset coverage requirement under the 1940 Act. This allows the Company increased flexibility under the asset coverage requirement by permitting it to borrow up to $350.0 million more than it would otherwise be able to absent the receipt of this exemptive relief.

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-MDP, Inc., SIA-PP Inc., SIA-SIQ, Inc., SIA-SZ, Inc., SIA-TG, Inc., SIA-TT, Inc. and SIA-Vector, 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.

On October 26, 2021, the Company and TJHA JV I LLC ("TJHA") entered into a Limited Liability Company Agreement (the "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. 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 million of financing to SLF JV through cash contributions, with the Company providing $43.75 million and TJHA providing $6.25 million, resulting in an 87.5% and 12.5% ownership between the two parties. The financing is issued in the form of an unsecured note and equity. The unsecured note will pay a fixed rate of 10.0% per annum and is due and payable in full on October 20, 2033. As of February 28, 2026, the Company and TJHA's investment in SLF JV consisted of an unsecured note of $17.6 million and $2.5 million, respectively; and membership interest of $19.2 million and $2.7 million, respectively. For the year ended February 28, 2026, the Company earned $1.8 million of interest income related to SLF JV, which is included in interest income. SLF JV's initial investment in SLF 2022 was in the form of an unsecured loan. The unsecured loan paid a floating rate of LIBOR plus 7.00% per annum and was due and payable in full on June 9, 2023. The unsecured loan was repaid in full on October 28, 2022, as part of the CLO closing. The Company has determined that SLF JV is an investment company under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, *Financial Services—Investment Companies*; however, in accordance with such guidance the Company will generally not consolidate its investment in a company other than a wholly owned investment company subsidiary. SLF JV is not a wholly owned investment company subsidiary as the Company and TJHA each have an equal 50% voting interest in SLF JV and thus neither party has a controlling financial interest. Furthermore, ASC Topic 810, *Consolidation,* concludes that in a joint venture where both members have equal decision-making authority, it is not appropriate for one member to consolidate the joint venture since neither has control. Accordingly, the Company does not consolidate SLF JV.

**Corporate Information**

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, we engaged Saratoga Investment Advisors to replace GSCP (NJ), L.P. as our investment adviser and changed our name to Saratoga Investment Corp.

Our corporate offices are located at 535 Madison Avenue, New York, New York 10022. Our telephone number is (212) 906-7800. We maintain a website on the Internet at www.saratogainvestmentcorp.com. Information contained on our website is not incorporated by reference into this Annual Report, and you should not consider that information to be part of this Annual Report.

**Saratoga Investment Advisors**

*General*

Our Investment Adviser was formed in 2010 as a Delaware limited liability company and became our investment adviser in July 2010. Our Investment Adviser is led by five principals, Christian L. Oberbeck, Michael J. Grisius, David DeSantis, Thomas V. Inglesby, and Charles G. Phillips, with 38, 36, 25, 39 and 29 years of experience in leveraged finance, respectively, and the Chief Financial Officer, Chief Compliance Officer, Treasurer and Secretary, Henri J. Steenkamp, who has 27 years of experience in financial services and leveraged finance. Our Investment Adviser is affiliated with Saratoga Partners, a middle-market private equity investment firm. Saratoga Partners was established in 1984 to be the middle-market private investment arm of Dillon Read & Co. Inc. and has been independent of Dillon Read & Co. Inc. and its successor entity, SBC Warburg Dillon Read, since 1998. Saratoga Partners has a 36-year history of private investments in middle-market companies and focuses on public and private equity, preferred stock, and senior and mezzanine debt investments.

*Our Relationship with Saratoga Investment Advisors*

We utilize the personnel, infrastructure, relationships and experience of Saratoga Investment Advisors to enhance the growth of our business. We currently have no employees and each of our executive officers is also an officer of Saratoga Investment Advisors.

We have entered into an investment advisory and management agreement (the "Management Agreement") with Saratoga Investment Advisors. Pursuant to the 1940 Act, the initial term of the Management Agreement was for two years from its effective date of July 30, 2010, and will remain in effect on a year-to-year basis if approved annually at an in-person meeting of the board of directors, a majority of whom must be independent directors. Most recently, our board of directors approved the renewal of the Management Agreement for an additional one-year term at an in-person meeting held on July 7, 2025. Pursuant to the Management Agreement, Saratoga Investment Advisors implements our business strategy on a day-to-day basis and performs certain services for us under the direction of our board of directors. Saratoga Investment Advisors is responsible for, among other duties, performing all of our day-to-day functions, determining investment criteria, sourcing, analyzing and executing investment transactions, asset sales, financings and performing asset management duties.

Saratoga Investment Advisors has formed an investment committee to advise and consult with its senior management team with respect to our investment policies, investment portfolio holdings, financing and leveraging strategies and investment guidelines. We believe that the collective experience of the investment committee members across a variety of fixed income asset classes will benefit us. The investment committee must unanimously approve all investments in excess of $1.0 million made by us. In addition, all sales of our investments must be approved by all five of our investment committee members. The current members of the investment committee are Messrs. Oberbeck, Grisius, DeSantis, Inglesby, and Phillips.

We have also entered into a separate Administration Agreement (the "Administration Agreement") with Saratoga Investment Advisors pursuant to which Saratoga Investment Advisors furnishes us with office facilities, equipment and clerical, bookkeeping and record keeping services. The Administration Agreement has an initial term of two years from its effective date of July 30, 2010, and will remain in effect on a year-to-year basis, subject to annual approval by our board of directors, a majority of whom must be our independent directors. Most recently, on July 7, 2025, our board of directors approved the renewal of the Administration Agreement for an additional one-year term and determined to increase the cap on the payment or reimbursement of expenses by the Company from $5.0 million to $5.4 million effective August 1, 2025. The Company's board of directors will continue to assess the cap on payment or reimbursement of expenses on an annual basis. Under the Administration Agreement, Saratoga Investment Advisors also performs, or oversees the performance of our required administrative services, which include, among other things, being responsible for the financial records which we are required to maintain, preparing reports for our stockholders and reports required to be filed with the SEC. Payments under the Administration Agreement will be equal to an amount based upon the allocable portion of Saratoga Investment Advisors' overhead in performing its obligations under the Administration Agreement, including rent and the allocable portion of the cost of our officers and their respective staffs relating to the performance of services under the Administration Agreement.

**Investments**

Our portfolio is comprised primarily of investments in leveraged loans (both first and second lien term loans) issued by middle-market companies. Investments in middle-market companies are generally less liquid than equivalent investments in companies with larger capitalizations. These investments are sourced in both the primary and secondary markets through a network of relationships with commercial and investment banks, commercial finance companies and financial sponsors. The leveraged loans that we purchase are generally used to finance buyouts, strategic acquisitions, growth initiatives, recapitalizations and other types of transactions. Leveraged loans are generally senior debt instruments that rank ahead of subordinated debt which are invested by companies with below investment grade or "junk" ratings or, if not rated, would be rated below investment grade or "junk" and, as a result, carry a higher risk of default. Leveraged loans also have the benefit of security interests on the assets of the portfolio company, which may rank ahead of, or be junior to, other security interests. For a discussion of the risks pertaining to our secured investments, see Part I. Item 1A. "Risk Factors—Our investments may be risky, and you could lose all or part of your investment."

As part of our long-term strategy, we also invest in mezzanine debt and make equity investments in middle-market companies. Mezzanine debt is typically unsecured and subordinated to senior debt of the portfolio company. See Part I. Item 1A. "Risk Factors—If we make unsecured debt investments, we may lack adequate protection in the event our portfolio companies become distressed or insolvent and will likely experience a lower recovery than more senior debtholders in the event our portfolio companies default on their indebtedness."

Substantially all of the debt investments held in our portfolio hold a non-investment grade rating by one or more rating agencies or, if not rated, would be rated below investment grade if rated, which are often referred to as "junk." As of February 28, 2026, 95.2% of our debt portfolio at fair value consisted of debt securities for which issuers were not required to make principal payments until the maturity of such debt securities, which could result in a substantial loss to us if such issuers are unable to refinance or repay their debt at maturity. Such "interest-only" loans are structured such that the borrower makes only interest payments throughout the life of the loan and makes a large, "balloon payment" at the end of the loan term. The ability of a borrower to make or refinance a balloon payment may be affected by a number of factors, including the financial condition of the borrower, prevailing economic conditions, higher interest rates, and collateral values. If the interest-only loan borrower is unable to make or refinance a balloon payment, we may experience greater losses than if the loan were structured as amortizing. As of February 28, 2026, 13.6% of our interest-only loans provided for contractual PIK interest, which represents contractual interest added to a loan balance and due at the end of such loan's term, and 37.0% of such investments elected to pay a portion of interest due in PIK. In addition, 98.8% of our debt investments at February 28, 2026, had variable interest rates that reset periodically based on benchmarks such as SOFR and the prime rate. As a result, significant increases in such benchmarks in the future may make it more difficult for these borrowers to service their obligations under the debt investments that we hold.

As a BDC, we are required to comply with certain regulatory requirements. For instance, as a BDC, we may not acquire any assets other than "qualifying assets" as specified in the 1940 Act unless, at the time of and after giving effect to such acquisition, at least 70% of our total assets are qualifying assets. See Part I. Item 1. "Business—Business Development Company Regulations – Qualifying Assets."

***Leveraged loans***

Our leveraged loan portfolio is comprised primarily of first lien and second lien term loans. First lien term loans are secured by a first priority perfected security interest on all or substantially all of the assets of the borrower and typically include a first priority pledge of the capital stock of the borrower. First lien term loans hold a first priority with regard to right of payment. Generally, first lien term loans offer floating rate interest payments, have a stated maturity of five to seven years, and have a fixed amortization schedule. First lien term loans generally have restrictive financial and negative covenants. Second lien term loans are secured by a second priority perfected security interest on all or substantially all of the assets of the borrower and typically include a second priority pledge of the capital stock of the borrower. Second lien term loans hold a second priority with regard to right of payment. Second lien term loans offer either floating rate or fixed rate interest payments, generally have a stated maturity of five to eight years and may or may not have a fixed amortization schedule. Second lien term loans that do not have fixed amortization schedules require payment of the principal amount of the loan upon the maturity date of the loan. Second lien term loans have less restrictive financial and negative covenants than those that govern first lien term loans.

***Mezzanine debt***

Mezzanine debt usually ranks subordinate in priority of payment to senior debt and is often unsecured. However, mezzanine debt ranks senior to common and preferred equity in a borrowers' capital structure. Mezzanine debt typically has fixed rate interest payments and a stated maturity of six to eight years and does not have fixed amortization schedules.

In some cases, our debt investments may provide for a portion of the interest payable to be payment-in-kind interest ("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.

***Equity Investments***

Equity investments may consist of preferred equity that is expected to pay dividends on a current basis in the form of cash or additional equity or preferred equity that does not pay current dividends. Preferred equity at times may also have PIK interest payable. Preferred equity generally has a preference over common equity as to distributions on liquidation and dividends. In some cases, we may acquire common equity. In general, our equity investments are not control-oriented investments and we expect that in many cases we will acquire equity securities as part of a group of private equity investors in which we are not the lead investor.

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***Opportunistic Investments***

Opportunistic investments may include investments in distressed debt, which may include securities of companies in bankruptcy, debt and equity securities of public companies that are not thinly traded, emerging market debt, structured finance vehicles such as equity and debt securities in collateralized loan obligation funds and debt of middle-market companies located outside the United States. See Notes to the Consolidated Financial Statements (Note 4. *Investment in Saratoga CLO* and Note 5. *Investment in SLF JV*) contained herein for more information about Saratoga CLO and SLF JV.

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We might also opportunistically invest in CLO BB and CLO BBB debt, either in the primary or secondary market. These investments are generally more liquid than our other investments. We follow a rigorous process of analyzing and assessing various CLO managers by organizing them in different tiers based on various metrics and historical performance, and then primarily invest in issuances of those managers that are classified in the top tiers.

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***Prospective portfolio company characteristics***

Our Investment Adviser generally selects portfolio companies with one or more of the following characteristics:

● a history of generating stable earnings and strong free cash flow;

● well-constructed balance sheets with the ability to withstand industry cycles, supported by sustainable enterprise values;

● reasonable debt-to-cash flow multiples;

● exceptional management with meaningful stake;

● industry leadership with competitive advantages and sustainable market shares and growth prospects in attractive and healthy sectors; and

● capital structures that provide appropriate terms and reasonable covenants.

***Investment selection***

In managing us, Saratoga Investment Advisors employs the same investment philosophy and portfolio management methodologies used by Saratoga Partners. Through this investment selection process, based on quantitative and qualitative analysis, Saratoga Investment Advisors seeks to identify portfolio companies with superior fundamental risk-reward profiles and strong, defensible business franchises with the goal of minimizing principal losses while maximizing risk-adjusted returns. Saratoga Investment Advisors' investment process emphasizes the following:

● bottom-up, company-specific research and analysis;

● capital preservation, low volatility and minimization of downside risk; and

● investing with experienced management teams that hold meaningful equity ownership in their businesses.

Our Investment Adviser's investment process generally includes the following steps:

● Initial screening. A brief analysis identifies the investment opportunity and reviews the merits of the transaction. The initial screening memorandum provides a brief description of the company, its industry, competitive position, capital structure, financials, equity sponsor and deal economics. If the deal is determined to be attractive by the senior members of the deal team, the opportunity is fully analyzed.

● Full analysis. A full analysis includes:

● Business and Industry analysis—a review of the company's business position, competitive dynamics within its industry, cost and growth drivers and technological and geographic factors. Business and industry research often includes meetings with industry experts, consultants, other investors, customers and competitors.

● Company analysis—a review of the company's historical financial performance, future projections, cash flow characteristics, balance sheet strength, liquidation value, legal, financial and accounting risks, contingent liabilities, market share analysis and growth prospects.

● Structural/security analysis—a thorough legal document analysis including but not limited to an assessment of financial and negative covenants, events of default, enforceability of liens and voting rights.

● Approval of the investment committee. The investment is then presented to the investment committee for approval. The investment committee must unanimously approve all investments in excess of $1 million made by us. In addition, all sales of our investments must be approved by all five of our investment committee members. The members of our investment committee are Christian L. Oberbeck, Michael J. Grisius, David DeSantis, Thomas V. Inglesby, and Charles G. Phillips.

***Investment structure***

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In general, our Investment Adviser intends to select investments with financial covenants and terms that reduce leverage over time, thereby enhancing credit quality. These methods include:

● maintenance leverage covenants requiring a decreasing ratio of debt to cash flow;

● maintenance cash flow covenants requiring an increasing ratio of cash flow to the sum of interest expense and capital expenditures; and

● debt incurrence prohibitions, limiting a company's ability to re-lever.

In addition, limitations on asset sales and capital expenditures should prevent a company from changing the nature of its business or capitalization without our consent.

Our Investment Adviser seeks, where appropriate, to limit the downside potential of our investments by:

● requiring a total return on our investments (including both interest and potential equity appreciation) that compensates us for credit risk;

● requiring companies to use a portion of their excess cash flow to repay debt;

● selecting investments with covenants that incorporate call protection as part of the investment structure; and

● selecting investments with affirmative and negative covenants, default penalties, lien protection, change of control provisions and board rights, including either observation or participation rights.

***Valuation process***

We account for our investments at fair value in accordance with FASB ASC Topic 820, *Fair Value Measurement* ("ASC 820"), as determined in good faith using written policies and procedures adopted by our board of directors. Investments for which market quotations are readily available are recorded in our consolidated financial statements at such market quotations 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 determined in good faith by our board of directors based on input from Saratoga Investment Advisors, our audit committee and an independent valuation firm engaged by our board of directors. We use multiple techniques for determining fair value based on the nature of the investment and experience with those types of investments and specific portfolio companies. The selections of the valuation techniques and the inputs and assumptions used within those techniques often require subjective judgements and estimates. These techniques include market comparables, discounted cash flows and enterprise value waterfalls. Fair value is best expressed as a range of values from which the Company determines a single best estimate. The types of inputs and assumptions that may be considered in determining the range of values of our investments include the nature and realizable value of any collateral, the portfolio company's ability to make payments, market yield trend analysis and volatility in future interest rates, call and put features, the markets in which the portfolio company does business, comparison to publicly traded companies, discounted cash flows and other relevant factors.

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 the 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 tranche of the SLF 2022 every quarter.

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

● the audit committee of our board of directors reviews and approves each preliminary valuation and our Investment Adviser and independent valuation firm (if applicable) will supplement the preliminary valuation to reflect any comments provided by the audit committee; and

● our board of directors discusses the valuations and approves the fair value of each investment in good faith based on the input of our Investment Adviser, 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 a discounted cash flow model that utilizes prepayment, re-investment and loss assumptions based on historical experience and projected performance, economic factors, the characteristics of the underlying cash flow, and comparable yields 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 flow models, or an appropriate substitute, to form the basis for the valuation of our investment in Saratoga CLO. The models use a set of assumptions including projected default rates, recovery rates, reinvestment rates and prepayment rates in order to arrive at estimated valuations. The assumptions 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.

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. Our NAV could be materially affected if the determinations regarding the fair value of our investments were materially higher or lower than the values that we ultimately realize upon the disposal of such investments.

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, the Company has adopted certain revisions to its valuation policies and procedures in order comply with the applicable requirements of Rule 2a-5 and Rule 31a-4.

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***Ongoing relationships with and monitoring of portfolio companies***

Saratoga Investment Advisors will closely monitor each investment we make and, when appropriate, will conduct a regular dialogue with both the management team and other debtholders and seek specifically tailored financial reporting. In addition, in certain circumstances, senior investment professionals of Saratoga Investment Advisors may take board seats or board observation seats.

**Distributions**

Our distributions, if any, will be determined by our board of directors and paid out of assets legally available for distribution. Any such distributions generally will be taxable to our stockholders, including to those stockholders who receive additional shares of our common stock pursuant to our dividend reinvestment plan. We pay quarterly dividends to our stockholders. 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.

In order to maintain our tax treatment as a RIC, we generally must, among other things, for each fiscal year, timely distribute an amount equal to at least 90% of our "investment company taxable income," which is generally our ordinary net taxable income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, to our stockholders on an annual basis. In addition, we will be subject to a non-deductible 4% U.S. federal excise tax on certain undistributed income unless we distribute in a timely manner during the calendar year an amount at least equal to the sum of (1) 98% of our net ordinary income for the calendar year, (2) 98.2% of our capital gain net income for the one year period ending on October 31 of the calendar year and (3) certain undistributed amounts from previous years on which we paid no U.S. federal income tax. For the 2025 calendar year, the Company did not make sufficient distributions such that we did incur the U.S. federal excise tax. We may elect to not distribute a portion of our ordinary income for the 2026 calendar year and/or portion of the capital gains in excess of capital losses realized during the one-year period ending October 31, 2026, if any, and, if we do so, we would expect to incur U.S. federal taxes as a result.

We may distribute taxable dividends that are payable in cash or shares of our common stock at the election of each stockholder. Under certain applicable provisions of the Code and the Treasury regulations and a revenue procedure issued by the Internal Revenue Service ("IRS"), a publicly offered 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 from an IRS revenue procedure that the aggregate amount of cash to be distributed to all stockholders must be at least 20% of the aggregate declared distribution. Under the revenue procedure, if too many stockholders elect to receive their distributions in 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 the lesser of (a) the portion of the distribution such shareholder has elected to receive in cash or (b) an amount equal to his or her entire distribution times the percentage limitation on cash available for distribution. 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. Stockholders receiving such distributions will be required to include the full amount of the dividend as ordinary income (or as long-term capital gain or qualified dividend income to the extent such distribution is properly reported as such) to the extent of our current and accumulated earnings and profits for U.S. federal income tax purposes. As a result of receiving distributions in the form of our common stock, a U.S. stockholder may be required to pay tax with respect to such distributions in excess of any cash received. If a U.S. stockholder sells the stock he or she receives as a dividend in order to pay this tax, the sales proceeds may be less than the amount included in income with respect to the dividend, depending on the market price of our stock at the time of the sale. Furthermore, with respect to non-U.S. stockholders, we may be required to withhold U.S. federal tax with respect to such dividends, including in respect of all or a portion of such dividend that is payable in stock. In addition, if a significant number of our stockholders determine to sell shares of our stock in order to pay taxes owed on dividends, it may put downward pressure on the trading price of our stock.

**Competition**

Our primary competitors in providing financing to private middle-market companies include public and private investment funds (including private equity funds, mezzanine funds, BDCs and SBICs), commercial and investment banks and commercial financing companies. Additionally, alternative investment vehicles, such as hedge funds, frequently invest in middle-market companies. As a result, competition for investment opportunities at middle-market companies can be intense, and in the past couple of years we believe there has been an increase in the amount of debt capital available on average. This has resulted in a somewhat more competitive environment for making new investments. Many middle-market companies are still unable to raise senior debt financing through traditional large financial institutions, and we believe this approach to financing remains difficult as implementation of U.S. and international financial reforms, such as Basel 3, limits the capacity of large financial institutions to hold non-investment grade leveraged loans on their balance sheets. We believe that many of these financial institutions have deemphasized their service and product offerings to middle-market companies in particular.

Many of our competitors are substantially larger and have considerably greater financial and marketing resources than us. For example, some competitors may have access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments, which may allow them to consider a wider variety of investments and establish more relationships than us. Furthermore, many of our competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC or that the Code imposes on us as a RIC. We use the industry information available to the investment professionals of Saratoga Investment Advisors to assess investment risks and determine appropriate pricing for our investments in portfolio companies. In addition, we believe that the investment professionals of our Investment Adviser enable us to learn about, and compete effectively for, financing opportunities with attractive leveraged companies in the industries in which we seek to invest.

For additional information concerning the competitive risks we face, please see Part I. Item 1A. "Risk Factors—We operate in a highly competitive market for investment opportunities."

**Staffing**

We do not currently have any employees and do not expect to have any employees in the future. Services necessary for our business are provided by individuals who are employees of Saratoga Investment Advisors, pursuant to the terms of the Management Agreement and the Administration Agreement. For a discussion of the Management Agreement, see Part I. Item 1. "Business—Investment Advisory and Management Agreement" below. We reimburse Saratoga Investment Advisors for our allocable portion of expenses incurred by it in performing its obligations under the Administration Agreement, including rent and our allocable portion of the cost of our officers and their respective staffs, subject to certain limitations. For a discussion of the Administration Agreement, see Part I. Item 1. "Business—Administration Agreement" below.

**Investment Advisory and Management Agreement**

Saratoga Investment Advisors serves as our investment adviser. Our Investment Adviser was formed in 2010 as a Delaware limited liability company and became our investment advisor in July 2010. Subject to the overall supervision of our board of directors, Saratoga Investment Advisors manages our day-to-day operations and provides investment advisory and management services to us. Under the terms of the Management Agreement, Saratoga Investment Advisors:

● determines the composition of our portfolio, the nature and timing of the changes to our portfolio and the manner of implementing such changes;

● identifies, evaluates and negotiates the structure of the investments we make (including performing due diligence on our prospective portfolio companies);

● closes and monitors the investments we make; and

● determines the securities and other assets that we purchase, retain or sell.

Saratoga Investment Advisors services under the Management Agreement are not exclusive, and it is free to furnish similar services to other entities.

***Management Fee and Incentive Fee***

Pursuant to the Management Agreement with Saratoga Investment Advisors, we pay Saratoga Investment Advisors a fee for investment advisory and management services consisting of two components—a base management fee and an incentive fee.

The base management fee is paid quarterly in arrears, and equals 1.75% per annum of our gross assets (other than cash or cash equivalents but including assets purchased with borrowed funds) and calculated at the end of each fiscal quarter based on the average value of our gross assets (other than cash or cash equivalents but including assets purchased with borrowed funds) as of the end of such fiscal quarter and the end of the immediate prior fiscal quarter. As a result, Saratoga Investment Advisors will benefit as we incur debt or use leverage to purchase assets. Our board of directors will monitor the conflicts presented by this compensation structure by approving the amount of leverage that we may incur. Base management fees for any partial month or quarter are appropriately pro-rated.

The incentive fee has the following two parts:

The first part is calculated and payable quarterly in arrears based on our pre-incentive fee net investment income for the immediately preceding fiscal quarter. Pre-incentive fee net investment income means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence, managerial and consulting fees or other fees that we receive from portfolio companies) accrued during the fiscal quarter, minus our operating expenses for the quarter (including the base management fee, expenses payable under the Administration Agreement, and any interest expense and dividends paid on any issued and outstanding preferred stock or debt security, but excluding the incentive fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as market discount, debt instruments with PIK interest, preferred stock with PIK dividends and zero-coupon securities), accrued income that we have not yet received in cash. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses, unrealized capital appreciation or depreciation or realized gains or losses resulting from the extinguishment of our own debt. Pre-incentive fee net investment income, expressed as a rate of return on the value of our net assets (defined as total assets less liabilities) at the end of the immediately preceding fiscal quarter, is compared to a "hurdle rate" of 1.875% per quarter, subject to a "catch up" provision. The base management fee is calculated prior to giving effect to the payment of any incentive fees.

We pay Saratoga Investment Advisors an incentive fee with respect to our pre-incentive fee net investment income in each fiscal quarter as follows:

● no incentive fee in any fiscal quarter in which our pre-incentive fee net investment income does not exceed the quarterly hurdle rate of 1.875%;

● 100.0% of our pre-incentive fee net investment income with respect to that portion of such 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 is payable to Saratoga Investment Advisors;

● 20.0% of the amount of our pre-incentive fee net investment income, if any, that exceeds 2.344% in any fiscal quarter. We refer to the amount specified in clause (B) as the "catch-up." The "catch-up" provision is intended to provide Saratoga Investment Advisors with an incentive fee of 20.0% on all of our pre-incentive fee net investment income as if a hurdle rate did not apply when our pre-incentive fee net investment income exceeds 2.344% in any fiscal quarter. Notwithstanding the foregoing, with respect to any period ending on or prior to December 31, 2010, Saratoga Investment Advisors was only entitled to 20.0% of the amount of our pre-incentive fee net investment income, if any, that exceeded 1.875% in any fiscal quarter without any catch-up provision. These calculations are appropriately pro-rated when such calculations are applicable for any period of less than three months.

There is no accumulation of amounts from quarter to quarter on either the hurdle rate or the parameters set by the "catch-up" mechanism or any claw back of amounts previously paid to Saratoga Investment Advisors if subsequent quarters are below the quarterly hurdle or the "catch-up" parameters. Furthermore, there is no delay of payment to Saratoga Investment Advisors if prior quarters are below the quarterly hurdle or "catch-up."

The following is a graphical representation of the calculation of the income-related portion of the incentive fee subsequent to any period ending after December 31, 2010:

***Quarterly Incentive Fee Based on "Pre-Incentive Fee Net Investment Income"***

**Pre-Incentive Fee Net Investment Income**

**(expressed as a percentage of the value of net assets)**

![](ea028334801_img1.jpg)

**Percentage of Pre-Incentive Fee Net Investment**

**Income allocated to income-related portion of incentive fee**

The second part of the incentive fee, the capital gains fee, is determined and payable in arrears as of the end of each fiscal year (or, upon termination of the Management Agreement), and is calculated at the end of each applicable fiscal year by subtracting (1) the sum of our cumulative aggregate realized capital losses and aggregate unrealized capital depreciation from (2) our cumulative aggregate realized capital gains, in each case calculated from May 31, 2010 on each investment in the Company's portfolio. If such amount is positive at the end of such year, then the capital gains fee for such year is equal to 20.0% of such amount, less the cumulative aggregate amount of capital gains fees paid in all prior years. If such amount is negative, then there is no capital gains fee for such year.

Under the Management Agreement, 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 Saratoga Investment Advisors will be entitled to 20.0% of net capital gains that arise after May 31, 2010. In addition, the cost basis for computing our realized gains and losses on investments held by us as of May 31, 2010 equals the fair value of such investments as of such date.

**Examples of Quarterly Incentive Fee Calculation**

***Example 1: Income Related Portion of Incentive Fee(1):***

*Assumptions*

● Hurdle rate(2) = 1.875%

● Management fee(3) = 0.4375%

● Other expenses (legal, accounting, custodian, transfer agent, etc.)(4) = 0.33%

***Alternative 1***

*Additional Assumptions*

 

● Investment income (including interest, dividends, fees, etc.) = 1.25%

● Pre-incentive fee net investment income (investment income–(management fee + other expenses)) = 0.4825% Pre-incentive fee net investment income does not exceed hurdle rate, therefore there is no incentive fee.

***Alternative 2***

*Additional Assumptions*

● Investment income (including interest, dividends, fees, etc.) = 3.0%

● Pre-incentive fee net investment income (investment income–(management fee + other expenses)) = 2.2325%

Pre-incentive fee net investment income exceeds hurdle rate, but does not fully satisfy the "catch-up" provision, therefore the income related portion of the incentive fee is 0.3575%.

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| | |
|:---|:---|
| Incentive Fee | (100.0% × (pre-incentive fee net investment income–1.875%) |
|  | 100.0%(2.2325%–1.875%) |
|  | 100.0%(0.3575%) |
|  | 0.3575% |

---

(1) The hypothetical amount of pre-incentive fee net investment
 income shown is based on a percentage of total net assets.

(2) Represents 7.5% hurdle rate.

(3) Represents 1.75% annualized management fee. For the
 purposes of this example, we have assumed that we have not incurred any indebtedness and that we maintain no cash or cash equivalents.

(4) The "catch-up" provision is intended to
 provide our Investment Adviser with an incentive fee of 20.0% on all pre-incentive fee net investment income as if a hurdle rate
 did not apply when our net investment income exceeds 2.344% in any fiscal quarter.

***Alternative 3***

*Additional Assumptions*

● Investment income (including interest, dividends, fees, etc.) = 3.5%

● Pre-Incentive Fee Net Investment Income (investment income–(management fee + other expenses) = 2.7325%

Pre-incentive fee net investment income exceeds the hurdle rate, and fully satisfies the "catch-up" provision, therefore the income related portion of the incentive fee is 0.5467%.

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| | |
|:---|:---|
| Incentive fee | 100.0% × pre-incentive fee net investment income (subject to "catch-up")(4) |
| Incentive fee | 100.0% × "catch-up" + (20.0% × (Pre-incentive fee net investment income–2.344%)) |
| Catch up | 2.344%–1.875% |
|  | 0.469% |
| Incentive fee | (100.0% × 0.469%) +(20.0% ×(2.7325%–2.344%)) |
|  | 0.469% +(20.0% × 0.3885%) |
|  | 0.469% + 0.0777% |
|  | 0.5467% |

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**Example 2: Capital Gains Portion of Incentive Fee:**

***Alternative 1***

*Assumptions(1)*

● Year 1: $20.0 million investment made in Company A ("Investment A"), and $30.0 million investment made in Company B ("Investment B")

● Year 2: Investment A is sold for $50.0 million and fair market value ("FMV") of Investment B determined to be $32.0 million

● Year 3: FMV of Investment B determined to be $25.0 million

● Year 4: Investment B sold for $31.0 million

The capital gains portion of the incentive fee, if any, calculated under the cumulative method would be:

● Year 1: None

● Year 2: $6 million (20.0% multiplied by $30.0 million realized capital gains on sale of Investment A)

● Year 3: None; $5 million (20.0% multiplied by ($30.0 million realized cumulative capital gains less $5.0 million cumulative capital depreciation)) less $6.0 million (capital gains incentive fee paid in Year 2)

● Year 4: $200,000; $6.2 million (20.0% multiplied by $31.0 million cumulative realized capital gains) less $6.0 million (capital gains incentive fee paid in Year 2)

***Alternative 2***

*Assumptions(1)*

● Year 1: $20.0 million investment made in Company A ("Investment A"), $30.0 million investment made in Company B ("Investment B") and $25.0 million investment made in Company C ("Investment C")

● Year 2: Investment A sold for $50.0 million, FMV of Investment B determined to be $25.0 million and FMV of Investment C determined to be $25.0 million

● Year 3: FMV of Investment B determined to be $27.0 million and Investment C sold for $30.0 million

(1) The examples assume that Investment A and Investment
 B were acquired by us subsequent to May 31, 2010. If Investment A and B were acquired by us prior to May 31, 2010, then the cost
 basis for computing our realized gains and losses on such investments would equal the fair value of such investments as of May 31,
 2010.

● Year 4: FMV of Investment B determined to be $35.0 million

● Year 5: Investment B sold for $20.0 million

The capital gains portion of the incentive fee, if any, calculated under the cumulative method would be:

● Year 1: None

● Year 2: $5.0 million (20.0% multiplied by $25.0 million ($30.0 million realized capital gains on Investment A less $5.0 million unrealized capital depreciation on Investment B))

● Year 3: $1.4 million ($6.4 million (20.0% multiplied by $32.0 million ($35.0 million cumulative realized capital gains less $3.0 million unrealized capital depreciation)) less $5.0 million (capital gains incentive fee paid in Year 2))

● Year 4: None

● Year 5: None ($5.0 million (20.0% multiplied by $25.0 million (cumulative realized capital gains of $35.0 million less realized capital losses of $10.0 million)) less $6.4 million (cumulative capital gains incentive fee paid in Year 2 and Year 3))

The Management Agreement with Saratoga Investment Advisors was initially approved for a two year period by our board of directors at an in-person meeting of the directors, including a majority of our independent directors, and was approved by our stockholders at the special meeting of stockholders held on July 30, 2010. Following the initial two year period, our board of directors has approved the renewal of the Management Agreement annually for an additional one-year term every year, with the most recent renewal approved by the Board at an in-person meeting on July 7, 2025.

In approving renewal of the Management Agreement for an additional one-year term, the directors considered, among other things, (i) the nature, extent and quality of the advisory and other services to be provided to us by Saratoga Investment Advisors; (ii) our investment performance and the investment performance of Saratoga Investment Advisors; (iii) the expected costs of the services to be provided by Saratoga Investment Advisors (including management fees, advisory fees and expense ratios) as compared to other companies within the industry, and the profits expected to be realized by Saratoga Investment Advisors; (iv) the limited potential for economies of scale in investment management associated with managing us; and (v) Saratoga Investment Advisors estimated pro forma profitability with respect to managing us.

***Payment of our expenses***

The Management Agreement provides that all investment professionals of Saratoga Investment Advisors and its staff, when and to the extent engaged in providing investment advisory services required to be provided by Saratoga Investment Advisors, and the compensation and routine overhead expenses of such personnel allocable to such services, will be provided and paid for by Saratoga Investment Advisors and not by us.

We bear all costs and expenses of our operations and transactions, including those relating to:

● organization;

● calculating our NAV (including the cost and expenses of any independent valuation firm);

● expenses incurred by our Investment Adviser payable to third parties, including agents, consultants or other advisers, in monitoring financial and legal affairs for us and in monitoring our investments and performing due diligence on our prospective portfolio companies;

● expenses incurred by our Investment Adviser payable for travel and due diligence on our prospective portfolio companies;

● interest payable on debt, if any, incurred to finance our investments;

● offerings of our common stock and other securities;

● investment advisory and management fees;

● fees payable to third parties, including agents, consultants or other advisers, relating to, or associated with, evaluating and making investments;

● transfer agent and custodial fees;

● federal and state registration fees;

● all costs of registration and listing our common stock on any securities exchange;

● U.S. federal, state and local taxes;

● independent directors' fees and expenses;

● costs of preparing and filing reports or other documents required by governmental bodies (including the Securities and Exchange Commission (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 the Administration Agreement, including rent and the allocable portion of the cost of our officers and their respective staffs (including travel expenses)).

***Duration and Termination***

The Management Agreement will remain in effect continuously, unless terminated under the termination provisions of the Management Agreement. The Management Agreement provides that it may be terminated at any time, without the payment of any penalty, upon 60 days written notice, by the vote of stockholders holding a majority of our outstanding voting securities, or by the vote of our directors or by Saratoga Investment Advisors.

The Management Agreement will, unless terminated as described above, continue in effect from year to year so long as it is approved at least annually by (i) the vote of the board of directors, or by the vote of stockholders holding a majority of our outstanding voting securities, and (ii) the vote of a majority of our directors who are not parties to the Management Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the 1940 Act) of any party to such agreement, in accordance with the requirements of the 1940 Act.

***Indemnification***

Under the Management Agreement, Saratoga Investment Advisors and certain of its affiliates are not liable to us for any action taken or omitted to be taken by Saratoga Investment Advisors in connection with the performance of any of its duties or obligations under the agreement or otherwise as an investment adviser to us, except to the extent specified in Section 36(b) of the 1940 Act concerning loss resulting from a breach of fiduciary duty (as the same is finally determined by judicial proceedings) with respect to the receipt of compensation for services and except to the extent such action or omission constitutes gross negligence, willful misfeasance, bad faith or reckless disregard of its duties and obligations under the agreement.

We also provide indemnification to Saratoga Investment Advisors and certain of its affiliates for damages, liabilities, costs and expenses incurred by them in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding arising out of or otherwise based upon the performance of any of its duties or obligations under the agreement or otherwise as an investment adviser to us. However, we would not provide indemnification against any liability to us or our security holders to which Saratoga Investment Advisors or such affiliates would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of any such person's duties or by reason of the reckless disregard of its duties and obligations under the agreement.

***Organization of the Investment Adviser***

Saratoga Investment Advisors is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). The principal executive offices of Saratoga Investment Advisors are located at 535 Madison Avenue, New York, New York 10022.

**Administration Agreement**

Pursuant to a separate Administration Agreement, Saratoga Investment Advisors, who also serves as our administrator, furnishes us with office facilities, equipment and clerical, book-keeping and record keeping services. Under the Administration Agreement, our administrator also performs, or oversees the performance of, our required administrative services, which include, among other things, being responsible for the financial records which we are required to maintain, preparing reports for our stockholders and reports required to be filed with the SEC. In addition, our administrator assists us in determining and publishing our NAV, oversees the preparation and filing of our tax returns and the printing and dissemination of reports to our stockholders, and generally oversees the payment of our expenses and the performance of administrative and professional services rendered to us by others. Payments under the Administration Agreement equal an amount based upon our allocable portion of our administrator's overhead in performing its obligations under the Administration Agreement, including rent and our allocable portion of the cost of our officers and their respective staffs relating to the performance of services under this agreement (including travel expenses). Our allocable portion is based on the proportion that our total assets bears to the total assets administered or managed by our administrator. Under the Administration Agreement, our administrator also provides managerial assistance, on our behalf, to those portfolio companies who accept our offer of assistance. The Administration Agreement may be terminated by either party without penalty upon 60 days written notice to the other party. Our board of directors, including a majority of independent directors, will annually review the compensation we pay to the Adviser to determine that the provisions of the Administrative Agreement are carried out satisfactorily and to determine, among other things, whether the fees payable under such agreement are reasonable in light of the services provided. Our board of directors reviews the methodology employed in determining how the expenses are allocated to us and any proposed allocation of administrative expenses among us and any affiliates of the Adviser. Our board of directors then assesses the reasonableness of such reimbursements for expenses allocated to us based on the breadth, depth and quality of the administrative services as compared to the estimated cost to us of obtaining similar services from third-party service providers known to be available. In addition, our board of directors considers whether any single third-party service provider would be capable of providing all such services at comparable cost and quality. Finally, our board of directors compares the total amount paid to the Adviser for such services as a percentage of our net assets to the same ratio as reported by other comparable funds. Most recently, on July 7, 2025, the Company's board of directors approved the renewal of the Administration Agreement for an additional one-year term, and subsequently also determined to increase the cap on the payment or reimbursement of expenses by the Company from $5.0 million to $5.4 million, effective August 1, 2025. The Company's board of directors will continue to assess the cap on payment or reimbursement of expenses on an annual basis.

***Indemnification***

Under the Administration Agreement, Saratoga Investment Advisors and certain of its affiliates are not liable to us for any action taken or omitted to be taken by Saratoga Investment Advisors in connection with the performance of any of its duties or obligations under the agreement.

We also provide indemnification to Saratoga Investment Advisors and certain of its affiliates for damages, liabilities, costs and expenses incurred by them in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding arising out of or otherwise based upon the performance of any of its duties or obligations under the agreement or otherwise as an administrator to us. However, we do not provide indemnification against any liability to us or our security holders to which Saratoga Investment Advisors or such affiliates would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of any such person's duties or by reason of the reckless disregard of its duties and obligations under the agreement.

**License Agreement**

We entered into a trademark license agreement with Saratoga Investment Advisors, pursuant to which Saratoga Investment Advisors grants us a non-exclusive, royalty-free license to use the name "Saratoga." Under this agreement, we have a right to use the "Saratoga" name, for so long as Saratoga Investment Advisors or one of its affiliates remains our Investment Adviser. Other than with respect to this limited license, we have no legal right to the "Saratoga" name. Saratoga Investment Advisors has the right to terminate the license agreement if it is no longer acting as our investment adviser. In the event the Management Agreement is terminated, we would be required to change our name to eliminate the use of the name "Saratoga."

**Business Development Company Regulations** 

We have elected to be regulated as a BDC under the 1940 Act. As with other companies regulated by the 1940 Act, a BDC must adhere to certain substantive regulatory requirements. The 1940 Act contains prohibitions and restrictions relating to transactions between BDCs and their affiliates (including any investment advisers or sub-advisers), principal underwriters and affiliates of those affiliates or underwriters, and requires that a majority of the directors be independent directors. In addition, the 1940 Act provides that we may not change the nature of our business so as to cease to be, or to withdraw our election to be regulated as, a BDC, unless approved by "a majority of our outstanding voting securities," as defined in the 1940 Act. A majority of the outstanding voting securities of a company is defined under the 1940 Act as the lesser of: (i) 67.0% or more of such company's stock present at a meeting if more than 50.0% of the outstanding stock of such company is present and represented by proxy or (ii) more than 50.0% of the outstanding stock of such company.

We do not intend to acquire securities issued by any investment company (including Section 3(c)(1) and Section 3(c)(7) funds for this purpose, and mutual funds, registered closed-end funds and BDCs) that exceed the limits imposed by the 1940 Act. Under these limits, except for registered money market funds, we generally cannot acquire more than 3% of the voting stock of the investment company's total outstanding voting stock, invest more than 5% of the value of our total assets in the securities of one investment company or invest more than 10% of the aggregate value of our total assets in the securities of more than one investment company. With regard to that portion of our portfolio invested in securities issued by investment companies, it should be noted that such investments might subject our stockholders to additional expenses.

We are required to provide and maintain a bond issued by a reputable fidelity insurance company to protect us against larceny and embezzlement. Furthermore, as a BDC, we are prohibited from protecting any director or officer against any liability to us or our stockholders arising from willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office.

We and our investment adviser have adopted and implemented written policies and procedures reasonably designed to prevent violation of the federal securities laws and review these policies and procedures annually for their adequacy and the effectiveness of their implementation. We and the Investment Adviser have designated a chief compliance officer to be responsible for administering these policies and procedures. We expect to be periodically examined by the SEC for compliance with the federal securities laws, including the 1940 Act.

***Qualifying assets***

A BDC must have been organized and have its principal place of business in the United States and must be operated for the purpose of making investments in the types of securities described in (1), (2) or (3) below. Under the 1940 Act, a BDC may not acquire any asset other than assets of the type listed in Section 55(a) of the 1940 Act, which are referred to as qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70.0% of the company's total assets. The principal categories of qualifying assets relevant to our business are the following:

&nbsp;&nbsp;&nbsp;&nbsp;(1) Securities purchased in transactions not involving
 any public offering from the issuer of such securities, which issuer (subject to certain limited exceptions) is an eligible portfolio
 company, or from any person who is, or has been during the preceding 13 months, an affiliated person of an eligible portfolio company,
 or from any other person, subject to such rules as may be prescribed by the SEC. An eligible portfolio company is defined in the
 1940 Act as any issuer which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is organized under the laws of, and has its principal
 place of business in, the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is not an investment company (other than a small business
 investment company wholly owned by the BDC) or a company that would be an investment company but for certain exclusions under the
 1940 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) satisfies either of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) does not have any class of securities listed on a national
 securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) has a class of securities listed on a national securities
 exchange but has an aggregate market value of outstanding voting and non-voting common equity of less than $250.0 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) is controlled by a BDC or a group of companies including
 a BDC and the BDC has an affiliated person who is a director of the eligible portfolio company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) is a small and solvent company having total assets
 of not more than $4.0 million and capital and surplus of not less than $2.0 million; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) meets such other criteria as may established by the
 SEC. (2) Securities of any eligible portfolio company which we control.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Securities purchased
 in a private transaction from a U.S. issuer that is not an investment company or from an affiliated person of the issuer, or in transactions
 incident thereto, if the issuer is in bankruptcy and subject to reorganization or if the issuer, immediately prior to the purchase
 of its securities was unable to meet its obligations as they came due without material assistance other than conventional lending
 or financing arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Securities of an eligible
 portfolio company purchased from any person in a private transaction if there is no ready market for such securities and we already
 own at least 60.0% of the outstanding equity of the eligible portfolio company.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Securities received
 in exchange for or distributed on or with respect to securities described in (1) through (4) above, or pursuant to the exercise of
 options, warrants or rights relating to such securities.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Cash, cash equivalents,
 U.S. Government securities or high-quality debt securities maturing in one year or less from the time of investment.

The regulations defining qualifying assets may change over time. We may adjust our investment focus as needed to comply with and/or take advantage of any regulatory, legislative, administrative or judicial actions in this area.

 ****

***Significant managerial assistance to portfolio companies***

A BDC generally must offer to make available to the issuer of the securities in which it invests significant managerial assistance, except in circumstances where either (i) the BDC controls such issuer of securities or (ii) the BDC purchases such securities in conjunction with one or more other persons acting together and one of the other persons in the group makes available such managerial assistance. As a BDC, we must offer, and must provide upon request, managerial assistance to our portfolio companies. Making available significant managerial assistance means, among other things, any arrangement whereby the BDC, through its directors, officers or employees or those of its investment adviser or administrator, offers to provide, and, if accepted, does so provide, significant guidance and counsel concerning the management, operations or business objectives and policies of a portfolio company. This assistance could involve, among other things, monitoring the operations of our portfolio companies, participating in board and management meetings, consulting with and advising officers of portfolio companies and providing other organizational and financial guidance. Pursuant to a separate Administration Agreement, Saratoga Investment Advisors provides such managerial assistance on our behalf to portfolio companies that request this assistance, recognizing that our involvement with each investment will vary based on factors including the size of the company, the nature of our investment, the company's overall stage of development and our relative position in the capital structure. We may receive fees for these services.

***Temporary investments***

As a BDC, pending investment in other types of "qualifying assets," as described above, our investments may consist of cash, cash equivalents, U.S. Government securities or high-quality debt securities maturing in one year or less from the time of investment, which we refer to, collectively, as temporary investments, so that 70.0% of our assets are qualifying assets. Typically, we will invest in U.S. Treasury bills or in repurchase agreements, provided that such agreements are fully collateralized by cash or securities issued by the U.S. Government or its agencies. A repurchase agreement involves the purchase by an investor, such as us, of a specified security and the simultaneous agreement by the seller to repurchase it at an agreed-upon future date and at a price which is greater than the purchase price by an amount that reflects an agreed-upon interest rate. There is no percentage restriction on the proportion of our assets that may be invested in such repurchase agreements. However, if more than 25.0% of our total assets constitute repurchase agreements from a single counterparty, we would not meet the asset-diversification requirements in order to qualify as a RIC for U.S. federal income tax purposes. Thus, we do not intend to enter into repurchase agreements with a single counterparty in excess of this limit. Our Investment Adviser will monitor the creditworthiness of the counterparties with which we enter into repurchase agreement transactions.

***Indebtedness and senior securities***

As a BDC, we are permitted, under specified conditions, to issue multiple classes of indebtedness and one class of shares of stock, senior to our common stock, if our asset coverage, as defined in the 1940 Act, is at least equal to 200% immediately after each such issuance or 150% if certain requirements are met. On April 16, 2018, our board of directors, including a majority of our independent directors, approved of us becoming subject to a minimum asset coverage ratio of 150% under Sections 18(a)(1) and 18(a)(2) of the 1940 Act. The 150% asset coverage ratio became effective on April 16, 2019. See Part I. Item 1A. "Risk Factors – Effective April 16, 2019, our asset coverage requirement was reduced from 200% to 150%, which may increase the risk of investing in the Company." We may also borrow amounts up to 5.0% of the value of our total assets for temporary or emergency purposes without regard to asset coverage.

The 1940 Act also limits the amount of warrants, options and rights to common stock that we may issue and the terms of such securities.

***Common stock***

We generally are not able to issue and sell our common stock at a price below NAV per share. We may, however, sell our common stock, warrants, options or rights to acquire our common stock, at a price below the current NAV of the common stock if our board of directors determines that such sale is in our best interests and that of our stockholders, and our stockholders approve such sale. In any such case, the price at which our securities are to be issued and sold may not be less than a price which, in the determination of our board of directors, closely approximates the market value of such securities (less any distributing commission or discount). We may also make rights offerings to our stockholders at prices per share less than the NAV per share, subject to applicable requirements of the 1940 Act.

***Code of ethics***

As a BDC, we and Saratoga Investment Advisors have each adopted a code of ethics pursuant to Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act, respectively, that establishes procedures for personal investments and restricts certain personal securities transactions. Personnel subject to each code may invest in securities for their personal investment accounts, including securities that may be purchased or held by us, so long as such investments are made in accordance with the code's requirements. In addition, each code of ethics is available on the EDGAR database on the SEC's website at *www.sec.gov*. Our code of ethics is also available on our corporate governance webpage at *ir.saratogainvestmentcorp.com/corporate-governance*.

***Proxy voting policies and procedures***

SEC registered investment advisers that have the authority to vote (client) proxies (which authority may be implied from a general grant of investment discretion) are required to adopt policies and procedures reasonably designed to ensure that the adviser votes proxies in the best interests of its clients. Registered investment advisers also must maintain certain records on proxy voting. In most cases, we will invest in securities that do not generally entitle us to voting rights in our portfolio companies. When we do have voting rights, we will delegate the exercise of such rights to our Investment Adviser.

Saratoga Investment Advisors has particular proxy voting policies and procedures in place. In determining how to vote, officers of Saratoga Investment Advisors will consult with each other, taking into account our interests and the interests of our investors, as well as any potential conflicts of interest. Saratoga Investment Advisors will consult with legal counsel to identify potential conflicts of interest. Where a potential conflict of interest exists, Saratoga Investment Advisors may, if it so elects, resolve it by following the recommendation of a disinterested third party, by seeking the direction of our independent directors or, in extreme cases, by abstaining from voting. While Saratoga Investment Advisors may retain an outside service to provide voting recommendations and to assist in analyzing votes, it will not delegate its voting authority to any third party.

An officer of Saratoga Investment Advisors will keep a written record of how all such proxies are voted. It will retain records of (1) proxy voting policies and procedures, (2) all proxy statements received (or it may rely on proxy statements filed on the SEC's EDGAR system in lieu thereof), (3) all votes cast, (4) investor requests for voting information, and (5) any specific documents prepared or received in connection with a decision on a proxy vote. If it uses an outside service, Saratoga Investment Advisors may rely on such service to maintain copies of proxy statements and records, so long as such service will provide a copy of such documents promptly upon request.

Saratoga Investment Advisors' proxy voting policies are not exhaustive and are designed to be responsive to the wide range of issues that may be subject to a proxy vote. In general, Saratoga Investment Advisors will vote our proxies in accordance with these guidelines unless: (1) it has determined otherwise due to the specific and unusual facts and circumstances with respect to a particular vote, (2) the subject matter of the vote is not covered by these guidelines, (3) a material conflict of interest is present, or (4) it finds it necessary to vote contrary to its general guidelines to maximize stockholder value or our best interests.

In reviewing proxy issues, Saratoga Investment Advisors generally will use the following guidelines:

*Elections of Directors:* In general, Saratoga Investment Advisors will vote in favor of the management-proposed slate of directors. If there is a proxy fight for seats on a portfolio company's board of directors, or Saratoga Investment Advisors determines that there are other compelling reasons for withholding our vote, it will determine the appropriate vote on the matter. It may withhold votes for directors that fail to act on key issues, such as failure to: (1) implement proposals to declassify a board, (2) implement a majority vote requirement, (3) submit a rights plan to a stockholder vote or (4) act on tender offers where a majority of stockholders have tendered their shares. Finally, Saratoga Investment Advisors may withhold votes for directors of non-U.S. issuers where there is insufficient information about the nominees disclosed in the proxy statement.

*Appointment of Auditors:* We believe that a portfolio company remains in the best position to choose its independent auditors and Saratoga Investment Advisors will generally support management's recommendation in this regard.

*Changes in Capital Structure:* Changes in a portfolio company's organizational documents may be required by state or federal regulation. In general, Saratoga Investment Advisors will cast our votes in accordance with the management on such proposals. However, Saratoga Investment Advisors will consider carefully any proposal regarding a change in corporate structure that is not required by state or federal regulation.

*Corporate Restructurings, Mergers and Acquisitions:* We believe proxy votes dealing with corporate reorganizations are an extension of the investment decision. Accordingly, Saratoga Investment Advisors will analyze such proposals on a case-by-case basis and vote in accordance with its perception of our interests.

*Proposals Affecting Stockholder Rights:* We will generally vote in favor of proposals that give stockholders a greater voice in the affairs of a portfolio company and oppose any measure that seeks to limit such rights. However, when analyzing such proposals, Saratoga Investment Advisors will balance the financial impact of the proposal against any impairment of stockholder rights as well as of our investment in the portfolio company.

*Corporate Governance:* We recognize the importance of good corporate governance. Accordingly, Saratoga Investment Advisors will generally favor proposals that promote transparency and accountability within a portfolio company.

*Anti-Takeover Measures:* Saratoga Investment Advisors will evaluate, on a case-by-case basis, any proposals regarding anti- takeover measures to determine the likely effect on stockholder value dilution.

*Share Splits:* Saratoga Investment Advisors will generally vote with management on share split matters.

*Limited Liability of Directors:* Saratoga Investment Advisors will generally vote with management on matters that could adversely affect the limited liability of directors.

 

*Social and Corporate Responsibility:* Saratoga Investment Advisors will review proposals related to social, political and environmental issues to determine whether they may adversely affect stockholder value. It may abstain from voting on such proposals where they do not have a readily determinable financial impact on stockholder value.

 ****

***Privacy principles***

We are committed to protecting the privacy of our stockholders. The following explains the privacy policies of Saratoga Investment Corp., Saratoga Investment Advisors and their affiliated companies.

We will safeguard, according to strict standards of security and confidentiality, all information we receive about our stockholders.

Generally, we do not receive any non-public personal information relating to our stockholders, although certain non-public personal information of our stockholders may become available to us. The only information we collect from stockholders is the holder's name, address, number of shares and social security number. This information is used only so that we can send annual reports and other information about us to the stockholder and send the stockholder proxy statements or other information required by law. We restrict access to non-public personal information about our stockholders to our Investment Adviser's and Administrator's employees with a legitimate business need for the information. We maintain physical, electronic and procedural safeguards designed to protect the non-public personal information of our stockholders.

We do not share this information with any non-affiliated third party except as described below:

● *Authorized Employees of Saratoga Investment Advisors*. It is our policy that only authorized employees of Saratoga Investment Advisors who need to know a stockholder's personal information will have access to it.

● *Service Providers.* We may disclose your personal information to companies that provide services on our behalf, such as recordkeeping, processing a stockholder's trades, and mailing stockholder information. These companies are required to protect our stockholders' information and use it solely for the purpose for which they received it.

● *Courts and Government Officials.* If required by law, we may disclose a stockholder's personal information in accordance with a court order or at the request of government regulators. Only that information required by law, subpoena, or court order will be disclosed.

***Compliance with applicable laws***

As a BDC, we are periodically examined by the SEC for compliance with the federal securities laws, including the 1940 Act.

We are required to provide and maintain a bond issued by a reputable fidelity insurance company to protect us against larceny and embezzlement. Furthermore, as a BDC, we are prohibited from protecting any director or officer against any liability to us or our stockholders arising from willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office.

We and Saratoga Investment Advisors are each required to adopt and implement written policies and procedures reasonably designed to prevent violation of the federal securities laws, review these policies and procedures annually for their adequacy and the effectiveness of their implementation, and designate a chief compliance officer to be responsible for administering the policies and procedures.

***The New York Stock Exchange ("NYSE") Corporate Governance Regulations***

The NYSE has adopted corporate governance regulations that listed companies must comply with. We are in compliance with such corporate governance listing standards applicable to the Company.

***Affiliated Transactions***

The Company may be prohibited under the 1940 Act from participating in certain transactions with certain of its affiliates without the prior approval of our independent directors and, in some cases, the prior approval of the SEC. On December 12, 2023, the SEC granted an exemptive order (collectively, the "Order") that permits the Company to participate in negotiated co-investment transactions with certain other funds and accounts managed and controlled by Saratoga Investment Advisors or a control affiliate thereof, subject to the satisfaction of certain conditions. Pursuant to the Order, the Company is permitted to co-invest with such affiliates if a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Board's independent directors make certain conclusions in connection with a co-investment transaction, including, but not limited to, that (1) the terms of the potential co-investment transaction, including the consideration to be paid, are reasonable and fair to the Company and its shareholders and do not involve overreaching in respect of the Company or its shareholders on the part of any person concerned, and (2) the potential co-investment transaction is consistent with the interests of the Company's shareholders and is consistent with its then-current investment objective and strategies. Neither the Company nor its affiliates that are permitted to rely on the Order are obligated to invest or co-invest when investment opportunities are referred to the Company or them.

**Small Business Investment Company Regulations**

Our wholly owned subsidiaries, SBIC II LP and SBIC III LP, received licenses to operate as an SBIC 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. With all debentures repaid to the SBA, SBIC LP's ("SBIC LP") license was surrendered 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.

The SBIC licenses allow our SBIC Subsidiaries to obtain leverage by issuing SBA-guaranteed debentures, subject to the satisfaction of certain customary procedures. SBA-guaranteed debentures are non-recourse, interest only debentures with interest payable semi-annually and have a ten-year maturity. The principal amount of SBA-guaranteed debentures is not required to be paid prior to maturity but may be prepaid at any time without penalty. The interest rate of SBA-guaranteed debentures is fixed at the time of issuance at a market-driven spread over U.S. Treasury Notes with 10-year maturities.

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

The Company's wholly owned 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 subject to SBA approval and continued compliance with SBA regulations and policies. The SBA, as a creditor, will have a superior claim to each SBIC Subsidiaries' 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 senior securities of the SBIC subsidiaries guaranteed by the SBA from the definition of senior securities in the asset coverage requirement under the 1940 Act. This allows the Company increased flexibility under the asset coverage requirement by permitting it to borrow up to $350.0 million more than it would otherwise be able to absent the receipt of this exemptive relief.

For two or more SBIC's under common control, the maximum amount of outstanding SBA debentures cannot exceed $350.0 million with at least $175.0 million in combined regulatory capital. Our wholly owned SBIC Subsidiaries may borrow funds from the SBA against its respective regulatory capital (which generally approximates equity capital) that is paid in and is subject to customary regulatory requirements, including, but not limited to, an examination by the SBA. The SBIC Subsidiaries have $259.0 million of committed capital on an aggregate basis. SBA regulations currently limit the amount of SBA-guaranteed debentures that an individual SBIC may issue to $175.0 million when it has at least $87.5 million in regulatory capital.

As of February 28, 2026, we have funded SBIC II LP with an aggregate total of $87.5 million of equity capital and have $84.0 million of SBA-guaranteed debentures outstanding, and we have funded SBIC III LP with an aggregate total of $87.5 million of equity capital and have $76.0 million of SBA-guaranteed debentures outstanding.

**Available Information**

We file with or submit to the SEC annual, quarterly and current periodic reports, proxy statements and other information meeting the informational requirements of the Securities Exchange of 1934, as amended (the "Exchange Act"). The SEC maintains an Internet website that contains reports, proxy and information statements and other information filed electronically by us with the SEC at www.sec.gov.

Our Internet address is www.saratogainvestmentcorp.com. We make available free of charge on our Internet website our Annual Report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. Information contained on our website is not incorporated by reference into this Annual Report, and you should not consider that information to be part of this Annual Report.

**ITEM 1A. RISK FACTORS**

Investing in our securities involves a number of significant risks. In addition to other information contained in this Annual Report on Form 10-K, you should consider carefully the following information before making an investment in our securities. The risks set forth below are the principal risks with respect to the Company generally and with respect to BDCs, they may not be the only risks we face. This section nonetheless describes the principal risk factors associated with investment in the Company specifically, as well as those factors generally associated with investment in a company with investment objectives, investment policies, capital structure or trading markets similar to the Company's. If any of the risks occur, our business, financial condition and results of operations could be materially adversely affected. In such case, our NAV and the trading price of our securities could decline and you may lose all or part of your investment.

**SUMMARY OF RISK FACTORS**

The following is a summary of the principal risks that you should carefully consider before investing in our securities. These and other risk factors are described more fully in this Part I. Item 1A. "Risk Factors."

**Risks Related to Our Business and Structure** 

● We employ leverage, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us.

● We are exposed to risks associated with changes in interest rates including potential effects on our cost of capital and net investment income.

**Risks Related to the Current Environment** 

● Global economic, political and market conditions may adversely affect our business, results of operations and financial condition, including our revenue growth and profitability.

● Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies, which may, in turn, impact the valuation of such portfolio companies.

● We are currently operating in a period of capital markets disruption and economic uncertainty, which may have a negative impact on our business, financial condition and operations. An extended disruption in the capital markets and the credit markets could negatively affect our business.

● Economic recessions or downturns could impair the ability of our portfolio companies to repay loans and harm our operating results.

**Risks Related to Our Adviser and Its Affiliates** 

● We may be obligated to pay Saratoga Investment Advisors incentive fees even if we incur a net loss, or there is a decline in the value of our portfolio.

● The way in which the base management and incentive fees under the Management Agreement is determined may encourage Saratoga Investment Advisors to take actions that may not be in our best interests.

● Saratoga Investment Advisors' liability is limited under the Management Agreement and we will indemnify Saratoga Investment Advisors against certain liabilities, which may lead it to act in a riskier manner on our behalf than it would when acting for its own account.

● Our ability to enter into transactions with our affiliates is restricted.

**Risks Related to Our Investments**

● A majority of our debt investments are not required to make principal payments until the maturity of such debt securities and are generally riskier than other types of loans.

● The lack of liquidity in our investments may adversely affect our business.

● 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.

● Investments in equity securities involve a substantial degree of risk.

**Risks Related to Our Common Stock** 

● We may choose to pay dividends in our own stock, in which case you may be required to pay tax in excess of the cash you receive.

● Due to the current market conditions, we may defer our dividends and choose to incur U.S. federal excise tax in order to preserve cash and maintain flexibility.

● The market price of our common stock may fluctuate significantly.

● There is a risk that you may not receive distributions or that our distributions may not grow over time.

**Risks Related to Our Notes**

● The Notes are unsecured and therefore are effectively subordinated to any existing and future secured indebtedness.

● The Notes are structurally subordinated to the indebtedness and other liabilities of our subsidiaries, including indebtedness under our Valley Credit Facility and our Live Oak Credit Facility.

● An active trading market for the Public Notes may not develop or be sustained, which could limit the market price of the Public Notes or the ability to sell them.

**RISKS RELATED TO OUR BUSINESS AND STRUCTURE**

***We employ leverage, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us.***

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Borrowings, also known as leverage, magnify the potential for gain or loss on amounts invested and, therefore, increase the risks associated with investing in us. We borrow from and issue senior debt securities to banks and other lenders that is secured by a lien on our assets. Holders of these senior securities have fixed dollar claims on our assets that are superior to the claims of the holders of our securities. Leverage is generally considered a speculative investment technique. Any increase in our income in excess of interest payable on our outstanding indebtedness would cause our net income to increase more than it would have had we not incurred leverage, while any decrease in our income would cause net income to decline more sharply than it would have had we not incurred leverage. Such a decline could negatively affect our ability to make common stock distributions or scheduled debt payments, including with respect to the Notes, as defined below. There can be no assurance that our leveraging strategy will be successful.

Our outstanding indebtedness imposes, and additional debt we may incur in the future will likely impose, financial and operating covenants that restrict our business activities, including limitations that could hinder our ability to finance additional loans and investments or to make the distributions required to maintain our status as a RIC under subchapter M of the Code. A failure to add new debt facilities or issue additional debt securities or other evidences of indebtedness in lieu of or in addition to existing indebtedness could have a material adverse effect on our business, financial condition or results of operations.

As of February 28, 2026, there were $37.5 million outstanding borrowings under the Live Oak Credit Facility. As of February 28, 2026 there were $32.5 million outstanding borrowings under the Valley Credit Facility. As of February 28, 2026, we had issued $160.0 million in SBA-guaranteed debentures and our $75.0 million principal amount of 4.35% fixed-rate notes due in 2027 (the "4.35% 2027 Notes"), our $105.5 million principal amount of 6.00% fixed-rate notes due in 2027 (the "6.00% 2027 Notes"), our $15.0 million principal amount of 6.25% fixed-rate notes due in 2027 (the "6.25% 2027 Notes") our $46.0 million principal amount of 8.00% fixed-rate notes due 2027 (the "8.00% 2027 Notes"), our $60.4 million principal amount of 8.125% fixed-rate notes due 2027 (the "8.125% 2027 Notes"), our $57.5 million principal amount of 8.50% fixed-rate notes due 2028 (the "8.50% 2028 Notes"), our $50.0 million principal amount of 7.25% fixed-rate notes due 2030 (the "7.25% 2030 Notes"), and our $100.0 million principal amount of 7.50% fixed-rate notes due 2031 (the "7.50% 2031 Notes," and together with the 6.00% 2027 Notes, the 8.00% 2027 Notes, the 8.125% 2027 Notes, and the 8.50% 2028 Notes, the "Public Notes"). Together, the 6.00% 2027 Notes, the 6.25% 2027 Notes, the 8.00% 2027 Notes, the 8.125% 2027 Notes, the 8.50% 2028 Notes, the 7.25% 2030 Notes, and the 7.50% 2031 Notes are referred to as the "Notes". We may incur additional indebtedness in the future, including, but not limited to, borrowings under the Live Oak Credit Facility, the Valley Credit Facility, or the issuance of additional debt securities in one or more public or private offerings, although there can be no assurance that we will be successful in doing so. Our ability to service our debt depends largely on our financial performance and is subject to prevailing economic conditions and competitive pressures. The amount of leverage that we employ at any particular time will depend on our management's and our board of directors' assessment of market and other factors at the time of any proposed borrowing.

As a BDC, we are generally permitted to issue senior securities only in amounts such that our asset coverage ratio equals at least 150% of total assets to total borrowings and other senior securities, which include all of our borrowings (other than the senior securities of SBIC II LP's and SBIC III LP's under the terms of our SEC exemptive relief) and any preferred stock we may issue in the future. If this ratio declines below 150%, we may not be able to incur additional debt and may need to sell a portion of our investments to repay some debt when it is disadvantageous to do so, and we may not be able to make distributions to our stockholders.

The following table illustrates the effect of leverage on returns from an investment in our common stock assuming various annual returns, net of expenses. The calculations in the table below are hypothetical and actual returns may be higher or lower than those appearing in the table below.

**Assumed Return on Our Portfolio**

**(net of expenses)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Assumed Return on Portfolio (Net of Expenses) | **-10.0%** | **-5.0%** | **0%** | **5%** | **10%** |
| Corresponding Return to Common Stockholder (1) | -42% | -27% | -12% | 3% | 18% |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Assumes $1,187.3 million in average total assets, $777.1 million in average debt outstanding, $401.8 million in average net assets and an average interest rate of 6.2%. Actual interest payments may be different. The various return scenarios above exclude borrowing costs, which are then separately deducted from the net return to common stockholders calculated based on average debt outstanding and average interest rate.

***Substantially all of the assets of SIF II and SIF III are subject to security interests under our Valley Credit Facility and our Live Oak Facility, respectively, and all of each SBIC Subsidiary's assets are subject to claims of the SBA with respect to SBA-guaranteed debentures we issue and if we default on our obligations thereunder, we may suffer adverse consequences, including the foreclosure on our assets.***

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Substantially all of the assets of SIF II and SIF III are pledged as collateral under the Valley Credit Facility and the Live Oak Credit Facility, respectively, and all of each SBIC Subsidiary's assets are subject to a superior claim by the SBA pursuant to the SBA-guaranteed debentures. If we default on our obligations under the Valley Credit Facility, the Live Oak Credit Facility, or the SBA-guaranteed debentures, Valley National Bank, Live Oak Banking Company, and/or the SBA may have the right to foreclose upon and sell, or otherwise transfer, the collateral subject to their security interests or superior claim. In such event, we may be forced to sell our investments to raise funds to repay our outstanding borrowings in order to avoid foreclosure and these forced sales may be at times and at prices we would not consider advantageous. Moreover, such deleveraging of our company could significantly impair our ability to effectively operate our business in the manner in which we have historically operated.

In addition, if the Live Oak Banking Company, the lender under the Live Oak Credit Facility, or Valley National Bank, the lender under the Valley Credit Facility exercise their right to sell the assets pledged under the Live Oak Credit Facility or the Valley Credit Facility respectively, such sales may be completed at distressed sale prices, thereby diminishing or potentially eliminating the amount of cash available to us after repayment of the amounts outstanding under the Live Oak Credit Facility or Valley Credit Facility.

***We are exposed to risks associated with changes in interest rates including potential effects on our cost of capital and net investment income.***

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General interest rate fluctuations and changes in credit spreads on floating rate loans may have a substantial negative impact on our investments and investment opportunities and, accordingly, may have a material adverse effect on our rate of return on invested capital.

The Federal Reserve has 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. While Federal Reserve has indicated that there may be additional rate cuts in the future, policymakers continue to emphasize their commitment to monitoring and addressing inflationary pressures. 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.

It is possible that the Federal Reserve's tightening cycle could result in a recession in the United States, which could have a material adverse effect on our business, results of operations and financial condition. An increase in interest rates would make it more expensive to use debt to finance our investments. Decreases in credit spreads on debt that pays a floating rate of return would have an impact on the income generation of our floating rate assets. Trading prices for debt that pays a fixed rate of return tend to fall as interest rates rise. Trading prices tend to fluctuate more for fixed rate securities that have longer maturities. Although we have no policy governing the maturities of our investments, under current market conditions we expect that we will invest in a portfolio of debt generally having maturities of up to ten years. This means that we will be subject to greater risk (other things being equal) than an entity investing solely in shorter-term securities.

Because we may borrow to fund our investments, a portion of our net investment income may be dependent upon the difference between the interest rate at which we borrow funds and the interest rate at which we invest these funds. A portion of our investments will have fixed interest rates, while a portion of our borrowings will likely have floating interest rates. As a result, a significant change in market interest rates could have a material adverse effect on our net investment income. In periods of rising interest rates, our cost of funds could increase, which would reduce our net investment income if there is not a corresponding increase in interest income generated by our investment portfolio. Further, elevated interest rates could also adversely affect our performance if we hold investments with floating interest rates, subject to specified minimum (or "floor") interest rates, while at the same time engaging in borrowings subject to floating interest rates not subject to such minimums. In such a scenario, rising interest rates may temporarily increase our interest expense, even though our interest income from investments is not increasing in a corresponding manner if market rates remain lower than the existing floor rate. If general interest rates rise, there is also a risk that the portfolio companies in which we hold floating rate securities will be unable to pay escalating interest amounts, which could result in a default under their loan documents with us. Rising interest rates could also cause portfolio companies to shift cash from other productive uses to the payment of interest, which may have a material adverse effect on their business and operations and could, over time, lead to increased defaults. In addition, elevated interest rates may increase pressure on us to provide fixed rate loans to our portfolio companies, which could adversely affect our net investment income, as increases in our cost of borrowed funds would not be accompanied by increased interest income from such fixed-rate investments.

We may hedge against such interest rate fluctuations by using standard hedging instruments such as futures, options and forward contracts, subject to applicable legal requirements, including without limitation, all necessary registrations (or exemptions from registration) with the Commodity Futures Trading Commission. These activities may limit our ability to participate in the benefits of lower interest rates with respect to the hedged borrowings. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on our business, financial condition and results of operations.

***Uncertainty about U.S. Presidential Administration initiatives could negatively impact our business, financial condition and results of operations.***

The U.S. government periodically calls for significant changes to U.S. trade, healthcare, immigration, foreign and government regulatory policy. In this regard, there is significant uncertainty with respect to legislation, regulation and government policy at the federal level, as well as the state and local levels. Recent events have created a climate of heightened uncertainty and introduced new and difficult-to-quantify macroeconomic and political risks with potentially far-reaching implications. There has been a corresponding meaningful increase in the uncertainty surrounding tariffs, interest rates, inflation, foreign exchange rates, trade volumes and fiscal and monetary policy. To the extent the U.S. Congress, regulatory agencies, or the current presidential administration implements changes to U.S. policy, those changes may impact, among other things, the U.S. and global economy, international trade and relations, unemployment, immigration, corporate taxes, healthcare, the U.S. regulatory environment, inflation and other areas. Although we cannot predict the impact, if any, of these changes to our business, they could adversely affect our business, financial condition, operating results and cash flows. Until we know what policy changes are made and how those changes impact our business and the business of our competitors over the long term, we will not know if, overall, we will benefit from them or be negatively affected by them.

***There are significant potential conflicts of interest which could adversely impact our investment returns.***

Our executive officers and directors, and the members of our Investment Adviser, serve or may serve as officers, directors or principals of entities that operate in the same or a related line of business as we do or of investment funds managed by our affiliates. Accordingly, they may have obligations to investors in those entities, the fulfillment of which might not be in the best interests of us or our stockholders. For example, Christian L. Oberbeck, our chief executive officer and managing member of our Investment Adviser, is the managing partner of Saratoga Partners, a middle-market private equity investment firm. In addition, the principals of our Investment Adviser may manage other funds which may from time to time have overlapping investment objectives with those of us and accordingly invest in, whether principally or secondarily, asset classes similar to those targeted by us. If this should occur, the principals of our Investment Adviser will face conflicts of interest in the allocation of investment opportunities to us and such other funds. Although our investment professionals will endeavor to allocate investment opportunities in a fair and equitable manner, we and our common stockholders could be adversely affected in the event investment opportunities are allocated among us and other investment vehicles managed or sponsored by, or affiliated with, our executive officers, directors and Investment Adviser, and the members of our Investment Adviser.

***Changes in laws or regulations governing our operations, or changes in the interpretation thereof, and any failure by us to comply with laws or regulations governing our operations may adversely affect our business.***

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We and our portfolio companies are subject to regulation at the local, state and federal level. Despite political tensions and uncertainty, changes in federal policy, including tax policies, as well as the positions of regulatory agencies are expected to occur over time through policy and personnel changes, which may lead to changes involving the level of oversight and focus on the financial services industry or the tax rates paid by corporate entities.

New legislation may be enacted or new interpretations, rulings or regulations could be adopted, including those governing the types of investments we are permitted to make, any of which could harm us and our stockholders, potentially with retroactive effect. For example, even though the current U.S. presidential administration has supported a de-regulatory agenda, it is possible that regulatory agencies could propose changes to existing regulations that impose greater costs on all sectors or on financial services companies in particular. In addition, any change to the SBA's current debenture program could have a significant impact on our ability to obtain low-cost leverage and, therefore, our competitive advantage over other funds.

Legal, tax and regulatory changes could occur that may adversely affect us. For example, from time to time the market for private equity transactions has been adversely affected by a decrease in the availability of senior and subordinated financings for transactions, in part in response to credit market disruptions and/or regulatory pressures on providers of financing to reduce or eliminate their exposure to the risks involved in such transactions.

Additionally, any changes to the laws and regulations governing our operations related to permitted investments may cause us to alter our investment strategy in order to meet our investment objectives. Such changes could result in material differences to the strategies and plans set forth in this Annual Report and may shift our investment focus from the areas of expertise of our Investment Adviser to other types of investments in which our Investment Adviser may have little or no expertise or experience.

The nature, timing and economic and political effects of potential changes to the current legal and regulatory framework affecting financial institutions remain highly uncertain. Any such changes or prolonged uncertainty surrounding future changes may adversely affect our operating environment and therefore our business, financial condition, results of operations and growth prospects.

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***Legislative or other actions relating to taxes could have a negative effect on the Company.***

Legislative or other actions relating to taxes could have a negative effect on the Company and its investors. Matters pertaining to U.S. federal income tax are constantly under review by persons involved in the legislative process, the IRS, and the U.S. Treasury Department. We cannot predict with certainty how any changes in the tax laws might affect the Company, its investments or its investors. New legislation and any U.S. Treasury regulations, administrative interpretations or court decisions interpreting such legislation could affect the Company's ability to qualify as a RIC or otherwise impact the U.S. federal income tax consequences to the Company and its investors. You are urged to consult with your tax advisor with respect to the impact of the status of any legislative, regulatory or administrative developments and proposals and their potential effect on your investment in our securities.

***Changes to United States tariff and import/export regulations may have a negative effect on the operations of our portfolio companies and, in turn, harm us.***

The U.S. government continues to enact and propose the imposition of new tariffs on specific countries and commodities, and may in the future increase or propose additional tariffs. In response, certain foreign trading partners, and others in the future, may impose retaliatory tariffs on certain U.S. goods or take other actions with respect to U.S. trade barriers. Although the Supreme Court invalidated the tariffs imposed under the International Emergency Economic Powers Act ("IEEPA"), certain tariff rates and obligations established through trade agreements that were negotiated during active IEEPA tariffs remain in effect, and the current administration has announced widely applicable tariffs pursuant to Section 122 the Trade Act of 1974, effective February 24, 2026. The administration has indicated that it will continue seeking to implement tariffs through other statutory authorities as well. The scope of the Supreme Court's decision may create market uncertainty as it relates to the imposition of new tariffs. The U.S. Court of International Trade has ordered Customs and Border Protection ("CBP") to refund all previously paid IEEPA tariffs, and CBP has begun implementing a system, the Consolidated Administration and Processing of Entries ("CAPE"), to do so through a phased process. There may be uncertainty regarding whether CAPE will ultimately be able to process all such refunds, or whether some entries will be excluded.

The foregoing has created significant uncertainty about the future relationship between the United States and certain other countries with respect to trade policies, treaties and the imposition of new or increased tariffs. These developments, or the continued uncertainty relating to U.S. trade policies, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce or re-route global trade and, in particular, trade between the impacted nations and the United States. The uncertainty relating to U.S. trade policies has also increased market volatility. Any of these factors could depress economic activity and restrict certain of our portfolio companies' access to suppliers or customers, and increase costs, decrease margins, and reduce the competitiveness of products and services offered by our portfolio companies. The foregoing may adversely affect the revenues and profitability of such portfolio companies and, in turn, negatively affect our results of operations, which could cause the fair value of our common stock to decline. The ultimate impact of these or similar future events on the United States and other economies, specific industries, our business, or our underlying portfolio companies cannot be predicted with certainty, but any such impact could be material and adverse to us.

***We are dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect the market price of our common stock and our ability to pay dividends.***

Our business is dependent on our and third parties' communications and information systems. Any failure or interruption of those systems, including as a result of the termination of an agreement with any third-party service providers, could cause delays or other problems in our activities. Our financial, accounting, data processing, backup or other operating systems and facilities may fail to operate properly or become disabled or damaged as a result of a number of factors including events that are wholly or partially beyond our control and adversely affect our business. There could be:

● sudden electrical or telecommunications outages;

● natural disasters such as earthquakes, tornadoes and hurricanes;

● disease pandemics or other serious public health events;

● events arising from local or larger scale political or social matters, including terrorist acts;

● acts of war; and

● cyber-attacks.

These events, in turn, could have a material adverse effect on our operating results and negatively affect the market price of our common stock and our ability to pay dividends to our stockholders.

***Our ability to enter into transactions involving derivatives and financial commitment transactions may be limited.***

Rule 18f-4 under the 1940 Act ("Rule 18f-4") relates to the use of derivatives and other transactions that create future payment or delivery obligations by BDCs (and other funds that are registered investment companies). Under Rule 18f-4, BDCs that use derivatives are subject to a value-at-risk ("VaR") leverage limit, certain derivatives risk management program and testing requirements and requirements related to board reporting. These requirements apply unless the BDC qualifies as a "limited derivatives user," as defined in Rule 18f-4. A BDC that enters into reverse repurchase agreements or similar financing transactions could either (i) comply with the asset coverage requirements of Section 18, as modified by Section 61 of the 1940 Act when engaging in reverse repurchase agreements or (ii) choose to treat such agreements as derivatives transactions under Rule 18f-4. In addition, under Rule 18f-4, a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. If the BDC cannot meet this requirement, it is required to treat the unfunded commitment as a derivatives transaction subject to the aforementioned requirements of Rule 18f-4. Collectively, these requirements may limit our ability to use derivatives and/or enter into certain other financial contracts. We qualify as a "limited derivatives user," and as a result the requirements applicable to us under Rule 18f-4 may limit our ability to use derivatives and enter into certain other financial contracts. However, if we fail to qualify as a limited derivatives user and become subject to the additional requirements under Rule 18f-4, compliance with such requirements may increase cost of doing business, which could have a material adverse effect on our business, financial condition, results of operations, and cash flows.

***Internal and external cyber threats, as well as other disasters, could impair our ability to conduct business effectively.***

We, and others in our industry, are the targets of malicious cyber activity. A successful cyber-attack, whether perpetrated by criminal or state-sponsored actors, against us or our service providers, or an accidental disclosure of non-public information, could have an adverse effect on our ability to communicate or conduct business, negatively impacting our operations and financial condition. This adverse effect can become particularly acute if those events affect our electronic data processing, transmission, storage, and retrieval systems, or impact the availability, integrity, or confidentiality of our data, especially personal and other confidential information. The rapid evolution and scale of artificial intelligence technologies also may increase the likelihood or effectiveness of a cyberattack against us, Saratoga Investment Advisors, or our third-party service providers. For example, artificial intelligence-enabled fraud can materially impact the effectiveness of our traditional cybersecurity controls by accelerating and scaling social engineering, creating realistic synthetic documents, and defeating common authentication methods.

Saratoga Investment Advisors and third-party service providers with which we do business depend heavily upon computer systems to perform necessary business functions. Despite our implementation of a variety of security measures, our computer systems, networks, and data, like those of other companies, could be subject to unauthorized access, acquisition, use, alteration, or destruction, such as from the insertion of malware (including ransomware) physical and electronic break-ins or unauthorized tampering, unauthorized access, or system failures and disruptions of our computer systems, networks and date. If one or more of these events occurs, it could potentially jeopardize the confidential, proprietary, personal and other information processed, stored in, and transmitted through our computer systems and networks. Such an attack could cause interruptions or malfunctions in our operations, which could result in financial losses, misappropriation of assets, loss of personal information, litigation, regulatory enforcement action and penalties, client dissatisfaction or loss, reputational damage, and increased costs associated with mitigation of damages and remediation. We may have to make a significant investment to fix or replace any inoperable or compromised systems or to modify or enhance our cybersecurity controls, procedures and measures. Similarly, the public perception that we or our affiliates may have been the target of a cybersecurity threat, whether successful or not, also could have a material adverse effect on our reputation and lead to financial losses from loss of business, depending on the nature and severity of the threat. Additionally, if a significant number of the members of our management were unavailable in the event of a disaster, our ability to effectively conduct our business could be severely compromised.

If unauthorized parties gain access to such information and technology systems, they may be able to steal, publish, delete or modify private and sensitive information, including nonpublic personal information related to stockholders (and their beneficial owners) and material nonpublic information. The systems we have implemented to manage risks relating to these types of events could prove to be inadequate and, if compromised, could become inoperable for extended periods of time, cease to function properly or fail to adequately secure private information. Breaches such as those involving covertly introduced malware, impersonation of authorized users and industrial or other espionage may not be identified even with sophisticated prevention and detection systems, potentially resulting in further harm and preventing them from being addressed appropriately. The failure of these systems or of disaster recovery plans for any reason could cause significant interruptions in our and our investment advisor's operations and result in a failure to maintain the security, confidentiality or privacy of sensitive data, including personal information relating to stockholders, material nonpublic information and other sensitive information in our possession.

Third parties with which we do business are sources of cybersecurity or other technological risks. We outsource certain functions and these relationships allow for the storage and processing of our information, as well as client, counterparty, employee, and borrower information. Cybersecurity failures or breaches to Saratoga Investment Advisors and other service providers (including, but not limited to, accountants, custodians, transfer agents and administrators), and the issuers of securities in which we invest, also have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with our ability to calculate its NAV, impediments to trading, the inability of our shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputation damages, reimbursement of other compensation costs, or additional compliance costs. Our disaster recovery programs may not be sufficient to mitigate the harm that may result from such a disaster or disruption. In addition, insurance and other safeguards might only partially reimburse us for our losses, if at all. While we engage in actions to reduce our exposure resulting from outsourcing, ongoing threats may result in unauthorized access, acquisitions, use, alteration or destruction of data, or other cybersecurity incidents that affects our data, resulting in increased costs and other consequences as described above. The Company does not control the cybersecurity measures put in place by such third parties, and such third parties could have limited indemnification obligations to the Company and its affiliates. If such a third party fails to adopt or adhere to adequate cybersecurity procedures, or if despite such procedures its networks or systems are breached, information relating to investor transactions and/or personal information of investors may be lost or improperly accessed, used or disclosed.

In addition, cybersecurity has become a top priority for regulators around the world. Privacy and information security laws and regulation changes, and compliance with those changes, may result in cost increases due to system changes and the development of new administrative processes. For example, the SEC adopted rules requiring disclosure of material cybersecurity incidents and disclosure relating to cybersecurity risk management, and amendments to Regulation S-P governing policies and procedures designed to address unauthorized access to customer information. We may face increased costs to comply with any new or changing regulations. In addition, we may be required to expend significant additional resources to modify our protective measures and to investigate and remediate vulnerabilities or other exposures arising from operational and security risks. We currently maintain insurance coverage relating to cybersecurity risks; however, we may be required to expend significant additional resources to modify our protective measures or to investigate and remediate vulnerabilities or other exposures, and we may be subject to litigation and financial losses that are not fully insured.

***Cybersecurity risks and cyber incidents may adversely affect our business or the business of our portfolio companies by causing a disruption to our operations or the operations of our portfolio companies, a compromise or corruption of our confidential information or the confidential information of our portfolio companies and/or damage to our business relationships or the business relationships of our portfolio companies, all of which could negatively impact the business, financial condition and operating results of us or our portfolio companies.***

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A cybersecurity incident is considered to be an unauthorized occurrence, or a series of related unauthorized occurrences, on or conducted through a company's information systems that jeopardizes the confidentiality, integrity, or availability of a company's information systems or any information residing therein. These incidents may be an intentional attack or an unintentional event and could involve gaining unauthorized access to our information systems or those of our portfolio companies or third-party vendors for purposes of misappropriating assets, stealing confidential information, corrupting data or causing operational disruption. Despite careful security and controls design, the information technology system of our portfolio companies and our third-party vendors, may be subject to security breaches and cyber-attacks the result of which could include disrupted operations, misstated or unreliable financial data, liability for stolen assets or information, increased cybersecurity protection and insurance costs, litigation and damage to business relationships. As our portfolio companies' and our third party vendor's reliance on technology has increased, so have the risks posed to our information systems, both internal and those provided by third-party service providers, and the information systems of our portfolio companies and third-party vendors. We have implemented processes, procedures and internal controls to help mitigate cybersecurity risks and cyber intrusions, but these measures, as well as our increased awareness of the nature and extent of a risk of a cyber-incident, do not guarantee that a cyber-incident will not occur and/or that our financial results, operations or confidential information will not be negatively impacted by such an incident.

***Regulations governing our operation as a BDC will affect our ability to raise additional capital.***

Our business requires a substantial amount of additional capital. We may acquire additional capital from the issuance of senior securities or other indebtedness or the issuance of additional shares of our common stock. However, we may not be able to raise additional capital in the future on favorable terms or at all. We may issue debt securities or preferred securities, which we refer to collectively as "senior securities," and we may borrow money from banks or other financial institutions, up to the maximum amount permitted by the 1940 Act.

We are not generally able to issue and sell our common stock at a price below NAV per share. We may, however, sell our common stock, or issue warrants, options or rights to acquire our common stock, at a price below the current NAV of the common stock if our board of directors determines that such sale is in our best interests and the best interests of our stockholders, and the holders of a majority of our outstanding voting securities have approved such issuances within the prior year. In any such case, the price at which our securities are to be issued and sold may not be less than a price which, in the determination of our board of directors, closely approximates the market value of such securities (less any commission or discount). If our common stock trades at a discount to NAV, this restriction could adversely affect our ability to raise capital. We do not currently have stockholder approval of issuances below NAV.

***Effective April 16, 2019, our asset coverage requirement was reduced from 200% to 150%, which may increase the risk of investing in the Company.***

The 1940 Act generally prohibits BDCs from incurring indebtedness unless immediately after such borrowing we have an asset coverage for total borrowings of at least 200% (i.e., the amount of debt may not exceed 50% of the value of our assets). However, on March 23, 2018, the Small Business Credit Availability Act modified the 1940 Act by allowing a BDC to increase the maximum amount of leverage it may incur from an asset coverage ratio of 200% to an asset coverage ratio of 150%, if certain requirements are met. Under the 1940 Act, we were allowed to increase our leverage capacity once the majority of our independent directors approved an increase in our leverage capacity, with such approval becoming effective after one year. On April 16, 2018, our board of directors, including a majority of our independent directors, approved of our becoming subject to a minimum asset coverage ratio of 150% under the 1940 Act, which became effective on April 16, 2019. We are required to make certain disclosures on our website and in SEC filings regarding, among other things, the receipt of approval to increase our leverage, our leverage capacity and usage, and risks related to leverage.

We are generally permitted to incur indebtedness or issue senior securities in amounts such that our asset coverage, as defined in the 1940 Act, equals at least 150% after each issuance of senior securities. Compliance with these requirements may unfavorably limit our investment opportunities and reduce our ability in comparison to other companies to profit from favorable spreads between the rates at which we can borrow and the rates at which we can lend. As a BDC, therefore, we may need to issue equity more frequently than our privately-owned competitors, which may lead to greater stockholder dilution. With respect to stock that is a senior security, we must make provisions to prohibit any dividend distribution to our stockholders or the repurchase of certain of our securities, unless we meet the applicable asset coverage ratios at the time of the dividend distribution or repurchase. If the value of our assets decline, we may be unable to satisfy the asset coverage test. If that happens, we may be required to liquidate a portion of our investments and repay a portion of our indebtedness at a time when such sales may be disadvantageous in order to make dividend distributions or repurchase certain of our securities.

Leverage magnifies the potential for loss on investments in our indebtedness and on invested equity capital. As we use leverage to partially finance our investments, our stockholders will experience increased risks of investing in our securities. If the value of our assets increases, then leveraging would cause the NAV attributable to our common stock to increase more sharply than it would have had we not leveraged. Conversely, if the value of our assets decreases, leveraging would cause NAV to decline more sharply than it otherwise would have had we not leveraged our business. Similarly, any increase in our income in excess of interest payable on the borrowed funds would cause our net investment income to increase more than it would without the leverage, while any decrease in our income would cause net investment income to decline more sharply than it would have had we not borrowed. Such a decline could negatively affect our ability to pay common stock dividends, scheduled debt payments or other payments related to our securities. Increased leverage may also cause a downgrade of our credit rating. Leverage is generally considered a speculative investment technique. See Part I. Item 1A. "Risk Factors—Risks Related to Our Business and Structure—We employ leverage, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us."

***The agreements governing our Live Oak Credit Facility and our Valley Credit Facility contain various covenants that, among other things, limit our discretion in operating our business and provide for certain minimum financial covenants.***

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The agreements governing the Live Oak Credit Facility and the Valley Credit Facility contain customary default provisions such as the termination or departure of certain "key persons" of Saratoga Investment Advisors, a material adverse change in our business and the failure to maintain certain minimum loan quality and performance standards. An event of default under the Live Oak Credit Facility or the Valley Credit Facility would result, among other things, in termination of the availability of further funds under the Live Oak Credit Facility or the Valley Credit Facility and an accelerated maturity date for all amounts outstanding under the Live Oak Credit Facility or the Valley Credit Facility, which would likely disrupt our business and, potentially, the portfolio companies whose loans we financed through the Live Oak Credit Facility or the Valley Credit Facility. This could reduce our revenues and, by delaying any cash payment allowed to us under the Live Oak Credit Facility or the Valley Credit Facility until the lender has been paid in full, reduce our liquidity and cash flow and impair our ability to grow our business and maintain our status as a RIC.

Each loan origination under the respective facility is subject to the satisfaction of certain conditions. We cannot assure you that we will be able to borrow funds under the Live Oak Credit Facility or the Valley Credit Facility at any particular time or at all.

***We will be subject to U.S. federal income tax imposed at corporate rates if we fail to qualify as a RIC.***

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We have elected to be treated and intend to maintain our qualification annually as a RIC under subchapter M of the Code; however, no assurance can be given that we will be able to maintain our RIC tax treatment. As a RIC, we are not subject to U.S. federal income tax on our income (including realized gains) that is timely distributed (or deemed distributed) to our stockholders, provided that we satisfy certain source-of-income, annual distribution and asset diversification requirements. While we are not subject to U.S. federal income tax on the income and gains we timely distribute to our stockholders, our stockholders will be required to include the amounts of such distributions in income and may be subject to U.S. federal income tax on such amounts.

The source-of-income requirement is satisfied if we derive at least 90% of our annual gross income from interest, dividends, payments with respect to certain securities loans, gains from the sale or other disposition of securities or options thereon or foreign currencies, or other income derived with respect to our business of investing in such securities or currencies, and net income from interests in "qualified publicly traded partnerships," as defined in the Code.

The annual distribution requirement generally is satisfied if we timely distribute to our stockholders on an annual basis an amount equal to at least 90% of investment company taxable income, which is generally our ordinary net taxable income and realized net short-term capital gains in excess of realized net long-term capital losses, if any. Because we incur debt, we are subject to certain asset coverage ratio requirements under the 1940 Act and covenants under our borrowing agreements that could, under certain circumstances, restrict us from making the required distributions. In such case, if we are unable to obtain cash from other sources or are prohibited from making distributions, we may be subject to U.S. federal income tax at corporate rates.

The asset-diversification requirements will be satisfied if we diversify our holdings so that at the end of each quarter of the taxable year: (i) at least 50% of the value of our assets consists of cash, cash equivalents, U.S. government securities, securities of other RICs, and other securities of any one issuer that do not (a) represent more than 5% of the value of our assets or (b) represent more than 10% of the outstanding voting securities of the issuer; and (ii) no more than 25% of the value of our assets is invested in (a) the securities, other than U.S. government securities or securities of other regulated investment companies, of one issuer, (b) the securities, other than securities of other RICs, of two or more issuers that are controlled, as determined under applicable tax rules, by us and that are engaged in the same or similar or related trades or businesses or (c) the securities of one or more "qualified" publicly traded partnerships.

Failure to meet these tests may result in our having to (i) dispose of certain investments or (ii) raise additional capital to prevent the loss of our RIC qualification. Because most of our investments will be in private companies, any such dispositions could be made at disadvantageous prices and may result in substantial losses. If we raise additional capital to satisfy the asset diversification requirements, it could take us time to invest such capital. During this period, we will invest the additional capital in temporary investments, such as cash and cash equivalents, which we expect will earn yields substantially lower than the interest income that we anticipate receiving in respect of investments in leveraged loans and mezzanine debt.

If we fail to qualify as a RIC for any reason, all of our taxable income will be subject to U.S. federal income tax imposed at corporate rates. The resulting tax liability could substantially reduce our net assets, the amount of income available for distribution to our common stockholders or payment of our outstanding indebtedness including the Notes. Such a failure would have a material adverse effect on our results of operations and financial condition.

***Because we intend to distribute between 90% and 100% of our income to our stockholders in connection with our election to be treated as a RIC, we will continue to need additional capital to finance our growth. If additional funds are unavailable or not available on favorable terms, our ability to grow will be impaired.***

In order to qualify for the tax benefits available to RICs and to minimize U.S. federal income taxes at corporate rates, we intend to distribute to our stockholders between 90% and 100% of our annual taxable income and capital gains, except that we may retain certain net capital gains for investment and treat such amounts as deemed distributions to our stockholders. If we elect to treat any amounts as deemed distributions, we must pay U.S. federal income tax imposed at corporate rates on such deemed distributions on behalf of our stockholders. As a result of these requirements, we will likely need to raise capital from other sources to grow our business. 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 includes all of our borrowings and any outstanding preferred stock, of at least 150% as of April 16, 2019. These requirements limit the amount that we may borrow. Because we will continue to need capital to grow our investment portfolio, these limitations may prevent us from incurring debt and require us to raise additional equity at a time when it may be disadvantageous to do so.

While we expect to be able to borrow and to issue additional debt and equity securities, we cannot assure you that debt and equity financing will be available to us on favorable terms, or at all. Also, as a BDC, we generally are not permitted to issue equity securities priced below NAV without stockholder approval. If additional funds are not available to us, we could be forced to curtail or cease new investment activities, and our NAV and share price could decline.

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***We may have difficulty paying our required distributions if we recognize income before or without receiving cash in respect of such income.***

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For U.S. federal income tax purposes, we may be required to recognize taxable income in circumstances in which we do not receive a corresponding payment in cash. For example, we may on occasion hold debt obligations that are treated under applicable tax rules as having original issue discount (such as debt instruments with PIK or, in certain cases, increasing interest rates or issued with warrants) and we must include in income each year a portion of the original issue discount that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable year. We may also have to include in income other amounts that we have not yet received in cash, such as deferred loan origination fees that are paid after origination of the loan or are paid in non-cash compensation such as warrants or stock. In addition, we may be required to accrue for U.S. federal income tax purposes amounts attributable to our investment in Saratoga CLO, a collateralized loan obligation fund, that may differ from the distributions paid in respect of our investment in the subordinated notes of such collateralized loan obligation fund because of the factors set forth above or because distributions on the subordinated notes are contractually required to be diverted for reinvestment or to pay down outstanding indebtedness.

Because any original issue discount accrued will be included in our "investment company taxable income" for the year of the accrual, we may be required to make distributions to shareholders to satisfy the annual distribution requirement applicable to RICs, even where we have not received any corresponding cash amount. As a result, we may have difficulty meeting the annual distribution requirement necessary to maintain favorable tax treatment. If we are not able to obtain cash from other sources, and choose not to make a qualifying share distribution, we may become subject to U.S federal income tax imposed at corporate rates. Additionally, because investments with a deferred payment feature may have the effect of deferring a portion of the borrower's payment obligation until maturity of the debt investment, it may be difficult for us to identify and address developing problems with borrowers in terms of their ability to repay us.

***We operate in a highly competitive market for investment opportunities.***

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A number of entities compete with us to make the types of investments that we make in private middle-market companies. We compete with other BDCs, public and private funds (including SBICs), commercial and investment banks, commercial financing companies, insurance companies, high-yield investors, hedge funds, and, to the extent they provide an alternative form of financing, private equity funds. Many of our competitors are substantially larger and have considerably greater financial, technical and marketing resources than us. Some competitors may have a lower cost of funds and access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments that could allow them to consider a wider variety of investments and establish more relationships than us. Furthermore, many of our competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC. As a result of this competition, we may not be able to take advantage of attractive investment opportunities from time to time, and we cannot assure you that we will be able to identify and make investments that meet our investment objective.

While we do not seek to compete primarily based on the interest rates we offer, we believe that some our competitors may make loans with interest rates that are comparable or lower than the rates we offer.

We may lose investment opportunities if we do not match our competitors' pricing, terms and structure. If we match our competitors' pricing, terms and structure, we may experience decreased net interest income and increased risk of credit loss. As a result of operating in such a competitive environment, we may make investments that are on better terms to our portfolio companies than we originally anticipated, which may impact our return on these investments.

***We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we are not limited with respect to the proportion of our assets that may be invested in securities of a single issuer.***

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We are classified as a non-diversified investment company within the meaning of the 1940 Act, which means that we are not limited by the 1940 Act with respect to the proportion of our assets that we may invest in securities of a single issuer. Although we seek to maintain a diversified portfolio in accordance with our business strategies, to the extent that we assume large positions in the securities of a small number of issuers, our NAV may fluctuate to a greater extent than that of a diversified investment company as a result of changes in the financial condition or the market's assessment of the issuer. We may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company. Beyond our RIC asset-diversification requirements, we do not have fixed guidelines for diversification, and our investments could be concentrated in relatively few portfolio companies.

***Our financial condition and results of operations depend on our ability to manage future investments effectively.***

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Our ability to achieve our investment objective depends on our ability to acquire suitable investments and monitor and administer those investments, which depends, in turn, on Saratoga Investment Advisors' ability to identify, invest in and monitor companies that meet our investment criteria.

Accomplishing this result on a cost-effective basis is largely a function of Saratoga Investment Advisors' structuring of the investment process and its ability to provide competent, attentive and efficient service to us. Our executive officers and the officers and employees of Saratoga Investment Advisors have substantial responsibilities in connection with their roles at Saratoga Partners as well as responsibilities under the Management Agreement. They may also be called upon to provide managerial assistance to our portfolio companies. These demands on their time, which will increase as the number of investments grow, may distract them or slow the rate of investment. In order to grow, Saratoga Investment Advisors may need to hire, train, supervise and manage new employees. However, we cannot assure you that any such employees will contribute beneficially to the work of Saratoga Investment Advisors. Any failure to manage our future growth effectively could have a material adverse effect on our business and financial condition.

***We may experience fluctuations in our quarterly and annual results.***

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We could experience fluctuations in our quarterly operating results due to a number of factors, including the interest rate payable on the debt investments we make, the default rate on such investments, the level of our expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, changes in our portfolio composition, the degree to which we encounter competition in the markets in which we operate and general economic conditions. As a result of these factors, results for any period should not be relied upon as being indicative of performance in future periods. In addition, any of these factors could negatively impact our ability to achieve our investment objectives, which may cause the NAV of our common stock to decline.

***Terrorist attacks, acts of war, or natural disasters may affect any market for our common stock, impact the businesses in which we invest and harm our business, operating results and financial condition.***

Portfolio investments may be affected by force majeure events *(i.e.,* events beyond the control of the party claiming that the event has occurred, including, without limitation, acts of God, fire, flood, earthquakes, war, terrorism and labor strikes). Some force majeure events may adversely affect the ability of a party (including a portfolio company or a counterparty to us or a portfolio company) to perform its obligations until it is able to remedy the force majeure event. In addition, the cost to a portfolio company of repairing or replacing damaged assets resulting from such force majeure event could be considerable. Additionally, a major governmental intervention into industry, including the nationalization of an industry or the assertion of control over one or more companies or its assets, could result in a loss to us, including if our investment in such issuer is cancelled, unwound or acquired (which could be without what we consider to be adequate compensation). To the extent we are exposed to investments in portfolio companies that as a group are exposed to such force majeure events, the risks and potential losses to us are enhanced.

The continued threat of global terrorism and the impact of military and other action will likely continue to cause volatility in the economies of certain countries, contribute to increased market volatility and economic uncertainties or deterioration in the United States and worldwide and various aspects thereof, including in prices of commodities. Our portfolio investments may involve significant strategic assets having a national or regional profile. The nature of these assets could expose them to a greater risk of being the subject of a terrorist attack than other assets or businesses. Acts of war could similarly lead to such volatility. For example, in response to the conflict between Russia and Ukraine, the United States and other countries have imposed sanctions or other restrictive actions against Russia. In addition, the ongoing turmoil in Europe and the Middle East and escalating tensions in the region may create volatility and disruption of global markets. In particular, U.S. involvement and escalating hostilities in the Middle East may lead to global market instability of oil prices and shipping costs due to the impact of such conflict. Any of the above factors, including sanctions, export controls, tariffs, trade wars and other governmental actions, could have a material adverse effect on our business, financial condition, cash flows, and results of operations, and could cause the market value of our common stock to decline.

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***Substantially all of our portfolio investments are recorded at fair value as determined in good faith by our board of directors; such valuations are inherently uncertain and may be materially higher or lower than the values that we ultimately realize upon the disposal of such investments.***

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Substantially all of our portfolio is, and we expect will continue to be, comprised of investments that are not publicly traded. The value of investments that are not publicly traded may not be readily determinable. We value these investments quarterly at fair value as determined in good faith by our board of directors. Saratoga Investment Advisors may utilize the services of an independent valuation firm to aid it in determining fair value of investments for which market quotations are not readily available. The types of factors that may be considered in valuing our investments include the nature and realizable value of any collateral, the portfolio company's ability to make payments and its earnings, the markets in which the portfolio company does business, market yield trend analysis, comparison to publicly traded companies, discounted cash flow and other relevant factors. Because such valuations, and particularly valuations of private investments and private companies are inherently uncertain, may fluctuate over short periods of time and may be based on estimates, our determinations of fair value may differ materially from the values that would have been used if a ready market for these investments existed. Our NAV could be materially affected if the determinations regarding the fair value of our investments were materially higher or lower than the values that we ultimately realize upon the disposal of such investments.

***Our board of directors may change our investment objective, operating policies and strategies without prior notice or stockholder approval, the effects of which may be adverse.***

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Our board of directors has the authority to modify or waive our current investment objective, operating policies and strategies without prior notice and without stockholder approval. We cannot predict the effect any changes to our current operating policies and strategies would have on our business, financial condition, and value of our common stock. However, the effects might be adverse, which could negatively impact our ability to pay dividends and cause you to lose all or part of your investment.

***Any failure to comply with SBA regulations could have an adverse effect on our operations.***

Our wholly owned subsidiaries, SBIC II LP and SBIC III LP, received an SBIC license from the SBA on August 14, 2019 and September 29, 2022, respectively.

The SBA places certain limitations on the financing terms of investments by SBICs in portfolio companies and prohibits SBICs from providing funds for certain purposes or to businesses in a few prohibited industries. Compliance with SBIC requirements may cause our SBIC subsidiaries to forego attractive investment opportunities that are not permitted under SBA regulations.

Further, SBA regulations require that an SBIC be periodically examined and audited by the SBA to determine its compliance with the relevant SBA regulations. The SBA prohibits, without prior SBA approval, a "change of control" of an SBIC or transfers that would result in any person (or a group of persons acting in concert) owning 10% or more of a class of capital stock of an SBIC. If our SBIC Subsidiaries fail to comply with applicable SBA regulations, the SBA could, depending on the severity of the violation, limit or prohibit its use of debentures, declare outstanding debentures immediately due and payable, and/or limit it from making new investments. In addition, the SBA can revoke or suspend a license for willful or repeated violation of, or willful or repeated failure to observe, any provision of the Small Business Investment Act of 1958 or any rule or regulation promulgated thereunder. These actions by the SBA would, in turn, negatively affect us because our SBIC Subsidiaries are our wholly owned subsidiaries. Any failure to comply with SBA regulations may hinder our ability to take advantage of our SBIC subsidiaries' access to SBA-guaranteed debentures, which could have an adverse effect on our operations.

**RISKS RELATED TO THE CURRENT ENVIRONMENT** 

***Global economic, political and market conditions may adversely affect our business, results of operations and financial condition, including our revenue growth and profitability.***

The current worldwide financial market situation, as well as various social and political tensions in the United States and around the world (including wars and other forms of conflict, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics), have contributed to increased market volatility, may have long-term effects on the U.S. and worldwide financial markets, and may cause economic uncertainties or deterioration in the United States and worldwide.

The United Kingdom has ended its membership in the European Union and entered into certain agreements with the European Union to govern the future relationship between the parties. Such agreements implement significant regulation around trade, transport of goods and travel restrictions between the United Kingdom and the European Union. Notwithstanding the foregoing, the longer term economic, legal, political and social implications of Brexit are likely to continue to lead to ongoing political and economic uncertainty and periods of increased volatility in both the United Kingdom and in wider European markets for some time. In particular, Brexit could lead to calls for similar referendums in other European Union jurisdictions, which could cause increased economic volatility in the European and global markets. This mid- to long-term uncertainty could have adverse effects on the economy generally and on our ability to earn attractive returns. In particular, currency volatility could mean that our returns are adversely affected by market movements and could make it more difficult, or more expensive, for us to execute prudent currency hedging policies.

***We are currently operating in a period of capital markets disruption and economic uncertainty, which may have a negative impact on our business, financial condition and results of operations. An extended disruption in the capital markets and the credit markets could negatively affect our business.***

From time to time, capital markets may experience periods of disruption and instability. Uncertainty with respect to, among other things, inflationary pressures, elevated interest rates, new tariffs and trade barriers, geopolitical conditions, including the ongoing conflict between Russia and Ukraine, turmoil in Europe and the Middle East and the failure of major financial institutions introduced significant volatility in the financial markets, and the effect of this volatility has materially impacted and could continue to materially impact our market risks. The U.S. economy, as well as most other major economies, have continued to experience unpredictable economic conditions, and we anticipate our businesses would be materially and adversely affected by any prolonged economic downturn or recession in the United States and other major markets. In addition, disruptions in the capital markets have increased the spread between the yields realized on risk-free and higher risk securities, resulting in illiquidity in parts of the capital markets. These types of events have adversely affected and could continue to adversely affect operating results for us and for our portfolio companies.

The current economic conditions have resulted in an adverse impact on the ability of lenders to originate loans, the volume, type, and quality of loans originated, the ability of borrowers to make payments and the volume and type of amendments and waivers granted to borrowers and remedial actions taken in the event of a borrower default, each of which could negatively impact the amount and quality of loans available for investment by the Company and returns to the Company, among other things. The U.S. credit markets (in particular for middle-market loans) have experienced the following among other things: (i) increased draws by borrowers on revolving lines of credit and other financing instruments; (ii) increased requests by borrowers for amendments and waivers of their credit agreements to avoid default, increased defaults by such borrowers and/or increased difficulty in obtaining refinancing at the maturity dates of their loans and increased uses of PIK features; and (iii) greater volatility in pricing and spreads and difficulty in valuing loans during periods of increased volatility, and liquidity issues.

With respect to loans to portfolio companies, the Company will be impacted if, among other things, (i) amendments and waivers are granted (or are required to be granted) to borrowers permitting deferral of loan payments or allowing for PIK interest payments, (ii) borrowers default on their loans, are unable to refinance their loans at maturity, or go out of business, or (iii) the value of loans held by the Company decreases as a result of such events and the uncertainty they cause. Portfolio companies may also be more likely to seek to draw on unfunded commitments we have made, and the risk of being unable to fund such commitments is heightened during such periods. Depending on the duration and extent of the disruption to the business operations of our portfolio companies, we expect some portfolio companies, particularly those in vulnerable industries, to experience financial distress and possibly to default on their financial obligations to us and/or their other capital providers. In addition, if such portfolio companies are subjected to prolonged and severe financial distress, we expect some of them to substantially curtail their operations, defer capital expenditures, and lay off workers. These developments would be likely to permanently impair their businesses and result in a reduction in the value of our investments in them.

These conditions and future market disruptions and/or illiquidity could have an adverse effect on our (and our portfolio companies') business, financial condition, results of operations and cash flows. Ongoing unfavorable economic conditions may increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to our portfolio companies and/or us. These events have limited and could continue to limit our investment originations, limit our ability to grow and have a material negative impact on our operating results and the fair values of our debt and equity investments. We may have to access, if available, alternative markets for debt and equity capital, and a severe disruption in the global financial markets, deterioration in credit and financing conditions, fluctuations in interest rates, or uncertainty regarding U.S. government spending and deficit levels or other global economic conditions could have a material adverse effect on our business, financial condition and results of operations.

While we intend to continue to source and invest in new loan transactions to U.S. middle-market companies, we cannot be certain that we will be able to do so successfully or consistently. A lack of suitable investment opportunities may impair our ability to make new investments, and may negatively impact our earnings and result in decreased dividends to our shareholders.

If current economic conditions continue for an extended period of time, loan delinquencies, loan non-accruals, problem assets, and bankruptcies may increase. In addition, collateral for our loans may decline in value, which could cause loan losses to increase and the net worth and liquidity of loan guarantors could decline, impairing their ability to honor commitments to us. An increase in loan delinquencies and non-accruals or a decrease in loan collateral and guarantor net worth could result in increased costs and reduced income which would have a material adverse effect on our business, financial condition or results of operations. We also continue to observe supply chain interruptions, labor difficulties, commodity inflation and elements of economic and financial market instability both globally and in the United States, which could adversely impact our results of operations and financial condition.

We will need to raise additional capital in the future in order to continue to make investments in accordance with our business and investing strategy and to pursue new business opportunities. Ongoing disruptive conditions in the financial industry and the impact of new legislation in response to those conditions could restrict our business operations and could adversely impact our results of operations and financial condition.

In addition, we generally are required to distribute at least 90% of our net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, to our shareholders to qualify as a RIC. As a result, these earnings will not be available to fund new investments. An inability to access the capital markets successfully could limit our ability to grow our business and execute our business strategy fully and could decrease our earnings, if any, which may have a material adverse effect on our business, results of operations and financial performance.

We cannot be certain as to the duration or magnitude of the ongoing economic conditions in the markets in which we and our portfolio companies operate and corresponding declines in economic activity that may negatively impact the U.S. economy and the markets for the various types of goods and services provided by U.S. middle-market companies. Depending on the duration, magnitude and severity of these conditions and their related economic and market impacts, certain of our portfolio companies may suffer declines in earnings and could experience financial distress, which could cause them to default on their financial obligations to us and their other lenders.

We will also be negatively affected if our operations and effectiveness or the operations and effectiveness of a portfolio company (or any of the key personnel or service providers of the foregoing) is compromised or if necessary or beneficial systems and processes are disrupted. In consideration of these and related factors, we may downgrade our internal ratings with respect to certain portfolio companies in the future as conditions warrant and new information becomes available.

***Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies, which may, in turn, impact the valuation of such portfolio companies.***

Certain of our portfolio companies may be impacted by inflation, which may, in turn, impact the valuation of such portfolio companies. If such portfolio companies are unable to pass any increases in their costs along to their customers, it could adversely affect their results and their ability to pay interest and principal on our loans, particularly if interest rates rise in response to inflation. In addition, any projected future decreases in our portfolio companies' operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future unrealized losses and therefore reduce our net assets resulting from operations.

***Downgrades of the U.S. credit rating, automatic spending cuts, or another government shutdown could negatively impact our liquidity, financial condition and earnings.***

U.S. debt ceiling and budget deficit concerns have increased the possibility of additional credit-rating downgrades and economic slowdowns, or a recession in the United States. U.S. lawmakers have passed legislation to address the federal debt ceiling on multiple occasions, but there is no guarantee that any such legislation will be passed in the future. Additionally, concerns over the United States' budget deficit have led ratings agencies to lower or threaten to lower the long-term sovereign credit rating of the United States, including downgrades by Fitch from AAA to AA+ in August 2023 and by Moody's from AAA to AA1 in May 2025. There is no guarantee that there will not be a further downgrade in the future.

The impact of this or any further downgrades to the U.S. government's sovereign credit rating or its perceived creditworthiness could adversely affect the U.S. and global financial markets and economic conditions. Changes in Federal Reserve monetary policy, including interest rate adjustments, could cause interest rates and borrowing costs to fluctuate, which may negatively impact our ability to access the debt markets on favorable terms. In addition, disagreement over the federal budget has caused the U.S. federal government to shut down for periods of time. Continued adverse political and economic conditions could have a material adverse effect on our business, financial condition and results of operations.

***U.S. policy changes may adversely affect our business.***

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Political and governmental shifts in the United States have led to changing stances on numerous domestic and international issues. These changes, along with the resulting economic uncertainty, could impact our ability to source, negotiate, execute, manage, or exit investments. Actions taken by the United States government domestically, in the Western hemisphere, or globally may have significant global effects—including on market and financial conditions, trade policies, tax rates, legal or regulatory regimes and broader economic and social dynamics. Such actions could also prompt additional reciprocal, retaliatory, or responsive measures from other countries, regional blocs (including the European Union), corporations, or other market participants. The United States has taken certain actions to, and has indicated that it may continue seek to, withdraw from, renegotiate, amend, rescind or not abide by certain agreements, policies, regulations, statutes and other measures, and could pursue policy outcomes that may diverge significantly from prior assumptions. However, the specific measures that will be further implemented or enacted, as well as their impact on us and our portfolio companies, remain uncertain and could change frequently. Any such developments could materially affect our projections, goals, assumptions, targets, estimates, forecasts, strategies or plans in ways that cannot currently be determined with any certainty, including through effects (inside and outside the United States) on the desirability of certain financial or nonfinancial assets, the investability of certain countries or regions, the business prospects of certain industries, the certainty or predictability of legal systems and otherwise.

***Economic recessions or downturns could impair the ability of our portfolio companies to repay loans and harm our operating results.***

Many of our portfolio companies are susceptible to economic slowdowns or recessions, and, as a result, may be unable to repay our loans during these periods. Therefore, any non-performing assets are likely to increase, and the value of our portfolio is likely to decrease during these periods. Adverse economic conditions also may decrease the value of any collateral securing some of our loans and the value of our equity investments and could lead to financial losses in our portfolio and a corresponding decrease in revenues, net income and assets. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could prevent us from increasing our investments and harm our operating results.

A portfolio company's failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, acceleration of its loans and foreclosure on its assets, which could trigger cross-defaults under other agreements and jeopardize our portfolio company's ability to meet its obligations under the debt securities that we hold. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company. It is possible that we could become subject to a lender liability claim, including as a result of actions taken if we or Saratoga Investment Advisors renders significant managerial assistance to the borrower. Furthermore, if one of our portfolio companies were to file for bankruptcy protection, even though we may have structured our investment as senior secured debt, depending on the facts and circumstances, including the extent to which we or Saratoga Investment Advisors provided managerial assistance to that portfolio company or otherwise exercise control over it, a bankruptcy court might re-characterize our debt as a form of equity and subordinate all or a portion of our claim to claims of other creditors.

**RISKS RELATED TO OUR ADVISER AND ITS AFFILIATES** 

***We may be obligated to pay Saratoga Investment Advisors incentive fees even if we incur a net loss, or there is a decline in the value of our portfolio.***

Saratoga Investment Advisors is entitled to incentive fees for each fiscal quarter in an amount equal to a percentage of the excess of our investment income for that quarter (before deducting incentive compensation, but net of operating expenses and certain other items) above a threshold return for that quarter. Our pre-incentive fee net investment income, for incentive compensation purposes, excludes realized and unrealized capital gains or losses that we may incur in the fiscal quarter, even if such capital gains or losses result in a net gain or loss on our consolidated statements of operations for that quarter. Thus, we may be required to pay Saratoga Investment Advisors incentive fees for a fiscal quarter even if there is a decline in the value of our portfolio or we incur a net loss for that quarter.

***Under the terms of the Management Agreement, we may have to pay incentive fees to Saratoga Investment Advisors in connection with the sale of an investment that is sold at a price higher than the fair value of such investment on May 31, 2010, even if we incur a loss on the sale of such investment.***

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Incentive fees on capital gains paid to Saratoga Investment Advisors under the Management Agreement equals 20.0% of our "incentive fee capital gains," which equals our realized capital gains on a cumulative basis from May 31, 2010 through the end of the fiscal year, if any, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis on each investment in the Company's portfolio, less the aggregate amount of any previously paid capital gain incentive fee. Under the Management Agreement, 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 Saratoga Investment Advisors will be entitled to 20.0% of the incentive fee capital 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 will equal the fair value of such investments as of such date. See our Form 10-Q for the quarter ended May 31, 2010 that was filed with the SEC on July 15, 2010 for the fair value and other information related to our investments as of such date. As a result, we may be required to pay incentive fees to Saratoga Investment Advisors on the sale of an investment even if we incur a realized loss on such investment, so long as the investment is sold for an amount greater than its fair value as of May 31, 2010.

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***The way in which the base management and incentive fees under the Management Agreement is determined may encourage Saratoga Investment Advisors to take actions that may not be in our best interests.***

The incentive fee payable by us to our Investment Adviser may create an incentive for it to make investments on our behalf that are risky or more speculative than would be the case in the absence of such compensation arrangement, which could result in higher investment losses, particularly during cyclical economic downturns. The way in which the incentive fee payable to our Investment Adviser is determined, which is calculated separately in two components as a percentage of the income (subject to a hurdle rate) and as a percentage of the realized gain on invested capital, may encourage our Investment Adviser to use leverage to increase the return on our investments or otherwise manipulate our income so as to recognize income in quarters where the hurdle rate is exceeded.

Moreover, we pay Saratoga Investment Advisors a base management fee based on our total assets, including any investments made with borrowings, which may create an incentive for it to cause us to incur more leverage than is prudent, or not to repay our outstanding indebtedness when it may be advantageous for us to do so, in order to maximize its compensation. Under certain circumstances, the use of leverage may increase the likelihood of default, which would disfavor the holders of our securities.

The incentive fee payable by us to our Investment Adviser also may create an incentive for our Investment Adviser to invest on our behalf in instruments that have a deferred interest feature. Under these investments, we would accrue the interest over the life of the investment but would not receive the cash income from the investment until the end of the investment's term, if at all. Our net investment income used to calculate the income portion of our incentive fee, however, includes accrued interest. Thus, a portion of the incentive fee would be based on income that we have not yet received in cash and may never receive in cash if the portfolio company is unable to satisfy such interest payment obligation to us. Consequently, while we may make incentive fee payments on income accruals that we may not collect in the future and with respect to which we do not have a "claw back" right against our Investment Adviser per se, the amount of accrued income written off in any period will reduce the income in the period in which such write-off was taken and may thereby reduce such period's incentive fee payment.

In addition, Saratoga Investment Advisors receives a quarterly income incentive fee based, in part, on our pre-incentive fee net investment income, if any, for the immediately preceding calendar quarter. This income incentive fee is subject to a fixed quarterly hurdle rate before providing an income incentive fee return to Saratoga Investment Advisors. This fixed hurdle rate was determined when then current interest rates were relatively low on a historical basis. Thus, if interest rates rise, it would become easier for our investment income to exceed the hurdle rate and, as a result, more likely that Saratoga Investment Advisors will receive an income incentive fee than if interest rates on our investments remained constant or decreased. However, if we repurchase our outstanding debt securities, including the Notes, and such repurchase results in our recording a net gain or loss on the extinguishment of debt for financial reporting and tax purposes, such net gain or loss will not be included in our pre-incentive fee net investment income for purposes of determining the income incentive fee payable to our Investment Adviser under the Management Agreement. Moreover, our Investment Adviser receives the incentive fee based, in part, upon net capital gains realized on our investments. Unlike the portion of the incentive fee based on income, there is no performance threshold applicable to the portion of the incentive fee based on net capital gains. As a result, our Investment Adviser may have a tendency to invest more in investments that are likely to result in capital gains as compared to income producing securities. Such a practice could result in our investing in more speculative securities than would otherwise be the case, which could result in higher investment losses, particularly during economic downturns.

Our board of directors will seek to ensure that Saratoga Investment Advisors is acting in our best interests and that any conflict of interest faced by Saratoga Investment Advisors in its capacity as our Investment Adviser does not negatively impact us.

***The base management fee we pay to Saratoga Investment Advisors may induce it to influence our leverage, which may be contrary to our interest.***

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We pay Saratoga Investment Advisors a quarterly base management fee based on the value of our total assets (including any assets acquired with leverage). Accordingly, Saratoga Investment Advisors has an economic incentive to increase our leverage. Our board of directors monitors the conflicts presented by this compensation structure by approving the amount of leverage that we incur. If our leverage is increased, we will be exposed to increased risk of loss, bear the increased cost of issuing and servicing such senior indebtedness, and will be subject to any additional covenant restrictions imposed on us in an indenture or other instrument or by the applicable lender.

***Saratoga Investment Advisors' liability is limited under the Management Agreement and we will indemnify Saratoga Investment Advisors against certain liabilities, which may lead it to act in a riskier manner on our behalf than it would when acting for its own account.***

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Saratoga Investment Advisors has not assumed any responsibility to us other than to render the services described in the Management Agreement. Pursuant to the Management Agreement, Saratoga Investment Advisors and its officers and employees are not liable to us for their acts under the Management Agreement absent willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of their duties. We have agreed to indemnify, defend and protect Saratoga Investment Advisors and its officers and employees with respect to all damages, liabilities, costs and expenses resulting from acts of Saratoga Investment Advisors not arising out of willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of their duties under the Management Agreement. These protections may lead Saratoga Investment Advisors to act in a riskier manner when acting on our behalf than it would when acting for its own account.

***Our ability to enter into transactions with our affiliates is restricted.***

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We generally are prohibited under the 1940 Act from knowingly participating in certain transactions with our affiliates without the prior approval of our independent directors and, in some cases, of the SEC. Those transactions include purchases from, sales to, and so-called "joint" transactions, in which we and one or more of our affiliates engage in certain types of profit-making activities, with such affiliates. Any person that owns, directly or indirectly, five percent or more of our outstanding voting securities will be considered an affiliate of ours for purposes of the 1940 Act, and we generally are prohibited from engaging in purchases of assets from or sales of assets to or joint transactions with such affiliates, absent the prior approval of our independent directors. Additionally, without receiving an exemptive order from the SEC, we are prohibited from engaging in purchases of assets from, or sales of assets to or joint transactions with certain affiliates, including our officers, directors, and employees, and investment adviser (and its affiliates) and their clients, as well as any person that owns more than 25% of our voting securities. As a result of these restrictions, we may be limited in the scope of investment opportunities that would otherwise be available to us.

We may, however, co-invest with Saratoga Investment Advisors and its affiliates' other clients in certain circumstances where doing so is consistent with applicable law and SEC staff interpretations. For example, we may co-invest with such accounts consistent with guidance promulgated by the SEC staff permitting us and such other accounts to purchase interests in a single class of privately placed securities so long as certain conditions are met, including that the applicable Adviser, acting on our behalf and on behalf of other clients, negotiates no term other than price.

Additionally, we, Saratoga Investment Advisors, and certain other funds and accounts sponsored or managed by Saratoga Investment Advisors and its affiliates have been granted the Order by the SEC, which permits the Company to participate in joint transactions with the foregoing affiliates subject to the conditions of the Order.

When we are permitted to co-invest with other clients of Saratoga Investment Advisors and its affiliates as permissible under regulatory guidance, applicable regulations, and in accordance with the Order, as discussed above, we do so pursuant to Saratoga Investment Advisors' allocation policy. Under this allocation policy, a portion of each opportunity, which may vary based on asset class and from time to time, is offered to us and similar eligible accounts, as periodically determined by Saratoga Investment Advisors. However, we can offer no assurance that investment opportunities will be allocated to us fairly or equitably in the short-term or over time.

***We depend on the key personnel of Saratoga Investment Advisors for our future success, and if Saratoga Investment Advisors is unable to retain qualified personnel or if we lose any member of our senior management team, our ability to achieve our investment objective could be significantly harmed.***

We depend on the members of the senior management team and other key personnel of Saratoga Investment Advisors for the identification, final selection, structuring, closing, and monitoring of our investments. These individuals have extensive experience in, and knowledge of, the investment industry and our target markets. Our future success depends on the continued service of senior management and other key personnel of Saratoga Investment Advisors. The departure of any of the senior officers or key employees of Saratoga Investment Advisors, or of a significant number of the investment professionals of Saratoga Investment Advisors, could have a material adverse effect on our ability to achieve our investment objective.

In addition, we can offer no assurance that Saratoga Investment Advisors will remain our investment adviser or that we will continue to have access to its investment professionals.

**RISKS RELATED TO OUR INVESTMENTS**

***If we make unsecured debt investments, we may lack adequate protection in the event our portfolio companies become distressed or insolvent and will likely experience a lower recovery than more senior debtholders in the event our portfolio companies default on their indebtedness.***

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We make unsecured debt investments in portfolio companies. Unsecured debt investments are unsecured and junior to other indebtedness of the portfolio company. As a consequence, the holder of an unsecured debt investment may lack adequate protection in the event the portfolio company becomes distressed or insolvent and will likely experience a lower recovery than more senior debtholders in the event the portfolio company defaults on its indebtedness. In addition, unsecured debt investments of middle-market companies are often highly illiquid and in adverse market conditions may experience steep declines in valuation even if they are fully performing.

***If we invest in the securities and other obligations of distressed or bankrupt companies, such investments may be subject to significant risks, including lack of income, extraordinary expenses, uncertainty with respect to satisfaction of debt, lower-than expected investment values or income potentials and resale restrictions.***

We are authorized to invest in the securities and other obligations of distressed or bankrupt companies. At times, distressed debt obligations may not produce income and may require us to bear certain extraordinary expenses (including legal, accounting, valuation and transaction expenses) in order to protect and recover our investment. Therefore, to the extent we invest in distressed debt, our ability to achieve current income may be diminished which may affect our ability to make distributions on our common stock or make interest and principal payments of the Notes.

We also will be subject to significant uncertainty as to when and in what manner and for what value the distressed debt we invest in will eventually be satisfied (e.g., through a liquidation of the obligor's assets, an exchange offer or plan of reorganization involving the distressed debt securities or a payment of some amount in satisfaction of the obligation). In addition, even if an exchange offer is made or plan of reorganization is adopted with respect to distressed debt held by us, there can be no assurance that the securities or other assets received by us in connection with such exchange offer or plan of reorganization will not have a lower value or income potential than may have been anticipated when the investment was made.

Moreover, any securities received by us upon completion of an exchange offer or plan of reorganization may be restricted as to resale. As a result of our participation in negotiations with respect to any exchange offer or plan of reorganization with respect to an issuer of distressed debt, we may be restricted from disposing of such securities if we are in possession of material non-public information relating to the issuer.

***Second priority liens on collateral securing loans that we make to our portfolio companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us.***

Certain loans that we make to portfolio companies will be secured on a second priority basis by the same collateral securing senior secured debt of such companies. The first priority liens on the collateral will secure the portfolio company's obligations under any outstanding senior debt and may secure certain other future debt that may be permitted to be incurred by the company under the agreements governing the loans. The holders of obligations secured by the first priority liens on the collateral will generally control the liquidation of and be entitled to receive proceeds from any realization of the collateral to repay their obligations in full before us. In addition, the value of the collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from the sale or sales of all of the collateral would be sufficient to satisfy the loan obligations secured by the second priority liens after payment in full of all obligations secured by the first priority liens on the collateral. If such proceeds are not sufficient to repay amounts outstanding under the loan obligations secured by the second priority liens, then we, to the extent not repaid from the proceeds of the sale of the collateral, will only have an unsecured claim against the company's remaining assets, if any.

The rights we may have with respect to the collateral securing the loans we make to our portfolio companies with senior debt outstanding may also be limited pursuant to the terms of one or more intercreditor agreements that we enter into with the holders of senior debt. Under such an intercreditor agreement, at any time that obligations that have the benefit of the first priority liens are outstanding, any of the following actions that may be taken with respect to the collateral will be at the direction of the holders of the obligations secured by the first priority liens: the ability to cause the commencement of enforcement proceedings against the collateral; the ability to control the conduct of such proceedings; the approval of amendments to collateral documents; releases of liens on the collateral; and waivers of past defaults under collateral documents. We may not have the ability to control or direct such actions, even if our rights are adversely affected.

***A majority of our debt investments are not required to make principal payments until the maturity of such debt securities and are generally riskier than other types of loans.***

As of February 28, 2026, 95.2% of our debt portfolio consisted of "interest-only" loans, which are structured such that the borrower makes only interest payments throughout the life of the loan and makes a large, "balloon payment" at the end of the loan term. The ability of a borrower to make or refinance a balloon payment may be affected by a number of factors, including the financial condition of the borrower, prevailing economic conditions, interest rates, and collateral values. If the interest-only loan borrower is unable to make or refinance a balloon payment, we may experience greater losses than if the loan were structured as amortizing.

***We may be exposed to higher risks with respect to our investments that include PIK interest, particularly our investments in interest-only loans.***

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To the extent our portfolio investments permit PIK interest and our portfolio companies elect to pay PIK interest, we will be exposed to higher risks, including the following:

● because PIK interest results in an increase in the size of the loan balance of the underlying loan, our exposure to potential loss increases when we receive PIK interest;

● PIK instruments may have higher yields, which reflect the payment deferral and credit risk associated with these instruments;

● PIK accruals may create uncertainty about the source of our distributions to stockholders;

● the deferral of PIK interest has a negative impact on liquidity, as it represents non-cash income that may require distribution of cash dividends to shareholders in order to maintain our RIC tax treatment. In addition, the deferral of PIK interest also increases the loan-to-value ratio at a compounding rate, thus, increasing the risk that we will absorb a loss in the event of foreclosure; and

● PIK instruments may have unreliable valuations because their continuing accruals require continuing judgments about the collectability of the deferred payments and the value of the collateral.

To the extent our investments are structured as interest-only loans, PIK interest will increase the size of the balloon payment due at the end of the loan term. PIK interest payments on such loans may increase the probability and magnitude of a loss on our investment, particularly with respect to our interest-only loans. As of February 28, 2026, 13.6% of our interest-only loans provided for contractual PIK interest, which represents contractual interest added to a loan balance and due at the end of such loan's term, and 37.0% of such investments elected to pay a portion of interest due in PIK. As of February 28, 2026, 0.8% of the Company's interest-only loans are loans that pay contractual PIK interest only.

***The lack of liquidity in our investments may adversely affect our business.***

We primarily make investments in private companies. A portion of these securities may be subject to legal and other restrictions on resale, transfer, pledge or other disposition or will otherwise be less liquid than publicly traded securities. The illiquidity of our investments may make it difficult for us to sell such investments if the need arises. In addition, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we have previously recorded our investments. In addition, we may face other restrictions on our ability to liquidate an investment in a business entity to the extent that we or our Investment Adviser has or could be deemed to have material non-public information regarding such business entity.

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***We may not have the funds to make additional investments in our portfolio companies which could impair the value of our portfolio.***

After our initial investment in a portfolio company, we may be called upon from time to time to provide additional funds to such company or have the opportunity to increase our investment through the exercise of a warrant to purchase common stock. There is no assurance that we will make, or will have sufficient funds to make, follow-on investments. Any decisions not to make a follow-on investment or any inability on our part to make such an investment may have a negative impact on a portfolio company in need of such an investment, may result in a missed opportunity for us to increase our participation in a successful operation or may reduce the expected yield on the investment. Even if we have sufficient capital to make a desired follow-on investment, we may elect not to make a follow-on investment because we may not want to increase our level of risk, because we prefer other opportunities or because we are inhibited by compliance with BDC requirements, SBA regulations or the desire to maintain our RIC tax treatment. Our ability to make follow-on investments may also be limited by our Investment Adviser allocation policy.

***The debt securities in which we invest are subject to credit risk and prepayment risk.***

An issuer of a debt security may be unable to make interest payments and repay principal. We could lose money if the issuer of a debt obligation is, or is perceived to be, unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Substantially all of the debt investments held in our portfolio hold a non-investment grade rating by one or more rating agencies or, if not rated, would be rated below investment grade if they were rated, which are often referred to as "junk."

Certain debt instruments may contain call or redemption provisions which would allow the issuer thereof to prepay principal prior to the debt instrument's stated maturity. This is known as prepayment risk. Prepayment risk is greater during a falling interest rate environment as issuers can reduce their cost of capital by refinancing higher interest debt instruments with lower interest debt instruments. An issuer may also elect to refinance their debt instruments with lower interest debt instruments if the credit standing of the issuer improves. To the extent debt securities in our portfolio are called or redeemed, we may receive less than we paid for such security and we may be forced to reinvest in lower yielding securities or debt securities of issuers of lower credit quality.

***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.***

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At February 28, 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 February 28, 2026, was composed of $391.0 million in aggregate principal amount of primarily senior secured first lien term loans and $22.3 million in uninvested cash. In addition, as of February 28, 2026, we also own $9.4 million and $8.8 million in aggregate principal of the F-2-R-3 Notes and Class E-R Notes with a fair value of $0.0 million and $8.4 million, respectively, in Saratoga CLO and Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd., that only rank senior to the subordinated notes of each collateralized loan obligation fund. A first loss position means that we will suffer the first economic losses if the value of Saratoga CLO decreases. First loss positions typically carry a higher risk and earn a higher yield. Interest payments generated from this portfolio will be used to pay the administrative expenses of Saratoga CLO and interest on the debt issued by Saratoga CLO before paying a return on the subordinated notes.

Principal payments will be similarly applied to pay administrative expenses of Saratoga CLO and for reinvestment or repayment of Saratoga CLO debt before paying a return on, or repayment of, the subordinated notes. In addition, 80.0% of our fixed management fee and 100.0% our incentive management fee for acting as the collateral manager of Saratoga CLO is subordinated to the payment of interest and principal on Saratoga CLO debt. Any losses on the portfolio will accordingly reduce the cash flow available to pay these management fees and provide a return on, or repayment of, our investment. Depending on the amount and timing of such losses, we may experience smaller than expected returns and, potentially, the loss of our entire investment.

As the manager of the portfolio of Saratoga CLO, we will have some ability to direct the composition of the portfolio, but our discretion is limited by the terms of the debt issued by Saratoga CLO which may limit our ability to make investments that we feel are in the best interests of the subordinated notes, and the availability of suitable investments. The performance of Saratoga CLO's portfolio is also subject to many of the same risks sets forth in this Annual Report with respect to portfolio investments in leveraged loans.

***In the event that a bankruptcy court orders the substantive consolidation of us with Saratoga CLO, the creditors of Saratoga CLO, including the holders of $*** ***391.0 million aggregate principal amount of debt, as of February 28, 2026 issued by Saratoga CLO, would have claims against the consolidated bankruptcy estate, which would include our assets.***

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We believe that we have observed and will observe certain formalities and operating procedures that are generally recognized requirements for maintaining our separate existence and that our assets and liabilities can be readily identified as distinct from those of Saratoga CLO. However, we cannot assure you that a bankruptcy court would agree in the event that we or Saratoga CLO became a debtor in connection with a bankruptcy proceeding. If a bankruptcy court concludes that substantive consolidation of us with Saratoga CLO is warranted, the creditors of Saratoga CLO would have claims against the consolidated bankruptcy estate.

Substantive consolidation means that our assets are placed in a single bankruptcy estate with those of Saratoga CLO, rather than kept separate, and that the creditors of Saratoga CLO have a claim against that single estate (including our assets), as opposed to retaining their claims against only Saratoga CLO.

***Our investments in Saratoga CLO have a different risk profile than would direct investments made by us, including less information available and fewer rights regarding repayment compared to companies we invest in directly as well as complicated accounting and tax implications.***

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Due to our investments in the Saratoga CLO being primarily broadly syndicated loans, there may be less information available to us on those companies as compared to most investments that we make directly. For example, we will typically have fewer rights relating to how such companies manage their cash flow to repay debt, the inclusion of protective covenants, default penalties, lien protection, change of control provisions and board observation rights in deal terms, and our general ability to oversee the company's operations. Our investment in Saratoga CLO is also subject to the risk of leverage associated with the debt issued by Saratoga CLO and the repayment priority of senior debt holders in Saratoga CLO.

The accounting and tax implications of such investments are complicated. In particular, reported earnings from the equity tranche investment of Saratoga CLO are recorded according to U.S. GAAP based upon an effective yield calculation. Current taxable earnings on these investments, however, will generally not be determinable until after the end of the fiscal year of Saratoga CLO that ends within the Company's fiscal year, even though the investment is generating cash flow. In general, the U.S. federal income tax treatment of investment in Saratoga CLO may result in higher distributable earnings in the early years and a capital loss at maturity, while for reporting purposes the totality of cash flows are reflected in a constant yield to maturity.

***The senior loan portfolio of Saratoga CLO may be concentrated in a limited number of industries or borrowers, which may subject Saratoga CLO, and in turn us, to a risk of significant loss if there is a downturn in a particular industry in which Saratoga CLO is concentrated.***

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Saratoga CLO has senior loan portfolios that may be concentrated in a limited number of industries or borrowers. A downturn in any particular industry or borrower in which Saratoga CLO is heavily invested may subject Saratoga CLO, and in turn us, to a risk of significant loss and could significantly impact the aggregate returns we realize. If an industry in which Saratoga CLO is heavily invested suffers from adverse business or economic conditions, a material portion of our investment in Saratoga CLO could be affected adversely, which, in turn, could adversely affect our financial position and results of operations. For example, as of February 28, 2026, Saratoga CLO's investments in the banking, finance, insurance & real estate industry represented approximately 19.0% of the fair value of Saratoga CLO's portfolio. Companies in the banking, finance, insurance & real estate industry are subject to general economic downturns and business cycles and will often suffer reduced revenues and rate pressures during periods of economic uncertainty. In addition, investments in business service represented approximately 10.1% of the fair value of Saratoga CLO's portfolio. Changes in healthcare or other laws and regulations applicable to the businesses of some of the companies in which Saratoga CLO invests may occur that could increase their compliance and other costs of doing business, require significant systems enhancements, or render their products or services less profitable or obsolete, any of which could have a material adverse effect on their results of operations. There has also been an increased political and regulatory focus on healthcare laws in recent years, and new legislation could have a material effect on the business and operations of companies in which Saratoga CLO invests.

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***Failure by Saratoga CLO to satisfy certain debt compliance ratios may entitle senior debtholders to additional payments, which may harm our operating results by reducing payments we would otherwise be entitled to receive from Saratoga CLO.***

The failure by Saratoga CLO to satisfy certain debt compliance ratios, specifically those with respect to adequate collateralization and/or interest coverage tests, could lead to a reduction in its payments to us. In the event that Saratoga CLO failed these certain tests, senior debt holders may be entitled to additional payments that would, in turn, reduce the payments we would otherwise be entitled to receive. Separately, we may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms, which may include the waiver of certain financial covenants, with Saratoga CLO or any other investment we may make. If any of these occur, it could materially and adversely affect our operating results and cash flows.

***Downgrades by rating agencies of broadly syndicated loans could adversely impact the financial performance of Saratoga CLO and its ability to pay equity distributions in the future.***

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Ratings agencies periodically undergo reviews of CLO tranches and their broadly syndicated loans in response to adverse economic market conditions, such as the COVID-19 pandemic. Such reviews have, in some cases, resulted in downgrades of broadly syndicated loans. Such downgrades of broadly syndicated loans, as well as downgrades of broadly syndicated loans in the future, could adversely impact the financial performance of Saratoga CLO, thereby limiting Saratoga CLO's ability to pay equity distributions and subordinated management fees to the Company in the future. The full extent of downgrades by ratings agencies of broadly syndicated loans is currently unknown, thereby resulting in a high degree of uncertainty with respect to Saratoga CLO's financial performance and ability to pay equity distributions and subordinated management fees to the Company in the future.

***We may invest through joint ventures, partnerships or other special purpose vehicles and our investments through these vehicles may entail greater risks, or risks that we otherwise would not incur, if we otherwise made such investments directly.***

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We may make indirect investments in portfolio companies through joint ventures, partnerships or other special purpose vehicles, including SLF JV. In general, the risks associated with indirect investments in portfolio companies through a joint venture, partnership or other special purpose vehicle are similar to those associated with a direct investment in a portfolio company. While we intend to analyze the credit and business of a potential portfolio company in determining whether to make an investment in an investment vehicle, we will nonetheless be exposed to the creditworthiness of the investment vehicle. In the event of a bankruptcy proceeding against the portfolio company, the assets of the portfolio company may be used to satisfy its obligations prior to the satisfaction of our investment in the investment vehicle (i.e., our investment in the investment vehicle could be structurally subordinated to the other obligations of the portfolio company). In addition, if we are to invest in an investment vehicle, we may be required to rely on our partners in the investment vehicle when making decisions regarding such investment vehicle's investments, accordingly, the value of the investment could be adversely affected if our interests diverge from those of our partners in the investment vehicle.

***Available information about privately held companies is limited.***

We invest primarily in privately-held companies. Generally, little public information exists about these companies, and we are required to rely on the ability of our Investment Adviser's investment professionals to obtain adequate information to evaluate the potential returns from investing in these companies. These companies and their financial information are not subject to the Sarbanes-Oxley Act of 2002 and other rules that govern public companies. If we are unable to uncover all material information about these companies, we may not make a fully informed investment decision, and we may lose money on our investments.

***When we are a debt or minority equity investor in a portfolio company, we may not be in a position to control the entity, and its management may make decisions that could decrease the value of our investment.***

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We make both debt and minority equity investments; therefore, we are subject to the risk that a portfolio company may make business decisions with which we disagree, and the stockholders and management of such company may take risks or otherwise act in ways that do not serve our interests. As a result, a portfolio company may make decisions that could decrease the value of our portfolio holdings.

***Our portfolio companies may incur debt or issue equity securities that rank equally with, or senior to, our investments in such companies.***

Our portfolio companies usually will have, or may be permitted to incur, other debt, or issue other equity securities that rank equally with, or senior to, our investments. By their terms, such instruments may provide that the holders are entitled to receive payment of dividends, interest or principal on or before the dates on which we are entitled to receive payments in respect of our investments. These debt instruments will usually prohibit the portfolio companies from paying interest on or repaying our investments in the event and during the continuance of a default under such debt. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, holders of securities ranking senior to our investment in that portfolio company would typically be entitled to receive payment in full before we receive any distribution in respect of our investment. After repaying such holders, the portfolio company may not have any remaining assets to use for repaying its obligation to us. In the case of debtor ranking equally with our investments, we would have to share on an equal basis any distributions with other holders in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company.

***There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.***

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If one of our portfolio companies were to go bankrupt, even though we may have structured our interest as senior debt, depending on the facts and circumstances, including the extent to which we actually provided managerial assistance to that portfolio company, a bankruptcy court might re-characterize our debt holding and subordinate all or a portion of our claim to that of other creditors. In addition, lenders can be subject to lender liability claims for actions taken by them where they become too involved in the borrower's business or exercise control over the borrower. It is possible that we could become subject to a lender's liability claim, including as a result of actions taken if we actually render significant managerial assistance.

***Our investments in equity securities involve a substantial degree of risk.***

We purchase common stock and other equity securities. Although equity securities have historically generated higher average total returns than fixed-income securities over the long-term, equity securities also have experienced significantly more volatility in those returns and in recent years have significantly underperformed relative to fixed-income securities. The equity securities we acquire may fail to appreciate and may decline in value or become worthless and our ability to recover our investment will depend on our portfolio company's success. Investments in equity securities involve a number of significant risks, including:

● any equity investment we make in a portfolio company could be subject to further dilution as a result of the issuance of additional equity interests and to serious risks as a junior security that will be subordinate to all indebtedness or senior securities in the event that the issuer is unable to meet its obligations or becomes subject to a bankruptcy process;

● to the extent that the portfolio company requires additional capital and is unable to obtain it, we may not recover our investment in equity securities; and

● in some cases, equity securities in which we invest will not pay current dividends, and our ability to realize a return on our investment, as well as to recover our investment, will be dependent on the success of our portfolio companies. Even if the portfolio companies are successful, our ability to realize the value of our investment may be dependent on the occurrence of a liquidity event, such as a public offering or the sale of the portfolio company. It is likely to take a significant amount of time before a liquidity event occurs or we can sell our equity investments. In addition, the equity securities we receive or invest in may be subject to restrictions on resale during periods in which it could be advantageous to sell.

There are special risks associated with investing in preferred securities, including:

● preferred securities may include provisions that permit the issuer, at its discretion, to defer distributions for a stated period without any adverse consequences to the issuer. If we own a preferred security that is deferring its distributions, we may be required to report income for U.S. federal income tax purposes even though we have not received any cash payments in respect of such income;

● preferred securities are subordinated with respect to corporate income and liquidation payments, and are therefore subject to greater risk than debt;

● preferred securities may be substantially less liquid than many other securities, such as common securities or U.S. government securities; and

● preferred security holders generally have no voting rights with respect to the issuing company, subject to limited exceptions.

***Our investments in foreign debt, including that of emerging market issuers, may involve significant risks in addition to the risks inherent in U.S. investments.***

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Although there are limitations on our ability to invest in foreign debt, we may, from time to time, invest in debt of foreign companies, including the debt of emerging market issuers. Investing in foreign companies may expose us to additional risks not typically associated with investing in U.S. companies. These risks include changes in exchange control regulations, political and social instability, expropriation, imposition of non-U.S. taxes, less liquid markets and less available information than is generally the case in the United States, higher transaction costs, less government supervision of exchanges, brokers and issuers, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards and greater price volatility.

Investments in the debt of emerging market issuers may subject us to additional risks such as inflation, wage and price controls, and the imposition of trade barriers. Furthermore, economic conditions in emerging market countries are, to some extent, influenced by economic and securities market conditions in other emerging market countries. Although economic conditions are different in each country, investors' reaction to developments in one country can have effects on the debt of issuers in other countries.

Although most of our investments will be U.S. dollar-denominated, our investments that are denominated in a foreign currency will be subject to the risk that the value of a particular currency will change in relation to one or more other currencies. Among the factors that may affect currency values are trade balances, the level of short-term interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital appreciation, and political developments.

We may employ hedging techniques to minimize these risks, but we cannot assure you that we will fully hedge against these risks or that such strategies will be effective. As a result, a change in currency exchange rates may adversely affect our profitability.

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***We may expose ourselves to risks if we engage in hedging transactions.***

We may utilize instruments such as forward contracts, currency options and interest rate swaps, caps, collars and floors to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates and market interest rates. Use of these hedging instruments may expose us to counter-party credit risk. Hedging against a decline in the values of our portfolio positions does not eliminate the possibility of fluctuations in the values of such positions or prevent losses if the values of such positions decline. However, such hedging can establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions. Such hedging transactions may also limit the opportunity for gain if the values of the portfolio positions should increase. Moreover, it may not be possible to hedge against an exchange rate or interest rate fluctuation that is generally anticipated at an acceptable price.

The success of our hedging transactions will depend on our ability to correctly predict movements in currencies and interest rates.

Therefore, while we may enter into such transactions to seek to reduce currency exchange rate and interest rate risks, unanticipated changes in currency exchange rates or interest rates may result in poorer overall investment performance than if we had not engaged in any such hedging transactions. In addition, the degree of correlation between price movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged may vary. Moreover, for a variety of reasons, we may not seek to establish a perfect correlation between such hedging instruments and the portfolio holdings being hedged. Any such imperfect correlation may prevent us from achieving the intended hedge and expose us to risk of loss. In addition, it may not be possible to hedge fully or perfectly against currency fluctuations affecting the value of securities denominated in non-U.S. currencies because the value of those securities is likely to fluctuate as a result of factors not entirely related to currency fluctuations. To the extent we engage in hedging transactions, we also face the risk that counterparties to the derivative instruments we hold may default, which may expose us to unexpected losses from positions where we believed that our risk had been appropriately hedged.

***Our investments may be risky, and you could lose all or part of your investment.***

Substantially all of our debt investments hold a non-investment grade rating by one or more rating agencies (which non-investment grade debt is commonly referred to as "high yield" and "junk" debt) or, where not rated by any rating agency, would be below investment grade or "junk", if rated. A below investment grade or "junk" rating means that, in the rating agency's view, there is an increased risk that the obligor on such debt will be unable to pay interest and repay principal on its debt in full. We also invest in debt that defers or pays PIK interest. To the extent interest payments associated with such debt are deferred, such debt will be subject to greater fluctuations in value based on changes in interest rates, such debt could produce taxable income without a corresponding cash payment to us, and since we generally do not receive any cash prior to maturity of the debt, the investment will be of greater risk.

In addition, private middle-market companies in which we invest are exposed to a number of significant risks, including:

● limited financial resources and an inability to meet their obligations, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of us realizing any guarantees we may have obtained in connection with our investment;

● shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors' actions and market conditions, as well as general economic downturns;

● dependence on the management talents and efforts of a small group of persons; the death, disability, resignation or termination of one or more of which could have a material adverse impact on the company and, in turn, on us;

● less predictable operating results and, possibly, substantial additional capital requirements to support their operations, finance expansion or maintain their competitive position; and

● difficulty accessing the capital markets to meet future capital needs.

In addition, our executive officers, directors and our Investment Adviser may, in the ordinary course of business, be named as defendants in litigation arising from our investments in the portfolio companies.

***Our portfolio may continue to be concentrated in a limited number of industries, which may subject us to a risk of significant loss if there is a downturn in a particular industry in which a number of our investments are concentrated.***

Our portfolio may continue to be concentrated in a limited number of industries. A downturn in any particular industry in which we are invested could significantly impact the aggregate returns we realize.

As of February 28, 2026, our investments in the Healthcare Services industry represented approximately 8.4% of the fair value of our portfolio, Structured Finance Securities represented approximately 6.6% of the fair value of the portfolio, and our investments in the Consumer Services industry represented approximately 6.0% of the fair value of our portfolio. In addition, we may from time to time invest a relatively significant percentage of our portfolio in industries we do not necessarily target. If an industry in which we have significant investments suffers from adverse business or economic conditions, as these industries have to varying degrees, a material portion of our investment portfolio could be affected adversely, which, in turn, could adversely affect our financial position and results of operations.

***We may be subject to risks associated with artificial intelligence.***

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Recent technological advances in artificial intelligence and machine learning technology may pose risks to us and our portfolio companies. We and Saratoga Investment Advisors may utilize artificial intelligence tools in our business activities, including generative artificial intelligence technologies, machine learning, data analytics, and aggregation tools. The use of artificial intelligence is in its early stages, and ineffective or inadequate development or deployment could be costly and may involve unforeseen difficulties, such as undetected errors or material performance issues. Additionally, whether or not known to us, third-party service providers or other counterparties of ours or our portfolio companies may use artificial intelligence and machine learning technology in their business activities.

Because artificial intelligence is reliant on the collection and analysis of large amounts of data, the effectiveness of the results generated by such technology could be impacted by inaccuracies and/or errors, which may be material. To the extent that we or our portfolio companies are exposed to the risks of artificial intelligence and machine learning technology use, any such inaccuracies or errors could have adverse impacts on our investments. Artificial intelligence and its applications, including in the investment management and capital markets industries, continue to develop rapidly, and it is impossible to predict the future risks applicable to us that may arise from such developments.

In addition, regulators are also increasing scrutiny and considering regulation of the use of artificial intelligence technologies. We cannot predict what, if any, actions may be taken or the impact such actions may have on our business and results of operations. Uncertainty in the legal and regulatory regime relating to artificial intelligence, such as evolving review by the SEC, the U.S. Federal Trade Commission, and other U.S. and non-U.S. agencies and regulators, may require significant resources to modify and maintain business practices to comply with such regulations.

***A number of our portfolio companies are in the Software-as-a-Service industry and such companies are subject to additional risks that are unique to that industry, and the financial results of our portfolio companies in the Software-as-a-Service industry could materially adversely affect our financial results.***

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A number of our portfolio companies are in the Software-as-a-Service ("SAAS") industry and such companies are subject to additional risks that are unique to the SAAS industry. The rapid emergence of AI-first companies and generative AI tools poses significant competitive threats to traditional SAAS business models. In January 2026, AI companies such as OpenAI and Anthropic announced HIPAA-compliant life sciences and healthcare tools that directly compete with established SAAS vendors, demonstrating how AI-native companies are increasingly launching vertical-specific applications that challenge incumbents. It is possible that AI agents and autonomous AI systems could displace traditional business applications. Our portfolio companies may face margin pressure, customer churn, and declining recurring revenue if they fail to effectively integrate AI capabilities, differentiate their offerings from AI-native competitors, or adapt their technology platforms to meet evolving customer expectations for AI-powered functionality. The shifting technology landscape may require significant investment in research and development, product reimagination, and go-to-market strategy changes that our portfolio companies may be unable or unwilling to undertake.

Additionally, such portfolio companies may be subject to consumer protection laws that are enforced by regulators such as the Federal Trade Commission ("FTC") and private parties, and include statutes that regulate the collection and use of information for marketing purposes. Any new legislation or regulations regarding the Internet, mobile devices, software sales or export and/or the cloud or SAAS industry, and/or the application of existing laws and regulations to the Internet, mobile devices, software sales or export and/or the cloud or SAAS industry, could create new legal or regulatory burdens on our portfolio companies that could have a material adverse effect on their respective operations. In addition, our SAAS portfolio companies may incur significant operating losses and negative cash flows during certain times of their respective life cycles, resulting in an adverse impact on their operations and on their ability to repay their debt. Because our SAAS portfolio companies are generally investments that are underwritten and valued on "recurring revenue" rather than EBITDA, the fair value determinations of such companies are inherently uncertain and may fluctuate over short periods of time. They are also subject to the risks that their customers have financial difficulties that make them unable or unwilling to pay for the software and services that drive a portfolio company's recurring revenue projections or may switch to lower-cost AI-native alternatives that offer superior functionality or automation capabilities. There is often less collateral securing our loans to these companies as compared to our other portfolio companies, which could impair our ability to be repaid if the portfolio companies default on their obligations or otherwise encounter financial difficulties. For these reasons, our financial results could be materially adversely affected if our portfolio companies in the SAAS industry encounter financial difficulty and fail to repay their obligations. As of February 28, 2026, our current total investments in SAAS companies were $559.2 million, or 50.4% of total investments.

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***If our primary investments are deemed not to be qualifying assets, we could be precluded from investing in our desired manner or deemed to be in violation of the 1940 Act.***

In order to maintain our status as a BDC, we may not acquire any assets other than "qualifying assets" unless, at the time of and after giving effect to such acquisition, at least 70.0% of our total assets are qualifying assets. We believe that most of the investments that we may acquire in the future will constitute qualifying assets. However, we may be precluded from investing in what we believe are attractive investments if such investments are not qualifying assets for purposes of the 1940 Act. If we do not invest a sufficient portion of our assets in qualifying assets, we could violate the 1940 Act provisions applicable to BDCs and be precluded from making follow-on investments in existing portfolio companies (which could result in the dilution of our position) or required to dispose of investments at inappropriate times in order to come into compliance with the 1940 Act. If we need to dispose of such investments quickly, it could be difficult to dispose of such investments on favorable terms. We may not be able to find a buyer for such investments and, even if we do find a buyer, we may have to sell the investments at a substantial loss. Any such outcomes would have a material adverse effect on our business, financial condition, results of operations and cash flows. Furthermore, any failure to comply with the requirements imposed on BDCs by the 1940 Act could cause the SEC to bring an enforcement action against us and/or expose us to claims of private litigants. If we do not maintain our status as a BDC, we would be subject to regulation as a registered closed-end investment company under the 1940 Act. As a registered closed-end investment company, we would be subject to substantially more regulatory restrictions under the 1940 Act, which would significantly decrease our operating flexibility.

***We are subject to risks to the extent we invest in covenant-lite loans.***

On occasion, the Company may invest in "covenant-lite" loans. Covenant-lite loans contain fewer maintenance covenants than other loans, or no maintenance covenants, and do not always include terms that allow the lender to monitor the performance of the borrower and declare a default if certain criteria are breached. Covenant-lite loans can carry more risk than traditional loans as they allow borrowers to engage in activities that would otherwise be difficult or not permitted under loan agreements with a full package of covenants. In an event of default, covenant-lite loans could result in diminished recovery values where the lender did not have the opportunity to negotiate with the borrower or to restructure the loan prior to default. Accordingly, to the extent the Company invests in covenant-lite loans, the Company may have fewer rights against a borrower and may have a greater risk of loss on such investments as compared to investments in or exposure to loans with financial maintenance covenants.

**RISKS RELATED TO OUR COMMON STOCK**

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***Investing in our common stock may involve an above average degree of risk.***

The investments we make in accordance with our investment objective may result in a higher amount of risk than alternative investment options and volatility or loss of principal. Our investments in portfolio companies may be highly speculative and aggressive, and therefore, an investment in our common stock may not be suitable for someone with lower risk tolerance.

***We may choose to pay dividends in our own stock, in which case you may be required to pay tax in excess of the cash you receive.***

We have in the past, and may in the future, distribute taxable dividends that are payable to our stockholders in part through the issuance of shares of our common stock. For example, on October 30, 2013, our board of directors declared a dividend of $2.65 per share to shareholders payable in cash or shares of our common stock. Under certain applicable provisions of the Code and the Treasury regulations and a revenue procedure issued by the 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. If too many stockholders elect to receive their distributions in cash, we must allocate the cash available for distribution among the shareholders electing to receive cash (with the balance of the distribution paid in shares of our common stock). If we qualify as a publicly offered RIC and we decide to make any distributions consistent with this revenue procedure that are payable in part in our stock, taxable stockholders receiving such dividends will be required to include the full amount of the dividend (whether received in cash, our stock, or a combination thereof) as ordinary income (or as long-term capital gain to the extent such distribution is properly reported as a capital gain dividend) to the extent of our current and accumulated earnings and profits for U.S. federal income tax purposes. The value of the shares received by a stockholder is treated as income for U.S. federal income tax purposes. A U.S. stockholder may have income from such a dividend in excess of the amount of cash received, and thus may be required to obtain cash from other sources to pay any applicable U.S. federal income tax. If a U.S. stockholder sells the stock it receives as a dividend in order to pay this tax, the sales proceeds may be less than the amount included in income with respect to the dividend, depending on the market price of our stock at the time of the sale.

Furthermore, with respect to non-U.S. stockholders, we may be required to withhold U.S. tax with respect to such dividends, including in respect of all or a portion of such dividend that is payable in stock. If a significant number of our stockholders determine to sell shares of our stock in order to pay taxes owed on dividends, it may put downward pressure on the trading price of our stock.

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***Due to the current market conditions, we may defer our dividends and choose to incur U.S. federal excise tax in order to preserve cash and maintain flexibility.***

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As a BDC, we are not required to make any distributions to shareholders other than in connection with our election to be treated a RIC for U.S. federal income tax purposes as under subchapter M of the Code. In order to maintain our tax treatment as a RIC, we generally must distribute to shareholders for each taxable year at least 90% of our investment company taxable income (i.e., net ordinary income plus realized net short-term capital gains in excess of realized net long-term capital losses). If we qualify for taxation as a RIC, we generally will not be subject to U.S. federal income tax on our investment company taxable income and net capital gains (i.e., realized net long- term capital gains in excess of realized net short-term capital losses) that we timely distribute to shareholders. We will be subject to U.S. federal income tax on our investment company taxable income and net capital gains that we do not timely distribute to shareholders. In addition, we will be subject to a nondeductible 4% U.S. federal excise tax on undistributed earnings of a RIC unless we distribute each calendar year an amount at least equal to the sum of (i) 98% of our net ordinary income for the calendar year, (ii) 98.2% of our capital gain net income for the one-year period ending on October 31 of the calendar year, and (iii) certain undistributed amounts from previous years on which we paid no U.S. federal income tax.

Under the Code, we may satisfy certain of our RIC distributions with dividends paid after the end of the current calendar year. In particular, if we pay a distribution in January of the following year that was declared in October, November, or December of the current year and is payable to shareholders of record in the current year, the dividend will be treated for all U.S. federal tax purposes as if it were paid on December 31 of the current year. In addition, under the Code, we may pay dividends, referred to as "spillover dividends," that are paid during the following taxable year that will allow us to maintain our qualification for taxation as a RIC and eliminate our liability for U.S. federal income tax imposed at corporate rates. Under these spillover dividend procedures, because our taxable year ends on February 28 or 29, we may defer distribution of income earned during the current taxable year until February of the following taxable year. For example, we may defer distributions of income earned during the year ended February 28, 2026 until as late as February 28, 2027. If we choose to carry-over this distribution of income in the form of a spillover dividend, we will incur the 4% U.S. federal excise tax on some or all of the distribution.

Due to current market conditions (as described herein) it is possible that we may take certain actions with respect to the timing and amounts of our distributions in order to preserve cash and maintain flexibility. For example, we may reduce our dividends and/or defer our dividends to the following taxable year. If we defer our dividends, we may choose to utilize the spillover dividend rules discussed above and incur the 4% U.S. federal excise tax on such amounts. To further preserve cash, we may combine these reductions or deferrals of dividends with one or more distributions that are payable partially in our stock. (see Part I. Item 1A. "Risk Factors—Risks Related to Our Common Stock—We may choose to pay dividends in our own stock, in which case you may be required to pay tax in excess of the cash you receive" for more information).

***The market price of our common stock may fluctuate significantly.***

The market price and liquidity of the market for our common stock may be significantly affected by numerous factors, some of which are beyond our control and may not be directly related to our operating performance. These factors include, but are not limited to:

● significant volatility in the market price and trading volume of securities of BDCs or other companies in our sector, which are not necessarily related to the operating performance of these companies;

● changes in regulatory policies, accounting pronouncements or tax guidelines, particularly with respect to RICs, BDCs or SBICs;

● failure to qualify for RIC tax treatment;

● changes in the value of our portfolio of investments;

● any shortfall in revenue or net income or any increase in losses from levels expected by investors or securities analysts;

● departure of any of Saratoga Investment Advisors' key personnel;

● operating performance of companies comparable to us;

● general economic trends and other external factors; or

● loss of a major funding source.

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***Our business and operation could be negatively affected if we become subject to any securities litigation or shareholder activism, which could cause us to incur significant expense, hinder execution of investment strategy and impact our stock price.***

In the past, following periods of volatility in the market price of a company's securities, securities class action litigation has often been brought against that company. Shareholder activism, which could take many forms or arise in a variety of situations, has been increasing in the BDC space recently. While we are currently not subject to any securities litigation or shareholder activism, due to the potential volatility of our stock price and for a variety of other reasons, we may in the future become the target of securities litigation or shareholder activism. Securities litigation and shareholder activism, including potential proxy contests, could result in substantial costs and divert management's and our board of directors' attention and resources from our business.

Additionally, such securities litigation and shareholder activism could give rise to perceived uncertainties as to our future, adversely affect our relationships with service providers and make it more difficult to attract and retain qualified personnel. Also, we may be required to incur significant legal fees and other expenses related to any securities litigation and activist shareholder matters. Further, our stock price could be subject to significant fluctuation or otherwise be adversely affected by the events, risks and uncertainties of any securities litigation and shareholder activism.

***There is a risk that you may not receive distributions or that our distributions may not grow over time.***

As a BDC for 1940 Act purposes and a RIC for U.S. federal income tax purposes, we intend to make distributions out of assets legally available for distribution to our stockholders once such distributions are authorized by our board of directors and declared by us. We cannot assure you that we will achieve investment results that will allow us to make a specified level of cash distributions or periodically increase our dividend rate. In addition, due to the asset coverage test that is applicable to us as a BDC, and provisions contained in the agreements governing our borrowings, we may be limited in our ability to make distributions. Further, if we invest a greater amount of assets in equity securities that do not pay current dividends, it could reduce the amount available for distribution.

***Provisions of our governing documents and the Maryland General Corporation Law could deter future takeover attempts and have an adverse impact on the price of our common stock.***

We are governed by our charter and bylaws, which we refer to as our "governing documents."

Our governing documents and the Maryland General Corporation Law contain provisions that may have the effect of delaying, deferring or preventing a future transaction or change in control of us that might involve a premium price for our stockholders or otherwise be in their best interest.

Our charter provides for the classification of our board of directors into three classes of directors, serving staggered three-year terms, which may render a change of control of us or removal of our incumbent management more difficult. Furthermore, any and all vacancies on our board of directors will be filled generally only by the affirmative vote of a majority of the remaining directors in office, even if the remaining directors do not constitute a quorum, and any director elected to fill a vacancy will serve for the remainder of the full term until a successor is elected and qualifies.

Our board of directors is authorized to create and issue new series of shares, to classify or reclassify any unissued shares of stock into one or more classes or series, including preferred stock and, without stockholder approval, to amend our charter to increase or decrease the number of shares of stock that we have authority to issue, which could have the effect of diluting a stockholder's ownership interest. Prior to the issuance of shares of stock of each class or series, including any reclassified series, our board of directors is required by our governing documents to set the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms or conditions of redemption for each class or series of shares of stock.

Our governing documents also provide that our board of directors has the exclusive power to adopt, alter or repeal any provision of our bylaws, and to make new bylaws. The Maryland General Corporation Law also contains certain provisions that may limit the ability of a third party to acquire control of us, such as:

● the Maryland Business Combination Act, which, subject to certain limitations, prohibits certain business combinations between us and an "interested stockholder" (defined generally as any person who beneficially owns 10% or more of the voting power of the common stock or an affiliate thereof) for five years after the most recent date on which the stockholder becomes an interested stockholder and, thereafter, imposes special minimum price provisions and special stockholder voting requirements on these combinations; and

● the Maryland Control Share Acquisition Act, which provides that "control shares" of a Maryland corporation (defined as shares of common stock which, when aggregated with other shares of common stock controlled by the stockholder, entitles the stockholder to exercise one of three increasing ranges of voting power in electing directors) acquired in a "control share acquisition" (defined as the direct or indirect acquisition of ownership or control of "control shares") have no voting rights except to the extent approved by stockholders by the affirmative vote of at least two-thirds of all the votes entitled to be cast on the matter, excluding all interested shares of common stock.

In addition, the provisions of the Maryland Business Combination Act will not apply, however, if our board of directors adopts a resolution that any business combination between us and any other person will be exempt from the provisions of the Maryland Business Combination Act, subject to prior approval of such business combination by the board of directors. Although our board of directors has adopted such a resolution, there can be no assurance that this resolution will not be altered or repealed in whole or in part at any time. If the resolution is altered or repealed, the provisions of the Maryland Business Combination Act may discourage others from trying to acquire control of us.

As permitted by Maryland law, our bylaws contain a provision exempting from the Maryland Control Share Acquisition Act any and all acquisitions by any person of our common stock. Although our bylaws include such a provision, such a provision may also be amended or eliminated by our board of directors at any time in the future, subject to obtaining confirmation from the SEC that it does not object to us being subject to the Maryland Control Share Acquisition Act.

***Our common stock may trade at a discount to our NAV per share.***

Common stock of BDCs, as closed-end investment companies, frequently trade at a discount to NAV. Our common stock has traded at a discount to our NAV since shortly after our initial public offering. The risk that our common stock may continue to trade at a discount to our NAV is separate and distinct from the risk that our NAV per share may decline.

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***Stockholders may incur dilution if we sell shares of our common stock in one or more offerings at prices below the then current NAV per share of our common stock.***

The 1940 Act prohibits us from selling shares of our common stock at a price below the current NAV per share of such stock, with certain exceptions. One such exception is prior stockholder approval of issuances below NAV provided that our board of directors makes certain determinations. We do not currently have stockholder approval of issuances below NAV.

If we were to sell shares of our common stock below NAV per share, such sales would result in an immediate dilution to the NAV per share. This dilution would occur as a result of the sale of shares at a price below the then current NAV per share of our common stock and a proportionately greater decrease in a stockholder's interest in our earnings and assets and voting interest in us than the increase in our assets resulting from such issuance.

Because the number of shares of common stock that could be so issued and the timing of any issuance is not currently known, the actual dilutive effect cannot be predicted.

***The issuance of subscription rights, warrants or convertible debt that are exchangeable for our common stock, will cause your economic interest and voting power in us to be diluted as a result of our offering of any such securities.***

Stockholders who do not fully exercise rights, warrants or convertible debt issued to them in any offering of subscription rights, warrants or convertible debt to purchase our common stock should expect that they will, at the completion of the offering, own a smaller proportional economic interest and have diminished voting power in us than would otherwise be the case if they fully exercised their rights, warrants or convertible debt. We cannot state precisely the amount of any such dilution in share ownership or voting power because we do not know what proportion of the common stock would be purchased as a result of any such offering.

In addition, if the subscription price, warrant price or convertible debt price is less than our NAV per share of common stock at the time of such offering, then our stockholders would experience an immediate dilution of the aggregate NAV of their shares as a result of the offering. The amount of any such decrease in NAV is not predictable because it is not known at this time what the subscription price, warrant price, convertible debt price or NAV per share will be on the expiration date of such offering or what proportion of our common stock will be purchased as a result of any such offering. The risk of dilution is greater if there are multiple rights offerings. However, our board of directors will make a good faith determination that any offering of subscription rights, warrants or convertible debt would result in a net benefit to existing stockholders.

Finally, our common stockholders will bear all costs and expenses incurred by us in connection with any proposed offering of subscription rights, warrants or convertible debt that are exchangeable for our common stock, whether or not such offering is actually completed by us.

**RISKS RELATED TO OUR NOTES** 

***The Notes are unsecured and therefore are effectively subordinated to any existing and future secured indebtedness.***

The Notes are not secured by any of our assets or any of the assets of any of our subsidiaries. As a result, the Notes are effectively subordinated to any existing and future secured indebtedness we or our subsidiaries have outstanding or that we or our subsidiaries may incur in the future (or any indebtedness that is initially unsecured as to which we have granted or subsequently grant a security interest) to the extent of the value of the assets securing such indebtedness. In any liquidation, dissolution, bankruptcy or other similar proceeding, the holders of any of our secured indebtedness or secured indebtedness of our subsidiaries may assert rights against the assets pledged to secure that indebtedness in order to receive full payment of their indebtedness before the assets may be used to pay other creditors, including the holders of the Notes.

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***The Notes are structurally subordinated to the indebtedness and other liabilities of our subsidiaries, including indebtedness under our Valley Credit Facility and our Live Oak Credit Facility.***

The Notes are obligations exclusively of Saratoga Investment Corp., and not of any of our subsidiaries. None of our subsidiaries is a guarantor of the Notes and the Notes are not required to be guaranteed by any subsidiary we may acquire or create in the future. Any assets of our subsidiaries are not directly available to satisfy the claims of our creditors, including holders of the Notes. Except to the extent we are a creditor with recognized claims against our subsidiaries, all claims of creditors of our subsidiaries will have priority over our equity interests in such entities (and therefore the claims of our creditors, including holders of the Notes) with respect to the assets of such entities. Even if we are recognized as a creditor of one or more of these entities, our claims would still be effectively subordinated to any security interests in the assets of any such entity and to any indebtedness or other liabilities of any such entity senior to our claims. Consequently, the Notes are structurally subordinated to all indebtedness and other liabilities of any of our existing or future indebtedness of our subsidiaries, including, without limitation, borrowings under our Valley Credit Facility and our Live Oak Credit Facility, and the SBA-guaranteed debentures. These entities may incur substantial indebtedness in the future, all of which would be structurally senior to the Notes. As of February 28, 2026, there was $37.5 million outstanding borrowings under the Live Oak Credit Facility and we had the ability to borrow up to $75.0 million under the Live Oak Credit Facility, subject to certain conditions. As of February 28, 2026, there was $32.5 million outstanding borrowings under the Valley Facility and we had the ability to borrow up to $85.0 million under the Valley Credit Facility, subject to certain conditions. The Live Oak Credit Facility and the Valley Credit Facility is secured by substantially all of the assets of SIF II and SIF III, respectively, wholly owned subsidiaries. As of February 28, 2026, we had $160.0 million in SBA-guaranteed debentures outstanding. The indebtedness under the SBA-guaranteed debentures is structurally senior to the Notes.

***The indenture under which the Notes are issued contains limited protection for holders of the Notes.***

The indenture under which the Notes are issued offers limited protection to holders of the Notes.

The terms of the indenture and the Notes do not restrict our or any of our subsidiaries' ability to engage in, or otherwise be a party to, a variety of corporate transactions, circumstances or events that could have a material adverse impact on your investment in the Notes. In particular, the terms of the indenture and the Notes do not place any restrictions on our or our subsidiaries' ability to:

● issue securities or otherwise incur additional indebtedness or other obligations, including (1) any indebtedness or other obligations that would be equal in right of payment to the Notes, (2) any indebtedness or other obligations that would be secured and therefore rank effectively senior in right of payment to the Notes to the extent of the values of the assets securing such debt, (3) indebtedness of ours that is guaranteed by one or more of our subsidiaries and which therefore is structurally senior to the Notes and (4) securities, indebtedness or obligations issued or incurred by our subsidiaries that would be senior to our equity interests in our subsidiaries and therefore rank structurally senior to the Notes with respect to the assets of these entities, in each case other than an incurrence of indebtedness or other obligation that would cause a violation of Section 18(a)(1)(A) as modified by Section 61(a)(2) of the 1940 Act or any successor provisions, whether or not we continue to be subject to such provisions of the 1940 Act), but giving effect, in each case, to any exemptive relief granted to us by the SEC. Currently, these provisions generally prohibit us from incurring additional borrowings, including through the issuance of additional debt securities, unless our asset coverage, as defined in the 1940 Act, equals at least 150% after such borrowings;

● sell assets (other than certain limited restrictions on our ability to consolidate, merge or sell all or substantially all of our assets);

● enter into transactions with affiliates;

● create liens (including liens on the shares of our subsidiaries) or enter into sale and leaseback transactions;

● make investments; or

● create restrictions on the payment of dividends or other amounts to us from our subsidiaries.

Furthermore, the terms of the indenture and the Notes do not protect holders of the Notes in the event that we experience changes (including significant adverse changes) in our financial condition, results of operations or credit ratings, if any, as they do not require that we or our subsidiaries adhere to any financial tests or ratios or specified levels of net worth, revenues, income, cash flow, or liquidity.

Our ability to recapitalize, incur additional debt (including additional debt that matures prior to the maturity of the Notes), and take a number of other actions that are not limited by the terms of the Notes may have important consequences for you as a holder of the Notes, including making it more difficult for us to satisfy our obligations with respect to the Notes or negatively affecting the trading value of the Notes.

Other debt we issue or incur in the future could contain more protections for its holders than the indenture and the Notes, including additional covenants and events of default. For example, the indenture under which the Notes are issued does not contain cross-default provisions that are contained in the Valley Credit Facility and the Live Oak Credit Facility. The issuance or incurrence of any such debt with incremental protections could affect the market for, trading levels and prices of the Notes.

***We may not be able to repurchase the 4.35% 2027 Notes upon a Change of Control Repurchase Event.***

Upon a Change of Control Repurchase Event (as defined in the relevant indenture), holders of the 4.35% 2027 Notes may require us to repurchase for cash some or all of the 4.35% 2027 Notes at a repurchase price equal to 100% of the aggregate principal amount of the 4.35% 2027 Notes being repurchased, plus accrued and unpaid interest to, but not including, the repurchase date. We may not be able to repurchase the 4.35% 2027 Notes upon a Change of Control Repurchase Event because we may not have sufficient funds. Our and our subsidiaries' future financing facilities may contain similar restrictions and provisions. Our failure to purchase such tendered 4.35% 2027 Notes upon the occurrence of such Change of Control Repurchase Event would cause an event of default under the governing indenture which may result in the acceleration of such indebtedness requiring us to repay that indebtedness immediately. If the holders of the 4.35% 2027 Notes exercise their right to require us to repurchase the 4.35% 2027 Notes upon a Change of Control Repurchase Event, the financial effect of any such repurchase could cause a default under our current and future debt instruments, even if the Change of Control Repurchase Event itself would not cause a default. If a Change of Control Repurchase Event were to occur, we may not have sufficient funds to repay any such accelerated indebtedness.

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***An active trading market for the Public Notes may not develop or be sustained, which could limit the market price of the Public Notes or the ability to sell them.***

Although each of the 6.00% 2027 Notes, 8.00% 2027 Notes, 8.125% 2027 Notes, 8.50% 2028 Notes, and 7.50% 2031 Notes are listed on the NYSE under the symbol "SAT", "SAJ", "SAY", "SAZ", and "SAV", respectively, we cannot provide any assurances that an active trading market will develop or be maintained for the Public Notes or that the Public Notes will be able to be sold. At various times, the Public Notes may trade at a discount from their initial offering price depending on prevailing interest rates, the market for similar securities, our credit ratings, if any, general economic conditions, our financial condition, performance and prospects and other factors. Accordingly, we cannot provide any assurance that a liquid trading market will develop for the Public Notes, or that the Public Notes will be able to be sold at a particular time or at a favorable price. To the extent an active trading market does not develop, the liquidity and trading price for the Public Notes may be harmed. At the same time, the trading market for the Public Notes may also be very volatile, and many of the risk factors related to our common stock and outlined above in "Risks Related to Our Common Stock" could also be applicable to the Public Notes.

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***Terms relating to redemption may materially adversely affect the return on our Notes.***

Subject to their terms, we may redeem the Notes from time to time, especially when prevailing interest rates are lower than the rate borne by the Notes. If prevailing rates are lower at the time of redemption, you would not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as the interest rate on the Notes being redeemed. Our redemption right also may adversely impact your ability to sell the Notes as the optional redemption date or period approaches.

The 6.00% 2027 Notes mature on April 30, 2027 and, as of April 27, 2024, may be redeemed in whole or in part at any time or from time to time at our option.

The 8.00% 2027 Notes mature on October 31, 2027 and, as of October 27, 2024, may be redeemed in whole or in part at any time or from time to time at our option.

The 8.125% 2027 Notes mature on December 31, 2027 and, as of December 13, 2024, may be redeemed in whole or in part at any time or from time to time at our option.

The 8.50% 2028 Notes mature on April 15, 2028 and, as of April 14, 2025, may be redeemed in whole or in part at any time or from time to time at our option.

The 4.35% 2027 Notes mature on February 28, 2027 and are redeemable, in whole or in part, at any time at our option prior to November 28, 2026, at par plus a "make-whole" premium, and thereafter at par.

The 6.25% 2027 Notes mature on December 29, 2027 and may be redeemed in whole or in part at any time or from time to time at our option, on or after December 29, 2024, at par plus a "make-whole" premium, and thereafter at par.

The 7.25% 2030 Notes mature on May 1, 2030 and are redeemable, in whole or in part, at any time at our option prior to January 23, 2028, at par plus a "make-whole" premium, and thereafter at par.

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 at our option.

***If we default on our obligations to pay our other indebtedness, we may not be able to make payments on the Notes.***

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Any default under the agreements governing our indebtedness, including a default under the Valley Credit Facility or the Live Oak Credit Facility, the indenture governing each of the Notes, or other indebtedness to which we may be a party that is not waived by the required lenders or the holders, and the remedies sought by the lenders or the holders of such indebtedness could make us unable to pay principal, premium, if any, and interest on the Notes and substantially decrease the market value of the Notes. If we are unable to generate sufficient cash flow and are otherwise unable to obtain funds necessary to meet required payments of principal, premium, if any, and interest on our indebtedness, or if we otherwise fail to comply with the various covenants, including financial and operating covenants, as applicable, in the instruments governing our indebtedness, we could be in default under the terms of the agreements governing such indebtedness (including the Live Oak Credit Facility, the Valley Credit Facility and the Notes). In the event of such default, the holders of such indebtedness could elect to declare all the funds borrowed thereunder to be due and payable, together with accrued and unpaid interest, the lenders under the Live Oak Credit Facility, the Valley Credit Facility, or other debt we may incur in the future could elect to terminate their commitment, cease making further loans and institute foreclosure proceedings against our assets, and we could be forced into bankruptcy or liquidation. In addition, any such default may constitute a default under the Notes, which could further limit our ability to repay our debt, including the Notes.

Our ability to generate sufficient cash flow in the future is, to some extent, subject to general economic, financial, competitive, legislative and regulatory factors as well as other factors that are beyond our control. We cannot assure you that our business will generate cash flow from operations, or that future borrowings will be available to us under the Live Oak Credit Facility, the Valley Credit Facility, or otherwise, in an amount sufficient to enable us to meet our payment obligations under the Notes, the Live Oak Credit Facility, and the Valley Credit Facility, and to fund other liquidity needs.

If our operating performance declines and we are not able to generate sufficient cash flow to service our debt obligations, we may, in the future, need to refinance or restructure our debt, including any Notes sold, sell assets, reduce or delay capital investments, seek to raise additional capital or seek to obtain waivers from the required lenders under the Live Oak Credit Facility or the Valley Credit Facility the holders of the respective Notes, or other debt that we may incur in the future to avoid being in default. If we are unable to implement one or more of these alternatives, we may not be able to meet our payment obligations under the Notes and our other debt. If we breach our covenants under the Live Oak Credit Facility the Valley Credit Facility, the Notes or other debt and seek a waiver, we may not be able to obtain a waiver from the required lenders or the holders thereof. If this occurs, we would be in default under the Live Oak Credit Facility, the Valley Credit Facility, the Notes or other debt, the lenders or holders could exercise their rights as described above, and we could be forced into bankruptcy or liquidation. If we are unable to repay debt, lenders having secured obligations could proceed against the collateral securing the debt.

**ITEM 1B. UNRESOLVED STAFF COMMENTS**

None.

**ITEM 1C. CYBERSECURITY** 

The Company's cybersecurity program is designed to identify, assess, and manage material risks from cybersecurity threats. The Company relies on Saratoga Investment Advisors to implement the cybersecurity program. The cyber risk management program involves risk assessments relating to the information systems of Saratoga Investment Advisors, incident response training and testing, implementation of security measures, identification of sensitive information assets ("Critical Information") and ongoing monitoring of systems and networks and assessment of the associated risks on an annual basis, including networks on which the Company relies on. The Chief Compliance Officer, along with the Company's external information technology consultant (the "IT Consultant"), actively monitors the current threat landscape in an effort to identify material risks arising from new and evolving cybersecurity threats. The Company and Saratoga Investment Advisors have engaged external experts, including consultants, such as the IT Consultant, to evaluate cybersecurity measures and risk management processes, and depends on and engages various third parties, including suppliers, vendors, and service providers. The compliance team of the Company and Saratoga Investment Advisors will conduct ongoing due diligence of its significant service providers to determine whether the cybersecurity programs of service providers include, among other things, procedures and safeguards designed to ensure the protection of Critical Information and the information of the Company's stockholders and portfolio companies, as well as adequate responses in the case of a cybersecurity incident.

***Board Oversight of Cybersecurity Risks***

The Board has the primary responsibility for overseeing and reviewing the guidelines and policies with respect to the Company's risk management, including risks associated with cybersecurity threats. The Chief Compliance Officer will periodically report to the Board on cybersecurity matters, such as the overall state of the Company's cybersecurity program, information on the current threat landscape, and risks from cybersecurity threats and material cybersecurity incidents.

***Management's Role in Cybersecurity Risk Management***

The Company's management is responsible for assessing and managing material risks from cybersecurity threats, in consultations with cybersecurity consultants. The compliance team of the Company will maintain effective disclosure controls and procedures to ensure timely identification, consideration, and disclosure of material cybersecurity incidents, including through timely reporting to management and the Board. The Chief Compliance Officer, in consultation with the IT Consultant, will periodically determine whether the Company requires additional information technology or cybersecurity support.

***Assessment of Cybersecurity Risk***

The potential impact of risks from cybersecurity threats are assessed on an ongoing basis, and how such risks could materially affect the Company's business strategy, operational results, and financial condition are regularly evaluated. During the reporting period, the Company has not identified any risks from cybersecurity threats, including as a result of previous cybersecurity incidents, that the Company believes has materially affected, or are reasonably likely to materially affect, the Company, including the Company's business strategy, operational results, and financial condition.

**ITEM 2. PROPERTIES**

We do not own any real estate or other physical properties important to our operations, however, an affiliate of our Investment Adviser leases office space for our executive offices at 535 Madison Avenue, New York, New York 10022.

**ITEM 3. 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 4. MINE SAFETY DISCLOSURES** 

Not applicable.

**PART II**

**ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES**

**Price range of common stock** 

Our common stock is traded on the NYSE under the symbol "SAR." The following table lists the high and low closing sale price for our common stock, and the closing sale price as a percentage of NAV for each fiscal quarter during the last two most recently completed fiscal years and any subsequent interim period.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Price Range** | **Price Range** | | |
|  |<br>**NAV(1)** | **High** | **Low** | **Percentage of High Closing Sales Price as a Premium (Discount)**<br> **to NAV(2)** | **Percentage of Low Closing Sales Price as a Premium (Discount)**<br> **to NAV(2)** |
| **<u>Fiscal Year Ending February 28, 2027</u>** | | | | | |
| &nbsp;&nbsp;&nbsp;First Quarter through May 1, 2026 | $&nbsp;&nbsp;&nbsp;&nbsp; \* | $23.70 | $20.92 | \* | \* |
| **<u>Fiscal Year Ended February 28, 2026</u>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;First Quarter | $25.52 | $26.00 | $21.46 | 1.9% | (15.9)% |
| &nbsp;&nbsp;&nbsp;Second Quarter | $25.61 | $25.54 | $24.08 | (0.3)% | (6.0)% |
| &nbsp;&nbsp;&nbsp;Third Quarter | $25.59 | $25.55 | $21.56 | (0.2)% | (15.7)% |
| &nbsp;&nbsp;&nbsp;Fourth Quarter | $24.42 | $24.02 | $22.44 | (1.6)% | (8.1)% |
| **<u>Fiscal Year Ended February 28, 2025</u>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;First Quarter | $26.85 | $24.09 | $22.52 | (10.3)% | (16.1)% |
| &nbsp;&nbsp;&nbsp;Second Quarter | $27.07 | $24.42 | $21.91 | (9.8)% | (19.1)% |
| &nbsp;&nbsp;&nbsp;Third Quarter | $26.95 | $26.07 | $22.95 | (3.3)% | (14.8)% |
| &nbsp;&nbsp;&nbsp;Fourth Quarter | $25.86 | $26.00 | $23.52 | 0.5% | (9.1)% |

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\* Net asset value has not yet been calculated for this period.

(1) Net asset value per share is determined as of the
 last day in the relevant quarter and therefore may not reflect the net asset value per share
 on the date of the high and low sales prices.

(2) Calculated as the respective high or low closing
 sales price divided by the quarter end net asset value and subtracting 1.

Shares of BDCs may trade at a market price that is less than the NAV of those shares. The possibilities that our shares of common stock will trade at a discount from NAV or at premiums that are unsustainable over the long term are separate and distinct from the risk that our NAV will decrease. The last reported closing sale price of our common stock on May 4, 2026 was $23.89 per share, which represents a discount of approximately 2.2% to the NAV of $24.42 as of February 28, 2026.

**Summarized Financial Highlights**

The following table summarizes ten years of financial highlights:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the year ended** | **For the year ended** | **For the year ended** | **For the year ended** | **For the year ended** |
| <br>**Per share data** | **February 28, 2026** | **February 28, 2025** | **February 29, 2024** | **February 28, 2023** | **February 28, 2022** |
| Net asset value at beginning of period | $25.86 | $27.12 | $29.18 | $29.33 | $27.25 |
| Net investment income(1) | 2.32 | 3.81 | 4.49 | 2.94 | 1.74 |
| Net realized and unrealized gains (losses) on investments(1) | 0.04 | (1.73) | (3.77) | (0.75) | 2.46 |
| Realized losses on extinguishment of debt\* | (0.05) | (0.06) | (0.01) | (0.13) | (0.21) |
| Net increase in net assets resulting from operations | 2.31 | 2.02 | 0.71 | 2.06 | 3.99 |
| Distributions declared from net investment income | (3.74) | (3.30) | (2.82) | (2.28) | (1.93) |
| Total distributions to stockholders | (3.74) | (3.30) | (2.82) | (2.28) | (1.93) |
| Issuance of common stock at net asset value (2) | (0.04) | (0.16) | (0.40) |  |  |
| Capital contribution from Manager for the issuance of common stock (8) | 0.05 | 0.26 | 0.48 |  |  |
| Repurchases of common stock(3) |  |  | 0.03 | 0.17 | 0.01 |
| Dilution(4) | (0.02) | (0.08) | (0.06) | (0.10) | - |
| Net asset value at end of period | $24.42 | $25.86 | $27.12 | $29.18 | $29.33 |
| Per share market value at end of period | $23.16 | $26.00 | $23.61 | $27.55 | $27.47 |
| Total return based on market value(5) | 1.54% | 27.17% | -3.92% | 10.35% | 28.19% |
| Total return based on net asset value(5)(6) | 11.11% | 10.11% | 4.20% | 9.46% | 15.88% |
| Shares outstanding at end of period | 16224198 | 15183078 | 13653476 | 11890500 | 12131350 |
| **Ratio/Supplemental data:** |  |  |  |  |  |
| Net assets at end of period | 396155754 | 392665468 | 370224108 | 346958042 | 355780523 |
| Ratio of total expenses to average net assets\* | 22.10% | 25.81% | 24.70% | 18.91% | 16.09% |
| Ratio of net investment income to average net assets\* | 9.16% | 14.11% | 16.01% | 10.23% | 6.05% |
| Portfolio turnover rate(7) | 18.22% | 16.12% | 2.80% | 24.05% | 33.59% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the year ended** | **For the year ended** | **For the year ended** | **For the year ended** | **For the year ended** |
| <br>**Per share data** | **February 28, 2021** | **February 29, 2020** | **February 28, 2019** | **February 28, 2018** | **February 28, 2017** |
| Net asset value at beginning of period | $27.13 | $23.62 | $22.96 | $21.97 | $22.06 |
| Adoption of ASC 606 | - | - | (0.01) | - | - |
| Net asset value at beginning of period, as adjusted | 27.13 | 23.62 | 22.95 | 21.97 | 22.06 |
| Net investment income(1) | 2.07 | 1.59 | 2.60 | 2.11 | 1.94 |
| Net realized and unrealized gains (losses) on investments(1) | (0.74) | 4.56 | 0.03 | 0.82 | 0.30 |
| Realized losses on extinguishment of debt\* | (0.01) | (0.17) | - | - | (0.26) |
| Net increase in net assets resulting from operations | 1.32 | 5.98 | 2.63 | 2.93 | 2.24 |
| Distributions declared from net investment income | (1.23) | (2.21) | (2.06) | (1.90) | (1.93) |
| Total distributions to stockholders | (1.23) | (2.21) | (2.06) | (1.90) | (1.93) |
| Issuance of common stock above net asset value(2) |  |  | 0.15 |  |  |
| Repurchases of common stock(3) | 0.13 |  |  |  |  |
| Dilution(4) | (0.10) | (0.26) | (0.05) | (0.04) | (0.14) |
| Net asset value at end of period | $27.25 | $27.13 | $23.62 | $22.96 | $21.97 |
| Per share market value at end of period | $23.08 | $22.91 | $23.04 | $21.86 | $22.74 |
| Total return based on market value(5) | 7.63% | 9.28% | 16.11% | 5.28% | 80.83% |
| Total return based on net asset value(5)(6) | 7.31% | 26.22% | 13.33% | 14.45% | 12.62% |
| Shares outstanding at end of period | 11161416 | 11217545 | 7657156 | 6257029 | 5794600 |
| **Ratio/Supplemental data:** |  |  |  |  |  |
| Net assets at end of period | 304185770 | 304286853 | 180875187 | 143691367 | 127294777 |
| Ratio of total expenses to average net assets\* | 13.11% | 18.34% | 19.12% | 19.05% | 17.27% |
| Ratio of net investment income to average net assets\* | 7.77% | 6.31% | 11.22% | 9.37% | 8.71% |
| Portfolio turnover rate(7) | 25.26% | 36.82% | 35.26% | 19.73% | 43.76% |

---

\* Certain prior period amounts have been reclassified to conform to current period presentation.

(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.

(3) Represents the anti-dilutive impact on the NAV per share 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) 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 Company's DRIP. Total investment return does not reflect brokerage commissions.

(6) Total investment return is calculated assuming a purchase of common shares at the current net asset value 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 Company's DRIP. Total investment return does not reflect brokerage commissions.

(7) 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.

(8) 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.

On September 24, 2014, the Company announced the approval of an open market share repurchase plan that 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, which, most recently, was increased to 1.7 million shares of common stock. Most recently, on January 6, 2026, the Company's board of directors extended the Share Repurchase Plan for another year to January 15, 2027. As shown in the table below, as of February 28, 2026, the Company purchased an aggregate of 1,037,698 shares of common stock, at the average price of $22.05 for approximately $22.9 million pursuant to the Share Repurchase Plan. During the year and quarter ended February 28, 2026, the Company purchased 2,495 shares of common stock, at the average price of $21.75 for approximately $0.1 million pursuant to the Share Repurchase Plan.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total Number of Shares (or Units) Purchased** | **Average Price per Share (or Unit)** | **Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs** | **Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs** |
| March 1, 2015 through November 30, 2015 | 2500 | $15.59 | 2500 | 397500 |
| December 1, 2015 through December 31, 2015 |  | $- | 2500 | 397500 |
| January 1, 2016 through January 31, 2016 | 4200 | $13.86 | 6700 | 393300 |
| February 1, 2016 through February 29, 2016 | 18717 | $13.86 | 25417 | 374583 |
| March 1, 2016 through March 31, 2016 | 16282 | $14.57 | 41699 | 358301 |
| April 1, 2016 through April 30, 2016 | 7858 | $16.22 | 49557 | 350443 |
| May 1, 2016 through May 31, 2016 | 21357 | $16.29 | 70914 | 329086 |
| June 1, 2016 through June 30, 2016 | 8310 | $16.50 | 79224 | 320776 |
| July 1, 2016 through July 31, 2016 | 19212 | $17.31 | 98436 | 301564 |
| August 1, 2016 through August 31, 2016 | 40058 | $17.44 | 138494 | 261506 |
| September 1, 2016 through September 30, 2016 | 40221 | $18.04 | 178715 | 221285 |
| October 1, 2016 through October 31, 2016 | 27076 | $18.10 | 205791 | 394209 |
| November 1, 2016 through November 30, 2016 | 8600 | $18.24 | 214391 | 385609 |
| December 1, 2016 through December 31, 2016 | 4100 | $18.57 | 218491 | 381509 |
| January 1, 2017 through February 29, 2020 |  |  | 218491 | 381509 |
| March 1, 2020 through February 28, 2021 | 190321 | $18.96 | 408812 | 891188 |
| March 1, 2021 through February 28, 2022 | 99623 | $25.55 | 508435 | 791565 |
| March 1, 2022 through February 28, 2023 | 438192 | $24.70 | 946627 | 353373 |
| March 1, 2023 through February 29, 2024 | 88576 | $24.36 | 1035203 | 664797 |
| March 1, 2024 through February 28, 2025 |  | $- | 1035203 | 664797 |
| March 1, 2025 through February 28, 2026 | 2495 | $21.75 | 1037698 | 662302 |
| &nbsp;&nbsp;&nbsp;Total | 1037698 | $22.05 |  |  |

---

**Holders** 

As of May 4, 2026, there were 10 holders of record of our common stock.

**Performance Graph**

The following graph compares the return on our common stock with that of the Standard & Poor's 500 Stock Index, the NASDAQ Financial 100 index and the Standard & Poor's BDC Index, for the period from March 23, 2007, the date our common stock began trading, through February 28, 2026. The graph assumes that, on March 23, 2007, a person invested $100 in each of our common stock, the Standard & Poor's 500 Stock Index, the NASDAQ Financial 100 index and the Standard & Poor's BDC Index. The graph measures total shareholder return, which takes into account both changes in stock price and dividends. It assumes that dividends paid are reinvested in like securities.

![](ea028334801_img2.jpg)

**Outstanding Securities and Debt**

The following table shows our outstanding classes of securities and debt as of February 28, 2026.

---

| | | | |
|:---|:---|:---|:---|
| **Title of Class** | **Amount Authorized** | **Amount Held by us or for Our Account** | **Amount Outstanding Exclusive of Amounts Shown Under** |
| Securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock | 100000000 | 16224198 | 83775802 |
| Debt: |  |  |  |
| &nbsp;&nbsp;&nbsp;Live Oak credit facility | $75000000 | $37500000 | $37500000 |
| &nbsp;&nbsp;&nbsp;Valley Bank credit facility | $85000000 | $32500000 | $52500000 |
| &nbsp;&nbsp;&nbsp;SBA Debentures | $259000000 | $160000000 | $99000000 |
| &nbsp;&nbsp;&nbsp;4.35% 2027 Notes | $75000000 | $75000000 | $- |
| &nbsp;&nbsp;&nbsp;6.00% 2027 Notes | $105500000 | $105500000 | $- |
| &nbsp;&nbsp;&nbsp;6.25% 2027 Notes | $15000000 | $15000000 | $- |
| &nbsp;&nbsp;&nbsp;8.00% 2027 Notes | $46000000 | $46000000 | $- |
| &nbsp;&nbsp;&nbsp;8.125% 2027 Notes | $60375000 | $60375000 | $- |
| &nbsp;&nbsp;&nbsp;8.50% 2028 Notes | $57500000 | $57500000 | $- |
| &nbsp;&nbsp;&nbsp;7.25% 2030 Notes | $50000000 | $50000000 | $- |
| &nbsp;&nbsp;&nbsp;7.50% 2031 Notes | $100000000 | $100000000 | $- |

---

**FEES AND EXPENSES** 

The following table is intended to assist you in understanding the costs and expenses that an investor will bear directly or indirectly. We caution you that some of the percentages indicated in the table below are estimates and may vary. Except where the context suggests otherwise, whenever this report contains a reference to fees or expenses paid by "you," "us" or "Saratoga Investment Corp.," or that "we" will pay fees or expenses, stockholders will indirectly bear such fees or expenses as investors in Saratoga Investment Corp.

---

| | | |
|:---|:---|:---|
| **Stockholder transaction expenses (as a percentage of offering price):** | |  |
| Sales load paid |  | % (1) |
| Offering expenses borne by us |  | % (2) |
| Dividend reinvestment plan expenses |  | (3) |
| Total stockholder transaction expenses paid |  | % |
| **Annual estimated expenses (as a percentage of average net assets attributable to common stock):** |  |  |
| Base Management fees | 4.4 | % (4) |
| Incentive fees payable under the Management Agreement | 2.3 | % (5) |
| Interest payments on borrowed funds | 12.3 | % (6) |
| Other expenses | 3.2 | % (7) |
| Total annual expenses | 22.2 | % (8) |

---

(1) In the event that the shares of common stock to which
 this prospectus relates are sold to or through underwriters, a corresponding prospectus supplement will disclose the applicable sales
 load.

(2) The prospectus supplement corresponding to each offering
 will disclose the applicable offering expenses and total stockholder transaction expenses.

(3) The expenses associated with the administration of
 our dividend reinvestment plan are included in "Other expenses." The participants in the dividend reinvestment plan will
 pay a pro rata share of brokerage commissions incurred with respect to open market purchases, if any, made by the administrator under
 the plan. For more details about the plan, see "Dividend Reinvestment Plan."

(4) Our base management fee under the Management Agreement
 with Saratoga Investment Advisors is based on our gross assets, which is defined as our total assets, including those acquired using
 borrowings for investment purposes, but excluding cash and cash equivalents. See "Investment Advisory and Management Agreement."
 The fact that our base management fee is payable based upon our gross assets, rather than our net assets (i.e., total assets after
 deduction of any liabilities, including borrowings) means that our base management fee as a percentage of net assets attributable
 to common stock will increase when we utilize leverage.

(5) The incentive fee consists of two parts. The first
 part is calculated and payable quarterly in arrears and equals 20% of our "pre-incentive fee net investment income"
 for the immediately preceding quarter, subject to a preferred return, or "hurdle," and a "catch up" feature.
 For this purpose, "pre-incentive fee net investment income" means interest income, dividend income and any
 other income (including any other fees, such as commitment, origination, structuring, diligence, managerial and consulting fees or
 other fees that we receive from portfolio companies) accrued by us during the fiscal quarter, minus our operating expenses for the
 quarter (including the base management fee, expenses payable under the administration agreement described below, and any interest
 expense and dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee). 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% of our "incentive fee capital gains," which equals our realized capital gains on a cumulative basis from
 May 31, 2010 through the end of the year, if any, computed net of all realized capital losses and unrealized capital depreciation
 on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fee. Under the Management Agreement,
 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 Saratoga Investment Advisors will be entitled to 20% of incentive fee capital 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 will equal the fair value of such investments as of such date. We estimate this as zero for purposes of this table
 as these fees are difficult to predict, as they are based on capital gains and losses. See "Investment Advisory and Management
 Agreement."

(6) We may borrow funds from time to time to make investments to the extent we determine that the economic situation is conducive to doing so. The 12.3% figure in the table includes all expected borrowing costs that we expect to incur over the next twelve months in connection with the special purpose vehicle financing credit facility with Live Oak Banking Company (the "Live Oak Credit Facility") and the special purpose vehicle financing credit facility with Valley National Bank (the "Valley Credit Facility"). The costs associated with our outstanding borrowings are indirectly borne by our stockholders. We do not expect to issue any preferred stock during the next twelve months and, therefore, have not included the cost of issuing and servicing preferred stock in the table. In addition, all of the commitment fees, interest expense, amortized financing costs of the Valley Credit Facility, SBA debentures the 4.35% notes due 2027 (the "4.35% 2027 Notes"), the 6.00% notes due 2027 (the "6.00% 2027 Notes"), the 6.25% notes due 2027 (the "6.25% 2027 Notes), the 8.00% notes due 2027 (the "8.00% 2027 Notes"), the 8.125% notes due 2027 (the "8.125% 2027 Notes"), the 8.50% notes due 2028 (the "8.50% 2028 Notes") the 7.25% notes due 2030 (the "7.25% 2030 Notes"), and the 7.50% notes due 2031 (the "7.50% 2031 Notes" and together with the 4.35% 2027 Notes, the 6.00% 2027 Notes, the 6.25% 2027 Notes, the 8.00% 2027 Notes, the 8.125% 2027 Notes, the 7.25% 2030 Notes, and the 7.50% 2031 Notes, the "Notes") and the fees and expenses of issuing and servicing any other borrowings or leverage that we expect to incur during the next twelve months are included in the table and expense example presentation below. On April 16, 2018, our board of directors, including a majority of independent directors, approved the Company becoming subject to a minimum asset coverage ratio of 150%. The 150% asset coverage ratio became effective on April 16, 2019. See "Regulation" and Part I. Item 1A. "Risk Factors—Risks Related to Our Business and Structure—Recent legislation may allow us to incur additional leverage."

(7) "Other expenses" are based on estimated amounts for the current fiscal year and include our overhead expenses, including payments under our administration agreement based on our allocable portion of overhead and other expenses incurred by Saratoga Investment Advisors in performing its obligations under the administration agreement. See "Administration Agreement."

(8) This figure includes all of the fees and expenses of our wholly-owned subsidiaries, Saratoga Investment Corp SBIC II, LP, Saratoga Investment Corp SBIC III, LP, SIF II, and SIF III, but does not include SLF JV. SLF JV is structured as private joint venture, with control and management shared equally between us and TJHA, no management fees are paid by SLF JV. Furthermore, this table reflects all of the fees and expenses borne by us with respect to our investment in Saratoga CLO.

**Example**

The following example demonstrates the projected dollar amount of total cumulative expenses over various periods with respect to a hypothetical $1,000 investment in our common stock, assuming an asset coverage ratio of 168.4% (the Company's actual asset coverage as of February 28, 2026) and total annual expenses of 22.1% of net assets attributable to common stock as set forth in the fees and expenses table above, and (x) a 5.0% annual return resulting entirely from net realized capital gains (none of which is subject to the incentive fee) and (y) a 5.0% annual return resulting entirely from net realized capital gains (all of which is subject to the incentive fee based on capital gains). Transaction expenses are included in the following example. This example and the expenses in the table above should not be considered a representation of our future expenses, and actual expenses (including cost of debt, if any, and other expenses) may be greater or less than those shown.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 years** | **10 years** |
| Assuming a 5% annual return on portfolio resulting entirely from net realized capital gains (none of which is subject to the capital gains incentive fee)(1) | $227 | $716 | $1255 | $2856 |
| Assuming a 5% annual return resulting entirely from net realized capital gains (all of which is subject to incentive fee based on capital gains)(2) | $237 | $747 | $1310 | $2982 |

---

(1) Assumes that we will not realize any capital gains
 computed net of all realized capital losses and unrealized capital depreciation.

(2) Assumes no unrealized capital depreciation and a 5%
 annual return resulting entirely from net realized capital gains and therefore subject to the incentive fee based on capital gains.
 Because our investment strategy involves investments that generate primarily current income, we believe that a 5% annual return resulting
 entirely from net realized capital gains is unlikely.

**This example and the expenses in the table above should not be considered a representation of our future expenses, and actual expenses (including the cost of debt, if any, and other expenses) may be greater or less than those shown.**

The foregoing table is to assist you in understanding the various costs and expenses that an investor in our common stock will bear directly or indirectly. While the example assumes, as required by the SEC, a 5% annual return, our performance will vary and may result in a return greater or less than 5%. Both examples assume that the 5% annual return will be generated entirely through net realized capital gains and, as a result, will trigger the payment of the capital gains portion of the incentive fee under the investment advisory agreement. Any potential income portion of the incentive fee under the investment advisory agreement is not included in the example. If we achieve sufficient returns on our investments, including through net realized capital gains, to trigger an incentive fee of a material amount, our expenses, and returns to our investors, would be higher. In addition, while the example assumes reinvestment of all dividends and distributions at NAV, under certain circumstances, reinvestment of dividends and other distributions under our dividend reinvestment plan may occur at a price per share that differs from NAV.

**Sales of unregistered securities** 

We did not sell any securities during the year ended February 28, 2026 that were not registered under the Securities Act of 1933, as amended.

**Issuer purchases of equity securities** 

During the year ended February 28, 2026, February 28, 2025 and February 29, 2024, we purchased 2,495, 0 and 88,576 shares, respectively, of our common stock in the open market.

The following table summarizes the purchased common stock on a month to month basis for the year ended February 28, 2026:

---

| | |
|:---|:---|
| **Period** | **Quantity** |
| March 1, 2025 through |  |
| &nbsp;&nbsp;&nbsp;March 31, 2025 |  |
| April 1, 2025 through |  |
| &nbsp;&nbsp;&nbsp;April 30, 2025 |  |
| May 1, 2025 through |  |
| &nbsp;&nbsp;&nbsp;May 31, 2025 |  |
| June 1, 2025 through |  |
| &nbsp;&nbsp;&nbsp;June 30, 2025 |  |
| July 1, 2025 through |  |
| &nbsp;&nbsp;&nbsp;July 31, 2025 |  |
| August 1, 2025 through |  |
| &nbsp;&nbsp;&nbsp;August 31, 2025 |  |
| September 1, 2025 through |  |
| &nbsp;&nbsp;&nbsp;September 30, 2025 |  |
| October 1, 2025 through |  |
| &nbsp;&nbsp;&nbsp;October 31, 2025 |  |
| November 1, 2025 through |  |
| &nbsp;&nbsp;&nbsp;November 30, 2025 |  |
| December 1, 2025 through |  |
| &nbsp;&nbsp;&nbsp;December 31, 2025 | 2495 |
| January 1, 2026 through |  |
| &nbsp;&nbsp;&nbsp;January 31, 2026 |  |
| February 1, 2026 through |  |
| &nbsp;&nbsp;&nbsp;February 28, 2026 | - |
| &nbsp;&nbsp;&nbsp;Total | 2495 |

---

**ITEM 6. - Reserved**

**ITEM 7. 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 Annual Report on Form 10-K. In addition to historical information, the following discussion and other parts of this Annual 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 Part I. Item 1A. "Risk Factors" and "Note about Forward-Looking Statements" appearing elsewhere herein.

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 Annual Report on Form 10-K involve risks and uncertainties, including statements as to:

● our future operating results;

● the introduction, withdrawal, success and timing of business initiatives and strategies;

● changes in political, economic or industry conditions, the interest rate environment or financial and capital markets, which could result in changes in the value of our assets;

● the relative and absolute investment performance and operations of our Manager;

● the impact of increased competition;

● our ability to turn potential investment opportunities into transactions and thereafter into completed and successful investments;

● the unfavorable resolution of any future legal proceedings;

● our business prospects and the operational and financial performance of our portfolio companies, including their ability to achieve our respective objectives as a result of the current economic conditions caused by, among other things, 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;

● 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;

● 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 Annual Report on Form 10-K on information available to us on the date of this Annual Report on Form 10-K, 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 Annual Report on Form 10-K.

**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 qualified to be treated as a RIC under subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

***Corporate History***

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

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 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. Under current SBIC regulations, for two or more SBICs under common control, the maximum amount of outstanding SBA debentures cannot exceed $350.0 million with at least $175.0 million in combined regulatory capital.

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, and extended its legal maturity to April 2033, and added a non-call period ending 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 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.

On June 10, 2024, the Company completed its 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 utilized a wholly owned special purpose entity, Saratoga Investment Funding II LLC, a Delaware limited liability company ("SIF II"), for the purpose of entering into a $85.0 million senior secured revolving credit facility with Valley National Bank ("Valley"), supported by loans held by SIF II and pledged to Valley under the credit facility (the "Valley Credit Facility). The Valley Credit Facility closed on November 6, 2025. The terms of the Valley Credit Facility require a minimum drawn amount equal to the greater of $25.0 million or 38% of the facility amount in effect at such time. The term of the Valley Credit Facility is three years. 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%. Concurrently with the closing of the Valley Credit Facility, all remaining amounts outstanding on our existing revolving credit facility with Encina Lender Finance, LLC were repaid and the facility was terminated.

We have formed a wholly owned special purpose entity, Saratoga Investment Funding III LLC, a Delaware limited liability company ("SIF III"), for the purpose of entering into a $50.0 million senior secured revolving credit facility with Live Oak Banking Company ("Live Oak"), supported by loans held by SIF III and pledged to Live Oak under the credit facility (the "Live Oak Credit Facility). The Live Oak Credit Facility closed on March 27, 2024. During the first two years following the closing date, SIF III may request an increase in the commitment amount under the Live Oak Credit Facility to up to $150.0 million. The terms of the Live Oak Credit Facility require a minimum drawn amount of $12.5 million at all times during the period ending March 27, 2025, which increases to the greater of $25.0 million or 50% of the facility amount in effect at any time thereafter. The term of the Live Oak Credit Facility is three years. 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. On June 14, 2024, the Live Oak Credit Facility was amended to, among other things: (i) increase 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; (ii) add new lenders to the Live Oak Credit Agreement; (iii) replace administrative agent approval with "Required Lender" (as defined in the Live Oak Credit Agreement) approval with respect to certain matters; (iv) replace Required Lender approval with 100% lender approval with respect to certain matters; and (v) change the definition of Required Lender to require the approval of at least two unaffiliated lenders.

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 provides $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 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 February 28, 2025, the Company and TJHA's investment in SLF JV consisted of an unsecured note of $17.6 million and $2.5 million, respectively; and membership interest of $17.6 million and $2.5 million, respectively. As of February 28, 2026, and February 28, 2025, the Company's investment in the unsecured note of SLF JV had a fair value of $16.1 million and $16.5 million, respectively, and the Company's investment in the membership interests of SLF JV had a fair value of $1.5 million and $3.1 million, respectively.

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.

We have determined that SLF JV is an investment company under ("FASB") Accounting Standards Codification ("ASC") Topic 946, *Financial Services—Investment Companies*; however, in accordance with such guidance 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*, 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 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. As of February 28, 2026, the fair value of the Class E-R Notes was $8.4 million.

**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.

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

● each investment is initially valued by the responsible investment professionals of Saratoga Investment Advisors and preliminary valuation conclusions are documented and discussed with our senior management; and

● an independent valuation firm engaged by our board of directors independently reviews a selection of these preliminary valuations each quarter so that the valuation of each investment for which market quotes are not readily available is reviewed by the independent valuation firm at least once each fiscal year. We use a third-party independent valuation firm to value our investment in the subordinated notes of Saratoga CLO and the Class F-2-R-3 Notes tranche of the Saratoga CLO every quarter.

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

● the audit committee of our board of directors reviews and approves each preliminary valuation and Saratoga Investment Advisors and an independent valuation firm (if applicable) will supplement the preliminary valuation to reflect any comments provided by the audit committee; and

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

Our investment in Saratoga CLO is carried at fair value, which is based on a discounted cash flows that utilizes prepayment, re-investment and loss assumptions based on historical experience and projected performance, economic factors, the characteristics of the underlying cash flow, and market comparables for equity interests in collateralized loan obligation funds similar to Saratoga CLO, when available, as determined by Saratoga Investment Advisors and recommended to our board of directors. Specifically, we use Intex cash flows, or an appropriate substitute, to form the basis for the valuation of our investment in Saratoga CLO. The cash flows use a set of inputs including projected default rates, recovery rates, reinvestment rates and prepayment rates in order to arrive at estimated valuations. The inputs are based on available market data and projections provided by third parties as well as management estimates. We use the output from the Intex models (i.e., the estimated cash flows) to perform a discounted cash flow analysis on expected future cash flows to determine a valuation for our investment in Saratoga CLO.

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.

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 has adopted certain revisions to its valuation policies and procedures in order comply with the applicable requirements of Rule 2a-5 and Rule 31a-4.

***Revenue Recognition***

*Income Recognition*

Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis to the extent that such amounts are expected to be collected. The Company stops accruing interest on its investments when it is determined that interest is no longer collectible. Discounts and premiums on investments purchased are accreted/amortized over the life of the respective investment using the effective yield method. The amortized cost of investments represents the original cost adjusted for the accretion of discounts and amortization of premiums on investments.

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected. Accrued interest is generally reserved when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as a reduction in principal depending upon management's judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current, although we may make exceptions to this general rule if the loan has sufficient collateral value and is in the process of collection.

*Payment-in-Kind Interest*

We may 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 the accrual basis to the extent such amounts are expected to be collected. We stop accruing PIK interest if we do not expect the issuer to be able to pay all principal and interest when due.

***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 amount to approximately $500.0 million of predominantly senior secured first lien term loans. In addition to refinancing its liabilities, we invested an additional $13.8 million in all of the newly issued subordinated notes of the Saratoga CLO and also purchased $2.5 million in aggregate principal amount of the Class F-R-2 and $7.5 million aggregate principal amount of the Class G-R-2 notes tranches at par, with a coupon of 3M USD LIBOR plus 8.75% and 3M USD LIBOR plus 10.00%, respectively. As part of this refinancing, we also redeemed our existing $4.5 million aggregate amount of the Class F notes tranche at par and the $20.0 million CLO 2013-1 Warehouse Loan was repaid.

On February 11, 2020, we entered into an unsecured loan agreement ("CLO 2013-1 Warehouse 2 Loan") with Saratoga Investment Corp. CLO 2013-1 Warehouse 2, Ltd ("CLO 2013-1 Warehouse 2"), a wholly owned subsidiary of Saratoga CLO, 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, the Company invested an additional $14.0 million in all of the newly issued subordinated notes of the Saratoga CLO, and purchased $17.9 million in aggregate principal amount of the Class F-R-3 Notes tranche at par. Concurrently, the existing $2.5 million of Class F-R-2 Notes, $7.5 million of Class G-R-2 Notes and $25.0 million of the CLO 2013-1 Warehouse 2 Loan were repaid. 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.

***Expenses***

Our primary operating expenses include the payment of investment advisory and management fees, professional fees, directors' and officers' insurance, fees paid to directors who are not "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) of the Company ("independent directors") and administrator expenses, including our allocable portion of our administrator's overhead. Our investment advisory and management fees compensate our Manager for its work in identifying, evaluating, negotiating, closing and monitoring our investments. We bear all other costs and expenses of our operations and transactions, including those relating to:

● organization;

● calculating our net asset value ("NAV") (including the cost and expenses of any independent valuation firm);

● expenses incurred by our Manager payable to third parties, including agents, consultants or other advisers, in monitoring our financial and legal affairs and in monitoring our investments and performing due diligence on our prospective portfolio companies;

● expenses incurred by our Manager payable for travel and due diligence on our prospective portfolio companies;

● interest payable on debt, if any, incurred to finance our investments;

● offerings of our common stock and other securities;

● investment advisory and management fees;

● fees payable to third parties, including agents, consultants or other advisers, relating to, or associated with, evaluating and making investments;

● transfer agent and custodial fees;

● federal and state registration fees;

● all costs of registration and listing our common stock on any securities exchange;

● U.S. federal, state and local taxes;

● independent directors' fees and expenses;

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

Pursuant to the investment advisory and management agreement that we had with GSCP (NJ), L.P., our former investment adviser and administrator, we had agreed to pay GSCP (NJ), L.P. as investment adviser a quarterly base management fee of 1.75% of the average value of our total assets (other than cash or cash equivalents but including assets purchased with borrowed funds) at the end of the two most recently completed fiscal quarters and an incentive fee.

The incentive fee had two parts:

● A fee, payable quarterly in arrears, equal to 20.0% of our pre-incentive fee net investment income, expressed as a rate of return on the value of the net assets at the end of the immediately preceding quarter, that exceeded a 1.875% quarterly hurdle rate measured as of the end of each fiscal quarter. Under this provision, in any fiscal quarter, our investment adviser received no incentive fee unless our pre-incentive fee net investment income exceeded the hurdle rate of 1.875%. Amounts received as a return of capital were not included in calculating this portion of the incentive fee. Since the hurdle rate was based on net assets, a return of less than the hurdle rate on total assets could still have resulted in an incentive fee.

● A fee, payable at the end of each fiscal year, equal to 20.0% of our net realized capital gains, if any, computed net of all realized capital losses and unrealized capital depreciation, in each case on a cumulative basis on each investment in our portfolio, less the aggregate amount of capital gains incentive fees paid to the investment adviser through such date.

We deferred cash payment of any incentive fee otherwise earned by our former investment adviser if, during the then most recent four full fiscal quarters ending on or prior to the date such payment was to be made, the sum of (a) our aggregate distributions to our stockholders and (b) our change in net assets (defined as total assets less liabilities) (before taking into account any incentive fees payable during that period) was less than 7.5% of our net assets at the beginning of such period. These calculations were appropriately pro-rated for the first three fiscal quarters of operation and adjusted for any share issuances or repurchases during the applicable period. Such incentive fee would become payable on the next date on which such test had been satisfied for the most recent four full fiscal quarters or upon certain terminations of the investment advisory and management agreement. We commenced deferring cash payment of incentive fees during the quarterly period ended August 31, 2007 and continued to defer such payments through the quarterly period ended May 31, 2010. As of July 30, 2010, the date on which GSCP (NJ), L.P. ceased to be our investment adviser and administrator, we owed GSCP (NJ), L.P. $2.9 million in fees for services previously provided to us; of which $0.3 million has been paid by us. GSCP (NJ), L.P. agreed to waive payment by us of the remaining $2.6 million in connection with the consummation of the stock purchase transaction with Saratoga Investment Advisors and certain of its affiliates described elsewhere in this Annual Report.

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 Company's Manager related to capital gains will be determined and payable in arrears at the end of each fiscal year and will include only realized capital gains for the period.

**Recent Accounting Pronouncements** 

In December 2023, the FASB issued ASU 2023-09, *Improvements to Income Tax Disclosures*. The amendments in this update require more disaggregated information on income taxes paid. ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024. We have adopted ASU 2023-09 effective as of February 28, 2026, and concluded that the application of this guidance did not have a material impact on our consolidated financial statements. See Note 6 in Item 8, *Financial Statements and Supplementary Data*, for further information.

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, 2027. 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.

**Portfolio and investment activity** 

***Investment Portfolio Overview***

---

| | | | |
|:---|:---|:---|:---|
|  | **February 28,<br> 2026** | **February 28,<br> 2025** | **February 29,<br> 2024** |
|  | **($ in millions)** | **($ in millions)** | **($ in millions)** |
| Number of investments(1) | 108 | 135 | 139 |
| Number of portfolio companies(2) | 49 | 48 | 55 |
| Average investment per portfolio company(2) | $21.2 | $20.1 | $20.1 |
| Average investment size(1) | $9.6 | $7.2 | $8.1 |
| Weighted average maturity(3) | 3.0 yrs | 2.2 yrs | 2.5 yrs |
| Number of industries(5) | 43 | 41 | 43 |
| Non-performing or delinquent investments (fair value) | $2.0 | $2.6 | $18.9 |
| Fixed rate debt (% of interest earning portfolio)(3) | $11.2(1.2)% | $26.1(3.0)% | $5.5(0.5)% |
| Fixed rate debt (weighted average current coupon)(3) | 9.1% | 7.4% | 15.0% |
| Floating rate debt (% of interest earning portfolio)(3) | $942.5(98.8)% | $850.5(97.0)% | $997.9(99.5)% |
| Floating rate debt (weighted average current spread over LIBOR)(3)(4) | 6.6% | 7.2% | 7.5% |

---

(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 Notes and E-R Notes of 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 Notes and 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 LIBOR,
 depending on the contractual terms, and after factoring in any existing LIBOR floors.

(5) Our investment in the subordinated notes of Saratoga
 CLO and Class F-2-R-3 Note tranche, the unsecured notes and equity interests in the SLF JV,
 the Class E Notes and E-R Notes of the SLF 2022 and our investments in BB and BBB CLO debt securities are included
 in Structured Finance Securities industry.

During the fiscal year ended February 28, 2026, we invested $309.5 million in new and existing portfolio companies and had $184.6 million in aggregate amount of exits and repayments, including $180.0 million of proceeds from sales and repayments of debt and equity investments in the current period and $4.6 million of additional proceeds from sales of equity investments realized in a prior period, resulting in net investments of $124.9 million for the year.

During the fiscal year ended February 28, 2025, we invested $168.1 million in new and existing portfolio companies and had $312.1 million in aggregate amount of exits and repayments resulting in net repayments of $144.0 million for the year.

During the fiscal year ended February 29, 2024, we invested $246.1 million in new and existing portfolio companies and had $30.3 million in aggregate amount of exits and repayments resulting in net investments of $215.8 million for the year.

***Portfolio Composition***

Our portfolio composition at February 28, 2026, February 28, 2025 and February 29, 2024 at fair value was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **February 28, 2026** | **February 28, 2026** | **February 28, 2025** | **February 28, 2025** | **February 29, 2024** | **February 29, 2024** |
|  | **Percentage<br> of Total <br> Portfolio** | **Weighted<br> Average<br> Current<br> Yield** | **Percentage<br> of Total <br> Portfolio** | **Weighted<br> Average<br> Current<br> Yield** | **Percentage<br> of Total <br> Portfolio** | **Weighted<br> Average<br> Current<br> Yield** |
| First lien term loans | 82.1% | 10.2% | 88.7% | 11.3% | 85.7% | 12.6% |
| Second lien term loans | 3.9 | 11.9 | 0.7 | 16.7 | 1.6 | 5.1 |
| Unsecured term loans | 1.5 | 10.9 | 1.7 | 10.7 | 1.4 | 11.1 |
| Structured finance securities | 4.9 | 11.6 | 1.5 | 19.9 | 2.7 | 10.3 |
| Equity interests | 7.6 | - | 7.4 | - | 8.6 | - |
| Total | 100.0% | 9.6% | 100.0% | 10.8% | 100.0% | 11.4% |

---

At February 28, 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 February 28, 2026 and February 28, 2025, was composed of $391.0 million and $527.1 million, respectively, in aggregate principal amount of primarily senior secured first lien term loans. In addition, as of February 28, 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.

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").

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 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. At February 28, 2025, $484.3 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 eight of the Saratoga CLO portfolio investments were in default with a fair value of $4.4 million. For more information relating to Saratoga CLO, see the audited financial statements for Saratoga CLO included elsewhere herein.

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 of our investments at February 28, 2026 and February 28, 2025 was as follows:

***Saratoga Investment Corp.***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **February 28, 2026** | **February 28, 2026** | **February 28, 2025** | **February 28, 2025** |
| <br>**Color Score** | **Investments<br> at<br> Fair Value** | **Percentage<br> of Total<br> Portfolio** | **Investments<br> at<br> Fair Value** | **Percentage<br> of Total<br> Portfolio** |
|  | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** |
| Green | $700326 | 63.1% | $890437 | 91.0% |
| Yellow | 20695 | 1.9 | 1086 | 0.1 |
| Red | 2039 | 0.2 | 1547 | 0.2 |
| N/A(1) | 386074 | 34.8 | 85008 | 8.7 |
| Total | $1109134 | 100.0% | $978078 | 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 change in reserve from $0.2 million as of February 28, 2025 to $0.5 million as of February 28, 2026 was primarily related to the non-accrual of interest income related to our investments in Pepper Palace, Inc. and Class F-2-R-3 Notes of the Saratoga CLO.

The CMR distribution of Saratoga CLO investments at February 28, 2026 and February 28, 2025 was as follows:

***Saratoga CLO***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **February 28, 2026** | **February 28, 2026** | **February 28, 2025** | **February 28, 2025** |
| <br>**Color Score** | **Investments<br> at<br> Fair Value** | **Percentage<br> of Total<br> Portfolio** | **Investments<br> at<br> Fair Value** | **Percentage<br> of Total<br> Portfolio** |
|  | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** |
| Green | $326391 | 92.2% | $446859 | 90.8% |
| Yellow | 21870 | 6.2 | 37453 | 7.6 |
| Red | 5023 | 1.4 | 6198 | 1.3 |
| N/A(1) | 832 | 0.2 | 1685 | 0.3 |
| Total | $354116 | 100.0% | $492195 | 100.0% |

---

(1) Comprised of Saratoga CLO's equity interests.

***Portfolio composition by industry grouping at fair value***

The following table shows our portfolio composition by industry grouping at fair value at February 28, 2026 and February 28, 2025:

***Saratoga Investment Corp.***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **February 28, 2026** | **February 28, 2026** | **February 28, 2025** | **February 28, 2025** |
|  | **Investments <br> At <br> Fair Value** | **Percentage<br> of Total<br> Portfolio** | **Investments <br> At <br> Fair Value** | **Percentage<br> of Total<br> Portfolio** |
|  | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** |
| Healthcare Services | $93354 | 8.4% | $85149 | 8.5% |
| Structured Finance Securities(1) | 72499 | 6.6 | 14772 | 1.5 |
| Consumer Services | 66299 | 6 | 59439 | 6.1 |
| Restaurant | 55648 | 5 | 31600 | 3.2 |
| Real Estate Services | 52325 | 4.7 | 51750 | 5.3 |
| HVAC Services and Sales | 52066 | 4.7 | 57458 | 5.9 |
| Healthcare Software | 45724 | 4.1 | 45986 | 4.7 |
| Custom Millwork Software | 40354 | 3.6 | 31722 | 3.2 |
| Research Software | 36553 | 3.3 | 26280 | 2.7 |
| Education Services | 35720 | 3.2 | 27533 | 2.8 |
| Employee Collaboration Software | 34926 | 3.1 | 27179 | 2.8 |
| Surgical Benefits Management | 34694 | 3.1 |  | 0 |
| Municipal Government Software | 33694 | 3 | 29720 | 3 |
| Dental Practice Management | 32423 | 2.9 | 35159 | 3.6 |
| Financial Services | 32252 | 2.9 | 26302 | 2.7 |
| Education Software | 31936 | 2.9 | 41595 | 4.3 |
| Revenue Cycle Management & Related Services | 28175 | 2.6 |  | 0 |
| Talent Acquisition Software | 27282 | 2.5 | 27334 | 2.8 |
| Health/Fitness Franchisor | 24608 | 2.2 | 28453 | 2.9 |
| Architecture & Engineering Software | 23697 | 2.1 | 25293 | 2.6 |
| Insurance Software | 23317 | 2.1 | 20345 | 2.1 |
| Property Operations Management Software | 22783 | 2.1 |  | 0 |
| Mentoring Software | 20549 | 1.9 | 22027 | 2.3 |
| Corporate Education Software | 20442 | 1.8 | 17346 | 1.8 |
| Direct Selling Software | 20417 | 1.8 | 24064 | 2.5 |
| Fire Inspection Business Software | 20046 | 1.8 | 10178 | 1 |
| IT Services | 19272 | 1.7 | 18810 | 1.9 |
| Marketing Orchestration Software | 16791 | 1.5 | 18444 | 1.9 |
| Veterinary Services | 13291 | 1.2 | 12667 | 1.3 |
| Alternative Investment Management Software | 13089 | 1.2 | 11576 | 1.2 |
| Volunteer Program Management Software | 12910 | 1.2 |  | 0 |
| Supply Chain Planning Software | 11690 | 1.1 |  | 0 |
| Industrial Products | 8604 | 0.8 | 9404 | 1 |
| HVAC Monitoring Devices | 8228 | 0.7 |  | 0 |
| Product Compliance Software | 5961 | 0.5 |  | 0 |
| Office Supplies | 5313 | 0.5 | 5339 | 0.5 |
| Cyber Security | 4233 | 0.4 | 3517 | 0.4 |
| Staffing Services | 2362 | 0.2 | 3426 | 0.4 |
| Specialty Food Retailer | 2039 | 0.2 | 1546 | 0.2 |
| Association Management Software | 1860 | 0.2 | 24850 | 2.5 |
| Physician Compensation Management Software | 1375 | 0.1 |  | 0 |
| Mental Healthcare Services | 333 | 0 | 32405 | 3.3 |
| Investment Fund |  | 0 | 19615 | 2 |
| Non-profit Services |  | 0 | 16470 | 1.7 |
| Field Service Management |  | 0 | 11751 | 1.2 |
| Lead Management Software |  | 0 | 11641 | 1.2 |
| Financial Services Software | - | 0 | 9933 | 1 |
| Total | $1109134 | 100.0% | $978078 | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) As of February 28, 2026 and
 February 28, 2025, 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 Notes and E-R Notes of the SLF 2022, and our investments in BB and BBB CLO debt securities.

The following table shows Saratoga CLO's portfolio composition by industry grouping at fair value at February 28, 2026 and February 28, 2025:

***Saratoga CLO***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **February 28, 2026** | **February 28, 2026** | **February 28, 2025** | **February 28, 2025** |
|  | **Investments <br> at Fair <br> Value** | **Percentage <br> of Total <br> Portfolio** | **Investments <br> at Fair <br> Value** | **Percentage <br> of Total<br> Portfolio** |
|  | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** |
| Banking, Finance, Insurance & Real Estate | $67426 | 19.0% | $101194 | 20.9% |
| Services: Business | 35712 | 10.1 | 46915 | 9.5 |
| High Tech Industries | 25614 | 7.3 | 39950 | 8.1 |
| Retail | 21289 | 6 | 22306 | 4.5 |
| Services: Consumer | 19876 | 5.6 | 26923 | 5.5 |
| Chemicals, Plastics, & Rubber | 18018 | 5.1 | 25268 | 5.1 |
| Healthcare & Pharmaceuticals | 17486 | 4.9 | 26032 | 5.3 |
| Hotel, Gaming & Leisure | 16665 | 4.7 | 16900 | 3.3 |
| Consumer goods: Durable | 14267 | 4 | 14008 | 2.8 |
| Media: Advertising, Printing & Publishing | 13159 | 3.7 | 17309 | 3.4 |
| Telecommunications | 13140 | 3.7 | 19475 | 4 |
| Beverage, Food & Tobacco | 11139 | 3.1 | 12920 | 2.6 |
| Consumer goods: Non-durable | 9066 | 2.6 | 10571 | 2.1 |
| Automotive | 8261 | 2.3 | 16730 | 3.4 |
| Construction & Building | 7197 | 2 | 13129 | 2.7 |
| Utilities: Oil & Gas | 6353 | 1.8 | 6417 | 1.3 |
| Transportation: Cargo | 6331 | 1.8 | 7153 | 1.5 |
| Media: Broadcasting & Subscription | 6171 | 1.8 | 7069 | 1.4 |
| Wholesale | 5880 | 1.7 | 8061 | 1.6 |
| Containers, Packaging & Glass | 5221 | 1.5 | 13522 | 2.7 |
| Capital Equipment | 4339 | 1.2 | 4739 | 1 |
| Media: Diversified & Production | 4075 | 1.2 | 6286 | 1.3 |
| Forest Products & Paper | 3419 | 1 | 4408 | 0.9 |
| Energy: Electricity | 3276 | 0.9 | 3306 | 0.7 |
| Transportation: Consumer | 3268 | 0.9 | 3727 | 0.8 |
| Energy: Oil & Gas | 2818 | 0.8 | 3012 | 0.6 |
| Aerospace & Defense | 2761 | 0.8 | 8353 | 1.7 |
| Metals & Mining | 1890 | 0.5 | 1936 | 0.4 |
| Environmental Industries |  |  | 2588 | 0.5 |
| Utilities: Electric | - | - | 1988 | 0.4 |
| Total | $354117 | 100.0% | $492195 | 100.0% |

---

***Portfolio composition by geographic location at fair value***

 ****

The following table shows our portfolio composition by geographic location at fair value at February 28, 2026 and February 28, 2025. The geographic composition is determined by the location of the corporate headquarters of the portfolio company.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **February 28, 2026** | **February 28, 2026** | **February 28, 2025** | **February 28, 2025** |
|  | **Investments<br> at<br> Fair Value** | **Percentage<br> of Total<br> Portfolio** | **Investments<br> at<br> Fair Value** | **Percentage<br> of Total<br> Portfolio** |
|  | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** |
| &nbsp;&nbsp;Midwest | $340057 | 30.7% | $364944 | 37.3% |
| &nbsp;&nbsp;Southeast | 224036 | 20.2 | 234144 | 23.9 |
| &nbsp;&nbsp;Northeast | 187405 | 16.9 | 128787 | 13.2 |
| &nbsp;&nbsp;West | 141267 | 12.7 | 120361 | 12.3 |
| &nbsp;&nbsp;Southwest | 108542 | 9.8 | 63278 | 6.5 |
| &nbsp;&nbsp;International | 19272 | 1.7 | 18810 | 1.9 |
| &nbsp;&nbsp;Other(1) | 88555 | 8.0 | 47754 | 4.9 |
| &nbsp;&nbsp;Total | $1109134 | 100.0% | $978078 | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) As of February 28, 2026, comprised of our investment in the subordinated notes, F-2-R-3 Notes of Saratoga CLO, the unsecured notes and equity interests in the SLF JV, Class E Notes and 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 fiscal years ended February 28, 2026, February 28, 2025 and February 29, 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **February 28, 2026** | **February 28, 2025** | **February 29, 2024** |
|  | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** |
| Total investment income | $125713 | $148855 | $143720 |
| Total operating expenses | 88906 | 95852 | 86846 |
| Net investment income | 36807 | 53003 | 56874 |
| Net realized gains (losses) from investments | 5746 | (42030) | 154 |
| Income tax (provision) benefit from realized gain on investments |  |  |  |
| Net change in unrealized appreciation (depreciation) on investments | (5238) | 18974 | (47091) |
| Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments | 113 | (1061) | (893) |
| Loss on extinguishment of debt\* | (824) | (800) | (110) |
| Net increase in net assets resulting from operations | $36604 | $28086 | $8934 |

---

\* Certain prior period amounts have been reclassified to conform to current period presentation.

***Investment income***

The composition of our investment income for the fiscal years ended February 28, 2026, February 28, 2025 and February 29, 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **February 28, 2026** | **February 28, 2025** | **February 29, 2024** |
|  | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** |
| Interest from investments | $106898 | $131022 | $127785 |
| Interest from cash and cash equivalents | 7882 | 6530 | 2512 |
| Management fee income | 2587 | 3114 | 3270 |
| Incentive fee income |  |  |  |
| Dividend Income\* | 4548 | 4562 | 6533 |
| Structuring and advisory fee income | 2249 | 1583 | 2150 |
| Other income\* | 1549 | 2044 | 1470 |
| Total investment income | $125713 | $148855 | $143720 |

---

\* Certain prior period amounts have been reclassified to conform to current period presentation.

For the fiscal year ended February 28, 2026, total investment income decreased $23.2 million, or 15.6%, to $125.7 million compared to $148.9 million for the fiscal year ended February 28, 2025. Interest income from investments decreased $24.1 million, or 18.4%, to $106.9 million for the year ended February 28, 2026 from $131.0 million for the fiscal year ended February 28, 2025. The decrease in interest income for the fiscal year ended February 28, 2026 is primarily attributable to (i) the non-recurrence of $7.9 million interest income related to our Knowland investment recognized last year that was previously on non-accrual, (ii) decrease of our average investment portfolio by 2.8% from $1,042.6 million last year to $1,013.4 million this year, and (iii) the decrease of the weighted average current yield on our core investments to 9.6% as of February 28, 2026, down from 10.8% at February 28, 2025, reflecting both the reduction in SOFR base rates during this period, as well as the tightening of spreads in the middle market.

For the fiscal year ended February 28, 2025, total investment income increased $5.1 million, or 3.6%, to $148.9 million for the fiscal year ended February 28, 2025 compared to $143.7 million for the fiscal year ended February 29, 2024. Interest income from investments increased $3.2 million, or 2.5%, to $131.0 million for the year ended February 28, 2025 from $127.8 million for the fiscal year ended February 29, 2024. The increase in interest income for the fiscal year ended February 28, 2025 is primarily due to the recognition of $8.2 million interest income related to our Knowland investment that was previously on non-accrual and was fully repaid this year with all interest, offset by lower interest income on the overall portfolio as the weighted average interest rate decreased from 11.4% as of February 29, 2024 to 10.8% as of February 28, 2025.

For the fiscal year ended February 28, 2026 and February 28, 2025, total PIK income was $2.9 million and $4.0 million, respectively. This decrease was primarily due to the recognition of reserved Knowland PIK interest recognized last year.

For the fiscal year ended February 28, 2025 and February 29, 2024, total PIK income was $4.0 million and $2.5 million, respectively. This increase was due to investment growth and amended terms of debt securities that elected to pay a portion of their interest in PIK.

Management fee income reflects the fee income received for managing the Saratoga CLO. For the years ended February 28, 2026, February 28, 2025 and February 29, 2024, total management fee income was $2.6 million, $3.1 million and $3.3 million, respectively. The reduction reflects the reduction of the asset levels in the Saratoga CLO as it is currently in winddown mode.

For the fiscal year ended February 28, 2026, February 28, 2025 and February 29, 2024, total dividend income was $4.5 million, $4.6 million and $6.5 million, respectively. Dividends received is recorded in the consolidated statements of operations when earned.

For the fiscal year ended February 28, 2026, February 28, 2025 and February 29, 2024, total structuring and advisory fee income was $2.2 million, $1.6 million and $2.1 million, respectively. Structuring and advisory fee income represents fee income earned and received performing certain investment and advisory activities during the closing of new investments, with the changes year-over-year primarily reflecting the increased or decreased originations during the period.

For the fiscal year ended February 28, 2026, February 28, 2025 and February 29, 2024, other income was $1.5 million, $2.0 million and $1.5 million, respectively. Other income primarily includes prepayment, monitoring and amendment fees and is recorded in the consolidated statements of operations when earned.

***Operating expenses***

The composition of our operating expenses for the years ended February 28, 2026, February 28, 2025 and February 29, 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **February 28, 2026** | **February 28, 2025** | **February 29, 2024** |
|  | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** |
| Interest and debt financing expenses | $49303 | $52059 | $49180 |
| Base management fees | 17770 | 18382 | 19212 |
| Incentive management fees | 9230 | 13254 | 8025 |
| Professional fees | 2817 | 2058 | 1767 |
| Administrator expenses | 5233 | 4708 | 3873 |
| Insurance | 300 | 304 | 322 |
| Directors fees and expenses | 430 | 367 | 351 |
| General and administrative and other expenses | 2227 | 1902 | 2243 |
| Income tax expense (benefit) | (138) | 412 | 43 |
| Excise tax expense (benefit) | 1734 | 2406 | 1830 |
| Total operating expenses | $88906 | $95852 | $86846 |

---

For the year ended February 28, 2026, total operating expenses decreased $7.0 million, or 7.3%, to $88.9 million compared to $95.9 million for the year ended February 28, 2025. For the year ended February 28, 2025, total operating expenses increased $9.0 million, or 10.4%, to $95.9 million compared to $86.8 million for the year ended February 29, 2024.

For the year ended February 28, 2026, interest and debt financing expenses decreased $2.8 million, or 5.2% compared to the year ended February 28, 2025. The decrease is primarily attributable to both the total average outstanding debt decreasing from $836.2 million for the year ended February 28, 2025 to $791.3 million for the year ended February 28, 2026. The weighted average interest rate on our outstanding indebtedness also decreased slightly from 5.56% to 5.55% for the same periods.

For the year ended February 28, 2025, interest and debt financing expenses increased $2.9 million, or 5.9% compared to the year ended February 29, 2024. The increase is attributable to both the total average outstanding debt increasing from $798.9 million for the year ended February 29, 2024 to $836.2 million for the year ended February 28, 2025, as well as the weighted average interest rate on our outstanding indebtedness increasing from 5.46% to 5.56% for the same periods. The increase in total average outstanding debt and the weighted average interest rate was primarily due to the issuance during the year ended February 28, 2025 of the higher-cost 8.75% 2025 Notes and 8.50% 2028 Notes. At February 28, 2025 and February 29, 2024, the lower-cost SBA debentures represented 26.1% and 27.7% of overall debt, respectively.

For the year ended February 28, 2026, base management fees decreased $0.6 million, or 3.3% compared to the fiscal year ended February 28, 2025. The decrease in base management fees is due to the 3.3% decrease in the average value of our total assets, less cash and cash equivalents, from $1,050.5 million as of February 28, 2025 to $1,015.4 million as of February 28, 2026.

For the year ended February 28, 2025, base management fees decreased $0.8 million, or 4.3% compared to the fiscal year ended February 29, 2024. The decrease in base management fees is due to the 4.3% decrease in the average value of our total assets, less cash and cash equivalents, from $1,097.8 million as of February 29, 2024 to $1,050.5 million as of February 28, 2025.

For the year ended February 28, 2026, incentive fees decreased $4.0 million, or 30.4% compared to the fiscal year ended February 28, 2025. The incentive fee on income decreased this year from $13.2 million for the year ended February 28, 2025 to $9.2 million for the year ended February 28, 2026, reflecting the decrease in net investment income during this period. The incentive fees on capital gains remained unchanged at $0.0 million for both the twelve months ended February 28, 2026 and 2025, reflecting no incentive fee on net realized and unrealized depreciation recognized during both these periods, with the liability floor capped at zero.

For the year ended February 28, 2025, incentive fees increased $5.2 million, or 65.1% compared to the fiscal year ended February 29, 2024. The incentive fee on income increased this year from $13.0 million for the year ended February 29, 2024 to $13.2 million for the year ended February 28, 2025, reflecting the increased operating performance of our debt investments during this period. The incentive fees on capital gains increased from $(8.3) million benefit for the fiscal year ended February 29, 2024 to $(5.9) million benefit for the fiscal year ended February 28, 2025, both reflecting the incentive fee income and expense on net unrealized appreciation and depreciation recognized during both these periods.

For the year ended February 28, 2026, professional fees increased $0.8 million, or 36.9% compared to the fiscal year ended February 28, 2025. This increase primarily reflects the growth across accounting, legal and consulting fees in connection with an increase in our assets and legal entities, as well as inflationary increases across these vendors.

For the year ended February 28, 2025, professional fees increased $0.3 million, or 16.5% compared to the fiscal year ended February 29, 2024. This increase is primarily due to inflationary increases from vendors across accounting, legal and consulting fees across the Company.

For the year ended February 28, 2026, administrator expenses increased $0.5 million, or 11.2% compared to the fiscal year ended February 28, 2025, which reflects an increase to the cap on the payment or reimbursement of expenses by the Company from $5.0 million last year to $5.4 million, effective August 1, 2025

For the year ended February 28, 2025, administrator expenses increased $0.8 million, or 21.6% compared to the fiscal year ended February 29, 2024, which reflects an increase to the cap on the payment or reimbursement of expenses by the Company from $4.3 million last year to $5.0 million, effective August 1, 2024.

For the fiscal years ended February 28, 2026, February 28, 2025 and February 29, 2024, the average borrowings outstanding under the Credit Facilities was approximately $68.7 million, $33.1 million and $37.9 million, respectively, and the average weighted average interest rate on the outstanding borrowing under the Credit Facilities was 8.20%, 9.49% and 9.66%, respectively.

For the fiscal years ended February 28, 2026, February 28, 2025 and February 29, 2024, the average borrowings outstanding of SBA debentures was $167.5 million, $213.8 million and $202.5 million, respectively. For the years ended February 28, 2026, February 28, 2025 and February 29, 2024, the weighted average interest rate on the outstanding borrowings of the SBA debentures was 3.06%, 3.32% and 3.08%, respectively.

The weighted average dollar amount of our unsecured notes for the fiscal years ended February 28, 2026 and February 28, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** |
| <br>**(in millions)** | **February 28,<br> 2026** | **February 28,<br> 2025** |
| 7.75% 2025 Notes | $- | $5.0 |
| 6.25% 2027 Notes | 15.0 | 15.0 |
| 4.375% 2026 Notes | 0.0 | 175.0 |
| 4.35% 2027 Notes | 75.0 | 75.0 |
| 6.00% 2027 Notes | 105.5 | 105.5 |
| 7.00% 2025 Notes |  | 12.0 |
| 8.00% 2027 Notes | 46.0 | 46.0 |
| 8.125% 2027 Notes | 60.4 | 60.4 |
| 8.75% 2025 Notes |  | 20.0 |
| 8.50% 2028 Notes | 57.5 | 57.5 |
| 7.25% 2030 Notes | 50.0 |  |
| 7.50% 2031 Notes | 100.0 |  |

---

For the years ended February 28, 2026, February 28, 2025 and February 29, 2024, we recognized income tax expense (benefit) of $(0.14) million, $0.41 million and $0.04 million, respectively. This relates to net deferred federal and state income tax expense (benefit) with respect to operating gains and losses and income derived from equity investments held in entities that are treated as corporations for U.S. federal income tax purposes, as well as current U.S. federal and state income taxes on those operating gains and losses when realized.

For the year ended February 28, 2026, we accrued excise taxes of $1.7 million on undistributed taxable income as of December 31, 2025. For the year ended February 28, 2025, we accrued excise taxes of $2.4 million on undistributed taxable income as of December 31, 2024.

***Net realized gains (losses) on sales of investments***

For the fiscal year ended February 28, 2026, we had $184.6 million of sales, repayments, exits or restructurings resulting in $5.7 million of net realized gains. The most significant realized gains and losses during the year ended February 28, 2026 were as follows (dollars in thousands):

**Fiscal year ended February 28, 2026**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer** | **Asset Type** | **Gross Proceeds** | **Cost** | **Net<br> Realized<br> Gain (Loss)** |
| Axiom Parent Holdings, LLC | Equity Interests | $2320 | $258 | $2062 |
| HemaTerra Holdings Company, LLC | Equity Interests | 327 |  | 327 |
| Identity Automation Systems | Equity Interests | 3579 | 404 | 3175 |
| Netreo Holdings, LLC | Equity Interests | 638 |  | 638 |
| Roscoe Medical, Inc. | Equity Interests |  | 508 | (508) |

---

The $2.1 million of net realized gains was from the sale of the equity position in our Axiom Parent Holdings, LLC investment.

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

The $3.2 million of net realized gains was from the sale of the equity position in our Identity Automation Systems investment.

The $0.5 million of net realized losses was from the sale of the equity position in our Roscoe Medical, Inc. investment.

For the fiscal year ended February 28, 2025, we had $312.1 million of sales, repayments, exits or restructurings resulting in $42.0 million of net realized losses. The most significant realized gains and losses during the year ended February 28, 2025 were as follows (dollars in thousands):

**Fiscal year ended February 28, 2025**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer** | **Asset Type** | **Gross Proceeds** | **Cost** | **Net<br> Realized<br> Gain (Loss)** |
| Zollege PBC | First Lien Term Loan & Equity Interests | $3205 | $18316 | $(15111) |
| Netreo Holdings, LLC | Equity Interests | 2260 | 7706 | (5446) |
| Book4Time, Inc. | First Lien Term Loan, Second Lien Term Loan &Equity Interests | 707 | 157 | 550 |
| Pepper Palace, Inc. | First Lien Term Loan & Equity Interests |  |  | (34007) |
| Invita (fka HemaTerra Holding Company, LLC) | Equity Interests | 7577 | 2817 | 4760 |
| Modern Campus (fka Destiny Solutions Inc.) | Limited Partner Interests | 9430 | 3969 | 5461 |
| Emily Street Enterprises, L.L.C. | Equity Interests | 1670 | 400 | 1270 |

---

The $15.1 million of net realized losses was from the restructuring of our Zollege PBC investment.

The $5.4 million of net realized losses was from the sale of the equity interests in our Netreo Holdings, LLC investment.

The $0.5 million of net realized gains was from the sale of the equity interests in our Book4Time, Inc. investment.

The $34.0 million of net realized losses was from the restructuring of our Pepper Palace, Inc. investment.

The $4.8 million of net realized gains was from the sale of the equity interests in our Invita (fka HemaTerra Holding Company, LLC) investment.

The $5.5 million of net realized gains was from the sale of the limited partner interests in our Modern Campus (fka Destiny Solutions Inc.) investment.

The $1.3 million of net realized gains was from the sale of the equity interests in our Emily Street Enterprises, L.L.C. investment.

For the fiscal year ended February 29, 2024, we had $30.3 million of sales, repayments, exits or restructurings resulting in $0.2 million of net realized gains. The most significant realized gains and losses during the year ended February 29, 2024 were as follows (dollars in thousands):

**Fiscal year ended February 29, 2024**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer** | **Asset Type** | **Gross Proceeds** | **Cost** | **Net<br> Realized<br> Gain** |
| PDDS Buyer, LLC | Equity Interests | $&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;- | $41350 |
| Censis Technologies, Inc. | Equity Interests |  |  | 6773 |
| GreyHeller LLC | Equity Interests |  |  | 42568 |
| Ohio Medical, LLC | Equity Interests |  |  | 60565 |
| Targus Holdings, Inc | Equity Interests |  |  | 2327 |

---

We received escrow payments from the prior sales of our investments in PPDS Buyer, LLC, Censis Technologies, Inc., Ohio Medical, LLC, GreyHeller LLC and Targus Holdings, Inc.

The $7.9 million of net realized gains was from the sales of the equity position in our investment in PDDS Buyer, LLC.

The $0.4 million of net realized gains was from the sales of the equity position in our investment in Ohio Medical, LLC.

The $1.0 million of net realized loss was from the sales of the equity position in our investment in Targus Holding, Inc.

We received escrow payments from the prior sales of our investments in Censis Technologies, Inc., Texas Teachers of Tomorrow, LLC and V Rental Holdings LLC.

***Net change in unrealized appreciation (depreciation) on investments***

 ****

For the year ended February 28, 2026, our investments had a net change in unrealized depreciation of $5.2 million compared to a net change in unrealized appreciation of $19.0 million for the year ended February 28, 2025. The most significant cumulative changes in unrealized appreciation (depreciation) for the year ended February 28, 2026, were the following (dollars in thousands):

**Fiscal year ended February 28, 2026**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Asset Type** | **Cost** | **Fair Value** | **Total Unrealized Appreciation (Depreciation)** | **YTD Change in Unrealized Appreciation (Depreciation)** |
| Saratoga Senior Loan Fund I JV, LLC | Unsecured Loan & Equity Interests | 36817 | 17666 | (19151) | (3563) |
| Exigo, LLC | First Lien Term Loan, Revolving Credit Facility & Equity Interests | 24797 | 20613 | (4184) | (3244) |
| Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note | First Lien Term Loan & Structured Finance Securities | 9375 |  | (9375) | (2281) |
| Madison Logic, Inc. | First Lien Term Loan | 18943 | 16791 | (2152) | (1947) |
| Chronus LLC | First Lien Term Loan & Equity Interests | 22970 | 20549 | (2421) | (1528) |
| Zollege PBC | First Lien Term Loan & Equity Interests | 2136 | 12049 | 9913 | 7996 |
| AgencyBloc, LLC | First Lien Term Loan & Equity Interests | 19899 | 23317 | 3418 | 1127 |
| Modis Dental Partners OpCo | First Lien Term Loan & Equity Interests | 23022 | 24094 | 1072 | 1115 |

---

The $3.6 million net change in unrealized depreciation 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.

The $3.2 million net change in unrealized depreciation in our investment in Exigo, LLC was primarily driven by overall company performance.

The $2.3 million net change in unrealized depreciation in our investment Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note was driven by the impact of the performance of individual credits in the CLO portfolio.

The $1.9 million net change in unrealized depreciation in our investment in Madison Logic, Inc. was primarily driven by overall company performance.

The $1.5 million net change in unrealized depreciation in our investment in Chronus LLC was primarily driven by overall company performance.

The $8.0 million net change in unrealized appreciation in our investment in Zollege PBC was primarily driven by improved company performance.

The $1.1 million net change in unrealized appreciation in our investment in AgencyBloc LLC was primarily driven by strong financial portfolio company performance.

The $1.1 million net change in unrealized appreciation in our investment in Modis Dental Partners OpCo was primarily driven by overall market conditions.

For the year ended February 28, 2025, our investments had a net change in unrealized appreciation of $19.0 million compared to a net change in unrealized depreciation of $47.1 million for the year ended February 29, 2024. The most significant cumulative changes in unrealized appreciation (depreciation) for the year ended February 28, 2025, were the following (dollars in thousands):

**Fiscal year ended February 28, 2025**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Asset Type** | **Cost** | **Fair Value** | **Total Unrealized Appreciation (Depreciation)** | **YTD Change in <br> Unrealized<br> Appreciation (Depreciation)** |
| Pepper Palace, Inc. | First Lien Term Loan & Equity Interests | $2939 | $1547 | $(1392) | $31558 |
| Zollege PBC | First Lien Term Loan & Equity Interests | 2020 | 3937 | 1917 | 16082 |
| Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note | Structured Finance Securities | 9375 | 2281 | (7094) | (6594) |
| Destiny Solutions Inc. | First Lien Term Loan & Equity Interests |  |  |  | (5925) |
| Saratoga Senior Loan Fund I JV, LLC | Equity Interests | 35202 | 19615 | (15588) | (5608) |
| Artemis Wax Corp. | First Lien Term Loan & Equity Interests | 60546 | 59439 | (1107) | (5588) |
| ARC Health OpCo LLC | First Lien Term Loan & Equity Interests | 37533 | 32405 | (5128) | (4993) |
| Netreo Holdings, LLC | First Lien Term Loan & Equity Interests |  |  |  | 3803 |
| Knowland Group, LLC | Second Lien Term Loan |  |  |  | 3236 |
| HemaTerra Holding Company, LLC | First Lien Term Loan & Equity Interests |  |  |  | (3094) |
| Axero Holdings, LLC | First Lien Term Loan & Equity Interests | 20637 | 26665 | 6028 | 2552 |
| Saratoga Investment Corp. CLO 2013-1, Ltd. | Structured Finance Securities | 14889 | 241 | (14648) | (2147) |
| Granite Comfort, LP | First Lien Term Loan | 58943 | 57458 | (1485) | (1852) |
| Stretch Zone Franchising, LLC | First Lien Term Loan | 28526 | 27255 | (1271) | (1500) |
| ETU Holdings, Inc. | First Lien Term Loan, Second Lien Term Loan & Equity Interests | 17053 | 13368 | (3685) | (1250) |
| Vector Controls Holding Co., LLC | First Lien Term Loan & Equity Interests |  | 9404 | 9404 | 1233 |

---

The $31.6 million net change in unrealized appreciation in our investment in Pepper Palace, Inc. was driven by the restructuring of the investment, resulting in a reversal of previously recognized unrealized depreciation reclassified to realized loss.

The $16.1 million net change in unrealized appreciation in our investment in Zollege PBC was driven by the restructuring of the investment, resulting in a reversal of previously recognized unrealized depreciation reclassified to realized loss.

The $6.6 million net change in unrealized depreciation in our investment Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note was driven by the impact of the performance of individual credits in the CLO portfolio.

The $5.9 million net change in unrealized depreciation in our investment Modern Campus (fka Destiny Solutions Inc.) was driven by the sale of the equity position, resulting in a reversal of previously recognized unrealized appreciation reclassified to realized gain.

The $5.6 million net change in unrealized depreciation in our investment Saratoga Senior Loan Fund I, JV, LLC was primarily driven by the impact of the performance of individual credits in the portfolio.

The $5.6 million of net change in unrealized depreciation in our investment Artemis Wax Corp. was driven by a decline in company performance, overall market conditions and capital structure changes.

The $5.0 million of net change in unrealized depreciation in our investment ARC Health OpCo LLC was driven by declines in company performance and capital structure changes.

The $3.8 million net change in unrealized appreciation in our investment Netreo Holdings, LLC was driven by the sale of the equity position, resulting in a reversal of previously recognized unrealized depreciation reclassified to realized loss.

The $3.2 million net change in unrealized appreciation in our investment in Knowland Group, LLC was driven by the completed sales process and the full recovery of Saratoga's principal.

The $3.1 million net change in unrealized depreciation in our investment Invita (fka HemaTerra Holding Company, LLC) was driven by market factors that reduced the eventual proceeds received from the sale.

The $2.6 million net change in unrealized appreciation in our investment Axero Holdings, LLC was driven by strong financial portfolio company performance.

The $2.4 million net change in unrealized depreciation in our investment in Stretch Zone Franchising, LLC was driven by a decline in company performance.

The $2.1 million net change in unrealized depreciation in our investment Saratoga Investment Corp. CLO 2013-1, Ltd. was primarily driven by the weakened performance of individual credits in the portfolio.

The $1.9 million net change in unrealized depreciation in our investment in Granite Comfort, LP was driven by a decline in company performance.

The $1.2 million net change in unrealized depreciation in our investment ETU Holdings, Inc. was driven by a decline in company performance, overall market conditions and capital structure changes.

The $1.2 million net change in unrealized appreciation in our investment in Vector Controls Holding Co., LLC was driven by company performance.

For the year ended February 29, 2024, our investments had a net change in unrealized depreciation of $47.1 million compared to a net change in unrealized depreciation of $15.2 million for the year ended February 28, 2023. The most significant cumulative changes in unrealized appreciation (depreciation) for the year ended February 29, 2024, were the following (dollars in thousands):

**Fiscal year ended February 29, 2024**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Asset Type** | **Cost** | **Fair Value** | **Total Unrealized Appreciation (Depreciation)** | **YTD Change in <br> Unrealized<br> Appreciation (Depreciation)** |
| Pepper Palace, Inc. | First Lien Term Loan & Equity Interests | $35438 | $2489 | $(32949) | $(23104) |
| Zollege PBC | First Lien Term Loan & Equity Interests | 17949 | 3784 | (14165) | (12845) |
| Netreo Holdings, LLC | First Lien Term Loan & Equity Interests | 39225 | 35422 | (3803) | (12083) |
| Saratoga Senior Loan Fund I JV, LLC | Equity Interests | 35202 | 25222 | (9980) | (5504) |
| Saratoga Investment Corp. CLO 2013-1, Ltd. | Structured Finance Securities | 22002 | 9501 | (12501) | (4734) |
| Knowland Group, LLC | Second Lien Term Loan | 15879 | 12643 | (3236) | 2882 |
| ETU Holdings, Inc. | First Lien Term Loan, Second Lien Term Loan & Equity Interests | 16034 | 13600 | (2434) | (2518) |
| Vector Controls Holding Co., LLC | First Lien Term Loan & Equity Interests | 924 | 9095 | 8171 | 1653 |
| Chronus LLC | First Lien Term Loan & Equity Interests | 22875 | 22069 | (806) | (1304) |
| Avionte Holdings, LLC | Equity Interests | 100 | 3288 | 3188 | 1209 |
| Buildout, Inc. | First Lien Term Loan, Second Lien Term Loan & Equity Interests | 53666 | 52350 | (1316) | (1167) |

---

The $23.1 million net change in unrealized depreciation in our investment in Pepper Palace, Inc. was driven by further declines in company performance during the year ended February 29, 2024.

The $12.8 million net change in unrealized depreciation in our investment in Zollege PBC was driven by further declines in company performance during the year ended February 29, 2024.

The $12.1 million net change in unrealized depreciation in our investment in Netreo Holdings, LLC was driven by increased company leverage and declines in company performance.

The $5.5 million net change in unrealized depreciation in our investment in Saratoga Senior Loan Fund I JV, LLC was primarily driven by overall market conditions.

The $4.7 million net change in unrealized depreciation in our investment in Saratoga Investment Corp. CLO 2013-1, Ltd. was driven by overall market conditions as well as the mark-down of specific investments.

The $2.9 million net change in unrealized appreciation in our investment in Knowland Group, LLC was driven by overall improved company performance and valuation.

The $2.5 million net change in unrealized depreciation in our investment in ETU Holdings, Inc. was driven by declining company performance.

The $1.7 million net change in unrealized appreciation in our investment in Vector Controls Holding Co., LLC was driven by overall company performance.

The $1.3 million net change in unrealized depreciation in our investment in Chronus LLC was driven by overall company performance.

The $1.2 million net change in unrealized appreciation in our investment in Avionte Holdings, Inc. was driven by overall company performance.

The $1.2 million net change in unrealized depreciation in our investment in Buildout, Inc. was driven by overall company performance.

***Changes in net assets resulting from operations***

For the fiscal years ended February 28, 2026, February 28, 2025 and February 29, 2024, we recorded a net increase in net assets resulting from operations of $36.6 million, $28.1 million and $8.9 million, respectively. Based on 15,850,270 weighted average common shares outstanding as of February 28, 2026, our per share net increase in net assets resulting from operations was $2.31 for the fiscal year ended February 28, 2026. This compares to a per share net increase in net assets resulting from operations of $2.02 for the fiscal year ended February 28, 2025 (based on 13,912,170 weighted average common shares outstanding as of February 28, 2025), and a per share net increase in net assets resulting from operations of $0.71 for the fiscal year ended February 29, 2024 (based on 12,670,939 weighted average common shares outstanding as of February 29, 2024).

**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.

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 168.4% as of February 28, 2026 and 162.9% as of February 28, 2025. 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 terms of the senior secured revolving credit facility we entered into with Encina Lender Finance, LLC on October 4, 2021 and as amended on January 27, 2023 (the "Encina Credit Facility" and the related credit agreement, the "Encina Credit Agreement"). 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. 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 is 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 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 Encina 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 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.

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 must also be satisfied (together with Borrowing Base Test, the "Collateral Tests"):

&nbsp;&nbsp;&nbsp;&nbsp;o *Interest Coverage Ratio.* The ratio (expressed
 as a percentage) of interest collections with respect to pledged loan assets, less certain fees and expenses relating to the Encina
 Credit Facility, to accrued interest and commitment fees payable to the lenders under the Encina Credit Facility for the last 6 payment
 periods must equal at least 175.0%.

&nbsp;&nbsp;&nbsp;&nbsp;o *Overcollateralization Ratio.* The ratio (expressed
 as a percentage) of the aggregate Adjusted Borrowing Value of "eligible" pledged loan assets plus the fair value of certain
 ineligible pledged loan assets (in each case, subject to certain adjustments) to outstanding borrowings under the Encina Credit Facility
 plus the Unfunded Exposure Amount must equal at least 200.0%.

The Encina Credit Facility also 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.

*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 was 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:

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;o failure by Specified Holders to collectively, directly
 or indirectly, own and control at least 51% of the outstanding equity interests of Saratoga Investment Advisor, or (y) possess the
 right to elect (through contract, ownership of voting securities or otherwise) at all times a majority of the board of directors
 (or similar governing body) of Saratoga Investment Advisor and to direct the management policies and decisions of Saratoga Investment
 Advisor, or (ii) the dissolution, termination or liquidation in whole or in part, transfer or other disposition, in each case, of
 all or substantially all of the assets of, Saratoga Investment Advisor;

&nbsp;&nbsp;&nbsp;&nbsp;o indictment or conviction of Saratoga Investment Advisors
 or any "key person" for a felony offense, or any fraud, embezzlement or misappropriation of funds by Saratoga Investment
 Advisors or any "key person" and, in the case of "key persons," without a reputable, experienced individual
 reasonably satisfactory to Encina Lender Finance appointed to replace such key person within 30 days;

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

*Fees and Expenses*. 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.

As of February 28, 2026, we had no outstanding borrowings under the Encina Credit Facility. As of February 28, 2025, we had $32.5 million outstanding borrowings under the Encina Credit Facility. Our borrowing base under the Encina Credit Facility at February 28, 2026 and February 28, 2025 was $0 million and $78.6 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"). 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 that will either result in subordination of the loan asset or be materially averse to the lenders.

The Live Oak Credit Facility requires certain minimum drawn amounts. For the period beginning on the closing date of March 27, 2025, and ending March 27, 2027, the minimum funding amount was $12.5 million. For the period beginning on March 28, 2025, through maturity, the minimum funding amount is 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.

*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 is 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;

● 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 Live Oak 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 Live Oak Lender Finance appointed 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 February 28, 2026, we had $37.5 million 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. As of February 28, 2025, we had $20.0 million outstanding borrowings under the Live Oak Credit Facility. Our borrowing base under the Live Oak Credit Facility at February 28, 2026 and February 28, 2025 was $99.2 million and $86.9 million, respectively.

***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 that this change will not result in either the 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.

 

*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 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 is 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%;

● 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 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 February 28, 2026, we had $32.5 million outstanding borrowings under the Valley Credit Facility. Our borrowing base under the Valley Credit Facility at February 28, 2026 was $77.1 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 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. Under current SBIC regulations, for two or more SBICs under common control, the maximum amount of outstanding SBA debentures cannot exceed $350.0 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 up to $350.0 million more than it would otherwise be able to absent the receipt of this exemptive relief.

As of February 28, 2026, SBIC II LP had $87.5 million in regulatory capital and $84.0 million SBA-guaranteed debentures outstanding. SBIC III LP had $87.5 million in regulatory capital and $76.0 million 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. At February 28, 2026, the total amount of 7.75% 2025 Notes outstanding was $0.0 million.

*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 February 28, 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, 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 for 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 February 28, 2026 the total amount of 4.375% 2026 Notes outstanding was $0.0 million.

*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 February 28, 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.

At February 28, 2026 the total amount of 6.00% 2027 Notes outstanding was $105.5 million.

*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 $0.04 million related to the 7.00% 2025 Notes have been capitalized and are being amortized over the term of the 7.00% 2025 Notes.

At February 28, 2026 the total amount of 7.00% 2025 Notes outstanding was $0.0 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. 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 February 28, 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 for net proceeds 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 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 February 28, 2026, the total amount of 8.125% 2027 Notes outstanding was $60.4 million.

*8.75% 2025 Notes* 

 

On March 31, 2023, we issued $10.0 million in aggregate principal amount of 8.75% fixed-rate notes due 2024 (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.

At February 28, 2026, the total amount of 8.75% 2025 Notes outstanding was $0.0 million.

*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 for net proceeds 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 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 February 28, 2026, the total amount of 8.50% 2028 Notes outstanding was $57.5 million.

*7.25% 2030 Notes*

On January 23, 2026, we 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, and 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 $0.03 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 February 28, 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 were approximately $96.7 million, after deducting the underwriting commission of approximately $3.1 million and estimated offering costs of approximately $0.2 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 $0.04 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.

As of February 28, 2026, the total amount of 7.50% 2031 Notes outstanding was $100.0 million.

Our asset coverage ratio, as defined in the 1940 Act, was 168.4% as of February 28, 2026 and 162.9% as of February 28, 2025.

At February 28, 2026 and February 28, 2025, the fair value of total cash and cash equivalents, cash and cash equivalents in reserve accounts and total investments by major category are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **February 28, 2026** | **February 28, 2026** | **February 28, 2025** | **February 28, 2025** |
|  | **Fair Value** | **Percentage of Total** | **Fair Value** | **Percentage of Total** |
|  | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** |
| Cash and cash equivalents | $1680 | 0.2% | $148218 | 12.6% |
| Cash and cash equivalents, reserve accounts | 20106 | 1.8 | 56505 | 4.8 |
| First lien term loans | 910991 | 80.5 | 867866 | 73.4 |
| Second lien term loans | 42707 | 3.8 | 6388 | 0.5 |
| Structured finance securities | 54834 | 4.8 | 14772 | 1.2 |
| Unsecured loan | 16130 | 1.4 | 16534 | 1.4 |
| Equity interests | 84472 | 7.5 | 72518 | 6.1 |
| Total | $1130920 | 100.0% | $1182801 | 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. Most recently, on January 6, 2026, our board of directors extended the Share Repurchase Plan for another year to January 15, 2027, which currently permits up to 1.7 million shares of common stock to be repurchased under the Share Repurchase Plan. As of February 28, 2026, we purchased 1,037,698 shares of common stock, at the average price of $22.05 for approximately $22.9 million pursuant to the Share Repurchase Plan. During the three months and year ended February 28, 2026 we purchased 2,495 shares of common stock, at the average price of $21.75 for approximately $0.1 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., through which we may offer for sale, from time to time, up to $30.0 million of our common stock through an ATM offering. Subsequent to this, we amended our equity distribution agreement to add BB&T Capital Markets and B. Riley FBR, Inc. as sales agents in our ATM offering. On July 11, 2019, the amount of the common stock to be offered was increased to $70.0 million, and on October 8, 2019, the amount of the common stock to be offered was increased to $130.0 million. This agreement was terminated as of July 29, 2021, and as of that date, we had sold 3,922,018 shares for gross proceeds of $97.1 million at an average price of $24.77 for aggregate net proceeds of $95.9 million (net of transaction costs).

On July 30, 2021, we entered into an equity distribution agreement (the "Equity Distribution Agreement") with Ladenburg Thalmann & Co. Inc. ("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 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 February 28, 2026 we sold 8,591,915 shares for gross proceeds of $227.2 million at an average price of $26.37 per share for aggregate net proceeds of $225.4 million (net of transaction costs). During the three months ended February 28, 2026, we sold zero shares for gross proceeds of $0.0 million at an average price of $0.0 per share for aggregate net proceeds of $0.0 million (net of transaction costs). During the year ended February 28, 2026, we sold 747,199 shares for gross proceeds of $19.3 million at an average price of $25.83 per share for aggregate net proceeds of $19.3 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. For the three months ended February 28, 2026, the Manager reimbursed the Company $0.0 million. For the year ended February 28, 2026, the Manager reimbursed the Company $0.6 million.

***Dividend Distributions***

 ****

We have distributed or intend to distribute sufficient dividends to eliminate taxable income for our completed tax years. If we fail to satisfy the 90% distribution requirement or otherwise fail to qualify as a RIC in any tax year, we would be subject to 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<br> Dividend** |
| **Tax Year February 28, 2027** | |
| April 23, 2026 | $0.25<sup>(62)</sup> |
| March 19, 2026 | 0.25<sup>(61)</sup> |
|  | $0.50 |
| **Tax Year Ended February 28, 2026** |  |
| &nbsp;&nbsp;&nbsp;February 23, 2026 | $0.25<sup>(60)</sup> |
| &nbsp;&nbsp;&nbsp;January 22, 2026 | 0.25<sup>(59)</sup> |
| &nbsp;&nbsp;&nbsp;December 18, 2025 | 0.50<sup>(58)</sup> |
| &nbsp;&nbsp;&nbsp;November 20, 2025 | 0.25<sup>(57)</sup> |
| &nbsp;&nbsp;&nbsp;October 23, 2025 | 0.25<sup>(56)</sup> |
| &nbsp;&nbsp;&nbsp;September 24, 2025 | 0.25<sup>(55)</sup> |
| &nbsp;&nbsp;&nbsp;August 21, 2025 | 0.25<sup>(54)</sup> |
| &nbsp;&nbsp;&nbsp;July 24, 2025 | 0.25<sup>(53)</sup> |
| &nbsp;&nbsp;&nbsp;June 24, 2025 | 0.25<sup>(52)</sup> |
| &nbsp;&nbsp;&nbsp;May 22, 2025 | 0.25<sup>(51)</sup> |
| &nbsp;&nbsp;&nbsp;April 24, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;0.25<sup>(50)</sup> |
| &nbsp;&nbsp;&nbsp;March 25, 2025 | 0.74<sup>(49)</sup> |
|  | $3.74 |
| **Tax Year Ended February 28, 2025** |  |
| &nbsp;&nbsp;&nbsp;December 19, 2024 | $1.09<sup>(48)</sup> |
| &nbsp;&nbsp;&nbsp;September 26, 2024 | 0.74<sup>(47)</sup> |
| &nbsp;&nbsp;&nbsp;June 27, 2024 | 0.74<sup>(46)</sup> |
| &nbsp;&nbsp;&nbsp;March 28, 2024 | 0.73<sup>(45)</sup> |
|  | $3.30 |
| **Tax Year Ended February 29, 2024** |  |
| &nbsp;&nbsp;&nbsp;December 28, 2023 | $0.72<sup>(44)</sup> |
| &nbsp;&nbsp;&nbsp;September 28, 2023 | 0.71<sup>(43)</sup> |
| &nbsp;&nbsp;&nbsp;June 29, 2023 | 0.70<sup>(42)</sup> |
| &nbsp;&nbsp;&nbsp;March 30, 2023 | 0.69<sup>(1)</sup> |
|  | $2.82 |
| **Tax Year Ended February 28, 2023** |  |
| &nbsp;&nbsp;&nbsp;January 4, 2023 | $0.68<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;September 29, 2022 | 0.54<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;June 29, 2022 | 0.53<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;March 28, 2022 | 0.53<sup>(5)</sup> |
|  | $2.28 |
| **Tax Year Ended February 28, 2022** |  |
| &nbsp;&nbsp;&nbsp;January 19, 2022 | $0.53<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;September 28, 2021 | 0.52<sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp;June 29, 2021 | 0.44<sup>(8)</sup> |
| &nbsp;&nbsp;&nbsp;April 22, 2021 | 0.43<sup>(9)</sup> |
|  | $1.92 |
| **Tax Year Ended February 28, 2021** |  |
| &nbsp;&nbsp;&nbsp;February 10, 2021 | $0.42<sup>(10)</sup> |
| &nbsp;&nbsp;&nbsp;November 10, 2020 | 0.41<sup>(11)</sup> |
| &nbsp;&nbsp;&nbsp;August 12, 2020 | 0.40<sup>(12)</sup> |
|  | $1.23 |

---

---

| | |
|:---|:---|
| **Payment date** | **Cash<br> Dividend** |
| **Tax Year Ended February 29, 2020** |  |
| &nbsp;&nbsp;&nbsp;February 6, 2020 | $0.56<sup>(13)</sup> |
| &nbsp;&nbsp;&nbsp;September 26, 2019 | 0.56<sup>(14)</sup> |
| &nbsp;&nbsp;&nbsp;June 27, 2019 | 0.55<sup>(15)</sup> |
| &nbsp;&nbsp;&nbsp;March 28, 2019 | 0.54<sup>(16)</sup> |
|  | $2.21 |
| **Tax Year Ended February 28, 2019** |  |
| &nbsp;&nbsp;&nbsp;January 2, 2019 | $0.53<sup>(17)</sup> |
| &nbsp;&nbsp;&nbsp;September 27, 2018 | 0.52<sup>(18)</sup> |
| &nbsp;&nbsp;&nbsp;June 27, 2018 | 0.51<sup>(19)</sup> |
| &nbsp;&nbsp;&nbsp;March 26, 2018 | 0.50<sup>(20)</sup> |
|  | $2.06 |
| **Tax Year Ended February 28, 2018** |  |
| &nbsp;&nbsp;&nbsp;December 27, 2017 | $0.49<sup>(21)</sup> |
| &nbsp;&nbsp;&nbsp;September 26, 2017 | 0.48<sup>(22)</sup> |
| &nbsp;&nbsp;&nbsp;June 27, 2017 | 0.47<sup>(23)</sup> |
| &nbsp;&nbsp;&nbsp;March 28, 2017 | 0.46<sup>(24)</sup> |
|  | $1.90 |
| **Tax Year Ended February 28, 2017** |  |
| &nbsp;&nbsp;&nbsp;February 9, 2017 | $0.45<sup>(25)</sup> |
| &nbsp;&nbsp;&nbsp;November 9, 2016 | 0.44<sup>(26)</sup> |
| &nbsp;&nbsp;&nbsp;September 5, 2016 | 0.20<sup>(27)</sup> |
| &nbsp;&nbsp;&nbsp;August 9, 2016 | 0.43<sup>(28)</sup> |
| &nbsp;&nbsp;&nbsp;April 27, 2016 | 0.41<sup>(29)</sup> |
|  | $1.93 |
| **Tax Year Ended February 29, 2016** |  |
| &nbsp;&nbsp;&nbsp;February 29, 2016 | $0.40<sup>(30)</sup> |
| &nbsp;&nbsp;&nbsp;November 30, 2015 | 0.36<sup>(31)</sup> |
| &nbsp;&nbsp;&nbsp;August 31, 2015 | 0.33<sup>(32)</sup> |
| &nbsp;&nbsp;&nbsp;June 5, 2015 | 1.00<sup>(33)</sup> |
| &nbsp;&nbsp;&nbsp;May 29. 2015 | 0.27<sup>(34)</sup> |
|  | $2.36 |
| **Tax Year Ended February 28, 2015** |  |
| &nbsp;&nbsp;&nbsp;February 27, 2015 | $0.22<sup>(35)</sup> |
| &nbsp;&nbsp;&nbsp;November 28, 2014 | 0.18<sup>(36)</sup> |
|  | $0.40 |
| **Tax Year Ended February 28. 2014** |  |
| &nbsp;&nbsp;&nbsp;December 27, 2013 | $2.65<sup>(37)</sup> |
|  | $2.65 |
| **Tax Year Ended February 28, 2013** |  |
| &nbsp;&nbsp;&nbsp;December 31, 2012 | $4.25<sup>(38)</sup> |
|  | $4.25 |
| **Tax Year Ended February 29, 2012** |  |
| &nbsp;&nbsp;&nbsp;December 30, 2011 | $3.00<sup>(39)</sup> |
|  | $3.00 |
| **Tax Year Ended February 28, 2011** |  |
| &nbsp;&nbsp;&nbsp;December 29, 2010 | $4.40<sup>(40)</sup> |
|  | $4.40 |
| **Tax Year Ended February 28, 2010** |  |
| &nbsp;&nbsp;&nbsp;December 31, 2009 | $18.25<sup>(41)</sup> |
|  | $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.

(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.

(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.

(23) Based on shareholder elections, the dividend consisted
 of approximately $2.3 million in cash and 26,222 newly issued shares of common stock, or 0.4% of our outstanding common stock prior
 to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.04
 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on June 14, 15, 16, 19,
 20, 21, 22, 23, 26 and 27, 2017.

(24) Based on shareholder elections, the dividend consisted
 of approximately $2.0 million in cash and 29,096 newly issued shares of common stock, or 0.5% of our outstanding common stock prior
 to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.38
 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on March 15, 16, 17, 20,
 21, 22, 23, 24, 27 and 28, 2017.

(25) Based on shareholder elections, the dividend consisted
 of approximately $1.6 million in cash and 50,453 newly issued shares of common stock, or 0.9% of our outstanding common stock prior
 to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.25
 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on January 27, 30, 31 and
 February 1, 2, 3, 6, 7, 8 and 9, 2017.

(26) Based on shareholder elections, the dividend consisted
 of approximately $1.5 million in cash and 58,548 newly issued shares of common stock, or 1.0% of our outstanding common stock prior
 to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.12
 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on October 27, 28, 31 and
 November 1, 2, 3, 4, 7, 8 and 9, 2016.

(27) Based on shareholder elections, the dividend consisted
 of approximately $0.7 million in cash and 24,786 newly issued shares of common stock, or 0.4% of our outstanding common stock prior
 to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.06
 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on August 22, 23, 24, 25,
 26, 29, 30, 31 and September 1 and 2, 2016.

(28) Based on shareholder elections, the dividend consisted
 of approximately $1.5 million in cash and 58,167 newly issued shares of common stock, or 1.0% of our outstanding common stock prior
 to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.32
 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on July 27, 28, 29 and
 August 1, 2, 3, 4, 5, 8 and 9, 2016.

(29) Based on shareholder elections, the dividend consisted
 of approximately $1.5 million in cash and 56,728 newly issued shares of common stock, or 1.0% of our outstanding common stock prior
 to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.43
 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on April 14, 15, 18, 19,
 20, 21, 22, 25, 26 and 27, 2016.

(30) Based on shareholder elections, the dividend consisted
 of approximately $1.4 million in cash and 66,765 newly issued shares of common stock, or 1.2% of our outstanding common stock prior
 to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $13.11
 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on February 16, 17, 18,
 19, 22, 23, 24, 25, 26 and 29, 2016.

(31) Based on shareholder elections, the dividend consisted
 of approximately $1.1 million in cash and 61,029 newly issued shares of common stock, or 1.1% of our outstanding common stock prior
 to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $14.53
 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on November 16, 17, 18,
 19, 20, 23, 24, 25, 27 and 30, 2015.

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

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

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

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

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

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

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

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

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

(41) Based on shareholder elections, the dividend consisted
 of $2.1 million in cash and 864,872 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.

(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.

(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.

We cannot provide any assurance that these measures will provide sufficient sources of liquidity to support our operations and growth.

 ****

***Subsequent Events***

On March 17, 2026, the Company declared the following dividends for the quarter ending May 31, 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<br> Share** | **Record Date** | **Payment Date** |
| March 2026 | $0.25 | April 7, 2026 | April 23, 2026 |
| April 2026 | $0.25 | May 5, 2026 | May 21, 2026 |
| May 2026 | $0.25 | June 4, 2026 | June 23, 2026 |

---

On April 10, 2026, the Company 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 approximately $24.5 million, based on an offering price of 98.00% per Note. Estimated offering costs incurred were approximately $0.2 million. Interest on the 7.25% 2029 Notes is paid quarterly on February 28, May 31, August 31 and November 30 of each year, beginning on May 31, 2026. The Notes will mature on April 10, 2029, and may be extended to October 10, 2029, at the sole discretion of the Company. The Notes may be redeemed at the Company's option, in whole or in part at any time, or from time to time on or after April 10, 2027, at the redemption price of par, plus accrued and unpaid interest. The Company intends to use the net proceeds from the offering for general corporate purposes in accordance with the Company's investment objective and strategies. Pursuant to the terms of the Notes Purchase Agreement, upon the mutual agreement of the Company and the Purchaser, the Company may issue additional Notes for sale in one or more subsequent private offerings by July 10, 2026, in an aggregate amount of up to $25.0 million, resulting in a total maximum issuance of $50.0 million.

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 the date of the Seventeenth Supplemental Indenture and has not been promptly replaced by another person reasonably acceptable by the holders of the 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 the date of the Seventeenth Supplemental Indenture, but giving effect to any exemptive relief granted to the Company by the SEC.

***Contractual obligations***

The following table shows our payment obligations for repayment of debt and other contractual obligations at February 28, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Payment Due by Period** | **Payment Due by Period** | **Payment Due by Period** | **Payment Due by Period** |
| <br>**Long-Term Debt Obligations** |<br>**Total** | **Less Than <br> 1 Year** | **1 - 3<br> Years** | **3 - 5<br> Years** | **More Than<br> 5 Years** |
|  | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** |
| &nbsp;&nbsp;&nbsp;Live Oak credit facility | 37500 |  | 37500 |  |  |
| &nbsp;&nbsp;&nbsp;Valley Bank Credit Facility | 32500 |  | 32500 |  |  |
| &nbsp;&nbsp;&nbsp;SBA debentures | 160000 |  |  | 99000 | 61000 |
| &nbsp;&nbsp;&nbsp;4.35% 2027 Notes | 75000 | 75000 |  |  |  |
| &nbsp;&nbsp;&nbsp;6.00% 2027 Notes | 105500 |  | 105500 |  |  |
| &nbsp;&nbsp;&nbsp;6.25% 2027 Notes | 15000 |  | 15000 |  |  |
| &nbsp;&nbsp;&nbsp;8.00% 2027 Notes | 46000 |  | 46000 |  |  |
| &nbsp;&nbsp;&nbsp;8.125% 2027 Notes | 60375 |  | 60375 |  |  |
| &nbsp;&nbsp;&nbsp;8.50% 2028 Notes | 57500 |  | 57500 |  |  |
| &nbsp;&nbsp;&nbsp;7.25% 2030 Notes | 50000 |  |  | 50000 |  |
| &nbsp;&nbsp;&nbsp;7.50% 2031 Notes | 100000 | - | - | 100000 |  |
| Total Long-Term Debt Obligations | $739375 | $75000 | $354375 | $249000 | $61000 |

---

**Off-Balance sheet arrangements**

At February 28, 2026 and February 28, 2025, our off-balance sheet arrangements consisted of $153.1 million and $126.7 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 our 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 our consolidated statements of assets and liabilities.

A summary of the unfunded commitments outstanding as of February 28, 2026 and February 28, 2025 is shown in the table below (dollars in thousands):

---

| | | |
|:---|:---|:---|
|  | **February 28,<br> 2026** | **February 28,<br> 2025** |
| **At Company's discretion** | | |
| &nbsp;&nbsp;&nbsp;ActiveProspect, Inc. | $- | $10000 |
| &nbsp;&nbsp;&nbsp;Angry Chickz, Inc. | 4000 | $- |
| &nbsp;&nbsp;&nbsp;Artemis Wax Corp. | 7500 | 23500 |
| &nbsp;&nbsp;&nbsp;Ascend Software, LLC |  | 5000 |
| &nbsp;&nbsp;&nbsp;Better Impact USA, Inc. | 5000 |  |
| &nbsp;&nbsp;&nbsp;C2 Educational Systems, Inc |  | 2000 |
| &nbsp;&nbsp;&nbsp;Davisware, LLC |  | 1000 |
| &nbsp;&nbsp;&nbsp;Haystack Team Inc. | 5000 |  |
| &nbsp;&nbsp;&nbsp;JDXpert | 4500 | 4500 |
| &nbsp;&nbsp;&nbsp;LFR Chicken LLC | 10000 | 10000 |
| &nbsp;&nbsp;&nbsp;Pepper Palace, Inc. | 800 | 1200 |
| &nbsp;&nbsp;&nbsp;Procurement Partners, LLC |  |  |
| &nbsp;&nbsp;&nbsp;Saratoga Senior Loan Fund I JV, LLC | 6933 | 8548 |
| &nbsp;&nbsp;&nbsp;SAI Systems Health, LLC | 4000 |  |
| &nbsp;&nbsp;&nbsp;Source 44 LLC | 20000 |  |
| &nbsp;&nbsp;&nbsp;StockIQ Technologies, LLC | 5000 |  |
| &nbsp;&nbsp;&nbsp;VetnCare MSO, LLC | - | 10000 |
| &nbsp;&nbsp;&nbsp;Total | $72733 | $75748 |
| **At portfolio company's discretion - satisfaction of certain financial and nonfinancial covenants required** |  |  |
| &nbsp;&nbsp;&nbsp;Angry Chickz, Inc. | $2100 | $- |
| &nbsp;&nbsp;&nbsp;Axero Holdings, LLC - Revolver | 500 | 500 |
| &nbsp;&nbsp;&nbsp;Axiom Medical Consulting, LLC |  | 1500 |
| &nbsp;&nbsp;&nbsp;Better Impact USA, Inc. | 5000 |  |
| &nbsp;&nbsp;&nbsp;BQE Software, Inc. | 250 | 2250 |
| &nbsp;&nbsp;&nbsp;Breezeway Homes, Inc. | 4000 |  |
| &nbsp;&nbsp;&nbsp;Cloudpermit | 8500 | 5000 |
| &nbsp;&nbsp;&nbsp;Davisware, LLC |  | 1750 |
| &nbsp;&nbsp;&nbsp;Exigo, LLC - Revolver | 625 | 625 |
| &nbsp;&nbsp;&nbsp;Gen4 Dental Partners Holdings, LLC | 2381 | 2857 |
| &nbsp;&nbsp;&nbsp;Granite Comfort, LP |  | 11637 |
| &nbsp;&nbsp;&nbsp;Innergy, Inc. | 1500 | 5000 |
| &nbsp;&nbsp;&nbsp;Inspect Point Holdings, LLC | 4000 | 1500 |
| &nbsp;&nbsp;&nbsp;LFR Chicken LLC | 25000 |  |
| &nbsp;&nbsp;&nbsp;Ludi, Inc. - Revolver | 3600 |  |
| &nbsp;&nbsp;&nbsp;Modis Dental Partners OpCo, LLC |  | 8900 |
| &nbsp;&nbsp;&nbsp;Pepper Palace, Inc. - Revolver |  | 600 |
| &nbsp;&nbsp;&nbsp;SAI Systems Health, LLC | 1474 |  |
| &nbsp;&nbsp;&nbsp;SmartAC.com, Inc. | 17000 |  |
| &nbsp;&nbsp;&nbsp;Source 44 LLC | 500 |  |
| &nbsp;&nbsp;&nbsp;Source 44 LLC - Revolver | 2000 |  |
| &nbsp;&nbsp;&nbsp;StockIQ Technologies, LLC | 400 |  |
| &nbsp;&nbsp;&nbsp;Stretch Zone Franchising, LLC |  | 1500 |
| &nbsp;&nbsp;&nbsp;VetnCare MSO, LLC |  | 7319 |
| &nbsp;&nbsp;&nbsp;Zollege PBC | 1500 | - |
|  | 80330 | 50938 |
| &nbsp;&nbsp;&nbsp;Total | $153063 | $126686 |

---

We believe our assets will provide adequate coverage to satisfy these unfunded commitments. As of February 28, 2026, we had cash and cash equivalents of $1.7 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. We also have $99.0 million available SBA debentures that can be used for any commitments held in SBIC III LP.

**ITEM 7A. 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 has 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 both its January 2026 and March 2026 meetings. 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 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.

At February 28, 2026, we had $739.4 million of borrowings outstanding, which includes $32.5 million borrowings outstanding under the Valley Bank Credit Facility and $37.5 million under the Live Oak Credit Facility. As of February 28, 2026, on a fair value basis, approximately 98.8% of our debt investments bear interest at a fixed-rate and approximately 1.2% of our debt investments bear interest at a floating rate. As of February 28, 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 a floating interest rate and is currently paid based on floating Term SOFR rate.

We have analyzed the potential impact of changes in interest rates on interest income from investments. Assuming that our investments as of February 28, 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 $10.2 million to our interest income. Conversely, a hypothetical change of a 1% decrease in interest rates would cause a corresponding decrease of approximately $10.1 million to our interest income.

Changes in interest rates would have no impact to 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 February 28, 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 February 28, 2026.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Basis**<br>**Point**<br>**Change** | **Increase**<br>**(Decrease)**<br>**in Interest**<br>**Income** | **(Increase)**<br>**Decrease**<br>**in Interest**<br>**Expense** | **Increase**<br>**(Decrease) in Net**<br>**Investment**<br>**Income** | **Increase**<br>**(Decrease) in Net**<br>**Investment**<br>**Income\*** | **Increase**<br>**(Decrease) in Net**<br>**Investment**<br>**Income per Share** |
|  | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** | |
| -100 | $(10118) | $700 | $(9418) | $(7534) | $(0.46) |
| -50 | (5068) | 350 | (4718) | (3774) | (0.23) |
| -25 | (2534) | 175 | (2359) | (1887) | (0.12) |
| 25 | 2547 | (175) | 2372 | 1898 | 0.12 |
| 50 | 5094 | (350) | 4744 | 3795 | 0.23 |
| 100 | 10188 | (700) | 9488 | 7590 | 0.47 |
| 200 | 20377 | (1400) | 18977 | 15182 | 0.94 |
| 300 | 30565 | (2100) | 28465 | 22772 | 1.40 |
| 400 | 40753 | (2800) | 37953 | 30362 | 1.87 |

---

\* Adjusts Net Interest Income for the impact of the first incentive fee on Net Investment Income

The table above assumes no defaults or prepayments by portfolio companies over the next twelve months. The hypothetical results would also be impacted by the changes in the amount of debt outstanding under our Valley Credit Facility and Live Oak Credit Facility, with an increase (decrease) in the debt outstanding under the Valley Credit Facility or Live Oak Credit Facility resulting in an (increase) decrease in the hypothetical interest expense.

**ITEM 8. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA**

Our consolidated financial statements are annexed to this Annual Report beginning on page F-1.

**ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE** 

None.

**ITEM 9A. CONTROLS AND PROCEDURES** 

***Evaluation of disclosure controls and procedures***

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 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.

***Management's annual report on internal control over financial reporting***

 ****

The Company's management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act). Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of our financial statements for external reporting purposes in accordance with U.S. GAAP. Internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that the transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. GAAP, and that the receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with polices or procedures may deteriorate.

Under the supervision and with participation of our Chief Executive Officer and Chief Financial Officer, the Company conducted an evaluation of the effectiveness of internal control over financial reporting based on the criteria established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on the Company's evaluation under the framework in Internal Control—Integrated Framework (2013), management concluded that the Company's internal control over financial reporting was effective as of February 28, 2026.

***Changes in internal controls over financial reporting***

There have been no changes in the Company's internal control over financial reporting (as defined in Rule 13a-15(f) of Exchange Act) that occurred during our most recently completed fiscal year that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

**ITEM 9B. OTHER INFORMATION**

&nbsp;&nbsp;&nbsp;&nbsp;a) None.

&nbsp;&nbsp;&nbsp;&nbsp;b) During the fiscal quarter ended February 28, 2026,
 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.

**ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS**

Not applicable.

**PART III**

**ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE** 

**Director and Executive Officer Information** 

***Directors and Executive Officers***

The following table sets forth the names, ages and positions held by each of our directors, followed by a brief biography of each individual, including the business experience of each individual during the past five years and the specific qualifications that led to the conclusion that each individual should serve as a director.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Age** | **Position** | **Director<br> Since** | **Term<br> Expires** |
| **Interested Directors** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Christian L. Oberbeck | 66 | Chairman of the Board, Chief Executive Officer and President | 2010 | 2027 |
| &nbsp;&nbsp;&nbsp;Henri J. Steenkamp | 50 | Chief Financial Officer, Chief Compliance Officer, Treasurer and Secretary | 2020 | 2026 |
| **Independent Directors** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Steven M. Looney | 75 | Director | 2007 | 2028 |
| &nbsp;&nbsp;&nbsp;Charles S. Whitman III | 83 | Director | 2007 | 2028 |
| &nbsp;&nbsp;&nbsp;G. Cabell Williams | 72 | Director | 2007 | 2026 |

---

***Christian L. Oberbeck —*** Mr. Oberbeck has over 38 years of experience in leveraged finance, including acquisition financing, distressed investing, and private equity, and has been involved in originating, structuring, negotiating, consummating, managing, operating, and monitoring minority and control investments in a broad array of businesses. Mr. Oberbeck is the Founder and Managing Member of Saratoga Investment Advisors, LLC, the Company's investment adviser, and has served as the Chairman of the Board, Chief Executive Officer, and President of the Company since 2010. Mr. Oberbeck is also the Managing Partner of Saratoga Partners, a middle-market private equity investment firm. Prior to assuming full management responsibility for Saratoga Partners in 2008, Mr. Oberbeck had co-managed Saratoga Partners since 1995. Mr. Oberbeck joined Dillon Read and Saratoga Partners from Castle Harlan, Inc., a corporate buyout firm which he had joined at its founding in 1987 and was a Managing Director, leading successful investments in manufacturing and financial services companies. Prior to that, he worked in the Corporate Development Group of Arthur Young and in corporate finance at Blyth Eastman Paine Webber. Mr. Oberbeck has been a director of numerous middle-market companies. Mr. Oberbeck graduated from Brown University in 1982 with a BS in Physics and a BA in Mathematics. In 1985, he earned an MBA from Columbia University. Mr. Oberbeck's qualifications as a director include his extensive experience in the investment and finance industry, as well as his intimate knowledge of the Company's operations gained through his service as an executive officer.

***Steven M. Looney —*** Mr. Looney has served as member of our Board since 2007. Mr. Looney is a Managing Director of Peale Davies & Co. Inc., a strategic advisory firm specializing in change management and revenue enhancement for middle-market enterprises, and is a CPA and an attorney. Mr. Looney has served as a consultant and director to numerous companies in the healthcare, manufacturing and services industries. Between 2000 and 2005, he served as Senior Vice President and Chief Financial Officer of PCCI, Inc., a private IT staffing and outsourcing firm. Between 1992 and 2000, Mr. Looney worked at WH Industries as Chief Financial and Administrative Officer. Mr. Looney is a trustee of Excellent Education for Everyone, a nonprofit organization and founder of its affiliate, TradePrep and a director and chair of the audit committee of ICG Loan Funding Ltd., a manager of and investor in collateralized loan portfolios in Europe and the United States. Mr. Looney graduated summa cum laude from the University of Washington with a B.A. degree in accounting and received a J.D. from the University of Washington School of Law where he was a member of the law review. He began his career at the SEC. Mr. Looney's qualifications as director include his experience as a Managing Director of Peale Davies & Co., as Chief Financial and Administrative Officer of WH Industries and as General Counsel and Chief Compliance Officer of A.G. Becker-Warburg Paribas Becker, as well as his financial, accounting and legal expertise.

***Charles S. Whitman III —***Mr. Whitman has served as member of our Board since 2007. Mr. Whitman is senior counsel (retired) at Davis Polk & Wardwell LLP. Mr. Whitman was a partner in Davis Polk's Corporate Department for 28 years, representing clients in a broad range of corporate finance matters, including shelf registrations, securities compliance for financial institutions, foreign asset privatizations, and mergers and acquisitions. From 1971 to 1973, Mr. Whitman served as Executive Assistant to three successive Chairmen of the SEC. Mr. Whitman graduated from Harvard College and graduated magna cum laude from Harvard Law School with a LL.B. Mr. Whitman also received an LL.M. from Cambridge University in England. Mr. Whitman's qualifications as director include his 28 years of experience representing clients, including AT&T, Exxon Mobil, General Motors and BP, in securities matters as a partner in Davis Polk's corporate department.

***Henri J. Steenkamp —*** Mr. Steenkamp has served as the Chief Financial Officer, Chief Compliance Officer, Treasurer and Secretary of the Company and the Company's investment adviser, Saratoga Investment Advisors, since 2014. Mr. Steenkamp has also served as a director of the Company since 2020. Mr. Steenkamp has served as the Chief Financial Officer of MF Global Holdings Ltd., a broker in commodities and derivatives, from April 2011. Prior to that, Mr. Steenkamp held the position of Chief Accounting Officer and Global Controller at MF Global for four years. He joined MF Global, then Man Financial, in 2006 as Vice President of External Reporting and Accounting Policy. After MF Global filed for bankruptcy protection in October 2011, he continued to serve as Chief Financial Officer through January 2013. Before joining MF Global, Mr. Steenkamp spent eight years with PricewaterhouseCoopers ("PwC"), including four years in Transaction Services in its New York office, managing a variety of capital-raising transactions on a global basis. His focus was also on the SEC registration and public company filing process, including technical accounting. He spent four years with PwC in South Africa, where he served as an auditor primarily for SEC registrants and assisted South African companies as they went public in the United States Mr. Steenkamp is a chartered accountant and holds an honors degree in Finance. Mr. Steenkamp's qualifications as a director include his extensive experience in the investment and finance industry, as well as his intimate knowledge of the Company's operations gained through his service as an executive officer.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***G. Cabell Williams*** — Mr. Williams has served as member of our Board since 2007. Mr. Williams has served as the Managing General Partner of Williams and Gallagher, a private equity partnership located in Chevy Chase, Maryland since 2004. From March 2011 to December 2024, Mr. Williams was a Partner, Senior Manager and Director of Farragut Capital Partners, which is a Mezzanine Fund based out of Chevy Chase, Maryland. In 2004, Mr. Williams concluded a 23-year career at Allied Capital Corporation, a business development company based in Washington, DC, which was acquired by Ares Capital Corporation in 2010. While at Allied, Mr. Williams held a variety of positions, including President, CIO and finally Managing Director following Allied's merger with its affiliates in 1998. From 1991 to 2004, Mr. Williams either led or co-managed the firm's Private Equity Group. For the nine years prior to 1999, Mr. Williams led Allied's Mezzanine investment activities. For 15 years, Mr. Williams served on Allied's Investment Committee where he was responsible for reviewing and approving all of the firm's investments. Prior to 1991, Mr. Williams ran Allied's Minority Small Business Investment Company. He also founded Allied Capital Commercial Corporation, a real estate investment vehicle. Mr. Williams has served on the board of directors of various public and private companies. Mr. Williams attended The Landon School, and graduated from Mercersburg Academy and Rollins College, receiving a B.S. in Business Administration from the latter. Mr. Williams' qualifications as director include his 28 years of experience managing investment activities at Allied Capital, where he served in a variety of positions, including President, CIO and Managing Director.

**Code of Business Conduct and Ethics**

We have adopted a Code of Business Conduct and Ethics which applies to, among others, our executive officers, including our principal executive officer and principal financial officer, as well as every officer, director and employee of the Company. Requests for copies should be sent in writing to Saratoga Investment Corp., 535 Madison Avenue, New York, New York 10022. The Company's Code of Business Conduct and Ethics is also available on our website at *www.saratogainvestmentcorp.com.*

If we make any substantive amendment to, or grant a waiver from, a provision of our Code of Business Conduct and Ethics, we will promptly disclose the nature of the amendment or waiver on our website at *www.saratogainvestmentcorp.com.*

 

 

**Delinquent Section 16(a) Reports**

Section 16(a) of the Exchange Act requires the Company's officers and directors, and persons who own more than 10% of our shares, to file reports of securities ownership and changes in such ownership with the SEC. Officers, directors, and greater than 10% shareholders also are required by SEC rules to furnish the Company with copies of all Section 16(a) forms they file.

Based solely on the Company's review of Forms 3, 4 and 5 filed by such persons and information provided by the Company's directors and officers, the Company believes that during the year ended February 28, 2026, all Section 16(a) filing requirements applicable to such persons were met in a timely manner.

**Practices and Policies Regarding Hedging, Speculative Trading and Pledging of Securities** 

Our insider trading policy generally prohibits the Company's and our Investment Adviser's directors, officers and employees from engaging in any short-term trading, short sales and other speculative transactions involving our securities, including buying or selling puts or calls or other derivative securities based on our securities. In addition, such persons are generally prohibited under our insider trading policy from entering into hedging or monetization transactions or similar arrangements, as well as pledging our securities in a margin account or as collateral for a loan, except in limited circumstances that are pre-approved by our chief compliance officer.

**Insider Trading Arrangements and Policies**

We have adopted insider trading policies and procedures governing the purchase, sale, and disposition of our securities by our officers and directors of that are reasonably designed to promote compliance with insider trading laws, rules and regulations.

**Nomination of Directors**

There have been no material changes to the procedures by which stockholders may recommend nominees to our board of directors implemented since the filing of our Proxy Statement for our 2018 Annual Meeting of Stockholders.

**Audit Committee**

The current members of the audit committee are Steven M. Looney (Chairman), Charles S. Whitman III and G. Cabell Williams. The board of directors has determined that Mr. Looney is an "audit committee financial expert" as defined under Item 407 of Regulation S-K of the Exchange Act and that each of Messrs. Whitman and Williams are "financially literate" as required by NYSE corporate governance standards. All of these members are independent directors.

**ITEM 11. EXECUTIVE COMPENSATION** 

**Executive Compensation**

Currently, none of our executive officers are compensated by us. We currently have no employees, and each of our executive officers is also an employee of Saratoga Investment Advisors. Services necessary for our business are provided by individuals who are employees of Saratoga Investment Advisors, pursuant to the terms of the Management Agreement and the Administration Agreement.

**Director Compensation** 

Our independent directors 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."

The following table sets forth information concerning total compensation earned by or paid to each of our directors during the fiscal year ended February 28, 2026:

---

| | | |
|:---|:---|:---|
|  | **Fees Earned<br> or Paid <br> in Cash** | **Total** |
| **Interested Directors** | | |
| &nbsp;&nbsp;&nbsp;Christian L. Oberbeck(1) | $- | $- |
| &nbsp;&nbsp;&nbsp;Henri J. Steenkamp(1) |  |  |
| **Independent Directors** |  |  |
| &nbsp;&nbsp;&nbsp;Steven M. Looney | $148000 | $148000 |
| &nbsp;&nbsp;&nbsp;Charles S. Whitman III | 135500 | 135500 |
| &nbsp;&nbsp;&nbsp;G. Cabell Williams | 141000 | 141000 |

---

(1) No compensation was paid to directors who are interested
 persons of us as defined in the 1940 Act.

**Compensation Committee Interlocks and Insider Participation**

The current members of the compensation committee are G. Cabell Williams (Chairman), Steven M. Looney and Charles S. Whitman III. All of these members are independent directors. The compensation committee is responsible for overseeing the Company's compensation policies generally and making recommendations to the board of directors with respect to incentive compensation and equity-based plans of the Company that are subject to board of directors approval, evaluating executive officer performance and reviewing the Company's management succession plan, overseeing and setting compensation for the Company's directors and, as applicable, its executive officers and, as applicable, preparing the report on executive officer compensation that SEC rules require to be included in our Annual Report on Form 10-K. Currently, none of our executive officers are compensated by the Company and as such the compensation committee is not required to produce a report on executive officer compensation for inclusion in our Annual Report on Form 10-K.

During fiscal year ended February 28, 2026 none of the Company's executive officers served on the board of directors (or a compensation committee thereof or other board committee performing equivalent functions) of any entities that had one or more executive officers serve on the compensation committee or on the board of directors. No current or past executive officers or employees of the Company or its affiliates serve on the compensation committee.

**ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS**

The following table sets forth, as of May 4, 2026, the beneficial ownership of each current director, the nominees for director, the Company's executive officers, each person known to us to beneficially own 5.0% or more of the outstanding shares of our common stock, and the executive officers and directors as a group.

The percentage ownership is based on 16,267,748 shares of common stock outstanding as of May 4, 2026. Shares of common stock that are subject to warrants or other convertible securities currently exercisable or exercisable within 60 days thereof, are deemed outstanding for the purposes of computing the percentage ownership of the person holding these options or convertible securities, but are not deemed outstanding for computing the percentage ownership of any other person. Beneficial ownership is determined under the rules of the SEC and generally includes voting or investment power with respect to securities. To our knowledge, unless otherwise indicated in the footnotes to this table, the persons and entities named in the table have sole voting and sole investment power with respect to all shares beneficially owned. Unless otherwise indicated by footnote, the address for each listed individual is Saratoga Investment Corp., 535 Madison Avenue, New York, New York 10022.

---

| | | |
|:---|:---|:---|
| **Name of Beneficial Owners** | **Number of<br> Shares of<br> Common Stock<br> Beneficially<br> Owned** | **Percent of<br> Class** |
| **Interested Directors** | | |
| &nbsp;&nbsp;&nbsp;Christian L. Oberbeck | 1538891<sup>(1)</sup> | 9.5% |
| &nbsp;&nbsp;&nbsp;Henri J. Steenkamp | 43527 | \* |
| **Independent Directors** |  |  |
| &nbsp;&nbsp;&nbsp;Steven M. Looney | 4258 | \* |
| &nbsp;&nbsp;&nbsp;Charles S. Whitman III | 6165.63 | \* |
| &nbsp;&nbsp;&nbsp;G. Cabell Williams | 111285 | \* |
| **All Directors as a Group** | 1704127 | 10.5% |
| **Owners of 5% or more of our common stock** |  |  |
| &nbsp;&nbsp;&nbsp;Elizabeth Oberbeck(2) | 549183 | 3.4% |
| &nbsp;&nbsp;&nbsp;Thomas V. Inglesby | 353236 | 2.2% |
| &nbsp;&nbsp;&nbsp;Michael J. Grisius | 167216 | 1.0% |

---

\* Less than 1.0%

(1) Includes 720,586 shares of common stock directly held by Mr. Oberbeck, 21,607 shares of common stock held by CLO Partners LLC, an entity wholly owned by Mr. Oberbeck, 100,000 shares of common stock held by CLO Partners Holdings, LLC, an entity wholly owned by Mr. Oberbeck, 145,510 shares of common stock directly held by Mr. Oberbeck's children, for which Mr. Oberbeck retains the voting rights, 2,005 shares of common stock directly held by Mr. Oberbeck's wife, for which Mr. Oberbeck retains the voting rights, and 549,183 shares of common stock directly held by Elizabeth Oberbeck. See footnote 2 below.

(2) Based on information included in Amendment No. 2 to
 Schedule 13D filed on January 16, 2020, which amends and supplements the statements on Schedule
 13D originally filed with the Securities and Exchange filed jointly by Christian L. Oberbeck,
 Elizabeth Oberbeck, Saratoga Investment Advisors and CLO Partners LLC on November 4, 2014.
 Pursuant to an Agreement Relating to Shares of Common Stock of Saratoga Investment Corp.
 (the "Transfer Agreement"), Christian L. Oberbeck transferred 744,183 shares
 of common stock beneficially owned by him to Elizabeth Oberbeck. Elizabeth Oberbeck has full
 ownership rights with respect to the shares, including without limitation, the right to (A)
 receive any cash and/or stock dividends and distributions paid on or with respect to the
 shares and (B) sell the shares in accordance with the provisions of the Transfer Agreement
 and receive all proceeds therefrom. However, pursuant to the terms of the Transfer Agreement,
 Christian L. Oberbeck has retained the right to vote the shares, except that Elizabeth Oberbeck
 has retained the right to vote the shares on all matters submitted to shareholders with respect
 to any matter that could give rise to dissenters or other rights of an objecting shareholder
 under Maryland General Corporation Law. The Transfer Agreement also contains a right of first
 refusal that requires Elizabeth Oberbeck to offer Christian L. Oberbeck the opportunity to
 purchase any shares of Common Stock owned by her prior to her intended sale of the shares.
 Any such purchases may be made either directly by Mr. Oberbeck or through entities affiliated
 with him.

**ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE** 

**Transactions with Related Persons**

We have entered into a Management Agreement with Saratoga Investment Advisors, LLC. We have also entered into a license agreement with Saratoga Investment Advisors, LLC, pursuant to which Saratoga Investment Advisors has agreed to grant us a non-exclusive, royalty-free license to use the name "Saratoga." In addition, pursuant to the terms of the Administration Agreement, Saratoga Investment Advisors, LLC provides us with the office facilities and administrative services necessary to conduct our day-to-day operations. Mr. Oberbeck, our chief executive officer, is the primary investor in and controls Saratoga Investment Advisors, LLC.

**Review, Approval or Ratification of Transactions with Related Persons**

The Audit Committee of our board is required to review and approve any transactions with related persons (as such term is defined in Item 404 of Regulation S-K).

**Director Independence**

In accordance with rules of the NYSE, the board of directors annually determines the independence of each director. No director is considered independent unless the board of directors has determined that he or she has no material relationship with the Company. The Company monitors the status of its directors and officers through the activities of the Company's Nominating and Corporate Governance Committee and through a questionnaire to be completed by each director no less frequently than annually, with updates periodically if information provided in the most recent questionnaire has changed.

In order to evaluate the materiality of any such relationship, the board of directors uses the definition of director independence set forth in the NYSE Listed Company Manual. Section 303A.00 of the NYSE Listed Company Manual provides that business development companies, or BDCs, such as the Company, are required to comply with all of the provisions of Section 303A applicable to domestic issuers other than Sections 303A.02, the section that defines director independence.

Section 303A.00 provides that a director of a BDC shall be considered to be independent if he or she is not an "interested person" of the Company, as defined in Section 2(a)(19) of the 1940 Act. Section 2(a)(19) of the 1940 Act defines an "interested person" to include, among other things, any person who has, or within the last two years had, a material business or professional relationship with the Company.

The board of directors has determined that each of the directors is independent and has no relationship with the Company, except as a director and stockholder of the Company, with the exception of Messrs. Oberbeck and Grisius who are interested persons of the Company due to their positions as officers of the Company and its Investment Adviser.

**ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES** 

**Independent Registered Public Accounting Firm** 

Ernst & Young LLP served as our independent registered public accounting form for the fiscal year ended February 28, 2026. For the years ended February 28, 2026 and February 28, 2025, the Company incurred the following fees for services provided by Ernst & Young LLP, including expenses:

---

| | | |
|:---|:---|:---|
|  | **Fiscal Year Ended February 28, <br> 2026** | **Fiscal Year Ended <br> February 28,<br> 2025** |
| Audit Fees | $1168245 | 1151700 |
| Audit-Related Fees | 13000 |  |
| &nbsp;&nbsp;&nbsp;Tax Fees | 87005 | 84350 |
| &nbsp;&nbsp;&nbsp;All Other Fees | 78315 | 25100 |
| &nbsp;&nbsp;&nbsp;Total Fees: | $1346565 | 1261150 |

---

In addition to the services listed above, Ernst & Young LLP provided audit services to the Company's subsidiaries. The following are the related fees:

---

| | | |
|:---|:---|:---|
|  | **Fiscal Year Ended<br> February 28, <br> 2026** | **Fiscal Year<br> Ended<br> February 28, <br> 2025** |
| CLO Audit Fees | $- | $- |
| Tax Services for Company's Subsidiaries |  |  |
| All Other Fees | 67500 | 65000 |
| &nbsp;&nbsp;&nbsp;Total Fees | $67500 | $65000 |

---

*Audit Fees*. Audit fees include fees for services that normally would be provided by the accountant in connection with statutory and regulatory filings or engagements and that generally only the independent accountant can provide. In addition to fees for the audit of our annual consolidated financial statements, the audit of the effectiveness of our internal control over financial reporting and the review of our quarterly consolidated financial statements in accordance with generally accepted auditing standards, this category contains fees for comfort letters, statutory audits, consents, and assistance with and review of documents filed with the SEC.

*Tax Fees*. Tax fees include services in conjunction with preparation of the Company's tax return.

*All Other Fees*. Fees for other services would include fees for products and services other than the services reported above.

 

It is the policy of the audit committee to pre-approve all audit, review or attest engagements and permissible non-audit services to be performed by our independent registered public accounting firm.

**PART IV**

**ITEM 15. EXHIBITS, CONSOLIDATED FINANCIAL STATEMENT SCHEDULES**

The following documents are filed or incorporated by reference as part of this Annual Report:

**1. Consolidated Financial Statements**

The following consolidated financial statements of the Company are filed herewith:

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#k_029) | F-2 |
| [Consolidated Statements of Assets and Liabilities as of February 28, 2026 and February 28, 2025](#k_030) | F-3 |
| [Consolidated Statements of Operations for the years ended February 28, 2026, February 28, 2025 and February 29, 2024](#k_031) | F-4 |
| [Consolidated Statements of Changes in Net Assets for the years ended February 28, 2026, February 28, 2025 and February 29, 2024](#k_032) | F-5 |
| [Consolidated Statements of Cash Flows for the years ended February 28, 2026, February 28, 2025 and February 29, 2024](#k_033) | F-6 |
| [Consolidated Schedules of Investments for the year ended February 28, 2026 and February 28, 2025](#k_034) | F-7 |
| [Notes to Consolidated Financial Statements](#k_035) | F-30 |

---

**2. Financial Statement Schedules**

None.

**3. Exhibits required to be filed by Item 601 of Regulation S-K**

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<br> Number** | **Description** |
| 3.1(a) | [Articles of Incorporation of Saratoga Investment Corp. (incorporated by reference to Saratoga Investment Corp.'s Form 10-Q for the quarterly period ended May 31, 2007).](http://www.sec.gov/Archives/edgar/data/1377936/000095012307009887/y36920exv3w1.htm) |
| 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).](http://www.sec.gov/Archives/edgar/data/1377936/000095012310071403/y85912exv3w1.htm) |
| 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).](http://www.sec.gov/Archives/edgar/data/1377936/000095012310077033/y86144exv3w1.htm) |
| 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)](http://www.sec.gov/Archives/edgar/data/1377936/000121390021000658/f10q1120ex3-2_saratoga.htm) |
| 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).](http://www.sec.gov/Archives/edgar/data/1377936/000104746910007816/a2199934zex-99_d1.htm) |
| 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).](http://www.sec.gov/Archives/edgar/data/1377936/000095012310071403/y85912exv10w4.htm) |
| 4.3 | [Dividend Reinvestment Plan (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K filed on September 24, 2014).](http://www.sec.gov/Archives/edgar/data/1377936/000119312514350990/d794071dex201.htm) |
| 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).](http://www.sec.gov/Archives/edgar/data/1377936/000104746913005204/a2214878zex-99_d4.htm) |
| 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).](http://www.sec.gov/Archives/edgar/data/1377936/000119312514434783/d791359dex99d10.htm) |
| 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).](http://www.sec.gov/Archives/edgar/data/1377936/000121390023002013/f10q1122ex4-7_saratoga.htm) |
| 4.7 | [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).](http://www.sec.gov/Archives/edgar/data/1377936/000121390022002669/ea154117ex4-2_saratoga.htm) |
| 4.8 | [Tenth Supplemental Indenture between Saratoga Investment Corp. and U.S. Bank National Association, as trustee, relating to the 6.00% Note due 2027 (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K (File No. 814-00732) filed on April 27, 2022)](http://www.sec.gov/Archives/edgar/data/1377936/000121390022021904/ea158818ex4-2_saratoga.htm). |
| 4.9 | [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 Saratoga Investment Corp.'s Current Report on Form 8-K (File No. 813-00732) filed on October 27, 2022).](http://www.sec.gov/Archives/edgar/data/1377936/000121390022066744/ea167631ex4-2_saratoga.htm) |
| 4.10 | [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 Saratoga Investment Corp.'s Current Report on Form 8-K, filed on December 13, 2022).](http://www.sec.gov/Archives/edgar/data/1377936/000121390022079500/ea169874ex4-2_saratoga.htm) |
| 4.11 | [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).](http://www.sec.gov/Archives/edgar/data/1377936/000121390023029874/ea176949ex4-2_saratoga.htm) |

---

4.12 [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).](https://www.sec.gov/Archives/edgar/data/1377936/000121390026013267/ea027581501ex4-2_saratoga.htm)

4.13 [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 (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K filed on April 14, 2026).](https://www.sec.gov/Archives/edgar/data/1377936/000121390026043547/ea028631101ex4-2.htm)

4.14 [Form of 6.25% Notes due 2027 (incorporated by reference to Exhibit 4.6 hereto).](http://www.sec.gov/Archives/edgar/data/1377936/000121390023002013/f10q1122ex4-7_saratoga.htm)

4.15 [Form of 4.35% Notes due 2027 (incorporated by reference to Exhibit 4.7 hereto).](http://www.sec.gov/Archives/edgar/data/1377936/000121390022002669/ea154117ex4-2_saratoga.htm)

4.16 [Form of 6.00% Notes due 2027 (incorporated by reference to Exhibit 4.8 hereto).](http://www.sec.gov/Archives/edgar/data/1377936/000121390022021904/ea158818ex4-2_saratoga.htm)

4.17 [Form of 8.00% Notes due 2027 (incorporated by reference to Exhibit 4.9 hereto).](http://www.sec.gov/Archives/edgar/data/1377936/000121390022066744/ea167631ex4-2_saratoga.htm)

4.18 [Form of 8.125% Notes due 2027 (incorporated by reference to Exhibit 4.10 hereto).](http://www.sec.gov/Archives/edgar/data/1377936/000121390022079500/ea169874ex4-2_saratoga.htm)

4.19 [Form of 8.50% Notes due 2028 (incorporated by reference to Exhibit 4.11 hereto).](http://www.sec.gov/Archives/edgar/data/1377936/000121390023029874/ea176949ex4-2_saratoga.htm)

4.20 [Form of 7.50% Notes due 2031 (incorporated by reference to Exhibit 4.12 hereto).](https://www.sec.gov/Archives/edgar/data/1377936/000121390026013267/ea027581501ex4-2_saratoga.htm)

4.21 [Form of 7.25% Notes due 2029 (incorporated by reference to Exhibit 4.13 hereto).](https://www.sec.gov/Archives/edgar/data/1377936/000121390026043547/ea028631101ex4-2.htm)

4.22 [Registration Rights Agreement, dated as of January 23, 2026, by and between Saratoga Investment Corp. and the investors party thereto (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K filed on January 27, 2026)](http://www.sec.gov/Archives/edgar/data/1377936/000121390026008245/ea027423501ex4-1_saratoga.htm)

4.23 [Description of Securities (incorporated by reference to Saratoga Investment Corp.'s Annual Report on Form 10-K filed on May 2, 2023).](http://www.sec.gov/Archives/edgar/data/1377936/000121390023035521/f10k2023ex4-24_saratoga.htm)

10.1 [Investment Advisory and Management Agreement dated July 30, 2010 between GSC Investment Corp. and Saratoga Investment Advisors, LLC (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K filed on August 3, 2010).](http://www.sec.gov/Archives/edgar/data/1377936/000095012310071403/y85912exv10w1.htm)

10.2 [Custodian Agreement dated March 21, 2007 between GSC Investment LLC and U.S. Bank National Association (incorporated by reference to Saratoga Investment Corp.'s Form 10-Q for the quarterly period ended May 31, 2007).](http://www.sec.gov/Archives/edgar/data/1377936/000095012307009887/y36920exv10w2.htm)

10.3 [Administration Agreement dated July 30, 2010 between GSC Investment Corp. and Saratoga Investment Advisors, LLC (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K filed on August 3, 2010).](http://www.sec.gov/Archives/edgar/data/1377936/000095012310071403/y85912exv10w2.htm)

10.4 [Trademark License Agreement dated July 30, 2010 between Saratoga Investment Advisors, LLC and GSC Investment Corp. (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K filed on August 3, 2010).](http://www.sec.gov/Archives/edgar/data/1377936/000095012310071403/y85912exv10w3.htm)

10.5 [Form of Indemnification Agreement between Saratoga Investment Corp. and each officer and director of Saratoga Investment Corp. (incorporated by reference to Amendment No. 2 to Saratoga Investment Corp.'s Registration Statement on Form N-2 filed on January 12, 2007).](http://www.sec.gov/Archives/edgar/data/1377936/000095010307000068/dp04375_exh-k6.htm)

10.6 [Amended and Restated Indenture, dated as of November 15, 2016, among Saratoga Investment Corp. CLO 2013-1, Ltd., Saratoga Investment Corp. CLO 2013-1, Inc. and U.S. Bank National Association. (incorporated by reference to Saratoga Investment Corp.'s Registration Statement on Form N-2, File No. 333-216344, filed on February 28, 2017).](http://www.sec.gov/Archives/edgar/data/1377936/000119312517062772/d319533dex99k6.htm)

10.7 [Amended and Restated Collateral Management Agreement, dated February 26, 2021, by and between Saratoga Investment Corp. and Saratoga Investment Corp. CLO 2013-1, Ltd. (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K filed on March 4, 2021).](http://www.sec.gov/Archives/edgar/data/1377936/000121390021013481/ea137017ex10-1_saratogainv.htm)

10.8 [Amended and Restated Collateral Administration Agreement, dated February 26, 2021, by and between Saratoga Investment Corp., Saratoga Investment Corp. CLO 2013-1, Ltd. and U.S. Bank National Association (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K filed on March 4, 2021).](http://www.sec.gov/Archives/edgar/data/1377936/000121390021013481/ea137017ex10-2_saratogainv.htm)

10.9 [Equity Distribution Agreement, dated July 30, 2021, by and among Saratoga Investment Corp. and Saratoga Investment Advisors, LLC, on the one hand, and Ladenburg Thalmann & Co. Inc. and Compass Point Research & Trading, LLC, on the other hand (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K filed on August 2, 2021).](http://www.sec.gov/Archives/edgar/data/1377936/000121390021039813/ea145060ex10-1_saratoga.htm)

10.10 [Amendment No. 2 to the Equity Distribution Agreement, dated July 30, 2021, by and among Saratoga Investment Corp. and Saratoga Investment Advisors, LLC, on the one hand, and Ladenburg Thalmann & Co. Inc. and Compass Point Research & Trading, LLC, on the other hand (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K filed on July 10, 2023).](http://www.sec.gov/Archives/edgar/data/1377936/000121390023055855/ea181499ex10-1_saratoga.htm)

10.11 [Amendment No. 3 to the Equity Distribution Agreement, dated July 30, 2021, by and among Saratoga Investment Corp. and Saratoga Investment Advisors, LLC, on the one hand, and Ladenburg Thalmann & Co. Inc., Compass Point Research and Trading, LLC, and Raymond James & Associates, Inc. on the other hand (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K filed on July 19, 2023).](http://www.sec.gov/Archives/edgar/data/1377936/000121390023058189/ea182006ex10-1_saratoga.htm)

10.12 [Amendment No. 4 to the Equity Distribution Agreement by and among Saratoga Investment Corp., Saratoga Investment Advisors, LLC, Ladenburg Thalmann & Co. Inc., Compass Point Research and Trading, LLC, Raymond James & Associates, Inc., and Lucid Capital Markets, LLC (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K filed on May 15, 2024).](http://www.sec.gov/Archives/edgar/data/1377936/000121390024043694/ea0206207ex10-1_sarato.htm)

10.13 [Amendment No. 5, dated March 13, 2026, to Equity Distribution Agreement by and among Saratoga Investment Corp., Saratoga Investment Advisors, LLC, Lucid Capital Markets, LLC, Ladenburg Thalmann & Co. Inc., Compass Point Research & Trading, LLC, and Raymond James & Associates, Inc. (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K filed on March 13, 2026).](https://www.sec.gov/Archives/edgar/data/1377936/000121390026027678/ea028122201ex10-1.htm)

10.14 [Loan Sale and Contribution Agreement, dated as of October 4, 2021, by and between Saratoga Investment Corp., as seller, and Saratoga Investment Funding II LLC, as purchaser (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K filed on October 7, 2021).](http://www.sec.gov/Archives/edgar/data/1377936/000121390021051747/ea148498ex10-3_saratoga.htm)

10.15 [Credit and Security Agreement, dated as of March 27, 2024, by and among Saratoga Investment Funding III, LLC, as borrower, Saratoga Investment Corp., as collateral manager and equity holder, the lenders from time to time party thereto, Live Oak Banking Company, as administrative agent and collateral agent, U.S. Bank National Association, as custodian, and U.S. Bank Trust Company, National Association, as collateral administrator (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K filed on March 28, 2024).](http://www.sec.gov/Archives/edgar/data/1377936/000121390024027201/ea020264001ex10-1_saratoga.htm)

10.16 [First Amendment and Lender Joinder to Credit and Security Agreement, dated as of June 14, 2024, by and among Saratoga Investment Funding III, LLC, as borrower, Saratoga Investment Corp., as collateral manager and equityholder, the lenders parties thereto, and Live Oak Banking Company, as administrative agent and collateral agent (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K filed on June 17, 2024).](http://www.sec.gov/Archives/edgar/data/1377936/000121390024053343/ea020794801ex10-1_saratoga.htm)

10.17 [Equity Pledge Agreement, dated as of March 27, 2024, by and between Saratoga Investment Corp., as pledgor, and Live Oak Banking Company, as collateral agent for the benefit of the secured parties (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K filed on March 28, 2024).](http://www.sec.gov/Archives/edgar/data/1377936/000121390024027201/ea020264001ex10-2_saratoga.htm)

10.18 [Loan Sale and Contribution Agreement, dated as of March 27, 2024, by and between Saratoga Investment Corp., as seller, and Saratoga Investment Funding III LLC, as purchaser (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K filed on March 28, 2024).](http://www.sec.gov/Archives/edgar/data/1377936/000121390024027201/ea020264001ex10-3_saratoga.htm)

10.19 [Saratoga Senior Loan Fund I JV LLC Limited Liability Company Agreement, dated October 26, 2021, by and between Saratoga Investment Corp. and TJHA JV I LLC (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K filed on October 27, 2021).](http://www.sec.gov/Archives/edgar/data/1377936/000121390021055127/ea149501ex10-1_saratoga.htm)

---

| | |
|:---|:---|
| 10.20 | [Credit and Security Agreement, dated as of November 6, 2025, by and among Saratoga Investment Funding II, LLC, as borrower, Saratoga Investment Corp., as collateral manager and equity holder, the lenders parties thereto, Valley National Bank, as administrative agent, lead arranger and bookrunner, Bank OZK, as documentation agent, U.S. Bank National Association, as collateral custodian, and U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K filed on November 6, 2025).](http://www.sec.gov/Archives/edgar/data/1377936/000121390025107282/ea026444001ex10-1_saratoga.htm) |
| 10.21 | [Equity Pledge Agreement, dated as of November 6, 2025, by and between Saratoga Investment Corp., as pledgor, and U.S. Bank Trust Company, National Association, as collateral agent for the benefit of the secured parties (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K filed on November 6, 2025).](http://www.sec.gov/Archives/edgar/data/1377936/000121390025107282/ea026444001ex10-2_saratoga.htm) |
| 10.22 | [Loan Sale and Contribution Agreement, dated as of November 6, 2025, by and between Saratoga Investment Corp., as seller, and Saratoga Investment Funding II LLC, as purchaser (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K filed on November 6, 2025).](http://www.sec.gov/Archives/edgar/data/1377936/000121390025107282/ea026444001ex10-3_saratoga.htm) |
| 10.23 | [Limited Guaranty Agreement, dated as of November 6, 2025, by Saratoga Investment Corp., as guarantor, in favor of Valley National Bank, as administrator for the secured parties (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K filed on November 6, 2025).](http://www.sec.gov/Archives/edgar/data/1377936/000121390025107282/ea026444001ex10-4_saratoga.htm) |
| 10.24 | [Springing Guaranty Agreement, dated as of November 6, 2025, by Saratoga Investment Corp., as guarantor, in favor of Valley National Bank, as administrator for the secured parties (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K filed on November 6, 2025).](http://www.sec.gov/Archives/edgar/data/1377936/000121390025107282/ea026444001ex10-5_saratoga.htm) |
| 10.25 | [Notes Purchase Agreement, dated April 10, 2026, by and between Saratoga Investment Corp. and the purchaser party thereto (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K filed on April 14, 2026).](https://www.sec.gov/Archives/edgar/data/1377936/000121390026043547/ea028631101ex10-1.htm) |
| 14 | [Code of Ethics of the Company adopted under Rule 17j-1 (incorporated by reference to Amendment No.7 to Saratoga Investment Corp.'s Registration Statement on Form N-2, File No. 333-138051, filed on March 22, 2007).](http://www.sec.gov/Archives/edgar/data/1377936/000095012307004261/y30923a6exv99wrwr.htm) |
| 19 | [Insider Trading Policies and Procedures (incorporated by reference to Saratoga Investment Corp.'s Annual Report on Form 10-K filed on May 6, 2024).](http://www.sec.gov/Archives/edgar/data/1377936/000121390024040080/ea020262401ex19_saratoga.htm) |
| 21\* | [List of Subsidiaries.](ea028334801ex21.htm) |
| 23.1\* | [Consent of Ernst & Young LLP for Saratoga Investment Corp.](ea028334801ex23-1.htm) |
| 31.1\* | [Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934](ea028334801ex31-1.htm) |
| 31.2\* | [Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934](ea028334801ex31-2.htm) |
| 32.1\* | [Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C.1350)](ea028334801ex32-1.htm) |
| 32.2\* | [Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)](ea028334801ex32-2.htm) |
| 97.1 | [Compensation Recoupment Policy (incorporated by reference to Saratoga Investment Corp.'s Annual Report on Form 10-K filed on May 6, 2024).](http://www.sec.gov/Archives/edgar/data/1377936/000121390024040080/ea020262401ex97-1_saratoga.htm) |
| 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). |

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\* Filed herewith

**ITEM 16. FORM 10-K SUMMARY**

None.

**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.** | **SARATOGA INVESTMENT CORP.** |
| Date: May 5, 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* |

---

KNOW ALL PERSONS BY THESE PRESENT, that each person whose signature appears below hereby constitutes and appoints Christian L. Oberbeck and Henri J. Steenkamp, and each of them (with full power to each of them to act alone), his true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him and in his name, place, and stead, in any and all capacities, to sign this report and any and all amendments thereto, and to file the same, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ CHRISTIAN L. OBERBECK | Chairman of the Board of Directors, Chief Executive Officer | May 5, 2026 |
| Christian L. Oberbeck | (Principal Executive Officer) |  |
| /s/ HENRI J. STEENKAMP | Chief Financial Officer (Principal Accounting Officer and | May 5, 2026 |
| Henri J. Steenkamp | Principal Financial Officer), Member of the Board of Directors |  |
| /s/ STEVEN M. LOONEY | Member of the Board of Directors | May 5, 2026 |
| Steven M. Looney |  |  |
| /s/ CHARLES S. WHITMAN III | Member of the Board of Directors | May 5, 2026 |
| Charles S. Whitman III |  |  |
| /s/ G. CABELL WILLIAMS | Member of the Board of Directors | May 5, 2026 |
| Cabell Williams |  |  |

---

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
|  | **PAGE** |
| [Reports of Independent Registered Public Accounting Firm (PCAOB No. 00042)](#k_029) | F-2 |
| [Consolidated Statements of Assets and Liabilities as of February 28, 2026 and February 28, 2025](#k_030) | F-5 |
| [Consolidated Statements of Operations for the years ended February 28, 2026, February 28, 2025 and February 29, 2024](#k_031) | F-6 |
| [Consolidated Statements of Changes in Net Assets for the years ended February 28, 2026, February 28, 2025 and February 29, 2024](#k_032) | F-7 |
| [Consolidated Statements of Cash Flows for the years ended February 28, 2026, February 28, 2025 and February 29, 2024](#k_033) | F-8 |
| [Consolidated Schedules of Investments for the year ended February 28, 2026 and February 28, 2025](#k_034) | F-9 |
| [Notes to Consolidated Financial Statements](#k_035) | F-30 |

---

**Report of Independent Registered Public Accounting Firm** 

To the Shareholders and the Board of Directors of Saratoga Investment Corp.

**Opinion on Internal Control over Financial Reporting**

We have audited Saratoga Investment Corp.'s internal control over financial reporting as of February 28, 2026, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Saratoga Investment Corp. (the "Company") maintained, in all material respects, effective internal control over financial reporting as of February 28, 2026, based on the COSO criteria**.**

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statements of assets and liabilities of the Company including the consolidated schedules of investments of the Company, as of February 28, 2026 and February 28, 2025, the related consolidated statements of operations, changes in net assets and cash flows for each of the three years in the period ended February 28, 2026, and the related notes (collectively referred to as the "financial statements"), and our report dated May 5, 2026 expressed an unqualified opinion thereon.

**Basis for Opinion**

The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management's Annual Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

**Definition and Limitations of Internal Control Over Financial Reporting**

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Ernst & Young LLP

New York, New York

May 5, 2026

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Directors of Saratoga Investment Corp.

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statements of assets and liabilities of Saratoga Investment Corp. (the "Company"), including the consolidated schedules of investments, as of February 28, 2026 and February 28, 2025, the related consolidated statements of operations, changes in net assets, and cash flows for each of the three years in the period ended February 28, 2026, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at February 28, 2026 and February 28, 2025, and the results of its operations, changes in its net assets and its cash flows for each of the three years in the period ended February 28, 2026, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of February 28, 2026, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated May 5, 2026 expressed an unqualified opinion thereon.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of investments owned as of February 28, 2026 and February 28, 2025, by correspondence with the custodian, debt agents, and the underlying investees; when replies were not received from the debt agents and the underlying investees, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Critical Audit Matter** 

**** 

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

---

| | |
|:---|:---|
| **Valuation of investments using significant unobservable inputs** | **Valuation of investments using significant unobservable inputs** |
| *Description of the Matter* | At February 28, 2026, the fair value of the Company's investments categorized as Level 3 within the fair value hierarchy (Level 3 investments) totaled $1,061,187 (in thousands). Management determines the fair value of these investments by applying the valuation techniques described in Notes 2 and 3 to the consolidated financial statements and using significant unobservable inputs and assumptions. The selection of the valuation techniques and the significant unobservable inputs and assumptions used by management requires subjective judgments and estimates. The valuation techniques used by the Company include market comparables, discounted cash flows, enterprise value waterfalls, and black-scholes modeling. The significant unobservable inputs used to measure fair value include, among others, market yields, EBITDA multiples, revenue multiples, volatility, discount rates, recovery rates and prepayment rates.<br>Auditing the fair value of the Company's Level 3 investments was complex and involved auditor judgment, as the valuation techniques selected and the significant unobservable inputs and assumptions used by the Company are highly judgmental, are sensitive to economic dislocation and require estimation, and the selection of such techniques, inputs and assumptions has a significant effect on the fair value measurement of such investments. |
| *How We Addressed the Matter in Our Audit* | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company's investment valuation process. This included controls related to management's selection and review of the valuation techniques and significant unobservable inputs and assumptions used in determining the fair value measurements of the Level 3 investments.<br>To test the valuation of and assess the adequacy of the disclosures related to the Company's Level 3 investments, we gained an understanding of the valuation techniques, significant unobservable inputs and assumptions used by the Company to value the Level 3 investments and reviewed the information considered by the Board of Directors relating to the fair value of each investment. For a sample of the Company's Level 3 investments, and in some cases with the involvement of our valuation specialists, we evaluated the valuation techniques used, tested the significant unobservable inputs and assumptions, and tested the mathematical accuracy of the related valuation models. For this sample of Level 3 investments, we agreed the significant inputs and underlying data used in the Company's valuations (for example, deal terms, portfolio company operating results, market yields, third-party bids) to transaction agreements, most recently available portfolio company financial statements or other financial information, information available from third-party sources and market data, as applicable. We involved our valuation specialists to assist in developing independent estimates of fair value for a sample of investments by using portfolio company and market information, and we compared such estimates to the Company's fair value of these investments. We evaluated the competence and objectivity of management's third-party valuation specialists. In developing our independent fair value estimates, we considered the impact of current economic conditions on trends in borrower financial information and the resulting fair value estimates. We also evaluated subsequent events and other available information and considered whether they corroborated or contradicted the Company's year-end valuations. |

---

/S/ Ernst & Young LLP

We have served as the Company's auditor since 2006.

New York, New York

May 5, 2026

**PART I. FINANCIAL INFORMATION**

**Item 1. Consolidated Financial Statements**

**Saratoga Investment Corp.**

**Consolidated Statements of Assets and Liabilities**

---

| | | |
|:---|:---|:---|
|  | **February 28,<br> 2026** | **February 28,<br> 2025** |
| ASSETS |  |  |
| Investments at fair value |  |  |
| &nbsp;&nbsp;&nbsp;Non-control/Non-affiliate investments (amortized cost of $1,011,840,007 and $886,071,934, respectively) | $1016247566 | $897660110 |
| &nbsp;&nbsp;&nbsp;Affiliate investments (amortized cost of $49,429,192 and $38,203,811, respectively) | 52710911 | 40547432 |
| &nbsp;&nbsp;&nbsp;Control investments (amortized cost of $75,118,675 and $75,817,587, respectively) | 40175335 | 39870208 |
| Total investments at fair value (amortized cost of $1,136,387,874 and $1,000,093,332, respectively) | 1109133812 | 978077750 |
| Cash and cash equivalents | 1680070 | 148218491 |
| Cash and cash equivalents, reserve accounts | 20105683 | 56505433 |
| Interest receivable (net of reserve of $470,751 and $210,319, respectively) | 7314053 | 7477468 |
| Management fee receivable | 249720 | 314193 |
| Other assets | 781766 | 950522 |
| Total assets | $1139265104 | $1191543857 |
| LIABILITIES |  |  |
| Revolving credit facilities | $70000000 | $52500000 |
| &nbsp;&nbsp;&nbsp;Deferred debt financing costs, revolving credit facilities | (1670816) | (1254516) |
| SBA debentures payable | 160000000 | 170000000 |
| &nbsp;&nbsp;&nbsp;Deferred debt financing costs, SBA debentures payable | (3888087) | (4041026) |
| 8.75% Notes Payable 2025 |  | 20000000 |
| &nbsp;&nbsp;&nbsp;Discount on 8.75% notes payable 2025 |  | (9055) |
| &nbsp;&nbsp;&nbsp;Deferred debt financing costs, 8.75% notes payable 2025 |  | (374) |
| 7.00% Notes Payable 2025 |  | 12000000 |
| &nbsp;&nbsp;&nbsp;Discount on 7.00% notes payable 2025 |  | (68589) |
| &nbsp;&nbsp;&nbsp;Deferred debt financing costs, 7.00% notes payable 2025 |  | (8345) |
| 7.75% Notes Payable 2025 |  | 5000000 |
| &nbsp;&nbsp;&nbsp;Deferred debt financing costs, 7.75% notes payable 2025 |  | (19685) |
| 4.375% Notes Payable 2026 |  | 175000000 |
| &nbsp;&nbsp;&nbsp;Premium on 4.375% notes payable 2026 |  | 287848 |
| &nbsp;&nbsp;&nbsp;Deferred debt financing costs, 4.375% notes payable 2026 |  | (865593) |
| 4.35% Notes Payable 2027 | 75000000 | 75000000 |
| &nbsp;&nbsp;&nbsp;Discount on 4.35% notes payable 2027 | (108898) | (213424) |
| &nbsp;&nbsp;&nbsp;Deferred debt financing costs, 4.35% notes payable 2027 | (344393) | (688786) |
| 6.25% Notes Payable 2027 | 15000000 | 15000000 |
| &nbsp;&nbsp;&nbsp;Deferred debt financing costs, 6.25% notes payable 2027 | (130839) | (202144) |
| 6.00% Notes Payable 2027 | 105500000 | 105500000 |
| &nbsp;&nbsp;&nbsp;Discount on 6.00% notes payable 2027 | (48361) | (87295) |
| &nbsp;&nbsp;&nbsp;Deferred debt financing costs, 6.00% notes payable 2027 | (823774) | (1524089) |
| 8.00% Notes Payable 2027 | 46000000 | 46000000 |
| &nbsp;&nbsp;&nbsp;Deferred debt financing costs, 8.00% notes payable 2027 | (580514) | (927484) |
| 8.125% Notes Payable 2027 | 60375000 | 60375000 |
| &nbsp;&nbsp;&nbsp;Deferred debt financing costs, 8.125% notes payable 2027 | (748873) | (1156234) |
| 8.50% Notes Payable 2028 | 57500000 | 57500000 |
| &nbsp;&nbsp;&nbsp;Deferred debt financing costs, 8.50% notes payable 2028 | (866230) | (1273134) |
| 7.25% Notes Payable 2030 | 50000000 |  |
| &nbsp;&nbsp;&nbsp;Discount on 7.25% notes payable 2030 | (435318) |  |
| &nbsp;&nbsp;&nbsp;Deferred debt financing costs, 7.25% notes payable 2030 | (775165) |  |
| 7.50% Notes Payable 2031 | 100000000 |  |
| &nbsp;&nbsp;&nbsp;Deferred debt financing costs, 7.50% notes payable 2031 | (3298905) |  |
| Base management and incentive fees payable | 6602819 | 6230944 |
| Deferred tax liability | 4579522 | 4889329 |
| Accounts payable and accrued expenses | 1771915 | 1676335 |
| Interest and debt fees payable | 3904143 | 3909517 |
| Directors fees payable | 5500 |  |
| Due to Manager | 590624 | 349189 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 743109350 | 798878389 |
| Commitments and contingencies (See Note 9) |  |  |
| NET ASSETS |  |  |
| Common stock, par value $0.001, 100,000,000 common shares |  |  |
| authorized, 16,224,198 and 15,183,078 common shares issued and outstanding, respectively | 16224 | 15183 |
| Capital in excess of par value | 439202477 | 412913597 |
| Total distributable deficit | (43062947) | (20263312) |
| &nbsp;&nbsp;&nbsp;Total net assets | 396155754 | 392665468 |
| Total liabilities and net assets | $1139265104 | $1191543857 |
| NET ASSET VALUE PER SHARE | $24.42 | $25.86 |

---

See accompanying notes to consolidated financial statements.

**Saratoga Investment Corp.**

**Consolidated Statements of Operations**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended** | **For the year ended** | **For the year ended** |
|  | **February 28, <br> 2026** | **February 28, <br> 2025** | **February 29, <br> 2024** |
| INVESTMENT INCOME |  |  |  |
| Interest from investments |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-control/Non-affiliate investments | $96061236 | $119478418 | $113521652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliate investments | 2654020 | 1883615 | 3299816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Control investments | 5176943 | 5649993 | 8507909 |
| &nbsp;&nbsp;&nbsp;Payment in kind interest income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-control/Non-affiliate investments | 571084 | 2245934 | 766697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliate investments | 2314014 | 1479391 | 874226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Control investments | 120715 | 284590 | 814925 |
| Total interest from investments | 106898012 | 131021941 | 127785225 |
| Interest from cash and cash equivalents | 7882863 | 6530315 | 2512416 |
| Management fee income | 2586517 | 3114466 | 3270232 |
| Dividend income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-control/Non-affiliate investments | 1243291 | 588247 | 621398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Control investments | 3304708 | 3973584 | 5911564 |
| Total dividend from investments | 4547999 | 4561831 | 6532962 |
| Structuring and advisory fee income | 2248663 | 1582822 | 2149751 |
| Other income | 1548860 | 2043863 | 1469320 |
| &nbsp;&nbsp;&nbsp;Total investment income | 125712914 | 148855238 | 143719906 |
| OPERATING EXPENSES |  |  |  |
| Interest and debt financing expenses | 49302541 | 52059045 | 49179899 |
| Base management fees | 17769904 | 18382404 | 19212337 |
| Incentive management fees expense (benefit) | 9230457 | 13254402 | 8025468 |
| Professional fees | 2817292 | 2058003 | 1767015 |
| Administrator expenses | 5233333 | 4708333 | 3872917 |
| Insurance | 300480 | 303859 | 322323 |
| Directors fees and expenses | 430000 | 366500 | 351297 |
| General and administrative | 2226257 | 1901592 | 2241579 |
| Income tax expense (benefit) | (138168) | 412032 | 42926 |
| Excise tax expense (benefit) | 1734018 | 2406465 | 1829837 |
| &nbsp;&nbsp;&nbsp;Total operating expenses | 88906114 | 95852635 | 86845598 |
| NET INVESTMENT INCOME | 36806800 | 53002603 | 56874308 |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS |  |  |  |
| Net realized gain (loss) from investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-control/Non-affiliate investments | 5108135 | 12534746 | 153583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Control investments | 638355 | (54564070) | - |
| Net realized gain (loss) from investments | 5746490 | (42029324) | 153583 |
| Net change in unrealized appreciation (depreciation) on investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-control/Non-affiliate investments | (7180617) | 27693311 | (24167727) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliate investments | 938098 | 1301899 | (1541829) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Control investments | 1004039 | (10020844) | (21381288) |
| Net change in unrealized appreciation (depreciation) on investments | (5238480) | 18974366 | (47090844) |
| Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments | 113498 | (1060936) | (893166) |
| Net realized and unrealized gain (loss) on investments | 621508 | (24115894) | (47830427) |
| Realized losses on extinguishment of debt | (824010) | (800452) | (110056) |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $36604298 | $28086257 | $8933825 |
| WEIGHTED AVERAGE - BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE | $2.31 | $2.02 | $0.71 |
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC AND DILUTED | 15850270 | 13912170 | 12670939 |

---

See accompanying notes to consolidated financial statements.

**Saratoga Investment Corp.**

**Consolidated Statements of Changes in Net Assets**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended** | **For the year ended** | **For the year ended** |
|  | **February 28,<br> 2026** | **February 28,<br> 2025** | **February 29,<br> 2024** |
| INCREASE FROM OPERATIONS: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $36806800 | $53002603 | $56874308 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from investments | 5746490 | (42029324) | 153583 |
| &nbsp;&nbsp;&nbsp;Realized losses on extinguishment of debt | (824010) | (800452) | (110056) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (5238480) | 18974366 | (47090844) |
| &nbsp;&nbsp;&nbsp;Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments | 113498 | (1060936) | (893166) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 36604298 | 28086257 | 8933825 |
| DECREASE FROM SHAREHOLDER DISTRIBUTIONS: |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | (59025909) | (45824879) | (35635955) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets from shareholder distributions | (59025909) | (45824879) | (35635955) |
| CAPITAL SHARE TRANSACTIONS: |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock<sup>(1)</sup> | 18752929 | 33002028 | 44539387 |
| &nbsp;&nbsp;&nbsp;Capital contribution from Manager | 569322 | 2351767 | 4475297 |
| &nbsp;&nbsp;&nbsp;Stock dividend distribution | 6669817 | 5077632 | 3582345 |
| &nbsp;&nbsp;&nbsp;Repurchases of common stock | (54314) | - | (2157605) |
| &nbsp;&nbsp;&nbsp;Repurchase fees | - | - | (1772) |
| &nbsp;&nbsp;&nbsp;Offering costs | (25857) | (251445) | (469456) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets from capital share transactions | 25911897 | 40179982 | 49968196 |
| Total increase in net assets | 3490286 | 22441360 | 23266066 |
| Net assets at beginning of year | 392665468 | 370224108 | 346958042 |
| Net assets at end of year | $396155754 | $392665468 | $370224108 |

---

(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**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended** | **For the year ended** | **For the year ended** |
|  | **February 28,<br> 2026** | **February 28,<br> 2025** | **February 29,<br> 2024** |
| **Operating activities** | | | |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $36604298 | $28086257 | $8933825 |
| ADJUSTMENTS TO RECONCILE NET INCREASE (DECREASE) IN NET ASSETS RESULTING |  |  |  |
| FROM OPERATIONS TO NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES: |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from CLO, payment-in-kind and other adjustments to cost | (2584775) | (3566012) | 4910320 |
| &nbsp;&nbsp;&nbsp;Net accretion of discount on investments | (3097921) | (2809163) | (2221257) |
| &nbsp;&nbsp;&nbsp;Amortization of deferred debt financing costs | 4802167 | 5025786 | 5171249 |
| &nbsp;&nbsp;&nbsp;Realized losses on extinguishment of debt | 824010 | 800452 | 110056 |
| &nbsp;&nbsp;&nbsp;Income tax expense (benefit) | (196309) | 37243 | 42926 |
| &nbsp;&nbsp;&nbsp;Net realized (gain) loss from investments | (5746490) | 42029324 | (153583) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments | 5238480 | (18974366) | 47090844 |
| &nbsp;&nbsp;&nbsp;Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments | (113498) | 1060936 | 893166 |
| &nbsp;&nbsp;&nbsp;Proceeds from sales and repayments of investments | 184636335 | 312113685 | 30271047 |
| &nbsp;&nbsp;&nbsp;Purchases of investments | (309501690) | (168077429) | (246100906) |
| &nbsp;&nbsp;&nbsp;(Increase) decrease in operating assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | 163415 | 2821530 | (2139047) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fee receivable | 64473 | 28830 | 20786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 168756 | 212703 | (631887) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current income tax receivable |  | 99676 | 336875 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in operating liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base management and incentive fees payable | 371875 | (1916273) | (3967661) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 95580 | 338793 | (126801) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and debt fees payable | (5374) | 327344 | (70763) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors fees payable | 5500 |  | (14932) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to Manager | 241435 | (100811) | 439065 |
| NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | (88029733) | 197538505 | (157206679) |
| **Financing activities** |  |  |  |
| Borrowings on debt | 87000000 | 30000000 | 71500000 |
| Paydowns on debt | (79500000) | (56500000) | (57000000) |
| Issuance of notes | 149558500 |  | 77500000 |
| Repayments of notes | (212000000) |  |  |
| Payments of deferred debt financing costs | (6852926) | (1176808) | (4694711) |
| Proceeds from issuance of common stock | 18752929 | 33002028 | 44539387 |
| Capital contribution from Manager | 569322 | 2351767 | 4475297 |
| Payments of cash dividends | (52356092) | (40747247) | (32053610) |
| Repurchases of common stock | (54314) |  | (2157605) |
| Repurchases fees |  |  | (1772) |
| Payments of offering costs | (25857) | (251445) | (469456) |
| NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (94908438) | (33321705) | 101637530 |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS | (182938171) | 164216800 | (55569149) |
| CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, BEGINNING OF YEAR | 204723924 | 40507124 | 96076273 |
| CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, END OF YEAR (See note 2) | $21785753 | $204723924 | $40507124 |
| **Supplemental information:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest paid during the year | $44505747 | $46705914 | $44079413 |
| &nbsp;&nbsp;&nbsp;Cash paid for taxes \* | 2225842 | 3198110 | 2578558 |
| **Supplemental non-cash information:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payment-in-kind interest income and other adjustments to cost | 2584775 | 3407609 | (4910319) |
| &nbsp;&nbsp;&nbsp;Net accretion of discount on investments | 3097921 | 2809163 | 2221257 |
| &nbsp;&nbsp;&nbsp;Discount on debt issuance, 7.25% notes 2030 | 441500 |  |  |
| &nbsp;&nbsp;&nbsp;Amortization of deferred debt financing costs | 4802167 | 5025786 | 5171249 |
| &nbsp;&nbsp;&nbsp;Stock dividend distribution | 6669817 | 5077632 | 3582345 |

---

\* Certain prior period amounts have been reclassified to conform to current period presentation.

See accompanying notes to consolidated financial statements.

**Saratoga Investment Corp.**

**Consolidated Schedule of Investments**

**February 28, 2026**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)** | **Industry** | **Investment <br> Interest Rate/<br> Maturity** | **Original<br> Acquisition<br> Date** | **Principal/<br> Number of<br> Shares** | **Cost** | **Fair<br> Value (c)** | **% of<br> Net Assets** |
| **Non-control/Non-affiliate investments - 256.5% (b)** |  |  |  | | | | |
| Altvia MidCo, LLC. | Alternative Investment Management Software | First Lien Term Loan<br> (6M USD TERM SOFR+8.08%), 12.25% Cash, 7/18/2027 | 7/18/2022 | $11255757 | $11202536 | $11046400 | 2.7% |
| Altvia MidCo, LLC. (h) | Alternative Investment Management Software | Series A-1 Preferred Shares | 7/18/2022 | 2083939 | 2083939 | 2042756 | 0.5% |
|  |  | Total Alternative Investment Management Software |  |  | 13286475 | 13089156 | 3.2% |
| BQE Software, Inc. (d) | Architecture & Engineering Software | First Lien Term Loan<br> (3M USD TERM SOFR+5.50%), 9.67% Cash, 4/13/2028 | 4/13/2023 | $23500000 | 23383683 | 23697400 | 6.0% |
| BQE Software, Inc. | Architecture & Engineering Software | Delayed Draw Term Loan<br> (3M USD TERM SOFR+5.50%), 9.67% Cash, 4/13/2028 | 4/13/2023 | $- | - | - | 0.0% |
|  |  | Total Architecture & Engineering Software |  |  | 23383683 | 23697400 | 6.0% |
| Golden TopCo LP (h) | Association Management Software | Class A-2 Common Units | 5/10/2023 | 1072394 | 1072394 | 1860341 | 0.5% |
|  |  | Total Association Management Software |  |  | 1072394 | 1860341 | 0.5% |
| Artemis Wax Corp. (d) | Consumer Services | Delayed Draw Term Loan<br> (1M USD TERM SOFR+6.75%), 11.02% Cash, 5/20/2029 | 5/20/2021 | $65000000 | 64886056 | 64473500 | 16.2% |
| Artemis Wax Corp. (h) | Consumer Services | Series B-1 Preferred Stock | 5/20/2021 | 934463 | 1500000 | - | 0.0% |
| Artemis Wax Corp. (h) | Consumer Services | Series D Preferred Stock | 12/22/2022 | 331640 | 1711866 | 1825324 | 0.5% |
|  |  | Total Consumer Services |  |  | 68097922 | 66298824 | 16.7% |
| Schoox, Inc. (h)(i) | Corporate Education Software | Series 1 Membership Interest | 12/8/2020 | 1050 | 548298 | 4386183 | 1.1% |
|  |  | Total Corporate Education Software |  |  | 548298 | 4386183 | 1.1% |
| Innergy, Inc. (d) | Custom Millwork Software | First Lien Term Loan<br> (3M USD TERM SOFR+5.50%), 9.67% Cash, 2/20/2030 | 2/20/2025 | $32000000 | 31778687 | 31884800 | 8.0% |
| Innergy, Inc. (j) | Custom Millwork Software | Delayed Draw Term Loan<br> (3M USD TERM SOFR+5.50%), 9.67% Cash, 2/20/2030 | 2/20/2025 | $8500000 | 8432838 | 8469400 | 2.1% |
|  |  | Total Custom Millwork Software |  |  | 40211525 | 40354200 | 10.1% |
| GreyHeller LLC (h) | Cyber Security | Common Stock | 11/10/2021 | 7857689 | 1906275 | 4233053 | 1.1% |
|  |  | Total Cyber Security |  |  | 1906275 | 4233053 | 1.1% |
| Gen4 Dental Partners Holdings, LLC (d) | Dental Practice Management | First Lien Term Loan<br> (3M USD TERM SOFR+5.75%), 10.02% Cash, 5/13/2030 | 5/13/2024 | $7035714 | 6982168 | 7049786 | 1.8% |
| Gen4 Dental Partners Holdings, LLC (j) | Dental Practice Management | Delayed Draw Term Loan<br> (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<br> (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 | 493999 | 1027519 | 1279457 | 0.3% |
| Modis Dental Partners OpCo, LLC | Dental Practice Management | First Lien Term Loan<br> (1M USD TERM SOFR+9.34%), 13.69% Cash, 4/18/2028 | 4/18/2023 | $7000000 | 6945319 | 7038500 | 1.7% |

---

**Saratoga Investment Corp.**

**Consolidated Schedule of Investments**

**February 28, 2026**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)** | **Industry** | **Investment <br> Interest Rate/<br> Maturity** | **Original<br> Acquisition<br> Date** | **Principal/<br> Number of<br> Shares** | **Cost** | **Fair<br> Value (c)** | **% of<br> Net Assets** |
| Modis Dental Partners OpCo, LLC | Dental Practice Management | Delayed Draw Term Loan<br> (1M USD TERM SOFR+9.34%), 13.69% Cash, 4/18/2028 | 4/18/2023 | $13000000 | 12876266 | 13071500 | 3.3% |
| Modis Dental Partners OpCo, LLC (h) | Dental Practice Management | Class A Preferred Units | 4/18/2023 | 3200000 | 3200000 | 3983552 | 1.0% |
|  |  | Total Dental Practice Management |  |  | 31031272 | 32422795 | 8.1% |
| Exigo, LLC (d) | Direct Selling Software | First Lien Term Loan<br> (1M USD TERM SOFR+6.25%), 10.62% Cash, 3/16/2027 | 3/16/2022 | $23815038 | 23755517 | 20695268 | 5.2% |
| Exigo, LLC (j) | Direct Selling Software | Revolving Credit Facility<br> (1M USD TERM SOFR+6.25%), 10.62% Cash, 3/16/2027 | 3/16/2022 | $- | - | (81875) | 0.0% |
| Exigo, LLC (h), (i) | Direct Selling Software | Common Units | 3/16/2022 | 1041667 | 1041667 | - | 0.0% |
|  |  | Total Direct Selling Software |  |  | 24797184 | 20613393 | 5.2% |
| C2 Educational Systems, Inc. (d) | Education Services | First Lien Term Loan<br> (3M USD TERM SOFR+8.50%), 12.67% Cash, 11/30/2026 | 5/31/2017 | $23000000 | 23000000 | 22839000 | 5.8% |
| C2 Educational Systems, Inc. (h) | Education Services | Series A-1 Preferred Stock | 5/18/2021 | 3127 | 499904 | 636224 | 0.2% |
| Ready Education (d) | Education Software | First Lien Term Loan<br> (3M USD TERM SOFR+7.00%), 11.17% Cash, 8/5/2027 | 8/5/2022 | $32000000 | 31875991 | 31936000 | 8.1% |
|  |  | Total Education Software |  |  | 55375895 | 55411224 | 14.1% |
| Haystack Team Inc. | Employee Collaboration Software | First Lien Term Loan<br> (3M USD TERM SOFR+5.50%), 9.17% Cash, 12/31/2030 | 12/31/2025 | $5299222 | 5249222 | 5248609 | 1.3% |
| Haystack Team Inc. (j) | Employee Collaboration Software | Delayed Draw Term Loan<br> (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 | $1250000 | 1421890 | 1250000 | 0.3% |
|  |  | Total Employee Collaboration Software |  |  | 6671112 | 6498609 | 1.6% |
| TG Pressure Washing Holdings, LLC (h) | Facilities Maintenance | Preferred Equity | 8/12/2019 | 488148 | 488148 | - | 0.0% |
|  |  | Total Facilities Maintenance |  |  | 488148 | - | 0.0% |
| GDS Software Holdings, LLC (d) | Financial Services | First Lien Term Loan <br> (3M USD TERM SOFR+7.00%), 11.17% Cash, 12/30/2028 | 12/30/2021 | $28713926 | 28655242 | 28713926 | 7.2% |
| GDS Software Holdings, LLC (d) | Financial Services | Delayed Draw Term Loan<br> (3M USD TERM SOFR+7.00%), 11.17% Cash, 12/30/2028 | 12/30/2021 | $3286073 | 3253213 | 3286073 | 0.8% |
| GDS Software Holdings, LLC (h) | Financial Services | Common Stock Class A Units | 8/23/2018 | 250000 | 250000 | 251765 | 0.1% |
|  |  | Total Financial Services |  |  | 32158455 | 32251764 | 8.1% |

---

**Saratoga Investment Corp.**

**Consolidated Schedule of Investments**

**February 28, 2026**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)** | **Industry** | **Investment <br> Interest Rate/<br> Maturity** | **Original<br> Acquisition<br> Date** | **Principal/<br> Number of<br> Shares** | **Cost** | **Fair<br> Value (c)** | **% of<br> Net Assets** |
| Inspect Point Holdings, LLC | Fire Inspection Business Software | First Lien Term Loan <br> (1M USD TERM SOFR+5.50%), 9.77% Cash, 07/19/2029 | 7/19/2023 | $20000000 | 19869748 | 20046000 | 5.1% |
| Inspect Point Holdings, LLC (j) | Fire Inspection Business Software | Delayed Draw Term Loan <br> (1M USD TERM SOFR+5.50%), 9.77% Cash, 07/19/2029 | 7/19/2023 | $- | - | - | 0.0% |
|  |  | Total Fire Inspection Business Software |  |  | 19869748 | 20046000 | 5.1% |
| Stretch Zone Franchising, LLC (d) | Health/Fitness Franchisor | First Lien Term Loan<br> (3M USD TERM SOFR+7.00%), 11.17% Cash, 3/31/2028 | 3/31/2023 | $16228726 | 16154267 | 15504925 | 3.9% |
| Stretch Zone Franchising, LLC | Health/Fitness Franchisor | First Lien Term Loan<br> (3M USD TERM SOFR+7.00%), 11.17% Cash, 3/31/2028 | 3/31/2023 | $8738545 | 8696307 | 8348806 | 2.1% |
| Stretch Zone Franchising, LLC (h) | Health/Fitness Franchisor | Class A Units | 3/31/2023 | 20000 | 2000000 | 754655 | 0.2% |
|  |  | Total Health/Fitness Franchisor |  |  | 26850574 | 24608386 | 6.2% |
| Alpha Aesthetics Partners OpCo, LLC (h) | Healthcare Services | Class A Preferred Units | 3/20/2023 | 3675000 | 3675000 | 3353548 | 0.8% |
| ComForCare Health Care (d) | Healthcare Services | First Lien Term Loan<br> (3M USD TERM SOFR+6.25%), 10.42% Cash, 12/31/2028 | 1/31/2017 | $90000000 | 89652007 | 90000000 | 22.7% |
|  |  | Total Healthcare Services |  |  | 93327007 | 93353548 | 23.5% |
| Procurement Partners, LLC | Healthcare Software | First Lien Term Loan<br> (3M USD TERM SOFR+5.50%), 10.67% Cash, 12/31/2028 | 11/12/2020 | $35125000 | 35098620 | 35125000 | 8.9% |
| Procurement Partners, LLC | Healthcare Software | Delayed Draw Term Loan<br> (3M USD TERM SOFR+5.50%), 10.67% Cash, 12/31/2028 | 11/12/2020 | $10300000 | 10309993 | 10300000 | 2.6% |
| Procurement Partners Holdings LLC (h) | Healthcare Software | Class A Units | 11/12/2020 | 571219 | 571219 | 238402 | 0.1% |
| Procurement Partners Holdings LLC (h) | Healthcare Software | Class AA Units | 11/12/2020 | 220385 | 30994 | 60670 | 0.0% |
|  |  | Total Healthcare Software |  |  | 46010826 | 45724072 | 11.6% |
| Granite Comfort, LP (d) | HVAC Services and Sales | First Lien Term Loan<br> (3M USD TERM SOFR+7.40%), 11.57% Cash, 5/16/2027 | 11/16/2020 | $43000000 | 42902297 | 42247500 | 10.7% |
| Granite Comfort, LP (j)(d) | HVAC Services and Sales | Delayed Draw Term Loan<br> (3M USD TERM SOFR+7.40%), 11.57% Cash, 5/16/2027 | 11/16/2020 | $9992940 | 9955368 | 9818064 | 2.5% |
|  |  | Total HVAC Services and Sales |  |  | 52857665 | 52065564 | 13.2% |

---

**Saratoga Investment Corp.**

**Consolidated Schedule of Investments**

**February 28, 2026**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)** | **Industry** | **Investment <br> Interest Rate/<br> Maturity** | **Original<br> Acquisition<br> Date** | **Principal/<br> Number of<br> Shares** | **Cost** | **Fair<br> Value (c)** | **% of<br> 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 | - | 8604501 | 2.2% |
|  |  | Total Industrial Products |  |  | - | 8604501 | 2.2% |
| AgencyBloc, LLC (d) | Insurance Software | First Lien Term Loan <br> (1M USD TERM SOFR+6.31%), 12.03% Cash, 10/1/2029 | 10/1/2021 | $17436477 | 17398618 | 17450426 | 4.4% |
| Panther ParentCo LLC (h) | Insurance Software | Class A Units | 10/1/2021 | 2500000 | 2500000 | 5866373 | 1.5% |
|  |  | Total Insurance Software |  |  | 19898618 | 23316799 | 5.9% |
| Avantra | IT Services | First Lien Term Loan<br> (3M USD TERM SOFR+7.97%), 12.14% Cash, 9/20/2029 | 9/19/2024 | $17000000 | 16854905 | 16938800 | 4.3% |
| Maple Holdings Midco Limited (h) | IT Services | Class A Common Units | 9/19/2024 | 2000000 | 2000000 | 2333016 | 0.6% |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Total IT Services |  |  | 18854905 | 19271816 | 4.9% |
| Madison Logic, Inc. (d)(m) | Marketing Orchestration Software | First Lien Term Loan<br> (1M USD TERM SOFR+7.00%), 11.37% Cash, 12/30/2028 | 12/30/2022 | $19091720 | 18942898 | 16791168 | 4.2% |
|  |  | Total Marketing Orchestration Software |  |  | 18942898 | 16791168 | 4.2% |
| ARC Health OpCo LLC (h) | Mental Healthcare Services | Class A Preferred Units | 8/5/2022 | 3818400 | 4169599 | 332895 | 0.1% |
|  |  | Total Mental Healthcare Services |  |  | 4169599 | 332895 | 0.1% |
| Chronus LLC | Mentoring Software | First Lien Term Loan<br> (3M USD TERM SOFR+5.25%), 9.19% Cash, 8/26/2026 | 8/26/2021 | $15000000 | 14979066 | 14596500 | 3.7% |
| Chronus LLC (d) | Mentoring Software | First Lien Term Loan<br> (3M USD TERM SOFR+6.00%), 9.94% Cash, 8/26/2026 | 8/26/2021 | $5000000 | 4991064 | 4865500 | 1.2% |
| Chronus LLC (h) | Mentoring Software | Series A Preferred Stock | 8/26/2021 | 3000 | 3000000 | 1087028 | 0.3% |
|  |  | Total Mentoring Software |  |  | 22970130 | 20549028 | 5.2% |
| Cloudpermit | Municipal Government Software | First Lien Term Loan<br> (3M USD TERM SOFR+5.75%), 9.92% Cash, 9/5/2029 | 9/5/2024 | $31500000 | 31262232 | 31424400 | 7.9% |
| Cloudpermit (j) | Municipal Government Software | Delayed Draw Term Loan<br> (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 | 2000 | 2000000 | 2269227 | 0.6% |
|  |  | Total Municipal Government Software |  |  | 33262232 | 33693627 | 8.5% |

---

**Saratoga Investment Corp.**

**Consolidated Schedule of Investments**

**February 28, 2026**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)** | **Industry** | **Investment <br> Interest Rate/<br> Maturity** | **Original<br> Acquisition<br> Date** | **Principal/<br> Number of<br> Shares** | **Cost** | **Fair<br> Value (c)** | **% of<br> Net Assets** |
| Emily Street Enterprises, L.L.C. (d) | Office Supplies | Senior Secured Note<br> (3M USD TERM SOFR+6.75%), 11.00% Cash, 12/31/2028 | 12/28/2012 | $5300000 | 5288924 | 5313250 | 1.3% |
|  |  | Total Office Supplies |  |  | 5288924 | 5313250 | 1.3% |
| Ludi, Inc. (j) | Physician Compensation Management Software | Revolving Credit Facility<br> (3M USD TERM SOFR+5.00%), 8.67% Cash, 12/31/2030 | 2/17/2026 | $1400000 | 1375000 | 1375000 | 0.3% |
|  |  | Total Physician Compensation Management Software |  |  | 1375000 | 1375000 | 0.3% |
| Breezeway Homes, Inc | Property Operations Management Software | First Lien Term Loan<br> (3M USD TERM SOFR+6.63%), 10.30% Cash, 2/23/2031 | 2/23/2026 | 22000000 | 21783721 | 21782500 | 5.5% |
| Breezeway Homes, Inc (j) | Property Operations Management Software | Delayed Draw Term Loan<br> (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 | 1000000 | 1000000 | 1000000 | 0.3% |
|  |  | Total Property Operations Management Software |  |  | 22783721 | 22782500 | 5.8% |
| Source 44 LLC | Product Compliance Software | First Lien Term Loan<br> (3M USD TERM SOFR+5.25%), 6.75% Cash, 10/17/2030 | 10/17/2025 | 3000000 | 2965873 | 2973750 | 0.8% |
| Source 44 LLC (j) | Product Compliance Software | Delayed Draw Term Loan<br> (3M USD TERM SOFR+5.25%), 6.75% Cash, 10/17/2030 | 10/17/2025 | 1500000 | 1486911 | 1486875 | 0.4% |
| Source 44 LLC (j) | Product Compliance Software | Revolving Credit Facility<br> (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 | 1500000 | 1499999 | 0.4% |
|  |  | Total Product Compliance Software |  |  | 5952784 | 5960624 | 1.6% |
| Buildout, Inc. (d) | Real Estate Services | First Lien Term Loan<br> (3M USD TERM SOFR+7.00%), 11.27% Cash, 9/30/2028 | 7/9/2020 | $14000000 | 14000000 | 13720667 | 3.5% |
| Buildout, Inc. | Real Estate Services | Delayed Draw Term Loan<br> (3M USD TERM SOFR+7.00%), 11.27% Cash, 9/30/2028 | 2/12/2021 | $38500000 | 38500000 | 37731834 | 9.5% |
| Buildout, Inc. (h)(i) | Real Estate Services | Limited Partner Interests | 7/9/2020 | 1250 | 1372557 | 872433 | 0.2% |
|  |  | Total Real Estate Services |  |  | 53872557 | 52324934 | 13.2% |
| Wellspring Worldwide Inc. (d) | Research Software | First Lien Term Loan <br> (3M USD TERM SOFR+8.42%), 12.59% Cash, 2/28/2029 | 6/27/2022 | $9372000 | 9323366 | 9372000 | 2.4% |
| Wellspring Worldwide Inc. | Research Software | Delayed Draw Term Loan <br> (3M USD TERM SOFR+8.42%), 12.59% Cash, 2/28/2029 | 6/27/2022 | $25310000 | 25094468 | 25310000 | 6.4% |
| Archimedes Parent LLC (h) | Research Software | Class A Common Units | 6/27/2022 | 2475160 | 2475160 | 1871060 | 0.5% |
|  |  | Total Research Software |  |  | 36892994 | 36553060 | 9.3% |
| Angry Chickz, Inc. | Restaurant | First Lien Term Loan<br> (1M USD TERM SOFR+4.75%), 8.61% Cash, 10/9/2030 | 10/9/2025 | $7900000 | 7860500 | 7860500 | 2.0% |
| Angry Chickz, Inc. (j) | Restaurant | Delayed Draw Term Loan<br> (1M USD TERM SOFR+4.75%), 8.61% Cash, 10/9/2030 | 10/9/2025 | $6000000 | 5970000 | 5970000 | 1.5% |

---

**Saratoga Investment Corp.**

**Consolidated Schedule of Investments**

**February 28, 2026**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)** | **Industry** | **Investment <br> Interest Rate/<br> Maturity** | **Original<br> Acquisition<br> Date** | **Principal/<br> Number of<br> Shares** | **Cost** | **Fair<br> Value (c)** | **% of<br> Net Assets** |
| LFR Chicken LLC (d) | Restaurant | First Lien Term Loan<br> (1M USD TERM SOFR+4.50%), 8.36% Cash, 11/26/2030 | 11/19/2021 | $22000000 | 21882824 | 21903200 | 5.5% |
| LFR Chicken LLC (d)(j) | Restaurant | Delayed Draw Term Loan<br> (1M USD TERM SOFR+4.50%), 8.36% Cash, 11/26/2030 | 11/19/2021 | $18000000 | 17948780 | 17920800 | 4.5% |
| LFR Chicken LLC (h) | Restaurant | Series B Preferred Units | 11/19/2021 | 497183 | 1000000 | 1993985 | 0.5% |
|  |  | Total Restaurant |  |  | 54662104 | 55648485 | 14.0% |
| SAI Systems Health, LLC | Revenue Cycle Management & Related Services | First Lien Term Loan<br> (3M USD TERM SOFR+5.00%), 11.57% Cash, 11/24/2030 | 11/24/2025 | $28000000 | 27825000 | 27825000 | 7.0% |
| SAI Systems Health, LLC (j) | Revenue Cycle Management & Related Services | Delayed Draw Term Loan<br> (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 | 350000 | 350000 | 350000 | 0.1% |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Total Revenue Cycle Management & Related Services |  |  | 28175000 | 28175000 | 7.1% |
| Avionte Holdings, LLC (h) | Staffing Services | Class A Units | 1/8/2014 | 100000 | 100000 | 2362023 | 0.6% |
|  |  | Total Staffing Services |  |  | 100000 | 2362023 | 0.6% |
| AIMCO 2025-24A E (a) | Structured Finance Securities | First Lien Term Loan<br> (3M USD TERM SOFR+6.10%), 10.27% Cash, 4/19/2038 | 4/30/2025 | $1500000 | 1500000 | 1530603 | 0.4% |
| APID 2023-45A ER (a)(d) | Structured Finance Securities | First Lien Term Loan<br> (3M USD TERM SOFR+5.15%), 9.32% Cash, 7/26/2038 | 6/5/2025 | $2800000 | 2800000 | 2735813 | 0.7% |
| APID 2017-28A DR (a)(d) | Structured Finance Securities | First Lien Term Loan<br> (3M USD TERM SOFR+5.00%), 9.17% Cash, 10/20/2038 | 7/25/2025 | $2500000 | 2500000 | 2470738 | 0.6% |
| BGCLO 2025-13A D2 (a)(d) | Structured Finance Securities | First Lien Term Loan<br> (3M USD TERM SOFR+4.05%), 8.22% Cash, 10/23/2038 | 8/7/2025 | $2000000 | 2000000 | 2012484 | 0.5% |
| BSP 2016-10A C2R3 (a) | Structured Finance Securities | First Lien Term Loan<br> (3M USD TERM SOFR+4.10%), 8.27% Cash, 7/20/2038 | 7/10/2025 | $2000000 | 2000000 | 1989962 | 0.5% |
| BSP 2020-21A ER2 (a) | Structured Finance Securities | First Lien Term Loan<br> (3M USD TERM SOFR+4.95%), 8.74% Cash, 1/15/2039 | 11/4/2025 | $1500000 | 1500000 | 1463577 | 0.4% |
| BSP 2025-40A E (a)(d) | Structured Finance Securities | First Lien Term Loan<br> (3M USD TERM SOFR+5.25%), 9.42% Cash, 7/25/2038 | 5/22/2025 | $3000000 | 3000000 | 3026652 | 0.8% |
| HLM 2025-26A D2 (a)(d) | Structured Finance Securities | First Lien Term Loan<br> (3M USD TERM SOFR+4.10%), 8.27% Cash, 7/20/2038 | 7/18/2025 | $2000000 | 2000000 | 1949386 | 0.5% |
| NMC CLO-4A ER (a) | Structured Finance Securities | First Lien Term Loan<br> (3M USD TERM SOFR+6.91%), 11.08% Cash, 3/20/2038 | 4/17/2025 | $1000000 | 980000 | 1026088 | 0.3% |
| NMC CLO-7A E (a) | Structured Finance Securities | First Lien Term Loan<br> (3M USD TERM SOFR+5.00%), 9.17% Cash, 3/31/2038 | 3/13/2025 | $1000000 | 1000000 | 976321 | 0.2% |
| NMC CLO-5A ER (a)(d) | Structured Finance Securities | First Lien Term Loan<br> (3M USD TERM SOFR+5.85%), 10.02% Cash, 7/20/2036 | 6/30/2025 | $3000000 | 3000000 | 2973408 | 0.8% |
| NMC CLO-3A D2R (a)(d) | Structured Finance Securities | First Lien Term Loan<br> (3M USD TERM SOFR+4.10%), 8.27% Cash, 10/20/2038 | 8/4/2025 | $2250000 | 2250000 | 2158945 | 0.5% |
| OAKC 2016-13A ER2 (a) | Structured Finance Securities | First Lien Term Loan<br> (3M USD TERM SOFR+5.75%), 9.92% Cash, 10/21/2037 | 4/10/2025 | $1000000 | 976250 | 989690 | 0.2% |
| OAKC 2025-22A E (a) | Structured Finance Securities | First Lien Term Loan<br> (3M USD TERM SOFR+5.55%), 9.72% Cash, 7/20/2038 | 5/9/2025 | $1250000 | 1250000 | 1261281 | 0.3% |

---

**Saratoga Investment Corp.**

**Consolidated Schedule of Investments**

**February 28, 2026**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)** | **Industry** | **Investment <br> Interest Rate/<br> Maturity** | **Original<br> Acquisition<br> Date** | **Principal/<br> Number of<br> Shares** | **Cost** | **Fair<br> Value (c)** | **% of<br> Net Assets** |
| OAKC 2020-7A D2R2 (a)(d) | Structured Finance Securities | First Lien Term Loan<br> (3M USD TERM SOFR+4.05%), 8.22% Cash, 7/19/2038 | 6/18/2025 | $3250000 | 3250000 | 3251898 | 0.8% |
| OCP 2025-43A E (a) | Structured Finance Securities | First Lien Term Loan<br> (3M USD TERM SOFR+6.50%), 10.67% Cash, 7/20/2038 | 4/23/2025 | $1000000 | 1000000 | 1025791 | 0.3% |
| OCP 2023-28A (a)(d) | Structured Finance Securities | First Lien Term Loan<br> (3M USD TERM SOFR+5.25%), 9.42% Cash, 7/16/2038 | 6/18/2025 | $3000000 | 3000000 | 2915295 | 0.7% |
| OCP 2016-11A D2R3 (a) | Structured Finance Securities | First Lien Term Loan<br> (3M USD TERM SOFR+4.10%), 8.27% Cash, 7/26/2038 | 6/26/2025 | $1500000 | 1500000 | 1510355 | 0.3% |
| POST 2023-1A D2R (a) | Structured Finance Securities | First Lien Term Loan<br> (3M USD TERM SOFR+3.95%), 7.74% Cash, 10/20/2038 | 10/17/2025 | $1000000 | 1000000 | 971977 | 0.2% |
| REGT6 2016-1A ER3 (a) | Structured Finance Securities | First Lien Term Loan<br> (3M USD TERM SOFR+5.45%), 9.24% Cash, 10/20/2038 | 9/12/2025 | $1500000 | 1500000 | 1421099 | 0.4% |
| REGT23 2021-1A D2R (a) | Structured Finance Securities | First Lien Term Loan<br> (3M USD TERM SOFR+4.00%), 7.79% Cash, 10/15/2038 | 10/30/2025 | $2000000 | 2000000 | 1978886 | 0.5% |
| TREST 2017-1A ERR (a) | Structured Finance Securities | First Lien Term Loan<br> (3M USD TERM SOFR+5.95%), 10.12% Cash, 7/25/2037 | 3/7/2025 | $1250000 | 1257125 | 1262855 | 0.3% |
| WBOX 2023-4A ER (a) | Structured Finance Securities | First Lien Term Loan<br> (3M USD TERM SOFR+6.48%), 10.65% Cash, 4/20/2036 | 4/10/2025 | $3500000 | 3470645 | 3501505 | 0.9% |
| WBOX 2025-5A D2 (a)(d) | Structured Finance Securities | First Lien Term Loan<br> (3M USD TERM SOFR+4.10%), 8.27% Cash, 7/20/2038 | 6/24/2025 | $2000000 | 2000000 | 2006926 | 0.5% |
|  |  | Total Structured Finance Securities |  |  | 46734020 | 46411535 | 11.7% |
| StockIQ Technologies, LLC | Supply Chain Planning Software | First Lien Term Loan<br> (3M USD TERM SOFR+5.25%), 9.42% Cash,3/26/2030 | 3/25/2025 | $10000000 | 9926398 | 9903000 | 2.5% |
| StockIQ Technologies, LLC (j) | Supply Chain Planning Software | Delayed Draw Term Loan<br> (3M USD TERM SOFR+5.25%), 9.42% Cash, 3/26/2030 | 3/25/2025 | $1600000 | 1587257 | 1584480 | 0.4% |
| StockIQ Technologies, LLC (h) | Supply Chain Planning Software | Class A Units | 3/25/2025 | 200000 | 200000 | 202924 | 0.1% |
|  |  | Total Supply Chain Planning Software |  |  | 11713655 | 11690404 | 3.0% |

---

**Saratoga Investment Corp.**

**Consolidated Schedule of Investments**

**February 28, 2026**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)** | **Industry** | **Investment <br> Interest Rate/<br> Maturity** | **Original<br> Acquisition<br> Date** | **Principal/<br> Number of<br> Shares** | **Cost** | **Fair<br> Value (c)** | **% of<br> Net Assets** |
| Employer Direct Healthcare, LLC (Lantern) | Surgical Benefits Management | Second Lien Term Loan<br> (3M USD TERM SOFR+7.25%), 10.92% Cash, 1/20/2031 | 1/20/2026 | 35000000 | 34693750 | 34693750 | 8.8% |
|  |  | Total Surgical Benefits Management |  |  | 34693750 | 34693750 | 8.8% |
| JDXpert | Talent Acquisition Software | First Lien Term Loan<br> (3M USD TERM SOFR+8.50%), 12.93% Cash, 5/2/2027 | 5/2/2022 | $6000000 | 5982179 | 6000000 | 1.4% |
| JDXpert (d) | Talent Acquisition Software | Delayed Draw Term Loan<br> (3M USD TERM SOFR+8.50%), 12.93% Cash, 5/2/2027 | 5/2/2022 | $1000000 | 996525 | 1000000 | 0.3% |
| JDXpert (j) | Talent Acquisition Software | Delayed Draw Term Loan<br> (3M USD TERM SOFR+8.50%), 12.93% Cash, 5/2/2027 | 5/2/2022 | $500000 | 497964 | 500000 | 0.1% |
| Jobvite, Inc. (d) | Talent Acquisition Software | First Lien Term Loan<br> (3M USD TERM SOFR+7.50%), 11.67% Cash, 8/5/2028 | 8/5/2022 | $20000000 | 19924505 | 19782000 | 5.0% |
|  |  | Total Talent Acquisition Software |  |  | 27401173 | 27282000 | 6.8% |
| VetnCare MSO, LLC | Veterinary Services | Delayed Draw Term Loan<br> (3M USD TERM SOFR+5.75%), 9.92% Cash, 5/12/2028 | 5/12/2023 | $13290655 | 13241485 | 13290655 | 3.4% |
|  |  | Total Veterinary Services |  |  | 13241485 | 13290655 | 3.4% |
| Better Impact USA Inc. | Volunteer Program Management Software | First Lien Term Loan<br> (3M USD TERM SOFR+4.75%), 8.42% Cash, 1/8/2031 | 1/8/2026 | $12000000 | 11910000 | 11910000 | 3.0% |
| Better Impact USA Inc. (j) | Volunteer Program Management Software | Delayed Draw Term Loan<br> (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 | 683585 | 1000000 | 1000000 | 0.3% |
|  |  | Total Volunteer Program Management Software |  |  | 12910000 | 12910000 | 3.3% |
| **Sub Total Non-control/Non-affiliate investments** |  |  |  |  | **1011840007** | **1016247566** | **256.5%** |

---

**Saratoga Investment Corp.**

**Consolidated Schedule of Investments**

**February 28, 2026**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)** | **Industry** | **Investment <br> Interest Rate/<br> Maturity** | **Original<br> Acquisition<br> Date** | **Principal/<br> Number of<br> Shares** | **Cost** | **Fair<br> Value (c)** | **% of<br> Net Assets** |
| **Affiliate investments - 13.4% (b)** |  |  |  |  |  |  |  |
| ETU Holdings, Inc. (f) | Corporate Education Software | First Lien Term Loan<br> (3M USD TERM SOFR+9.00%), 13.32% Cash, 8/18/2027 | 8/18/2022 | $7100000 | 7073608 | 7100000 | 1.8% |
| ETU Holdings, Inc. (f) | Corporate Education Software | Second Lien Term Loan<br> 15.00% PIK, 2/18/2028 | 8/18/2022 | $8273053 | 8251291 | 8013279 | 2.0% |
| ETU Holdings, Inc. (f)(h) | Corporate Education Software | Series B Preferred Units | 11/21/2025 | 854300 | 3000000 | 211874 | 0.1% |
| ETU Holdings, Inc. (f)(h) | Corporate Education Software | Series C Preferred Units | 11/21/2025 | 730280 | 730280 | 730280 | 0.2% |
|  |  | Total Corporate Education Software |  |  | 19055179 | 16055433 | 4.1% |
| Axero Holdings, LLC (f) | Employee Collaboration Software | First Lien Term Loan<br> 7.00% Cash, (3M USD TERM SOFR + 0.00%) PIK, 12/31/2027 | 6/30/2021 | $16986167 | 16975661 | 17028632 | 4.3% |
| Axero Holdings, LLC (f) | Employee Collaboration Software | Delayed Draw Term Loan<br> 4.50% Cash, (3M USD TERM SOFR + 2.50%) PIK, 12/31/2027 | 6/30/2021 | $1205470 | 1202805 | 1208484 | 0.3% |
| Axero Holdings, LLC (f)(j) | Employee Collaboration Software | Revolving Credit Facility<br> 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 | 2055609 | 2055609 | 4193442 | 1.1% |
| Axero Holdings, LLC (f)(h) | Employee Collaboration Software | Series B Preferred Units | 6/30/2021 | 2055609 | 2055609 | 5996680 | 1.5% |
|  |  | Total Employee Collaboration Software |  |  | 22289684 | 28427238 | 7.2% |
| SmartAC.com, LLC (f) | HVAC Monitoring Devices | First Lien Term Loan<br> (3M USD TERM SOFR+7.50%), 11.67% Cash, 4/7/2030 | 4/7/2025 | $5117298 | 5084330 | 5100700 | 1.3% |
| SmartAC.com, LLC (f)(j) | HVAC Monitoring Devices | Delayed Draw Term Loan<br> (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 | 1262201 | 2999999 | 3127540 | 0.8% |
|  |  | Total HVAC Monitoring Devices |  |  | 8084329 | 8228240 | 2.1% |
| **Sub Total Affiliate investments** |  |  |  |  | **49429192** | **52710911** | **13.4%** |
| **Control investments - 10.1% (b)** |  |  |  |  |  |  |  |
| Zollege PBC (g) | Education Services | First Lien Term Loan<br> 10.00%, 8/9/2027 | 5/11/2021 | $1576966 | 1576966 | 1370304 | 0.3% |
| Zollege PBC (g) | Education Services | Delayed Draw Term Loan<br> 10.00%, 8/9/2027 | 5/11/2021 | $- |  | (196575) | 0.0% |
| Zollege PBC (h)(g) | Education Services | Common Stock | 5/11/2021 | 7731294 | 558799 | 10874923 | 2.7% |
|  |  | Total Education Services |  |  | 2135765 | 12048652 | 3.0% |
| Pepper Palace, Inc. (k)(g) | Specialty Food Retailer | First Lien Term Loan<br> 4.42% PIK, 12/31/2028 | 6/30/2021 | $2400000 | 2400000 | 1303994 | 0.3% |
| Pepper Palace, Inc. (j)(k)(g) | Specialty Food Retailer | Delayed Draw Term Loan<br> 4.42% PIK, 12/31/2028 | 6/30/2021 | $400000 | 400000 | 204389 | 0.1% |
| Pepper Palace, Inc. (j)(k)(g) | Specialty Food Retailer | Revolving Credit Facility<br> 4.42% PIK, 12/31/2028 | 6/30/2021 | $1000000 | 1000000 | 530528 | 0.1% |
| Pepper Palace, Inc. (h)(g) | Specialty Food Retailer | Class A Units | 6/30/2021 | 100000 | 138561 | - | 0.0% |
|  |  | Total Specialty Food Retailer |  |  | 3938561 | 2038911 | 0.5% |
| Saratoga Investment Corp. CLO 2013-1, Ltd. (a)(e)(g) | Structured Finance Securities | Other/Structured Finance Securities<br> 0.00%, 4/20/2033 | 1/22/2008 | $111000000 | 14408784 | - | 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<br> (3M USD TERM SOFR+10.00%), 14.43%, 4/20/2033 | 8/9/2021 | $9375000 | 9375000 | - | 0.0% |
| Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E-R Note (a)(g) | Structured Finance Securities | Other/Structured Finance Securities<br> (3M USD TERM SOFR+7.35%), 11.14%, 10/20/2037 | 9/24/2025 | $8750000 | 8443750 | 8422177 | 2.1% |
|  |  | Total Structured Finance Securities |  |  | 32227534 | 8422177 | 2.1% |
| Saratoga Senior Loan Fund I JV, LLC (a)(g)(j) | Investment Fund | Unsecured Loan<br> 10.00%, 10/20/2033 | 12/17/2021 | $17618954 | 17618954 | 16130152 | 4.1% |
| Saratoga Senior Loan Fund I JV, LLC (a)(g)(n) | Investment Fund | Membership Interest | 12/17/2021 | 19197861 | 19197861 | 1535443 | 0.4% |
|  |  | Total Investment Fund |  |  | 36816815 | 17665595 | 4.5% |
| **Sub Total Control investments** |  |  |  |  | **75118675** | **40175335** | **10.1%** |
| **TOTAL INVESTMENTS - 280.0% (b)** |  |  |  |  | $**1136387874** | $**1109133812** | **280.0%** |

---

**Saratoga Investment Corp.**

**Consolidated Schedule of Investments**

**February 28, 2026**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of <br> Shares** | **Cost** | **Fair Value** | **% of<br> 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) | 1680070 | $1680070 | $1680070 | 0.4% |
| **Cash and cash equivalents** | **1680070** | **1680070** | **1680070** | **0.4%** |
| Goldman Sachs Financial Square Government Fund (1)(2) | 17583548 | 17583548 | 17583548 | 4.4% |
| Valley National Bank Business Money Market Fund (1)(3) | 2522135 | 2522135 | 2522135 | 0.7% |
| **Cash and cash equivalents, reserve accounts** | **20105683** | **20105683** | **20105683** | **5.1%** |
| **Total Money Market Funds (included in cash and cash equivalents and cash and cash equivalents, reserve accounts)** | **21785753** | $**21785753** | $**21785753** | **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 <br> Value at <br> the Beginning <br> of Year** | **Purchases/<br> Add-ons** | **Sales/<br> Paydowns** | **Total <br> Interest from<br> Investments** | **Management <br> Fee Income** | **Net Realized <br> Gain (Loss)<br> from <br> Investments** | **Net <br> Change in<br> Unrealized <br> Appreciation <br> (Depreciation)** | **Fair <br> Value at <br> End of <br> Period** |
| Axero Holdings, LLC | $27179347 | $- | $- | $2017402 | $- | $- | $131417 | $28427238 |
| ETU Holdings, Inc. | 13368085 | 730280.00 | - | 2143472 | - | - | 684994 | 16055433 |
| SmartAC.com, LLC | - | 10939999 | (2882702) | 807160 | - | - | 139996 | 8228240 |
| **Total** | $40547432 | $11670279 | $(2882702) | $4968034 | $- | $- | $956407 | $52710911 |

---

**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 <br> Value at<br> the Beginning <br> of Year** | **Purchases/<br> Add-Ons** | **Sales/<br> Paydowns** | **Total<br> Interest from<br> Investments** | **Total <br> Dividends from<br> Investments** | **Management <br> Fee Income** | **Net Realized<br> Gain (Loss)<br> from<br> Investments** | **Net <br> Change in <br> Unrealized <br> Appreciation<br> (Depreciation)** | **Fair <br> Value at <br> End of <br> Period** |
| Netreo Holdings, LLC | $- | $- | $(638355) | $- | $- | $- | $638355 | $- | $- |
| Pepper Palace, Inc. | 1547000 | 1000000 | - | - | - | - | - | (508089) | 2038911 |
| Zollege PBC | 3937150 | - | - | 115928 | - | - | - | 8192362 | 12048652 |
| Saratoga Investment Corp. CLO 2013-1, Ltd. | 240578 |  | - | - | - | 2586517 | - | 239675 | - |
| Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E Note | 12250000 | - | (12250000) | 1762122 | - | - | - | (857500) | - |
| Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note | 2280938 | - | - | 1222262 | - | - | - | (2280938) | - |
| Saratoga Senior Loan Fund I JV, LLC | 16533626 | - | - | 1765814 | - | - | - | (403474) | 16130152 |
| Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E-R Note | - | 8443750 | - | 431533 | - | - | - | (21573) | 8422177 |
| Saratoga Senior Loan Fund I JV, LLC | 3080916 | 1614375 | - | - | 2404864 | - | - | (3159849) | 1535443 |
| **Total** | $39870208 | $11058125 | $(12888355) | $5297659 | $2404864 | $2586517 | $638355 | $1200614 | $40175335 |

---

(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) 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 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.**

**Consolidated Schedule of Investments**

**February 28, 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)** | **Industry** | **Investment Interest Rate/<br> Maturity** | **Original <br> Acquisition Date** | **Principal/<br> Number of Shares** | **Cost** | **Fair<br> Value (c)** | **% of<br> Net Assets** |
| **Non-control/Non-affiliate investments - 229.3% (b)** |  |  |  | | | | |
| Altvia MidCo, LLC. | Alternative Investment Management Software | First Lien Term Loan<br> (3M USD TERM SOFR+8.50%), 12.82% Cash, 7/18/2027 | &nbsp;&nbsp;7/18/2022 | $8835600 | $8775378 | $8845319 | 2.3% |
| Altvia MidCo, LLC. (h) | Alternative Investment Management Software | Series A-1 Preferred Shares | &nbsp;&nbsp;7/18/2022 | 2000000 | 2000000 | 2730236 | 0.7% |
|  |  | Total Alternative Investment Management Software |  |  | 10775378 | 11575555 | 3.0% |
| BQE Software, Inc. (d) | Architecture & Engineering Software | First Lien Term Loan<br> (3M USD TERM SOFR+5.50%), 9.82% Cash, 4/13/2028 | &nbsp;&nbsp;4/13/2023 | $24500000 | 24328507 | 24541650 | 6.3% |
| BQE Software, Inc. (j) | Architecture & Engineering Software | Delayed Draw Term Loan<br> (3M USD TERM SOFR+5.50%), 9.82% Cash, 4/13/2028 | &nbsp;&nbsp;4/13/2023 | $750000 | 746569 | 751275 | 0.2% |
|  |  | Total Architecture & Engineering Software |  |  | 25075076 | 25292925 | 6.5% |
| GrowthZone, LLC | Association Management Software | First Lien Term Loan<br> (3M USD TERM SOFR+8.25%), 12.57% Cash, 5/10/2028 | &nbsp;&nbsp;5/10/2023 | $23336753 | 23044093 | 23402096 | 6.0% |
| Golden TopCo LP (h) | Association Management Software | Class A-2 Common Units | &nbsp;&nbsp;5/10/2023 | 1072394 | 1072394 | 1447602 | 0.4% |
|  |  | Total Association Management Software |  |  | 24116487 | 24849698 | 6.4% |
| Artemis Wax Corp. (d)(j) | Consumer Services | Delayed Draw Term Loan<br> (1M USD TERM SOFR+7.50%), 11.82% Cash, 5/20/2026 | &nbsp;&nbsp;5/20/2021 | $57500000 | 57333736 | 56953750 | 14.5% |
| Artemis Wax Corp. (h) | Consumer Services | Series B-1 Preferred Stock | &nbsp;&nbsp;5/20/2021 | 934463 | 1500000 | 338044 | 0.1% |
| Artemis Wax Corp. (h) | Consumer Services | Series D Preferred Stock | &nbsp;&nbsp;12/22/2022 | 331640 | 1711866 | 2147020 | 0.5% |
|  |  | Total Consumer Services |  |  | 60545602 | 59438814 | 15.1% |
| Schoox, Inc. (h), (i) | Corporate Education Software | Series 1 Membership Interest | &nbsp;&nbsp;12/8/2020 | 1050 | 475698 | 3978192 | 1.0% |
|  |  | Total Corporate Education Software |  |  | 475698 | 3978192 | 1.0% |
| Innergy, Inc. | Custom Millwork Software | First Lien Term Loan<br> (3M USD TERM SOFR+5.50%), 9.82% Cash, 1/31/2030 | &nbsp;&nbsp;2/20/2025 | $32000000 | 31721847 | 31721600 | 8.1% |
| Innergy, Inc. (j) | Custom Millwork Software | Delayed Draw Term Loan<br> (3M USD TERM SOFR+5.50%), 9.82% Cash, 1/31/2030 | &nbsp;&nbsp;2/20/2025 | $- | - | - | 0.0% |
|  |  | Total Custom Millwork Software |  |  | 31721847 | 31721600 | 8.1% |
| GreyHeller LLC (h) | Cyber Security | Common Stock | &nbsp;&nbsp;11/10/2021 | 7857689 | 1906275 | 3516571 | 0.9% |
|  |  | Total Cyber Security |  |  | 1906275 | 3516571 | 0.9% |
| Gen4 Dental Partners Holdings, LLC | Dental Practice Management | First Lien Term Loan<br> (1M USD TERM SOFR+5.75%), 10.07% Cash, 5/13/2030 | &nbsp;&nbsp;5/13/2024 | $7107143 | 7043790 | 7043179 | 1.8% |
| Gen4 Dental Partners Holdings, LLC (j) | Dental Practice Management | Delayed Draw Term Loan<br> (1M USD TERM SOFR+5.75%), 10.07% Cash, 5/13/2030 | &nbsp;&nbsp;5/13/2024 | $- | - | - | 0.0% |
| Gen4 Dental Partners Holdings, LLC (j) | Dental Practice Management | Revolving Credit Facility<br> (1M USD TERM SOFR+5.75%), 10.07% Cash, 5/13/2030 | &nbsp;&nbsp;5/13/2024 | $- | - | - | 0.0% |
| Gen4 Dental Partners Holdings, LLC (h)(i) | Dental Practice Management | Series A Preferred Units | &nbsp;&nbsp;2/8/2023 | 493999 | 1027519 | 972485 | 0.2% |
| Modis Dental Partners OpCo, LLC | Dental Practice Management | First Lien Term Loan<br> (1M USD TERM SOFR+9.41%), 13.74% Cash, 4/18/2028 | &nbsp;&nbsp;4/18/2023 | $7000000 | 6925052 | 7079800 | 1.8% |

---

**Saratoga Investment Corp.**

**Consolidated Schedule of Investments**

**February 28, 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)** | **Industry** | **Investment Interest Rate/<br> Maturity** | **Original <br> Acquisition Date** | **Principal/<br> Number of Shares** | **Cost** | **Fair <br> Value (c)** | **% of<br> Net Assets** |
| Modis Dental Partners OpCo, LLC (j) | Dental Practice Management | Delayed Draw Term Loan<br> (1M USD TERM SOFR+9.41%), 13.74% Cash, 4/18/2028 | &nbsp;&nbsp;4/18/2023 | $8600000 | 8498729 | 8698040 | 2.2% |
| Modis Dental Partners OpCo, LLC (h) | Dental Practice Management | Class A Preferred Units | &nbsp;&nbsp;4/18/2023 | 2950000 | 2950000 | 2552488 | 0.7% |
| New England Dental Partners | Dental Practice Management | First Lien Term Loan<br> (3M USD TERM SOFR+8.00%), 12.47% Cash, 11/25/2025 | &nbsp;&nbsp;11/25/2020 | $6555000 | 6541869 | 6636282 | 1.7% |
| New England Dental Partners | Dental Practice Management | Delayed Draw Term Loan<br> (3M USD TERM SOFR+8.00%), 12.47% Cash, 11/25/2025 | &nbsp;&nbsp;11/25/2020 | $2150000 | 2148547 | 2176660 | 0.6% |
|  |  | Total Dental Practice Management |  |  | 35135506 | 35158934 | 9.0% |
| Exigo, LLC (d) | Direct Selling Software | First Lien Term Loan<br> (1M USD TERM SOFR+6.25%), 10.67% Cash, 3/16/2027 | &nbsp;&nbsp;3/16/2022 | $24065038 | 23961810 | 23352713 | 5.9% |
| Exigo, LLC (j) | Direct Selling Software | Revolving Credit Facility<br> (1M USD TERM SOFR+6.25%), 10.67% Cash, 3/16/2027 | &nbsp;&nbsp;3/16/2022 | $- | - | (18500) | 0.0% |
| Exigo, LLC (h), (i) | Direct Selling Software | Common Units | &nbsp;&nbsp;3/16/2022 | 1041667 | 1041667 | 729464 | 0.2% |
|  |  | Total Direct Selling Software |  |  | 25003477 | 24063677 | 6.1% |
| C2 Educational Systems, Inc. (d) | Education Services | First Lien Term Loan<br> (3M USD TERM SOFR+8.50%), 12.82% Cash, 5/31/2025 | &nbsp;&nbsp;5/31/2017 | $23000000 | 22993974 | 22990800 | 5.9% |
| C2 Educational Systems, Inc. (j) | Education Services | Delayed Draw Term Loan<br> (3M USD TERM SOFR+8.50%), 12.82% Cash, 5/31/2025 | &nbsp;&nbsp;4/28/2023 | $- | - | - | 0.0% |
| C2 Education Systems, Inc. (h) | Education Services | Series A-1 Preferred Stock | &nbsp;&nbsp;5/18/2021 | 3127 | 499904 | 605383 | 0.2% |
|  |  | Total Education Services |  |  | 23493878 | 23596183 | 6.1% |
| GoReact | Education Software | First Lien Term Loan<br> (3M USD TERM SOFR+7.50%), 12.02% Cash/1.00% PIK, 4/17/2025 | &nbsp;&nbsp;1/17/2020 | $8170158 | 8169876 | 8170158 | 2.1% |
| GoReact (j) | Education Software | Delayed Draw Term Loan<br> (3M USD TERM SOFR+7.50%), 12.02% Cash/1.00% PIK, 4/17/2025 | &nbsp;&nbsp;1/18/2022 | $- | - | - | 0.0% |
| Identity Automation Systems (h) | Education Software | Common Stock Class A-2 Units | &nbsp;&nbsp;8/25/2014 | 232616 | 232616 | 1182481 | 0.3% |
| Identity Automation Systems (h) | Education Software | Common Stock Class A-1 Units | &nbsp;&nbsp;3/6/2020 | 43715 | 171571 | 329237 | 0.1% |
| Ready Education (d) | Education Software | First Lien Term Loan<br> (3M USD TERM SOFR+7.00%), 11.32% Cash, 8/5/2027 | &nbsp;&nbsp;8/5/2022 | $32000000 | 31801611 | 31913600 | 8.1% |
|  |  | Total Education Software |  |  | 40375674 | 41595476 | 10.6% |

---

**Saratoga Investment Corp.**

**Consolidated Schedule of Investments**

**February 28, 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)** | **Industry** | **Investment Interest Rate/<br> Maturity** | **Original <br> Acquisition Date** | **Principal/<br> Number of Shares** | **Cost** | **Fair <br> Value (c)** | **% of<br> Net Assets** |
| TG Pressure Washing Holdings, LLC (h) | Facilities Maintenance | Preferred Equity | &nbsp;&nbsp;8/12/2019 | 488148 | 488148 | - | 0.0% |
|  |  | Total Facilities Maintenance |  |  | 488148 | - | 0.0% |
| Davisware, LLC | Field Service Management | First Lien Term Loan<br> (3M USD TERM SOFR+6.50%), 10.82% Cash, 11/30/2025 | &nbsp;&nbsp;9/6/2019 | $6000000 | 6000000 | 6012000 | 1.5% |
| Davisware, LLC (j) | Field Service Management | Delayed Draw Term Loan <br> (3M USD TERM SOFR+6.50%), 10.82% Cash, 11/30/2025 | &nbsp;&nbsp;9/6/2019 | $5727790 | 5725290 | 5739246 | 1.5% |
|  |  | Total Field Service Management |  |  | 11725290 | 11751246 | 3.0% |
| GDS Software Holdings, LLC | Financial Services | First Lien Term Loan <br> (3M USD TERM SOFR+7.00%), 11.32% Cash, 12/30/2026 | &nbsp;&nbsp;12/30/2021 | $22713926 | 22655802 | 22654870 | 5.8% |
| GDS Software Holdings, LLC (d) | Financial Services | Delayed Draw Term Loan<br> (3M USD TERM SOFR+7.00%), 11.32% Cash, 12/30/2026 | &nbsp;&nbsp;12/30/2021 | $3286074 | 3266913 | 3277530 | 0.8% |
| GDS Software Holdings, LLC (h) | Financial Services | Common Stock Class A Units | &nbsp;&nbsp;8/23/2018 | 250000 | 250000 | 370057 | 0.1% |
|  |  | Total Financial Services |  |  | 26172715 | 26302457 | 6.7% |
| Ascend Software, LLC | Financial Services Software | First Lien Term Loan<br> (3M USD TERM SOFR+7.50%), 12.08% Cash, 12/15/2026 | &nbsp;&nbsp;12/15/2021 | $6000000 | 5974824 | 5930400 | 1.5% |
| Ascend Software, LLC (j) | Financial Services Software | Delayed Draw Term Loan<br> (3M USD TERM SOFR+7.50%), 12.08% Cash, 12/15/2026 | &nbsp;&nbsp;12/15/2021 | $4050000 | 4037989 | 4003020 | 1.0% |
|  |  | Total Financial Services Software |  |  | 10012813 | 9933420 | 2.5% |
| Inspect Point Holdings, LLC | Fire Inspection Business Software | First Lien Term Loan <br> (1M USD TERM SOFR+6.50%), 10.82% Cash, 07/19/2028 | &nbsp;&nbsp;7/19/2023 | $10000000 | 9927042 | 10178000 | 2.6% |
| Inspect Point Holdings, LLC (j) | Fire Inspection Business Software | Delayed Draw Term Loan <br> (1M USD TERM SOFR+6.50%), 10.82% Cash, 07/19/2028 | &nbsp;&nbsp;7/19/2023 | $- | - | - | 0.0% |
|  |  | Total Fire Inspection Business Software |  |  | 9927042 | 10178000 | 2.6% |
| Stretch Zone Franchising, LLC (d) | Health/Fitness Franchisor | First Lien Term Loan<br> (3M USD TERM SOFR+7.00%), 11.32% Cash, 3/31/2028 | &nbsp;&nbsp;3/31/2023 | $28717271 | 28525975 | 27327355 | 7.0% |
| Stretch Zone Franchising, LLC (j) | Health/Fitness Franchisor | Delayed Draw Term Loan<br> (3M USD TERM SOFR+7.00%), 11.32% Cash, 3/31/2028 | &nbsp;&nbsp;3/31/2023 | $- | - | (72600) | 0.0% |
| Stretch Zone Franchising, LLC (h) | Health/Fitness Franchisor | Class A Units | &nbsp;&nbsp;3/31/2023 | 20000 | 2000000 | 1198117 | 0.3% |
|  |  | Total Health/Fitness Franchisor |  |  | 30525975 | 28452872 | 7.3% |
| Alpha Aesthetics Partners OpCo, LLC | Healthcare Services | First Lien Term Loan<br> (1M USD TERM SOFR+9.92%), 14.25% Cash, 3/20/2028 | &nbsp;&nbsp;3/20/2023 | $3900000 | 3858168 | 3952260 | 1.1% |
| Alpha Aesthetics Partners OpCo, LLC | Healthcare Services | Delayed Draw Term Loan<br> (1M USD TERM SOFR+9.92%), 14.25% Cash, 3/20/2028 | &nbsp;&nbsp;3/20/2023 | $15100000 | 14915338 | 15302340 | 3.9% |
| Alpha Aesthetics Partners OpCo, LLC (h) | Healthcare Services | Class A Preferred Units | &nbsp;&nbsp;3/20/2023 | 3675000 | 3675000 | 3822369 | 1.0% |

---

**Saratoga Investment Corp.**

**Consolidated Schedule of Investments**

**February 28, 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)** | **Industry** | **Investment Interest Rate/<br> Maturity** | **Original <br> Acquisition Date** | **Principal/<br> Number of Shares** | **Cost** | **Fair <br> Value (c)** | **% of<br> Net Assets** |
| Axiom Medical Consulting, LLC | Healthcare Services | First Lien Term Loan<br> (3M USD TERM SOFR+6.00%), 10.32% Cash, 9/11/2028 | &nbsp;&nbsp;9/11/2023 | $6000000 | 5959513 | 6000000 | 1.5% |
| Axiom Medical Consulting, LLC (j) | Healthcare Services | Delayed Draw Term Loan<br> (3M USD TERM SOFR+6.00%), 10.32% Cash, 9/11/2028 | &nbsp;&nbsp;9/11/2023 | $- | - | - | 0.0% |
| Axiom Parent Holdings, LLC (h) | Healthcare Services | Class A Preferred Units | &nbsp;&nbsp;6/19/2018 | 400000 | 258389 | 884831 | 0.2% |
| ComForCare Health Care (d) | Healthcare Services | First Lien Term Loan<br> (3M USD TERM SOFR+6.25%), 10.57% Cash, 12/31/2027 | &nbsp;&nbsp;1/31/2017 | $55000000 | 54766528 | 55187000 | 14.1% |
|  |  | Total Healthcare Services |  |  | 83432936 | 85148800 | 21.8% |
| Procurement Partners, LLC | Healthcare Software | First Lien Term Loan<br> (3M USD TERM SOFR+6.50%), 10.82% Cash, 5/12/2026 | &nbsp;&nbsp;11/12/2020 | $35125000 | 35033286 | 35125000 | 8.9% |
| Procurement Partners, LLC | Healthcare Software | Delayed Draw Term Loan<br> (3M USD TERM SOFR+6.50%), 10.82% Cash, 5/12/2026 | &nbsp;&nbsp;11/12/2020 | $10300000 | 10287080 | 10300000 | 2.6% |
| Procurement Partners Holdings LLC (h) | Healthcare Software | Class A Units | &nbsp;&nbsp;11/12/2020 | 571219 | 571219 | 442532 | 0.1% |
| Procurement Partners Holdings LLC (h) | Healthcare Software | Class AA Units | &nbsp;&nbsp;11/12/2020 | 220385 | 30994 | 118529 | 0.0% |
|  |  | Total Healthcare Software |  |  | 45922579 | 45986061 | 11.6% |
| Roscoe Medical, Inc. (h) | Healthcare Supply | Common Stock | &nbsp;&nbsp;3/26/2014 | 5081 | 508077 | - | 0.0% |
|  |  | Total Healthcare Supply |  |  | 508077 | - | 0.0% |
| Granite Comfort, LP (d) | HVAC Services and Sales | First Lien Term Loan<br> (3M USD TERM SOFR+7.41%), 11.72% Cash, 5/16/2027 | &nbsp;&nbsp;11/16/2020 | $43000000 | 42842108 | 41937900 | 10.7% |
| Granite Comfort, LP (j)(d) | HVAC Services and Sales | Delayed Draw Term Loan<br> (3M USD TERM SOFR+7.41%), 11.72% Cash, 5/16/2027 | &nbsp;&nbsp;11/16/2020 | $16207805 | 16101236 | 15520041 | 4.0% |
|  |  | Total HVAC Services and Sales |  |  | 58943344 | 57457941 | 14.7% |
| Vector Controls Holding Co., LLC (h) | Industrial Products | Warrants to Purchase Limited Liability Company Interests, Expires 3/6/2025 | &nbsp;&nbsp;5/31/2015 | 329 | - | 9404077 | 2.4% |
|  |  | Total Industrial Products |  |  | - | 9404077 | 2.4% |

---

**Saratoga Investment Corp.**

**Consolidated Schedule of Investments**

**February 28, 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)** | **Industry** | **Investment Interest Rate/<br> Maturity** | **Original <br> Acquisition Date** | **Principal/<br> Number of Shares** | **Cost** | **Fair <br> Value (c)** | **% of<br> Net Assets** |
| AgencyBloc, LLC | Insurance Software | First Lien Term Loan <br> (1M USD TERM SOFR+7.76%), 12.09% Cash, 10/1/2026 | &nbsp;&nbsp;10/1/2021 | $15615511 | 15553310 | 15615511 | 4.0% |
| Panther ParentCo LLC (h) | Insurance Software | Class A Units | &nbsp;&nbsp;10/1/2021 | 2500000 | 2500000 | 4729353 | 1.2% |
|  |  | Total Insurance Software |  |  | 18053310 | 20344864 | 5.2% |
| Avantra | IT Services | First Lien Term Loan<br> (3M USD TERM SOFR+7.97%), 12.29% Cash, 9/20/2029 | &nbsp;&nbsp;9/19/2024 | $17000000 | 16823180 | 16809600 | 4.3% |
| Maple Holdings Midco Limited (h) | IT Services | Class A Common Units | &nbsp;&nbsp;9/19/2024 | 2000000 | 2000000 | 2000000 | 0.5% |
|  |  | Total IT Services |  |  | 18823180 | 18809600 | 4.8% |
| ActiveProspect, Inc. (d) | Lead Management Software | First Lien Term Loan<br> (3M USD TERM SOFR+6.00%), 10.52% Cash, 8/8/2027 | &nbsp;&nbsp;8/8/2022 | $11525624 | 11470461 | 11640880 | 3.0% |
| ActiveProspect, Inc. (j) | Lead Management Software | Delayed Draw Term Loan<br> (3M USD TERM SOFR+6.00%), 10.52% Cash, 8/8/2027 | &nbsp;&nbsp;8/8/2022 | $- | - | - | 0.0% |
|  |  | Total Lead Management Software |  |  | 11470461 | 11640880 | 3.0% |
| Madison Logic, Inc. (d)(m) | Marketing Orchestration Software | First Lien Term Loan<br> (1M USD TERM SOFR+7.50%), 11.82% Cash, 12/30/2028 | &nbsp;&nbsp;12/30/2022 | $18841634 | 18649126 | 18444075 | 4.7% |
|  |  | Total Marketing Orchestration Software |  |  | 18649126 | 18444075 | 4.7% |
| ARC Health OpCo LLC (d) | Mental Healthcare Services | First Lien Term Loan<br> (3M USD TERM SOFR+8.40%), 12.72% Cash, 8/5/2027 | &nbsp;&nbsp;8/5/2022 | $6500000 | 6455259 | 6184750 | 1.6% |
| ARC Health OpCo LLC (d) | Mental Healthcare Services | Delayed Draw Term Loan<br> (3M USD TERM SOFR+8.40%), 12.72% Cash, 8/5/2027 | &nbsp;&nbsp;8/5/2022 | $26914577 | 26907840 | 25609220 | 6.5% |
| ARC Health OpCo LLC (h) | Mental Healthcare Services | Class A Preferred Units | &nbsp;&nbsp;8/5/2022 | 3818400 | 4169599 | 610944 | 0.2% |
|  |  | Total Mental Healthcare Services |  |  | 37532698 | 32404914 | 8.3% |

---

**Saratoga Investment Corp.**

**Consolidated Schedule of Investments**

**February 28, 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)** | **Industry** | **Investment Interest Rate/<br> Maturity** | **Original <br> Acquisition Date** | **Principal/<br> Number of Shares** | **Cost** | **Fair <br> Value (c)** | **% of<br> Net Assets** |
| Chronus LLC | Mentoring Software | First Lien Term Loan<br> (3M USD TERM SOFR+5.25%), 9.72% Cash, 8/26/2026 | &nbsp;&nbsp;8/26/2021 | $15000000 | 14943520 | 14910000 | 3.8% |
| Chronus LLC (d) | Mentoring Software | First Lien Term Loan<br> (3M USD TERM SOFR+6.00%), 10.47% Cash, 8/26/2026 | &nbsp;&nbsp;8/26/2021 | $5000000 | 4975736 | 4970000 | 1.3% |
| Chronus LLC (h) | Mentoring Software | Series A Preferred Stock | &nbsp;&nbsp;8/26/2021 | 3000 | 3000000 | 2146574 | 0.5% |
|  |  | Total Mentoring Software |  |  | 22919256 | 22026574 | 5.6% |
| Cloudpermit | Municipal Government Software | First Lien Term Loan<br> (3M USD TERM SOFR+5.75%), 10.07% Cash, 9/5/2029 | &nbsp;&nbsp;9/5/2024 | $28000000 | 27750119 | 27720000 | 7.1% |
| Cloudpermit (j) | Municipal Government Software | Delayed Draw Term Loan<br> (3M USD TERM SOFR+5.75%), 10.07% Cash, 9/5/2029 | &nbsp;&nbsp;9/5/2024 | $- | - | - | 0.0% |
| Cloudpermit (h) | Municipal Government Software | Limited Partner Interests | &nbsp;&nbsp;9/5/2024 | 2000 | 2000000 | 2000000 | 0.5% |
|  |  | Total Municipal Government Software |  |  | 29750119 | 29720000 | 7.6% |
| Omatic Software, LLC (d) | Non-profit Services | First Lien Term Loan<br> (3M USD TERM SOFR+8.00%), 12.58% Cash/1.00% PIK, 6/30/2025 | &nbsp;&nbsp;5/29/2018 | $16435922 | 16429958 | 16470437 | 4.2% |
|  |  | Total Non-profit Services |  |  | 16429958 | 16470437 | 4.2% |
| Emily Street Enterprises, L.L.C. (d) | Office Supplies | Senior Secured Note<br> (3M USD TERM SOFR+6.75%), 11.07% Cash, 12/31/2028 | &nbsp;&nbsp;12/28/2012 | $5300000 | 5285054 | 5339220 | 1.4% |
|  |  | Total Office Supplies |  |  | 5285054 | 5339220 | 1.4% |
| Buildout, Inc. (d) | Real Estate Services | First Lien Term Loan<br> (3M USD TERM SOFR+7.00%), 11.42% Cash, 7/9/2025 | &nbsp;&nbsp;7/9/2020 | $14000000 | 13985556 | 13587000 | 3.5% |
| Buildout, Inc. | Real Estate Services | Delayed Draw Term Loan<br> (3M USD TERM SOFR+7.00%), 11.42% Cash, 7/9/2025 | &nbsp;&nbsp;2/12/2021 | $38500000 | 38454669 | 37364250 | 9.5% |
| Buildout, Inc. (h)(i) | Real Estate Services | Limited Partner Interests | &nbsp;&nbsp;7/9/2020 | 1250 | 1372557 | 798892 | 0.2% |
|  |  | Total Real Estate Services |  |  | 53812782 | 51750142 | 13.2% |
| Wellspring Worldwide Inc. | Research Software | First Lien Term Loan <br> (3M USD TERM SOFR+8.42%), 12.74% Cash, 12/22/2028 | &nbsp;&nbsp;6/27/2022 | $9492000 | 9428229 | 9492000 | 2.4% |
| Wellspring Worldwide Inc. | Research Software | Delayed DrawTerm Loan <br> (3M USD TERM SOFR+8.42%), 12.74% Cash, 12/22/2028 | &nbsp;&nbsp;6/27/2022 | $14400000 | 14259405 | 14400000 | 3.7% |
| Archimedes Parent LLC (h) | Research Software | Class A Common Units | &nbsp;&nbsp;6/27/2022 | 2475160 | 2475160 | 2387902 | 0.6% |
|  |  | Total Research Software |  |  | 26162794 | 26279902 | 6.7% |
| LFR Chicken LLC | Restaurant | First Lien Term Loan<br> (1M USD TERM SOFR+7.00%), 11.32% Cash, 11/19/2026 | &nbsp;&nbsp;11/19/2021 | $12000000 | 11952144 | 12000000 | 3.1% |
| LFR Chicken LLC (j) | Restaurant | Delayed Draw Term Loan<br> (1M USD TERM SOFR+7.00%), 11.32% Cash, 11/19/2026 | &nbsp;&nbsp;11/19/2021 | $18000000 | 17906382 | 18000000 | 4.6% |

---

**Saratoga Investment Corp.**

**Consolidated Schedule of Investments**

**February 28, 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)** | **Industry** | **Investment Interest Rate/<br> Maturity** | **Original <br> Acquisition Date** | **Principal/<br> Number of Shares** | **Cost** | **Fair <br> Value (c)** | **% of<br> Net Assets** |
| LFR Chicken LLC (h) | Restaurant | Series B Preferred Units | &nbsp;&nbsp;11/19/2021 | 497183 | 1000000 | 1599989 | 0.4% |
|  |  | Total Restaurant |  |  | 30858526 | 31599989 | 8.1% |
| Avionte Holdings, LLC (h) | Staffing Services | Class A Units | &nbsp;&nbsp;1/8/2014 | 100000 | 100000 | 3426460 | 0.9% |
|  |  | Total Staffing Services |  |  | 100000 | 3426460 | 0.9% |
| JDXpert | Talent Acquisition Software | First Lien Term Loan<br> (3M USD TERM SOFR+8.50%), 13.08% Cash, 5/2/2027 | &nbsp;&nbsp;5/2/2022 | $6000000 | 5969521 | 6000000 | 1.5% |
| JDXpert | Talent Acquisition Software | Delayed Draw Term Loan<br> (3M USD TERM SOFR+8.50%), 13.08% Cash, 5/2/2027 | &nbsp;&nbsp;5/2/2022 | $1000000 | 993974 | 1000000 | 0.3% |
| JDXpert (j) | Talent Acquisition Software | Delayed Draw Term Loan<br> (3M USD TERM SOFR+8.50%), 13.08% Cash, 5/2/2027 | &nbsp;&nbsp;3/31/2023 | $500000 | 496237 | 500000 | 0.1% |
| Jobvite, Inc. (d) | Talent Acquisition Software | First Lien Term Loan<br> (3M USD TERM SOFR+7.50%), 11.82% Cash, 8/5/2028 | &nbsp;&nbsp;8/5/2022 | $20000000 | 19900196 | 19834000 | 5.1% |
|  |  | Total Talent Acquisition Software |  |  | 27359928 | 27334000 | 7.0% |
| VetnCare MSO, LLC (j) | Veterinary Services | Delayed Draw Term Loan<br> (3M USD TERM SOFR+5.75%), 10.07% Cash, 5/12/2028 | &nbsp;&nbsp;5/12/2023 | $12680505 | 12580925 | 12666554 | 3.2% |
|  |  | Total Veterinary Services |  |  | 12580925 | 12666554 | 3.2% |
| **Sub Total Non-control/Non-affiliate investments** |  |  |  |  | **886071934** | **897660110** | **229.3%** |
| **Affiliate investments - 10.3% (b)** |  |  |  |  |  |  |  |
| ETU Holdings, Inc. (f) | Corporate Education Software | First Lien Term Loan<br> (3M USD TERM SOFR+9.00%), 13.47% Cash, 8/18/2027 | &nbsp;&nbsp;8/18/2022 | $7000000 | 6959248 | 6980400 | 1.8% |
| ETU Holdings, Inc. (f) | Corporate Education Software | Second Lien Term Loan<br> 15.00% PIK, 2/18/2028 | &nbsp;&nbsp;8/18/2022 | $7125931 | 7093577 | 6387685 | 1.6% |
| ETU Holdings, Inc. (f)(h) | Corporate Education Software | Series A Preferred Units | &nbsp;&nbsp;8/18/2022 | 3000000 | 3000000 | - | 0.0% |
|  |  | Total Corporate Education Software |  |  | 17052825 | 13368085 | 3.4% |

---

**Saratoga Investment Corp.**

**Consolidated Schedule of Investments**

**February 28, 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)** | **Industry** | **Investment Interest Rate/<br> Maturity** | **Original <br> Acquisition Date** | **Principal/<br> Number of Shares** | **Cost** | **Fair <br> Value (c)** | **% of<br> Net Assets** |
| Axero Holdings, LLC (f) | Employee Collaboration Software | First Lien Term Loan<br> 4.50% Cash, (3M USD TERM SOFR + 2.50%) PIK, 12/31/2027 | &nbsp;&nbsp;6/30/2021 | $15933063 | 15913591 | 15933063 | 4.1% |
| Axero Holdings, LLC (f) | Employee Collaboration Software | Delayed Draw Term Loan<br> 4.50% Cash, (3M USD TERM SOFR + 2.50%) PIK, 12/31/2027 | &nbsp;&nbsp;6/30/2021 | $1130734 | 1126177 | 1130734 | 0.3% |
| Axero Holdings, LLC (f)(j) | Employee Collaboration Software | Revolving Credit Facility<br> 4.50% Cash, (3M USD TERM SOFR + 2.50%) PIK, 12/31/2027 | &nbsp;&nbsp;2/3/2022 | $- | - | - | 0.0% |
| Axero Holdings, LLC (f)(h) | Employee Collaboration Software | Series A Preferred Units | &nbsp;&nbsp;6/30/2021 | 2055609 | 2055609 | 3529000 | 0.9% |
| Axero Holdings, LLC (f)(h) | Employee Collaboration Software | Series B Preferred Units | &nbsp;&nbsp;6/30/2021 | 2055609 | 2055609 | 6586550 | 1.6% |
|  |  | Total Employee Collaboration Software |  |  | 21150986 | 27179347 | 6.9% |
| **Sub Total Affiliate investments** |  |  |  |  | **38203811** | **40547432** | **10.3%** |
| **Control investments - 10.2% (b)** |  |  |  |  |  |  |  |
| Zollege PBC (k)(g) | Education Services | First Lien Term Loan<br> 4.84% PIK, 8/9/2027 | &nbsp;&nbsp;5/11/2021 | $1461250 | 1461250 | 1085855 | 0.3% |
| Zollege PBC (h)(g) | Education Services | Common Stock | &nbsp;&nbsp;5/11/2021 | 7731294 | 558799 | 2851295 | 0.7% |
|  |  | Total Education Services |  |  | 2020049 | 3937150 | 1.0% |
| Pepper Palace, Inc. (k)(g) | Specialty Food Retailer | First Lien Term Loan<br> 4.42% PIK, 12/31/2028 | &nbsp;&nbsp;6/30/2021 | $2400000 | 2400000 | 1326000 | 0.3% |
| Pepper Palace, Inc. (j)(k)(g) | Specialty Food Retailer | Delayed Draw Term Loan<br> 4.42% PIK, 12/31/2028 | &nbsp;&nbsp;6/30/2021 | $- | - | - | 0.0% |
| Pepper Palace, Inc. (j)(k)(g) | Specialty Food Retailer | Revolving Credit Facility<br> 4.42% PIK, 12/31/2028 | &nbsp;&nbsp;6/30/2021 | $400000 | 400000 | 221000 | 0.1% |
| Pepper Palace, Inc. (h)(g) | Specialty Food Retailer | Class A Units | &nbsp;&nbsp;6/30/2021 | 100000 | 138561 | - | 0.0% |
|  |  | Total Specialty Food Retailer |  |  | 2938561 | 1547000 | 0.4% |
| Saratoga Investment Corp. CLO 2013-1, Ltd. (a)(e)(g) | Structured Finance Securities | Other/Structured Finance Securities<br> 0.00%, 4/20/2033 | &nbsp;&nbsp;1/22/2008 | $111000000 | 14889037 | 240578 | 0.1% |
| Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note (a)(g) | Structured Finance Securities | Other/Structured Finance Securities<br> (3M USD TERM SOFR+10.00%), 14.58%, 4/20/2033 | &nbsp;&nbsp;8/9/2021 | $9375000 | 9375000 | 2280938 | 0.6% |
| Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E Note (a)(g) | Structured Finance Securities | Other/Structured Finance Securities<br> (3M USD TERM SOFR+8.55%), 12.87%, 10/20/2033 | &nbsp;&nbsp;10/28/2022 | $12250000 | 11392500 | 12250000 | 3.1% |
|  |  | Total Structured Finance Securities |  |  | 35656537 | 14771516 | 3.8% |
| Saratoga Senior Loan Fund I JV, LLC (a)(g)(j) | Investment Fund | Unsecured Loan<br> 10.00%, 10/20/2033 | &nbsp;&nbsp;12/17/2021 | $17618954 | 17618954 | 16533626 | 4.2% |
| Saratoga Senior Loan Fund I JV, LLC (a)(g) | Investment Fund | Membership Interest | &nbsp;&nbsp;12/17/2021 | 17583486 | 17583486 | 3080916 | 0.8% |
|  |  | Total Investment Fund |  |  | 35202440 | 19614542 | 5.0% |
| **Sub Total Control investments** |  |  |  |  | **75817587** | **39870208** | **10.2%** |
| **TOTAL INVESTMENTS - 249.8% (b)** |  |  |  |  | $**1000093332** | $**978077750** | **249.8%** |

---

**Saratoga Investment Corp.**

**Consolidated Schedule of Investments**

**February 28, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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) – 52.1% (b)** |  |  |  |  |
| Goldman Sachs Financial Square Government Fund (1)(2) | 148218492 | $148218492 | $148218492 | 37.7% |
| **Cash and cash equivalents** | **148218492** | **148218492** | **148218492** | **37.7%** |
| Goldman Sachs Financial Square Government Fund (1)(2) | 56505433 | 56505433 | 56505433 | 14.4% |
| **Cash and cash equivalents, reserve accounts** | **56505433** | **56505433** | **56505433** | **14.4%** |
| **Total Money Market Funds (included in cash and cash equivalents and cash and cash equivalents, reserve accounts)** | **204723925** | $**204723925** | $**204723925** | **52.1** **<br> %**  |

---

(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, 2025, was approximately 4.28% on the Goldman Sachs Financial Square Government 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 28, 2025, non-qualifying assets represent 4.0% 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 $392,665,468 as of February 28, 2025.

(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, 2025 in which the issuer was an affiliate are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Fair <br> Value at<br> the Beginning<br> of Year** | **Purchases** | **Sales** | **Total <br> Interest from<br> Investments** | **Management <br> Fee Income** | **Net Realized <br> Gain (Loss)<br> from <br> Investments** | **Net <br> Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Fair<br> Value at<br> End of <br> Period** |
| Axero Holdings, LLC | $14149607 | $10000000 | $- | $1327375 | $- | $- | $2551701 | $27179347 |
| ETU Holdings, Inc. | 13599530.00 | - | - | 2035631 | - | - | (1249802) | 13368085 |
| **Total** | $27749137 | $10000000 | $- | $3363006 | $- | $- | $1301899 | $40547432 |

---

**Saratoga Investment Corp.**

**Consolidated Schedule of Investments**

**February 28, 2025**

(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, 2025 in which the issuer
 was both an affiliate and a portfolio company that we control are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Fair<br> Value at<br> the Beginning <br> of Year** | **Purchases** | **Sales** | **Total <br> Interest from <br> Investments** | **Total<br> Dividends from<br> Investments** | **Management<br> Fee Income** | **Net Realized <br> Gain (Loss)<br> from <br> Investments** | **Net<br> Change in <br> Unrealized <br> Appreciation<br> (Depreciation)** | **Fair <br> Value at<br> End of<br> Period** |
| Netreo Holdings, LLC | $35421889 | $- | $2260337 | $921530 | $- | $- | $(5445808) | $3802854 | $- |
| Pepper Palace, Inc. | 2488682 | 1450000 | - | 1338 | - | - | (34007427) | (1391561) | 1547000 |
| Zollege PBC | 3783928 | 200707 | 209460 | 110862 | - | - | (15110835) | 1917101 | 3937150 |
| Saratoga Investment Corp. CLO 2013-1, Ltd. | 9500627 | - | - | - | - | 3114466 | - | (2147199) | 240578 |
| Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E Note | 12250000 | - | - | 1685977 | - | - | - | - | 12250000 |
| Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note | 8875227 | - | - | 1452981 | - | - | - | (6594289) | 2280938 |
| Saratoga Senior Loan Fund I JV, LLC | 15818297 | - | - | 1761895 | - | - | - | 715329 | 16533626 |
| Saratoga Senior Loan Fund I JV, LLC | 9403996 | - | - | - | 3973584 | - | - | (6323079) | 3080916 |
| **Total** | $97542646 | $1650707 | $2469797 | $5934583 | $3973584 | $3114466 | $(54564070) | $(10020844) | $39870208 |

---

(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, 2025. (See Note 9 to the consolidated financial statements).

(k) As of February 28, 2025, the investment was on non-accrual
 status. The fair value of these investments was approximately $2.6 million, which represented
 0.3% 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, 2025.

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

SOFR - Secured Overnight Financing Rate

1M USD TERM SOFR - The 1 month USD TERM SOFR rate as of February 28, 2025 was 4.32%.

3M USD TERM SOFR - The 3 month USD TERM SOFR rate as of February 28, 2025 was 4.32%.

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**

**February 28, 2026**

**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-MDP, Inc., SIA-PP Inc., SIA-SIQ, Inc., SIA-SZ, Inc., SIA-TG, Inc., SIA-TT, Inc. and SIA-Vector, 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. Under current SBIC regulations, for two or more SBICs under common control, the maximum amount of outstanding SBA debentures cannot exceed $350.0 million with at least $175.0 million in combined regulatory capital.

The Company has formed 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-MDP, Inc., SIA-PP, Inc., SIA-SIQ, Inc., SIA-SZ, Inc., SIA-TG, Inc., SIA-TT Inc., and SIA-Vector, 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 year ended February 28, 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 of a single reporting segment, the segment assets are reflected on the accompanying consolidated statement 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 statement of operations are fully reflective of the significant expense categories and amounts that are regularly provided to the CODM. For the years ended 2026, 2025 and 2024, operating expenses totaled $12.6 million, $12.2 million and $10.4 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 February 28, 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:

---

| | | | |
|:---|:---|:---|:---|
|  | **February 28,<br> 2026** | **February 28,<br> 2025** | **February 29, <br> 2024** |
| Cash and cash equivalents | $1680070 | $148218491 | $8692846 |
| Cash and cash equivalents, reserve accounts | 20105683 | 56505433 | 31814278 |
| Total cash and cash equivalents and cash and cash equivalents, reserve accounts | $21785753 | $204723924 | $40507124 |

---

**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.

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 the Company's board of directors to approve a fair value determination to reflect significant events affecting the value of these investments. The Company values investments for which market quotations are not readily available at fair value as approved, in good faith, by the Company's board of directors based on input from the Manager, the audit committee of the board of directors and a third-party independent valuation firm.

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

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

● an independent valuation firm engaged by 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 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.

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 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. At February 28, 2025, our investment in one portfolio company was on non-accrual status with a fair value of approximately $2.6 million, or 0.3% 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 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 31and (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 and 2025 federal tax years for the Company remain subject to examination by the IRS. At February 28, 2026, and February 28, 2025, 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 December 2023, the FASB issued ASU 2023-09, *Improvements to Income Tax Disclosures* ("ASU 2023-09"), which requires additional disaggregated information on income taxes paid. This amended guidance is effective for annual reporting periods beginning after December 15, 2024. We have adopted ASU 2023-09 effective as of February 28, 2026, and concluded that the application of this guidance did not have a material impact on our consolidated financial statements. See Note 6 in Item 8, *Financial Statements and Supplementary Data*, for further information.

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, 2027. 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 hierarchal disclosure framework which prioritizes and ranks the level of market price observability of inputs used in measuring investments at fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Based on the observability of the inputs used in the valuation techniques, the Company is required to provide disclosures on fair value measurements according to the fair value hierarchy. The fair value hierarchy ranks the observability of the inputs used to determine fair values. Investments carried at fair value are classified and disclosed in one of the following three categories:

● Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

● Level 2— Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. Such inputs may be quoted prices for similar assets or liabilities, quoted markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full character of the financial instrument, or inputs that are derived principally from, or corroborated by, observable market information. Investments that are generally included in this category include illiquid debt securities and less liquid, privately held or restricted equity securities, for which some level of recent trading activity has been observed.

● Level 3—Pricing inputs are unobservable for the investment and includes situations where there is little, if any, market activity for the investment. The inputs may be based on the Company's own assumptions about how market participants would price the asset or liability or may use Level 2 inputs, as adjusted, to reflect specific investment attributes relative to a broader market assumption. Even if observable market data for comparable performance or valuation measures (earnings multiples, discount rates, other financial/valuation ratios, etc.) are available, such investments are grouped as Level 3 if any significant data point that is not also market observable (private company earnings, cash flows, etc.) is used in the valuation technique. We use multiple techniques for determining fair value based on the nature of the investment and experience with those types of investments and specific portfolio companies. The selections of the valuation techniques and the inputs and assumptions used within those techniques often require subjective judgements and estimates. These techniques include market comparables, 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 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.

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 February 28, 2026 (dollars in thousands), according to the fair value hierarchy:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** | | |
|  | **Level 1** | **Level 2** | **Level 3** | **Valued Using Net**<br>**Asset Value\*** |<br>**Total** |
| First lien term loans | $- | $- | $910991 | $- | $910991 |
| Second lien term loans | - | - | 42707 | - | 42707 |
| Unsecured term loans | - | - | 16130 | - | 16130 |
| Structured finance securities | - | 46412 | 8422 | - | 54834 |
| Equity interests | - | - | 82937 | 1535 | 84472 |
| Total | $- | $46412 | $1061187 | $1535 | $1109134 |

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\* 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, 2025 (dollars in thousands), according to the fair value hierarchy:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** | | |
|  | **Level 1** | **Level 2** | **Level 3** | **Valued Using Net**<br>**Asset Value\*** |<br>**Total** |
| First lien term loans | $- | $- | $867866 | $- | $867866 |
| Second lien term loans | - | - | 6388 | - | 6388 |
| Unsecured term loans | - | - | 16534 | - | 16534 |
| Structured finance securities | - | - | 14772 | - | 14772 |
| Equity interests | - | - | 69437 | 3081 | 72518 |
| Total | $- | $- | $974997 | $3081 | $978078 |

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\* 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 provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended February 28, 2026 (dollars in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **First lien term loans** | **Second lien term loans** | **Unsecured term loans** | **Structured<br> finance<br> securities** | **Equity interests** | **Total** |
| Balance as of February 28, 2025 | $867866 | $6388 | $16534 | $14772 | $69437 | $974997 |
| Payment-in-kind and other adjustments to cost | 1918 | 1147 | - | (480) | - | 2585 |
| Net accretion of discount on investments | 2230 | 10 | - | 858 | - | 3098 |
| Net change in unrealized appreciation (depreciation) on investments | (3962) | 468 | (404) | (2920) | 5061 | (1757) |
| Purchases | 208408 | 34694 | - | 8443 | 9610 | 261155 |
| Sales and repayments | (165469) | - | - | (12251) | (6917) | (184637) |
| Net realized gain (loss) from investments | - | - | - | - | 5746 | 5746 |
| Balance as of February 28, 2026 | $910991 | $42707 | $16130 | $8422 | $82937 | $1061187 |
| Net change in unrealized appreciation (depreciation) for the year relating to those Level 3 assets that were still held by the Company at the end of the year | $(5388) | $468 | $(404) | $(2385) | $6955 | $(754) |

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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 year ended February 28, 2026.

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended February 28, 2025 (dollars in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **First lien term loans** | **Second lien term loans** | **Unsecured term loans** | **Structured<br> finance<br> securities** | **Equity interests** | **Total** |
| Balance as of February 29, 2024 | $976423 | $18097 | $15818 | $30626 | $88426 | $1129390 |
| Payment-in-kind and other adjustments to cost | 2409 | 8267 | - | (7113) | 3 | 3566 |
| Net accretion of discount on investments | 2799 | 9 | - | - | - | 2808 |
| Net change in unrealized appreciation (depreciation) on investments | 37778 | 3165 | 716 | (8741) | (7621) | 25297 |
| Purchases | 163009 | - | - | - | 5069 | 168078 |
| Sales and repayments | (266880) | (23150) | - | - | (22083) | (312113) |
| Net realized gain (loss) from investments | (47672) | - | - | - | 5643 | (42029) |
| Balance as of February 28, 2025 | $867866 | $6388 | $16534 | $14772 | $69437 | $974997 |
| Net change in unrealized appreciation (depreciation) for the year relating to those Level 3 assets that were still held by the Company at the end of the year | $(6384) | $(71) | $716 | $(8741) | $(2893) | $(17373) |

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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. For the year ended February 28, 2025, non-cash restructurings related to two controlled investments resulting in realized losses of $49.1 million were included in net realized (gain) loss from investments on the consolidated statements of cash flows.

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 year ended February 28, 2025.

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):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value** | **Valuation Technique** | **Unobservable Input** | **Range** | **Weighted Average\*** |
| First lien term loans | $910991 | Market Comparables | Market Yield (%) | 8.3% - 30.9% | 11.1% |
|  |  |  | EBITDA Multiples (x) | 12.1x | 12.1x |
| Second lien term loans | 42707 | Market Comparables | Market Yield (%) | 11.1% - 16.9% | 12.2% |
| Unsecured term loans | 16130 | Discounted Cash Flow | Discount Rate (%) | 10.0% | 10.0% |
| Structured finance securities | 8422 | Discounted Cash Flow | Discount Rate (%) | 8.50% - 70.0% | 10.9% |
|  |  |  | Recovery Rate (%) | 70.0% | 70.0% |
|  |  |  | Prepayment Rate (%) | 20.0% | 20.0% |
| Equity interests | 82937 | Market Comparables | Market Yield (%) | 13.5% | 0.1% |
|  |  | Enterprise Value Waterfall (x) | Revenue Multiples | 0.1x - 8.2x | 6.0x |
|  |  | Black-Scholes Modeling | Volatility (%) | 38.7% | 38.7% |
|  |  |  | EBITDA Multiples (x) | 0.5x - 20.0x | 9.4x |
| Total | $1061187 |  |  |  |  |

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\* The weighted average in the table above is calculated based on each investment's fair value weighting, using the applicable unobservable input, excluding the recovery rate for Structured finance securities.

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of February 28, 2025 were as follows (dollars in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value** | **Valuation Technique** | **Unobservable Input** | **Range** | **Weighted Average\*** |
| First lien term loans | $867866 | Market Comparables | Market Yield (%) | 9.8% - 22.0% | 12.4% |
|  |  |  | Revenue Multiples (x) | 2.5x | 2.5x |
|  |  |  | EBITDA Multiples (x) | 6.8x | 6.8x |
| Second lien term loans | 6388 | Market Comparables | Market Yield (%) | 19.7% | 19.7% |
| Unsecured term loans | 16534 | Discounted Cash Flow | Discount Rate (%) | 10.0% | 10.0% |
| Structured finance securities | 14772 | Discounted Cash Flow | Discount Rate (%) | 8.0% - 70.0% | 14.1% |
|  |  |  | Recovery Rate (%) | 70.0% | 70.0% |
|  |  |  | Prepayment Rate (%) | 20.0% | 20.0% |
| Equity interests | 69437 | Enterprise Value Waterfall | EBITDA Multiples (x) | 1.1x - 13.9x | 8.2x |
|  |  |  | Revenue Multiples (x) | 0.1x - 9.0x | 6.3x |
| Total | $974997 |  |  |  |  |

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\* The weighted average in the table above is calculated based on each investment's fair value weighting, using the applicable unobservable input, excluding the recovery rate for Structured finance securities.

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 February 28, 2026 at amortized cost and fair value was as follows (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investments at<br> Amortized Cost** | **Amortized Cost<br> Percentage of <br> Total Portfolio** | **Investments at<br> Fair Value** | **Fair Value<br> Percentage **of** <br> Total<br> Portfolio** |
| First lien term loans | $920429 | 81.0% | $910991 | 82.1% |
| Second lien term loans | 42945 | 3.8 | 42707 | 3.9 |
| Unsecured term loans | 17619 | 1.6 | 16130 | 1.5 |
| Structured finance securities | 78962 | 6.9 | 54834 | 4.9 |
| Equity interests | 76433 | 6.7 | 84472 | 7.6 |
| Total | $1136388 | 100.0% | $1109134 | 100.0% |

---

The composition of our investments as of February 28, 2025 at amortized cost and fair value was as follows (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investments at<br> Amortized<br> Cost** | **Amortized Cost<br> Percentage of <br> Total<br> Portfolio** | **Investments at<br> Fair Value** | **Fair Value<br> Percentage of<br> Total<br> Portfolio** |
| First lien term loans | $873342 | 87.3% | $867866 | 88.7% |
| Second lien term loans | 7094 | 0.7 | 6388 | 0.7 |
| Unsecured term loans | 17619 | 1.8 | 16534 | 1.7 |
| Structured finance securities | 35657 | 3.6 | 14772 | 1.5 |
| Equity interests | 66381 | 6.6 | 72518 | 7.4 |
| Total | $1000093 | 100.0% | $978078 | 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 February 28, 2026. The inputs at February 28, 2026 for the valuation model include:

● Default rate: 2.0%

● Recovery rate: 70%

● Discount rate: 8.50%–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 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 February 28, 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 February 28, 2026, our current total investments in SAAS companies were $559.2 million, or 50.4% of total investments.

*ComForCare Health Care* 

ComForCare 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 Corporation is a U.S. based retail aggregator of European Wax Center ("EWC") franchise locations with a concentration in the northeast. Founded in 2004, EWC is the largest U.S. body waxing national chain with more than 800 locations across the country.

**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 years ended February 28, 2026, February 28, 2025 and February 29, 2024, we accrued management fee income of $2.6 million, $3.1 million and $3.3 million, respectively, and interest income of $0.0 million, $0.0 million and $0.0 million, respectively, from the Saratoga CLO.

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 $0.0 million, using a 70% discount rate. The Company's total investment in the subordinate notes of Saratoga CLO is $57.8 million which consists of additional investments of $30 million in January 2008, $13.8 million in December 2018 and $14.0 million in February 2021. To date the Company has since received distributions of $92.2 million, management fees of $41.0 million and incentive fees of $1.2 million.

As of February 28, 2025, the Company determined that the fair value of its investment in the subordinated notes of Saratoga CLO was $0.2 million. As of February 28, 2025, the fair value of its investment in the Class F-R-3 Notes of Saratoga CLO was $2.3 million. As of February 28, 2025, Saratoga CLO had investments with a principal balance of $527.1 million and a weighted average spread over SOFR of 3.7% and had debt with a principal balance of $524.2 million with a weighted average spread over SOFR of 2.3%. As of February 28, 2025, the present value of the projected future cash flows of the subordinated notes, was approximately $0.2 million, using a 70% discount rate. The Company's total investment in the subordinate notes of Saratoga CLO is $57.8 which consists of additional investments of $30 million in January 2008, $13.8 million in December 2018 and $14.0 million in February 2021. To date the Company has since received distributions of $92.2 million, management fees of $38.3 million and incentive fees of $1.2 million.

Below is certain financial information from the separate financial statements of Saratoga CLO as of February 28, 2026 and February 28, 2025.

**Saratoga Investment Corp. CLO 2013-1, Ltd.**

**Statements of Assets and Liabilities**

---

| | | |
|:---|:---|:---|
|  | **February 28,<br> 2026** | **February 28, <br> 2025** |
| ASSETS |  |  |
| Investments at fair value |  |  |
| &nbsp;&nbsp;&nbsp;Loans at fair value (amortized cost of $381,488,638 and $517,757,349, respectively) | $353285019 | $490510660 |
| &nbsp;&nbsp;&nbsp;Equities at fair value (amortized cost of $1,324,217 and $2,578,454, respectively) | 831552 | 1684429 |
| Total investments at fair value (amortized cost of $382,812,855 and $520,335,803, respectively) | 354116571 | 492195089 |
| Cash and cash equivalents | 22319387 | 21272327 |
| Receivable from open trades | 10432424 | 1138899 |
| Interest receivable (net of reserve of $817,651 and $1,121,546, respectively) | 2115446 | 2380214 |
| Due from affiliate (See Note 7) | 1591 | 801 |
| Prepaid expenses and other assets | 596520 | 101453 |
| &nbsp;&nbsp;&nbsp;Total assets | $389581939 | $517088783 |
| LIABILITIES |  |  |
| Interest payable | $2852957 | $3739343 |
| Accrued base management fee | 49944 | 62839 |
| Accrued subordinated management fee | 199776 | 251354 |
| Accounts payable and accrued expenses | 568796 | 143135 |
| Saratoga Investment Corp. CLO 2013-1, Ltd. Notes: |  |  |
| &nbsp;&nbsp;&nbsp;Class A-1-R-4 Senior Secured Floating Rate Notes | 156828563 | 270719300 |
| &nbsp;&nbsp;&nbsp;Class A-2-R-4 Senior Secured Floating Rate Notes | 65000000 | 65000000 |
| &nbsp;&nbsp;&nbsp;Class B-FL-R-3 Senior Secured Floating Rate Notes | 60500000 | 60500000 |
| &nbsp;&nbsp;&nbsp;Class B-FXD-R-3 Senior Secured Fixed Rate Notes | 11000000 | 11000000 |
| &nbsp;&nbsp;&nbsp;Class C-FL-R-3 Deferrable Mezzanine Floating Rate Notes | 26000000 | 26000000 |
| &nbsp;&nbsp;&nbsp;Class C-FXD-R-3 Deferrable Mezzanine Fixed Rate Notes | 6500000 | 6500000 |
| &nbsp;&nbsp;&nbsp;Class D-R-3 Deferrable Mezzanine Floating Rate Notes | 39000000 | 39000000 |
| &nbsp;&nbsp;&nbsp;Discount on Class D-R-3 Notes | (171966) | (196033) |
| &nbsp;&nbsp;&nbsp;Class E-R-3 Deferrable Mezzanine Floating Rate Notes | 27625000 | 27625000 |
| &nbsp;&nbsp;&nbsp;Discount on Class E-R-3 Notes | (1786533) | (2036565) |
| &nbsp;&nbsp;&nbsp;Class F-1-R-3 Notes Deferrable Junior Floating Rate Notes | 8500000 | 8500000 |
| &nbsp;&nbsp;&nbsp;Class F-2-R-3 Notes Deferrable Junior Floating Rate Notes | 9375000 | 9375000 |
| &nbsp;&nbsp;&nbsp;Deferred debt financing costs | (1081116) | (1229456) |
| &nbsp;&nbsp;&nbsp;Subordinated Notes | 111000000 | 111000000 |
| &nbsp;&nbsp;&nbsp;Discount on Subordinated Notes | (28255929) | (32210459) |
| &nbsp;&nbsp;&nbsp;Total liabilities | 493704492 | 603743458 |
| 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) | (104122803) | (86654925) |
| &nbsp;&nbsp;&nbsp;Total net deficit | (104122553) | (86654675) |
| &nbsp;&nbsp;&nbsp;Total liabilities and net assets | $389581939 | $517088783 |

---

See accompanying notes to financial statements.

**Saratoga Investment Corp. CLO 2013-1, Ltd.**

**Statements of Operations**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended** | **For the years ended** | **For the years ended** |
|  | **February 28,<br> 2026** | **February 28, <br> 2025** | **February 29, <br> 2024** |
| INVESTMENT INCOME |  |  |  |
| Total interest from investments | $40796860 | $55501782 | $61667773 |
| Interest from cash and cash equivalents | 905534 | 1128878 | 719268 |
| Other income | 294406 | 1278155 | 929392 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 41996800 | 57908815 | 63316433 |
| EXPENSES |  |  |  |
| Interest and debt financing expenses | 36146891 | 54573978 | 57706205 |
| Base management fee | 517303 | 622893 | 654046 |
| Subordinated management fee | 2069213 | 2491573 | 2616185 |
| Professional fees | 310893 | 282012 | 307340 |
| Trustee expenses | 184047 | 240883 | 262197 |
| Other expense | 369937 | 334443 | 241181 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 39598284 | 58545782 | 61787154 |
| NET INVESTMENT INCOME (LOSS) | 2398516 | (636967) | 1529279 |
| REALIZED AND UNREALIZED LOSS ON INVESTMENTS |  |  |  |
| Net realized loss from investments | (19310824) | (9263724) | (18580949) |
| Net change in unrealized depreciation on investments | (555570) | (4696778) | 16200597 |
| Net realized and unrealized gain (loss) on investments | (19866394) | (13960502) | (2380352) |
| Realized losses on extinguishment of debt | - | (579213) | - |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $(17467878) | $(15176682) | $(851073) |

---

See accompanying notes to financial statements

**Saratoga Investment Corp. CLO 2013-1, Ltd.**

**Schedule of Investments**

**February 28, 2026**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Industry** | **Asset Name** | **Asset <br> Type** | **Reference Rate/Spread** | **SOFR/LIBOR Floor** | **Current Rate (All In)** | **Maturity Date** | **Principal/<br> Number of Shares** | **Cost** | **Fair Value** |
| ALTISOURCE PORTFOLIO SOL | Banking, Finance, Insurance & Real Estate | Common Stock | Equity |  |  |  |  | 37028 | $216246 | $282156 |
| Altisource Portfolio Solutions - CS Warrant | Banking, Finance, Insurance & Real Estate | Warrants | Equity |  |  |  |  | 990 | 3736 | 330 |
| Altisource Portfolio Solutions - NS Warrant | Banking, Finance, Insurance & Real Estate | Warrants | Equity |  |  |  |  | 990 | 3129 | 426 |
| Instant Brands Litigation Trust | Consumer Goods: Durable | Equity Interests | Equity |  |  |  |  | 82384 | 66525 | 500000 |
| Isagenix International, LLC | Beverage, Food & Tobacco | Common Stock | Equity |  |  |  |  | 86398 | - | - |
| JP Intermediate B, LLC | Consumer goods: Non-durable | Common Stock | Equity |  |  |  |  | 9319 | - | - |
| Resolute Investment Managers (American Beacon), Inc. | Banking, Finance, Insurance & Real Estate | Common Stock | Equity |  |  |  |  | 24320 | 1034581 | 48640 |
| 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 | $1361428 | 1347552 | 1359154 |
| 19TH HOLDINGS GOLF, LLC | Consumer goods: Durable | Term Loan | Loan | 1M USD SOFR+ 3.25% | 0.50% | 7.02% | 2/7/2029 | 2423420 | 2366682 | 2412830 |
| 888 Acquisitions Limited | Hotel, Gaming & Leisure | Term Loan B | Loan | 6M USD SOFR+ 5.25% | 0.00% | 9.05% | 7/8/2028 | 3005629 | 2830391 | 2806506 |
| Adtalem Global Education Inc. | Services: Business | Term Loan B (08/24) | Loan | 1M USD SOFR+ 2.75% | 0.75% | 6.42% | 8/12/2028 | 237528 | 236609 | 237331 |
| Agiliti Health Inc. | Healthcare & Pharmaceuticals | Term Loan B (03/23) | Loan | 6M USD SOFR+ 3.00% | 0.00% | 6.58% | 5/1/2030 | 2132332 | 2121217 | 2031110 |
| AHEAD DB Holdings, LLC | Services: Business | Term Loan B3 (07/24) | Loan | 3M USD SOFR+ 2.50% | 0.75% | 6.17% | 2/1/2031 | 2866735 | 2817968 | 2785205 |
| Air Canada | Transportation: Consumer | Term Loan B (03/24) | Loan | 1M USD SOFR+ 1.75% | 0.00% | 5.47% | 3/21/2031 | 982500 | 980765 | 980289 |
| 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 | 2431139 | 2337505 | 2421634 |
| AlixPartners, LLP | Banking, Finance, Insurance & Real Estate | Term Loan (08/25) | Loan | 1M USD SOFR+ 2.00% | 0.00% | 5.67% | 8/12/2032 | 239374 | 239374 | 235585 |
| Allen Media, LLC | Media: Diversified & Production | Term Loan (7/21) | Loan | 3M USD SOFR+ 5.50% | 0.00% | 9.32% | 2/10/2027 | 4258657 | 4252679 | 2516866 |
| 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 | 789061 | 789061 | 769879 |
| 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 | 247508 | 247508 | 247508 |
| 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 | 496248 | 486595 | 496248 |
| Altium Packaging LLC | Containers, Packaging & Glass | Term Loan B | Loan | 1M USD SOFR+ 2.50% | 0.00% | 6.17% | 6/11/2031 | 477725 | 476870 | 460207 |
| American Axle & Manufacturing Inc. | Automotive | Term Loan (12/22) | Loan | 1M USD SOFR+ 3.00% | 0.50% | 6.66% | 12/13/2029 | 480000 | 471250 | 478800 |
| 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 | 2852238 | 2851373 | 2845108 |
| 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 | 3390033 | 3332526 | 3278637 |
| 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 | 486362 | 467586 | 430431 |
| Aramark Services, Inc. | Services: Consumer | Term Loan B-10 (12/25) | Loan | 1M USD SOFR+ 1.75% | 0.00% | 5.42% | 6/24/2030 | 2230663 | 2209788 | 2232515 |
| Aramark Services, Inc. | Services: Consumer | Term Loan (08/25) | Loan | 1M USD SOFR+ 1.75% | 0.00% | 5.42% | 4/6/2028 | 1753715 | 1751257 | 1754820 |
| ARC FALCON I INC. | Chemicals, Plastics, & Rubber | Term Loan | Loan | 1M USD SOFR+ 3.50% | 0.50% | 7.27% | 9/23/2028 | 961274 | 960627 | 957938 |
| ARCIS GOLF LLC | Services: Consumer | Term Loan B (01/25) | Loan | 1M USD SOFR+ 2.75% | 0.50% | 6.42% | 11/24/2028 | 489544 | 486712 | 490919 |
| 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 | 2603226 | 2592314 | 2509223 |
| Ascensus Group Holdings, Inc | Banking, Finance, Insurance & Real Estate | Term Loan | Loan | 1M USD SOFR+ 3.00% | 0.00% | 6.67% | 11/24/2032 | 490842 | 488123 | 478978 |
| Aspire Bakeries Holdings, LLC | Beverage, Food & Tobacco | Term Loan (12/25) | Loan | 1M USD SOFR+ 3.00% | 0.00% | 6.67% | 12/23/2030 | 886545 | 880042 | 887653 |
| Asurion, LLC | Banking, Finance, Insurance & Real Estate | Term Loan B10 | Loan | 1M USD SOFR+ 4.00% | 0.00% | 7.77% | 8/19/2028 | 1935000 | 1887506 | 1932581 |
| Asurion, LLC | Banking, Finance, Insurance & Real Estate | Term Loan B12 | Loan | 1M USD SOFR+ 4.25% | 0.00% | 7.92% | 9/19/2030 | 2882984 | 2880325 | 2874335 |
| ATHENAHEALTH GROUP INC. | Healthcare & Pharmaceuticals | Term Loan B (2/22) | Loan | 1M USD SOFR+ 2.75% | 0.50% | 6.42% | 2/15/2029 | 1294020 | 1291768 | 1258435 |
| Avolon TLB Borrower 1 (US) LLC | Capital Equipment | Term Loan B6 | Loan | 1M USD SOFR+ 1.75% | 0.00% | 5.42% | 6/22/2030 | 1457896 | 1427348 | 1462196 |
| 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 | 725038 | 720887 | 724675 |

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**Saratoga Investment Corp. CLO 2013-1, Ltd.**

**Schedule of Investments**

**February 28, 2026**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Industry** | **Asset Name** | **Asset <br> Type** | **Reference Rate/Spread** | **SOFR/LIBOR Floor** | **Current Rate (All In)** | **Maturity Date** | **Principal/<br> 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 | 526951 | 525719 | 495334 |
| 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 | 1623917 | 1615529 | 1590091 |
| Belfor Holdings Inc. | Services: Consumer | Term Loan B | Loan | 1M USD SOFR+ 2.75% | 0.50% | 6.42% | 11/4/2030 | 1386385 | 1376720 | 1388118 |
| 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 | 402884 | 165333 | 84831 |
| Bombardier Recreational Products, Inc. | Consumer goods: Durable | Term Loan | Loan | 1M USD SOFR+ 2.25% | 0.00% | 5.92% | 1/22/2031 | 1411439 | 1408828 | 1411877 |
| Bombardier Recreational Products, Inc. | Consumer goods: Durable | Term Loan B3 | Loan | 1M USD SOFR+ 2.25% | 0.50% | 5.92% | 12/13/2029 | 483893 | 476456 | 485224 |
| Boxer Parent Company, Inc. | High Tech Industries | Term Loan | Loan | 3M USD SOFR+ 3.00% | 0.00% | 6.82% | 7/30/2031 | 999640 | 996144 | 917849 |
| 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 | 2868890 | 2867506 | 2739503 |
| Brookfield WEC Holdings Inc. | Energy: Electricity | Term Loan B | Loan | 1M USD SOFR+ 2.00% | 0.00% | 5.67% | 1/27/2031 | 1425973 | 1425973 | 1421267 |
| 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 | 1730609 | 1764353 | 1733084 |
| BROWN GROUP HOLDING, LLC | Aerospace & Defense | Term Loan B-2 | Loan | 3M USD SOFR+ 2.50% | 0.00% | 6.17% | 7/1/2031 | 486359 | 478134 | 487060 |
| 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 | 1136241 | 1133991 | 1138604 |
| BW Gas & Convenience Holdings LLC | Beverage, Food & Tobacco | Term Loan B | Loan | 1M USD SOFR+ 3.50% | 0.50% | 7.29% | 3/31/2028 | 2387500 | 2378891 | 2378547 |
| Callaway Golf Company | Retail | Term Loan B | Loan | 1M USD SOFR+ 2.75% | 0.00% | 6.42% | 3/16/2030 | 76620 | 76101 | 76907 |
| Camping World, Inc. | Retail | Term Loan B (5/21) | Loan | 1M USD SOFR+ 2.50% | 0.75% | 6.29% | 6/5/2028 | 2350518 | 2247033 | 2292742 |
| CAPSTONE BORROWER INC | Services: Business | Term Loan B | Loan | 3M USD SOFR+ 2.75% | 0.00% | 6.42% | 6/17/2030 | 863942 | 855298 | 765306 |
| CareerBuilder, LLC (c) | Services: Business | Term Loan B3 | Loan | 1M USD SOFR+ 2.50% | 0.00% | 6.58% | 7/31/2026 | - | 380369 | - |
| Castle US Holding Corporation | Media: Advertising, Printing & Publishing | Term Loan B1 | Loan | 3M USD SOFR+ 4.25% | 0.00% | 8.18% | 5/31/2030 | 1739251 | 1226866 | 832232 |
| CBL & Associates Limited Partnership | Retail | Term Loan 11/21 | Loan | 1M USD SOFR+ 2.75% | 1.00% | 6.54% | 3/2/2026 | 1966341 | 1958592 | 1899151 |
| CCC Intelligent Solutions Inc. | Services: Business | Term Loan B | Loan | 1M USD SOFR+ 2.00% | 0.50% | 5.67% | 1/23/2032 | 240216 | 240010 | 236538 |
| CCRR Parent, Inc. | Healthcare & Pharmaceuticals | Term Loan | Loan | 3M USD SOFR+ 4.25% | 0.50% | 8.17% | 3/6/2028 | 970000 | 948589 | 227950 |
| CCRR Parent, Inc. | Healthcare & Pharmaceuticals | Term Loan B | Loan | 3M USD SOFR+ 4.25% | 0.75% | 8.33% | 3/6/2028 | 952500 | 951356 | 261147 |
| CDK GLOBAL, INC. | High Tech Industries | Term Loan B (05/24) | Loan | 3M USD SOFR+ 3.25% | 0.00% | 6.92% | 7/6/2029 | 980094 | 963358 | 612559 |
| Charlotte Buyer, Inc. | Services: Business | Term Loan B (01/25) | Loan | 3M USD SOFR+ 4.25% | 0.50% | 7.91% | 2/11/2028 | 1459068 | 1416074 | 1394709 |
| Chemours Company, (The) | Chemicals, Plastics, & Rubber | Term Loan B4 (10/25) | Loan | 1M USD SOFR+ 3.50% | 0.00% | 7.17% | 10/15/2032 | 2351722 | 2327364 | 2343491 |
| Churchill Downs Incorporated | Hotel, Gaming & Leisure | Term Loan B1 (3/21) | Loan | 1M USD SOFR+ 1.75% | 0.00% | 5.42% | 3/17/2028 | 476250 | 475992 | 475955 |
| CIMPRESS PUBLIC LIMITED COMPANY | Media: Advertising, Printing & Publishing | Term Loan B | Loan | 1M USD SOFR+ 2.50% | 0.50% | 6.17% | 5/17/2028 | 1920736 | 1885068 | 1920736 |

---

**Saratoga Investment Corp. CLO 2013-1, Ltd.**

**Schedule of Investments**

**February 28, 2026**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Industry** | **Asset Name** | **Asset <br> Type** | **Reference Rate/Spread** | **SOFR/LIBOR Floor** | **Current Rate (All In)** | **Maturity Date** | **Principal/<br> 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 | 4778621 | 4778621 | 4762708 |
| Clarios Global LP | Automotive | Term Loan B (07/24) | Loan | 1M USD SOFR+ 2.50% | 0.00% | 6.17% | 5/6/2030 | 1185030 | 1181455 | 1180586 |
| Cloud Software Group Inc | High Tech Industries | Term Loan B | Loan | 1M USD SOFR+ 3.25% | 0.00% | 6.92% | 3/21/2031 | 495013 | 494747 | 458629 |
| CLYDESDALE ACQUISITION HOLDINGS, INC. | Containers, Packaging & Glass | Term Loan B | Loan | 1M USD SOFR+ 3.18% | 0.50% | 6.85% | 4/13/2029 | 1220000 | 1203910 | 1209044 |
| Connect Finco SARL | Telecommunications | Term Loan B (03/24) | Loan | 1M USD SOFR+ 4.50% | 0.50% | 8.17% | 9/27/2029 | 2836969 | 2784593 | 2831210 |
| Corelogic, Inc. | Services: Business | Term Loan (4/21) | Loan | 1M USD SOFR+ 3.50% | 0.50% | 7.29% | 6/2/2028 | 2393750 | 2390000 | 2268078 |
| 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 | 1564293 | 1557435 | 1558099 |
| CROCS INC | Consumer goods: Durable | Term Loan B (01/24) | Loan | 3M USD SOFR+ 2.25% | 0.50% | 5.92% | 2/19/2029 | 750000 | 734817 | 752813 |
| 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 | 481431 | 480633 | 468793 |
| 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 | 2376000 | 2358575 | 2377497 |
| 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 | 762038 | 740571 | 704123 |
| 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 | 5238000 | 5168379 | 5214638 |
| Derby Buyer LLC | Chemicals, Plastics, & Rubber | Term Loan B (12/24) | Loan | 1M USD SOFR+ 3.00% | 0.00% | 6.66% | 11/1/2030 | 614102 | 607478 | 613844 |
| DexKo Global, Inc. (Dragon Merger) | Automotive | Term Loan (9/21) | Loan | 3M USD SOFR+ 3.75% | 0.50% | 7.68% | 10/4/2028 | 962500 | 960816 | 957004 |
| Diamond Sports Group, LLC | Media: Broadcasting & Subscription | 1st Priority Term Loan | Loan | 1M USD SOFR+ 10.00% | 1.00% | 13.77% | 5/25/2026 | 29734 | 29677 | 5947 |
| DIRECTV FINANCING, LLC | Media: Broadcasting & Subscription | Term Loan (1/24) | Loan | 3M USD SOFR+ 5.25% | 0.75% | 9.18% | 8/2/2029 | 2615800 | 2604745 | 2614989 |
| DISCOVERY PURCHASER CORPORATION | Chemicals, Plastics, & Rubber | Term Loan | Loan | 3M USD SOFR+ 3.75% | 0.50% | 7.42% | 10/4/2029 | 1459234 | 1389418 | 1429510 |
| DOMTAR CORPORATION | Forest Products & Paper | Term Loan 9/21 | Loan | 1M USD SOFR+ 5.50% | 0.75% | 9.29% | 11/30/2028 | 2898865 | 2867842 | 2348081 |
| DRI HOLDING INC. | Media: Advertising, Printing & Publishing | Term Loan (12/21) | Loan | 1M USD SOFR+ 5.25% | 0.50% | 9.02% | 12/15/2028 | 3852412 | 3773120 | 3772166 |
| 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 | 6241950 | 6221653 | 6117111 |
| DTZ U.S. Borrower, LLC | Construction & Building | Term Loan B | Loan | 1M USD SOFR+ 2.50% | 0.50% | 6.17% | 1/31/2030 | 1708945 | 1708945 | 1709663 |
| DTZ U.S. Borrower, LLC | Construction & Building | Term Loan (7/25) | Loan | 1M USD SOFR+ 2.75% | 0.50% | 6.42% | 1/31/2030 | 932250 | 916770 | 933415 |
| Dye & Durham Corporation | Services: Business | Term Loan B (04/24) | Loan | 3M USD SOFR+ 4.25% | 1.00% | 8.02% | 4/11/2031 | 1299800 | 1284463 | 1152494 |
| EAB Global, Inc. | Services: Business | Term Loan (08/21) | Loan | 1M USD SOFR+ 3.00% | 0.50% | 6.67% | 8/16/2030 | 960394 | 958888 | 861800 |
| Echo Global Logistics, Inc. | Services: Business | Term Loan | Loan | 1M USD SOFR+ 3.75% | 0.50% | 7.52% | 11/23/2028 | 1925000 | 1924346 | 1896433 |
| 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 | 2133818 | 2132281 | 2116705 |
| Embecta Corp | Healthcare & Pharmaceuticals | Term Loan B | Loan | 1M USD SOFR+ 3.00% | 0.50% | 6.67% | 3/30/2029 | 2255886 | 2229506 | 2256112 |
| Emrld Borrower LP | Capital Equipment | Term Loan B (04/23) | Loan | 3M USD SOFR+ 2.25% | 0.00% | 6.07% | 5/31/2030 | 980075 | 977113 | 975527 |
| Endo Finance Holdings, Inc. | Healthcare & Pharmaceuticals | Term Loan B | Loan | 1M USD SOFR+ 3.75% | 0.50% | 7.42% | 4/23/2031 | 1975000 | 1959230 | 1975494 |

---

**Saratoga Investment Corp. CLO 2013-1, Ltd.**

**Schedule of Investments**

**February 28, 2026**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Industry** | **Asset Name** | **Asset <br> Type** | **Reference Rate/Spread** | **SOFR/LIBOR Floor** | **Current Rate (All In)** | **Maturity Date** | **Principal/<br> 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 | - | 9730 | - |
| Entain Holdings (Gibraltar) Limited | Hotel, Gaming & Leisure | Term Loan B6 | Loan | 3M USD SOFR+ 2.25% | 0.00% | 5.92% | 10/31/2029 | 1465234 | 1455384 | 1458948 |
| Equiniti Group PLC | Services: Business | Term Loan | Loan | 6M USD SOFR+ 3.75% | 0.50% | 7.55% | 12/10/2031 | 960368 | 955647 | 953367 |
| 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 | 1125000 | 1112817 | 1124066 |
| Examworks Bidco Inc | Healthcare & Pharmaceuticals | ExamWorks/Electron 1/26 TL | Loan | 1M USD SOFR+ 2.50% | 0.50% | 6.17% | 2/6/2033 | 483844 | 483218 | 482837 |
| 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 | 492534 | 488885 | 477143 |
| 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 | 2774631 | 2773459 | 2737645 |
| 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 | 1404140 | 90412 | 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 | 1597186 | 1459537 | 293483 |
| 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 | 3569559 | 2218257 | 7139 |
| First Student Bidco Inc. | Transportation: Consumer | Term Loan C (01/26) | Loan | 3M USD SOFR+ 2.50% | 0.00% | 6.17% | 8/15/2030 | 707702 | 705487 | 706379 |
| 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 | 1179000 | 1156545 | 1181582 |
| Flutter Financing B.V. | Hotel, Gaming & Leisure | Term Loan | Loan | 3M USD SOFR+ 1.75% | 0.50% | 5.42% | 11/29/2030 | 3675000 | 3668121 | 3610688 |
| 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 | 4188685 | 4184968 | 3790760 |
| 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 | 1900638 | 1901053 | 1853331 |
| 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 | 1335471 | 1332852 | 1334910 |
| Genesee & Wyoming, Inc. | Transportation: Cargo | Term Loan B (03/24) | Loan | 3M USD SOFR+ 1.75% | 0.00% | 5.42% | 4/10/2031 | 1481250 | 1475521 | 1478747 |
| 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 | 383422 | 382138 | 383614 |
| Global Tel\*Link Corporation | Telecommunications | Term Loan (6/24) | Loan | 1M USD SOFR+ 7.50% | 3.00% | 11.17% | 7/31/2029 | 4748790 | 4693939 | 4763654 |
| Go Daddy Operating Company, LLC | High Tech Industries | Term Loan B7 | Loan | 1M USD SOFR+ 1.75% | 0.00% | 5.42% | 5/30/2031 | 930782 | 930782 | 896780 |
| 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 | 1750000 | 1744125 | 1070423 |
| 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 | 469651 | 641354 | 143243 |
| Great Outdoors Group, LLC | Retail | Term Loan (1/25) | Loan | 1M USD SOFR+ 3.25% | 0.75% | 6.92% | 1/20/2032 | 950641 | 948924 | 948265 |
| Griffon Corporation | Consumer goods: Durable | Term Loan B | Loan | 1M USD SOFR+ 2.00% | 0.00% | 5.67% | 1/24/2029 | 121563 | 121483 | 121866 |
| 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 | 2343071 | 2343071 | 2335011 |
| Hertz Corporation (The) | Transportation: Consumer | Term Loan B | Loan | 1M USD SOFR+ 3.75% | 0.00% | 7.42% | 6/30/2028 | 2061930 | 2027902 | 1580820 |

---

**Saratoga Investment Corp. CLO 2013-1, Ltd.**

**Schedule of Investments**

**February 28, 2026**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Industry** | **Asset Name** | **Asset <br> Type** | **Reference Rate/Spread** | **SOFR/LIBOR Floor** | **Current Rate (All In)** | **Maturity Date** | **Principal/<br> 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 | 2678618 | 2678618 | 2674306 |
| 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 | 1500000 | 1497879 | 1504845 |
| HLF Financing SARL (Herbalife) | Consumer goods: Non-durable | Term Loan | Loan | 1M USD SOFR+ 6.75% | 0.50% | 10.42% | 4/12/2029 | 2882670 | 2882597 | 2883708 |
| Holley Purchaser, Inc | Automotive | Term Loan (11/21) | Loan | 1M USD SOFR+ 3.75% | 0.75% | 7.54% | 11/17/2028 | 2163198 | 2159946 | 2149678 |
| 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 | 5717625 | 5648595 | 5643753 |
| Hunter Douglas Inc | Consumer goods: Durable | Term Loan B (1/25) | Loan | 3M USD SOFR+ 3.00% | 0.00% | 6.67% | 1/19/2032 | 2210322 | 2039275 | 2208023 |
| 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 | 2947799 | 2938339 | 2794514 |
| Idera, Inc. | High Tech Industries | Term Loan (06/24) | Loan | 3M USD SOFR+ 3.50% | 0.75% | 7.16% | 3/2/2028 | 4678430 | 4676802 | 3719351 |
| 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 | 2415776 | 2410653 | 2385579 |
| INEOS 226 Ltd. | Chemicals, Plastics, & Rubber | Term Loan 3/23 | Loan | 1M USD SOFR+ 3.75% | 0.00% | 7.52% | 3/13/2030 | 487500 | 484204 | 379031 |
| Ineos US Finance LLC | Chemicals, Plastics, & Rubber | Term Loan C | Loan | 1M USD SOFR+ 3.25% | 0.00% | 6.92% | 2/18/2030 | 980094 | 973648 | 820829 |
| INEOS US PETROCHEM LLC | Chemicals, Plastics, & Rubber | Term Loan B | Loan | 1M USD SOFR+ 4.25% | 0.00% | 8.02% | 4/2/2029 | 2667363 | 2630839 | 2158351 |
| Ingram Micro Inc. | Wholesale | Term Loan B (6/25) | Loan | 1M USD SOFR+ 2.25% | 0.00% | 5.92% | 9/22/2031 | 450298 | 448093 | 451144 |
| Inmar, Inc. | Services: Business | Term Loan B (06/25) | Loan | 3M USD SOFR+ 4.50% | 0.50% | 8.17% | 10/30/2031 | 3266898 | 3222520 | 3177058 |
| Innophos, Inc. | Chemicals, Plastics, & Rubber | Term Loan B | Loan | 1M USD SOFR+ 4.25% | 0.00% | 8.04% | 3/16/2029 | 471250 | 469569 | 454521 |
| IRB Holding Corporation | Beverage, Food & Tobacco | Term Loan B (11/25) | Loan | 1M USD SOFR+ 2.50% | 0.50% | 6.17% | 12/16/2030 | 486195 | 483914 | 484119 |
| Isagenix International, LLC (c) | Beverage, Food & Tobacco | Term Loan | Loan | 3M USD SOFR+ 2.50% | 0.00% | 2.50% | 4/13/2028 | 1509341 | 1242094 | 75467 |
| 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 | 614129 | 609564 | 571527 |
| Jane Street Group | Banking, Finance, Insurance & Real Estate | Term Loan B | Loan | 3M USD SOFR+ 2.00% | 0.00% | 5.82% | 12/15/2031 | 3800000 | 3800000 | 3675132 |
| 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 | 2865975 | 2840446 | 2839694 |
| JP Intermediate B, LLC | Consumer goods: Non-durable | Term Loan | Loan | 3M USD SOFR+ 7.00% | 1.00% | 10.67% | 9/30/2030 | 233182 | 233182 | 186546 |
| 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 | 1103261 | 571479 | 551630 |
| Koppers Inc | Chemicals, Plastics, & Rubber | Term Loan | Loan | 1M USD SOFR+ 2.50% | 0.50% | 6.18% | 4/10/2030 | 975206 | 955785 | 968701 |
| Lakeland Tours, LLC (c) | Hotel, Gaming & Leisure | Holdco Fixed Term Loan | Loan | Fixed 0.00% | 0.00% | 10.00% | 9/27/2027 | 1127568 | 818937 | 107119 |
| Latham Pool Products, Inc. | Consumer goods: Durable | Term Loan 2/22 | Loan | 3M USD SOFR+ 3.75% | 0.50% | 7.72% | 2/23/2029 | 980422 | 970513 | 974706 |
| Lifetime Brands, Inc | Consumer goods: Non-durable | Term Loan | Loan | 1M USD SOFR+ 5.50% | 1.00% | 9.28% | 8/26/2027 | 1493382 | 1491106 | 1314176 |
| LSF11 TRINITY BIDCO INC | Aerospace & Defense | Term Loan (9/25) | Loan | 1M USD SOFR+ 2.50% | 0.00% | 6.18% | 6/17/2030 | 961092 | 951264 | 960496 |
| 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 | 2539884 | 2494092 | 2528785 |
| MAGNITE, INC. | Services: Business | Term Loan B | Loan | 1M USD SOFR+ 3.00% | 0.00% | 6.67% | 2/6/2031 | 3209517 | 3185690 | 3177422 |

---

**Saratoga Investment Corp. CLO 2013-1, Ltd.**

**Schedule of Investments**

**February 28, 2026**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Industry** | **Asset Name** | **Asset <br> Type** | **Reference Rate/Spread** | **SOFR/LIBOR Floor** | **Current Rate (All In)** | **Maturity Date** | **Principal/<br> 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 | 1297318 | 1297318 | 1294619 |
| Max US Bidco Inc. | Beverage, Food & Tobacco | Term Loan B | Loan | 3M USD SOFR+ 5.00% | 0.50% | 8.67% | 10/3/2030 | 1965000 | 1867659 | 1611791 |
| McGraw-Hill Education, Inc. | Media: Advertising, Printing & Publishing | Term Loan B | Loan | 1M USD SOFR+ 2.75% | 0.50% | 6.42% | 8/6/2031 | 579182 | 576274 | 577282 |
| Michaels Companies Inc | Retail | Term Loan B (Magic Mergeco) | Loan | 3M USD SOFR+ 4.25% | 0.75% | 8.18% | 4/8/2028 | 2392299 | 2385209 | 2387323 |
| MIWD Holdco II LLC | Construction & Building | Term Loan B2 (03/24) | Loan | 1M USD SOFR+ 2.75% | 0.00% | 6.42% | 3/21/2031 | 492525 | 490631 | 488462 |
| Moneygram International, Inc. | Services: Business | Term Loan B | Loan | 1M USD SOFR+ 4.75% | 0.50% | 8.41% | 6/1/2030 | 2933988 | 2654564 | 1915483 |
| 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 | 313244 | 287511 | 308389 |
| 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 | 2881401 | 2879478 | 2661176 |
| Natgasoline LLC | Chemicals, Plastics, & Rubber | Term Loan (3/25) | Loan | 1M USD SOFR+ 5.50% | 0.00% | 9.17% | 3/25/2030 | 3208542 | 3122422 | 3220574 |
| National Mentor Holdings, Inc. | Healthcare & Pharmaceuticals | Term Loan B | Loan | 1M USD SOFR+ 6.00% | 0.00% | 9.67% | 12/5/2030 | 1922848 | 1921097 | 1886198 |
| Next Level Apparel, Inc. | Retail | Term Loan | Loan | 3M USD SOFR+ 7.50% | 1.00% | 12.89% | 8/9/2026 | 2317073 | 2312037 | 1567894 |
| Nielsen Consumer Inc. | Services: Business | Term Loan (08/25) | Loan | 1M USD SOFR+ 2.25% | 0.50% | 5.92% | 10/7/2030 | 2154574 | 2153950 | 2079164 |
| NortonLifeLock Inc. | High Tech Industries | Term Loan B (05/24) | Loan | 1M USD SOFR+ 1.75% | 0.50% | 5.42% | 9/12/2029 | 955000 | 952861 | 928737 |
| 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 | 479041 | 476798 | 478442 |
| Novae LLC | Automotive | Term Loan B | Loan | 3M USD SOFR+ 5.00% | 0.75% | 8.82% | 12/22/2028 | 1925000 | 1918692 | 1764590 |
| Olaplex, Inc. | Consumer goods: Non-durable | Term Loan (2/22) | Loan | 3M USD SOFR+ 3.50% | 0.50% | 7.42% | 2/23/2029 | 1319846 | 1288190 | 1290704 |
| Open Text Corporation | High Tech Industries | Term Loan B (08/23) | Loan | 1M USD SOFR+ 1.75% | 0.50% | 5.42% | 1/31/2030 | 838682 | 822775 | 814746 |
| Oxbow Carbon, LLC | Metals & Mining | Term Loan B (04/23) | Loan | 1M USD SOFR+ 3.50% | 0.50% | 7.17% | 5/2/2030 | 460397 | 454127 | 459103 |
| PACIFIC DENTAL SERVICES, LLC | Healthcare & Pharmaceuticals | Term Loan B (02//24) | Loan | 1M USD SOFR+ 2.50% | 0.00% | 6.17% | 3/17/2031 | 1179075 | 1178728 | 1177436 |
| Padagis LLC | Healthcare & Pharmaceuticals | Term Loan | Loan | 3M USD SOFR+ 4.75% | 0.50% | 8.66% | 7/6/2028 | 930329 | 926455 | 860555 |
| PAR PETROLEUM LLC | Energy: Oil & Gas | Term Loan B (12/25) | Loan | 3M USD SOFR+ 3.25% | 0.50% | 6.95% | 2/28/2030 | 2433760 | 2417597 | 2434272 |
| PATAGONIA HOLDCO LLC | Telecommunications | Term Loan B | Loan | 3M USD SOFR+ 5.75% | 0.50% | 9.41% | 8/1/2029 | 2917234 | 2660957 | 2042063 |
| 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 |  | 6950 |  |
| PCI Gaming Authority | Hotel, Gaming & Leisure | Term Loan | Loan | 1M USD SOFR+ 2.00% | 0.00% | 5.67% | 7/18/2031 | 782573 | 782327 | 780460 |
| 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 | 962978 | 962623 | 798068 |
| PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC | Healthcare & Pharmaceuticals | Term Loan (12/22) | Loan | 3M USD SOFR+ 3.25% | 0.50% | 7.18% | 12/29/2028 | 1444621 | 1442234 | 1391531 |

---

**Saratoga Investment Corp. CLO 2013-1, Ltd.**

**Schedule of Investments**

**February 28, 2026**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Industry** | **Asset Name** | **Asset <br> Type** | **Reference Rate/Spread** | **SOFR/LIBOR Floor** | **Current Rate (All In)** | **Maturity Date** | **Principal/<br> 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 | 965000 | 962640 | 966476 |
| Phoenix Guarantor Inc. | Healthcare & Pharmaceuticals | Term Loan B (12/24) | Loan | 1M USD SOFR+ 2.50% | 0.00% | 6.17% | 2/21/2031 | 955542 | 955542 | 953564 |
| 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 | 1865532 | 985648 | 895455 |
| Playtika Holding Corp. | High Tech Industries | Term Loan B (3/21) | Loan | 1M USD SOFR+ 2.75% | 0.00% | 6.54% | 3/13/2028 | 4286250 | 4283564 | 3974168 |
| PointClickCare Technologies, Inc. | High Tech Industries | Term Loan (07/25) | Loan | 3M USD SOFR+ 2.75% | 0.00% | 6.42% | 11/3/2031 | 478962 | 478042 | 474474 |
| Polymer Process Holdings, Inc. | Containers, Packaging & Glass | Term Loan | Loan | 1M USD SOFR+ 4.75% | 0.75% | 8.54% | 2/12/2028 | 3942289 | 3932110 | 2534340 |
| Pre-Paid Legal Services, Inc. | Services: Consumer | Term Loan (12/21) | Loan | 1M USD SOFR+ 3.25% | 0.50% | 6.92% | 12/15/2028 | 2888325 | 2877497 | 2451466 |
| Prime Security Services Borrower, LLC (ADT) | Services: Consumer | Term Loan B | Loan | 1M USD SOFR+ 2.00% | 0.00% | 5.67% | 10/13/2030 | 1769515 | 1757142 | 1765286 |
| Primo Brands Corporation | Beverage, Food & Tobacco | Term Loan B (01/25) | Loan | 3M USD SOFR+ 2.25% | 0.50% | 5.92% | 3/31/2028 | 1433030 | 1430561 | 1431497 |
| PRIORITY HOLDINGS, LLC | Services: Consumer | Term Loan B (07/25) | Loan | 1M USD SOFR+ 3.75% | 0.50% | 7.42% | 7/30/2032 | 2830585 | 2817297 | 2761009 |
| 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 | 970000 | 930838 | 603825 |
| PUG LLC | Services: Consumer | Term Loan B (03/24) | Loan | 1M USD SOFR+ 4.75% | 0.00% | 8.42% | 3/15/2030 | 244372 | 244095 | 236022 |
| Quartz AcquireCo, LLC | High Tech Industries | Term Loan (2/25) | Loan | 3M USD SOFR+ 2.25% | 0.00% | 5.92% | 6/28/2030 | 1222487 | 1215995 | 1084958 |
| Quikrete Holdings, Inc. | Construction & Building | Term Loan (2/25) | Loan | 1M USD SOFR+ 2.25% | 0.00% | 5.92% | 4/14/2031 | 982575 | 980934 | 981475 |
| Rackspace Technology Global, Inc. | High Tech Industries | Term Loan (3/24) | Loan | 1M USD SOFR+ 2.75% | 0.75% | 6.53% | 5/15/2028 | 2018945 | 1329862 | 826092 |
| 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 | 541399 | 538133 | 537338 |
| RAND PARENT LLC | Transportation: Cargo | Term Loan B (01/25) | Loan | 3M USD SOFR+ 3.00% | 0.00% | 6.67% | 3/18/2030 | 2431842 | 2374944 | 2430626 |
| RealPage, Inc. | High Tech Industries | Term Loan (04/21) | Loan | 3M USD SOFR+ 3.00% | 0.50% | 6.93% | 4/24/2028 | 957500 | 957300 | 882499 |
| Rent-A-Center, Inc. | Retail | Term Loan B (08/25) | Loan | 3M USD SOFR+ 2.75% | 0.50% | 6.42% | 8/13/2032 | 1825515 | 1806157 | 1820951 |
| 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 | 335333 | 332328 | 330303 |
| 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 | 2858408 | 2768737 | 1667881 |
| Resideo Funding Inc. | Services: Consumer | Term Loan B (12/24) | Loan | 1M USD SOFR+ 2.00% | 0.00% | 5.66% | 2/11/2028 | 674488 | 674488 | 673227 |
| 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 | 1948080 | 1948081 | 1504892 |
| Restoration Hardware, Inc. | Retail | Term Loan (9/21) | Loan | 1M USD SOFR+ 2.50% | 0.50% | 6.29% | 10/20/2028 | 3357249 | 3355349 | 3295140 |
| 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 | 931115 | 931115 | 935771 |
| 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 | 1441374 | 1434941 | 1437771 |
| S&S HOLDINGS LLC | Services: Business | Term Loan | Loan | 1M USD SOFR+ 5.00% | 0.50% | 8.77% | 3/10/2028 | 2383643 | 2361520 | 2332991 |
| Sally Holdings LLC | Retail | Term Loan B | Loan | 1M USD SOFR+ 1.75% | 0.00% | 5.42% | 2/28/2030 | 318750 | 317260 | 319349 |
| Schweitzer-Mauduit International, Inc. | High Tech Industries | Term Loan B | Loan | 1M USD SOFR+ 3.75% | 0.75% | 7.54% | 4/20/2028 | 939236 | 937872 | 931017 |

---

**Saratoga Investment Corp. CLO 2013-1, Ltd.**

**Schedule of Investments**

**February 28, 2026**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Industry** | **Asset Name** | **Asset <br> Type** | **Reference Rate/Spread** | **SOFR/LIBOR Floor** | **Current Rate (All In)** | **Maturity Date** | **Principal/<br> 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 | 486344 | 485950 | 476213 |
| 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 | 975193 | 970172 | 942524 |
| SETANTA AIRCRAFT LEASING DAC | Aerospace & Defense | Term Loan B (05/24) | Loan | 3M USD SOFR+ 1.75% | 0.00% | 5.42% | 11/5/2028 | 350000 | 349707 | 350875 |
| Sitel Worldwide Corporation | Services: Business | USD Term Loan (7/21) | Loan | 3M USD SOFR+ 3.75% | 0.50% | 7.68% | 8/28/2028 | 1915000 | 1912199 | 716765 |
| SiteOne Landscape Supply, LLC | Services: Business | Term Loan B (06/24) | Loan | 1M USD SOFR+ 1.75% | 0.50% | 5.41% | 3/23/2030 | 1245101 | 1241692 | 1243544 |
| Smyrna Ready Mix Concrete, LLC | Construction & Building | Term Loan B | Loan | 1M USD SOFR+ 3.00% | 0.00% | 6.67% | 4/2/2029 | 505257 | 503333 | 505677 |
| Sparta U.S. HoldCo LLC | Chemicals, Plastics, & Rubber | Term Loan | Loan | 1M USD SOFR+ 3.00% | 0.00% | 6.67% | 8/2/2030 | 1920000 | 1917584 | 1914163 |
| SRAM, LLC | Consumer goods: Durable | Term Loan (02/25) | Loan | 1M USD SOFR+ 2.25% | 0.00% | 5.92% | 2/23/2032 | 2246400 | 2245458 | 2246400 |
| STANDARD INDUSTRIES INC. | Construction & Building | Term Loan B | Loan | 1M USD SOFR+ 1.75% | 0.50% | 5.43% | 9/22/2028 | 200250 | 199674 | 200546 |
| Staples, Inc. | Wholesale | Term Loan B | Loan | 3M USD SOFR+ 5.75% | 0.50% | 9.41% | 9/4/2029 | 4220701 | 4178169 | 3766976 |
| Star Parent, Inc. | Services: Business | Term Loan B (09/23) | Loan | 3M USD SOFR+ 4.00% | 0.00% | 7.67% | 9/27/2030 | 1228125 | 1215137 | 1187340 |
| Storable, Inc | High Tech Industries | Term Loan B (3/25) | Loan | 1M USD SOFR+ 3.25% | 0.00% | 6.92% | 4/16/2031 | 481363 | 481250 | 459099 |
| 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 | 960175 | 956194 | 953876 |
| SupplyOne, Inc | Wholesale | Term Loan B (03/24) | Loan | 1M USD SOFR+ 3.50% | 0.00% | 7.17% | 3/27/2031 | 491288 | 487342 | 492978 |
| Sweetwater Borrower, LLC | Retail | Term Loan B (2/26) | Loan | 1M USD SOFR+ 4.00% | 0.00% | 7.66% | 2/17/2033 | 1895910 | 1854369 | 1898280 |
| Syncsort Incorporated | High Tech Industries | Term Loan B (10/21) | Loan | 3M USD SOFR+ 4.00% | 0.75% | 7.93% | 4/24/2028 | 2394950 | 2394735 | 2037216 |
| 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 | 970182 | 964903 | 940670 |
| Tenable Holdings, Inc. | Services: Business | Term Loan B (6/21) | Loan | 1M USD SOFR+ 2.75% | 0.50% | 6.54% | 7/7/2028 | 960000 | 959716 | 954605 |
| Thor Industries, Inc. | Automotive | Term Loan B (06/24) | Loan | 1M USD SOFR+ 2.25% | 0.00% | 5.92% | 11/15/2030 | 94142 | 93485 | 93906 |
| Torrid LLC | Wholesale | Term Loan 5/21 | Loan | 1M USD SOFR+ 5.50% | 0.75% | 9.29% | 6/14/2028 | 2922221 | 2705250 | 1168888 |
| TORY BURCH LLC | Retail | Term Loan | Loan | 1M USD SOFR+ 3.25% | 0.50% | 7.04% | 4/17/2028 | 2260738 | 2186326 | 2253956 |
| 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 | 80509 | 79712 | 81224 |
| 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 | 599927 | 599530 | 594006 |
| Tronox Finance LLC | Chemicals, Plastics, & Rubber | Term Loan B (09/24) | Loan | 3M USD SOFR+ 2.50% | 0.00% | 6.17% | 9/30/2031 | 343454 | 343361 | 267035 |
| TruGreen Limited Partnership | Services: Consumer | Term Loan | Loan | 1M USD SOFR+ 4.00% | 0.75% | 7.77% | 11/2/2027 | 925281 | 923548 | 908700 |
| Ultra Clean Holdings, Inc. | High Tech Industries | Term Loan (09/25) | Loan | 1M USD SOFR+ 2.75% | 0.00% | 6.42% | 2/25/2028 | 1203008 | 1201345 | 1205017 |
| Univision Communications Inc. | Media: Broadcasting & Subscription | Term Loan B (05/24) | Loan | 1M USD SOFR+ 3.50% | 0.50% | 7.29% | 1/31/2029 | 2379366 | 2379365 | 2371442 |
| Univision Communications Inc. | Media: Broadcasting & Subscription | Term Loan B (6/22) | Loan | 3M USD SOFR+ 4.25% | 0.50% | 7.92% | 6/25/2029 | 241250 | 237262 | 238234 |
| Vaco Holdings, LLC | Services: Business | Term Loan (01/22) | Loan | 3M USD SOFR+ 5.00% | 0.75% | 8.82% | 1/19/2029 | 2271234 | 2234639 | 1704243 |
| 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 | 1259184 | 1259163 | 1212758 |
| 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 | 1188774 | 1188361 | 1089428 |
| Vertex Aerospace Services Corp | Aerospace & Defense | Term Loan (10/21) | Loan | 1M USD SOFR+ 2.25% | 0.75% | 5.92% | 12/6/2030 | 962997 | 961733 | 962997 |
| Vertiv Group Corporation | Capital Equipment | Term Loan | Loan | 1M USD SOFR+ 1.75% | 0.00% | 5.42% | 8/12/2032 | 1901601 | 1901601 | 1901601 |

---

**Saratoga Investment Corp. CLO 2013-1, Ltd.**

**Schedule of Investments**

**February 28, 2026**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Industry** | **Asset Name** | **Asset <br> Type** | **Reference Rate/Spread** | **SOFR/LIBOR Floor** | **Current Rate (All In)** | **Maturity Date** | **Principal/<br> 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 | 2907129 | 2869038 | 2906780 |
| Vistra Operations Company LLC | Energy: Electricity | 2018 Incremental Term Loan | Loan | 1M USD SOFR+ 1.75% | 0.00% | 5.42% | 12/20/2030 | 1851605 | 1850971 | 1854956 |
| 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 | 1250000 | 1250000 | 1251563 |
| 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 | 2631521 | 2627980 | 2632626 |
| WeddingWire, Inc. | Services: Consumer | Term Loan B (12/24) | Loan | 1M USD SOFR+ 3.75% | 0.00% | 7.42% | 1/31/2028 | 4725068 | 4725067 | 4032042 |
| WEX Inc. | Services: Business | Term Loan B (11/24) | Loan | 1M USD SOFR+ 1.75% | 0.00% | 5.42% | 3/31/2028 | 2866626 | 2864574 | 2849312 |
| 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 | 490062 | 490062 | 488989 |
| Wyndham Hotels & Resorts, Inc. | Hotel, Gaming & Leisure | Term Loan (05/24) | Loan | 1M USD SOFR+ 1.75% | 0.00% | 5.42% | 5/24/2030 | 977613 | 974397 | 980330 |
| Xperi Corporation | High Tech Industries | Term Loan (1/25) | Loan | 1M USD SOFR+ 2.50% | 0.00% | 6.17% | 6/8/2028 | 1481388 | 1481214 | 1473981 |
| Zayo Group, LLC (c) | Telecommunications | Term Loan (09/25) | Loan | 1M USD SOFR+ 3.00% | 0.00% | 6.79% | 3/11/2030 | 620347 | 615143 | 596308 |
| 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 | 1838369 | 1832728 | 1832909 |
| Zekelman Industries, Inc. | Metals & Mining | Term Loan B (03/24) | Loan | 1M USD SOFR+ 2.25% | 0.00% | 5.91% | 1/24/2031 | 1428583 | 1427966 | 1430769 |
| Zest Acquisition Corp. | Healthcare & Pharmaceuticals | Term Loan (1/23) | Loan | 3M USD SOFR+ 5.25% | 0.00% | 8.92% | 2/8/2028 | 1940000 | 1896965 | 1828450 |
| Zodiac Pool Solutions | Consumer goods: Durable | Term Loan (1/22) | Loan | 1M USD SOFR+ 1.93% | 0.50% | 5.70% | 1/29/2029 | 480000 | 479676 | 479280 |
| TOTAL INVESTMENTS |  |  |  |  |  |  |  |  | $**382812855** | $**354116571** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of <br> Shares** | **Cost** | **Fair Value** |
| **Cash and cash equivalents** |  |  |  |
| U.S. Bank Money Market (a) | 22319387 | $22319387 | $22319387 |
| **Total cash and cash equivalents** | **22319387** | $**22319387** | $**22319387** |

---

(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.

**Saratoga Investment Corp. CLO 2013-1, Ltd.**

**Schedule of Investments**

**February 28, 2025**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Industry** | **Asset Name** | **Asset <br> Type** | **Reference<br> Rate/Spread** | **SOFR/LIBOR Floor** | **Current Rate<br> (All In)** | **Maturity Date** | **Principal/<br> Number of Shares** | **Cost** | **Fair Value** |
| ALTISOURCE PORTFOLIO SOL | Banking, Finance, Insurance & Real Estate | Common Stock | Equity |  |  |  |  | 296227 | $216246 | $204397 |
| Altisource Portfolio Solutions - CS Warrant | Banking, Finance, Insurance & Real Estate | Warrants | Equity |  |  |  |  | 7917 | 3736 | 2895 |
| Altisource Portfolio Solutions - NS Warrant | Banking, Finance, Insurance & Real Estate | Warrants | Equity |  |  |  |  | 7917 | 3129 | 2883 |
| Endo Finance Holdings, Inc. | Healthcare & Pharmaceuticals | Common Stock | Equity |  |  |  |  | 24148 | 670107 | 682181 |
| Envision Parent Inc | Healthcare & Pharmaceuticals | Common Stock | Equity |  |  |  |  | 4410 | 175000 | 50715 |
| Envision Parent Inc | Healthcare & Pharmaceuticals | Warrants | Equity |  |  |  |  | 92837 | - | 4642 |
| Instant Brands Litigation Trust | Consumer goods: Durable | Equity Interests | Equity |  |  |  |  | 51095 | 35250 | 151056 |
| Isagenix International, LLC | Beverage, Food & Tobacco | Common Stock | Equity |  |  |  |  | 86398 | - | - |
| Resolute Investment Managers (American Beacon), Inc. | Banking, Finance, Insurance & Real Estate | Common Stock | Equity |  |  |  |  | 24320 | 1034581 | 231040 |
| URS TOPCO, LLC | Transportation: Cargo | Common Stock | Equity |  |  |  |  | 25330 | 440405 | 354620 |
| Wellpath Holdings LLC | Healthcare & Pharmaceuticals | Common Stock | Equity |  |  |  |  | 41758 | - | **-**  |
| 1011778 B.C Unltd Liability Co | Beverage, Food & Tobacco | Term Loan B6 | Loan | 1M USD SOFR+ 1.75% | 0.00% | 6.07% | 9/20/2030 | $1436662 | 1419292 | 1429076 |
| 19TH HOLDINGS GOLF, LLC | Consumer goods: Durable | Term Loan | Loan | 1M USD SOFR+ 3.25% | 0.50% | 7.66% | 2/7/2029 | 2448533 | 2374623 | 2398044 |
| 888 Acquisitions Limited | Hotel, Gaming & Leisure | Term Loan B | Loan | 6M USD SOFR+ 5.25% | 0.00% | 9.50% | 7/8/2028 | 3036695 | 2797339 | 2936484 |
| Adtalem Global Education Inc. | Services: Business | Term Loan B (08/24) | Loan | 1M USD SOFR+ 2.75% | 0.75% | 7.07% | 8/12/2028 | 352462 | 350628 | 352902 |
| Aegis Sciences Corporation | Healthcare & Pharmaceuticals | Term Loan | Loan | 3M USD SOFR+ 5.50% | 1.00% | 10.28% | 5/9/2025 | 2267140 | 2265721 | 1271865 |
| Agiliti Health Inc. | Healthcare & Pharmaceuticals | Term Loan B (03/23) | Loan | 6M USD SOFR+ 3.00% | 0.00% | 7.26% | 5/1/2030 | 2154146 | 2140760 | 2093119 |
| AHEAD DB Holdings, LLC | Services: Business | Term Loan B3 (07/24) | Loan | 1M USD SOFR+ 3.00% | 0.75% | 7.30% | 2/1/2031 | 2895655 | 2838488 | 2902228 |
| Air Canada | Transportation: Consumer | Term Loan B (03/24) | Loan | 3M USD SOFR+ 2.00% | 0.00% | 6.34% | 3/21/2031 | 992500 | 990413 | 995607 |
| AIT Worldwide Logistics Holdings, Inc. | Transportation: Cargo | Term Loan B (01/25) | Loan | 3M USD SOFR+ 4.00% | 0.75% | 8.30% | 4/8/2030 | 2455696 | 2341381 | 2458250 |
| AlixPartners, LLP | Banking, Finance, Insurance & Real Estate | Term Loan B (01/21) | Loan | 1M USD SOFR+ 2.50% | 0.50% | 6.94% | 2/4/2028 | 240624 | 240582 | 241166 |
| Allen Media, LLC | Media: Diversified & Production | Term Loan (7/21) | Loan | 3M USD SOFR+ 5.50% | 0.00% | 9.98% | 2/10/2027 | 4303877 | 4290645 | 2571566 |
| Alliant Holdings Intermediate, LLC | Banking, Finance, Insurance & Real Estate | Term Loan B6 (09/24) | Loan | 1M USD SOFR+ 2.75% | 0.00% | 7.07% | 9/19/2031 | 797021 | 797021 | 795579 |
| Allied Universal Holdco LLC | Services: Business | Term Loan 4/21 | Loan | 1M USD SOFR+ 3.75% | 0.50% | 8.17% | 5/12/2028 | 1935000 | 1930761 | 1936529 |
| Alterra Mountain Company (Intrawest Resort Holdings) | Hotel, Gaming & Leisure | First Lien Term Loan | Loan | 1M USD SOFR+ 3.00% | 0.00% | 7.32% | 5/31/2030 | 249375 | 249375 | 249532 |
| Altisource Solutions S.a r.l. | Banking, Finance, Insurance & Real Estate | Term Loan B | Loan | 3M USD SOFR+ 6.50% | 3.50% | 10.92% | 2/20/2029 | 500000 | 487543 | 500000 |
| Altisource Solutions S.a r.l. | Banking, Finance, Insurance & Real Estate | Term Loan B (02/25) | Loan | 3M USD SOFR+ 6.50% | 3.50% | 10.92% | 4/30/2030 | 545284 | 545284 | 539831 |
| Altium Packaging LLC | Containers, Packaging & Glass | Term Loan B | Loan | 1M USD SOFR+ 2.50% | 0.00% | 6.82% | 6/11/2031 | 482575 | 481544 | 477547 |
| American Axle & Manufacturing Inc. | Automotive | Term Loan (12/22) | Loan | 1M USD SOFR+ 3.00% | 0.50% | 7.32% | 12/13/2029 | 480000 | 469318 | 478200 |
| American Greetings Corporation | Media: Advertising, Printing & Publishing | Term Loan B (04/24) | Loan | 1M USD SOFR+ 5.75% | 0.00% | 10.07% | 10/30/2029 | 2926807 | 2925603 | 2945099 |

---

**Saratoga Investment Corp. CLO 2013-1, Ltd.**

**Schedule of Investments**

**February 28, 2025**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Industry** | **Asset Name** | **Asset <br> Type** | **Reference<br> Rate/Spread** | **SOFR/LIBOR Floor** | **Current Rate<br> (All In)** | **Maturity Date** | **Principal/<br> Number of Shares** | **Cost** | **Fair Value** |
| American Trailer World Corp | Automotive | Term Loan | Loan | 1M USD SOFR+ 3.75% | 0.75% | 8.17% | 3/3/2028 | 1357439 | 1356879 | 1140588 |
| Anastasia Parent LLC | Consumer goods: Non-durable | Term Loan | Loan | 3M USD SOFR+ 3.75% | 0.00% | 8.34% | 8/11/2025 | 937500 | 937084 | 765084 |
| Anchor Packaging, LLC | Containers, Packaging & Glass | Term Loan (12/24) | Loan | 1M USD SOFR+ 3.25% | 0.00% | 7.57% | 7/18/2029 | 1944396 | 1928125 | 1945408 |
| AP Core Holdings II LLC | High Tech Industries | Term Loan B1 | Loan | 1M USD SOFR+ 5.50% | 0.75% | 9.94% | 9/1/2027 | 1674963 | 1662638 | 1576559 |
| AP Core Holdings II LLC | High Tech Industries | Term Loan B2 | Loan | 1M USD SOFR+ 5.50% | 0.75% | 9.94% | 9/1/2027 | 500000 | 496326 | 467625 |
| APEX GROUP TREASURY LLC | Banking, Finance, Insurance & Real Estate | Term Loan (2/25) | Loan | 3M USD SOFR+ 4.00% | 0.00% | 8.29% | 7/27/2028 | 490038 | 468587 | 491875 |
| Apollo Commercial Real Estate Finance, Inc. | Banking, Finance, Insurance & Real Estate | Term Loan B | Loan | 1M USD SOFR+ 2.75% | 0.00% | 7.19% | 5/15/2026 | 2878173 | 2868237 | 2874575 |
| Apollo Commercial Real Estate Finance, Inc. | Banking, Finance, Insurance & Real Estate | Term Loan B1 (2/21) | Loan | 1M USD SOFR+ 3.50% | 0.50% | 7.94% | 3/6/2028 | 962500 | 957781 | 957688 |
| Aramark Services, Inc. | Services: Consumer | Term Loan B7 (03/24) | Loan | 1M USD SOFR+ 2.00% | 0.00% | 6.32% | 4/6/2028 | 1753715 | 1750058 | 1758538 |
| Aramark Services, Inc. | Services: Consumer | Term Loan B8 (03/24) | Loan | 1M USD SOFR+ 2.00% | 0.00% | 6.32% | 6/22/2030 | 2331250 | 2305337 | 2337078 |
| ARC FALCON I INC. | Chemicals, Plastics, & Rubber | Term Loan | Loan | 1M USD SOFR+ 3.50% | 0.50% | 7.92% | 9/23/2028 | 971274 | 969846 | 971711 |
| ARCIS GOLF LLC | Services: Consumer | Term Loan B (01/25) | Loan | 1M USD SOFR+ 2.75% | 0.50% | 7.07% | 11/24/2028 | 493000 | 489289 | 494543 |
| Aretec Group, Inc. | Banking, Finance, Insurance & Real Estate | Term Loan B (12/24) | Loan | 1M USD SOFR+ 3.50% | 0.00% | 7.82% | 8/9/2030 | 2622898 | 2610006 | 2616891 |
| Ascensus Group Holdings, Inc | Banking, Finance, Insurance & Real Estate | Term Loan | Loan | 1M USD SOFR+ 3.00% | 0.00% | 7.32% | 8/2/2028 | 494767 | 491912 | 493035 |
| Aspire Bakeries Holdings, LLC | Beverage, Food & Tobacco | Term loan | Loan | 1M USD SOFR+ 4.25% | 0.00% | 8.57% | 12/23/2030 | 893250 | 885649 | 895483 |
| Assuredpartners Inc. | Banking, Finance, Insurance & Real Estate | Term Loan B5 (02/24) | Loan | 1M USD SOFR+ 3.50% | 0.50% | 7.82% | 2/14/2031 | 1290250 | 1289103 | 1290082 |
| Asurion, LLC | Banking, Finance, Insurance & Real Estate | Term Loan B10 | Loan | 1M USD SOFR+ 4.00% | 0.00% | 8.42% | 8/19/2028 | 1955000 | 1890928 | 1949780 |
| Asurion, LLC | Banking, Finance, Insurance & Real Estate | Term Loan B12 | Loan | 1M USD SOFR+ 4.25% | 0.00% | 8.56% | 9/19/2030 | 2912179 | 2908959 | 2898521 |
| ATHENAHEALTH GROUP INC. | Healthcare & Pharmaceuticals | Term Loan B (2/22) | Loan | 1M USD SOFR+ 3.00% | 0.50% | 7.32% | 2/15/2029 | 1303799 | 1300749 | 1300070 |
| Avolon TLB Borrower 1 (US) LLC | Capital Equipment | Term Loan B6 | Loan | 1M USD SOFR+ 1.75% | 0.00% | 6.07% | 6/22/2030 | 1472622 | 1429929 | 1472136 |
| Axalta Coating Systems US Holdings | Chemicals, Plastics, & Rubber | Term Loan B (11/24) | Loan | 3M USD SOFR+ 1.75% | 0.50% | 6.08% | 12/20/2029 | 851048 | 844987 | 852546 |
| AZURITY PHARMACEUTICALS, INC. | Healthcare & Pharmaceuticals | Term Loan B | Loan | 1M USD SOFR+ 6.62% | 0.75% | 11.05% | 9/20/2027 | 425000 | 418550 | 422344 |
| B&G Foods, Inc. | Beverage, Food & Tobacco | Term Loan B | Loan | 1M USD SOFR+ 3.50% | 0.00% | 7.82% | 10/10/2029 | 532287 | 530730 | 528849 |

---

**Saratoga Investment Corp. CLO 2013-1, Ltd.**

**Schedule of Investments**

**February 28, 2025**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Industry** | **Asset Name** | **Asset <br> Type** | **Reference<br> Rate/Spread** | **SOFR/LIBOR Floor** | **Current Rate<br> (All In)** | **Maturity Date** | **Principal/<br> Number of Shares** | **Cost** | **Fair Value** |
| Baldwin Insurance Group Holdings, LLC | Banking, Finance, Insurance & Real Estate | Term Loan B-1 (12/24) | Loan | 1M USD SOFR+ 3.00% | 0.00% | 7.31% | 5/27/2031 | 1640279 | 1630478 | 1642329 |
| Belfor Holdings Inc. | Services: Consumer | Term Loan 4/23 | Loan | 1M USD SOFR+ 3.00% | 0.50% | 7.32% | 11/1/2030 | 1490834 | 1478738 | 1498288 |
| Bengal Debt Merger Sub LLC | Beverage, Food & Tobacco | Term Loan | Loan | 3M USD SOFR+ 3.00% | 0.50% | 7.43% | 1/24/2029 | 1950000 | 1949473 | 1175753 |
| Blackstone Mortgage Trust, Inc. | Banking, Finance, Insurance & Real Estate | Term Loan B | Loan | 1M USD SOFR+ 2.25% | 0.00% | 6.69% | 4/23/2026 | 342601 | 341898 | 341317 |
| Bombardier Recreational Products, Inc. | Consumer goods: Durable | Term Loan | Loan | 1M USD SOFR+ 2.75% | 0.00% | 7.07% | 1/22/2031 | 1425751 | 1422525 | 1423712 |
| Bombardier Recreational Products, Inc. | Consumer goods: Durable | Term Loan B3 | Loan | 1M USD SOFR+ 2.75% | 0.50% | 7.06% | 12/13/2029 | 488806 | 479686 | 488669 |
| Boost Newco Borrower, LLC (Worldpay) | Banking, Finance, Insurance & Real Estate | Term Loan B (01/25) | Loan | 3M USD SOFR+ 2.00% | 0.00% | 6.29% | 1/31/2031 | 498750 | 496603 | 498127 |
| Boxer Parent Company, Inc. | High Tech Industries | Term Loan | Loan | 3M USD SOFR+ 3.00% | 0.00% | 7.29% | 7/30/2031 | 1007194 | 1003006 | 1004766 |
| BroadStreet Partners, Inc. | Banking, Finance, Insurance & Real Estate | Term Loan B-4 | Loan | 1M USD SOFR+ 3.00% | 0.00% | 7.31% | 6/16/2031 | 2896329 | 2894596 | 2894794 |
| Brookfield WEC Holdings Inc. | Energy: Electricity | Term Loan B | Loan | 1M USD SOFR+ 2.25% | 0.00% | 6.56% | 1/27/2031 | 1440450 | 1440450 | 1437396 |
| BROWN GROUP HOLDING, LLC | Aerospace & Defense | Term Loan B-2 | Loan | 3M USD SOFR+ 2.50% | 0.00% | 6.81% | 7/1/2031 | 491284 | 481764 | 490464 |
| Buckeye Partners, L.P. | Utilities: Oil & Gas | Term Loan B (01/25) | Loan | 1M USD SOFR+ 1.75% | 0.00% | 6.07% | 11/22/2030 | 663337 | 661343 | 663430 |
| Buckeye Partners, L.P. | Utilities: Oil & Gas | Term Loan B5 (09/24) | Loan | 1M USD SOFR+ 1.75% | 0.00% | 6.07% | 11/2/2026 | 483028 | 482076 | 482897 |
| BW Gas & Convenience Holdings LLC | Beverage, Food & Tobacco | Term Loan B | Loan | 1M USD SOFR+ 3.50% | 0.50% | 7.94% | 3/31/2028 | 2412500 | 2400434 | 2418531 |
| Callaway Golf Company | Retail | Term Loan B | Loan | 1M USD SOFR+ 3.00% | 0.00% | 7.32% | 3/16/2030 | 471250 | 467499 | 465458 |
| Calpine Corporation | Utilities: Electric | Term Loan B10 (01/24) | Loan | 1M USD SOFR+ 1.75% | 0.00% | 6.07% | 1/31/2031 | 1990000 | 1981632 | 1987513 |
| Camping World, Inc. | Retail | Term Loan B (5/21) | Loan | 1M USD SOFR+ 2.50% | 0.75% | 6.94% | 6/5/2028 | 2436709 | 2289886 | 2386586 |
| CAPSTONE BORROWER INC | Services: Business | Term Loan B (05/24) | Loan | 3M USD SOFR+ 3.25% | 0.00% | 7.58% | 6/17/2030 | 872669 | 862196 | 874851 |
| CareerBuilder, LLC | Services: Business | Term Loan B3 | Loan | 1M USD SOFR+ 2.50% | 0.00% | 6.94% | 7/31/2026 | 4089659 | 4079749 | 204483 |
| Castle US Holding Corporation | Media: Advertising, Printing & Publishing | Term Loan B (USD) | Loan | 3M USD SOFR+ 3.75% | 0.00% | 8.32% | 1/27/2027 | 1929894 | 1925694 | 1192520 |
| CBL & Associates Limited Partnership | Retail | Term Loan 11/21 | Loan | 1M USD SOFR+ 2.75% | 1.00% | 7.17% | 11/1/2025 | 2085112 | 1976819 | 1978250 |
| CCC Intelligent Solutions Inc. | Services: Business | Term Loan (01/25) | Loan | 1M USD SOFR+ 2.00% | 0.50% | 6.32% | 9/16/2028 | 242500 | 242288 | 241894 |
| CCI Buyer, Inc | Telecommunications | Term Loan | Loan | 3M USD SOFR+ 4.00% | 0.75% | 8.33% | 12/17/2027 | 240625 | 239544 | 241426 |
| CCRR Parent, Inc. | Healthcare & Pharmaceuticals | Term Loan | Loan | 3M USD SOFR+ 4.25% | 0.50% | 8.66% | 3/6/2028 | 980000 | 948779 | 395263 |
| CCRR Parent, Inc. | Healthcare & Pharmaceuticals | Term Loan B | Loan | 3M USD SOFR+ 4.25% | 0.75% | 8.82% | 3/6/2028 | 962500 | 960608 | 399438 |
| CCS-CMGC Holdings, Inc. | Healthcare & Pharmaceuticals | Term Loan | Loan | 3M USD SOFR+ 5.50% | 0.00% | 10.28% | 9/25/2025 | 1140869 | 1139841 | 386047 |

---

**Saratoga Investment Corp. CLO 2013-1, Ltd.**

**Schedule of Investments**

**February 28, 2025**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Industry** | **Asset Name** | **Asset <br> Type** | **Reference<br> Rate/Spread** | **SOFR/LIBOR Floor** | **Current Rate<br> (All In)** | **Maturity Date** | **Principal/<br> Number of Shares** | **Cost** | **Fair Value** |
| CDK GLOBAL, INC. | High Tech Industries | Term Loan B (05/24) | Loan | 3M USD SOFR+ 3.25% | 0.00% | 7.58% | 7/6/2029 | 990019 | 968890 | 903640 |
| CENTURI GROUP, INC. | Construction & Building | Term Loan B | Loan | 1M USD SOFR+ 2.50% | 0.50% | 6.94% | 8/28/2028 | 616921 | 613611 | 617470 |
| Charlotte Buyer, Inc. | Services: Business | Term Loan B (01/25) | Loan | 1M USD SOFR+ 4.25% | 0.50% | 8.57% | 2/11/2028 | 1473806 | 1410924 | 1469886 |
| Chemours Company, (The) | Chemicals, Plastics, & Rubber | Term Loan B3 (08/23) | Loan | 1M USD SOFR+ 3.00% | 0.50% | 7.32% | 8/18/2028 | 2369720 | 2339142 | 2358866 |
| Churchill Downs Incorporated | Hotel, Gaming & Leisure | Term Loan B1 (3/21) | Loan | 1M USD SOFR+ 1.75% | 0.00% | 6.07% | 3/17/2028 | 481250 | 480828 | 480047 |
| CIMPRESS PUBLIC LIMITED COMPANY | Media: Advertising, Printing & Publishing | Term Loan B | Loan | 1M USD SOFR+ 2.50% | 0.50% | 6.82% | 5/17/2028 | 1940187 | 1883647 | 1930486 |
| CITADEL SECURITIES LP | Banking, Finance, Insurance & Real Estate | Term Loan (10/24) | Loan | 3M USD SOFR+ 2.00% | 0.00% | 6.33% | 10/31/2031 | 4826890 | 4826890 | 4832344 |
| Citco Funding LLC | Banking, Finance, Insurance & Real Estate | Term Loan B (06/24) | Loan | 6M USD SOFR+ 2.75% | 0.50% | 7.31% | 4/27/2028 | 987538 | 984246 | 994529 |
| Clarios Global LP | Automotive | Term Loan B (07/24) | Loan | 1M USD SOFR+ 2.50% | 0.00% | 6.82% | 5/6/2030 | 1197000 | 1192661 | 1191015 |
| Claros Mortgage Trust, Inc | Banking, Finance, Insurance & Real Estate | Term Loan B-1 (11/21) | Loan | 1M USD SOFR+ 4.50% | 0.50% | 8.92% | 8/10/2026 | 3368637 | 3360331 | 3099146 |
| CLYDESDALE ACQUISITION HOLDINGS, INC. | Containers, Packaging & Glass | Term Loan B | Loan | 1M USD SOFR+ 3.18% | 0.50% | 7.50% | 4/13/2029 | 1220000 | 1199733 | 1219244 |
| Columbus McKinnon Corporation | Capital Equipment | Term Loan (03/24) | Loan | 3M USD SOFR+ 2.50% | 0.50% | 6.83% | 5/14/2028 | 361967 | 361543 | 361062 |
| Connect Finco SARL | Telecommunications | Term Loan B (03/24) | Loan | 1M USD SOFR+ 4.50% | 0.50% | 8.82% | 9/27/2029 | 2865844 | 2801249 | 2491679 |
| Consolidated Communications, Inc. | Telecommunications | Term Loan B | Loan | 1M USD SOFR+ 3.50% | 0.75% | 7.94% | 10/2/2027 | 2714005 | 2592779 | 2700788 |
| Corelogic, Inc. | Services: Business | Term Loan (4/21) | Loan | 1M USD SOFR+ 3.50% | 0.50% | 7.94% | 6/2/2028 | 2418750 | 2413203 | 2406656 |
| Cortes NP Acquisition Corp (Vertiv) | Capital Equipment | Term Loan B (12/24) | Loan | 1M USD SOFR+ 1.75% | 0.00% | 6.06% | 3/2/2027 | 1920785 | 1920785 | 1918921 |
| Creative Artists Agency, LLC | Media: Diversified & Production | Term Loan B (09/24) | Loan | 1M USD SOFR+ 2.75% | 0.00% | 7.07% | 10/1/2031 | 1576094 | 1568099 | 1576536 |
| CROCS INC | Consumer goods: Durable | Term Loan B (01/24) | Loan | 3M USD SOFR+ 2.25% | 0.50% | 6.58% | 2/19/2029 | 750000 | 730356 | 752723 |
| Cross Financial Corp | Banking, Finance, Insurance & Real Estate | Term Loan B2 (10/24) | Loan | 1M USD SOFR+ 3.25% | 0.00% | 7.57% | 10/24/2031 | 485063 | 483905 | 485974 |
| Crown Subsea Communications Holding, Inc. | Construction & Building | Term Loan B | Loan | 1M USD SOFR+ 4.00% | 0.75% | 8.31% | 1/30/2031 | 2388000 | 2367977 | 2397695 |
| CTS Midco, LLC | High Tech Industries | Term Loan B | Loan | 3M USD SOFR+ 6.00% | 1.00% | 10.55% | 11/2/2027 | 1919403 | 1894257 | 1919403 |
| Dave & Buster's Inc. | Hotel, Gaming & Leisure | Term Loan B (1/24) | Loan | 3M USD SOFR+ 3.25% | 0.50% | 7.56% | 6/29/2029 | 762038 | 735302 | 721079 |
| DCert Buyer, Inc. | High Tech Industries | Term Loan | Loan | 1M USD SOFR+ 4.00% | 0.00% | 8.32% | 10/16/2026 | 1439547 | 1439547 | 1394748 |
| Delek US Holdings, Inc. | Utilities: Oil & Gas | Term Loan B (11/22) | Loan | 1M USD SOFR+ 3.50% | 0.50% | 7.92% | 11/16/2029 | 5292000 | 5206553 | 5270514 |
| Derby Buyer LLC | Chemicals, Plastics, & Rubber | Term Loan B (12/24) | Loan | 1M USD SOFR+ 3.00% | 0.00% | 7.31% | 11/1/2030 | 620320 | 612532 | 620475 |
| DexKo Global, Inc. (Dragon Merger) | Automotive | Term Loan (9/21) | Loan | 3M USD SOFR+ 3.75% | 0.50% | 8.34% | 10/4/2028 | 972500 | 970335 | 916251 |
| Diamond Sports Group, LLC | Media: Broadcasting & Subscription | 1st Priority Term Loan | Loan | 1M USD SOFR+ 10.00% | 1.00% | 14.41% | 5/25/2026 | 29734 | 29407 | 26463 |
| DIRECTV FINANCING, LLC | Media: Broadcasting & Subscription | Term Loan (1/24) | Loan | 3M USD SOFR+ 5.25% | 0.75% | 9.80% | 8/2/2029 | 2902900 | 2887032 | 2882115 |

---

**Saratoga Investment Corp. CLO 2013-1, Ltd.**

**Schedule of Investments**

**February 28, 2025**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Industry** | **Asset Name** | **Asset <br> Type** | **Reference<br> Rate/Spread** | **SOFR/LIBOR Floor** | **Current Rate<br> (All In)** | **Maturity Date** | **Principal/<br> Number of Shares** | **Cost** | **Fair Value** |
| DISCOVERY PURCHASER CORPORATION | Chemicals, Plastics, & Rubber | Term Loan | Loan | 3M USD SOFR+ 4.00% | 0.50% | 8.29% | 10/4/2029 | 1470233 | 1383873 | 1465749 |
| Dispatch Acquisition Holdings, LLC | Environmental Industries | Term Loan B (3/21) | Loan | 3M USD SOFR+ 4.25% | 0.75% | 8.73% | 3/25/2028 | 482500 | 480166 | 454496 |
| DOMTAR CORPORATION | Forest Products & Paper | Term Loan 9/21 | Loan | 1M USD SOFR+ 5.50% | 0.75% | 9.94% | 11/30/2028 | 3071416 | 3028380 | 2973530 |
| DOTDASH MEREDITH, INC. | Media: Advertising, Printing & Publishing | Term Loan B (11/24) | Loan | 1M USD SOFR+ 3.50% | 0.50% | 7.81% | 12/1/2028 | 1911111 | 1778613 | 1920667 |
| DRI HOLDING INC. | Media: Advertising, Printing & Publishing | Term Loan (12/21) | Loan | 1M USD SOFR+ 5.25% | 0.50% | 9.67% | 12/15/2028 | 3892437 | 3790333 | 3773718 |
| DRW Holdings, LLC | Banking, Finance, Insurance & Real Estate | Term Loan B (06/24) | Loan | 3M USD SOFR+ 3.50% | 0.00% | 7.79% | 6/17/2031 | 6305000 | 6280258 | 6283311 |
| DTZ U.S. Borrower, LLC | Construction & Building | Term Loan B1 (01/25) | Loan | 1M USD SOFR+ 2.75% | 0.50% | 7.07% | 1/31/2030 | 2014107 | 2013573 | 2009072 |
| DTZ U.S. Borrower, LLC | Construction & Building | 2024-3 Term Loan (09/24) | Loan | 1M USD SOFR+ 3.25% | 0.50% | 7.57% | 1/31/2030 | 1097250 | 1075232 | 1098161 |
| Dye & Durham Corporation | Services: Business | Term Loan B (04/24) | Loan | 3M USD SOFR+ 4.25% | 1.00% | 8.68% | 4/11/2031 | 1431964 | 1412492 | 1443148 |
| EAB Global, Inc. | Services: Business | Term Loan (08/21) | Loan | 1M USD SOFR+ 3.00% | 0.50% | 7.32% | 8/16/2028 | 970169 | 967824 | 967336 |
| Echo Global Logistics, Inc. | Services: Business | Term Loan | Loan | 1M USD SOFR+ 3.75% | 0.50% | 8.16% | 11/23/2028 | 1945000 | 1943317 | 1923663 |
| Edelman Financial Group Inc., The | Banking, Finance, Insurance & Real Estate | Term Loan (12/24) | Loan | 1M USD SOFR+ 3.00% | 0.00% | 7.32% | 4/7/2028 | 2155371 | 2152592 | 2158281 |
| ELECTRON BIDCO INC. | Healthcare & Pharmaceuticals | Term Loan | Loan | 1M USD SOFR+ 2.75% | 0.50% | 7.07% | 11/1/2028 | 487500 | 486541 | 486769 |
| ELO Touch Solutions, Inc. | Media: Diversified & Production | Term Loan (12/18) | Loan | 1M USD SOFR+ 6.50% | 0.00% | 10.94% | 12/15/2025 | 2137656 | 2124478 | 2137656 |
| Embecta Corp | Healthcare & Pharmaceuticals | Term Loan B | Loan | 1M USD SOFR+ 3.00% | 0.50% | 7.31% | 3/30/2029 | 2885658 | 2843183 | 2880262 |
| Emrld Borrower LP | Capital Equipment | Term Loan B (04/23) | Loan | 6M USD SOFR+ 2.50% | 0.00% | 6.93% | 5/31/2030 | 990000 | 986329 | 986594 |
| Endo Finance Holdings, Inc. | Healthcare & Pharmaceuticals | Term Loan B | Loan | 1M USD SOFR+ 4.00% | 0.50% | 8.32% | 4/23/2031 | 1995000 | 1977056 | 1995000 |
| Endure Digital, Inc. | High Tech Industries | Term Loan B | Loan | 1M USD SOFR+ 3.50% | 0.75% | 7.92% | 2/10/2028 | 2412500 | 2407887 | 1668654 |
| Entain Holdings (Gibraltar) Limited | Hotel, Gaming & Leisure | Term Loan B3 (5/24) | Loan | 3M USD SOFR+ 2.75% | 0.50% | 7.08% | 10/31/2029 | 1476325 | 1464198 | 1477476 |
| EOS U.S. FINCO LLC | Transportation: Cargo | Term Loan | Loan | 6M USD SOFR+ 6.00% | 0.50% | 10.28% | 10/9/2029 | 950000 | 893353 | 397813 |
| Equiniti Group PLC | Services: Business | Term Loan (12/24) | Loan | 6M USD SOFR+ 3.75% | 0.50% | 8.03% | 12/11/2028 | 970069 | 964262 | 976937 |
| Evertec Group LLC | Banking, Finance, Insurance & Real Estate | Term Loan B (09/23) | Loan | 1M USD SOFR+ 2.75% | 0.50% | 7.07% | 10/30/2030 | 1125000 | 1110800 | 1130625 |
| Fiesta Purchaser, Inc. | Beverage, Food & Tobacco | Term Loan B (12/24) | Loan | 1M USD SOFR+ 3.25% | 0.00% | 7.57% | 2/12/2031 | 497503 | 493271 | 497011 |
| Finco I LLC | Banking, Finance, Insurance & Real Estate | Term Loan B (9/24) | Loan | 1M USD SOFR+ 2.25% | 0.00% | 6.57% | 6/27/2029 | 2795563 | 2793344 | 2794389 |
| First Brands Group, LLC | Automotive | 1st Lien Term Loan (3/21) | Loan | 3M USD SOFR+ 5.00% | 1.00% | 9.55% | 3/30/2027 | 4812500 | 4781859 | 4607969 |
| First Eagle Investment Management | Banking, Finance, Insurance & Real Estate | Term Loan B (02/24) | Loan | 3M USD SOFR+ 3.00% | 0.00% | 7.33% | 3/5/2029 | 5053465 | 5046585 | 5052454 |
| First Student Bidco Inc. | Transportation: Consumer | Term Loan B (12/24) | Loan | 3M USD SOFR+ 2.50% | 0.50% | 6.89% | 7/21/2028 | 709476 | 706708 | 707603 |
| First Student Bidco Inc. | Transportation: Consumer | Term Loan C | Loan | 3M USD SOFR+ 2.50% | 0.50% | 6.89% | 7/21/2028 | 216966 | 216137 | 216393 |
| Fitness International, LLC (LA Fitness) | Services: Consumer | Term Loan B (1/24) | Loan | 1M USD SOFR+ 5.25% | 1.00% | 9.57% | 2/5/2029 | 1191000 | 1161999 | 1204030 |
| Flutter Financing B.V. | Hotel, Gaming & Leisure | Term Loan | Loan | 3M USD SOFR+ 1.75% | 0.50% | 6.08% | 11/29/2030 | 3712500 | 3704077 | 3699729 |

---

**Saratoga Investment Corp. CLO 2013-1, Ltd.**

**Schedule of Investments**

**February 28, 2025**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Industry** | **Asset Name** | **Asset <br> Type** | **Reference<br> Rate/Spread** | **SOFR/LIBOR Floor** | **Current Rate<br> (All In)** | **Maturity Date** | **Principal/<br> Number of Shares** | **Cost** | **Fair Value** |
| Franchise Group, Inc. | Services: Consumer | New Money Term Commitments | Loan | 1M USD SOFR+ 9.00% | 1.00% | 13.43% | 5/6/2025 | 257225 | 254175 | 257225 |
| Franchise Group, Inc. | Services: Consumer | First Out Term Loan | Loan | 6M USD SOFR+ 4.75% | 0.75% | 9.30% | 3/10/2026 | 827674 | 825735 | 412802 |
| Franchise Group, Inc. | Services: Consumer | Term Loan B | Loan | 3M USD SOFR+ 4.75% | 0.75% | 9.30% | 3/10/2026 | 3041686 | 2988228 | 1517041 |
| Franchise Group, Inc. | Services: Consumer | Term Loan DIP New Money | Loan | 1M USD SOFR+ 9.00% | 1.00% | 13.43% | 5/6/2025 | 355828 | 353546 | 355828 |
| Franklin Square Holdings, L.P. | Banking, Finance, Insurance & Real Estate | Term Loan B (04/24) | Loan | 1M USD SOFR+ 2.25% | 0.00% | 6.57% | 4/25/2031 | 4231210 | 4225781 | 4231210 |
| Froneri International (R&R Ice Cream) | Beverage, Food & Tobacco | Term Loan B4 (10/24) | Loan | 6M USD SOFR+ 2.00% | 0.00% | 6.24% | 9/16/2031 | 1915000 | 1914701 | 1905751 |
| Garrett LX III S.a r.l. | Automotive | Term Loan (1/25) | Loan | 3M USD SOFR+ 2.25% | 0.50% | 6.54% | 1/20/2032 | 1451250 | 1447746 | 1438552 |
| Genesee & Wyoming, Inc. | Transportation: Cargo | Term Loan B (03/24) | Loan | 3M USD SOFR+ 1.75% | 0.00% | 6.08% | 4/10/2031 | 1496250 | 1489525 | 1489711 |
| GGP Inc. | Banking, Finance, Insurance & Real Estate | Term Loan B | Loan | 1M USD SOFR+ 2.50% | 0.00% | 2.96% | 8/27/2025 | 2323401 | 2300582 | 2318312 |
| GIP Pilot Acquisition Partners, L.P. | Energy: Oil & Gas | Term Loan B | Loan | 3M USD SOFR+ 2.00% | 0.00% | 6.30% | 10/4/2030 | 415684 | 414006 | 414387 |
| Global Tel\*Link Corporation | Telecommunications | Term Loan (6/24) | Loan | 1M USD SOFR+ 7.50% | 3.00% | 11.82% | 7/31/2029 | 4809048 | 4741980 | 4798757 |
| Go Daddy Operating Company, LLC | High Tech Industries | Term Loan B7 | Loan | 1M USD SOFR+ 1.75% | 0.00% | 6.07% | 5/30/2031 | 940231 | 940231 | 938473 |
| GOLDEN WEST PACKAGING GROUP LLC | Forest Products & Paper | Term Loan (11/21) | Loan | 6M USD SOFR+ 5.25% | 0.75% | 9.92% | 12/1/2027 | 1775000 | 1767298 | 1434786 |
| GOTO GROUP, INC. | High Tech Industries | First Lien Term Loan | Loan | 3M USD SOFR+ 4.75% | 0.00% | 9.19% | 4/30/2028 | 1245381 | 804484 | 1151043 |
| GOTO GROUP, INC. | High Tech Industries | Second-Out Term Loan (02/24) | Loan | 3M USD SOFR+ 4.75% | 0.00% | 9.19% | 4/30/2028 | 1719812 | 1651916 | 832389 |
| Graham Packaging Co Inc | Containers, Packaging & Glass | Term Loan B (07/24) | Loan | 1M USD SOFR+ 2.50% | 0.00% | 6.82% | 8/4/2027 | 830576 | 828359 | 830161 |
| Great Outdoors Group, LLC | Retail | Term Loan (1/25) | Loan | 1M USD SOFR+ 3.25% | 0.75% | 7.55% | 1/20/2032 | 960244 | 958144 | 962049 |
| Griffon Corporation | Consumer goods: Durable | Term Loan B | Loan | 1M USD SOFR+ 2.00% | 0.00% | 6.31% | 1/24/2029 | 142188 | 142044 | 142898 |
| Grosvenor Capital Management Holdings, LLLP | Banking, Finance, Insurance & Real Estate | Term Loan B (5/24) | Loan | 1M USD SOFR+ 2.25% | 0.00% | 6.57% | 2/25/2030 | 2786709 | 2786614 | 2791057 |
| Groupe Solmax Inc. | Environmental Industries | Term Loan (6/21) | Loan | 1M USD SOFR+ 4.75% | 0.75% | 9.19% | 5/27/2028 | 2412086 | 2134984 | 2133827 |
| GYP HOLDINGS III CORP. | Construction & Building | Term Loan (1/24) | Loan | 1M USD SOFR+ 2.25% | 0.00% | 6.57% | 5/12/2030 | 246881 | 245937 | 247037 |
| Hertz Corporation (The) | Transportation: Consumer | Term Loan B | Loan | 1M USD SOFR+ 3.75% | 0.00% | 8.07% | 6/30/2028 | 2082970 | 2035333 | 1807726 |
| Hillman Group Inc. (The) (New) | Consumer goods: Durable | Term Loan B-1 (2/21) | Loan | 1M USD SOFR+ 2.00% | 0.50% | 6.31% | 7/14/2028 | 2714525 | 2713474 | 2704780 |
| Hilton Domestic Operating Company Inc. | Hotel, Gaming & Leisure | Term Loan B 4 | Loan | 1M USD SOFR+ 1.75% | 0.00% | 6.07% | 11/8/2030 | 1500000 | 1497236 | 1505160 |
| HLF Financing SARL (Herbalife) | Consumer goods: Non-durable | Term Loan | Loan | 1M USD SOFR+ 6.75% | 0.50% | 11.07% | 4/12/2029 | 3038490 | 3037561 | 3036606 |
| Holley Purchaser, Inc | Automotive | Term Loan (11/21) | Loan | 1M USD SOFR+ 3.75% | 0.75% | 8.19% | 11/17/2028 | 2189325 | 2184763 | 2130935 |

---

**Saratoga Investment Corp. CLO 2013-1, Ltd.**

**Schedule of Investments**

**February 28, 2025**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Industry** | **Asset Name** | **Asset <br> Type** | **Reference<br> Rate/Spread** | **SOFR/LIBOR Floor** | **Current Rate<br> (All In)** | **Maturity Date** | **Principal/<br> Number of Shares** | **Cost** | **Fair Value** |
| Hudson River Trading LLC | Banking, Finance, Insurance & Real Estate | Term Loan (10/24) | Loan | 1M USD SOFR+ 3.00% | 0.00% | 7.31% | 3/29/2030 | 5775525 | 5692371 | 5770327 |
| Hunter Douglas Inc | Consumer goods: Durable | Term Loan B (1/25) | Loan | 3M USD SOFR+ 3.25% | 0.00% | 7.55% | 1/19/2032 | 2232648 | 2038638 | 2215904 |
| Hyperion Refinance S.a.r.l. | Banking, Finance, Insurance & Real Estate | Term Loan B (11/24) | Loan | 1M USD SOFR+ 3.00% | 0.50% | 7.32% | 2/18/2031 | 2977538 | 2966717 | 2968992 |
| Idera, Inc. | High Tech Industries | Term Loan (06/24) | Loan | 3M USD SOFR+ 3.50% | 0.75% | 7.79% | 3/2/2028 | 4726151 | 4723056 | 4447167 |
| IMA Financial Group, Inc. | Banking, Finance, Insurance & Real Estate | Term Loan (10/21) | Loan | 1M USD SOFR+ 3.00% | 0.50% | 7.32% | 11/1/2028 | 2440193 | 2433243 | 2440193 |
| INDY US BIDCO, LLC | Services: Business | Term Loan (01/25) | Loan | 1M USD SOFR+ 3.50% | 0.50% | 7.82% | 3/6/2028 | 2170828 | 2170359 | 2166313 |
| INEOS 226 Ltd. | Chemicals, Plastics, & Rubber | Term Loan 3/23 | Loan | 1M USD SOFR+ 3.75% | 0.00% | 8.17% | 3/13/2030 | 492500 | 488601 | 474031 |
| Ineos US Finance LLC | Chemicals, Plastics, & Rubber | Term Loan C | Loan | 1M USD SOFR+ 3.25% | 0.00% | 7.57% | 2/18/2030 | 990019 | 982264 | 973931 |
| INEOS US PETROCHEM LLC | Chemicals, Plastics, & Rubber | Term Loan B | Loan | 1M USD SOFR+ 4.25% | 0.00% | 8.67% | 4/2/2029 | 2694512 | 2647631 | 2627149 |
| Informatica Inc. | High Tech Industries | Term Loan B (06/24) | Loan | 1M USD SOFR+ 2.25% | 0.00% | 6.57% | 10/27/2028 | 486250 | 486237 | 485642 |
| Ingram Micro Inc. | Wholesale | Term Loan B | Loan | 3M USD SOFR+ 2.75% | 0.00% | 7.08% | 9/17/2031 | 693439 | 689636 | 697343 |
| Inmar, Inc. | Services: Business | Term Loan (06/23) | Loan | 3M USD SOFR+ 5.00% | 1.00% | 9.31% | 10/30/2031 | 3299855 | 3234272 | 3303980 |
| Innophos, Inc. | Chemicals, Plastics, & Rubber | Term Loan B | Loan | 1M USD SOFR+ 4.25% | 0.00% | 8.69% | 3/16/2029 | 476250 | 472714 | 475826 |
| IRB Holding Corporation | Beverage, Food & Tobacco | Term Loan B | Loan | 1M USD SOFR+ 2.50% | 0.75% | 6.82% | 12/15/2027 | 492487 | 489357 | 491935 |
| Isagenix International, LLC | Beverage, Food & Tobacco | Term Loan | Loan | 6M USD SOFR+ 2.50% | 0.00% | 2.50% | 4/13/2028 | 1378403 | 1025602 | 186084 |
| Isolved Inc. | Services: Business | Term Loan B (11/24) | Loan | 1M USD SOFR+ 3.25% | 0.00% | 7.57% | 10/15/2030 | 620324 | 614960 | 624394 |
| Jane Street Group | Banking, Finance, Insurance & Real Estate | Term Loan B | Loan | 3M USD SOFR+ 2.00% | 0.00% | 6.30% | 12/15/2031 | 3840000 | 3839989 | 3790810 |
| Journey Personal Care Corp. | Consumer goods: Non-durable | Term Loan B (11/24) | Loan | 1M USD SOFR+ 3.75% | 0.75% | 8.07% | 3/1/2028 | 2895000 | 2858590 | 2872072 |
| JP Intermediate B, LLC | Consumer goods: Non-durable | Term Loan 7/23 | Loan | Prime 6.50% | 1.00% | 14.00% | 11/20/2027 | 3370462 | 3360549 | 134818 |
| Kleopatra Finco S.a r.l. | Containers, Packaging & Glass | Term Loan (1/21) (USD) | Loan | 6M USD SOFR+ 4.73% | 0.50% | 9.23% | 2/12/2026 | 1443750 | 1443745 | 1348304 |
| Koppers Inc | Chemicals, Plastics, & Rubber | Term Loan | Loan | 1M USD SOFR+ 2.50% | 0.50% | 6.82% | 4/10/2030 | 985081 | 961555 | 988775 |
| KREF Holdings X LLC | Banking, Finance, Insurance & Real Estate | Term Loan (11/21) | Loan | 3M USD SOFR+ 3.50% | 0.50% | 8.06% | 9/1/2027 | 481363 | 476486 | 481363 |
| Lakeland Tours, LLC | Hotel, Gaming & Leisure | Holdco Fixed Term Loan | Loan | Fixed 0.00% | 0.00% | 8.00% | 9/27/2027 | 1127568 | 680756 | 28189 |
| Latham Pool Products, Inc. | Consumer goods: Durable | Term Loan 2/22 | Loan | 3M USD SOFR+ 3.75% | 0.50% | 8.19% | 2/23/2029 | 991609 | 978723 | 970954 |
| Lealand Finance Company B.V. | Energy: Oil & Gas | Exit Term Loan | Loan | 1M USD SOFR+ 1.00% | 0.00% | 5.43% | 12/31/2027 | 366724 | 366724 | 149257 |
| LHS BORROWER, LLC | Construction & Building | Term Loan (02/22) | Loan | 1M USD SOFR+ 4.75% | 0.50% | 9.17% | 2/16/2029 | 2450166 | 2120597 | 2266403 |
| Lifetime Brands, Inc | Consumer goods: Non-durable | Term Loan | Loan | 1M USD SOFR+ 5.50% | 1.00% | 9.93% | 8/26/2027 | 1576347 | 1572295 | 1500163 |
| Liquid Tech Solutions Holdings, LLC | Services: Business | Term Loan | Loan | 1M USD SOFR+ 3.75% | 0.75% | 8.18% | 3/17/2028 | 967500 | 966360 | 969919 |

---

**Saratoga Investment Corp. CLO 2013-1, Ltd.**

**Schedule of Investments**

**February 28, 2025**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Industry** | **Asset Name** | **Asset <br> Type** | **Reference<br> Rate/Spread** | **SOFR/LIBOR Floor** | **Current Rate<br> (All In)** | **Maturity Date** | **Principal/<br> Number of Shares** | **Cost** | **Fair Value** |
| LOYALTY VENTURES INC. | Services: Business | Loyalty Ventures Claims | Term Loan B | Prime 5.50% | 0.50% | 14.00% | 11/3/2027 | 2913525 | 2905305 | 211231 |
| LSF11 A5 HOLDCO LLC | Chemicals, Plastics, & Rubber | Term Loan B (06/24) | Loan | 1M USD SOFR+ 3.50% | 0.50% | 7.93% | 10/15/2028 | 1622206 | 1607812 | 1621622 |
| LSF11 TRINITY BIDCO INC | Aerospace & Defense | Term Loan B (12/24) | Loan | 1M USD SOFR+ 3.00% | 0.00% | 7.32% | 6/14/2030 | 970924 | 959085 | 970924 |
| LSF9 Atlantis Holdings, LLC (A Wireless) | Retail | Term Loan Extended | Loan | 1M USD SOFR+ 5.25% | 0.75% | 9.57% | 3/29/2029 | 2671805 | 2610533 | 2680167 |
| Lumen Technologies Inc | Telecommunications | Term Loan B1 (3/24) | Loan | 1M USD SOFR+ 2.35% | 2.00% | 6.79% | 4/16/2029 | 1608268 | 1607707 | 1512785 |
| Lumen Technologies Inc | Telecommunications | Term Loan B2 (3/24) | Loan | 1M USD SOFR+ 2.35% | 2.00% | 6.79% | 4/15/2030 | 1608268 | 1607702 | 1507767 |
| MAGNITE, INC. | Services: Business | Term Loan B (09/24) | Loan | 1M USD SOFR+ 3.75% | 0.00% | 8.07% | 2/6/2031 | 3233770 | 3205941 | 3278235 |
| Marriott Ownership Resorts, Inc. | Hotel, Gaming & Leisure | Term Loan B (3/24) | Loan | 1M USD SOFR+ 2.25% | 0.00% | 6.57% | 4/1/2031 | 1310489 | 1310489 | 1310489 |
| Max US Bidco Inc. | Beverage, Food & Tobacco | Term Loan B | Loan | 3M USD SOFR+ 5.00% | 0.50% | 9.31% | 10/3/2030 | 1985000 | 1870513 | 1942819 |
| Mayfield Agency Borrower Inc. (FeeCo) | Banking, Finance, Insurance & Real Estate | Term Loan B (12/24) | Loan | 3M USD SOFR+ 3.00% | 0.00% | 7.29% | 12/29/2031 | 3415608 | 3349332 | 3405634 |
| McGraw-Hill Education, Inc. | Media: Advertising, Printing & Publishing | Term Loan (1/25) | Loan | 3M USD SOFR+ 3.25% | 0.50% | 7.55% | 8/6/2031 | 1244525 | 1236501 | 1251134 |
| Michaels Companies Inc | Retail | Term Loan B (Magic Mergeco) | Loan | 3M USD SOFR+ 4.25% | 0.75% | 8.84% | 4/8/2028 | 2417349 | 2407248 | 1957038 |
| MIWD Holdco II LLC | Construction & Building | Term Loan B2 (03/24) | Loan | 1M USD SOFR+ 3.00% | 0.00% | 7.32% | 3/21/2031 | 497500 | 495226 | 498067 |
| MKS Instruments, Inc. | High Tech Industries | Term Loan B (01/25) | Loan | 1M USD SOFR+ 2.00% | 0.50% | 6.32% | 8/17/2029 | 1280586 | 1278776 | 1281227 |
| Momentive Performance Materials Inc. | Chemicals, Plastics, & Rubber | Term Loan (03/23) | Loan | 1M USD SOFR+ 4.00% | 0.00% | 8.32% | 3/28/2028 | 491250 | 477801 | 490331 |
| Moneygram International, Inc. | Services: Business | Term Loan B | Loan | 3M USD SOFR+ 4.75% | 0.50% | 9.15% | 6/1/2030 | 2963850 | 2633472 | 2846363 |
| Mosel Bidco SE | High Tech Industries | Term Loan B | Loan | 3M USD SOFR+ 4.50% | 0.50% | 8.83% | 9/28/2030 | 500000 | 495844 | 501250 |
| MPH Acquisition Holdings LLC (Multiplan) | Services: Business | First-Out Term Loan (01/25) | Loan | 3M USD SOFR+ 3.75% | 0.00% | 8.04% | 12/31/2030 | 315611 | 285615 | 313638 |
| MPH Acquisition Holdings LLC (Multiplan) | Services: Business | Second-Out Term Loan (01/25) | Loan | 3M USD SOFR+ 4.60% | 0.00% | 9.15% | 12/31/2030 | 2616207 | 2460718 | 2198556 |
| NAB Holdings, LLC (North American Bancard) | Banking, Finance, Insurance & Real Estate | Term Loan B (2/25) | Loan | 3M USD SOFR+ 2.50% | 0.50% | 6.82% | 11/24/2028 | 2910506 | 2906771 | 2886873 |
| Napa Management Services Corp | Healthcare & Pharmaceuticals | Term Loan B (02/22) | Loan | 1M USD SOFR+ 5.25% | 0.75% | 9.67% | 2/22/2029 | 2939547 | 2497131 | 2712966 |
| Natgasoline LLC | Chemicals, Plastics, & Rubber | Term Loan | Loan | 6M USD SOFR+ 3.50% | 0.00% | 8.17% | 11/14/2025 | 3269852 | 3265583 | 3253503 |
| National Mentor Holdings, Inc. | Healthcare & Pharmaceuticals | Term Loan 2/21 | Loan | 3M USD SOFR+ 3.75% | 0.75% | 8.48% | 3/2/2028 | 2680348 | 2676078 | 2623658 |
| National Mentor Holdings, Inc. | Healthcare & Pharmaceuticals | Term Loan C 2/21 | Loan | 3M USD SOFR+ 3.75% | 0.75% | 8.18% | 3/2/2028 | 87464 | 87262 | 85614 |
| Nexstar Broadcasting, Inc. (Mission Broadcasting) | Media: Broadcasting & Subscription | Term Loan | Loan | 1M USD SOFR+ 2.50% | 0.00% | 6.94% | 9/18/2026 | 571911 | 570138 | 571356 |
| Next Level Apparel, Inc. | Retail | Term Loan | Loan | 3M USD SOFR+ 7.50% | 1.00% | 11.90% | 8/9/2026 | 2382698 | 2373272 | 1894245 |

---

**Saratoga Investment Corp. CLO 2013-1, Ltd.**

**Schedule of Investments**

**February 28, 2025**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Industry** | **Asset Name** | **Asset <br> Type** | **Reference<br> Rate/Spread** | **SOFR/LIBOR Floor** | **Current Rate<br> (All In)** | **Maturity Date** | **Principal/<br> Number of Shares** | **Cost** | **Fair Value** |
| NorthPole Newco S.a.r.l | Aerospace & Defense | Term Loan | Loan | Prime 7.00% | 0.00% | 14.50% | 3/3/2025 | - | - | - |
| NortonLifeLock Inc. | High Tech Industries | Term Loan B (05/24) | Loan | 1M USD SOFR+ 1.75% | 0.50% | 6.07% | 9/12/2029 | 970000 | 967278 | 967507 |
| Nouryon Finance B.V. | Chemicals, Plastics, & Rubber | Term Loan B (10/24) | Loan | 3M USD SOFR+ 3.25% | 0.00% | 7.55% | 4/3/2028 | 483926 | 480497 | 485591 |
| Novae LLC | Automotive | Term Loan B | Loan | 1M USD SOFR+ 5.00% | 0.75% | 9.42% | 12/22/2028 | 1945000 | 1935728 | 1819800 |
| Olaplex, Inc. | Consumer goods: Non-durable | Term Loan (2/22) | Loan | 1M USD SOFR+ 3.50% | 0.50% | 7.92% | 2/23/2029 | 2442273 | 2367591 | 2262498 |
| Open Text Corporation | High Tech Industries | Term Loan B (08/23) | Loan | 1M USD SOFR+ 1.75% | 0.50% | 6.07% | 1/31/2030 | 921883 | 900638 | 920731 |
| Oxbow Carbon, LLC | Metals & Mining | Term Loan B (04/23) | Loan | 1M USD SOFR+ 3.50% | 0.50% | 7.82% | 5/2/2030 | 492500 | 484592 | 491269 |
| PACIFIC DENTAL SERVICES, LLC | Healthcare & Pharmaceuticals | Term Loan B (02//24) | Loan | 1M USD SOFR+ 2.75% | 0.00% | 7.07% | 3/17/2031 | 1191000 | 1190157 | 1194347 |
| PACTIV EVERGREEN GROUP HOLDINGS INC. | Containers, Packaging & Glass | Term Loan B4 (05/24) | Loan | 1M USD SOFR+ 2.50% | 0.00% | 6.82% | 9/24/2028 | 921247 | 919105 | 920841 |
| Padagis LLC | Healthcare & Pharmaceuticals | Term Loan | Loan | 3M USD SOFR+ 4.75% | 0.50% | 9.30% | 7/6/2028 | 941176 | 935900 | 876866 |
| PAR PETROLEUM LLC | Energy: Oil & Gas | Term Loan B | Loan | 3M USD SOFR+ 3.75% | 0.50% | 8.04% | 2/28/2030 | 2458727 | 2438711 | 2448474 |
| PATAGONIA HOLDCO LLC | Telecommunications | Term Loan B | Loan | 3M USD SOFR+ 5.75% | 0.50% | 10.05% | 8/1/2029 | 2947386 | 2631038 | 2597384 |
| Pathway Partners Vet Management Company LLC | Services: Business | Term Loan | Loan | 3M USD SOFR+ 3.75% | 0.00% | 8.34% | 3/31/2027 | 476580 | 472582 | 387545 |
| PCI Gaming Authority | Hotel, Gaming & Leisure | Term Loan | Loan | 1M USD SOFR+ 2.00% | 0.00% | 6.32% | 7/18/2031 | 790518 | 789679 | 788834 |
| PEARLS (Netherlands) Bidco B.V. | Chemicals, Plastics, & Rubber | USD Term Loan (02/22) | Loan | 1M USD SOFR+ 3.25% | 0.50% | 7.57% | 2/28/2029 | 973627 | 972968 | 969246 |
| PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC | Healthcare & Pharmaceuticals | Term Loan (12/22) | Loan | 3M USD SOFR+ 3.25% | 0.50% | 7.80% | 12/29/2028 | 1459630 | 1456242 | 1379350 |
| Penn National Gaming, Inc | Hotel, Gaming & Leisure | Term Loan B | Loan | 1M USD SOFR+ 2.50% | 0.50% | 6.82% | 5/3/2029 | 975000 | 971989 | 976463 |
| Peraton Corp. | Aerospace & Defense | Term Loan B | Loan | 1M USD SOFR+ 3.75% | 0.75% | 8.17% | 2/1/2028 | 5181328 | 5175310 | 4677754 |
| Phoenix Guarantor Inc. | Healthcare & Pharmaceuticals | Term Loan B (12/24) | Loan | 1M USD SOFR+ 2.50% | 0.00% | 6.82% | 2/21/2031 | 965218 | 965218 | 961444 |
| PHYSICIAN PARTNERS, LLC | Healthcare & Pharmaceuticals | Term Loan | Loan | 3M USD SOFR+ 4.00% | 0.50% | 8.74% | 12/22/2028 | 2928567 | 2881253 | 1156784 |
| Plastipak Holdings Inc. | Containers, Packaging & Glass | Term Loan B | Loan | 1M USD SOFR+ 2.25% | 0.50% | 6.57% | 12/1/2028 | 1795294 | 1791011 | 1796892 |
| Playtika Holding Corp. | High Tech Industries | Term Loan B (3/21) | Loan | 1M USD SOFR+ 2.75% | 0.00% | 7.19% | 3/13/2028 | 4331250 | 4327202 | 4316351 |
| PMHC II, INC. | Chemicals, Plastics, & Rubber | Term Loan (02/22) | Loan | 3M USD SOFR+ 4.25% | 0.50% | 8.69% | 4/21/2029 | 1955000 | 1949220 | 1890368 |
| PointClickCare Technologies, Inc. | High Tech Industries | Term Loan B (10/24) | Loan | 3M USD SOFR+ 3.25% | 0.00% | 7.58% | 11/3/2031 | 482575 | 481443 | 483178 |
| Polymer Process Holdings, Inc. | Containers, Packaging & Glass | Term Loan | Loan | 1M USD SOFR+ 4.75% | 0.75% | 9.19% | 2/12/2028 | 4020266 | 4001931 | 3897648 |
| Pre-Paid Legal Services, Inc. | Services: Consumer | Term Loan (12/21) | Loan | 1M USD SOFR+ 3.25% | 0.50% | 7.69% | 12/15/2028 | 2917500 | 2903248 | 2917500 |
| Prime Security Services Borrower, LLC (ADT) | Services: Consumer | Term Loan B | Loan | 1M USD SOFR+ 2.00% | 0.00% | 6.31% | 10/13/2030 | 1990013 | 1973564 | 1985834 |
| Primo Brands Corporation | Beverage, Food & Tobacco | Term Loan B (01/25) | Loan | 3M USD SOFR+ 2.25% | 0.50% | 6.56% | 3/31/2028 | 1447505 | 1443799 | 1448620 |

---

**Saratoga Investment Corp. CLO 2013-1, Ltd.**

**Schedule of Investments**

**February 28, 2025**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Industry** | **Asset Name** | **Asset <br> Type** | **Reference<br> Rate/Spread** | **SOFR/LIBOR Floor** | **Current Rate<br> (All In)** | **Maturity Date** | **Principal/<br> Number of Shares** | **Cost** | **Fair Value** |
| PRIORITY HOLDINGS, LLC | Services: Consumer | Term Loan B (5/24) | Loan | 1M USD SOFR+ 4.75% | 0.50% | 9.07% | 5/16/2031 | 2872211 | 2857095 | 2875802 |
| PriSo Acquisition Corporation | Construction & Building | Term Loan (01/21) | Loan | 3M USD SOFR+ 3.25% | 0.75% | 7.82% | 12/28/2027 | 481239 | 480294 | 466152 |
| Project Leopard Holdings, Inc. (NEW) | High Tech Industries | Term Loan B (06/22) | Loan | 3M USD SOFR+ 5.25% | 0.50% | 9.64% | 7/20/2029 | 980000 | 930969 | 871387 |
| Propulsion (BC) Finco | Aerospace & Defense | Term Loan B (10/24) | Loan | 3M USD SOFR+ 3.25% | 0.50% | 7.58% | 9/14/2029 | 742457 | 736171 | 745509 |
| PUG LLC | Services: Consumer | Term Loan B (03/24) | Loan | 1M USD SOFR+ 4.75% | 0.00% | 9.07% | 3/15/2030 | 465765 | 465063 | 465570 |
| Quartz AcquireCo, LLC | High Tech Industries | Term Loan (2/25) | Loan | 3M USD SOFR+ 2.25% | 0.00% | 6.57% | 6/28/2030 | 1234994 | 1226841 | 1233450 |
| Quikrete Holdings, Inc. | Construction & Building | Term Loan (2/25) | Loan | 1M USD SOFR+ 2.25% | 0.00% | 6.57% | 4/14/2031 | 992500 | 990531 | 990981 |
| Rackspace Technology Global, Inc. | High Tech Industries | Term Loan (3/24) | Loan | 1M USD SOFR+ 2.75% | 0.75% | 7.17% | 5/15/2028 | 2040103 | 1143598 | 1165409 |
| Rackspace Technology Global, Inc. | High Tech Industries | Super-Priority Term Loan (03/24) | Loan | 1M USD SOFR+ 6.25% | 0.75% | 10.67% | 5/15/2028 | 546909 | 542424 | 563705 |
| RAND PARENT LLC | Transportation: Cargo | Term Loan B (01/25) | Loan | 3M USD SOFR+ 3.00% | 0.00% | 7.30% | 3/18/2030 | 2456406 | 2386949 | 2452108 |
| RealPage, Inc. | High Tech Industries | Term Loan (04/21) | Loan | 3M USD SOFR+ 3.00% | 0.50% | 7.59% | 4/24/2028 | 967500 | 966881 | 960747 |
| Rent-A-Center, Inc. | Retail | Term Loan B2 (9/21) | Loan | 3M USD SOFR+ 2.75% | 0.50% | 7.04% | 2/17/2028 | 1840124 | 1815493 | 1839351 |
| Research Now Group, Inc | Media: Advertising, Printing & Publishing | Term Loan (07/24) | Loan | 3M USD SOFR+ 5.00% | 1.00% | 9.58% | 7/15/2028 | 338737 | 334497 | 339018 |
| Research Now Group, Inc | Media: Advertising, Printing & Publishing | Second-Out Term Loan | Loan | 3M USD SOFR+ 5.50% | 1.00% | 10.08% | 7/15/2028 | 2887427 | 2767310 | 2721400 |
| Resideo Funding Inc. | Services: Consumer | Term Loan B (12/24) | Loan | 1M USD SOFR+ 1.75% | 0.00% | 6.06% | 2/14/2028 | 674488 | 674302 | 675756 |
| Resolute Investment Managers (American Beacon), Inc. | Banking, Finance, Insurance & Real Estate | Term Loan (12/23) | Loan | 3M USD SOFR+ 6.50% | 1.00% | 11.09% | 4/30/2027 | 1948473 | 1948473 | 1930449 |
| Restoration Hardware, Inc. | Retail | Term Loan (9/21) | Loan | 1M USD SOFR+ 2.50% | 0.50% | 6.94% | 10/20/2028 | 3392312 | 3389647 | 3339595 |
| Reynolds Consumer Products LLC | Containers, Packaging & Glass | Term Loan | Loan | 1M USD SOFR+ 1.75% | 0.00% | 6.17% | 2/4/2027 | 996705 | 996705 | 996944 |
| Russell Investments US Inst'l Holdco, Inc. | Banking, Finance, Insurance & Real Estate | Term Loan B PIK (3/24) | Loan | 3M USD SOFR+ 5.00% | 1.00% | 9.29% | 5/30/2027 | 5764065 | 5754497 | 5539266 |
| RV Retailer LLC | Automotive | Term Loan | Loan | 1M USD SOFR+ 3.75% | 0.75% | 8.17% | 2/8/2028 | 2897881 | 2869896 | 2714039 |
| Ryan Specialty Group LLC | Banking, Finance, Insurance & Real Estate | Term Loan B (09/24) | Loan | 1M USD SOFR+ 2.25% | 0.00% | 6.57% | 9/15/2031 | 1455934 | 1448552 | 1453750 |
| S&S HOLDINGS LLC | Services: Business | Term Loan | Loan | 1M USD SOFR+ 5.00% | 0.50% | 9.42% | 3/10/2028 | 2408668 | 2376694 | 2403996 |
| Sally Holdings LLC | Retail | Term Loan B | Loan | 1M USD SOFR+ 1.75% | 0.00% | 6.07% | 2/28/2030 | 441250 | 438790 | 440147 |
| Schweitzer-Mauduit International, Inc. | High Tech Industries | Term Loan B | Loan | 1M USD SOFR+ 3.75% | 0.75% | 8.19% | 4/20/2028 | 939236 | 936933 | 933365 |
| Scientific Games Holdings LP | Hotel, Gaming & Leisure | Term Loan B | Loan | 3M USD SOFR+ 3.00% | 0.50% | 7.30% | 4/4/2029 | 491269 | 490668 | 491087 |
| Sedgwick Claims Management Services, Inc. | Services: Business | Term Loan B 2/23 | Loan | 3M USD SOFR+ 3.00% | 0.00% | 7.31% | 7/31/2031 | 985031 | 978594 | 985297 |

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**Saratoga Investment Corp. CLO 2013-1, Ltd.**

**Schedule of Investments**

**February 28, 2025**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Industry** | **Asset Name** | **Asset <br> Type** | **Reference<br> Rate/Spread** | **SOFR/LIBOR Floor** | **Current Rate<br> (All In)** | **Maturity Date** | **Principal/<br> Number of Shares** | **Cost** | **Fair Value** |
| SETANTA AIRCRAFT LEASING DAC | Aerospace & Defense | Term Loan B (05/24) | Loan | 3M USD SOFR+ 1.75% | 0.00% | 6.08% | 11/5/2028 | 500000 | 499374 | 501500 |
| Sitel Worldwide Corporation | Services: Business | USD Term Loan (7/21) | Loan | 3M USD SOFR+ 3.75% | 0.50% | 8.18% | 8/28/2028 | 1935000 | 1930481 | 1248733 |
| SiteOne Landscape Supply, LLC | Services: Business | Term Loan B (06/24) | Loan | 1M USD SOFR+ 1.75% | 0.50% | 6.06% | 3/23/2030 | 1257709 | 1253356 | 1257709 |
| Smyrna Ready Mix Concrete, LLC | Construction & Building | Term Loan B | Loan | 1M USD SOFR+ 3.00% | 0.00% | 7.32% | 4/2/2029 | 509075 | 506578 | 510984 |
| Sparta U.S. HoldCo LLC | Chemicals, Plastics, & Rubber | Term Loan | Loan | 1M USD SOFR+ 3.00% | 0.00% | 7.31% | 8/2/2030 | 1940000 | 1935791 | 1945820 |
| Specialty Pharma III Inc. | Services: Business | Term Loan | Loan | 1M USD SOFR+ 4.25% | 0.75% | 8.67% | 3/31/2028 | 1935000 | 1925487 | 1847925 |
| Spin Holdco, Inc. | Services: Consumer | Term Loan 3/21 | Loan | 3M USD SOFR+ 4.00% | 0.75% | 8.71% | 3/4/2028 | 2887500 | 2880793 | 2496128 |
| SRAM, LLC | Consumer goods: Durable | Term Loan (02/25) | Loan | 1M USD SOFR+ 2.75% | 0.50% | 7.94% | 5/12/2028 | 2269091 | 2267559 | 2274764 |
| STANDARD INDUSTRIES INC. | Construction & Building | Term Loan B | Loan | 1M USD SOFR+ 1.75% | 0.50% | 6.07% | 9/22/2028 | 210250 | 209230 | 210250 |
| Staples, Inc. | Wholesale | Term Loan B | Loan | 3M USD SOFR+ 5.75% | 0.50% | 10.04% | 9/4/2029 | 4263551 | 4210817 | 4001726 |
| Star Parent, Inc. | Services: Business | Term Loan B (09/23) | Loan | 3M USD SOFR+ 4.00% | 0.00% | 8.33% | 9/27/2030 | 1240625 | 1225176 | 1214088 |
| Storable, Inc | High Tech Industries | Term Loan B | Loan | 1M USD SOFR+ 3.50% | 0.50% | 7.82% | 4/17/2028 | 485000 | 484751 | 484913 |
| Superannuation & Investments US LLC | Banking, Finance, Insurance & Real Estate | Term Loan | Loan | 1M USD SOFR+ 3.75% | 0.50% | 8.19% | 12/1/2028 | 970000 | 964328 | 974608 |
| SupplyOne, Inc | Wholesale | Term Loan B (03/24) | Loan | 1M USD SOFR+ 3.75% | 0.00% | 8.07% | 3/27/2031 | 496250 | 491740 | 498811 |
| Sweetwater Borrower, LLC | Retail | Term Loan (8/21) | Loan | 1M USD SOFR+ 4.25% | 0.75% | 8.69% | 8/2/2028 | 2083452 | 2022885 | 2083452 |
| Syncsort Incorporated | High Tech Industries | Term Loan B (10/21) | Loan | 3M USD SOFR+ 4.00% | 0.75% | 8.55% | 4/24/2028 | 2419962 | 2419490 | 2377105 |
| Ta TT Buyer LLC | Media: Broadcasting & Subscription | Term Loan B (6/24) | Loan | 3M USD SOFR+ 4.75% | 0.50% | 9.08% | 4/2/2029 | 980032 | 973273 | 969624 |
| Tenable Holdings, Inc. | Services: Business | Term Loan B (6/21) | Loan | 1M USD SOFR+ 2.75% | 0.50% | 7.19% | 7/7/2028 | 970000 | 969283 | 971213 |
| Teneo Holdings LLC | Banking, Finance, Insurance & Real Estate | Term Loan B (03/24) | Loan | 1M USD SOFR+ 4.75% | 1.00% | 9.07% | 3/13/2031 | 3473750 | 3442264 | 3500880 |
| Ten-X, LLC | Banking, Finance, Insurance & Real Estate | Term Loan 5/23 | Loan | 6M USD SOFR+ 6.00% | 0.00% | 10.25% | 5/25/2028 | 1860000 | 1860000 | 1616340 |
| Thor Industries, Inc. | Automotive | Term Loan B (06/24) | Loan | 1M USD SOFR+ 2.25% | 0.00% | 6.57% | 11/15/2030 | 291839 | 289445 | 292569 |
| TIBCO Software Inc | High Tech Industries | Term Loan (Cov-Lite) (10/24) | Loan | 3M USD SOFR+ 3.75% | 0.50% | 8.08% | 3/21/2031 | 498750 | 498297 | 500137 |
| Torrid LLC | Wholesale | Term Loan 5/21 | Loan | 3M USD SOFR+ 5.50% | 0.75% | 10.07% | 6/14/2028 | 3107759 | 2794667 | 2863582 |
| TORY BURCH LLC | Retail | Term Loan | Loan | 1M USD SOFR+ 3.25% | 0.50% | 7.69% | 4/17/2028 | 2284411 | 2178846 | 2279773 |
| Tosca Services, LLC | Containers, Packaging & Glass | Term Loan A (08/24) | Loan | 1M USD SOFR+ 5.50% | 1.50% | 9.82% | 11/30/2028 | 80509 | 79712 | 82925 |
| Tosca Services, LLC | Containers, Packaging & Glass | Superpriority Second-Out Term Loan B | Loan | 1M USD SOFR+ 1.50% | 0.00% | 5.92% | 11/30/2028 | 6878 | 10704 | 5932 |

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**Saratoga Investment Corp. CLO 2013-1, Ltd.**

**Schedule of Investments**

**February 28, 2025**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Industry** | **Asset Name** | **Asset <br> Type** | **Reference<br> Rate/Spread** | **SOFR/LIBOR Floor** | **Current Rate<br> (All In)** | **Maturity Date** | **Principal/<br> Number of Shares** | **Cost** | **Fair Value** |
| Trans Union LLC | Banking, Finance, Insurance & Real Estate | Term Loan B9 (11/24) | Loan | 1M USD SOFR+ 1.75% | 0.00% | 6.07% | 6/24/2031 | 605987 | 605382 | 604878 |
| Tronox Finance LLC | Chemicals, Plastics, & Rubber | Term Loan (09/24) | Loan | 3M USD SOFR+ 2.25% | 0.00% | 6.60% | 4/4/2029 | 1995000 | 1979840 | 1967070 |
| Tronox Finance LLC | Chemicals, Plastics, & Rubber | Term Loan B (09/24) | Loan | 1M USD SOFR+ 2.50% | 0.00% | 6.82% | 9/30/2031 | 346923 | 346684 | 342458 |
| TruGreen Limited Partnership | Services: Consumer | Term Loan | Loan | 1M USD SOFR+ 4.00% | 0.75% | 8.42% | 11/2/2027 | 935021 | 932096 | 885933 |
| Ultra Clean Holdings, Inc. | High Tech Industries | Term Loan B (09/24) | Loan | 1M USD SOFR+ 3.25% | 0.00% | 7.57% | 2/25/2028 | 1233755 | 1230873 | 1237358 |
| Univision Communications Inc. | Media: Broadcasting & Subscription | Term Loan B (05/24) | Loan | 1M USD SOFR+ 3.50% | 0.50% | 7.94% | 1/31/2029 | 2403522 | 2402406 | 2379486 |
| Univision Communications Inc. | Media: Broadcasting & Subscription | Term Loan B (6/22) | Loan | 3M USD SOFR+ 4.25% | 0.50% | 8.58% | 6/25/2029 | 243750 | 238712 | 240094 |
| Vaco Holdings, LLC | Services: Business | Term Loan (01/22) | Loan | 3M USD SOFR+ 5.00% | 0.75% | 9.48% | 1/19/2029 | 2294893 | 2247090 | 2098680 |
| Vericast Corp. | Media: Advertising, Printing & Publishing | Extended Term Loan (07/24) | Loan | 6M USD SOFR+ 7.75% | 1.00% | 12.03% | 6/16/2026 | 1297729 | 1297560 | 1235438 |
| Verifone Systems, Inc. | Banking, Finance, Insurance & Real Estate | Term Loan (7/18) | Loan | 3M USD SOFR+ 4.00% | 0.00% | 8.58% | 8/20/2025 | 1339456 | 1338547 | 1272175 |
| Vertex Aerospace Services Corp | Aerospace & Defense | Term Loan (10/21) | Loan | 1M USD SOFR+ 2.25% | 0.75% | 6.57% | 12/6/2030 | 972724 | 970725 | 966509 |
| Viasat Inc | Telecommunications | Term Loan (2/22) | Loan | 1M USD SOFR+ 4.50% | 0.50% | 8.94% | 3/5/2029 | 2937255 | 2888468 | 2689057 |
| Virtus Investment Partners, Inc. | Banking, Finance, Insurance & Real Estate | Term Loan B (9/21) | Loan | 1M USD SOFR+ 2.25% | 0.00% | 6.69% | 9/28/2028 | 2575227 | 2570947 | 2575227 |
| Vistra Operations Company LLC | Energy: Electricity | 2018 Incremental Term Loan | Loan | 1M USD SOFR+ 1.75% | 0.00% | 6.07% | 12/20/2030 | 1870499 | 1866269 | 1868554 |
| VM Consolidated, Inc. | Construction & Building | Term Loan B | Loan | 1M USD SOFR+ 2.25% | 0.00% | 6.57% | 3/24/2028 | 1817804 | 1817479 | 1816895 |
| Walker & Dunlop, Inc. | Banking, Finance, Insurance & Real Estate | Term Loan | Loan | 1M USD SOFR+ 2.25% | 0.50% | 6.67% | 12/15/2028 | 491202 | 484449 | 491816 |
| Warner Music Group Corp. (WMG Acquisition Corp.) | Hotel, Gaming & Leisure | Term Loan J | Loan | 3M USD SOFR+ 1.75% | 0.00% | 6.04% | 1/24/2031 | 1250000 | 1250000 | 1248050 |

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**Saratoga Investment Corp. CLO 2013-1, Ltd.**

**Schedule of Investments**

**February 28, 2025**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Industry** | **Asset Name** | **Asset <br> Type** | **Reference<br> Rate/Spread** | **SOFR/LIBOR Floor** | **Current Rate<br> (All In)** | **Maturity Date** | **Principal/<br> Number of Shares** | **Cost** | **Fair Value** |
| Watlow Electric Manufacturing Company | High Tech Industries | Term Loan B (03/21) | Loan | 3M USD SOFR+ 3.50% | 0.50% | 7.79% | 3/2/2028 | 2661649 | 2655782 | 2671072 |
| WeddingWire, Inc. | Services: Consumer | Term Loan B (12/24) | Loan | 1M USD SOFR+ 3.75% | 0.00% | 8.07% | 1/31/2028 | 4772917 | 4772450 | 4784849 |
| Wellpath Holdings LLC | Healthcare & Pharmaceuticals | Term Loan | Loan | 3M USD SOFR+ 6.93% | 2.00% | 11.23% | 1/27/2030 | 693228 | 693228 | 693228 |
| WEX Inc. | Services: Business | Term Loan B (11/24) | Loan | 1M USD SOFR+ 1.75% | 0.00% | 6.07% | 3/31/2028 | 2895655 | 2891840 | 2886621 |
| Windsor Holdings III, LLC | Chemicals, Plastics, & Rubber | Term Loan B (09/24) | Loan | 1M USD SOFR+ 3.50% | 0.00% | 7.82% | 8/1/2030 | 495013 | 495013 | 493156 |
| Wyndham Hotels & Resorts, Inc. | Hotel, Gaming & Leisure | Term Loan (05/24) | Loan | 1M USD SOFR+ 1.75% | 0.00% | 6.07% | 5/24/2030 | 987538 | 983680 | 987814 |
| Xperi Corporation | High Tech Industries | Term Loan (1/25) | Loan | 1M USD SOFR+ 2.50% | 0.00% | 6.82% | 6/8/2028 | 1690908 | 1690037 | 1690908 |
| Zayo Group, LLC | Telecommunications | Term Loan 4/22 | Loan | 1M USD SOFR+ 4.25% | 0.50% | 8.57% | 3/9/2027 | 972500 | 960739 | 935185 |
| ZEBRA BUYER (Allspring) LLC | Banking, Finance, Insurance & Real Estate | Term Loan B (12/24) | Loan | 3M USD SOFR+ 3.00% | 0.50% | 7.38% | 11/1/2030 | 1852261 | 1845463 | 1852261 |
| Zekelman Industries, Inc. | Metals & Mining | Term Loan B (03/24) | Loan | 1M USD SOFR+ 2.25% | 0.00% | 6.56% | 1/24/2031 | 1443124 | 1442200 | 1444812 |
| Zest Acquisition Corp. | Healthcare & Pharmaceuticals | Term Loan (1/23) | Loan | 3M USD SOFR+ 5.25% | 0.00% | 9.54% | 2/8/2028 | 1960000 | 1896443 | 1979600 |
| Zodiac Pool Solutions | Consumer goods: Durable | Term Loan (1/22) | Loan | 1M USD SOFR+ 1.93% | 0.50% | 6.35% | 1/29/2029 | 485000 | 484495 | 484267 |
| TOTAL INVESTMENTS |  |  |  |  |  |  |  |  | $**520335803** | $**492195089** |

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| | | | |
|:---|:---|:---|:---|
|  | **Number of Shares** | **Cost** | **Fair Value** |
| **Money Market Funds (included in cash and cash equivalents** | | | |
| Goldman Sachs Financial Square Government Fund (a)(e) | 21272327 | $21272327 | $21272327 |
| **Total Money Market Funds (included in cash and cash equivalents)** | **21272327** | $**21272327** | $**21272327** |

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(a) Included within cash and cash equivalents in Saratoga CLO's Statements of Assets and Liabilities as of February 28, 2025.

(b) As of February 28, 2025, the investment was in default and on non-accrual status.

(c) Investments include Payment-in-Kind Interest.

&nbsp;&nbsp;&nbsp;&nbsp;(d) All or a portion of this investment has an unfunded commitment as of February 28, 2025.

(e) Current yield as of February 28, 2025, was approximately 4.28% on the Goldman Sachs Financial Square Government Fund.

SOFR - Secured Overnight Financing Rate

1M SOFR - The 1-month SOFR rate as of February 28, 2025 was 4.32%.

3M SOFR - The 3-month SOFR rate as of February 28, 2025 was 4.32%.

6M SOFR - The 6-month SOFR rate as of February 28, 2025 was 4.26%.

Prime - The Prime Rate as of February 28, 2025 was 7.50%.

See accompanying notes to financial statements

**Fair Value Measurements**

As noted above, the Issuer values all investments in accordance with ASC 820. ASC 820 requires enhanced disclosures about assets and liabilities that are measured and reported at fair value. 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 market participants at the measurement date.

ASC 820 establishes a hierarchal disclosure framework which prioritizes and ranks the level of market price observability of inputs used in measuring investments at fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Based on the observability of the inputs used in the valuation techniques, the Issuer 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 Issuer 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 which 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. These inputs into the determination of fair value may require significant management judgment or estimation. 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 methodology.

In addition to using the above inputs in investment valuations, the Issuer continues to employ the valuation policy that is consistent with ASC 820 and the Investment Company Act of 1940, as amended ("1940 Act").

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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Term loans | $- | $327449767 | $25835252 | $353285019 |
| Equity interests | - | - | 831552 | 831552 |
| Total | $- | $327449767 | $26666804 | $354116571 |

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The following table presents fair value measurements of investments, by major class, as of February 28, 2025 (dollars in thousands), according to the fair value hierarchy:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Term loans | $- | $451307173 | $39203487 | $490510660 |
| Equity interests | - | 737538 | 946891 | 1684429 |
| Total | $- | $452044711 | $40150378 | $492195089 |

---

Transfers into or out of Level 1, 2 or 3 are recognized at the reporting date.

Significant unobservable inputs used in the fair value measurement of the Level 3 term loans and equity interests include market quotations available from multiple dealers. A significant increase (decrease) in the market quote, in isolation, would result in a significantly higher (lower) fair value measurement.

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 Inputs** | **Range (Weighted Average)\*** |
| Term loans | $25835252 | Market Approach | Third-Party Bid | 9.50% - 100.13% (93.60%) |
| Equity interests | 831552 | Market Approach | Third-Party Bid | 0.3% - 100% (62.83%) |
| Total | $26666804 |  |  |  |

---

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of February 28, 2025 were as follows (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value** | **Valuation Technique** | **Unobservable Inputs** | **Range (Weighted Average)\*** |
| Term loans | $39203487 | Market Approach | Third-Party Bid | 2.5% - 101.4% (97.89%) |
| Equity interests | 946891 | Market Approach | Third-Party Bid | 0.4% - 100.0 % (13.7%) |
| Total | $40150378 |  |  |  |

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\* Weighted average represents the arithmetic average of the inputs and is not weighted by the relative fair value or notional amount.

**Note 5. Investment in SLF JV**

On October 26, 2021, the Company and TJHA entered into the LLC Agreement to co-manage SLF JV. SLF JV is invested in Saratoga Investment Corp Senior Loan Fund 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 investment for SLF JV as of February 28, 2026:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Industry** | **Investment<br> Interest Rate/<br> Maturity** | **Original<br> Acquisition<br> Date** | **Principal/<br> Number of<br> Shares** | **Cost** | **Fair Value** | **% of<br> 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 | 40100000 | $27873499 | $21825598 | 1243.77% |
| **TOTAL INVESTMENT** |  |  |  |  | $**27873499** | $**21825598** | **1243.77%** |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares** | **Cost** | **Fair Value** | **% of<br> Net Assets** |
| **Money Market Funds (included in cash and cash equivalents) - 1.1% (b)** | | | | |
| Goldman Sachs Financial Square Government Fund (1) | 83648 | $83648 | $83648 | 4.77% |
| **Total cash and cash equivalents** | **83648** | $**83648** | $**83648** | **4.77%** |

---

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

The following table shows the schedule of investment for SLF JV as of February 28, 2025:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Industry** | **Investment<br> Interest Rate/<br> Maturity** | **Original<br> Acquisition<br> Date** | **Principal/<br> Number of<br> Shares** | **Cost** | **Fair Value** | **% of<br> Net Assets** |
| Saratoga Investment Corp Senior Loan Fund 2022-1, Ltd | Structured Finance Securities | Other/Structured Finance Securities, 3.00% 10/20/2033 | 10/28/2022 | 40100000 | $30410415 | $23676606 | 672.4% |
| **TOTAL INVESTMENT** |  |  |  |  | $**30410415** | $**23676606** | **672.4%** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares** | **Cost** | **Fair Value** | **% of<br> Net Assets** |
| **Money Market Funds (included in cash and cash equivalents) - 2.0% (b)** | | | | |
| Goldman Sachs Financial Square Government Fund (1) | 71444 | $71444 | $71444 | 2.0% |
| **Total cash and cash equivalents and cash and cash equivalents, reserve accounts** | **71444** | $**71444** | $**71444** | **2.0%** |

---

(1) Current yield as of February 28, 2025, was approximately 4.28% 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 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 February 28, 2025, 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 $17.6 million and $2.5 million, respectively. As of February 28, 2026, and February 28, 2025, the Company's investment in the unsecured note of SLF JV had a fair value of $16.1 million and $16.5 million, respectively, and the Company's investment in the membership interests of SLF JV had a fair value of $1.5 million and $3.1 million, respectively.

The Company has determined that SLF JV is an investment company under ASC 946; however, in accordance with such guidance the Company will generally not consolidate its investment in a company other than a wholly owned investment company subsidiary. SLF JV is not a wholly owned investment company subsidiary as the Company and TJHA each have an equal 50% voting interest in SLF JV and thus neither party has a controlling financial interest. Furthermore, ASC 810 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 year ended February 28, 2026, the Company earned approximately $1.8 million of interest income related to SLF JV, which is included in interest income on the consolidated statement of operations. As of February 28, 2026, approximately $0.2 million of interest income related to SLF JV was included in interest receivable on the consolidated statements of assets and liabilities.

For the year ended February 28, 2025, the Company earned approximately $1.8 million of interest income related to SLF JV, which is included in interest income on the consolidated statement of operations. As of February 28, 2025, approximately $0.2 million of interest income related to SLF JV was included in interest receivable on the consolidated statements of assets and liabilities.

For the year ended February 29, 2024, the Company earned approximately $1.8 million of interest income related to SLF JV, which is included in interest income on the consolidated statement of operations. As of February 29, 2024, approximately $0.2 million of interest income related to SLF JV was included in interest receivable on the consolidated statements of assets and liabilities.

For the years ended February 28, 2026, and February 28, 2025 and 2024, the Company earned approximately $3.3 million, $4.0 million and $5.9 million of dividend related to SLF JV, which is included in dividend income on control investments.

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.

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.

As of February 28, 2026 and February 28, 2025, the fair value of the Class E-R Notes were $8.4 million and $0.0 million, respectively. As of February 28, 2026 and February 28, 2025, the fair value of the Class E Notes were $0.0 million and $12.3 million, respectively.

**Note 6. Income Taxes**

The Company has elected and intends to operate so as to qualify annually to be taxed as a RIC under subchapter M of the Code and, as such, will not be subject to U.S. federal income tax on the portion of taxable income and gains timely distributed to stockholders.

The Company owns 100% of Saratoga CLO, an exempted company incorporated in the Cayman Islands. For financial reporting purposes, the Saratoga CLO is not included as part of the consolidated financial statements. For U.S. federal income tax purposes, the Company has requested and received approval from the IRS to treat the Saratoga CLO as a disregarded entity. As such, for U.S. federal income tax purposes and for purposes of meeting the RIC qualification and diversification tests, the results of operations of the Saratoga CLO are included with those of the Company to qualify as a RIC. Generally, the Company is required to meet certain income and asset diversification tests in addition to timely distributing at least 90% of its investment company taxable income, as defined by the Code. Because U.S. federal income tax regulations differ from U.S. GAAP, distributions as required in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences between these distributions and U.S. GAAP financial results may be permanent or temporary in nature. Permanent differences are reclassified among capital accounts in the consolidated financial statements to reflect their tax character. Differences in classification may also result from the treatment of short-term gains as ordinary income for U.S. federal income tax purposes. As of February 28, 2026 and February 28, 2025, the Company reclassified for book purposes amounts arising from permanent book/tax differences primarily related to nondeductible U.S. federal excise and capital gains tax and income from wholly owned investments (dollars in thousands):

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| | | |
|:---|:---|:---|
|  | **February 28,<br> 2026** | **February 28, <br> 2025** |
| Capital in excess of par value | $378 | $1654 |
| Total distributable earnings (loss) | (378) | (1654) |

---

For U.S federal income tax purposes, distributions paid to shareholders are reported as ordinary income, return of capital, long term capital gains or a combination thereof. The tax character of distributions paid for the years ended February 28, 2026, February 28, 2025 and February 29, 2024 was as follows (dollars in thousands):

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| | | | |
|:---|:---|:---|:---|
|  | **February 28, <br> 2026** | **February 28, <br> 2025** | **February 29, <br> 2024** |
| Ordinary income | $59026 | $45825 | $35636 |
| Capital gains | - | - | - |
| Total | $59026<br>| $45825 | $35636 |

---

For U.S. federal income tax purposes, as of February 28, 2026, the aggregate net unrealized depreciation for all securities was $0.4 million. The aggregate cost of securities for U.S. federal income tax purposes was $1.5 billion.

For U.S. federal income tax purposes, as of February 28, 2025, the aggregate net unrealized depreciation for all securities was $4.0 million. The aggregate cost of securities for U.S. federal income tax purposes was $1.5 billion.

As of February 28, 2026 and February 28, 2025, the components of accumulated losses on a tax basis as detailed below differ from the amounts reflected per the Company's consolidated statements of assets and liabilities by temporary book/tax differences primarily arising from the consolidation of the Saratoga CLO for U.S federal tax purposes, market discount and original issue discount income, interest income accrual on defaulted bonds, write-off of investments, and amortization of organizational expenditures and partnership interests (dollars in thousands).

---

| | | |
|:---|:---|:---|
|  | **February 28, <br> 2026** | **February 28,<br> 2025** |
| Post October loss deferred | $- | $- |
| Accumulated capital losses | (85734) | (73441) |
| Other temporary differences | 6581 | 6443 |
| Undistributed Long Term Gain | - | - |
| Undistributed ordinary income | 24570 | 49771 |
| Unrealized appreciation (depreciation) | (483) | (4048) |
| Total components of accumulated losses | $(55066) | $(21275) |

---

At February 28, 2026, the Company had a short-term capital loss of $0.8 million and a long-term capital loss of $83.5 million, available to offset future capital gains. At February 28, 2026, the company did not utilize any short-term capital losses or long-term capital losses. Post RIC-modernization act losses are deemed to arise on the first day of the Company's following fiscal year and there is no expiration for these losses. As of February 28, 2025, the Company had net long-term capital losses of $73.4 million.

Depending on the level of taxable income earned in a tax year, the Company may choose to carry forward taxable income in excess of current year dividend distributions into the next tax year and pay a 4.0% U.S. federal excise tax on such income, as required. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year dividend distributions for excise tax purposes, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. For the calendar years ended December 31, 2025 and December 31, 2024, the Company did not distribute at least 98% of its ordinary income and 98.2% of its capital gains and accrued $1.7 million and $2.4 million in U.S. federal excise taxes on undistributed taxable income for the years ended February 28, 2026 and February 28, 2025, respectively.

Management has analyzed the Company's tax positions taken on U.S. federal income tax returns for all open years (fiscal years 2022- 2025) and has concluded that no provision for uncertain income tax positions is required in the Company's consolidated financial statements.

SIA-AAP, Inc., SIA-SAIS, Inc., SIA-ARC, Inc., SIA-Avionte, Inc., SIA-AX, Inc., SIA-G4, Inc., SIA-GH, Inc., SIA-MDP, Inc., SIA-PP Inc., SIA-SIQ, Inc., SIA-SZ, Inc., SIA-TG, Inc., SIA-TT Inc., and SIA-Vector, Inc. each 100% owned by the Company, are each filing standalone C Corporation tax returns for U.S. federal and state tax purposes. As separately regarded entities for tax purposes, these entities are subject to U.S. federal income tax at corporate rates. For tax purposes, any distributions by the entities to the parent company would generally need to be distributed to the Company's shareholders. Generally, such distributions of the entities' income to the Company's shareholders will be considered as qualified dividends for tax purposes. The entities' taxable net income will differ from U.S. GAAP net income because of deferred tax temporary differences arising from net operating losses and unrealized appreciation and deprecation of securities held. Deferred tax assets and liabilities are measured using enacted corporate federal and state tax rates expected to apply to taxable income in the years in which those net operating losses are utilized and the unrealized gains and losses are realized. Deferred tax assets and deferred tax liabilities are netted off by entity, as allowed. The recoverability of deferred tax assets is assessed and a valuation allowance is recorded to the extent that it is more likely than not that any portion of the deferred tax asset will not be realized on the basis of a history of operating losses combined with insufficient projected taxable income or other taxable events in the Corporate Blockers.

The Company's V Rental Holdings LLC Class A-1 membership units were sold during the year ended February 28, 2022. The entity which held this investment, SIA-VR, Inc. will remain in existence for a period of time until all ongoing indemnification obligations are settled, after which it will be dissolved.

The Company's Texas Teachers of Tomorrow, LLC common stock was sold during the year ended February 28, 2022. The entity which held this investment, SIA-TT, Inc. will remain in existence for a period of time until all ongoing indemnification obligations are settled, after which it will be dissolved.

The Company's GreyHeller LLC Series A preferred units was sold during the year ended February 28, 2022. The entity which held this investment, SIA-TT, Inc. will remain in existence for a period of time until all ongoing indemnification obligations are settled, after which it will be dissolved.

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 February 28, 2026 and February 28, 2025, were as follows:

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| | | |
|:---|:---|:---|
|  | **February 28, <br> 2026** | **February 28, <br> 2025** |
| Total deferred tax assets | $2595077 | $1786943 |
| Total deferred tax liabilities | (4849432) | (4968693) |
| Valuation allowance on net deferred tax assets | (2325167) | (1707579) |
| Net deferred tax liability | $(4579522) | $(4889329) |

---

As of February 28, 2026, the valuation allowance on deferred tax assets was $2.3 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 deferred tax expense (benefit) for the year ended February 28, 2026 includes $(0.1) million net change in unrealized appreciation (depreciation) on investments and $(0.08) million net change in total operating expense (benefit), in the consolidated statement of operations, respectively.

Net deferred tax expense (benefit) for the year ended February 28, 2025 includes $1.1 million net change in unrealized appreciation (depreciation) on investments and $0.4 million net change in total operating expense (benefit), in the consolidated statement of operations, respectively.

Net deferred tax expense (benefit) for the year ended February 29, 2024 includes $0.9 million net change in unrealized appreciation (depreciation) on investments and $0.04 million net change in total operating expense (benefit), in the consolidated statement of operations, respectively.

Deferred tax temporary differences may include differences for state taxes and joint venture interests.

Federal and state income tax provisions (benefits) on investments are as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **February 28, <br> 2026** | **February 28,<br> 2025** | **February 29, <br> 2024** |
| Current |  |  |  |
| &nbsp;&nbsp;&nbsp;Federal | $- | $- | $- |
| &nbsp;&nbsp;&nbsp;State | - | - | - |
| Net current expense | - | - | - |
| Deferred |  |  |  |
| &nbsp;&nbsp;&nbsp;Federal | (215033) | 968246 | 990920 |
| &nbsp;&nbsp;&nbsp;State | (95481) | 129934 | (16343) |
| Net deferred expense | (310514) | 1098180 | 974577 |
| Net tax provision | $(310514) | $1098180 | $974577 |

---

The Company has remaining federal net operating loss carryforwards of $2.4 million with an indefinite life. In addition, the Company has state net operating loss carryforwards of $2.2 million, which begin to expire in fiscal year 2029.

Income tax expense was computed by applying the U.S. federal statutory rate of 21% combined with the weighted average state tax rate applicable to each Corporate Blocker based on the states they operate in.

The Company has elected to be treated for U.S. federal income tax purposes as a RIC and intends to qualify annually to eliminate corporate-level U.S. federal income tax, other than the 4% excise tax, by distributing at least 90% of its investment company taxable income. As a result, the Company maintains an effective tax rate of 0% before the impact of excise taxes and income taxes incurred by its Corporate Blockers, which are subject to U.S. federal and state corporate-level income taxes. As such, a reconciliation of the differences between the Company's reported income tax expense and the federal statutory rate of 21% is not meaningful.

The following table is a reconciliation of the federal and state income taxes paid, net of refunds received, for the years ended February 28, 2026, 2025, and 2024.

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| | | | |
|:---|:---|:---|:---|
|  | **February 28, <br> 2026** | **February 28, <br> 2025** | **February 29, <br> 2024** |
| Federal and excise (1) | $2179264 | 3163190 | 2567093 |
| State | 46578 | 34920 | 11465 |
| Total taxes paid | $2225842 | 3198110 | 2578558 |

---

(1) As of February 28, 2026, February 28, 2025 and February 2024, includes the U.S. federal excise tax payment of $1.7 million, $2.4 million and $1.8 million, respectively.

No individual jurisdiction accounted for a significant amount of our state income taxes paid for the years ended February 28, 2026, 2025 and 2024.

The following table is a reconciliation of the federal and state income taxes expense (benefit), for the years ended February 28, 2026, 2025, and 2024.

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| | | | |
|:---|:---|:---|:---|
|  | **February 28, <br> 2026** | **February 28, <br> 2025** | **February 29, <br> 2024** |
| Federal | $(149069) | 356482 | 52680 |
| State | 10901 | 55550 | (9754) |
| Total tax expense (benefit) | $(138168) | 412032 | 42926 |

---

**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 7, 2025, 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 years ended February 28, 2026, February 28, 2025 and February 29, 2024, the Company incurred $17.8 million, $18.4 million and $19.2 million in base management fees, respectively. For the years ended February 28, 2026, February 28, 2025 and February 29, 2024, the Company incurred $9.2 million, $13.2 million and $8.0 million in incentive fees related to pre-incentive fee net investment income. For the years ended February 28, 2026, February 28, 2025 and February 29, 2024, the Company accrued $(1.0) million, $(5.9) million and $(8.3) million, respectively, 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 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. As of February 28, 2025, the base management fees accrual was $4.2 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. Most recently, on July 7, 2025, the Company's board of directors approved the renewal of the Administration Agreement for an additional one-year term, and subsequently also determined to increase the cap on the payment or reimbursement of expenses by the Company from $5.0 million to $5.4 million, effective August 1, 2025. The Company's board of directors will continue to assess the cap on payment or reimbursement of expenses on an annual basis.

For the years ended February 28, 2026, February 28, 2025 and February 29, 2024, we recognized $5.2 million, $4.7 million and $3.9 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 February 28, 2026, $0.6 million of administrator expenses were accrued and included in due to Manager in the accompanying consolidated statements of assets and liabilities. As of February 28, 2025, $0.3 million of administrator expenses were accrued and included in due to Manager in the accompanying consolidated statements of assets and liabilities.

**Saratoga CLO**

On December 14, 2018, the Company completed the third refinancing and issuance of the 2013-1 Reset CLO Notes. This refinancing, among other things, extended the Saratoga CLO reinvestment period to January 2021, and extended its legal maturity to January 2030. In addition, and as part of the refinancing, the Saratoga CLO has also been upsized from $300 million in assets to approximately $500 million.

In conjunction with the third refinancing and issuance of the 2013-1 Reset CLO Notes on December 14, 2018, the Company is no longer entitled to receive an incentive management fee from Saratoga CLO. See Note 4. *Investment in Saratoga CLO* for additional information.

On February 26, 2021, the Company completed the fourth refinancing of the Saratoga CLO. This refinancing, among other things, extended the Saratoga CLO reinvestment period to April 2024, extended its legal maturity to April 2033, and extended the non-call period to 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, the existing $2.5 million of Class F-R-2 Notes, $7.5 million of Class G-R-2 Notes and $25.0 million CLO 2013-1 Warehouse 2 Loan were repaid. The Company also paid $2.6 million of transaction costs related to the refinancing and upsizing on behalf of the Saratoga CLO, to be reimbursed from future equity distributions. At November 30, 2021, the outstanding receivable of 2.6 million was repaid in full.

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

On June 10, 2024, the Company completed its 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, 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.

As of February 28, 2026, and February 28, 2025, the Company's investment in the Class F-2-R-3 Note of the Saratoga CLO had a fair value of $0.0 million and $2.3 million, respectively. As of February 28, 2026, the Class F-2-R-3 Note of the Saratoga CLO was placed on non-accrual status, the Company has reserved all related outstanding interest receivables.

For the years ended February 28, 2026, February 28, 2025, and February 29, 2024, we recognized $1.2 million, $1.5 million and $1.5 million in interest income, respectively, related to the Class F-2-R-3 Note of the Saratoga CLO.

As of February 28, 2026, and February 28, 2025, the Company's investment in the Subordinated Note of the Saratoga CLO had a fair value of $0.0 million and $0.2 million, respectively. In addition, the Company has no outstanding receivable balance from the Subordinated Note of the Saratoga CLO, as of February 28, 2026.

For the years ended February 28, 2026, February 28, 2025, and February 29, 2024, we recognized $2.6 million, $3.1 million and $3.3 million in management fee income, respectively, related to the Subordinated Note of the Saratoga CLO.

For the years ended February 28, 2026, February 28, 2025, and February 29, 2024, we recognized $0.0 million, $0.0 million and $0.0 million in interest income, respectively, related to the Subordinated Note of the Saratoga CLO.

For the years ended February 28, 2026, February 28, 2025, and February 29, 2024, the Company neither bought nor sold any investments from the Saratoga CLO.

**SLF JV** 

On October 26, 2021, the Company and TJHA entered into an LLC Agreement to co-manage the SLF JV. SLF JV is a joint venture that invests in the debt or equity interests of collateralized loan obligations, loan, notes and other debt instruments. The Company records interest income from its investment in an unsecured loan with SLF JV on an accrual basis and records dividend income from its membership interest when earned. All operating decisions are shared with a 50% voting interest in SLF JV.

On October 28, 2022, SLF 2022 issued $402.1 million of the 2022 JV CLO Notes through the JV CLO trust. The 2022 JV CLO Notes were issued pursuant to the JV Indenture, with the Trustee.

As of February 28, 2026 and February 28, 2025 respectively, the Company's investment in the SLF JV had a fair value of $17.7 million and $19.6 million, consisting of an unsecured loan of $16.1 million and $16.5 million, and membership interest of $1.5 million and $3.1 million. In addition, approximately $0.2 million and $0.2 million of interest income related to SLF JV was included in interest receivable on the Statement of Assets and Liabilities.

For the years ended February 28, 2026, February 28, 2025, and February 29, 2024, we recognized $1.8 million, $1.8 million and $1.8 million in interest income on the consolidated statement of operations, respectively, related to the SLF JV.

For the years ended February 28, 2026, February 28, 2025, and February 29, 2024, we recognized $3.3 million, $4.0 million and $5.9 million of dividend income on the consolidated statement of operations, respectively, related to the SLF JV.

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 February 28, 2026 and February 28, 2025, the fair value of the Class E-R Notes were $8.4 million and $0.0 million, respectively. As of February 28, 2026 and February 28, 2025, the fair value of the Class E Notes were $0.0 million and $12.3 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 168.4% as of February 28, 2026 and 162.9% as of February 28, 2025.

***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 greater of 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 February 28, 2026 and February 28, 2025, there were $0.0 million and $32.5 million outstanding borrowings under the Encina Credit Facility. During the applicable periods, the Company was in compliance with all of the limitations and requirements under the Encina Credit Agreement. The repayment and termination of the Encina Credit Facility resulted in a realized loss on the extinguishment of debt of $0.1 million.

For the year ended February 28, 2026, February 28, 2025, and February 29, 2024, we recorded $2.2 million, $3.4 million and $3.9 million of interest expense related to the Encina Credit Facility, respectively, which includes commitment and administrative agent fees. For the year ended February 28, 2026, February 28, 2025, and February 29, 2024, we recorded $0.4 million, $0.5 million and $0.5 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. For the year ended February 28, 2026, February 28, 2025, and February 29, 2024, the weighted average interest rate on the outstanding borrowings under the Encina Credit Facility was 8.8%, 9.5%, and 9.7% respectively, and the average dollar amount of outstanding borrowings under the Encina Credit Facility was $22.3 million, $33.1 million and $37.9 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 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, 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; and

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

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

For the year ended February 28, 2026 and February 28, 2025, we recorded $3.3 million and $1.9 million of interest expense related to the Live Oak Credit Facility, respectively, which includes commitment and administrative agent fees. For the year ended February 28, 2026 and February 28, 2025, we recorded $0.4 million and $0.3 million of deferred financing costs related to the Live Oak 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. For the year ended February 28, 2026 and February 28, 2025, the weighted average interest rate on the outstanding borrowings under the Live Oak Credit Facility was 8.2% and 9.1%, respectively, and the average dollar amount of outstanding borrowings under the Live Oak Credit Facility was $36.2 million and $18.0 million, respectively.

Our borrowing base under the Live Oak Credit Facility was $99.2 million subject to the Live Oak Credit Facility cap of $75.0 million at February 28, 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 February 28, 2026 borrowing base relies upon the valuations set forth in the Quarterly Report on Form 10-Q for the period ended November 30, 2025. The valuations presented in this Annual Report on Form 10-K will not be incorporated into the borrowing base until after this Annual Report on Form 10-K 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 February 28, 2026, there were $32.5 million outstanding borrowings under the Valley Credit Facility. 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 period from November 6, 2025 through February 28, 2026, we recorded $0.8 million of interest expense related to the Valley Credit Facility, which includes commitment and administrative agent fees. For the period from November 6, 2025 through February 28, 2026, we recorded $0.03 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. For the period from November 6, 2025 through February 28, 2026, the weighted average interest rate on the outstanding borrowings under the Valley Credit Facility was 6.8%, and the average dollar amount of outstanding borrowings under the Valley Credit Facility was $10.2 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 $77.1 million subject to the Valley Credit Facility cap of $85.0 million at February 28, 2026. For purposes of determining the borrowing base, most assets will be 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 February 28, 2026 borrowing base relies upon the valuations set forth in the Quarterly Report on Form 10-Q for the period ended November 30, 2025. The valuations presented in this Annual Report on Form 10-K will not be incorporated into the borrowing base until after this Annual Report on Form 10-K 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. Under current SBIC regulations, for two or more SBICs under common control, the maximum amount of outstanding SBA debentures cannot exceed $350.0 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 up to $350.0 million more than it would otherwise be able to absent the receipt of this exemptive relief.

As of February 28, 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 $160.0 million in SBA-guaranteed debentures outstanding, of which $84.0 million was held by SBIC II LP and $76.0 million held in SBIC III LP.

At February 28, 2026 and February 28, 2025, there was $160.0 million and $170.0 million outstanding of SBA debentures, respectively. The carrying amount of the amount outstanding of SBA debentures approximates its fair value, which is based on a waterfall analysis showing adequate collateral coverage and would be classified as a Level 3 liability within the fair value hierarchy. Financing costs of $5.0 million, $6.0 million, and $1.2 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 $10.0 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 years ended February 28, 2026, February 28, 2025 and February 29, 2024, we recorded $5.1 million, $7.1 million and $6.2 million of interest expense related to the SBA debentures, respectively. For the years ended February 28, 2026, February 28, 2025 and February 29, 2024, we recorded $0.7 million, $0.9 million and $1.0 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 years ended February 28, 2026, February 28, 2025 and February 29, 2024 on the outstanding borrowings of the SBA debentures was 3.06%, 3.32% and 3.08%, respectively. During the years ended February 28, 2026 and February 28, 2025, the average dollar amount of SBA debentures outstanding was $167.5 million and $213.8 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.

As of February 28, 2026, the total amount of 7.75% 2025 Notes outstanding was $0.0 million. The carrying amount of the outstanding 7.75% 2025 Notes had a fair value of $0.0 million, which is based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy. As of February 28, 2025, the total amount of 7.75% 2025 Notes outstanding was $5.0 million, and they had a fair value of $5.0 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 years ended February 28, 2026 and February 28, 2025, we recorded $0.1 million and $0.4 million, respectively, of interest expense and $0.02 million and $0.05 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. For the years ended February 28, 2026 and February 28, 2025, the average dollar amount of 7.75% 2025 Notes outstanding was $1.8 million and $5.0 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% 2027Notes"). 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 February 28, 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 $14.8 million, which is based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy. As of February 28, 2025, the total amount of 6.25% 2027 Notes outstanding was $15.0 million, and they had a fair value of $14.2 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 years ended February 28, 2026 and February 28, 2025, we recorded $0.9 million and $0.9 million, respectively, of interest expense and $0.07 million and $0.07 million, respectively, of amortization of deferred financing costs related to the 6.25% 2027 Notes. Interest expense and amortization of deferred financing cost are reported as interest and debt financing expense on the consolidated statements of operations. For the years ended February 28, 2026 and February 28, 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 for 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.

As of February 28, 2026, the total amount of 4.375% 2026 Notes outstanding was $0.0 million. The carrying amount of the outstanding 4.375% 2026 Notes had a fair value of $0.0 million, which was based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy. As of February 28, 2025, the total amount of 4.375% 2026 Notes outstanding was $175.0 million, and they had a fair value of $163.4 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 years ended February 28, 2026 and February 28, 2025, we recorded $7.6 million and $7.7 million, respectively, of interest expense, $0.6 million and $0.8 million, respectively, of amortization of deferred financing costs and $0.3 million and $0.3 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 years ended February 28, 2026 and February 28, 2025, the average dollar amount of 4.375% 2026 Notes outstanding was $174.5 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 February 28, 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 $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. As of February 28, 2025, the total amount of 4.35% 2027 Notes outstanding was $75.0 million, and they had a fair value of $70.3 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 years ended February 28, 2026 and February 28, 2025, we recorded $3.3 million and $3.3 million, respectively, of interest expense, $0.3 million and $0.3 million, respectively, of amortization of deferred financing costs and $0.1 million and $0.1 million, respectively, of amortization of discount on issuance of 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 years ended February 28, 2026 and February 28, 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 were $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.

As of February 28, 2026, the total amount of 6.00% 2027 Notes outstanding was $105.5 million. The 6.00% 2027 Notes are listed on the NYSE under the trading symbol "SAT" with a par value of $25.00 per note. 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. 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, 2025, the carrying amount and fair value of the 6.00% 2027 Notes was $105.5 million and $104.1 million, respectively.

For the years ended February 28, 2026 and February 28, 2025, we recorded $6.3 million and $6.3 million, respectively, of interest expense, $0.7 million and $0.7 million, respectively, of amortization of deferred financing costs related to the 6.00% Notes due 2027. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the years ended February 28, 2026 and February 28, 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 $0.04 million related to the 7.00% 2025 Notes have been capitalized and are being amortized over the term of the 7.00% 2025 Notes.

As of February 28, 2026, the total amount of 7.00% 2025 Notes outstanding was $0.0 million. As of February 28, 2025, the total amount of 7.00% 2025 Notes outstanding was $12.0 million, and they had a fair value of $11.9 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 years ended February 28, 2026 and February 28, 2025, we recorded $0.4 million and $0.8 million, respectively, of interest expense, $0.01 million and $0.01 million, respectively, of amortization of deferred financing costs and $0.1 million and $0.1 million, respectively, of amortization of discount on issuance of 7.00% Notes due 2025. 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 years ended February 28, 2026 and February 28, 2025, the average dollar amount of 7.00% 2025 Notes outstanding was $6.3 million and $12.0 million respectively.

*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 February 28, 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 February 28, 2026, the carrying amount and fair value of the 8.00% 2027 Notes was $46.0 million and $46.4 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, 2025, the carrying amount and fair value of the 8.00% 2027 Notes was $46.0 million and $46.5 million, respectively.

For the years ended February 28, 2026 and February 28, 2025, the Company recorded $3.7 million and $3.7 million, respectively, of interest expense and $0.3 million and $0.3 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 years ended February 28, 2026 and February 28, 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 February 28, 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 February 28, 2026, the carrying amount and fair value of the 8.125% 2027 Notes was $60.4 million and $60.7 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, 2025, the carrying amount and fair value of the 8.125% 2027 Notes was $60.4 million and $61.0 million, respectively.

For the years ended February 28, 2026 and February 28, 2025, the Company recorded $4.9 million and $4.9 million, respectively, of interest expense and $0.4 million and $0.4 million, respectively, of amortization of deferred financing costs related to the 8.125% 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 years ended February 28, 2026 and February 28, 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 2024 (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.

As of February 28, 2026, the total amount of 8.75% 2025 Notes outstanding was $0.0 million. As of February 28, 2025, the total amount of 8.75% 2025 Notes outstanding was $20.0 million, and they had a fair value of $20.1 million.

For the years ended February 28, 2026 and February 28, 2025, we recorded $0.1 million and $1.5 million, respectively, of interest expense, $0.01 million and $0.04 million, respectively, of amortization of deferred financing costs and $0.01 million and $0.1 million, respectively, of amortization of discount on issuance of 8.75% Notes due 2025. 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 years ended February 28, 2026 and February 28, 2025, the average dollar amount of 8.75% 2025 Notes outstanding was $1.6 million and $20.0 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 February 28, 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 February 28, 2026, the carrying amount and fair value of the 8.50% 2028 Notes was $57.5 million and $58.1 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, 2025, the carrying amount and fair value of the 8.50% 2028 Notes was $57.5 million and $58.3 million, respectively.

For the years ended February 28, 2026 and February 28, 2025, we recorded $4.9 million and $4.9 million, respectively, of interest expense and $0.4 million and $0.4 million, respectively, of amortization of deferred financing costs of 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 years ended February 28, 2026 and February 28, 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 $1.2 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 $0.8 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 February 28, 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 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 year ended February 28, 2026, the Company recorded $0.4 million of interest expense and $0.03 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 year ended the average dollar amount of 7.25% 2030 Notes outstanding was $5.1 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 were approximately $96.4 million, after deducting the underwriting discount 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 $3.3 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.

As of February 28, 2026, the total amount of 7.50% 2031 Notes outstanding was $100.0 million. The 7.50% 2031 Notes are listed on the NYSE with a par value of $25.00 per note. 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. 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.

For the year ended February 28, 2026, the Company recorded $0.5 million of interest expense and $0.04 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 year ended February 28, 2026, the average dollar amount of 7.50% 2031 Notes outstanding was $6.3 million.

**Senior Securities**

Information about our senior securities is shown in the following table as of February 28/29 for the fiscal years indicated in the table, unless otherwise noted. See Part II. Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations—Financial condition, liquidity and capital resources" for more detailed information regarding the senior securities.

**SENIOR SECURITIES**

**(dollar amounts in thousands, except per share data)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class and Year (1)(2)** | **Total Amount<br> Outstanding <br> Exclusive of <br> Treasury <br> Securities(3)** | **Asset Coverage <br> per Unit(4)** | **Involuntary <br> Liquidating<br> Preference <br> per Share(5)** | **Average Market <br> Value <br> per Share(6)** |  |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |  |
| **Credit Facility with Valley National Bank** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2026 (as of February 28, 2026) | $32500 | $1684 |  | N/A |  |
| **Credit Facility with Encina Lender Finance, LLC(21)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2026 (as of February 28, 2026) | $- | $- |  | N/A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2025 (as of February 28, 2025) | $32500 | $1629 |  | N/A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2024 (as of February 29, 2024) | $3500 | $1610 |  | N/A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2023 (as of February 28, 2023) | $32500 | $1659 |  | N/A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2022 (as of February 28, 2022) | $12500 | $2093 |  | N/A |  |
| **Credit Facility with Live Oak Banking Company** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2026 (as of February 28, 2026) | $37500 | $1684 |  | N/A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2025 (as of February 28, 2025) | $20000 | $1629 |  | N/A |  |
| **Credit Facility with Madison Capital Funding**(14) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2021 (as of February 28, 2021) | $- | $3471 |  | N/A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2020 (as of February 29, 2020) | $- | $6071 |  | N/A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2019 (as of February 28, 2019) | $- | $2345 |  | N/A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2018 (as of February 28, 2018) | $- | $2930 |  | N/A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2017 (as of February 28, 2017) | $- | $2710 |  | N/A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2016 (as of February 29, 2016) | $- | $3025 |  | N/A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2015 (as of February 28, 2015) | $9600 | $3117 |  | N/A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2014 (as of February 28, 2014) | $- | $3348 |  | N/A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2013 (as of February 28, 2013) | $24300 | $5421 |  | N/A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2012 (as of February 29, 2012) | $20000 | $5834 |  | N/A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2011 (as of February 28, 2011) | $4500 | $20077 |  | N/A |  |
| **7.50% Notes due 2020**(7) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2017 (as of February 28, 2017) | $- | $- |  | N/A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2016 (as of February 29, 2016) | $61793 | $3025 |  | $25.24 | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2015 (as of February 28, 2015) | $48300 | $3117 |  | $25.46 | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2014 (as of February 28, 2014) | $48300 | $3348 |  | $25.18 | (8) |
| **6.75% Notes due 2023**(9) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2020 (as of February 29, 2020) | $- | $- |  | N/A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2019 (as of February 28, 2019) | $74451 | $2345 |  | $25.74 | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2018 (as of February 28, 2018) | $74451 | $2930 |  | $26.05 | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2017 (as of February 28, 2017) | $74451 | $2710 |  | $25.89 | (10) |
| **8.75% Notes due 2025** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2026 (as of February 28, 2026)(18) | $- | $- |  | N/A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2025 (as of February 28, 2025) | $20000 | $1629 |  | $25.00 | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2024 (as of February 29, 2024) | $20000 | $1610 |  | $25.00 | (12) |

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**SENIOR SECURITIES**

**(dollar amounts in thousands, except per share data)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class and Year (1)(2)** | **Total Amount<br> Outstanding <br> Exclusive of <br> Treasury <br> Securities(3)** | **Asset Coverage <br> per Unit(4)** | **Involuntary <br> Liquidating<br> Preference <br> per Share(5)** | **Average Market <br> Value <br> per Share(6)** |  |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |  |
| **6.25% Notes due 2025**(13) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2022 (as of February 28, 2022) | $- | $- |  | N/A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2021 (as of February 28, 2021) | $60000 | $3471 |  | $24.24 | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2020 (as of February 29, 2020) | $60000 | $6071 |  | $25.75 | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2019 (as of February 28, 2019) | $60000 | $2345 |  | $24.97 | (11) |
| **7.00% Notes due 2025(20)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2026 (as of February 28, 2026) | $- | $- |  | N/A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2025 (as of February 28, 2025) | $12000 | $1629 |  | $25.00 | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2024 (as of February 29, 2024) | $12000 | $1610 |  | $25.00 | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2023 (as of February 28, 2023) | $12000 | $1659 |  | $25.00 | (12) |
| **7.25% Notes due 2025**(17) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2023 (as of February 28, 2023) | $- | $- |  | N/A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2022 (as of February 28, 2022) | $43125 | $2093 |  | $25.46 | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2021 (as of February 28, 2021) | $43125 | $3471 |  | $25.77 | (11) |
| **7.75% Notes due 2025(19)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2025 (as of February 28, 2025) | $- | $- |  | N/A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2024 (as of February 29, 2024) | $5000 | $1610 |  | $25.00 | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2023 (as of February 28, 2023) | $5000 | $1659 |  | $25.00 | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2022 (as of February 28, 2022) | $5000 | $2093 |  | $25.00 | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2021 (as of February 28, 2021) | $5000 | $3471 |  | $25.00 | (12) |
| **4.375% Notes due 2026(22)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2026 (as of February 28, 2026) | $- | $- |  | N/A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2025 (as of February 28, 2025) | $175000 | $1629 |  | $25.00 | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2024 (as of February 29, 2024) | $175000 | $1610 |  | $25.00 | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2023 (as of February 28, 2023) | $175000 | $1659 |  | $25.00 | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2022 (as of February 28, 2022) | $175000 | $2093 |  | $25.00 | (12) |

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**SENIOR SECURITIES**

**(dollar amounts in thousands, except per share data)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class and Year (1)(2)** | **Total Amount<br> Outstanding <br> Exclusive of <br> Treasury <br> Securities(3)** | **Asset Coverage <br> per Unit(4)** | **Involuntary <br> Liquidating<br> Preference <br> per Share(5)** | **Average Market <br> Value <br> per Share(6)** |  |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |  |
| **4.35% Notes due 2027** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2026 (as of February 28, 2026) | $75000 | $1684 |  | $25.00 | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2025 (as of February 28, 2025) | $75000 | $1629 |  | $25.00 | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2024 (as of February 29, 2024) | $75000 | $1610 |  | $25.00 | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2023 (as of February 28, 2023) | $75000 | $1659 |  | $25.00 | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2022 (as of February 28, 2022) | $75000 | $2093 |  | $25.00 | (12) |
| **6.00% Notes due 2027** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2026 (as of February 28, 2026) | $105500 | $1684 |  | $24.74 | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2025 (as of February 28, 2025) | $105500 | $1629 |  | $24.36 | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2024 (as of February 29, 2024) | $105500 | $1610 |  | $23.51 | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2023 (as of February 28, 2023) | $105500 | $1659 |  | $23.97 | (15) |
| **6.25% Notes due 2027** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2026 (as of February 28, 2026) | $15000 | $1684 |  | $25.00 | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2025 (as of February 28, 2025) | $15000 | $1629 |  | $25.00 | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2024 (as of February 29, 2024) | $15000 | $1610 |  | $25.00 | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2023 (as of February 28, 2023) | $15000 | $1659 |  | $25.00 | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2022 (as of February 28, 2022) | $15000 | $2093 |  | $25.00 | (12) |
| **8.00% Notes due 2027** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2026 (as of February 28, 2026) | $46000 | $1684 |  | $25.47 | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2025 (as of February 28, 2025) | $46000 | $1629 |  | $25.21 | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2024 (as of February 29, 2024) | $46000 | $1610 |  | $25.00 | (15) |
| **8.125% Notes due 2027** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2026 (as of February 28, 2026) | $60375 | $1684 |  | $25.37 | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2025 (as of February 28, 2025) | $60375 | $1629 |  | $25.27 | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2024 (as of February 29, 2024) | $60375 | $1610 |  | $25.05 | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2023 (as of February 28, 2023) | $60375 | $1659 |  | $25.10 | (15) |
| **8.50% Notes due 2028** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2026 (as of February 28, 2026) | $57500 | $1684 |  | $25.39 | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2025 (as of February 28, 2025) | $57500 | $1629 |  | $25.47 | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2024 (as of February 29, 2024) | $57500 | $1610 |  | $25.17 | (17) |
| **7.25% Notes due 2030** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2026 (as of February 28, 2026) | $50000 | $1684 |  | N/A | (12) |
| **7.50% Notes due 2031** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year 2026 (as of February 28, 2026) | $100000 | $1684 |  | $25.29 | (15) |

---

(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.

**Note 9. Commitments and Contingencies**

**Contractual Obligations**

The following table shows our payment obligations for repayment of debt and other contractual obligations at February 28, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Payment Due by Period** | **Payment Due by Period** | **Payment Due by Period** | **Payment Due by Period** |
| <br>**Long-Term Debt Obligations** |<br>**Total** | **Less Than <br> 1 Year** | **1 - 3<br> Years** | **3 - 5<br> Years** | **More Than<br> 5 Years** |
|  | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** |
| &nbsp;&nbsp;&nbsp;Live Oak credit facility | 37500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | 37500 | - | - |
| &nbsp;&nbsp;&nbsp;Valley Bank Credit Facility | 32500 | - | 32500 | - | - |
| &nbsp;&nbsp;&nbsp;SBA debentures | 160000 | - | - | 99000 | 61000 |
| &nbsp;&nbsp;&nbsp;4.35% 2027 Notes | 75000 | 75000 | - | - | - |
| &nbsp;&nbsp;&nbsp;6.00% 2027 Notes | 105500 | - | 105500 | - | - |
| &nbsp;&nbsp;&nbsp;6.25% 2027 Notes | 15000 | - | 15000 | - | - |
| &nbsp;&nbsp;&nbsp;8.00% 2027 Notes | 46000 | - | 46000 | - | - |
| &nbsp;&nbsp;&nbsp;8.125% 2027 Notes | 60375 | - | 60375 | - | - |
| &nbsp;&nbsp;&nbsp;8.50% 2028 Notes | 57500 | - | 57500 | - | - |
| &nbsp;&nbsp;&nbsp;7.25% 2030 Notes | 50000 | - | - | 50000 |  |
| &nbsp;&nbsp;&nbsp;7.50% 2031 Notes | 100000 | - | - | 100000 |  |
| Total Long-Term Debt Obligations | $739375 | $75000 | $354375 | $249000 | $61000 |

---

**Off-balance Sheet Arrangements**

At February 28, 2026 and February 28, 2025, the Company's off-balance sheet arrangements consisted of $153.1 million and $126.7 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 February 28, 2026 and February 28, 2025 is shown in the table below (dollars in thousands):

---

| | | |
|:---|:---|:---|
|  | **February 28, <br> 2026** | **February 28, <br> 2025** |
| **At Company's discretion** | | |
| &nbsp;&nbsp;&nbsp;ActiveProspect, Inc. | $- | $10000 |
| &nbsp;&nbsp;&nbsp;Angry Chickz, Inc. | 4000 | $- |
| &nbsp;&nbsp;&nbsp;Artemis Wax Corp. | 7500 | 23500 |
| &nbsp;&nbsp;&nbsp;Ascend Software, LLC | - | 5000 |
| &nbsp;&nbsp;&nbsp;Better Impact USA, Inc. | 5000 | - |
| &nbsp;&nbsp;&nbsp;C2 Educational Systems, Inc. | - | 2000 |
| &nbsp;&nbsp;&nbsp;Davisware, LLC | - | 1000 |
| &nbsp;&nbsp;&nbsp;Haystack Team Inc. | 5000 | - |
| &nbsp;&nbsp;&nbsp;JDXpert | 4500 | 4500 |
| &nbsp;&nbsp;&nbsp;LFR Chicken LLC | 10000 | 10000 |
| &nbsp;&nbsp;&nbsp;Pepper Palace, Inc. | 800 | 1200 |
| &nbsp;&nbsp;&nbsp;Procurement Partners, LLC | - | - |
| &nbsp;&nbsp;&nbsp;Saratoga Senior Loan Fund I JV, LLC | 6933 | 8548 |
| &nbsp;&nbsp;&nbsp;SAI Systems Health, LLC | 4000 | - |
| &nbsp;&nbsp;&nbsp;Source 44 LLC | 20000 | - |
| &nbsp;&nbsp;&nbsp;StockIQ Technologies, LLC | 5000 | - |
| &nbsp;&nbsp;&nbsp;VetnCare MSO, LLC | - | 10000 |
| &nbsp;&nbsp;&nbsp;Total | $72733 | $75748 |
| **At portfolio company's discretion - satisfaction of certain financial and nonfinancial covenants required** |  |  |
| &nbsp;&nbsp;&nbsp;Angry Chickz, Inc. | $2100 | $- |
| &nbsp;&nbsp;&nbsp;Axero Holdings, LLC - Revolver | 500 | 500 |
| &nbsp;&nbsp;&nbsp;Axiom Medical Consulting, LLC | - | 1500 |
| &nbsp;&nbsp;&nbsp;Better Impact USA, Inc. | 5000 | - |
| &nbsp;&nbsp;&nbsp;BQE Software, Inc. | 250 | 2250 |
| &nbsp;&nbsp;&nbsp;Breezeway Homes, Inc. | 4000 | - |
| &nbsp;&nbsp;&nbsp;Cloudpermit | 8500 | 5000 |
| &nbsp;&nbsp;&nbsp;Davisware, LLC | - | 1750 |
| &nbsp;&nbsp;&nbsp;Exigo, LLC - Revolver | 625 | 625 |
| &nbsp;&nbsp;&nbsp;Gen4 Dental Partners Holdings, LLC | 2381 | 2857 |
| &nbsp;&nbsp;&nbsp;Granite Comfort, LP | - | 11637 |
| &nbsp;&nbsp;&nbsp;Innergy, Inc. | 1500 | 5000 |
| &nbsp;&nbsp;&nbsp;Inspect Point Holdings, LLC | 4000 | 1500 |
| &nbsp;&nbsp;&nbsp;LFR Chicken LLC | 25000 | - |
| &nbsp;&nbsp;&nbsp;Ludi, Inc. - Revolver | 3600 | - |
| &nbsp;&nbsp;&nbsp;Modis Dental Partners OpCo, LLC | - | 8900 |
| &nbsp;&nbsp;&nbsp;Pepper Palace, Inc. - Revolver | - | 600 |
| &nbsp;&nbsp;&nbsp;SAI Systems Health, LLC | 1474 | - |
| &nbsp;&nbsp;&nbsp;SmartAC.com, Inc. | 17000 | - |
| &nbsp;&nbsp;&nbsp;Source 44 LLC | 500 | - |
| &nbsp;&nbsp;&nbsp;Source 44 LLC - Revolver | 2000 | - |
| &nbsp;&nbsp;&nbsp;StockIQ Technologies, LLC | 400 | - |
| &nbsp;&nbsp;&nbsp;Stretch Zone Franchising, LLC | - | 1500 |
| &nbsp;&nbsp;&nbsp;VetnCare MSO, LLC | - | 7319 |
| &nbsp;&nbsp;&nbsp;Zollege PBC | 1500 | - |
|  | 80330 | 50938 |
| &nbsp;&nbsp;&nbsp;Total | $153063 | $126686 |

---

The Company believes its assets will provide adequate coverage to satisfy these unfunded commitments. As of February 28, 2026, the Company had cash and cash equivalents of $1.7 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 $99.0 million available SBA debentures that can be used for any commitments held in 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 years ended February 28, 2026, February 28, 2025 and February 29, 2024, we incurred $0.4 million, $0.4 million and $0.4 million for directors' fees and expenses, respectively. As of February 28, 2026 and February 28, 2025, $0.0 million and $0.0 million in directors' fees and expenses were accrued and unpaid, respectively. As of February 28, 2026, we 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 1.7 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 February 28, 2026, the Company purchased 1,037,698 shares of common stock, at the average price of $22.05 for approximately $22.9 million pursuant to the Share Repurchase Plan. During the three months and year ended February 28, 2026, the Company purchased 2,495 shares of common stock, at an average price of $21.75 for approximately $0.1 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.

As of February 28, 2026 the Company sold 8,591,915 shares for gross proceeds of $227.2 million at an average price of $26.37 for aggregate net proceeds of $225.4 million (net of transaction costs). During the three months ended February 28, 2026, the Company sold 0 shares for gross proceeds of $0.0 million at an average price of $0.0 for aggregate net proceeds of $0.0 million (net of transaction costs). During the year ended February 28, 2026, the Company sold 747,199 shares for gross proceeds of $19.3 million at an average price of $25.83 for aggregate net proceeds of $19.3 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. For the three months ended February 28, 2026, the Manager reimbursed the Company $0.0 million. For the year ended February 28, 2026, the Manager reimbursed the Company $0.6 million.

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** | **Common Stock** | | | |
|  | **Shares** | **Amount** | **Capital**<br>**in Excess**<br>**of Par Value** | **Total<br> Distributable**<br>**Earnings**<br>**(Loss)** |<br>**Net Assets** |
| **Balance at February 28, 2023** | **11890500** | $**11891** | $**321893806** | $**25052345** | $**346958042** |
| Increase (Decrease) from Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | - | - | 15958950 | 15958950 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from investments |  | - | - | 90691 | 90691 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments |  | - | - | (16322307) | (16322307) |
| &nbsp;&nbsp;&nbsp;Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments |  | - | - | 59407 | 59407 |
| Decrease from Shareholder Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions of investment income |  | - | - | (8193402) | (8193402) |
| Capital Share Transactions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Stock dividend distribution | 45818 | 47 | 1058797 | - | 1058844 |
| &nbsp;&nbsp;&nbsp;Repurchases of common stock | (88576) | (90) | (2157515) | - | (2157605) |
| &nbsp;&nbsp;&nbsp;Repurchase fees | - | - | (1772) | - | (1772) |
| **Balance at May 31, 2023** | **11847742** | $**11848** | $**320793316** | $**16645684** | $**337450848** |
| Increase (Decrease) from Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | - | - | 13964784 | 13964784 |
| &nbsp;&nbsp;&nbsp;Realized losses on extinguishment of debt |  | - | - | (110056) | (110056) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments |  | - | - | (5737571) | (5737571) |
| &nbsp;&nbsp;&nbsp;Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments |  | - | - | (221206) | (221206) |
| Decrease from Shareholder Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions of investment income |  | - | - | (8352335) | (8352335) |
| Capital Share Transactions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock | 852412 | 852 | 22497265 | - | 22498117 |
| &nbsp;&nbsp;&nbsp;Capital contribution from Manager |  | - | 2050288 | - | 2050288 |
| &nbsp;&nbsp;&nbsp;Stock dividend distribution | 29627 | 30 | 749283 | - | 749313 |
| &nbsp;&nbsp;&nbsp;Offering costs | - | - | (213427) | - | (213427) |
| **Balance at August 31, 2023** | **12729781** | $**12730** | $**345876725** | $**16189300** | $**362078755** |
| Increase (Decrease) from Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | - | - | 14166063 | 14166063 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from investments |  | - | - | 60565 | 60565 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments |  | - | - | (17866353) | (17866353) |
| &nbsp;&nbsp;&nbsp;Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments |  | - | - | (415894) | (415894) |
| Decrease from Shareholder Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions of investment income |  | - | - | (9286642) | (9286642) |
| Capital Share Transactions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock | 350000 | 350 | 9012150 | - | 9012500 |
| &nbsp;&nbsp;&nbsp;Capital contribution from Manager |  | - | 1043000 | - | 1043000 |
| &nbsp;&nbsp;&nbsp;Stock dividend distribution | 35196 | 35 | 858960 | - | 858995 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | |
|  | **Shares** | **Amount** | **Capital**<br>**in Excess**<br>**of Par Value** | **Total<br> Distributable**<br>**Earnings**<br>**(Loss)** |<br>**Net Assets** |
| &nbsp;&nbsp;&nbsp;Offering costs | - | - | (92240) | - | (92240) |
| **Balance at November 30, 2023** | **13114977** | $**13115** | $**356698595** | $**2847039** | $**359558749** |
| Increase (Decrease) from Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | - | - | 12784511 | 12784511 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from investments |  | - | - | 2327 | 2327 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments |  | - | - | (7164613) | (7164613) |
| &nbsp;&nbsp;&nbsp;Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments |  | - | - | (315473) | (315473) |
| Decrease from Shareholder Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions of investment income |  | - | - | (9803576) | (9803576) |
| Capital Share Transactions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock | 501105 | 501 | 13028269 | - | 13028770 |
| &nbsp;&nbsp;&nbsp;Capital contribution from Manager |  | - | 1382009 | - | 1382009 |
| &nbsp;&nbsp;&nbsp;Stock dividend distribution | 37394 | 38 | 915155 | - | 915193 |
| &nbsp;&nbsp;&nbsp;Offering costs |  | - | (163789) | - | (163789) |
| Tax reclassification of stockholders' equity in accordance with generally accepted accounting principles | - | - | (779040) | 779040 | - |
| **Balance at February 29, 2024** | **13653476** | $**13654** | $**371081199** | $**(870745)** | $**370224108** |
| Increase (Decrease) from Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | - | - | 14335005 | 14335005 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from investments |  | - | - | (21194997) | (21194997) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments |  | - | - | 13931431 | 13931431 |
| &nbsp;&nbsp;&nbsp;Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments |  | - | - | (461001) | (461001) |
| Decrease from Shareholder Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions of investment income |  | - | - | (9967036) | (9967036) |
| Capital Share Transactions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock |  | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Capital contribution from Manager |  | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Stock dividend distribution | 45490 | 45 | 987527 | - | 987572 |
| &nbsp;&nbsp;&nbsp;Offering costs | - | - | - | - | - |
| **Balance at May 31, 2024** | **13698966** | $**13699** | $**372068726** | $**(4227343)** | $**367855082** |
| Increase (Decrease) from Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | - | - | 18197398 | 18197398 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from investments |  | - | - | (33448727) | (33448727) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments |  | - | - | 28728155 | 28728155 |
| &nbsp;&nbsp;&nbsp;Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments |  | - | - | (159187) | (159187) |
| Decrease from Shareholder Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions of investment income |  | - | - | (10137233) | (10137233) |
| Capital Share Transactions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Stock dividend distribution | 46803 | 47 | 1018307 | - | 1018354 |
| **Balance at August 31, 2024** | $**13745769** | $**13746** | $**373087033** | $**(1046937)** | $**372053842** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | |
|  | **Shares** | **Amount** | **Capital**<br>**in Excess**<br>**of Par Value** | **Total<br> Distributable**<br>**Earnings**<br>**(Loss)** |<br>**Net Assets** |
| Increase (Decrease) from Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | - | - | 12435655 | 12435655 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from investments |  | - | - | 5444745 | 5444745 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments |  | - | - | (8918583) | (8918583) |
| &nbsp;&nbsp;&nbsp;Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments |  | - | - | (126875) | (126875) |
| Decrease from Shareholder Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions of investment income |  | - | - | (10171868) | (10171868) |
| Capital Share Transactions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock | 108438 | 108 | 2777318 | - | 2777426 |
| &nbsp;&nbsp;&nbsp;Capital contribution from Manager |  | - | 199652 | - | 199652 |
| &nbsp;&nbsp;&nbsp;Stock dividend distribution | 54999 | 55 | 1214181 | - | 1214236 |
| &nbsp;&nbsp;&nbsp;Offering costs | - | - | (42575) | - | (42575) |
| **Balance at November 30, 2024** | $**13909206** | $**13909** | $**377235609** | $**(2383863)** | $**374865655** |
| Increase (Decrease) from Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | - | - | 8034545 | 8034545 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from investments |  | - | - | 7169655 | 7169655 |
| &nbsp;&nbsp;&nbsp;Income tax (provision) benefit from realized gain on investments |  | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Realized losses on extinguishment of debt |  | - | - | (800452) | (800452) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments |  | - | - | (14766637) | (14766637) |
| &nbsp;&nbsp;&nbsp;Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments |  | - | - | (313873) | (313873) |
| Decrease from Shareholder Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions of investment income |  | - | - | (15548742) | (15548742) |
| Capital Share Transactions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock | 1192400 | 1193 | 30223409 | - | 30224602 |
| &nbsp;&nbsp;&nbsp;Capital contribution from Manager |  | - | 2152115 | - | 2152115 |
| &nbsp;&nbsp;&nbsp;Stock dividend distribution | 81472 | 81 | 1857389 | - | 1857470 |
| &nbsp;&nbsp;&nbsp;Offering costs |  | - | (208870) | - | (208870) |
| Tax reclassification of stockholders' equity in accordance with generally accepted accounting principles | - | - | 1653945 | (1653945) | - |
| **Balance at February 28, 2025** | $**15183078** | $**15183** | $**412913597** | $**(20263312)** | $**392665468** |
| Increase (Decrease) from Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | - | - | 10142033 | 10142033 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from investments |  | - | - | 2901339 | 2901339 |
| &nbsp;&nbsp;&nbsp;Income tax (provision) benefit from realized gain on investments |  | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Realized losses on extinguishment of debt |  | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments |  | - | - | 943977 | 943977 |
| &nbsp;&nbsp;&nbsp;Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments |  | - | - | (55085) | (55085) |
| Decrease from Shareholder Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions of investment income |  | - | - | (18980079) | (18980079) |
| Capital Share Transactions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock | 244831 | 245 | 6143575 | - | 6143820 |
| Capital contribution from Manager |  | - | 297770 | - | 297770 |
| &nbsp;&nbsp;&nbsp;Stock dividend distribution | 101482 | 101 | 2312052 | - | 2312153 |
| &nbsp;&nbsp;&nbsp;Offering costs |  | - | (2080) | - | (2080) |
| Tax reclassification of stockholders' equity in accordance with generally accepted accounting principles | - | - |  | - | - |
| **Balance at May 31, 2025** | $**15529391** | $**15529** | $**421664914** | $**(25311127)** | $**396369316** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | |
|  | **Shares** | **Amount** | **Capital**<br>**in Excess**<br>**of Par Value** | **Total<br> Distributable**<br>**Earnings**<br>**(Loss)** |<br>**Net Assets** |
| &nbsp;&nbsp;&nbsp;Net investment income |  | - | - | 9080732 | 9080732 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from investments |  | - | - | 52691 | 52691 |
| &nbsp;&nbsp;&nbsp;Income tax (provision) benefit from realized gain on investments |  | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Realized losses on extinguishment of debt |  | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments |  | - | - | 3727713 | 3727713 |
| &nbsp;&nbsp;&nbsp;Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments |  | - | - | 423998 | 423998 |
| Decrease from Shareholder Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions of investment income |  | - | - | (11797313) | (11797313) |
| Capital Share Transactions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock | 443406 | 443 | 11101401 | - | 11101844 |
| Capital contribution from Manager |  | - | 271552 | - | 271552 |
| &nbsp;&nbsp;&nbsp;Stock dividend distribution | 54515 | 55 | 1289733 | - | 1289788 |
| &nbsp;&nbsp;&nbsp;Offering costs |  | - | (20753) | - | (20753) |
| Tax reclassification of stockholders' equity in accordance with generally accepted accounting principles | - | - |  | - | - |
| **Balance at August 31, 2025** | $**16027312** | $**16027** | $**434306847** | $**(23823306)** | $**410499568** |
| &nbsp;&nbsp;&nbsp;Net investment income |  | - | - | 9786386 | 9786386 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from investments |  | - | - | 3070547 | 3070547 |
| &nbsp;&nbsp;&nbsp;Income tax (provision) benefit from realized gain on investments |  | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Realized losses on extinguishment of debt |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments |  | - | - | (583659) | (583659) |
| &nbsp;&nbsp;&nbsp;Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments |  | - | - | (150134) | (150134) |
| &nbsp;&nbsp;&nbsp;Realized losses on extinguishment of debt |  | - | - | (123157) | (123157) |
| Decrease from Shareholder Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions of investment income |  | - | - | (12078766) | (12078766) |
| Capital Share Transactions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock | 58962 | 59 | 1507206 | - | 1507265 |
| &nbsp;&nbsp;&nbsp;Capital contribution from Manager |  | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Stock dividend distribution | 59124 | 59 | 1281827 | - | 1281886 |
| &nbsp;&nbsp;&nbsp;Offering costs |  | - | (3024) | - | (3024) |
| &nbsp;&nbsp;&nbsp;Tax reclassification of stockholders' equity in accordance with generally accepted accounting principles | - | - | - | - |  |
| **Balance at November 30, 2025** | $**16145398** | $**16145** | $**437092856** | $**(23902089)** | $**413206912** |
| &nbsp;&nbsp;&nbsp;Net investment income |  | - | - | 7797648 | 7797648 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from investments |  | - | - | (278087) | (278087) |
| &nbsp;&nbsp;&nbsp;Income tax (provision) benefit from realized gain on investments |  | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Realized losses on extinguishment of debt |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments |  | - | - | (9326511) | (9326511) |
| &nbsp;&nbsp;&nbsp;Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments |  | - | - | (105281) | (105281) |
| &nbsp;&nbsp;&nbsp;Realized losses on extinguishment of debt |  | - | - | (700853) | (700853) |
| Decrease from Shareholder Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions of investment income |  | - | - | (16169750) | (16169750) |
| Capital Share Transactions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock |  | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Repurchases of common stock | (2495) | (2) | (54312) | - | (54314) |
| &nbsp;&nbsp;&nbsp;Capital contribution from Manager |  | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Stock dividend distribution | 81295 | 81 | 1785909 | - | 1785990 |
| &nbsp;&nbsp;&nbsp;Offering costs |  | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Tax reclassification of stockholders' equity in accordance with generally accepted accounting principles | - | - | 378024 | (378024) |  |
| **Balance at February 28, 2026** | $**16224198** | $**16224** | $**439202477**  | $**(43062947**)** | $**396155754** |

---

**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 in net assets resulting from operations per share for the years ended February 28, 2026, February 28, 2025 and February 29, 2024 (dollars in thousands except share and per share amounts):

---

| | | | |
|:---|:---|:---|:---|
| **Basic and Diluted** | **February 28,<br> 2026** | **February 28,<br> 2025** | **February 29,<br> 2024** |
| Net increase in net assets resulting from operations | $36604 | $28086 | $8934 |
| Weighted average common shares outstanding | 15850270 | 13912170 | 12670939 |
| Weighted average earnings per common share | $2.31 | $2.02 | $0.71 |

---

**Note 13. Dividend** 

We have distributed or intend to distribute sufficient dividends to eliminate our U.S. federal 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 imposed at corporate rates on all of our taxable income, regardless of whether we made any distributions to our shareholders. Shareholders have the option to receive payment of the dividend in cash, or receive shares of common stock. Our distributions for the tax years ended February 28, 2027 to inception were as follows:

---

| | |
|:---|:---|
| **Payment date** | **Cash** <br> **Dividend** |
| **Tax Year Ended February 28, 2027** | |
| &nbsp;&nbsp;&nbsp;April 23, 2026 | $0.25<sup>(62)</sup> |
| &nbsp;&nbsp;&nbsp;March 19, 2026 | 0.25<sup>(61)</sup> |
|  | $0.50 |
| **Tax Year Ended February 28, 2026** |  |
| &nbsp;&nbsp;&nbsp;February 23, 2026 | 0.25<sup>(60)</sup> |
| &nbsp;&nbsp;&nbsp;January 26, 2026 | 0.25<sup>(59)</sup> |
| &nbsp;&nbsp;&nbsp;December 18, 2025 | 0.50<sup>(58)</sup> |
| &nbsp;&nbsp;&nbsp;November 20, 2025 | 0.25<sup>(57)</sup> |
| &nbsp;&nbsp;&nbsp;October 23, 2025 | 0.25<sup>(56)</sup> |
| &nbsp;&nbsp;&nbsp;September 24, 2025 | 0.25<sup>(55)</sup> |
| &nbsp;&nbsp;&nbsp;August 21, 2025 | 0.25<sup>(54)</sup> |
| &nbsp;&nbsp;&nbsp;July 24, 2025 | 0.25<sup>(53)</sup> |
| &nbsp;&nbsp;&nbsp;June 24, 2025 | 0.25<sup>(52)</sup> |
| &nbsp;&nbsp;&nbsp;May 22, 2025 | 0.25<sup>(51)</sup> |
| &nbsp;&nbsp;&nbsp;April 24, 2025 | 0.25<sup>(50)</sup> |
| &nbsp;&nbsp;&nbsp;March 25, 2025 | 0.74<sup>(49)</sup> |
|  | $3.74 |
| **Tax Year Ended February 28, 2025** |  |
| &nbsp;&nbsp;&nbsp;December 19, 2024 | $1.09<sup>(48)</sup> |
| &nbsp;&nbsp;&nbsp;September 26, 2024 | 0.74<sup>(46)</sup> |
| &nbsp;&nbsp;&nbsp;June 27, 2024 | 0.74<sup>(46)</sup> |
| &nbsp;&nbsp;&nbsp;March 28, 2024 | 0.73<sup>(45)</sup> |
|  | $3.30 |
| **Tax Year Ended February 29, 2024** |  |
| &nbsp;&nbsp;&nbsp;December 28, 2023 | $0.72<sup>(44)</sup> |
| &nbsp;&nbsp;&nbsp;September 28, 2023 | 0.71<sup>(43)</sup> |
| &nbsp;&nbsp;&nbsp;June 29, 2023 | 0.70<sup>(42)</sup> |
| &nbsp;&nbsp;&nbsp;March 30, 2023 | 0.69<sup>(1)</sup> |
|  | $2.82 |

---

---

| | |
|:---|:---|
| **Payment date** | **Cash<br> Dividend** |
| **Tax Year Ended February 28, 2023** |  |
| &nbsp;&nbsp;&nbsp;January 4, 2023 | $0.68<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;September 29, 2022 | 0.54<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;June 29, 2022 | 0.53<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;March 28, 2022 | 0.53<sup>(5)</sup> |
|  | $2.28 |
| **Tax Year Ended February 28, 2022** |  |
| &nbsp;&nbsp;&nbsp;January 19, 2022 | $0.53<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;September 28, 2021 | 0.52<sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp;June 29, 2021 | 0.44<sup>(8)</sup> |
| &nbsp;&nbsp;&nbsp;April 22, 2021 | 0.43<sup>(9)</sup> |
|  | $1.92 |
| **Tax Year Ended February 28, 2021** |  |
| &nbsp;&nbsp;&nbsp;February 10, 2021 | $0.42<sup>(10)</sup> |
| &nbsp;&nbsp;&nbsp;November 10, 2020 | 0.41<sup>(11)</sup> |
| &nbsp;&nbsp;&nbsp;August 12, 2020 | 0.40<sup>(12)</sup> |
|  | $1.23 |
| **Tax Year Ended February 29, 2020** |  |
| &nbsp;&nbsp;&nbsp;February 6, 2020 | $0.56<sup>(13)</sup> |
| &nbsp;&nbsp;&nbsp;September 26, 2019 | 0.56<sup>(14)</sup> |
| &nbsp;&nbsp;&nbsp;June 27, 2019 | 0.55<sup>(15)</sup> |
| &nbsp;&nbsp;&nbsp;March 28, 2019 | 0.54<sup>(16)</sup> |
|  | $2.21 |
| **Tax Year Ended February 28, 2019** |  |
| &nbsp;&nbsp;&nbsp;January 2, 2019 | $0.53<sup>(17)</sup> |
| &nbsp;&nbsp;&nbsp;September 27, 2018 | 0.52<sup>(18)</sup> |
| &nbsp;&nbsp;&nbsp;June 27, 2018 | 0.51<sup>(19)</sup> |
| &nbsp;&nbsp;&nbsp;March 26, 2018 | 0.50<sup>(20)</sup> |
|  | $2.06 |
| **Tax Year Ended February 28, 2018** |  |
| &nbsp;&nbsp;&nbsp;December 27, 2017 | $0.49<sup>(21)</sup> |
| &nbsp;&nbsp;&nbsp;September 26, 2017 | 0.48<sup>(22)</sup> |
| &nbsp;&nbsp;&nbsp;June 27, 2017 | 0.47<sup>(23)</sup> |
| &nbsp;&nbsp;&nbsp;March 28, 2017 | 0.46<sup>(24)</sup> |
|  | $1.90 |
| **Tax Year Ended February 28, 2017** |  |
| &nbsp;&nbsp;&nbsp;February 9, 2017 | $0.45<sup>(25)</sup> |
| &nbsp;&nbsp;&nbsp;November 9, 2016 | 0.44<sup>(26)</sup> |
| &nbsp;&nbsp;&nbsp;September 5, 2016 | 0.20<sup>(27)</sup> |
| &nbsp;&nbsp;&nbsp;August 9, 2016 | 0.43<sup>(28)</sup> |
| &nbsp;&nbsp;&nbsp;April 27, 2016 | 0.41<sup>(29)</sup> |
|  | $1.93 |

---

---

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

(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.

(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.

(23) Based on shareholder elections, the dividend consisted of approximately $2.3 million in cash and 26,222 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.04 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on June 14, 15, 16, 19, 20, 21, 22, 23, 26 and 27, 2017.

(24) Based on shareholder elections, the dividend consisted of approximately $2.0 million in cash and 29,096 newly issued shares of common stock, or 0.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.38 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on March 15, 16, 17, 20, 21, 22, 23, 24, 27 and 28, 2017.

(25) Based on shareholder elections, the dividend consisted of approximately $1.6 million in cash and 50,453 newly issued shares of common stock, or 0.9% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.25 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on January 27, 30, 31 and February 1, 2, 3, 6, 7, 8 and 9, 2017.

(26) Based on shareholder elections, the dividend consisted of approximately $1.5 million in cash and 58,548 newly issued shares of common stock, or 1.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.12 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on October 27, 28, 31 and November 1, 2, 3, 4, 7, 8 and 9, 2016.

(27) Based on shareholder elections, the dividend consisted of approximately $0.7 million in cash and 24,786 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.06 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on August 22, 23, 24, 25, 26, 29, 30, 31 and September 1 and 2, 2016.

(28) Based on shareholder elections, the dividend consisted of approximately $1.5 million in cash and 58,167 newly issued shares of common stock, or 1.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.32 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on July 27, 28, 29 and August 1, 2, 3, 4, 5, 8 and 9, 2016.

(29) Based on shareholder elections, the dividend consisted of approximately $1.5 million in cash and 56,728 newly issued shares of common stock, or 1.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.43 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on April 14, 15, 18, 19, 20, 21, 22, 25, 26 and 27, 2016.

(30) Based on shareholder elections, the dividend consisted of approximately $1.4 million in cash and 66,765 newly issued shares of common stock, or 1.2% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $13.11 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on February 16, 17, 18, 19, 22, 23, 24, 25, 26 and 29, 2016.

(31) Based on shareholder elections, the dividend consisted of approximately $1.1 million in cash and 61,029 newly issued shares of common stock, or 1.1% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $14.53 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on November 16, 17, 18, 19, 20, 23, 24, 25, 27 and 30, 2015.

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

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

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

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

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

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

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

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

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

(41) Based on shareholder elections, the dividend consisted of $2.1 million in cash and 864,872 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.

(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.

(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.

The following tables summarize dividends declared for the years ended February 28, 2026, February 28, 2025, February 29, 2024, February 28, 2023 and February 28, 2022 (dollars in thousands except for share amounts):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Amount <br> per Share** | **Total<br> Amount\*** |
| December 11, 2025 | February 4, 2026 | February 23, 2026 | $0.25 | $4051 |
| December 11, 2025 | January 6, 2026 | January 22, 2026 | 0.25 | 4046 |
| November 12, 2025 | December 2, 2025 | December 18, 2025 | 0.50 | 8073 |
| September 11, 2025 | October 7, 2025 | October 23, 2025 | 0.25 | 4026 |
| September 11, 2025 | November 4, 2025 | November 20, 2025 | 0.25 | 4031 |
| June 12, 2025 | July 8, 2025 | July 24, 2025 | 0.25 | 3917 |
| June 12, 2025 | August 6, 2025 | August 21, 2025 | 0.25 | 3988 |
| June 12, 2025 | September 4, 2025 | September 24, 2025 | 0.25 | 4022 |
| &nbsp;&nbsp;&nbsp;Total dividends declared |  |  | $2.25 | $36154 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Amount <br> per Share** | **Total<br> Amount\*** |
| February 18, 2025 | March 6, 2025 | March 25, 2025 | $0.74 | $11303 |
| February 18, 2025 | April 8, 2025 | April 24, 2025 | 0.25 | 3836 |
| February 18, 2025 | May 6, 2025 | May 22, 2025 | 0.25 | 3841 |
| February 18, 2025 | June 5, 2025 | June 24, 2025 | 0.25 | 3892 |
| November 7, 2024 | December 4, 2024 | December 19, 2024 | 1.09 | 15549 |
| August 22, 2024 | September 11, 2024 | September 26, 2024 | 0.74 | 10172 |
| May 23, 2024 | June 13, 2024 | June 27, 2024 | 0.74 | 10137 |
| &nbsp;&nbsp;&nbsp;Total dividends declared |  |  | $4.06 | $58730 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Amount <br> per Share** | **Total<br> Amount\*** |
| February 15, 2024 | March 13, 2024 | March 28, 2024 | $0.73 | $9967 |
| November 15, 2023 | December 11, 2023 | December 28, 2023 | 0.72 | 9803 |
| August 14, 2023 | September 14, 2023 | September 28, 2023 | 0.71 | 9287 |
| May 22, 2023 | June 13, 2023 | June 29, 2023 | 0.70 | 8352 |
| &nbsp;&nbsp;&nbsp;Total dividends declared |  |  | $2.86 | $37409 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Amount <br> per Share** | **Total<br> Amount\*** |
| February 28, 2023 | March 14, 2023 | March 28, 2023 | $0.69 | $8193 |
| November 15, 2022 | December 15, 2022 | January 4, 2023 | 0.68 | 8081 |
| August 29, 2022 | September 14, 2022 | September 29, 2022 | 0.54 | 6433 |
| May 26, 2022 | June 14, 2022 | June 29, 2022 | 0.53 | 6370 |
| &nbsp;&nbsp;&nbsp;Total dividends declared |  |  | $2.44 | $29077 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Amount<br> per Share** | **Total<br> Amount\*** |
| February 24, 2022 | March 14, 2022 | March 28, 2022 | $0.53 | $6434 |
| August 26, 2021 | September 14, 2021 | September 28, 2021 | 0.52 | 5889 |
| May 27, 2021 | June 15, 2021 | June 29, 2021 | 0.44 | 4910 |
| March 22, 2021 | April 8, 2021 | April 22, 2021 | 0.43 | 4799 |
| &nbsp;&nbsp;&nbsp;Total dividends declared |  |  | $1.92 | $22032 |

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\* 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 years ended February 28, 2026, February 28, 2025, February 29, 2024, February 28, 2023 and February 28, 2022:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Per share data** | **February 28,<br> 2026** | **February 28,<br> 2025** | **February 29,<br> 2024** | **February 28,<br> 2023** | **February 28,<br> 2022** |
| Net asset value at beginning of period | $25.86 | $27.12 | $29.18 | $29.33 | $27.25 |
| Net investment income(1) | 2.32 | 3.81 | 4.49 | 2.94 | 1.74 |
| Net realized and unrealized gain and losses on investments(1) | 0.04 | (1.73) | (3.77) | (0.75) | 2.46 |
| Realized losses on extinguishment of debt\* | (0.05) | (0.06) | (0.01) | (0.13) | (0.21) |
| Net increase in net assets resulting from operations | 2.31 | 2.02 | 0.71 | 2.06 | 3.99 |
| Distributions declared from net investment income | (3.74) | (3.30) | (2.82) | (2.28) | (1.93) |
| Total distributions to stockholders | (3.74) | (3.30) | (2.82) | (2.28) | (1.93) |
| Issuance of common stock above net asset value(2) | (0.04) | (0.16) | (2.82) | (2.28) | (1.93) |
| Capital contribution from manager for the issuance of common stock (19) | 0.05 | 0.26 | 0.48 | - | - |
| Repurchases of common stock(3) | - | - | 0.03 | 0.17 | 0.01 |
| Dilution(4) | (0.02) | (0.08) | (0.06) | (0.10) | - |
| Net asset value at end of period | $24.42 | $25.86 | $27.12 | $29.18 | $29.33 |
| Net assets at end of period | $396155754 | $392665468 | $370224108 | $346958042 | $355780523 |
| Shares outstanding at end of period | 16224198 | 15183078 | 13653476 | 11890500 | 12131350 |
| Per share market value at end of period | $23.16 | $26.00 | $23.61 | $27.55 | $27.47 |
| Total return based on market value(5)(6) | 1.54% | 27.17% | -3.92% | 10.35% | 28.19% |
| Total return based on net asset value(5)(7) | 11.11% | 10.11% | 4.20% | 9.46% | 15.88% |
| **Ratio/Supplemental data:** |  |  |  |  |  |
| Ratio of net investment income to average net assets (8) | 9.16% | 14.11% | 16.01% | 10.23% | 6.05% |
| Ratio of loss on extinguishment of debt to average net assets | 0.21% | 0.02% | 0.03% | 0.46% | 0.74% |
| Expenses: |  |  |  |  |  |
| Ratios of operating expenses and income taxes to average net assets\*(9) | 7.53% | 8.42% | 8.60% | 7.71% | 6.48% |
| Ratio of incentive management fees to average net assets(5) | 2.30% | 3.53% | 2.26% | 1.47% | 3.58% |
| Ratio of interest and debt financing expenses to average net assets(9) | 12.27% | 13.86% | 13.84% | 9.73% | 6.03% |
| Ratio of total expenses and income taxes to average net assets\*(8) | 22.10% | 25.81% | 24.70% | 18.91% | 16.09% |
| Portfolio turnover rate(5)(10) | 18.22% | 16.12% | 2.80% | 24.05% | 33.59% |
| Asset coverage ratio per unit(11) | 1684 | 1629 | 1610 | 1659 | 2092 |
| **Average market value per unit** |  |  |  |  |  |
| Revolving Credit Facilities(12) | N/A | N/A | N/A | N/A | N/A |
| SBA Debentures Payable(12) | N/A | N/A | N/A | N/A | N/A |
| 8.75% Notes Payable 2025(12)(15) | N/A | N/A | N/A | N/A | N/A |
| 6.25% Notes Payable 2025(13) | N/A | N/A | N/A | N/A | N/A |
| 7.00% Notes Payable 2025(12)(17) | N/A | N/A | N/A | N/A | N/A |
| 7.25% Notes Payable 2025(14) | N/A | N/A | N/A | N/A | $26.18 |
| 7.75% Notes Payable 2025(12)(16) | N/A | N/A | N/A | N/A | N/A |
| 4.375% Notes Payable 2026(12)(18) | N/A | N/A | N/A | N/A | N/A |
| 4.35% Notes Payable 2027(12) | N/A | N/A | N/A | N/A | N/A |
| 6.00% Notes Payable 2027 | $24.74 | $24.36 | $23.51 | $23.97 | N/A |
| 6.25% Notes Payable 2027(12) | N/A | N/A | N/A | N/A | N/A |
| 8.00% Notes Payable 2027 | $25.47 | $25.21 | $25.00 | $25.08 | N/A |
| 8.125% Notes Payable 2027 | $25.37 | N/A | N/A | N/A | N/A |
| 8.50% Notes Payable 2028 | $25.39 | N/A | N/A | N/A | N/A |
| 7.25% Notes Payable 2030 (12) | N/A | N/A | N/A | N/A | N/A |
| 7.50% Notes Payable 2031 | $25.29 | N/A | N/A | N/A | N/A |

---

\* Certain prior period amounts have been reclassified to conform to current period presentation.

(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 increase in NAV per share due to the sale of shares at the prevailing public offering price and the receipt of net proceeds per share by the Company in excess of 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.

(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 presented on an annualized basis for the years ended February
28, 2026, February 28, 2025, February 29, 2024, February 28, 2023 and February 28, 2022.

(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 NAV 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, including incentive management fees, are presented on an annualized
basis for the years ended February 28, 2026, February 28, 2025, February 29, 2024, February 28, 2023, and February 28, 2022.

(9) Ratios, including income taxes are presented on an annualized basis
for the years ended February 28, 2026, February 28, 2025, February 29, 2024, February 28, 2023 and February 28, 2022

(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 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.

**Note 15. Selected Quarterly Data (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2026** | **2026** | **2026** | **2026** |
| <br>**($ in thousands, except per share numbers)** | **Qtr 4** | **Qtr 3** | **Qtr 2** | **Qtr 1** |
| Total investment income | $31123 | $31646 | $30626 | $32319 |
| Net investment income | $7798 | $9786 | $9081 | $10142 |
| Net realized and unrealized gain (loss) | $(9710) | $2337 | $4204 | $3790 |
| Realized losses on extinguishment of debt\* | $(701) | $(123) | $- | $- |
| Net increase in net assets resulting from operations | $(2613) | $12000 | $13285 | $13932 |
| Net investment income per common share | $0.48 | $0.61 | $0.58 | $0.66 |
| Net realized and unrealized gain (loss) per common share | $(0.60) | $0.15 | $0.27 | $0.25 |
| Dividends declared per common share | $1.00 | $0.75 | $0.75 | $1.26 |
| Net asset value per common share | $24.42 | $25.59 | $25.54 | $25.53 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2025** |
| <br>**($ in thousands, except per share numbers)** | **Qtr 4** | **Qtr 3** | **Qtr 2** | **Qtr 1** |
| Total investment income | $31295 | $35879 | $43003 | $38678 |
| Net investment income | $8035 | $12436 | $18197 | $14335 |
| Net realized and unrealized gain (loss) | $(7911) | $(3601) | $(4880) | $(7725) |
| Realized losses on extinguishment of debt\* | $(800) | $- | $- | $- |
| Net increase in net assets resulting from operations | $(676) | $8835 | $13317 | $6610 |
| Net investment income per common share | $0.56 | $0.90 | $1.33 | $1.05 |
| Net realized and unrealized gain (loss) per common share | $(0.55) | $(0.26) | $(0.36) | $(0.56) |
| Dividends declared per common share | $1.09 | $0.74 | $0.74 | $0.73 |
| Net asset value per common share | $25.86 | $26.95 | $27.07 | $26.85 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2024** | **2024** | **2024** | **2024** |
| <br>**($ in thousands, except per share numbers)** | **Qtr 4** | **Qtr 3** | **Qtr 2** | **Qtr 1** |
| Total investment income | $37233 | $36340 | $35514 | $34632 |
| Net investment income | $12785 | $14166 | $13965 | $15959 |
| Net realized and unrealized gain (loss) | $(7478) | $(18222) | $(5959) | $(16172) |
| Realized losses on extinguishment of debt\* | $- | $- | $(110) | $- |
| Net increase in net assets resulting from operations | $5307 | $(4056) | $7896 | $(213) |
| Net investment income per common share | $0.94 | $1.09 | $1.15 | $1.35 |
| Net realized and unrealized gain (loss) per common share | $(0.55) | $(1.40) | $(0.49) | $(1.36) |
| Dividends declared per common share | $0.72 | $0.71 | $0.70 | $0.69 |
| Net asset value per common share | $27.12 | $27.42 | $28.44 | $28.48 |

---

\* Certain prior period amounts have been reclassified to conform to current period presentation.

**Note 16. Subsequent Events** 

On March 17, 2026, the Company declared the following dividends for the quarter ending May 31, 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<br> Share** | **Record Date** | **Payment Date** |
| March 2026 | $0.25 | April 7, 2026 | April 23, 2026 |
| April 2026 | $0.25 | May 5, 2026 | May 21, 2026 |
| May 2026 | $0.25 | June 4, 2026 | June 23, 2026 |

---

On April 10, 2026, the Company 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 approximately $24.5 million, based on an offering price of 98.00% per Note. Estimated offering costs incurred were approximately $0.2 million. Interest on the 7.25% 2029 Notes is paid quarterly on February 28, May 31, August 31 and November 30 of each year, beginning on May 31, 2026. The Notes will mature on April 10, 2029, and may be extended to October 10, 2029, at the sole discretion of the Company. The Notes may be redeemed at the Company's option, in whole or in part at any time, or from time to time on or after April 10, 2027, at the redemption price of par, plus accrued and unpaid interest. The Company intends to use the net proceeds from the offering for general corporate purposes in accordance with the Company's investment objective and strategies. Pursuant to the terms of the Notes Purchase Agreement, upon the mutual agreement of the Company and the Purchaser, the Company may issue additional Notes for sale in one or more subsequent private offerings by July 10, 2026, in an aggregate amount of up to $25.0 million, resulting in a total maximum issuance of $50.0 million.

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 the date of the Seventeenth Supplemental Indenture and has not been promptly replaced by another person reasonably acceptable by the holders of the 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 the date of the Seventeenth Supplemental Indenture, but giving effect to any exemptive relief granted to the Company by the SEC.

## Ex-21

**Exhibit 21**

---

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

---

## Exhibit 23.1

**Exhibit 23.1**

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference of our reports dated May 5, 2026, with respect to the consolidated financial statements of Saratoga Investment Corp. and the effectiveness of internal control over financial reporting of Saratoga Investment Corp. included in the Annual Report (Form 10-K) for the year ended February 28, 2026, into the Registration Statement (Form N-2, File No. 333-292765), filed with the Securities and Exchange Commission.

/s/ Ernst & Young LLP

New York, New York

May 5, 2026

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO**

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

I, Christian L. Oberbeck, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Annual Report on Form 10-K of Saratoga Investment Corp. (the "registrant");

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 5, 2026 |  |
|  | /s/ CHRISTIAN L. OBERBECK |
|  | Christian L. Oberbeck |
|  | Chief Executive Officer |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO**

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

I, Henri J. Steenkamp, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Annual Report on Form 10-K of Saratoga Investment Corp. (the "registrant");

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant 's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 5, 2026 |  |
|  | /s/ HENRI J. STEENKAMP |
|  | Name: Henri J. Steenkamp |
|  | Chief Financial Officer and Chief Compliance Officer |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

The certification set forth below is being submitted in connection with the accompanying Annual Report of Saratoga Investment Corp. on Form 10-K (the "Report") for the purpose of complying with Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Section 1350 of Chapter 63 of Title 18 of the United States Code.

Christian L. Oberbeck, the Chief Executive Officer, certifies that, to the best of his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Saratoga Investment Corp.

---

| | |
|:---|:---|
| Date: May 5, 2026 |  |
|  | /s/ CHRISTIAN L. OBERBECK |
|  | Christian L. Oberbeck |
|  | *Chief Executive Officer* |

---

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO**

**SECTION 1350, CHAPTER 63 OF TITLE 18, UNITED STATES CODE, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

The certification set forth below is being submitted in connection with the accompanying Annual Report of Saratoga Investment Corp. on Form 10-K (the "Report") for the purpose of complying with Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Section 1350 of Chapter 63 of Title 18 of the United States Code.

Henri J. Steenkamp, the Chief Financial Officer, Chief Compliance Officer and Secretary of Saratoga Investment Corp. certifies that, to the best of his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material
 respects, the financial condition and results of operations of Saratoga Investment Corp.

---

| | |
|:---|:---|
| Date: May 5, 2026 |  |
|  | /s/ HENRI J. STEENKAMP |
|  | Name: Henri J. Steenkamp |
|  | *Chief Financial Officer and Chief Compliance Officer* |

---