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, 2021 ☐ 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 juris ...

Saratoga Investment Corp. (NYSE:SAR) Q3 2021 Results Earnings Conference Call January 7, 2021 10:00 AM ET Company Participants Henri Steenkamp - Chief Financial and Compliance Officer Christian Oberbeck - Chairman and CEO Michael Grisius - Chief Investment Officer Conference Call Participants Casey Alexander - Compass Point Mickey Schleien - Ladenburg Operator Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Saratoga Investment Corporation’s Fiscal Third Quarter 2021 Financial Resul ...

Saratoga Investment Corp. Fiscal Third Quarter 2021 Shareholder Presentation January 7, 2021 Continued Strong Performance in Q3 Fiscal Third Quarter 2021 Highlights: • Continued high quality portfolio and strong performance ▫ Investment quality remains strong 92.8% of loan investments with highest internal rating as of November 30, 2020, up from 90.4% at Q1 Valuations reflect impact of changes to market spreads, EBITDA multiples and/or revised portfolio company performance related to COVID-19 ▫ ROE of 11.0% ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended November 30, 2020 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File No. 814-00732 SARATOGA INVESTMENT CORP. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) 535 Madison Avenue New Yor ...

Financial Data and Key Metrics Changes - The company reported a return on equity of 14.3% on a trailing 12-month basis, significantly exceeding the BDC industry average of negative 8.5% [5][9] - Adjusted net investment income (NII) was $5.5 million, down 2.5% year-over-year and down 5% from the previous quarter [9][12] - Net asset value (NAV) per share increased to $26.68, up 9% from $24.47 a year ago and up 6% from $25.11 last quarter [9][18] Business Line Data and Key Metrics Changes - Assets under management (AUM) increased to $508 million, a 5% increase from $483 million last quarter [6][10] - The company originated $31.7 million in new investments while experiencing $23.3 million in repayments, resulting in a net increase of $8.4 million in investments for the quarter [6][23] - The first-lien percentage of total investments increased to 77% [21] Market Data and Key Metrics Changes - The company noted that market conditions are improving, with signs of renewed deal activity and competition [26][27] - The overall yield remained unchanged at 9.6%, while core asset yields decreased slightly from 10.0% to 9.9% [22] Company Strategy and Development Direction - The company aims to maintain a strong capital structure and liquidity to navigate the challenges posed by the COVID-19 pandemic [7][31] - The management emphasized a conservative approach to investing, focusing on high-quality underwriting and maintaining a diversified portfolio [32][43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to weather the current economic environment due to its strong capital structure and liquidity [4][31] - The company remains focused on preserving asset value and is actively seeking opportunities to deploy capital in resilient businesses [30][31] Other Important Information - The Board of Directors decided to increase the quarterly dividend by $0.01 to $0.41 per share [8][39] - The company raised $43.1 million in a public baby bond, enhancing its liquidity position [20][39] Q&A Session Summary Question: Inquiry about CLO capital raising - Management confirmed that the investment period for the CLO is ending soon and they are actively exploring options for raising new capital, which may include upsizing the existing CLO or refinancing [46][47] Question: Profitability of CLO distributions - Management indicated that the profitability of the CLO could be affected by the need for additional equity, but recent market improvements have made it difficult to predict exact outcomes [47] Question: Market spreads and multiples behavior - Management noted that while spreads have tightened slightly, there is still competition for capital, particularly for well-performing companies [49][50] Question: Average borrower EBITDA - Management refrained from providing specific EBITDA figures but emphasized that their portfolio companies are generally strong and have good growth prospects [56][64]

Saratoga Investment Corp. Fiscal Second Quarter 2021 Shareholder Presentation October 8, 2020 Continued Strong Performance in Q2 Fiscal Second Quarter 2021 Highlights: • Continued high quality portfolio and strong performance ▫ Investment quality remains strong 92.1% of loan investments with highest internal rating as of August 31, 2020, up from 90% at Q1 Valuations reflect impact of changes to market spreads, EBITDA multiples and/or revised portfolio company performance related to COVID-19 ▫ Return on equi ...