SARATOGA INVESTMENT CORP. 10-Q

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 May 31, 2026 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 814-00732 SARATOGA INVESTMENT CORP. (Exact name of registrant as specified in its charter) Maryland 20-8700615 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number) 535 Madison Avenue New York, New York 10022 (Address of principal executive offices) (212) 906-7800 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.001 per share SAR The New York Stock Exchange 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 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☐ Accelerated filer ☒ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ The number of outstanding common shares of the registrant as of July 6, 2026 was 16,310,601 . TABLE OF CONTENTS Page PART I. FINANCIAL INFORMATION 1 Item 1. Consolidated Financial Statements 1 Consolidated Statements of Assets and Liabilities as of May 31, 2026 (unaudited) and February 28, 2026 1 Consolidated Statements of Operations for the three months ended May 31, 2026 (unaudited) and May 31, 2025 (unaudited) 2 Consolidated Statements of Changes in Net Assets for three months ended May 31, 2026 (unaudited) and May 31, 2025 (unaudited) 3 Consolidated Statements of Cash Flows for the three months ended May 31, 2026 (unaudited) and May 31, 2025 (unaudited) 4 Consolidated Schedules of Investments as of May 31, 2026 (unaudited) and February 28, 2026 5 Notes to Consolidated Financial Statements as of May 31, 2026 (unaudited) 25 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 93 Item 3. Quantitative and Qualitative Disclosures About Market Risk 136 Item 4. Controls and Procedures 137 PART II. OTHER INFORMATION 138 Item 1. Legal Proceedings 138 Item 1A. Risk Factors 138 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 138 Item 3. Defaults Upon Senior Securities 138 Item 4. Mine Safety Disclosures 138 Item 5. Other Information 138 Item 6. Exhibits 139 Signatures 141 i PART I. FINANCIAL INFORMATION Item 1. Consolidated Financial Statements Saratoga Investment Corp. Consolidated Statements of Assets and Liabilities May 31, 2026 February 28, 2026 (unaudited) ASSETS Investments at fair value Non-control/Non-affiliate investments (amortized cost of $ 1,042,264,577 and $ 1,011,840,007 , respectively) $ 1,034,744,952 $ 1,016,247,566 Affiliate investments (amortized cost of $ 49,462,297 and $ 49,429,192 , respectively) 50,325,404 52,710,911 Control investments (amortized cost of $ 77,038,261 and $ 75,118,675 , respectively) 41,263,586 40,175,335 Total investments at fair value (amortized cost of $ 1,168,765,135 and $ 1,136,387,874 , respectively) 1,126,333,942 1,109,133,812 Cash and cash equivalents 46,140,915 1,680,070 Cash and cash equivalents, reserve accounts 14,667,902 20,105,683 Interest receivable (net of reserve of $ 863,908 and $ 470,751 , respectively) 9,048,860 7,314,053 Management fee receivable 232,837 249,720 Other assets 999,726 781,766 Total assets $ 1,197,424,182 $ 1,139,265,104 LIABILITIES Revolving credit facilities $ 70,000,000 $ 70,000,000 Deferred debt financing costs, revolving credit facilities ( 1,453,760 ) ( 1,670,816 ) SBA debentures payable 213,000,000 160,000,000 Deferred debt financing costs, SBA debentures payable ( 4,997,638 ) ( 3,888,087 ) 4.35 % Notes Payable 2027 75,000,000 75,000,000 Discount on 4.35 % notes payable 2027 ( 74,697 ) ( 108,898 ) Deferred debt financing costs, 4.35 % notes payable 2027 ( 257,587 ) ( 344,393 ) 6.25 % Notes Payable 2027 15,000,000 15,000,000 Deferred debt financing costs, 6.25 % notes payable 2027 ( 112,867 ) ( 130,839 ) 6.00 % Notes Payable 2027 105,500,000 105,500,000 Discount on 6.00 % notes payable 2027 ( 38,226 ) ( 48,361 ) Deferred debt financing costs, 6.00 % notes payable 2027 ( 647,257 ) ( 823,774 ) 8.00 % Notes Payable 2027 46,000,000 46,000,000 Deferred debt financing costs, 8.00 % notes payable 2027 ( 493,059 ) ( 580,514 ) 8.125 % Notes Payable 2027 60,375,000 60,375,000 Deferred debt financing costs, 8.125 % notes payable 2027 ( 646,196 ) ( 748,873 ) 8.50 % Notes Payable 2028 57,500,000 57,500,000 Deferred debt financing costs, 8.50 % notes payable 2028 ( 763,667 ) ( 866,230 ) 7.25 % Notes Payable 2029 25,000,000 - Discount on 7.25 % notes payable 2029 ( 480,024 ) - Deferred debt financing costs, 7.25 % notes payable 2029 ( 71,445 ) - 7.25 % Notes Payable 2030 50,000,000 50,000,000 Discount on 7.25 % notes payable 2030 ( 417,283 ) ( 435,318 ) Deferred debt financing costs, 7.25 % notes payable 2030 ( 830,833 ) ( 775,165 ) 7.50 % Notes Payable 2031 100,000,000 100,000,000 Deferred debt financing costs, 7.50 % notes payable 2031 ( 3,351,883 ) ( 3,298,905 ) Base management and incentive fees payable 6,862,113 6,602,819 Deferred tax liability 4,027,990 4,579,522 Accounts payable and accrued expenses 1,334,109 1,771,915 Interest and debt fees payable 3,405,852 3,904,143 Directors fees payable - 5,500 Due to Manager 600,582 590,624 Total liabilities 818,969,224 743,109,350 Commitments and contingencies (See Note 9) NET ASSETS Common stock, par value $ 0.001 , 100,000,000 common shares authorized, 16,289,025 and 16,224,198 common shares issued and outstanding, respectively 16,289 16,224 Capital in excess of par value 440,588,956 439,202,477 Total distributable deficit ( 62,150,287 ) ( 43,062,947 ) Total net assets 378,454,958 396,155,754 Total liabilities and net assets $ 1,197,424,182 $ 1,139,265,104 NET ASSET VALUE PER SHARE $ 23.23 $ 24.42 See accompanying notes to consolidated financial statements. 1 Saratoga Investment Corp. Consolidated Statements of Operations (unaudited) For the three months ended May 31, 2026 May 31, 2025 INVESTMENT INCOME Interest from investments Interest income: Non-control/Non-affiliate investments $ 26,005,778 $ 25,464,663 Affiliate investments 726,094 595,624 Control investments 686,716 1,190,661 Payment in kind interest income: Non-control/Non-affiliate investments 173,291 168,229 Affiliate investments 503,610 584,749 Control investments 19,586 - Total interest from investments 28,115,075 28,003,926 Interest from cash and cash equivalents 554,386 2,027,211 Management fee income 544,988 705,175 Dividend income: Non-control/Non-affiliate investments - 562,183 Control investments 778,852 436,418 Total dividend from investments 778,852 998,601 Structuring and advisory fee income 656,363 264,375 Other income 127,261 319,329 Total investment income 30,776,925 32,318,617 OPERATING EXPENSES Interest and debt financing expenses 13,650,283 12,451,865 Base management fees 4,970,053 4,333,332 Incentive management fees expense (benefit) 1,892,061 2,536,513 Professional fees 531,236 699,200 Administrator expenses 1,350,000 1,250,000 Insurance 80,598 74,310 Directors fees and expenses 126,000 131,500 General and administrative 600,266 645,411 Income tax expense (benefit) ( 16,559 ) 54,454 Total operating expenses 23,183,938 22,176,585 NET INVESTMENT INCOME 7,592,987 10,142,032 REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain (loss) from investments: Non-control/Non-affiliate investments ( 488,148 ) 2,262,984 Control investments 638,355 638,355 Net realized gain (loss) from investments 150,207 2,901,339 Net change in unrealized appreciation (depreciation) on investments: Non-control/Non-affiliate investments ( 11,927,184 ) 372,148 Affiliate investments ( 2,418,612 ) ( 45,944 ) Control investments ( 831,335 ) 617,773 Net change in unrealized appreciation (depreciation) on investments ( 15,177,131 ) 943,977 Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments 530,824 ( 55,085 ) Net realized and unrealized gain (loss) on investments ( 14,496,100 ) 3,790,231 NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ ( 6,903,113 ) $ 13,932,263 WEIGHTED AVERAGE - BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE $ ( 0.42 ) $ 0.91 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC AND DILUTED 16,252,548 15,344,510 See accompanying notes to consolidated financial statements. 2 Saratoga Investment Corp. Consolidated Statements of Changes in Net Assets (unaudited) For the three months ended May 31, 2026 May 31, 2025 INCREASE (DECREASE) FROM OPERATIONS: Net investment income $ 7,592,987 $ 10,142,032 Net realized gain (loss) from investments 150,207 2,901,339 Net change in unrealized appreciation (depreciation) on investments ( 15,177,131 ) 943,977 Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments 530,824 ( 55,085 ) Net increase (decrease) in net assets resulting from operations ( 6,903,113 ) 13,932,263 DECREASE FROM SHAREHOLDER DISTRIBUTIONS: Total distributions to shareholders ( 12,184,227 ) ( 18,980,079 ) Net decrease in net assets from shareholder distributions ( 12,184,227 ) ( 18,980,079 ) CAPITAL SHARE TRANSACTIONS: Proceeds from issuance of common stock (1) - 6,143,820 Capital contribution from Manager - 297,770 Stock dividend distribution 1,386,544 2,312,153 Offering costs - ( 2,080 ) Net increase (decrease) in net assets from capital share transactions 1,386,544 8,751,663 Total increase (decrease) in net assets ( 17,700,796 ) 3,703,847 Net assets at beginning of period 396,155,754 392,665,468 Net assets at end of period $ 378,454,958 $ 396,369,315 (1) See Note 11 to the Consolidated Financial Statements contained herein for more information on share issuance. See accompanying notes to consolidated financial statements. 3 Saratoga Investment Corp. Consolidated Statements of Cash Flows (unaudited) For the three months ended May 31, 2026 May 31, 2025 Operating activities NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ ( 6,903,113 ) $ 13,932,263 ADJUSTMENTS TO RECONCILE NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS TO NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES: Distributions from CLO, payment-in-kind and other adjustments to cost ( 677,848 ) ( 517,108 ) Net accretion of discount on investments ( 813,693 ) ( 858,544 ) Amortization of deferred debt financing costs 1,297,110 1,254,331 Income tax expense (benefit) ( 20,709 ) 50,004 Net realized (gain) loss from investments ( 150,207 ) ( 2,901,339 ) Net change in unrealized (appreciation) depreciation on investments 15,177,131 ( 943,977 ) Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments ( 530,824 ) 55,085 Proceeds from sales and repayments of investments 48,415,037 65,066,218 Purchases of investments ( 79,150,550 ) ( 50,085,463 ) (Increase) decrease in operating assets: Interest receivable ( 1,734,807 ) ( 523,277 ) Management fee receivable 16,883 19,886 Other assets ( 217,960 ) ( 419,072 ) Increase (decrease) in operating liabilities: Base management and incentive fees payable 259,294 638,901 Payable from open trades - 6,750,000 Accounts payable and accrued expenses ( 437,806 ) ( 120,229 ) Interest and debt fees payable ( 498,291 ) 689,021 Directors fees payable ( 5,500 ) - Due to Manager 9,958 204,517 NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES ( 25,965,895 ) 32,291,217 Financing activities Borrowings on debt 53,000,000 17,500,000 Issuance of notes 24,500,000 - Repayments of notes - ( 20,000,000 ) Payments of deferred debt financing costs ( 1,713,358 ) - Proceeds from issuance of common stock - 6,143,820 Capital contribution from Manager - 297,770 Payments of cash dividends ( 10,797,683 ) ( 16,667,926 ) Payments of offering costs - ( 2,080 ) NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 64,988,959 ( 12,728,416 ) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS 39,023,064 19,562,801 CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, BEGINNING OF PERIOD 21,785,753 204,723,924 CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, END OF PERIOD (See note 2) $ 60,808,817 $ 224,286,725 Supplemental information: Interest paid during the period $ 12,856,838 $ 10,508,514 Cash paid for taxes 4,374 2,762 Supplemental non-cash information: Payment-in-kind interest income and other adjustments to cost 677,848 721,477 Net accretion of discount on investments 813,693 858,544 Discount on debt issuance, 7.25 % Notes Payable 2029 500,000 - Amortization of deferred debt financing costs 1,297,110 1,254,331 Stock dividend distribution 1,386,544 2,312,153 See accompanying notes to consolidated financial statements. 4 Saratoga Investment Corp. Consolidated Schedule of Investments May 31, 2026 (unaudited) Company(1) Industry Investment Interest Rate/ Maturity Original Acquisition Date Principal/ Number of Shares Cost Fair Value (c) % of Net Assets Non-control/Non-affiliate investments - 273.4% (b) Altvia MidCo, LLC. Alternative Investment Management Software First Lien Term Loan (6M USD TERM SOFR+ 8.08 %), 11.79 % Cash, 7/18/2027 7/18/2022 $ 11,226,936 $ 11,184,512 $ 11,003,520 2.9 % Altvia MidCo, LLC. (h) Alternative Investment Management Software Series A-1 Preferred Shares 7/18/2022 2,083,939 2,083,939 1,676,293 0.5 % Total Alternative Investment Management Software 13,268,451 12,679,813 3.4 % BQE Software, Inc. (d) Architecture & Engineering Software First Lien Term Loan (3M USD TERM SOFR+ 5.50 %), 9.16 % Cash, 4/13/2028 4/13/2023 $ 23,000,000 22,896,829 23,073,600 6.1 % Total Architecture & Engineering Software 22,896,829 23,073,600 6.1 % Golden TopCo LP (h) Association Management Software Class A-2 Common Units 5/10/2023 1,072,394 1,072,394 1,730,463 0.5 % Total Association Management Software 1,072,394 1,730,463 0.5 % Artemis Wax Corp. (d) Consumer Services Delayed Draw Term Loan (1M USD TERM SOFR+ 6.75 %), 10.37 % Cash, 5/20/2029 5/20/2021 $ 65,000,000 64,910,322 64,590,500 17.1 % Artemis Wax Corp. (h) Consumer Services Series B-1 Preferred Stock 5/20/2021 934,463 1,500,000 - 0.0 % Artemis Wax Corp. (h) Consumer Services Series D Preferred Stock 12/22/2022 331,640 1,711,866 1,959,012 0.5 % Total Consumer Services 68,122,188 66,549,512 17.6 % Schoox, Inc. (h)(i) Corporate Education Software Series 1 Membership Interest 12/8/2020 1,050 548,298 4,493,211 1.2 % Total Corporate Education Software 548,298 4,493,211 1.2 % Innergy, Inc. (d) Custom Millwork Software First Lien Term Loan (3M USD TERM SOFR+ 7.29 %), 10.95 % Cash, 2/20/2030 2/20/2025 $ 22,472,000 22,472,000 22,359,640 5.9 % Innergy, Inc. (j) Custom Millwork Software Delayed Draw Term Loan (3M USD TERM SOFR+ 7.29 %), 10.95 % Cash, 2/20/2030 2/20/2025 $ - - - 0.0 % Total Custom Millwork Software 22,472,000 22,359,640 5.9 % GreyHeller LLC (h) Cyber Security Common Stock 11/10/2021 7,857,689 1,906,275 3,688,284 1.0 % Total Cyber Security 1,906,275 3,688,284 1.0 % Gen4 Dental Partners Holdings, LLC (d) Dental Practice Management First Lien Term Loan (1M USD TERM SOFR+ 5.75 %), 9.37 % Cash, 5/13/2030 5/13/2024 $ 7,017,857 6,970,404 7,017,856 1.9 % Gen4 Dental Partners Holdings, LLC (j) Dental Practice Management Revolving Credit Facility (1M USD TERM SOFR+ 5.75 %), 9.37 % Cash, 5/13/2030 5/13/2024 $ - - - 0.0 % Gen4 Dental Partners Holdings, LLC (h)(i) Dental Practice Management Series A Preferred Units 2/8/2023 493,999 1,027,519 1,304,158 0.3 % Modis Dental Partners OpCo, LLC Dental Practice Management First Lien Term Loan (1M USD TERM SOFR+ 9.32 %), 12.96 % Cash, 4/18/2028 4/18/2023 $ 7,000,000 6,952,492 7,038,500 1.9 % Modis Dental Partners OpCo, LLC Dental Practice Management Delayed Draw Term Loan (1M USD TERM SOFR+ 9.32 %), 12.96 % Cash, 4/18/2028 4/18/2023 $ 13,000,000 12,891,854 13,071,500 3.4 % Modis Dental Partners OpCo, LLC (h) Dental Practice Management Class A Preferred Units 4/18/2023 3,200,000 3,200,000 4,085,152 1.1 % Total Dental Practice Management 31,042,269 32,517,166 8.6 % Exigo, LLC (d) Direct Selling Software First Lien Term Loan (1M USD TERM SOFR+ 6.25 %), 9.97 % Cash, 3/16/2027 3/16/2022 $ 23,752,538 23,710,937 17,298,974 4.5 % Exigo, LLC (j) Direct Selling Software Revolving Credit Facility (1M USD TERM SOFR+ 6.25 %), 9.97 % Cash, 3/16/2027 3/16/2022 $ - - ( 169,813 ) 0.0 % Exigo, LLC (h)(i) Direct Selling Software Common Units 3/16/2022 1,041,667 1,041,667 - 0.0 % Total Direct Selling Software 24,752,604 17,129,161 4.5 % C2 Educational Systems, Inc. (d) Education Services First Lien Term Loan (3M USD TERM SOFR+ 8.50 %), 12.16 % Cash, 11/30/2026 5/31/2017 $ 23,000,000 23,000,000 22,429,600 5.9 % C2 Educational Systems, Inc. (h) Education Services Series A-1 Preferred Stock 5/18/2021 3,127 499,904 408,822 0.1 % Total Education Services 23,499,904 22,838,422 6.0 % 5 Saratoga Investment Corp. Consolidated Schedule of Investments May 31, 2026 (unaudited) Company(1) Industry Investment Interest Rate/ Maturity Original Acquisition Date Principal/ Number of Shares Cost Fair Value (c) % of Net Assets Ready Education (d) Education Software First Lien Term Loan (3M USD TERM SOFR+ 7.00 %), 10.66 % Cash, 8/5/2027 8/5/2022 $ 32,000,000   31,903,006   31,865,600 8.4 % Total Education Software 31,903,006 31,865,600 8.4 % Haystack Team Inc. Employee Collaboration Software First Lien Term Loan (3M USD TERM SOFR+ 5.50 %), 9.16 % Cash, 12/31/2030 12/31/2025 $ 5,364,310 5,319,370 5,312,813 1.4 % Haystack Team Inc. (j) Employee Collaboration Software Delayed Draw Term Loan (3M USD TERM SOFR+ 5.50 %), 9.16 % Cash, 12/31/2030 12/31/2025 - - - 0.0 % Haystack Team Inc. (h) Employee Collaboration Software Series A Preferred Stock 12/31/2025 $ 1,250,000 1,421,890 1,250,000 0.3 % Total Employee Collaboration Software 6,741,260 6,562,813 1.7 % GDS Software Holdings, LLC (d) Financial Services First Lien Term Loan (3M USD TERM SOFR+ 7.00 %), 10.66 % Cash, 12/30/2028 12/30/2021 $ 28,713,926 28,689,960 28,567,485 7.5 % GDS Software Holdings, LLC (d) Financial Services Delayed Draw Term Loan (3M USD TERM SOFR+ 7.00 %), 10.66 % Cash, 12/30/2028 12/30/2021 $ 3,286,073 3,255,863 3,269,314 0.9 % GDS Software Holdings, LLC (h) Financial Services Common Stock Class A Units 8/23/2018 250,000 250,000 250,000 0.1 % Total Financial Services 32,195,823 32,086,799 8.5 % Inspect Point Holdings, LLC Fire Inspection Business Software First Lien Term Loan (1M USD TERM SOFR+ 5.50 %), 9.12 % Cash, 7/19/2029 7/19/2023 $ 20,000,000 19,875,340 19,908,000 5.3 % Inspect Point Holdings, LLC (j) Fire Inspection Business Software Delayed Draw Term Loan (1M USD TERM SOFR+ 5.50 %), 9.12 % Cash, 7/19/2029 7/19/2023 $ 2,000,000 1,983,095 1,990,800 0.5 % Total Fire Inspection Business Software 21,858,435 21,898,800 5.8 % Stretch Zone Franchising, LLC (d) Health/Fitness Franchisor First Lien Term Loan (3M USD TERM SOFR+ 7.00 %), 10.66 % Cash, 3/31/2028 3/31/2023 $ 24,967,271 24,861,695 24,075,940 6.4 % Stretch Zone Franchising, LLC Health/Fitness Franchisor First Lien Term Loan (3M USD TERM SOFR+ 7.00 %), 10.66 % Cash, 3/31/2028 3/31/2023 $ - - - 0.0 % Stretch Zone Franchising, LLC (h) Health/Fitness Franchisor Class A Units 3/31/2023 20,000 2,000,000 548,784 0.1 % Total Health/Fitness Franchisor 26,861,695 24,624,724 6.5 % Alpha Aesthetics Partners OpCo, LLC (h) Healthcare Services Class A Preferred Units 3/20/2023 3,675,000 3,675,000 3,044,444 0.8 % ComForCare Health Care (d) Healthcare Services First Lien Term Loan (3M USD TERM SOFR+ 6.25 %), 9.91 % Cash, 12/31/2028 1/31/2017 $ 90,000,000 89,686,057 90,000,000 23.8 % Total Healthcare Services 93,361,057 93,044,444 24.6 % Procurement Partners, LLC Healthcare Software First Lien Term Loan (3M USD TERM SOFR+ 5.50 %), 9.16 % Cash, 12/31/2028 11/12/2020 $ 35,125,000 35,125,000 35,030,163 9.3 % Procurement Partners, LLC Healthcare Software Delayed Draw Term Loan (3M USD TERM SOFR+ 5.50 %), 9.16 % Cash, 12/31/2028 11/12/2020 $ 10,300,000 10,310,007 10,272,190 2.7 % Procurement Partners Holdings LLC (h) Healthcare Software Class A Units 11/12/2020 571,219 571,219 240,592 0.1 % Procurement Partners Holdings LLC (h) Healthcare Software Class AA Units 11/12/2020 220,385 30,994 61,942 0.0 % Total Healthcare Software 46,037,220 45,604,887 12.1 % Granite Comfort, LP (d) HVAC Services and Sales First Lien Term Loan (3M USD TERM SOFR+ 7.38 %), 11.04 % Cash, 5/16/2028 11/16/2020 $ 43,000,000 42,929,604 42,226,000 11.1 % Granite Comfort, LP (d) HVAC Services and Sales Delayed Draw Term Loan (3M USD TERM SOFR+ 7.38 %), 11.04 % Cash, 5/16/2028 11/16/2020 $ 8,389,865 8,364,349 8,238,847 2.2 % Total HVAC Services and Sales 51,293,953 50,464,847 13.3 % 6 Saratoga Investment Corp. Consolidated Schedule of Investments May 31, 2026 (unaudited) Company(1) Industry Investment Interest Rate/ Maturity Original Acquisition Date Principal/ Number of Shares Cost Fair Value (c) % of Net Assets Vector Controls Holding Co., LLC (h) Industrial Products Warrants to Purchase Limited Liability Company Interests, Expires 11/30/2027 5/31/2015 329  -   8,229,319 2.2 % Total Industrial Products - 8,229,319 2.2 % AgencyBloc, LLC (d) Insurance Software First Lien Term Loan (3M USD TERM SOFR+ 6.31 %), 9.97 % Cash, 10/1/2029 10/1/2021 $ 17,391,477 17,357,625 17,328,868 4.6 % Panther ParentCo LLC (h) Insurance Software Class A Units 10/1/2021 2,500,000 2,500,000 4,546,785 1.2 % Total Insurance Software 19,857,625 21,875,653 5.8 % Avantra (a) IT Services First Lien Term Loan (3M USD TERM SOFR+ 7.97 %), 11.63 % Cash, 9/20/2029 9/19/2024 $ 17,000,000 16,861,074 16,858,900 4.4 % Maple Holdings Midco Limited (a)(h) IT Services Class A Common Units 9/19/2024 2,000,000 2,000,000 1,791,816 0.5 % Total IT Services 18,861,074 18,650,716 4.9 % Madison Logic, Inc. (d)(m) Marketing Orchestration Software First Lien Term Loan (1M USD TERM SOFR+ 7.00 %), 10.62 % Cash, 12/30/2028 12/30/2022 $ 19,150,529 19,015,126 16,249,224 4.3 % Total Marketing Orchestration Software 19,015,126 16,249,224 4.3 % ARC Health OpCo LLC (h) Mental Healthcare Services Class A Preferred Units 8/5/2022 3,818,400 4,169,599 366,266 0.1 % Total Mental Healthcare Services 4,169,599 366,266 0.1 % Chronus LLC Mentoring Software First Lien Term Loan (3M USD TERM SOFR+ 5.25 %), 8.91 % Cash, 8/26/2026 8/26/2021 $ 15,000,000 14,992,601 13,981,500 3.7 % Chronus LLC (d) Mentoring Software First Lien Term Loan (3M USD TERM SOFR+ 6.00 %), 9.66 % Cash, 8/26/2026 8/26/2021 $ 5,000,000 4,995,596 4,660,500 1.2 % Chronus LLC (h) Mentoring Software Series A Preferred Stock 8/26/2021 3,000 3,000,000 432,156 0.1 % Total Mentoring Software 22,988,197 19,074,156 5.0 % Cloudpermit Municipal Government Software First Lien Term Loan (3M USD TERM SOFR+ 5.75 %), 9.41 % Cash, 9/5/2029 9/5/2024 $ 31,500,000 31,273,004 31,273,200 8.3 % Cloudpermit (j) Municipal Government Software Delayed Draw Term Loan (3M USD TERM SOFR+ 5.75 %), 9.41 % Cash, 9/5/2029 9/5/2024 $ - - - 0.0 % Cloudpermit (h) Municipal Government Software Limited Partner Interests 9/5/2024 2,000 2,000,000 2,285,294 0.6 % Total Municipal Government Software 33,273,004 33,558,494 8.9 % Emily Street Enterprises, L.L.C. (d) Office Supplies Senior Secured Note (3M USD TERM SOFR+ 6.75 %), 11.00% Cash, 12/31/2028 12/28/2012 $ 5,300,000 5,292,995 5,313,250 1.4 % Total Office Supplies 5,292,995 5,313,250 1.4 % Ludi, Inc. (j) Physician Compensation Management Software Revolving Credit Facility (3M USD TERM SOFR+ 5.00 %), 8.66 % Cash, 12/31/2030 2/17/2026 $ 2,900,000 2,875,000 2,875,060 0.8 % Total Physician Compensation Management Software 2,875,000 2,875,060 0.8 % Vitana DSO, LLC Pediatric and Orthodontic Dentistry Platform First Lien Term Loan (3M USD TERM SOFR+ 7.50 %), 11.16 % Cash, 5/28/2031 5/28/2026 $ 25,000,000 24,812,743 24,812,500 6.6 % Vitana DSO, LLC (j) Pediatric and Orthodontic Dentistry Platform Delayed Draw Term Loan (3M USD TERM SOFR+ 7.50 %), 11.16 % Cash, 5/28/2031 5/28/2026 $ - - - 0.0 % Total Pediatric and Orthodontic Dentistry Platform 24,812,743 24,812,500 6.6 % Breezeway Homes, Inc Property Operations Management Software First Lien Term Loan (3M USD TERM SOFR+ 6.63 %), 10.29 % Cash, 2/23/2031 2/23/2026 $ 22,000,000 21,794,327 21,782,500 5.7 % Breezeway Homes, Inc (j) Property Operations Management Software Delayed Draw Term Loan (3M USD TERM SOFR+ 6.63 %), 10.29 % Cash, 2/23/2031 2/23/2026 $ - - - 0.0 % Breezeway Homes, Inc (h) Property Operations Management Software Class A Common Units 2/23/2026 1,000,000 1,000,000 1,000,000 0.3 % Total Property Operations Management Software 22,794,327 22,782,500 6.0 % Source 44 LLC Product Compliance Software First Lien Term Loan (3M USD TERM SOFR+ 5.25 %), 8.91 % Cash, 10/17/2030 10/17/2025 $ 3,000,000 2,967,899 2,985,600 0.8 % Source 44 LLC (j) Product Compliance Software Delayed Draw Term Loan (3M USD TERM SOFR+ 5.25 %), 8.91 % Cash, 10/17/2030 10/17/2025 $ 1,500,000 1,487,891 1,492,800 0.4 % 7 Saratoga Investment Corp. Consolidated Schedule of Investments May 31, 2026 (unaudited) Company(1) Industry Investment Interest Rate/ Maturity Original Acquisition Date Principal/ Number of Shares Cost Fair Value (c) % of Net Assets Source 44 LLC (j) Product Compliance Software Revolving Credit Facility (3M USD TERM SOFR+ 5.25 %), 8.91 % Cash, 10/17/2030 10/17/2025 $ -  -  - 0.0 % PG Source Investments, LLC (h) Product Compliance Software Series A Preferred Stock 10/17/2025 705 1,500,000 1,590,414 0.4 % Total Product Compliance Software 5,955,790 6,068,814 1.6 % Buildout, Inc. (d) Real Estate Services First Lien Term Loan (3M USD TERM SOFR+ 7.00 %), 10.76 % Cash, 9/30/2028 7/9/2020 $ 14,000,000 14,000,000 13,675,200 3.6 % Buildout, Inc. Real Estate Services Delayed Draw Term Loan (3M USD TERM SOFR+ 7.00 %), 10.76 % Cash, 9/30/2028 2/12/2021 $ 38,500,000 38,500,000 37,606,800 9.9 % Buildout, Inc. (h)(i) Real Estate Services Limited Partner Interests 7/9/2020 1,250 1,372,557 800,514 0.2 % Total Real Estate Services 53,872,557 52,082,514 13.7 % Wellspring Worldwide Inc. (d) Research Software First Lien Term Loan (3M USD TERM SOFR+ 8.42 %), 12.08 % Cash, 2/28/2029 6/27/2022 $ 9,372,000 9,327,043 9,317,642 2.5 % Wellspring Worldwide Inc. Research Software Delayed Draw Term Loan (3M USD TERM SOFR+ 8.42 %), 12.08 % Cash, 2/28/2029 6/27/2022 $ 25,310,000 25,109,545 25,163,202 6.6 % Archimedes Parent LLC (h) Research Software Class A Common Units 6/27/2022 2,475,160 2,475,160 922,797 0.2 % Total Research Software 36,911,748 35,403,641 9.3 % Rewind Intermediate Inc. Residential Remediation Services First Lien Term Loan (3M USD TERM SOFR+ 4.25 %), 7.91 % Cash, 3/5/2031 3/5/2026 $ 8,900,000 8,824,255 8,822,125 2.3 % Rewind Intermediate Inc. (j) Residential Remediation Services Delayed Draw Term Loan (3M USD TERM SOFR+ 4.25 %), 7.91 % Cash, 3/5/2031 3/5/2026 $ - - - 0.0 % Rewind Intermediate Inc. (j) Residential Remediation Services Revolving Credit Facility (3M USD TERM SOFR+ 4.25 %), 7.91 % Cash, 3/5/2031 3/5/2026 $ - ( 25,022 ) - 0.0 % Rewind Intermediate Inc. (h) Residential Remediation Services Class A-1 Common Units 3/5/2026 500,000 500,000 500,000 0.1 % Total Residential Remediation Services 9,299,233 9,322,125 2.4 % Angry Chickz, Inc. Restaurant First Lien Term Loan (1M USD TERM SOFR+ 4.75 %), 8.37 % Cash, 10/9/2030 10/9/2025 $ 7,900,000 7,866,038 7,900,000 2.1 % Angry Chickz, Inc. (j) Restaurant Delayed Draw Term Loan (1M USD TERM SOFR+ 4.75 %), 8.37 % Cash, 10/9/2030 10/9/2025 $ 6,000,000 5,970,000 6,000,000 1.6 % LFR Chicken LLC (d) Restaurant First Lien Term Loan (1M USD TERM SOFR+ 4.50 %), 8.12 % Cash, 11/26/2030 11/19/2021 $ 22,000,000 21,894,511 21,747,000 5.7 % LFR Chicken LLC (d)(j) Restaurant Delayed Draw Term Loan (1M USD TERM SOFR+ 4.50 %), 8.12 % Cash, 11/26/2030 11/19/2021 $ 18,000,000 17,956,363 17,793,000 4.7 % LFR Chicken LLC (h) Restaurant Series B Preferred Units 11/19/2021 497,183 1,000,000 2,042,828 0.5 % Total Restaurant 54,686,912 55,482,828 14.6 % SAI Systems Health, LLC Revenue Cycle Management & Related Services First Lien Term Loan (3M USD TERM SOFR+ 5.00 %), 8.66 % Cash, 11/24/2030 11/24/2025 $ 28,000,000 27,825,000 27,664,000 7.3 % SAI Systems Health, LLC (j) Revenue Cycle Management & Related Services Delayed Draw Term Loan (3M USD TERM SOFR+ 5.00 %), 8.66 % Cash, 11/24/2030 11/24/2025 $ - - - 0.0 % SAI Systems Health Topco, LLC (h) Revenue Cycle Management & Related Services Class A Common Units 11/24/2025 350,000 350,000 381,267 0.1 % Total Revenue Cycle Management & Related Services 28,175,000 28,045,267 7.4 % Avionte Holdings, LLC (h) Staffing Services Class A Units 1/8/2014 100,000 100,000 2,342,160 0.6 % Total Staffing Services 100,000 2,342,160 0.6 % 8 Saratoga Investment Corp. Consolidated Schedule of Investments May 31, 2026 (unaudited) Company(1) Industry Investment Interest Rate/ Maturity Original Acquisition Date Principal/ Number of Shares Cost Fair Value (c) % of Net Assets AIMCO 2025-24A E (a) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 6.10 %), 9.76 % Cash, 4/19/2038 4/30/2025 $ 1,500,000   1,500,000   1,517,696 0.4 % AIMCO 2024-21A ER (a) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 5.40 %), 9.06 % Cash, 4/18/2039 4/1/2026 $ 2,000,000 2,000,000 2,026,262 0.5 % APID 2023-45A ER (a)(d) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 5.15 %), 8.81 % Cash, 7/26/2038 6/5/2025 $ 2,800,000 2,800,000 2,769,721 0.7 % APID 2017-28A DR (a)(d) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 5.00 %), 8.66 % Cash, 10/20/2038 7/25/2025 $ 2,500,000 2,500,000 2,504,140 0.7 % BGCLO 2025-13A D2 (a)(d) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 4.05 %), 7.71 % Cash, 10/23/2038 8/7/2025 $ 2,000,000 2,000,000 2,005,000 0.5 % BGCLO 2024-9A E (a) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 6.25 %), 9.91 % Cash, 10/22/2037 3/31/2026 $ 1,000,000 1,000,500 1,004,245 0.3 % BSP 2016-10A C2R3 (a) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 4.10 %), 7.76 % Cash, 7/20/2038 7/10/2025 $ 2,000,000 2,000,000 1,988,256 0.5 % BSP 2020-21A ER2 (a) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 4.95 %), 8.61 % Cash, 1/15/2039 11/4/2025 $ 1,500,000 1,500,000 1,495,548 0.4 % BSP 2025-40A E (a)(d) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 5.25 %), 8.91 % Cash, 7/25/2038 5/22/2025 $ 3,000,000 3,000,000 3,012,933 0.8 % ELM27 2024-3A D2R (a) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 4.60 %), 8.26 % Cash, 4/18/2039 4/28/2026 $ 2,500,000 2,500,000 2,504,858 0.7 % HLM 2025-26A D2 (a)(d) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 4.10 %), 7.76 % Cash, 7/20/2038 7/18/2025 $ 2,000,000 2,000,000 1,992,130 0.5 % NMC CLO-4A ER (a) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 6.91 %), 10.57 % Cash, 3/20/2038 4/17/2025 $ 1,000,000 980,000 1,008,009 0.3 % NMC CLO-7A E (a) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 5.00 %), 8.66 % Cash, 3/31/2038 3/13/2025 $ 1,000,000 1,000,000 994,983 0.3 % NMC CLO-5A ER (a)(d) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 5.85 %), 9.51 % Cash, 7/20/2036 6/30/2025 $ 3,000,000 3,000,000 2,969,940 0.8 % NMC CLO-3A D2R (a)(d) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 4.10 %), 7.76 % Cash, 10/20/2038 8/4/2025 $ 2,250,000 2,250,000 2,193,667 0.6 % OAKC 2016-13A ER2 (a) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 5.75 %), 9.41 % Cash, 10/21/2037 4/10/2025 $ 1,000,000 976,250 1,004,864 0.3 % OAKC 2025-22A E (a) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 5.55 %), 9.21 % Cash, 7/20/2038 5/9/2025 $ 1,250,000 1,250,000 1,253,889 0.3 % OAKC 2020-7A D2R2 (a)(d) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 4.05 %), 7.71 % Cash, 7/19/2038 6/18/2025 $ 3,250,000 3,250,000 3,222,486 0.8 % OCP 2025-43A E (a) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 6.50 %), 10.16 % Cash, 7/20/2038 4/23/2025 $ 1,000,000 1,000,000 1,013,091 0.3 % OCP 2023-28A (a)(d) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 5.25 %), 8.91 % Cash, 7/16/2038 6/18/2025 $ 3,000,000 3,000,000 3,011,058 0.8 % OCP 2016-11A D2R3 (a) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 4.10 %), 7.76 % Cash, 7/26/2038 6/26/2025 $ 1,500,000 1,500,000 1,491,188 0.4 % OCP 2016-12A D2R3 (a) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 4.25 %), 7.91 % Cash, 10/18/2037 5/5/2026 $ 1,000,000 998,500 992,794 0.3 % POST 2023-1A D2R (a) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 3.95 %), 7.61 % Cash, 10/20/2038 10/17/2025 $ 1,000,000 1,000,000 996,585 0.3 % 9 Saratoga Investment Corp. Consolidated Schedule of Investments May 31, 2026 (unaudited) Company(1) Industry Investment Interest Rate/ Maturity Original Acquisition Date Principal/ Number of Shares Cost Fair Value (c) % of Net Assets POST 2024-1A D2R (a) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 4.35 %), 8.01 % Cash, 3/30/2039 5/6/2026 $ 2,500,000 2,500,000 2,504,955 0.7 % REGT6 2016-1A ER3 (a) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 5.45 %), 9.11 % Cash, 10/20/2038 9/12/2025 $ 1,500,000 1,500,000 1,485,399 0.4 % REGT23 2021-1A D2R (a) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 4.00 %), 7.66 % Cash, 10/15/2038 10/30/2025 $ 2,000,000 2,000,000 1,969,584 0.5 % TREST 2017-1A ERR (a) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 5.95 %), 9.61 % Cash, 7/25/2037 3/7/2025 $ 1,250,000 1,257,125 1,253,816 0.3 % TREST 2018-2A D2RR (a) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 4.25 %), 7.91 % Cash, 7/15/2039 5/8/2026 $ 2,000,000 2,000,000 2,003,910 0.5 % WBOX 2023-4A ER (a) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 6.48 %), 10.14 % Cash, 4/20/2036 4/10/2025 $ 3,500,000 3,470,645 3,513,377 0.9 % WBOX 2025-5A D2 (a)(d) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 4.10 %), 7.76 % Cash, 7/20/2038 6/24/2025 $ 2,000,000 2,000,000 2,003,540 0.5 % Total Structured Finance Securities 57,733,020 57,707,924 15.3 % StockIQ Technologies, LLC Supply Chain Planning Software First Lien Term Loan (3M USD TERM SOFR+ 5.50 %), 9.16 % Cash, 3/26/2030 3/26/2025 $ 10,000,000 9,929,208 9,891,000 2.6 % StockIQ Technologies, LLC (j) Supply Chain Planning Software Delayed Draw Term Loan (3M USD TERM SOFR+ 5.50 %), 9.16 % Cash, 3/26/2030 3/26/2025 $ 2,000,000 1,984,516 1,978,200 0.5 % StockIQ Technologies, LLC (h) Supply Chain Planning Software Class A Units 3/26/2025 200,000 200,000 200,000 0.1 % Total Supply Chain Planning Software 12,113,724 12,069,200 3.2 % Employer Direct Healthcare, LLC (Lantern) Surgical Benefits Management Second Lien Term Loan (3M USD TERM SOFR+ 7.25 %), 10.91 % Cash, 1/20/2031 1/20/2026 $ 35,000,000 34,726,993 34,695,500 9.2 % Total Surgical Benefits Management 34,726,993 34,695,500 9.2 % JDXpert Talent Acquisition Software First Lien Term Loan (3M USD TERM SOFR+ 8.50 %), 12.42 % Cash, 5/2/2027 5/2/2022 $ 6,000,000 5,984,978 6,000,000 1.6 % JDXpert (d)(j) Talent Acquisition Software Delayed Draw Term Loan (3M USD TERM SOFR+ 8.50 %), 12.42 % Cash, 5/2/2027 5/2/2022 $ 1,500,000 1,495,264 1,500,000 0.4 % Jobvite, Inc. (d) Talent Acquisition Software First Lien Term Loan (3M USD TERM SOFR+ 7.50 %), 11.16 % Cash, 8/5/2028 8/5/2022 $ 20,000,000 19,940,074 19,480,000 5.1 % Total Talent Acquisition Software 27,420,316 26,980,000 7.1 % VetnCare MSO, LLC (j) Veterinary Services Delayed Draw Term Loan (3M USD TERM SOFR+ 5.75 %), 9.41 % Cash, 5/12/2028 5/12/2023 $ 14,635,655 14,576,294 14,635,655 3.9 % Total Veterinary Services 14,576,294 14,635,655 3.9 % Better Impact USA Inc. Volunteer Program Management Software First Lien Term Loan (3M USD TERM SOFR+ 4.75 %), 8.41 % Cash, 1/8/2031 1/8/2026 $ 12,000,000 11,919,639 11,910,000 3.1 % Better Impact USA Inc. (j) Volunteer Program Management Software Delayed Term Loan (3M USD TERM SOFR+ 4.75 %), 8.41 % Cash, 1/8/2031 1/8/2026 $ - - - 0.0 % Better Impact USA Inc. (h) Volunteer Program Management Software Preferred Units 1/8/2026 683,585 1,000,000 1,000,000 0.3 % Total Volunteer Program Management Software 12,919,639 12,910,000 3.4 % Sub Total Non-control/Non-affiliate investments 1,042,264,577 1,034,744,952 273.4 % 10 Saratoga Investment Corp. Consolidated Schedule of Investments May 31, 2026 (unaudited) Company(1) Industry Investment Interest Rate/ Maturity Original Acquisition Date Principal/ Number of Shares Cost Fair Value (c) % of Net Assets Affiliate investments - 13.3% (b) ETU Holdings, Inc. (f) Corporate Education Software First Lien Term Loan (3M USD TERM SOFR+ 9.00 %), 12.66 % Cash, 8/18/2027 8/18/2022 $ 7,100,000 7,080,125 7,083,670 1.9 % ETU Holdings, Inc. (f) Corporate Education Software Second Lien Term Loan 15.00 % PIK, 2/18/2028 8/18/2022 $ 8,583,293 8,567,134 8,029,670 2.1 % ETU Holdings, Inc. (f)(h) Corporate Education Software Series B Preferred Units 11/21/2025 854,300 3,000,000 - 0.0 % ETU Holdings, Inc. (f)(h) Corporate Education Software Series C Preferred Units 11/21/2025 730,280 730,280 730,280 0.2 % Total Corporate Education Software 19,377,539 15,843,620 4.2 % Axero Holdings, LLC (f) Employee Collaboration Software First Lien Term Loan 10.66 % Cash, (3M USD TERM SOFR + 7.00 %) PIK, 12/31/2027 6/30/2021 $ 17,151,088 17,141,912 17,080,768 4.5 % Axero Holdings, LLC (f) Employee Collaboration Software Delayed Draw Term Loan 10.66 % Cash, (3M USD TERM SOFR + 7.00 %) PIK, 12/31/2027 6/30/2021 $ 1,217,174 1,214,805 1,212,184 0.3 % Axero Holdings, LLC (f)(j) Employee Collaboration Software Revolving Credit Facility 10.66 % Cash, (3M USD TERM SOFR + 7.00 %) PIK, 12/31/2027 2/3/2022 $ - - - 0.0 % Axero Holdings, LLC (f)(h) Employee Collaboration Software Series A Preferred Units 6/30/2021 2,055,609 2,055,609 4,213,998 1.1 % Axero Holdings, LLC (f)(h) Employee Collaboration Software Series B Preferred Units 6/30/2021 2,055,609 2,055,609 4,367,656 1.2 % Total Employee Collaboration Software 22,467,935 26,874,606 7.1 % SmartAC.com, LLC (f) HVAC Monitoring Devices First Lien Term Loan (3M USD TERM SOFR+ 7.50 %), 11.16 % Cash, 4/7/2030 4/7/2025 $ 4,645,370 4,616,824 4,595,200 1.2 % SmartAC.com, LLC (f)(j) HVAC Monitoring Devices Delayed Draw Term Loan (3M USD TERM SOFR+ 7.50 %), 11.16 % Cash, 4/7/2030 4/7/2025 $ - - - 0.0 % SmartAC.com, LLC (f) HVAC Monitoring Devices Series A Preferred Units 4/7/2025 1,262,201 2,999,999 3,011,978 0.8 % Total HVAC Monitoring Devices 7,616,823 7,607,178 2.0 % Sub Total Affiliate investments 49,462,297 50,325,404 13.3 % Control investments - 10.9% (b) Zollege PBC (g) Education Services First Lien Term Loan 10.00 %, 8/9/2027 5/11/2021 $ 1,596,552 1,596,552 1,435,779 0.4 % Zollege PBC (g)(j) Education Services Delayed Draw Term Loan 10.00 %, 8/9/2027 5/11/2021 $ - - - 0.0 % Zollege PBC (h)(g) Education Services Common Stock 5/11/2021 7,731,294 558,799 10,884,867 2.9 % Total Education Services 2,155,351 12,320,646 3.3 % Pepper Palace, Inc. (k)(g) Specialty Food Retailer First Lien Term Loan 4.42 % PIK, 12/31/2028 6/30/2021 $ 2,400,000 2,400,000 - 0.0 % Pepper Palace, Inc. (j)(k)(g) Specialty Food Retailer Delayed Draw Term Loan 4.42 % PIK, 12/31/2028 6/30/2021 $ 400,000 400,000 - 0.0 % Pepper Palace, Inc. (j)(k)(g) Specialty Food Retailer Delayed Draw Term Loan 4.42 % PIK, 12/31/2028 6/30/2021 $ 1,900,000 1,900,000 - 0.0 % Pepper Palace, Inc. (j)(k)(g) Specialty Food Retailer Revolving Credit Facility 4.42 % PIK, 12/31/2028 6/30/2021 $ 1,000,000 1,000,000 - 0.0 % Pepper Palace, Inc. (h)(g) Specialty Food Retailer Class A Units 6/30/2021 100,000 138,561 - 0.0 % Total Specialty Food Retailer 5,838,561 - 0.0 % Saratoga Investment Corp. CLO 2013-1, Ltd. (a)(e)(g) Structured Finance Securities Other/Structured Finance Securities 0.00 %, 4/20/2033 1/22/2008 $ 111,000,000 14,408,784 - 0.0 % Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note (a)(g)(k) Structured Finance Securities Other/Structured Finance Securities (3M USD TERM SOFR+ 10.00 %), 13.66 %, 4/20/2033 8/9/2021 $ 9,375,000 9,375,000 - 0.0 % Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E-R Note (a)(g) Structured Finance Securities Other/Structured Finance Securities (3M USD TERM SOFR+ 7.35 %), 11.01 %, 10/20/2037 9/24/2025 $ 8,750,000 8,443,750 8,302,435 2.2 % Total Structured Finance Securities 32,227,534 8,302,435 2.2 % Saratoga Senior Loan Fund I JV, LLC (a)(g)(j) Investment Fund Unsecured Loan 10.00 %, 10/20/2033 12/17/2021 $ 17,618,954 17,618,954 15,666,774 4.1 % Saratoga Senior Loan Fund I JV, LLC (a)(g)(n) Investment Fund Membership Interest 12/17/2021 19,197,861 19,197,861 4,973,731 1.3 % Total Investment Fund 36,816,815 20,640,505 5.4 % Sub Total Control investments 77,038,261 41,263,586 10.9 % TOTAL INVESTMENTS - 297.6% (b) $ 1,168,765,135 $ 1,126,333,942 297.6 % 11 Saratoga Investment Corp. Consolidated Schedule of Investments May 31, 2026 (unaudited) 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) - 16.1% (b) Goldman Sachs Financial Square Government Fund (1)(2) 46,140,915 $ 46,140,915 $ 46,140,915 12.2 % Cash and cash equivalents 46,140,915 46,140,915 46,140,915 12.2 % Goldman Sachs Financial Square Government Fund (1)(2) 12,126,303 12,126,303 12,126,303 3.2 % Valley National Bank Business Money Market Fund (1)(3) 2,541,599 2,541,599 2,541,599 0.7 % Cash and cash equivalents, reserve accounts 14,667,902 14,667,902 14,667,902 3.9 % Total Money Market Funds (included in cash and cash equivalents and cash and cash equivalents, reserve accounts) 60,808,817 $ 60,808,817 $ 60,808,817 16.1 % (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 May 31, 2026, was approximately 3.53% on the Goldman Sachs Financial Square Government Fund. (3) Current yield as of May 31, 2026, was approximately 3.10% on the Valley National Bank Business Money Market Fund. (a) Represents an investment that is not a “qualifying asset” under Section 55(a) of the Investment Company Act of 1940, as amended (the 1940 Act”). As of May 31, 2026, non-qualifying assets represent 8.8% 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 $378,454,958 as of May 31, 2026. (c) Because there is no “readily available market quotations” (as defined in the 1940 Act) for these investments, the fair values of these investments were determined using significant unobservable inputs and approved in good faith by our board of directors. These investments have been included as Level 3 in the Fair Value Hierarchy (see Note 3 to the consolidated financial statements). (d) These securities are either fully or partially pledged as collateral under the Company’s senior secured revolving credit facility (see Note 8 to the consolidated financial statements). (e) This investment does not have a stated interest rate that is payable thereon. As a result, the 0.00% interest rate in the table above represents the effective interest rate currently earned on the investment cost and is based on the current cash interest and other income generated by the investment. (f) As defined in the 1940 Act, this portfolio company is an “affiliate” as we own between 5.0% and 25.0% of the outstanding voting securities. Transactions during the three months ended May 31, 2026 in which the issuer was an affiliate are as follows: Company Fair Value at the Beginning of Year Purchases/ Add-ons Sales/ Paydowns Total Interest from Investments Management Fee Income Net Realized Gain (Loss) from Investments Net Change in Unrealized Appreciation (Depreciation) Fair Value at End of Period Axero Holdings, LLC $ 28,427,238 $ - $ - $ 506,798 $ - $ - $ ( 1,730,883 ) $ 26,874,606 ETU Holdings, Inc. 16,055,433 - - 570,032 - - ( 534,173 ) 15,843,620 SmartAC.com,LLC 8,228,240 - ( 471,929 ) 152,875 - - ( 153,556 ) 7,607,178 Total $ 52,710,911 $ - $ ( 471,929 ) $ 1,229,705 $ - $ - $ ( 2,418,612 ) $ 50,325,404 12 Saratoga Investment Corp. Consolidated Schedule of Investments May 31, 2026 (unaudited) (g) As defined in the 1940 Act, we “control” this portfolio company because we own more than 25% of the portfolio company’s outstanding voting securities. Transactions during the three months ended May 31, 2026 in which the issuer was both an affiliate and a portfolio company that we control are as follows: Company Fair Value at the Beginning of Year Purchases/ Add-Ons Sales/ Paydowns Total Interest from Investments Total Dividends from Investments Management Fee Income Net Realized Gain (Loss) from Investments Net Change in Unrealized Appreciation (Depreciation) Fair Value at End of Period Netreo Holdings, LLC $ - $ - $ ( 638,355 ) $ - $ - $ - $ 638,355 $ - $ - Pepper Palace, Inc. 2,038,911 1,900,000 - - - - - ( 3,938,911 ) - Zollege PBC 12,048,652 - - 19,588 - - - 252,407 12,320,646 Saratoga Investment Corp. CLO 2013-1, Ltd. - - - - - 544,988 - - - Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note - - - - - - - - - Saratoga Senior Loan Fund I JV, LLC 16,130,152 - - 440,474 - - - ( 463,378 ) 15,666,774 Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E-R Note 8,422,177 - - 246,240 - - - - 8,302,435 Saratoga Senior Loan Fund I JV, LLC 1,535,443 - - - 778,852 - - 3,438,288 4,973,731 Total $ 40,175,335 $ 1,900,000 $ ( 638,355 ) $ 706,302 $ 778,852 $ 544,988 $ 638,355 $ ( 711,594 ) $ 41,263,586 (h) Non-income producing at May 31, 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 May 31, 2026. (See Note 9 to the consolidated financial statements). (k) As of May 31, 2026, the investment was on non-accrual status. The fair value of these investments was approximately $0.0 million, which represented 0.0% of the Company’s portfolio (see Note 2 to the consolidated financial statements). (l) Included within cash and cash equivalents and cash and cash equivalents, reserve accounts in the Company’s consolidated statements of assets and liabilities as of May 31, 2026. (m) This investment elected to PIK 20% of accrued interest, with 80% of accrued interest payable in cash. (n) On September 24, 2025, the Company completed the first refinancing of SLF 2022. This refinancing, among other things, extended the SLF 2022’s investment period to October 2028. As part of this refinancing, the Company purchased $8.8 million of the SLF 2022-1 Class E-R Notes tranche at par. Concurrently, the existing $12.3 million of the SLF 2022-1 Class E Notes were repaid. The Company also paid $1.6 million of additional equity investment related to the refinancing to SLF JV. (See Note 5 to the consolidated financial statements). SOFR - Secured Overnight Financing Rate 1M USD TERM SOFR - The 1 month USD TERM SOFR rate as of May 31, 2026 was 3.62%. 3M USD TERM SOFR - The 3 month USD TERM SOFR rate as of May 31, 2026 was 3.66%. PIK - Payment-in-Kind (see Note 2 to the consolidated financial statements). See accompanying notes to consolidated financial statements. 13 Saratoga Investment Corp. Consolidated Schedule of Investments February 28, 2026 Company(1) Industry Investment Interest Rate/ Maturity Original Acquisition Date Principal/ Number of Shares Cost Fair Value (c) % of Net Assets Non-control/Non-affiliate investments - 256.5% (b) Altvia MidCo, LLC. Alternative Investment Management Software First Lien Term Loan (6M USD TERM SOFR+ 8.08 %), 12.25 % Cash, 7/18/2027 7/18/2022 11,255,757 $ 11,202,536 $ 11,046,400 2.7 % Altvia MidCo, LLC. (h) Alternative Investment Management Software Series A-1 Preferred Shares 7/18/2022 2,083,939 2,083,939 2,042,756 0.5 % Total Alternative Investment Management Software 13,286,475 13,089,156 3.2 % BQE Software, Inc. (d) Architecture & Engineering Software First Lien Term Loan (3M USD TERM SOFR+ 5.50 %), 9.67 % Cash, 4/13/2028 4/13/2023 23,500,000 23,383,683 23,697,400 6.0 % BQE Software, Inc. Architecture & Engineering Software Delayed Draw Term Loan (3M USD TERM SOFR+5.50%), 9.67% Cash, 4/13/2028 4/13/2023 - - - 0.0 % Total Architecture & Engineering Software 23,383,683 23,697,400 6.0 % Golden TopCo LP (h) Association Management Software Class A-2 Common Units 5/10/2023 1,072,394 1,072,394 1,860,341 0.5 % Total Association Management Software 1,072,394 1,860,341 0.5 % Artemis Wax Corp. (d) Consumer Services Delayed Draw Term Loan (1M USD TERM SOFR+ 6.75 %), 11.02 % Cash, 5/20/2029 5/20/2021 65,000,000 64,886,056 64,473,500 16.2 % Artemis Wax Corp. (h) Consumer Services Series B-1 Preferred Stock 5/20/2021 934,463 1,500,000 - 0.0 % Artemis Wax Corp. (h) Consumer Services Series D Preferred Stock 12/22/2022 331,640 1,711,866 1,825,324 0.5 % Total Consumer Services 68,097,922 66,298,824 16.7 % Schoox, Inc. (h)(i) Corporate Education Software Series 1 Membership Interest 12/8/2020 1,050 548,298 4,386,183 1.1 % Total Corporate Education Software 548,298 4,386,183 1.1 % Innergy, Inc. (d) Custom Millwork Software First Lien Term Loan (3M USD TERM SOFR+ 5.50 %), 9.67 % Cash, 2/20/2030 2/20/2025 32,000,000 31,778,687 31,884,800 8.0 % Innergy, Inc. (j) Custom Millwork Software Delayed Draw Term Loan (3M USD TERM SOFR+ 5.50 %), 9.67 % Cash, 2/20/2030 2/20/2025 8,500,000 8,432,838 8,469,400 2.1 % Total Custom Millwork Software 40,211,525 40,354,200 10.1 % GreyHeller LLC (h) Cyber Security Common Stock 11/10/2021 7,857,689 1,906,275 4,233,053 1.1 % Total Cyber Security 1,906,275 4,233,053 1.1 % Gen4 Dental Partners Holdings, LLC (d) Dental Practice Management First Lien Term Loan (3M USD TERM SOFR+ 5.75 %), 10.02 % Cash, 5/13/2030 5/13/2024 7,035,714 6,982,168 7,049,786 1.8 % Gen4 Dental Partners Holdings, LLC (j) Dental Practice Management Delayed Draw Term Loan (3M USD TERM SOFR+ 5.75 %), 10.02 % Cash, 5/13/2030 5/13/2024 - - - 0.0 % Gen4 Dental Partners Holdings, LLC (j) Dental Practice Management Revolving Credit Facility (3M USD TERM SOFR+ 5.75 %), 10.02 % Cash, 5/13/2030 5/13/2024 - - - 0.0 % Gen4 Dental Partners Holdings, LLC (h)(i) Dental Practice Management Series A Preferred Units 2/8/2023 493,999 1,027,519 1,279,457 0.3 % Modis Dental Partners OpCo, LLC Dental Practice Management First Lien Term Loan (1M USD TERM SOFR+ 9.34 %), 13.69 % Cash, 4/18/2028 4/18/2023 7,000,000 6,945,319 7,038,500 1.7 % 14 Saratoga Investment Corp. Consolidated Schedule of Investments February 28, 2026 Company(1) Industry Investment Interest Rate/ Maturity Original Acquisition Date Principal/ Number of Shares Cost Fair Value (c) % of Net Assets Modis Dental Partners OpCo, LLC Dental Practice Management Delayed Draw Term Loan (1M USD TERM SOFR+ 9.34 %), 13.69 % Cash, 4/18/2028 4/18/2023 13,000,000 12,876,266 13,071,500 3.3 % Modis Dental Partners OpCo, LLC (h) Dental Practice Management Class A Preferred Units 4/18/2023 3,200,000 3,200,000 3,983,552 1.0 % Total Dental Practice Management 31,031,272 32,422,795 8.1 % Exigo, LLC (d) Direct Selling Software First Lien Term Loan (1M USD TERM SOFR+ 6.25 %), 10.62% Cash, 3/16/2027 3/16/2022 23,815,038 23,755,517 20,695,268 5.2 % Exigo, LLC (j) Direct Selling Software Revolving Credit Facility (1M USD TERM SOFR+ 6.25 %), 10.62 % Cash, 3/16/2027 3/16/2022 - - ( 81,875 ) 0.0 % Exigo, LLC (h), (i) Direct Selling Software Common Units 3/16/2022 1,041,667 1,041,667 - 0.0 % Total Direct Selling Software 24,797,184 20,613,393 5.2 % C2 Educational Systems, Inc. (d) Education Services First Lien Term Loan (3M USD TERM SOFR+ 8.50 %), 12.67 % Cash, 11/30/2026 5/31/2017 23,000,000 23,000,000 22,839,000 5.8 % C2 Educational Systems, Inc. (h) Education Services Series A-1 Preferred Stock 5/18/2021 3,127 499,904 636,224 0.2 % Ready Education (d) Education Software First Lien Term Loan (3M USD TERM SOFR+ 7.00 %), 11.17 % Cash, 8/5/2027 8/5/2022 32,000,000 31,875,991 31,936,000 8.1 % Total Education Software 55,375,895 55,411,224 14.1 % Haystack Team Inc. Employee Collaboration Software First Lien Term Loan (3M USD TERM SOFR+ 5.50 %), 9.17 % Cash, 12/31/2030 12/31/2025 5,299,222 5,249,222 5,248,609 1.3 % Haystack Team Inc. (j) Employee Collaboration Software Delayed Draw Term Loan (3M USD TERM SOFR+ 5.50 %), 9.17 % Cash, 12/31/2030 12/31/2025 - - - 0.0 % Haystack Team Inc. (h) Employee Collaboration Software Series A Preferred Stock 12/31/2025 $ 1,250,000 1,421,890 1,250,000 0.3 % Total Employee Collaboration Software 6,671,112 6,498,609 1.6 % TG Pressure Washing Holdings, LLC (h) Facilities Maintenance Preferred Equity 8/12/2019 488,148 488,148 - 0.0 % Total Facilities Maintenance 488,148 - 0.0 % GDS Software Holdings, LLC (d) Financial Services First Lien Term Loan (3M USD TERM SOFR+ 7.00 %), 11.17 % Cash, 12/30/2028 12/30/2021 28,713,926 28,655,242 28,713,926 7.2 % GDS Software Holdings, LLC (d) Financial Services Delayed Draw Term Loan (3M USD TERM SOFR+ 7.00 %), 11.17 % Cash, 12/30/2028 12/30/2021 3,286,073 3,253,213 3,286,073 0.8 % GDS Software Holdings, LLC (h) Financial Services Common Stock Class A Units 8/23/2018 250,000 250,000 251,765 0.1 % Total Financial Services 32,158,455 32,251,764 8.1 % 15 Saratoga Investment Corp. Consolidated Schedule of Investments February 28, 2026 Company(1) Industry Investment Interest Rate/ Maturity Original Acquisition Date Principal/ Number of Shares Cost Fair Value (c) % of Net Assets Inspect Point Holdings, LLC Fire Inspection Business Software First Lien Term Loan (1M USD TERM SOFR+ 5.50 %), 9.77 % Cash, 07/19/2029 7/19/2023 20,000,000 19,869,748 20,046,000 5.1 % Inspect Point Holdings, LLC (j) Fire Inspection Business Software Delayed Draw Term Loan (1M USD TERM SOFR+ 5.50 %), 9.77 % Cash, 07/19/2029 7/19/2023 - - - 0.0 % Total Fire Inspection Business Software 19,869,748 20,046,000 5.1 % Stretch Zone Franchising, LLC (d) Health/Fitness Franchisor First Lien Term Loan (3M USD TERM SOFR+ 7.00 %), 11.17 % Cash, 3/31/2028 3/31/2023 16,228,726 16,154,267 15,504,925 3.9 % Stretch Zone Franchising, LLC Health/Fitness Franchisor First Lien Term Loan (3M USD TERM SOFR+ 7.00 %), 11.17 % Cash, 3/31/2028 3/31/2023 8,738,545 8,696,307 8,348,806 2.1 % Stretch Zone Franchising, LLC (h) Health/Fitness Franchisor Class A Units 3/31/2023 20,000 2,000,000 754,655 0.2 % Total Health/Fitness Franchisor 26,850,574 24,608,386 6.2 % Alpha Aesthetics Partners OpCo, LLC (h) Healthcare Services Class A Preferred Units 3/20/2023 3,675,000 3,675,000 3,353,548 0.8 % ComForCare Health Care (d) Healthcare Services First Lien Term Loan (3M USD TERM SOFR+ 6.25 %), 10.42 % Cash, 12/31/2028 1/31/2017 90,000,000 89,652,007 90,000,000 22.7 % Total Healthcare Services 93,327,007 93,353,548 23.5 % Procurement Partners, LLC Healthcare Software First Lien Term Loan (3M USD TERM SOFR+ 5.50 %), 10.67 % Cash, 12/31/2028 11/12/2020 35,125,000 35,098,620 35,125,000 8.9 % Procurement Partners, LLC Healthcare Software Delayed Draw Term Loan (3M USD TERM SOFR+ 5.50 %), 10.67 % Cash, 12/31/2028 11/12/2020 10,300,000 10,309,993 10,300,000 2.6 % Procurement Partners Holdings LLC (h) Healthcare Software Class A Units 11/12/2020 571,219 571,219 238,402 0.1 % Procurement Partners Holdings LLC (h) Healthcare Software Class AA Units 11/12/2020 220,385 30,994 60,670 0.0 % Total Healthcare Software 46,010,826 45,724,072 11.6 % Granite Comfort, LP (d) HVAC Services and Sales First Lien Term Loan (3M USD TERM SOFR+ 7.40 %), 11.57 % Cash, 5/16/2027 11/16/2020 $ 43,000,000 42,902,297 42,247,500 10.7 % Granite Comfort, LP (j)(d) HVAC Services and Sales Delayed Draw Term Loan (3M USD TERM SOFR+ 7.40 %), 11.57 % Cash, 5/16/2027 11/16/2020 $ 9,992,940 9,955,368 9,818,064 2.5 % Total HVAC Services and Sales 52,857,665 52,065,564 13.2 % 16 Saratoga Investment Corp. Consolidated Schedule of Investments February 28, 2026 Company(1) Industry Investment Interest Rate/ Maturity Original Acquisition Date Principal/ Number of Shares Cost Fair Value (c) % of Net Assets Vector Controls Holding Co., LLC (h) Industrial Products Warrants to Purchase Limited Liability Company Interests, Expires 11/30/2027 5/31/2015 329 - 8,604,501 2.2 % Total Industrial Products - 8,604,501 2.2 % AgencyBloc, LLC (d) Insurance Software First Lien Term Loan (1M USD TERM SOFR+ 6.31 %), 12.03 % Cash, 10/1/2029 10/1/2021 $ 17,436,477 17,398,618 17,450,426 4.4 % Panther ParentCo LLC (h) Insurance Software Class A Units 10/1/2021 2,500,000 2,500,000 5,866,373 1.5 % Total Insurance Software 19,898,618 23,316,799 5.9 % Avantra (a) IT Services First Lien Term Loan (3M USD TERM SOFR+ 7.97 %), 12.14 % Cash, 9/20/2029 9/19/2024 $ 17,000,000 16,854,905 16,938,800 4.3 % Maple Holdings Midco Limited (a)(h) IT Services Class A Common Units 9/19/2024 2,000,000 2,000,000 2,333,016 0.6 % Total IT Services 18,854,905 19,271,816 4.9 % Madison Logic, Inc. (d)(m) Marketing Orchestration Software First Lien Term Loan (1M USD TERM SOFR+ 7.00 %), 11.37 % Cash, 12/30/2028 12/30/2022 $ 19,091,720 18,942,898 16,791,168 4.2 % Total Marketing Orchestration Software 18,942,898 16,791,168 4.2 % ARC Health OpCo LLC (h) Mental Healthcare Services Class A Preferred Units 8/5/2022 3,818,400 4,169,599 332,895 0.1 % Total Mental Healthcare Services 4,169,599 332,895 0.1 % Chronus LLC Mentoring Software First Lien Term Loan (3M USD TERM SOFR+ 5.25 %), 9.19 % Cash, 8/26/2026 8/26/2021 $ 15,000,000 14,979,066 14,596,500 3.7 % Chronus LLC (d) Mentoring Software First Lien Term Loan (3M USD TERM SOFR+ 6.00 %), 9.94 % Cash, 8/26/2026 8/26/2021 $ 5,000,000 4,991,064 4,865,500 1.2 % Chronus LLC (h) Mentoring Software Series A Preferred Stock 8/26/2021 3,000 3,000,000 1,087,028 0.3 % Total Mentoring Software 22,970,130 20,549,028 5.2 % Cloudpermit Municipal Government Software First Lien Term Loan (3M USD TERM SOFR+ 5.75 %), 9.92 % Cash, 9/5/2029 9/5/2024 $ 31,500,000 31,262,232 31,424,400 7.9 % Cloudpermit (j) Municipal Government Software Delayed Draw Term Loan (3M USD TERM SOFR+ 5.75 %), 9.92 % Cash, 9/5/2029 9/5/2024 $ - - - 0.0 % Cloudpermit (h) Municipal Government Software Limited Partner Interests 9/5/2024 2,000 2,000,000 2,269,227 0.6 % Total Municipal Government Software 33,262,232 33,693,627 8.5 % 17 Saratoga Investment Corp. Consolidated Schedule of Investments February 28, 2026 Company(1) Industry Investment Interest Rate/ Maturity Original Acquisition Date Principal/ Number of Shares Cost Fair Value (c) % of Net Assets Emily Street Enterprises, L.L.C. (d) Office Supplies Senior Secured Note (3M USD TERM SOFR+ 6.75 %), 11.00 % Cash, 12/31/2028 12/28/2012 $ 5,300,000 5,288,924 5,313,250 1.3 % Total Office Supplies 5,288,924 5,313,250 1.3 % Ludi, Inc. (j) Physician Compensation Management Software Revolving Credit Facility (3M USD TERM SOFR+ 5.00 %), 8.67 % Cash, 12/31/2030 2/17/2026 $ 1,400,000 1,375,000 1,375,000 0.3 % Total Physician Compensation Management Software 1,375,000 1,375,000 0.3 % Breezeway Homes, Inc Property Operations Management Software First Lien Term Loan (3M USD TERM SOFR+ 6.63 %), 10.30 % Cash, 2/23/2031 2/23/2026 22,000,000 21,783,721 21,782,500 5.5 % Breezeway Homes, Inc (j) Property Operations Management Software Delayed Draw Term Loan (3M USD TERM SOFR+ 6.63 %), 10.30 % Cash, 2/23/2031 2/23/2026 - - - 0.0 % Breezeway Homes, Inc (h) Property Operations Management Software Class A Common Units 2/23/2026 1,000,000 1,000,000 1,000,000 0.3 % Total Property Operations Management Software 22,783,721 22,782,500 5.8 % Source 44 LLC Product Compliance Software First Lien Term Loan (3M USD TERM SOFR+ 5.25 %), 6.75 % Cash, 10/17/2030 10/17/2025 3,000,000 2,965,873 2,973,750 0.8 % Source 44 LLC (j) Product Compliance Software Delayed Draw Term Loan (3M USD TERM SOFR+ 5.25 %), 6.75 % Cash, 10/17/2030 10/17/2025 1,500,000 1,486,911 1,486,875 0.4 % Source 44 LLC (j) Product Compliance Software Revolving Credit Facility (3M USD TERM SOFR+ 5.25 %), 6.75 % Cash, 10/17/2030 10/17/2025 - - - 0.0 % PG Source Investments, LLC (h) Product Compliance Software Series A Preferred Stock 10/17/2025 705 1,500,000 1,499,999 0.4 % Total Product Compliance Software 5,952,784 5,960,624 1.6 % Buildout, Inc. (d) Real Estate Services First Lien Term Loan (3M USD TERM SOFR+ 7.00 %), 11.27 % Cash, 9/30/2028 7/9/2020 $ 14,000,000 14,000,000 13,720,667 3.5 % Buildout, Inc. Real Estate Services Delayed Draw Term Loan (3M USD TERM SOFR+ 7.00 %), 11.27 % Cash, 9/30/2028 2/12/2021 $ 38,500,000 38,500,000 37,731,834 9.5 % Buildout, Inc. (h)(i) Real Estate Services Limited Partner Interests 7/9/2020 1,250 1,372,557 872,433 0.2 % Total Real Estate Services 53,872,557 52,324,934 13.2 % Wellspring Worldwide Inc. (d) Research Software First Lien Term Loan (3M USD TERM SOFR+ 8.42 %), 12.59 % Cash, 2/28/2029 6/27/2022 $ 9,372,000 9,323,366 9,372,000 2.4 % Wellspring Worldwide Inc. Research Software Delayed Draw Term Loan (3M USD TERM SOFR+ 8.42 %), 12.59 % Cash, 2/28/2029 6/27/2022 $ 25,310,000 25,094,468 25,310,000 6.4 % Archimedes Parent LLC (h) Research Software Class A Common Units 6/27/2022 2,475,160 2,475,160 1,871,060 0.5 % Total Research Software 36,892,994 36,553,060 9.3 % Angry Chickz, Inc. Restaurant First Lien Term Loan (1M USD TERM SOFR+ 4.75 %), 8.61 % Cash, 10/9/2030 10/9/2025 $ 7,900,000 7,860,500 7,860,500 2.0 % Angry Chickz, Inc. (j) Restaurant Delayed Draw Term Loan (1M USD TERM SOFR+ 4.75 %), 8.61 % Cash, 10/9/2030 10/9/2025 $ 6,000,000 5,970,000 5,970,000 1.5 % 18 Saratoga Investment Corp. Consolidated Schedule of Investments February 28, 2026 Company(1) Industry Investment Interest Rate/ Maturity Original Acquisition Date Principal/ Number of Shares Cost Fair Value (c) % of Net Assets LFR Chicken LLC (d) Restaurant First Lien Term Loan (1M USD TERM SOFR+ 4.50 %), 8.36 % Cash, 11/26/2030 11/19/2021 $ 22,000,000 21,882,824 21,903,200 5.5 % LFR Chicken LLC (d)(j) Restaurant Delayed Draw Term Loan (1M USD TERM SOFR+ 4.50 %), 8.36 % Cash, 11/26/2030 11/19/2021 $ 18,000,000 17,948,780 17,920,800 4.5 % LFR Chicken LLC (h) Restaurant Series B Preferred Units 11/19/2021 497,183 1,000,000 1,993,985 0.5 % Total Restaurant 54,662,104 55,648,485 14.0 % SAI Systems Health, LLC Revenue Cycle Management & Related Services First Lien Term Loan (3M USD TERM SOFR+ 5.00 %), 11.57 % Cash, 11/24/2030 11/24/2025 $ 28,000,000 27,825,000 27,825,000 7.0 % SAI Systems Health, LLC (j) Revenue Cycle Management & Related Services Delayed Draw Term Loan (3M USD TERM SOFR+ 5.00 %), 11.57 % Cash, 11/24/2030 11/24/2025 $ - - - 0.0 % SAI Systems Health Topco, LLC (h) Revenue Cycle Management & Related Services Class A Common Units 11/24/2025 350,000 350,000 350,000 0.1 % Total Revenue Cycle Management & Related Services 28,175,000 28,175,000 7.1 % Avionte Holdings, LLC (h) Staffing Services Class A Units 1/8/2014 100,000 100,000 2,362,023 0.6 % Total Staffing Services 100,000 2,362,023 0.6 % AIMCO 2025-24A E (a) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 6.10 %), 10.27 % Cash, 4/19/2038 4/30/2025 $ 1,500,000 1,500,000 1,530,603 0.4 % APID 2023-45A ER (a)(d) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 5.15 %), 9.32 % Cash, 7/26/2038 6/5/2025 $ 2,800,000 2,800,000 2,735,813 0.7 % APID 2017-28A DR (a)(d) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 5.00 %), 9.17 % Cash, 10/20/2038 7/25/2025 $ 2,500,000 2,500,000 2,470,738 0.6 % BGCLO 2025-13A D2 (a)(d) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 4.05 %), 8.22 % Cash, 10/23/2038 8/7/2025 $ 2,000,000 2,000,000 2,012,484 0.5 % BSP 2016-10A C2R3 (a) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 4.10 %), 8.27 % Cash, 7/20/2038 7/10/2025 $ 2,000,000 2,000,000 1,989,962 0.5 % BSP 2020-21A ER2 (a) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 4.95 %), 8.74 % Cash, 1/15/2039 11/4/2025 $ 1,500,000 1,500,000 1,463,577 0.4 % BSP 2025-40A E (a)(d) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 5.25 %), 9.42 % Cash, 7/25/2038 5/22/2025 $ 3,000,000 3,000,000 3,026,652 0.8 % HLM 2025-26A D2 (a)(d) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 4.10 %), 8.27 % Cash, 7/20/2038 7/18/2025 $ 2,000,000 2,000,000 1,949,386 0.5 % NMC CLO-4A ER (a) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 6.91 %), 11.08 % Cash, 3/20/2038 4/17/2025 $ 1,000,000 980,000 1,026,088 0.3 % NMC CLO-7A E (a) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 5.00 %), 9.17 % Cash, 3/31/2038 3/13/2025 $ 1,000,000 1,000,000 976,321 0.2 % NMC CLO-5A ER (a)(d) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 5.85 %), 10.02 % Cash, 7/20/2036 6/30/2025 $ 3,000,000 3,000,000 2,973,408 0.8 % NMC CLO-3A D2R (a)(d) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 4.10 %), 8.27 % Cash, 10/20/2038 8/4/2025 $ 2,250,000 2,250,000 2,158,945 0.5 % OAKC 2016-13A ER2 (a) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 5.75 %), 9.92 % Cash, 10/21/2037 4/10/2025 $ 1,000,000 976,250 989,690 0.2 % OAKC 2025-22A E (a) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 5.55 %), 9.72 % Cash, 7/20/2038 5/9/2025 $ 1,250,000 1,250,000 1,261,281 0.3 % 19 Saratoga Investment Corp. Consolidated Schedule of Investments February 28, 2026 Company(1) Industry Investment Interest Rate/ Maturity Original Acquisition Date Principal/ Number of Shares Cost Fair Value (c) % of Net Assets OAKC 2020-7A D2R2 (a)(d) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 4.05 %), 8.22 % Cash, 7/19/2038 6/18/2025 $ 3,250,000 3,250,000 3,251,898 0.8 % OCP 2025-43A E (a) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 6.50 %), 10.67 % Cash, 7/20/2038 4/23/2025 $ 1,000,000 1,000,000 1,025,791 0.3 % OCP 2023-28A (a)(d) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 5.25 %), 9.42 % Cash, 7/16/2038 6/18/2025 $ 3,000,000 3,000,000 2,915,295 0.7 % OCP 2016-11A D2R3 (a) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 4.10 %), 8.27 % Cash, 7/26/2038 6/26/2025 $ 1,500,000 1,500,000 1,510,355 0.3 % POST 2023-1A D2R (a) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 3.95 %), 7.74 % Cash, 10/20/2038 10/17/2025 $ 1,000,000 1,000,000 971,977 0.2 % REGT6 2016-1A ER3 (a) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 5.45 %), 9.24 % Cash, 10/20/2038 9/12/2025 $ 1,500,000 1,500,000 1,421,099 0.4 % REGT23 2021-1A D2R (a) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 4.00 %), 7.79 % Cash, 10/15/2038 10/30/2025 $ 2,000,000 2,000,000 1,978,886 0.5 % TREST 2017-1A ERR (a) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 5.95 %), 10.12 % Cash, 7/25/2037 3/7/2025 $ 1,250,000 1,257,125 1,262,855 0.3 % WBOX 2023-4A ER (a) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 6.48 %), 10.65 % Cash, 4/20/2036 4/10/2025 $ 3,500,000 3,470,645 3,501,505 0.9 % WBOX 2025-5A D2 (a)(d) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 4.10 %), 8.27 % Cash, 7/20/2038 6/24/2025 $ 2,000,000 2,000,000 2,006,926 0.5 % Total Structured Finance Securities 46,734,020 46,411,535 11.7 % StockIQ Technologies, LLC Supply Chain Planning Software First Lien Term Loan (3M USD TERM SOFR+ 5.25 %), 9.42 % Cash, 3/26/2030 3/25/2025 $ 10,000,000 9,926,398 9,903,000 2.5 % StockIQ Technologies, LLC (j) Supply Chain Planning Software Delayed Draw Term Loan (3M USD TERM SOFR+ 5.25 %), 9.42 % Cash, 3/26/2030 3/25/2025 $ 1,600,000 1,587,257 1,584,480 0.4 % StockIQ Technologies, LLC (h) Supply Chain Planning Software Class A Units 3/25/2025 200,000 200,000 202,924 0.1 % Total Supply Chain Planning Software 11,713,655 11,690,404 3.0 % 20 Saratoga Investment Corp. Consolidated Schedule of Investments February 28, 2026 Company(1) Industry Investment Interest Rate/ Maturity Original Acquisition Date Principal/ Number of Shares Cost Fair Value (c) % of Net Assets Employer Direct Healthcare, LLC (Lantern) Surgical Benefits Management Second Lien Term Loan (3M USD TERM SOFR+ 7.25 %), 10.92 % Cash, 1/20/2031 1/20/2026 35,000,000 34,693,750 34,693,750 8.8 % Total Surgical Benefits Management 34,693,750 34,693,750 8.8 % JDXpert Talent Acquisition Software First Lien Term Loan (3M USD TERM SOFR+ 8.50 %), 12.93 % Cash, 5/2/2027 5/2/2022 $ 6,000,000 5,982,179 6,000,000 1.4 % JDXpert (d) Talent Acquisition Software Delayed Draw Term Loan (3M USD TERM SOFR+ 8.50 %), 12.93 % Cash, 5/2/2027 5/2/2022 $ 1,000,000 996,525 1,000,000 0.3 % JDXpert (j) Talent Acquisition Software Delayed Draw Term Loan (3M USD TERM SOFR+ 8.50 %), 12.93 % Cash, 5/2/2027 5/2/2022 $ 500,000 497,964 500,000 0.1 % Jobvite, Inc. (d) Talent Acquisition Software First Lien Term Loan (3M USD TERM SOFR+ 7.50 %), 11.67% Cash, 8/5/2028 8/5/2022 $ 20,000,000 19,924,505 19,782,000 5.0 % Total Talent Acquisition Software 27,401,173 27,282,000 6.8 % VetnCare MSO, LLC Veterinary Services Delayed Draw Term Loan (3M USD TERM SOFR+ 5.75 %), 9.92 % Cash, 5/12/2028 5/12/2023 $ 13,290,655 13,241,485 13,290,655 3.4 % Total Veterinary Services 13,241,485 13,290,655 3.4 % Better Impact USA Inc. Volunteer Program Management Software First Lien Term Loan (3M USD TERM SOFR+ 4.75 %), 8.42 % Cash, 1/8/2031 1/8/2026 $ 12,000,000 11,910,000 11,910,000 3.0 % Better Impact USA Inc. (j) Volunteer Program Management Software Delayed Draw Term Loan (3M USD TERM SOFR+ 4.75 %), 8.42 % Cash, 1/8/2031 1/8/2026 $ - - - 0.0 % Better Impact USA Inc. (h) Volunteer Program Management Software Preferred Units 1/8/2026 683,585 1,000,000 1,000,000 0.3 % Total Volunteer Program Management Software 12,910,000 12,910,000 3.3 % Sub Total Non-control/Non-affiliate investments 1,011,840,007 1,016,247,566 256.5 % 21 Saratoga Investment Corp. Consolidated Schedule of Investments February 28, 2026 Company(1) Industry Investment Interest Rate/ Maturity Original Acquisition Date Principal/ Number of Shares Cost Fair Value (c) % of Net Assets Affiliate investments - 13.4% (b) ETU Holdings, Inc. (f) Corporate Education Software First Lien Term Loan (3M USD TERM SOFR+ 9.00 %), 13.32% Cash, 8/18/2027 8/18/2022 $ 7,100,000 7,073,608 7,100,000 1.8 % ETU Holdings, Inc. (f) Corporate Education Software Second Lien Term Loan 15.00 % PIK, 2/18/2028 8/18/2022 $ 8,273,053 8,251,291 8,013,279 2.0 % ETU Holdings, Inc. (f)(h) Corporate Education Software Series B Preferred Units 11/21/2025 854,300 3,000,000 211,874 0.1 % ETU Holdings, Inc. (f)(h) Corporate Education Software Series C Preferred Units 11/21/2025 730,280 730,280 730,280 0.2 % Total Corporate Education Software 19,055,179 16,055,433 4.1 % Axero Holdings, LLC (f) Employee Collaboration Software First Lien Term Loan 7.00 % Cash, (3M USD TERM SOFR + 0.00 %) PIK, 12/31/2027 6/30/2021 $ 16,986,167 16,975,661 17,028,632 4.3 % Axero Holdings, LLC (f) Employee Collaboration Software Delayed Draw Term Loan 4.50 % Cash, (3M USD TERM SOFR + 2.50 %) PIK, 12/31/2027 6/30/2021 $ 1,205,470 1,202,805 1,208,484 0.3 % Axero Holdings, LLC (f)(j) Employee Collaboration Software Revolving Credit Facility 7.00 % Cash, (3M USD TERM SOFR + 0.00 %) PIK, 12/31/2027 2/3/2022 $ - - - 0.0 % Axero Holdings, LLC (f)(h) Employee Collaboration Software Series A Preferred Units 6/30/2021 2,055,609 2,055,609 4,193,442 1.1 % Axero Holdings, LLC (f)(h) Employee Collaboration Software Series B Preferred Units 6/30/2021 2,055,609 2,055,609 5,996,680 1.5 % Total Employee Collaboration Software 22,289,684 28,427,238 7.2 % SmartAC.com, LLC (f) HVAC Monitoring Devices First Lien Term Loan (3M USD TERM SOFR+ 7.50 %), 11.67 % Cash, 4/7/2030 4/7/2025 $ 5,117,298 5,084,330 5,100,700 1.3 % SmartAC.com, LLC (f)(j) HVAC Monitoring Devices Delayed Draw Term Loan (3M USD TERM SOFR+ 7.50 %), 11.67 % Cash, 4/7/2030 4/7/2025 $ - - - 0.0 % SmartAC.com, LLC (f)(j) HVAC Monitoring Devices Series A Preferred Units 4/7/2025 1,262,201 2,999,999 3,127,540 0.8 % Total HVAC Monitoring Devices 8,084,329 8,228,240 2.1 % Sub Total Affiliate investments 49,429,192 52,710,911 13.4 % Control investments - 10.1% (b) Zollege PBC (g) Education Services First Lien Term Loan 10.00 %, 8/9/2027 5/11/2021 $ 1,576,966 1,576,966 1,370,304 0.3 % Zollege PBC (g) Education Services Delayed Draw Term Loan 10.00 %, 8/9/2027 5/11/2021 $ - - ( 196,575 ) 0.0 % Zollege PBC (h)(g) Education Services Common Stock 5/11/2021 7,731,294 558,799 10,874,923 2.7 % Total Education Services 2,135,765 12,048,652 3.0 % Pepper Palace, Inc. (k)(g) Specialty Food Retailer First Lien Term Loan 4.42 % PIK, 12/31/2028 6/30/2021 $ 2,400,000 2,400,000 1,303,994 0.3 % Pepper Palace, Inc. (j)(k)(g) Specialty Food Retailer Delayed Draw Term Loan 4.42 % PIK, 12/31/2028 6/30/2021 $ 400,000 400,000 204,389 0.1 % Pepper Palace, Inc. (j)(k)(g) Specialty Food Retailer Revolving Credit Facility 4.42 % PIK, 12/31/2028 6/30/2021 $ 1,000,000 1,000,000 530,528 0.1 % Pepper Palace, Inc. (h)(g) Specialty Food Retailer Class A Units 6/30/2021 100,000 138,561 - 0.0 % Total Specialty Food Retailer 3,938,561 2,038,911 0.5 % Saratoga Investment Corp. CLO 2013-1, Ltd. (a)(e)(g) Structured Finance Securities Other/Structured Finance Securities 0.00 %, 4/20/2033 1/22/2008 $ 111,000,000 14,408,784 - 0.0 % Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note (a)(g)(k) Structured Finance Securities Other/Structured Finance Securities (3M USD TERM SOFR+ 10.00 %), 14.43 %, 4/20/2033 8/9/2021 $ 9,375,000 9,375,000 - 0.0 % Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E Note (a)(g) Structured Finance Securities Other/Structured Finance Securities (3M USD TERM SOFR+ 7.35 %), 11.14 %, 10/20/2037 9/24/2025 $ 8,750,000 8,443,750 8,422,177 2.1 % Total Structured Finance Securities 32,227,534 8,422,177 2.1 % Saratoga Senior Loan Fund I JV, LLC (a)(g)(j) Investment Fund Unsecured Loan 10.00 %, 10/20/2033 12/17/2021 $ 17,618,954 17,618,954 16,130,152 4.1 % Saratoga Senior Loan Fund I JV, LLC (a)(g)(n) Investment Fund Membership Interest 12/17/2021 19,197,861 19,197,861 1,535,443 0.4 % Total Investment Fund 36,816,815 17,665,595 4.5 % Sub Total Control investments 75,118,675 40,175,335 10.1 % TOTAL INVESTMENTS - 280.0% (b) $ 1,136,387,874 $ 1,109,133,812 280.0 % 22 Saratoga Investment Corp. Consolidated Schedule of Investments February 28, 2026 Number of Shares Cost Fair Value % of Net Assets Money Market Funds (included in cash and cash equivalents and cash and cash equivalents, reserve accounts) - 5.4% (b) Goldman Sachs Financial Square Government Fund (1)(2) 1,680,070 $ 1,680,070 $ 1,680,070 0.4 % Cash and cash equivalents 1,680,070 1,680,070 1,680,070 0.4 % Goldman Sachs Financial Square Government Fund (1)(2) 17,583,548 17,583,548 17,583,548 4.4 % Valley National Bank Business Money Market Fund (1)(3) 2,522,135 2,522,135 2,522,135 0.7 % Cash and cash equivalents, reserve accounts 20,105,683 20,105,683 20,105,683 5.1 % Total Money Market Funds (included in cash and cash equivalents and cash and cash equivalents, reserve accounts) 21,785,753 $ 21,785,753 $ 21,785,753 5.5 % (1) Securities are exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and are restricted securities. Money market funds are valued at net asset value and are considered level 1 investments within the fair value hierarchy. (2) Current yield as of February 28, 2026, was approximately 3.59% on the Goldman Sachs Financial Square Government Fund. (3) Current yield as of February 28, 2026, was approximately 3.19% on the Valley National Bank Business Money Market Fund. (a) Represents an investment that is not a “qualifying asset” under Section 55(a) of the Investment Company Act of 1940, as amended (the 1940 Act”). As of February 2026, non-qualifying assets represent 7.0% of the Company’s portfolio at fair value. As a BDC, the Company generally has to invest at least 70% of its total assets in qualifying assets. (b) Percentages are based on net assets of $396,155,754 as of February 28, 2026. (c) Because there is no “readily available market quotations” (as defined in the 1940 Act) for these investments, the fair values of these investments were determined using significant unobservable inputs and approved in good faith by our board of directors. These investments have been included as Level 3 in the Fair Value Hierarchy (see Note 3 to the consolidated financial statements). (d) These securities are either fully or partially pledged as collateral under the Company’s senior secured revolving credit facility (see Note 8 to the consolidated financial statements). (e) This investment does not have a stated interest rate that is payable thereon. As a result, the 0.00% interest rate in the table above represents the effective interest rate currently earned on the investment cost and is based on the current cash interest and other income generated by the investment. (f) As defined in the 1940 Act, this portfolio company is an “affiliate” as we own between 5.0% and 25.0% of the outstanding voting securities. Transactions during the year ended February 28, 2026 in which the issuer was an affiliate are as follows: Company Fair Value at the Beginning of Year Purchases/ Add-ons Sales/ Paydowns Total Interest from Investments Management Fee Income Net Realized Gain (Loss) from Investments Net Change in Unrealized Appreciation (Depreciation) Fair Value at End of Period Axero Holdings, LLC $ 27,179,347 $ - $ - $ 2,017,402 $ - $ - $ 131,417 $ 28,427,238 ETU Holdings, Inc. 13,368,085 730,280.00 - 2,143,472 - - 684,994 16,055,433 SmartAC.com,LLC - 10,939,999 ( 2,882,702 ) 807,160 - - 139,996 8,228,240 Total $ 40,547,432 $ 11,670,279 $ ( 2,882,702 ) $ 4,968,034 $ - $ - $ 956,407 $ 52,710,911 23 Saratoga Investment Corp. Consolidated Schedule of Investments February 28, 2026 (g) As defined in the 1940 Act, we “control” this portfolio company because we own more than 25% of the portfolio company’s outstanding voting securities. Transactions during the year ended February 28, 2026 in which the issuer was both an affiliate and a portfolio company that we control are as follows: Company Fair Value at the Beginning of Year Purchases/ Add-Ons Sales/ Paydowns Total Interest from Investments Total Dividends from Investments Management Fee Income Net Realized Gain (Loss) from Investments Net Change in Unrealized Appreciation (Depreciation) Fair Value at End of Period Netreo Holdings, LLC $ - $ - $ ( 638,355 ) $ - $ - $ - $ 638,355 $ - $ - Pepper Palace, Inc. 1,547,000 1,000,000 - - - - - ( 508,089 ) 2,038,911 Zollege PBC 3,937,150 - - 115,928 - - - 8,192,362 12,048,652 Saratoga Investment Corp. CLO 2013-1, Ltd. 240,578 - - - 2,586,517 - 239,675 - Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E Note 12,250,000 - ( 12,250,000 ) 1,762,122 - - - ( 857,500 ) - Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note 2,280,938 - - 1,222,262 - - - ( 2,280,938 ) - Saratoga Senior Loan Fund I JV, LLC 16,533,626 - - 1,765,814 - - - ( 403,474 ) 16,130,152 Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E-R Note - 8,443,750 - 431,533 - - - ( 21,573 ) 8,422,177 Saratoga Senior Loan Fund I JV, LLC 3,080,916 1,614,375 - - 2,404,864 - - ( 3,159,849 ) 1,535,443 Total $ 39,870,208 $ 11,058,125 $ ( 12,888,355 ) $ 5,297,659 $ 2,404,864 $ 2,586,517 $ 638,355 $ 1,200,614 $ 40,175,335 (h) Non-income producing at February 28, 2026 (i) Includes securities issued by an affiliate of the company. (j) All or a portion of this investment has an unfunded commitment as of February 28, 2026. (See Note 9 to the consolidated financial statements). (k) As of February 28, 2026, the investment was on non-accrual status. The fair value of these investments was approximately $2.0 million, which represented 0.2% of the Company’s portfolio (see Note 2 to the consolidated financial statements). (l) Included within cash and cash equivalents and cash and cash equivalents, reserve accounts in the Company’s consolidated statements of assets and liabilities as of February 28, 2026. (m) This investment elected to PIK 20% of accrued interest, with 80% of accrued interest payable in cash. (n) 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. 24 SARATOGA INVESTMENT CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS May 31, 2026 (unaudited) Note 1. Organization Saratoga Investment Corp. (the “Company”, “we”, “our” and “us”) is a non-diversified closed end management investment company incorporated in Maryland that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company commenced operations on March 23, 2007 as GSC Investment Corp. and completed the initial public offering (“IPO”) on March 28, 2007. The Company has elected, and intends to qualify annually, to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation from its investments. GSC Investment, LLC (the “LLC”) was organized in May 2006 as a Maryland limited liability company. On March 21, 2007, the Company was incorporated and concurrently therewith the LLC was merged with and into the Company, with the Company as the surviving entity, in accordance with the procedure for such merger in the LLC’s limited liability company agreement and Maryland law. In connection with such merger, each outstanding limited liability company interest of the LLC was converted into a share of common stock of the Company. On July 30, 2010, the Company changed its name from “GSC Investment Corp.” to “Saratoga Investment Corp.” in connection with the consummation of a recapitalization transaction. The Company is externally managed and advised by the investment adviser, Saratoga Investment Advisors, LLC (the “Manager” or “Saratoga Investment Advisors”), pursuant to an investment advisory and management agreement (the “Management Agreement”). The Company has established wholly owned subsidiaries, SIA-AAP, Inc., SIA-SAIS, Inc., SIA-ARC, Inc., SIA-Avionte, Inc., SIA-AX, Inc., SIA-G4, Inc., SIA-GH, Inc., SIA-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. In May 2026, legislation amending the Small Business Investment Act of 1958 increased (a) the individual leverage limit from $ 175.0 million to $ 250.0 million, subject to SBA approvals, and (b) the maximum leverage available for two or more SBICs under common control from $ 350.0 million to $ 475.0 million. The Company has formed wholly owned special purpose entities organized as Delaware limited liability companies, Saratoga Investment Funding II LLC (“SIF II”) and Saratoga Investment Funding III LLC (“SIF III”) for the purpose of the Company’s credit facilities as described in Note 8, Borrowings . On October 26, 2021, the Company and TJHA JV I LLC (“TJHA”) entered into a Limited Liability Company Agreement to co-manage Saratoga Senior Loan Fund I JV LLC (“SLF JV”). SLF JV is under joint control and is not consolidated. SLF JV is invested in Saratoga Investment Corp Senior Loan Fund 2022-1 Ltd. (“SLF 2022”), which is a wholly owned subsidiary of SLF JV. SLF 2022 was formed for the purpose of making investments in a diversified portfolio of broadly syndicated first lien and second lien term loans or bonds in the primary and secondary markets. On October 28, 2022, SLF 2022 issued $ 402.1 million of debt (the “2022 JV CLO Notes”) through a collateralized loan obligation trust (the “JV CLO trust”). The 2022 JV CLO Notes were issued pursuant to an indenture, dated October 28, 2022 (the “JV Indenture”), with U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association) (the “Trustee”) serving as the trustee. 25 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 three months ended May 31, 2026. Principles of Consolidation Under the investment company rules and regulations pursuant to ASC 946, the Company is precluded from consolidating any entity other than another investment company or controlled operating company whose business consists of providing services to the Company. As a result, the consolidated financial statements of the Company include only the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company has determined that SLF JV is an investment company under ASC 946; however, in accordance with such guidance the Company will generally not consolidate its investment in a company other than a wholly owned investment company subsidiary. SLF JV is not a wholly owned investment company subsidiary as the Company and TJHA each have an equal 50 % voting interest in SLF JV and thus neither party has a controlling financial interest. Furthermore, FASB ASC Topic 810, Consolidation (“ASC 810”), concludes that in a joint venture where both members have equal decision-making authority, it is not appropriate for one member to consolidate the joint venture since neither has control. Accordingly, the Company does not consolidate its investment in SLF JV. Use of Estimates in the Preparation of Financial Statements The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and income, gains (losses) and expenses during the period reported. Actual results could differ materially from those estimates. 26 Operating Segment In accordance with ASC Topic 280, Segment Reporting , the Company operates through two separate operating segments, with one primary core business segment and one non-core segment, assessed as immaterial by management, resulting in only one reportable segment. The Company’s primary core segment invests in various industries and separately evaluates the performance of each of its investment relationships. However, because each of these investment relationships have similar business and economic characteristics, they have been aggregated into a single reportable segment. The Company’s management and independent Board of Directors are the Chief Operating Decision Makers (“CODM”). The Company and the CODM evaluate and monitor performance of the business on an aggregated basis. Further, each investment is evaluated and managed using similar processes and shared operations support functions such as deal origination, underwriting, loan and compliance administration in addition to administrative functions of human resources, legal, finance and information technology. As the Company’s operations comprise a single reporting segment, the segment assets are reflected on the accompanying consolidated statements of operations. The CODM uses our consolidated net investment income and net increase (decrease) in net assets resulting from operations as reported in the consolidated statements of operations to assess the Company’s performance and when allocating resources. Net investment income is comprised of total investment income (‘segment revenues’), and total expenses (‘total segment expenses’) and operating expenses (“segment operating expenses”), which are considered the key segment measures of profit or loss received by the CODM. The expense categories included in the Company’s consolidated statement of operations are fully reflective of the significant expense categories and amounts that are regularly provided to the CODM. For the three months ended May 31, 2026 and May 31, 2025, operating expenses, which exclude interest and debt financing expenses, base management fees and incentive management fees expense (benefit), totaled $ 2.7 million and $ 2.9 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 May 31, 2026, the Company did not exceed any of these limitations. Cash and Cash Equivalents, Reserve Accounts Cash and cash equivalents, reserve accounts include amounts held in designated bank accounts in the form of cash and short-term liquid investments in money market funds, and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation insurance limits, representing payments received on secured investments or other reserved amounts associated with the credit facilities held by the Company’s wholly owned subsidiaries, SIF II and SIF III, respectively. The Company is required to use these amounts to pay interest expense, reduce borrowings, or pay other amounts in accordance with the terms of the credit facilities, after which these amounts are available for general corporate purposes. In addition, cash and cash equivalents, reserve accounts also include amounts held in designated bank accounts, in the form of cash and short-term liquid investments in money market funds, within the Company’s wholly owned subsidiaries, SBIC II LP and SBIC III LP. 27 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: May 31, 2026 February 28, 2026 Cash and cash equivalents 46,140,915 $ 1,680,070 Cash and cash equivalents, reserve accounts 14,667,902 20,105,683 Total cash and cash equivalents and cash and cash equivalents, reserve accounts $ 60,808,817 $ 21,785,753 Investment Classification The Company classifies its investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, “control investments” are defined as investments in companies in which the Company owns more than 25.0 % of the voting securities or maintains greater than 50.0 % of the board representation. Under the 1940 Act, “affiliated investments” are defined as those non-control investments in companies in which the Company owns between 5.0 % and 25.0 % of the voting securities. Under the 1940 Act, “non-affiliated investments” are defined as investments that are neither control investments nor affiliated investments. Investment Valuation The Company accounts for its investments at fair value in accordance with the FASB ASC Topic 820, Fair Value Measurement (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value and enhances disclosure requirements for fair value measurements. ASC 820 requires the Company to assume that its investments are to be sold or its liabilities are to be transferred at the measurement date in the principal market to independent market participants, or in the absence of a principal market, in the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. 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. 28 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. 29 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 May 31, 2026 our investment in one portfolio company and the Class F-2-R-3 Notes of the Saratoga CLO were on non-accrual status with a fair value of approximately $ 0.0 million, or 0.0 % of the fair value of our portfolio. At February 28, 2026, our investment in one portfolio company and the Class F-2-R-3 Notes of the Saratoga CLO were on non-accrual status with a fair value of approximately $ 2.0 million, or 0.2 % of the fair value of our portfolio. Interest income on our investment in the subordinated note of Saratoga CLO is recorded using the effective interest method in accordance with the provisions of ASC Topic 325-40, Investments—Other, Beneficial Interests in Securitized Financial Assets , based on the anticipated yield and the estimated cash flows over the projected life of the investment. Yields are revised when there are changes in actual or estimated cash flows due to changes in prepayments and/or re-investments, credit losses or asset pricing. Changes in estimated yield are recognized as an adjustment to the estimated yield over the remaining life of the investment from the date the estimated yield was changed. Payment-in-Kind Interest The Company may hold debt and preferred equity investments in its portfolio that contain a payment-in-kind (“PIK”) interest provision. The PIK interest, which represents contractually deferred interest added to the investment balance that is generally due at maturity, is generally recorded on an accrual basis to the extent such amounts are expected to be collected. The Company stops accruing PIK interest if it is expected that the issuer will not be able to pay all principal and interest when due. The Company restores such investments to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current, although management may make exceptions to this general rule if the loan has sufficient collateral value and is in the process of collection. 30 Dividend Income Dividend income is recorded in the consolidated statements of operations when earned. Structuring and Advisory Fee Income Structuring and advisory fee income represents various fee income earned and received for performing certain investment structuring and advisory activities during the closing of new investments. Other Income Other income includes prepayment income fees, and monitoring, administration, redemption and amendment fees and is recorded in the consolidated statements of operations when earned. Deferred Debt Financing Costs Financing costs incurred in connection with our credit facilities and notes are deferred and amortized using the straight-line method over the life of the respective facility and debt securities. Financing costs incurred in connection with the SBA debentures of SBIC II LP and SBIC III LP are deferred and amortized using the straight-line method over the life of the debentures. Any discount or premium on the issuance of any debt is accreted and amortized using the effective interest method over the life of the respective debt security. The Company presents deferred debt financing costs on the balance sheet as a contra-liability, which is a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Realized Loss on Extinguishment of Debt Upon the repayment of debt obligations that are deemed to be extinguishments, the difference between the principal amount due at maturity adjusted for any unamortized debt issuance costs is recognized as a loss (i.e., the unamortized debt issuance costs are recognized as a loss upon extinguishment of the underlying debt obligation). Contingencies In the ordinary course of business, the Company may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Company. Based on its history and experience, management reasonably believes that the likelihood of such an event is remote. Therefore, the Company has not accrued any liabilities in connection with such indemnifications. In the ordinary course of business, the Company may directly or indirectly be a defendant or plaintiff in legal actions with respect to bankruptcy, insolvency or other types of proceedings. Such lawsuits may involve claims that could adversely affect the value of certain financial instruments owned by the Company. Income Taxes The Company has elected, and intends to qualify annually, to be treated for U.S. federal income tax purposes as a RIC under subchapter M of the Code. By meeting these requirements, the Company generally will not be subject to U.S. federal income tax on ordinary income or capital gains timely distributed to stockholders. Therefore, no provision has been recorded for federal income taxes, except as related to the Corporate Blockers (as defined below) and long-term capital gains, when applicable. In order to qualify as a RIC, among other requirements, the Company generally is required to timely distribute to its stockholders at least 90 % of its “investment company taxable income”, as defined by the Code, for each fiscal tax year. The Company will be subject to U.S. federal income tax imposed at corporate rates on its investment company taxable income and net capital gains that it does not timely distribute to shareholders. The Company will be subject to a non-deductible U.S. federal excise tax of 4 % on undistributed income if it does not distribute at least (1) 98 % of its net ordinary income in any calendar year, (2) 98.2 % of its capital gain net income for each one-year period ending on October 31 and (3) certain undistributed amounts from previous years on which we paid no U.S. federal income tax. 31 Depending on the level of investment company taxable income earned in a tax year and the amount of net capital gains recognized in such tax year, the Company may choose to carry forward investment company taxable income and net capital gains in excess of current year dividend distributions into the next tax year and pay U.S. federal income tax, and possibly the 4 % U.S. federal excise tax on such income, as required. To the extent that the Company determines that its estimated current year annual investment company taxable income will be in excess of estimated current year dividend distributions for U.S. federal excise tax purposes, the Company accrues the U.S. federal excise tax, if any, on estimated excess taxable income as taxable income is earned. For the years ended February 28, 2026, February 28, 2025 and February 29, 2024, the excise tax accrual on estimated excess taxable income was $ 1.7 million, $ 2.4 million and $ 1.8 million, respectively. In accordance with U.S. Treasury regulations and published guidance issued by the Internal Revenue Service (“IRS”), a publicly offered RIC may treat a distribution of its own stock as counting toward its RIC distribution requirements if each stockholder may elect to receive his, her, or its entire distribution in either cash or stock of the RIC, subject to a limitation that the aggregate amount of cash to be distributed to all stockholders must be at least 20 % of the aggregate distribution. Under the published guidance, if too many stockholders elect to receive cash, the cash available for distribution must be allocated among the stockholders electing to receive cash (with the balance of the distribution paid in stock). In no event will any stockholder, electing to receive cash, receive less than 20 % of his or her entire distribution in cash. If these and certain other requirements are met, for U.S. federal income tax purposes, the amount of the dividend paid in stock will be equal to the amount of cash that could have been received instead of stock. The Company may utilize wholly owned holding companies that are treated as corporations for U.S. federal income tax purposes when making equity investments in portfolio companies taxed as pass-through entities to meet its source-of-income requirements as a RIC (“Corporate Blockers”). Corporate Blockers are consolidated in the Company’s U.S. GAAP financial statements and may result in current and deferred U.S. federal and state income tax expense with respect to income derived from those investments. Such income, net of applicable income taxes, is not included in the Company’s taxable income until distributed by the Corporate Blocker, which may result in timing and character differences between the Company’s income for U.S. GAAP purposes and the Company’s income for U.S. federal income tax purposes. Income tax expense or benefit from Corporate Blockers related to net investment income are included in total operating expenses, while any expense or benefit related to federal or state income tax originated for capital gains and losses are included together with the applicable net realized or unrealized gain or loss line item. Deferred tax assets of the Corporate Blockers are reduced by a valuation allowance when, in the opinion of management, it is more-likely than-not that some portion or all of the deferred tax assets will not be realized. FASB ASC Topic 740, Income Taxes (“ASC 740”), provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions deemed to meet a “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current period. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the consolidated statements of operations. During the fiscal year ended February 28, 2026, February 28, 2025 and February 29, 2024 the Company did not incur any interest or penalties. Although we file federal and state tax returns, our major tax jurisdiction is federal. The 2022, 2023, 2024, 2025 and 2026 federal tax years for the Company remain subject to examination by the IRS. At May 31, 2026, and February 28, 2026, there were no uncertain tax positions. The Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change significantly in the next 12 months. Dividends Dividends to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a dividend is determined by the board of directors. Net realized capital gains, if any, are generally distributed at least annually, although we may decide to retain some or all of our net capital gains for reinvestment. We have adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of our dividend distributions on behalf of our stockholders unless a stockholder elects to receive cash. As a result, if our board of directors authorizes, and we declare, a cash dividend, then our stockholders who have not “opted out” of the DRIP by the dividend record date will have their cash dividends automatically reinvested into additional shares of our common stock, rather than receiving the cash dividends. We have the option to satisfy the share requirements of the DRIP through the issuance of new shares of common stock or through open market purchases of common stock by the DRIP plan administrator. 32 Capital Gains Incentive Fee The Company records an expense accrual on the consolidated statements of operations relating to the capital gains incentive fee payable to the Manager, as recorded on the consolidated statements of assets and liabilities when the net realized and unrealized gain on its investments exceed all net realized and unrealized capital losses on its investments, as a capital gains incentive fee would be owed to the Manager if the Company were to liquidate its investment portfolio at such time. The actual incentive fee payable to the Manager related to capital gains will be determined and payable in arrears at the end of each fiscal year and only reflect those realized capital gains net of realized and unrealized losses for the period. Recent Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses , which requires additional disclosure of the nature of expenses included in the income statement in response to requests from investors for more information about an entity’s expenses. The new standard requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. The new guidance is effective for annual periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of the new standard on the Company’s consolidated financial statements and related disclosures and does not believe it will have a material impact on its consolidated financial statements or its disclosures. Risk Management In the ordinary course of its business, the Company manages a variety of risks, including market and credit risk. Market risk is the risk of potential adverse changes to the value of investments because of changes in market conditions such as interest rate movements and volatility in investment prices. Credit risk is the risk of default or non-performance by portfolio companies, equivalent to the investment’s carrying amount. The Company is also exposed to credit risk related to maintaining all of its cash and cash equivalents, including those in reserve accounts, at a major financial institution and credit risk related to any of its derivative counterparties. The Company has investments in lower rated and comparable quality unrated high yield bonds and bank loans. Investments in high yield investments are accompanied by a greater degree of credit risk. The risk of loss due to default by the issuer is significantly greater for holders of high yield securities, because such investments are generally unsecured and are often subordinated to other creditors of the issuer. Note 3. Investments As noted above, the Company values all investments in accordance with ASC 820. As defined in ASC 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between independent market participants at the measurement date. ASC 820 establishes a hierarchical disclosure framework that prioritizes and ranks the level of market price observability of inputs used in measuring investments at fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. 33 Based on the observability of the inputs used in the valuation techniques, the Company is required to provide disclosures on fair value measurements according to the fair value hierarchy. The fair value hierarchy ranks the observability of the inputs used to determine fair values. Investments carried at fair value are classified and disclosed in one of the following three categories: ● Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. ● Level 2— Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. Such inputs may be quoted prices for similar assets or liabilities, quoted markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full character of the financial instrument, or inputs that are derived principally from, or corroborated by, observable market information. Investments that are generally included in this category include illiquid debt securities and less liquid, privately held or restricted equity securities, for which some level of recent trading activity has been observed. ● Level 3—Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment. The inputs may be based on the Company’s own assumptions about how market participants would price the asset or liability or may use Level 2 inputs, as adjusted, to reflect specific investment attributes relative to a broader market assumption. Even if observable market data for comparable performance or valuation measures (earnings multiples, discount rates, other financial/valuation ratios, etc.) are available, such investments are grouped as Level 3 if any significant data point that is not also market observable (private company earnings, cash flows, etc.) is used in the valuation technique. The Company uses multiple techniques for determining fair value based on the nature of the investment and experience with those types of investments and specific portfolio companies. The selection of the valuation techniques and the inputs and assumptions used within those techniques often requires subjective judgments and estimates. These techniques include market comparables, the Black-Scholes model, discounted cash flows and enterprise value waterfalls. Fair value is best expressed as a range of values from which the Company determines a single best estimate. The types of inputs and assumptions that may be considered in determining the range of values of the Company’s investments include the nature and realizable value of any collateral, the portfolio company’s ability to make payments, market yield trend analysis and volatility in future interest rates, call and put features, the markets in which the portfolio company does business, comparison to publicly traded companies, discounted cash flows and other relevant factors. In addition to using the above inputs in investment valuations, the Company continues to employ the valuation policy approved by the board of directors that is consistent with ASC 820 and the 1940 Act (see Note 2. Summary of Significant Accounting Policies ). Consistent with our valuation policy, the Company evaluates the source of inputs, including any markets in which its investments are trading, in determining fair value. 34 The following table presents fair value measurements of investments, by major class, as of May 31, 2026 (dollars in thousands), according to the fair value hierarchy: Fair Value Measurements Valued Using Net Asset Level 1 Level 2 Level 3 Value* Total First lien term loans $ - $ - $ 920,576 $ - $ 920,576 Second lien term loans - - 42,725 - 42,725 Unsecured term loans - - 15,667 - 15,667 Structured finance securities - 57,708 8,302 - 66,010 Equity interests - - 76,382 4,974 81,356 Total $ - $ 57,708 $ 1,063,652 $ 4,974 $ 1,126,334 * The Company’s equity investment in SLF JV is measured using the proportionate share of the NAV, or equivalent, as a practical expedient and thus has not been classified in the fair value hierarchy. The Company’s unsecured loan investment in SLF JV is based on a discounted cash flow valuation technique. The following table presents fair value measurements of investments, by major class, as of February 28, 2026 (dollars in thousands), according to the fair value hierarchy: Fair Value Measurements Valued Using Net Asset Level 1 Level 2 Level 3 Value* Total First lien term loans $ - $ - $ 910,991 $ - $ 910,991 Second lien term loans - - 42,707 - 42,707 Unsecured term loans - - 16,130 - 16,130 Structured finance securities - 46,412 8,422 - 54,834 Equity interests - - 82,937 1,535 84,472 Total $ - $ 46,412 $ 1,061,187 $ 1,535 $ 1,109,134 * The 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. 35 The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended May 31, 2026 (dollars in thousands): First lien term loans Second lien term loans Unsecured term loans Structured finance securities Equity interests Total Balance as of February 28, 2026 $ 910,991 $ 42,707 $ 16,130 $ 8,422 $ 82,937 $ 1,061,187 Payment-in-kind and other adjustments to cost 368 310 - - - 678 Net accretion of discount on investments 775 38 - - - 813 Net change in unrealized appreciation (depreciation) on investments ( 11,433 ) ( 330 ) ( 463 ) ( 120 ) ( 6,567 ) ( 18,913 ) Purchases 67,652 - - - 500 68,152 Sales and repayments ( 47,777 ) - - - ( 638 ) ( 48,415 ) Net realized gain (loss) from investments - - - - 150 150 Balance as of May 31, 2026 $ 920,576 $ 42,725 $ 15,667 $ 8,302 $ 76,382 $ 1,063,652 Net change in unrealized appreciation (depreciation) for the period relating to those Level 3 assets that were still held by the Company at the end of the period $ ( 11,747 ) $ ( 330 ) $ ( 463 ) $ 178 $ ( 6,567 ) $ ( 18,929 ) 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 three months ended May 31, 2026. The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended May 31, 2025 (dollars in thousands): First lien term loans Second lien term loans Unsecured term loans Structured finance securities Equity interests Total Balance as of February 28, 2025 $ 867,866 $ 6,388 $ 16,534 $ 14,772 $ 69,437 $ 974,997 Payment-in-kind and other adjustments to cost 455 267 - ( 205 ) - 517 Net accretion of discount on investments 854 5 - - - 859 Net change in unrealized appreciation (depreciation) on investments 367 ( 60 ) 101 ( 303 ) 643 748 Purchases 33,796 - - - 3,356 37,152 Sales and repayments ( 61,761 ) - - - ( 3,305 ) ( 65,066 ) Net realized gain (loss) from investments - - - - 2,901 2,901 Balance as of May 31, 2025 $ 841,577 $ 6,600 $ 16,635 $ 14,264 $ 73,032 $ 952,108 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 period $ 850 $ ( 60 ) $ 102 $ ( 110 ) $ 1,750 $ 2,532 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. 36 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 three months ended May 31, 2025. The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of May 31, 2026 were as follows (dollars in thousands): Fair Value Valuation Technique Unobservable Input Range Weighted Average* First lien term loans $ 920,576 Market Comparables Market Yield (%) 8.1 % - 41.3 % 11.5 % Revenue Multiples (x) 0.0 x - 2.2 x 2.2 x EBITDA Multiples (x) 6.5 x 6.5 x Third-party Bid (x) 11.6 x 11.6 x Second lien term loans 42,725 Market Comparables Market Yield (%) 11.1 % - 19.5 % 12.7 % Unsecured term loans 15,667 Discounted Cash Flow Discount Rate (%) 10.5 % 10.5 % Structured finance securities 8,302 Discounted Cash Flow Discount Rate (%) 9.0 % - 70.0 % 11.1 % Recovery Rate (%) 70.0 % 70.0 % Prepayment Rate (%) 20.0 % 20.0 % Equity interests 76,382 Market Comparables Market Yield (%) 15.5 % 0.1 % Enterprise Value Waterfall Revenue Multiples (x) 0.0 x - 8.2 x 6.0 x Black-Scholes Modeling (x) Volatility (%) 40.2 % 40.2 % EBITDA Multiples (x) 4.8 x - 20.0 x 9.7 x Total $ 1,063,652 * The weighted average in the table above is calculated based on each investment’s fair value weighting, using the applicable unobservable input. The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of February 28, 2026 were as follows (dollars in thousands): Fair Value Valuation Technique Unobservable Input Range Weighted Average* First lien term loans $ 910,991 Market Comparables Market Yield (%) 8.3 % - 30.9 % 11.1 % EBITDA Multiples (x) 12.1 x 12.1 x Second lien term loans $ 42,707 Market Comparables Market Yield (%) 11.1 % - 16.9 % 12.2 % Unsecured term loans 16,130 Discounted Cash Flow Discount Rate (%) 10.0 % 10.0 % Structured finance securities 8,422 Discounted Cash Flow Discount Rate (%) 8.50 % - 70.0 % 10.9 % Recovery Rate (%) 70 % 70.0 % Prepayment Rate (%) 20.0 % 20.0 % Equity interests 82,937 Market Comparables Market Yield (%) 13.5 % 0.1 % Enterprise Value Waterfall Revenue Multiples (x) 0.1 x - 8.2 x 6.0 x Black-Scholes Modeling Volatility (%) 38.7 % 38.7 % EBITDA Multiples (x) 0.5 x - 20.0 x 9.4 x Total $ 1,061,187 * The weighted average in the table above is calculated based on each investment’s fair value weighting, using the applicable unobservable input. 37 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 May 31, 2026 at amortized cost and fair value was as follows (dollars in thousands): Investments at Amortized Cost Amortized Cost Percentage of Total Portfolio Investments at Fair Value Fair Value Percentage of Total Portfolio First lien term loans $ 941,446 80.6 % $ 920,576 81.7 % Second lien term loans 43,294 3.7 42,725 3.8 Unsecured term loans 17,619 1.5 15,667 1.4 Structured finance securities 89,961 7.7 66,010 5.9 Equity interests 76,445 6.5 81,356 7.2 Total $ 1,168,765 100.0 % $ 1,126,334 100.0 % The composition of our investments as of February 28, 2026 at amortized cost and fair value was as follows (dollars in thousands): Investments at Amortized Cost Amortized Cost Percentage of Total Portfolio Investments at Fair Value Fair Value Percentage of Total Portfolio First lien term loans $ 920,429 81.0 % $ 910,991 82.1 % Second lien term loans 42,945 3.8 42,707 3.9 Unsecured term loans 17,619 1.6 16,130 1.5 Structured finance securities 78,962 6.9 54,834 4.9 Equity interests 76,433 6.7 84,472 7.6 Total $ 1,136,388 100.0 % $ 1,109,134 100.0 % For loans and debt securities for which market quotations are not readily available, the Company determines their fair value based on third party indicative broker quotes, where available, or the inputs that a hypothetical market participant would use to value the security in a current hypothetical sale using a market comparables valuation technique. In applying the market comparables valuation technique, the Company determines the fair value based on such factors as market participant inputs including synthetic credit ratings, estimated remaining life, current market yield and interest rate spreads of similar securities as of the measurement date. If, in the Company’s judgment, the market comparables technique is not sufficient or appropriate, the Company may use additional techniques such as an asset liquidation or expected recovery model. 38 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 May 31, 2026. The inputs at May 31, 2026 for the valuation model include: ● Default rate: 2.0% ● Recovery rate: 70% ● Discount rate: 9.00%–70.0% ● Prepayment rate: 20.0% ● Reinvestment rate / price: S+365bps / $99.00 39 The Company’s equity investment in SLF JV is measured using the proportionate share of the NAV of SLF JV, or equivalent, as a practical expedient. Investment Concentration Set forth is a brief description of each portfolio company in which the fair value of the Company’s investment represents greater than 5 % of the Company’s total assets as of May 31, 2026, excluding Saratoga CLO, SLF JV and SLF 2022 (see Note 4. Investment in Saratoga CLO and Note 5. Investment in SLF JV for more information on Saratoga CLO, SLF JV and SLF 2022, respectively). As of May 31, 2026, our current total investments in SAAS companies was $ 532.6 million, or 47.3 % of total investments at fair value. 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. 40 On August 9, 2021, the Company exchanged its existing $ 17.9 million Class F-R-3 Note for $ 8.5 million Class F-1-R-3 Notes and $ 9.4 million Class F-2-R-3 Notes at par. On August 11, 2021, the Company sold its Class F-1-R-3 Notes to third parties, resulting in a realized loss of $ 0.1 million. On June 10, 2024, the Company completed its fifth refinancing of the Saratoga CLO, which adjusted the interest rate of two of the existing Notes. Saratoga CLO issued $ 422.5 million of notes (the “2013-1 2024 Reset CLO Notes”), consisting of Class A-1-R-4 and Class A-2-R-4. The 2013-1 2024 Reset CLO Notes were issued pursuant to the Indenture with the same Trustee. Proceeds of the issuance of the 2013-1 2024 Reset CLO Notes were used along with existing assets of the Saratoga CLO to redeem the existing Class A-1-R-3 and Class A-2-R-3 Notes. No other Notes were refinanced as part of this refinancing. The Saratoga CLO paid $ 0.5 million of transaction costs related to the refinancing. The Saratoga CLO remains effectively 100.0 % owned and managed by the Company. The Company receives a base management fee of 0.10 % per annum and a subordinated management fee of 0.40 % per annum of the outstanding principal amount of Saratoga CLO’s assets, paid quarterly to the extent of available proceeds. Following the third refinancing and the issuance of the 2013-1 Reset CLO Notes on December 14, 2018, the Company is no longer entitled to an incentive management fee equal to 20.0 % of excess cash flow to the extent the Saratoga CLO subordinated notes receive an internal rate of return paid in cash equal to or greater than 12.0 %. For the three months ended May 31, 2026 and May 31, 2025, the Company accrued management fee income of $ 0.5 million and $ 0.7 million, respectively, and interest income of $ 0.0 million and $ 0.0 million, respectively, from the Saratoga CLO. As of May 31, 2026, the Company determined that the fair value of its investment in the subordinated notes of Saratoga CLO was $ 0.0 million. As of May 31, 2026, the fair value of its investment in the Class F-2-R-3 Notes of Saratoga CLO was $ 0.0 million. As of May 31, 2026, Saratoga CLO had investments with a principal balance of $ 361.1 million and a weighted average spread over SOFR of 3.4 % and had debt with a principal balance of $ 378.2 million with a weighted average spread over SOFR of 2.7 %. As of May 31, 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 subordinated notes of Saratoga CLO is $ 57.8 million, which consists of additional investments of $ 30.0 million in January 2008, $ 13.8 million in December 2018 and $ 14.0 million in February 2021. To date, the Company has received distributions of $ 92.2 million, management fees of $ 41.4 million and incentive fees of $ 1.2 million. As of February 28, 2026, the Company determined that the fair value of its investment in the subordinated notes of Saratoga CLO was $ 0.0 million. As of February 28, 2026, the fair value of its investment in the Class F-2-R-3 Notes of Saratoga CLO was $ 0.0 million. As of February 28, 2026, Saratoga CLO had investments with a principal balance of $ 390.0 million and a weighted average spread over SOFR of 3.4 % and had debt with a principal balance of $ 410.3 million with a weighted average spread over SOFR of 2.6 %. As of February 28, 2026, the present value of the projected future cash flows of the subordinated notes was approximately $ 0.0 million, using a 70 % discount rate. The Company’s total investment in the subordinated notes of Saratoga CLO is $ 57.8 million, which consists of additional investments of $ 30.0 million in January 2008, $ 13.8 million in December 2018 and $ 14.0 million in February 2021. To date, the Company has received distributions of $ 92.2 million, management fees of $ 41.0 million and incentive fees of $ 1.2 million. Below is certain financial information from the separate unaudited financial statements of Saratoga CLO as of May 31, 2026 and February 28, 2026, and for the three months ended May 31, 2026 and May 31, 2025. 41 Saratoga Investment Corp. CLO 2013-1, Ltd. Statements of Assets and Liabilities May 31, 2026 February 28, 2026 (unaudited) ASSETS Investments at fair value Loans at fair value (amortized cost of $ 354,529,855 and $ 381,488,638 , respectively) $ 328,443,133 $ 353,285,019 Equities at fair value (amortized cost of $ 2,057,926 and $ 1,324,217 , respectively) 784,032 831,552 Total investments at fair value (amortized cost of $ 356,587,781 and $ 382,812,855 , respectively) 329,227,165 354,116,571 Cash and cash equivalents 18,833,315 22,319,387 Receivable from open trades 9,530,237 10,432,424 Interest receivable (net of reserve of $ 836,267 and $ 817,651 , respectively) 2,025,695 2,115,446 Due from affiliate (See Note 7) 1,591 1,591 Prepaid expenses and other assets 1,038,162 596,520 Total assets $ 360,656,165 $ 389,581,939 LIABILITIES Interest payable $ 3,179,588 $ 2,852,957 Accrued base management fee 46,568 49,944 Accrued subordinated management fee 186,270 199,776 Accounts payable and accrued expenses 837,558 568,796 Saratoga Investment Corp. CLO 2013-1, Ltd. Notes: Class A-1-R-4 Senior Secured Floating Rate Notes 124,676,427 156,828,563 Class A-2-R-4 Senior Secured Floating Rate Notes 65,000,000 65,000,000 Class B-FL-R-3 Senior Secured Floating Rate Notes 60,500,000 60,500,000 Class B-FXD-R-3 Senior Secured Fixed Rate Notes 11,000,000 11,000,000 Class C-FL-R-3 Deferrable Mezzanine Floating Rate Notes 26,000,000 26,000,000 Class C-FXD-R-3 Deferrable Mezzanine Fixed Rate Notes 6,500,000 6,500,000 Class D-R-3 Deferrable Mezzanine Floating Rate Notes 39,000,000 39,000,000 Discount on Class D-R-3 Notes ( 165,899 ) ( 171,966 ) Class E-R-3 Deferrable Mezzanine Floating Rate Notes 27,625,000 27,625,000 Discount on Class E-R-3 Notes ( 1,723,511 ) ( 1,786,533 ) Class F-1-R-3 Notes Deferrable Junior Floating Rate Notes 8,500,000 8,500,000 Class F-2-R-3 Notes Deferrable Junior Floating Rate Notes 9,375,000 9,375,000 Deferred debt financing costs ( 1,044,031 ) ( 1,081,116 ) Subordinated Notes 111,000,000 111,000,000 Discount on Subordinated Notes ( 27,259,170 ) ( 28,255,929 ) Total liabilities 463,233,800 493,704,492 Commitments and contingencies NET ASSETS Ordinary equity, par value $ 1.00 , 250 ordinary shares authorized, 250 and 250 common shares issued and outstanding, respectively 250 250 Total distributable earnings (loss) ( 102,577,885 ) ( 104,122,803 ) Total net deficit ( 102,577,635 ) ( 104,122,553 ) Total liabilities and net assets $ 360,656,165 $ 389,581,939 See accompanying notes to financial statements. 42 Saratoga Investment Corp. CLO 2013-1, Ltd. Statements of Operations (unaudited) For the three months ended May 31, 2026 May 31, 2025 INVESTMENT INCOME Total interest from investments $ 8,749,025 $ 11,413,857 Interest from cash and cash equivalents 197,709 208,109 Other income 43,049 5,859 Total investment income 8,989,783 11,627,825 EXPENSES Interest and debt financing expenses 7,475,687 9,944,361 Base management fee 108,998 147,072 Subordinated management fee 435,991 558,103 Professional fees 80,384 188,125 Trustee expenses 40,030 48,860 Other expense 94,698 136,476 Total expenses 8,235,788 11,022,997 NET INVESTMENT INCOME (LOSS) 753,995 604,828 REALIZED AND UNREALIZED LOSS ON INVESTMENTS Net realized loss from investments ( 544,745 ) ( 2,066,876 ) Net change in unrealized depreciation on investments 1,335,668 ( 5,022,409 ) Net realized and unrealized gain (loss) on investments 790,923 ( 7,089,285 ) NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 1,544,918 $ ( 6,484,457 ) See accompanying notes to financial statements 43 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments May 31, 2026 (unaudited) Issuer Name Industry Asset Name Asset Type Reference Rate/Spread SOFR Floor Current Rate (All In) Maturity Date Principal/ Number of Shares Cost Fair Value ALTISOURCE PORTFOLIO SOL Banking, Finance, Insurance & Real Estate Common Stock Equity 37,028 $ 216,246 $ 241,425 ALTISOURCE PORTFOLIO - 29C Banking, Finance, Insurance & Real Estate Common Stock Equity 7,917 - 1,979 ALTISOURCE PORTFOLIO - 30 Banking, Finance, Insurance & Real Estate Common Stock Equity 7,917 - 3,127 Altisource Portfolio Solutions - CS Warrant Banking, Finance, Insurance & Real Estate Warrants Equity 990 3,735 248 Altisource Portfolio Solutions - NS Warrant Banking, Finance, Insurance & Real Estate Warrants Equity 990 3,129 391 CCRR Parent, Inc. Healthcare & Pharmaceuticals Equity Interests Equity 119,517 119,517 - Instant Brands Litigation Trust Consumer Goods: Durable Equity Interests Equity 82,383 66,522 500,000 Isagenix International, LLC Beverage, Food & Tobacco Common Stock Equity 86,398 - - JP Intermediate B, LLC Consumer goods: Non-durable Common Stock Equity 9,319 - - Keenova Therapeutics C/S Healthcare & Pharmaceuticals Common Stock Equity 6,218 - - Lakeland Tours LLC Litigation C/S Hotel, Gaming & Leisure Common Stock Equity 38,169 614,196 382 Resolute Investment Managers (American Beacon), Inc. Banking, Finance, Insurance & Real Estate Common Stock Equity 24,320 1,034,581 36,480 1011778 B.C Unltd Liability Co Beverage, Food & Tobacco Term Loan B6 Loan 1M USD SOFR+ 1.75 % 0.00 % 5.40 % 9/20/2030 $ 1,357,818 1,344,888 1,359,937 19TH HOLDINGS GOLF, LLC Consumer goods: Durable Term Loan Loan 1M USD SOFR+ 3.25 % 0.50 % 7.00 % 2/7/2029 2,417,142 2,365,864 2,424,707 888 Acquisitions Limited Hotel, Gaming & Leisure Term Loan B Loan 6M USD SOFR+ 5.25 % 0.00 % 9.02 % 7/8/2028 2,997,863 2,840,511 2,819,490 Agiliti Health Inc. Healthcare & Pharmaceuticals Term Loan B (03/23) Loan 6M USD SOFR+ 3.00 % 0.00 % 6.58 % 5/1/2030 2,126,878 2,116,643 2,038,251 AHEAD DB Holdings, LLC Services: Business Term Loan B3 (07/24) Loan 3M USD SOFR+ 2.50 % 0.75 % 6.20 % 2/1/2031 2,856,463 2,810,238 2,850,408 Air Canada Transportation: Consumer Term Loan B (03/24) Loan 3M USD SOFR+ 1.75 % 0.00 % 5.41 % 3/21/2031 980,006 978,374 976,949 AlixPartners, LLP Banking, Finance, Insurance & Real Estate Term Loan (08/25) Loan 1M USD SOFR+ 2.00 % 0.00 % 5.65 % 8/12/2032 238,776 238,776 238,389 Allen Media, LLC Media: Diversified & Production Term Loan (7/21) Loan 3M USD SOFR+ 5.50 % 0.00 % 9.35 % 2/10/2027 4,247,345 4,244,034 2,812,592 44 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments May 31, 2026 (unaudited) Issuer Name Industry Asset Name Asset Type Reference Rate/Spread SOFR Floor Current Rate (All In) Maturity Date Principal/ Number of Shares Cost Fair Value Alliant Holdings Intermediate, LLC Banking, Finance, Insurance & Real Estate Term Loan (8/25) Loan 1M USD SOFR+ 2.50 % 0.00 % 6.11 % 9/19/2031 787,079 787,079 783,844 Alterra Mountain Company (Intrawest Resort Holdings) Hotel, Gaming & Leisure Term Loan B8 (07/25) Loan 1M USD SOFR+ 2.50 % 0.00 % 6.15 % 5/31/2030 246,887 246,887 247,196 Altisource Solutions S.a r.l. Banking, Finance, Insurance & Real Estate Term Loan (Specified) B Loan 3M USD SOFR+ 6.50 % 3.50 % 10.30 % 2/20/2029 494,997 486,193 494,997 Altium Packaging LLC Containers, Packaging & Glass Term Loan B Loan 1M USD SOFR+ 2.50 % 0.00 % 6.15 % 6/11/2031 476,513 475,735 463,170 American Axle & Manufacturing Inc. Automotive Term Loan (12/22) Loan 3M USD SOFR+ 3.00 % 0.50 % 6.66 % 12/13/2029 478,750 470,565 479,348 American Greetings Corporation Media: Advertising, Printing & Publishing Term Loan B (04/24) Loan 1M USD SOFR+ 5.75 % 0.00 % 9.40 % 10/30/2029 2,833,596 2,832,988 2,822,970 Amynta Agency Borrower Inc. Banking, Finance, Insurance & Real Estate Term Loan B Loan 1M USD SOFR+ 2.50 % 0.00 % 6.15 % 12/29/2031 3,390,033 3,335,746 3,366,303 APEX GROUP TREASURY LLC Banking, Finance, Insurance & Real Estate Term Loan (2/25) Loan 3M USD SOFR+ 3.50 % 0.00 % 7.15 % 2/27/2032 485,137 467,198 451,663 Aramark Services, Inc. Services: Consumer Term Loan B-10 (12/25) Loan 1M USD SOFR+ 1.75 % 0.00 % 5.40 % 6/24/2030 2,178,778 2,159,625 2,183,680 Aramark Services, Inc. Services: Consumer Term Loan (08/25) Loan 1M USD SOFR+ 1.75 % 0.00 % 5.40 % 4/6/2028 1,753,715 1,751,580 1,758,100 ARCIS GOLF LLC Services: Consumer Term Loan B (01/25) Loan 1M USD SOFR+ 2.75 % 0.50 % 6.40 % 11/24/2028 488,392 485,943 488,758 Aretec Group, Inc. Banking, Finance, Insurance & Real Estate Term Loan B-4 Loan 1M USD SOFR+ 3.00 % 0.00 % 6.65 % 8/9/2030 2,596,718 2,586,450 2,561,013 Ascensus Group Holdings, Inc Banking, Finance, Insurance & Real Estate Term Loan Loan 1M USD SOFR+ 3.00 % 0.00 % 6.65 % 11/24/2032 490,842 488,323 486,302 Aspire Bakeries Holdings, LLC Beverage, Food & Tobacco Term Loan (12/25) Loan 1M USD SOFR+ 3.00 % 0.00 % 6.65 % 12/23/2030 886,545 880,551 886,545 Asurion, LLC Banking, Finance, Insurance & Real Estate Term Loan B10 Loan 1M USD SOFR+ 4.00 % 0.00 % 7.77 % 8/19/2028 1,920,467 1,878,185 1,920,870 Asurion, LLC Banking, Finance, Insurance & Real Estate Term Loan B12 Loan 3M USD SOFR+ 4.25 % 0.00 % 7.91 % 9/19/2030 2,875,685 2,873,252 2,876,577 ATHENAHEALTH GROUP INC. Healthcare & Pharmaceuticals Term Loan B (2/22) Loan 1M USD SOFR+ 2.75 % 0.50 % 6.40 % 2/15/2029 1,290,761 1,282,448 1,283,094 Avolon TLB Borrower 1 (US) LLC Capital Equipment Term Loan B6 Loan 1M USD SOFR+ 1.75 % 0.00 % 5.35 % 6/22/2030 1,454,214 1,427,129 1,457,704 Axalta Coating Systems US Holdings Chemicals, Plastics, & Rubber Term Loan B (11/24) Loan 3M USD SOFR+ 1.75 % 0.50 % 5.45 % 12/20/2029 685,410 681,718 687,041 45 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments May 31, 2026 (unaudited) Issuer Name Industry Asset Name Asset Type Reference Rate/Spread SOFR Floor Current Rate (All In) Maturity Date Principal/ Number of Shares Cost Fair Value B&G Foods, Inc. Beverage, Food & Tobacco Term Loan B Loan 1M USD SOFR+ 3.50 % 0.00 % 7.15 % 10/10/2029 525,617 524,507 514,448 Baldwin Insurance Group Holdings, LLC Banking, Finance, Insurance & Real Estate Term Loan B2 Loan 1M USD SOFR+ 2.50 % 0.00 % 6.13 % 5/27/2031 1,619,837 1,611,991 1,611,738 Belfor Holdings Inc. Services: Consumer Term Loan B Loan 1M USD SOFR+ 2.75 % 0.50 % 6.40 % 11/1/2030 1,382,829 1,373,602 1,386,286 Bengal Debt Merger Sub LLC (c) Beverage, Food & Tobacco Third Out Term Loan Loan 3M USD SOFR+ 1.00 % 0.50 % 4.80 % 1/24/2030 407,920 178,856 128,189 Bombardier Recreational Products, Inc. Consumer goods: Durable Term Loan Loan 1M USD SOFR+ 2.25 % 0.00 % 5.90 % 1/22/2031 1,407,893 1,405,710 1,406,612 Bombardier Recreational Products, Inc. Consumer goods: Durable Term Loan B3 Loan 1M USD SOFR+ 2.25 % 0.50 % 5.90 % 12/13/2029 482,678 475,755 483,344 Boxer Parent Company, Inc. High Tech Industries Term Loan Loan 3M USD SOFR+ 3.00 % 0.00 % 6.67 % 7/30/2031 997,122 993,865 932,199 BroadStreet Partners, Inc. Banking, Finance, Insurance & Real Estate Term Loan B-4 Loan 1M USD SOFR+ 2.50 % 0.00 % 6.15 % 6/16/2031 2,862,447 2,861,224 2,823,088 Brookfield WEC Holdings Inc. Energy: Electricity Term Loan B Loan 1M USD SOFR+ 2.00 % 0.00 % 5.65 % 1/27/2031 1,422,354 1,422,354 1,422,837 Brookfield Property REIT Inc. Banking, Finance, Insurance & Real Estate Term Loan B (05/25) Loan 1M USD SOFR+ 3.00 % 0.00 % 6.64 % 5/28/2030 1,726,261 1,759,920 1,730,266 BROWN GROUP HOLDING, LLC Aerospace & Defense Term Loan B-2 Loan 3M USD SOFR+ 2.50 % 0.00 % 6.16 % 7/1/2031 486,359 478,507 487,770 Buckeye Partners, L.P. Utilities: Oil & Gas Term Loan B-7 (10/25) Loan 1M USD SOFR+ 1.75 % 0.00 % 5.40 % 11/22/2032 1,133,400 1,131,449 1,138,365 BW Gas & Convenience Holdings LLC Beverage, Food & Tobacco Term Loan B Loan 1M USD SOFR+ 3.50 % 0.50 % 7.27 % 3/31/2028 2,381,250 2,374,080 2,396,133 Camping World, Inc. Retail Term Loan B (5/21) Loan 1M USD SOFR+ 2.50 % 0.75 % 6.27 % 6/5/2028 2,344,188 2,253,261 2,274,543 CAPSTONE BORROWER INC Services: Business Term Loan B Loan 3M USD SOFR+ 2.75 % 0.00 % 6.45 % 6/17/2030 861,761 853,592 839,829 CareerBuilder, LLC (c) Services: Business Term Loan B3 Loan 1M USD SOFR+ 2.50 % 0.00 % 6.58 % 7/31/2026 - 509,228 - Castle US Holding Corporation Media: Advertising, Printing & Publishing Term Loan B1 Loan 1M USD SOFR+ 4.25 % 0.00 % 8.02 % 5/31/2030 1,734,870 1,244,677 772,017 CCC Intelligent Solutions Inc. Services: Business Term Loan B Loan 1M USD SOFR+ 2.00 % 0.50 % 5.65 % 1/23/2032 239,609 239,467 239,549 CCRR Parent, Inc. Healthcare & Pharmaceuticals Term Loan Loan 3M USD SOFR+ 4.25 % 0.50 % 8.02 % 3/6/2028 651,981 391,580 391,188 46 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments May 31, 2026 (unaudited) Issuer Name Industry Asset Name Asset Type Reference Rate/Spread SOFR Floor Current Rate (All In) Maturity Date Principal/ Number of Shares Cost Fair Value CDK GLOBAL, INC. High Tech Industries Term Loan B (05/24) Loan 3M USD SOFR+ 3.25 % 0.00 % 6.95 % 7/6/2029 977,613 962,137 460,944 Charlotte Buyer, Inc. Services: Business Term Loan B (01/25) Loan 1M USD SOFR+ 4.25 % 0.50 % 7.89 % 2/11/2028 1,455,384 1,417,809 1,453,463 Chemours Company, (The) Chemicals, Plastics, & Rubber Term Loan B4 (10/25) Loan 1M USD SOFR+ 3.50 % 0.00 % 7.15 % 10/15/2032 2,345,842 2,322,330 2,339,391 Churchill Downs Incorporated Hotel, Gaming & Leisure Term Loan B1 (3/21) Loan 1M USD SOFR+ 1.75 % 0.00 % 5.40 % 3/17/2028 475,000 474,840 475,000 CIMPRESS PUBLIC LIMITED COMPANY Media: Advertising, Printing & Publishing Term Loan B Loan 1M USD SOFR+ 2.50 % 0.50 % 6.15 % 5/17/2028 1,915,873 1,886,141 1,918,268 CITADEL SECURITIES LP Banking, Finance, Insurance & Real Estate Term Loan (10/24) Loan 3M USD SOFR+ 2.00 % 0.00 % 5.70 % 10/31/2031 4,766,553 4,766,553 4,770,176 Clarios Global LP Automotive Term Loan B (07/24) Loan 1M USD SOFR+ 2.50 % 0.00 % 6.15 % 5/6/2030 963,856 961,141 964,916 Cloud Software Group Inc High Tech Industries Term Loan B Loan 3M USD SOFR+ 3.25 % 0.00 % 6.95 % 3/21/2031 493,769 493,567 463,387 CLYDESDALE ACQUISITION HOLDINGS, INC. Containers, Packaging & Glass Term Loan B Loan 1M USD SOFR+ 3.18 % 0.50 % 6.83 % 4/13/2029 1,220,000 1,205,230 1,187,975 Connect Finco SARL Telecommunications Term Loan B (03/24) Loan 1M USD SOFR+ 4.50 % 0.50 % 8.15 % 9/27/2029 2,829,750 2,781,612 2,837,475 Corelogic, Inc. Services: Business Term Loan (4/21) Loan 1M USD SOFR+ 3.50 % 0.50 % 7.27 % 6/2/2028 2,387,500 2,384,588 2,363,625 Creative Artists Agency, LLC Media: Diversified & Production Term Loan B (7/25) Loan 1M USD SOFR+ 2.50 % 0.00 % 6.15 % 10/1/2031 1,560,373 1,553,753 1,564,102 CROCS INC Consumer goods: Durable Term Loan B (01/24) Loan 3M USD SOFR+ 2.25 % 0.50 % 5.95 % 2/19/2029 750,000 736,102 753,923 Cross Financial Corp Banking, Finance, Insurance & Real Estate Term Loan B4 (07/25) Loan 1M USD SOFR+ 2.75 % 0.00 % 6.40 % 10/31/2031 480,224 479,472 468,218 Crown Subsea Communications Holding, Inc. Construction & Building Term Loan B (01/26) Loan 1M USD SOFR+ 3.00 % 0.75 % 6.65 % 1/30/2031 2,376,000 2,359,493 2,389,567 Dave & Buster’s Inc. Hotel, Gaming & Leisure Term Loan B (1/24) Loan 3M USD SOFR+ 3.25 % 0.50 % 6.94 % 6/29/2029 762,038 742,044 679,837 Delek US Holdings, Inc. Utilities: Oil & Gas Term Loan B (5/26) Loan 1M USD SOFR+ 3.00 % 0.50 % 6.65 % 5/17/2032 4,831,579 4,771,924 4,837,618 Derby Buyer LLC Chemicals, Plastics, & Rubber Term Loan B (12/24) Loan 1M USD SOFR+ 3.00 % 0.00 % 6.63 % 11/1/2030 612,547 606,319 614,587 DexKo Global, Inc. (Dragon Merger) (c) Automotive Term Loan (9/21) Loan 3M USD SOFR+ 4.50 % 0.00 % 8.16 % 10/3/2031 967,200 965,997 942,111 Diamond Sports Group, LLC (b) Media: Broadcasting & Subscription 1st Priority Term Loan Loan 1M USD SOFR+ 10.00 % 1.00 % 13.74 % 5/25/2026 29,734 29,734 5,947 47 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments May 31, 2026 (unaudited) Issuer Name Industry Asset Name Asset Type Reference Rate/Spread SOFR Floor Current Rate (All In) Maturity Date Principal/ Number of Shares Cost Fair Value DIRECTV FINANCING, LLC Media: Broadcasting & Subscription Term Loan (1/24) Loan 3M USD SOFR+ 5.25 % 0.75 % 9.18 % 8/2/2029 2,544,025 2,534,855 2,557,457 DISCOVERY PURCHASER CORPORATION Chemicals, Plastics, & Rubber Term Loan Loan 3M USD SOFR+ 3.75 % 0.50 % 7.41 % 10/4/2029 1,455,586 1,390,390 1,447,479 DOMTAR CORPORATION Forest Products & Paper Term Loan 9/21 Loan 1M USD SOFR+ 5.50 % 0.75 % 9.27 % 11/30/2028 2,855,727 2,827,697 2,128,945 DRI HOLDING INC. Media: Advertising, Printing & Publishing Term Loan (12/21) Loan 3M USD SOFR+ 5.25 % 0.50 % 9.06 % 12/15/2028 3,842,406 3,770,333 3,706,308 DRW Holdings, LLC Banking, Finance, Insurance & Real Estate Term Loan B (06/24) Loan 1M USD SOFR+ 3.50 % 0.00 % 7.15 % 6/26/2031 6,241,950 6,224,038 6,163,926 DTZ U.S. Borrower, LLC Construction & Building Term Loan B Loan 1M USD SOFR+ 2.50 % 0.50 % 6.15 % 1/31/2030 1,708,945 1,708,945 1,710,654 DTZ U.S. Borrower, LLC Construction & Building Term Loan (7/25) Loan 1M USD SOFR+ 2.75 % 0.50 % 6.40 % 1/31/2030 932,250 917,608 936,911 Dye & Durham Corporation Services: Business Term Loan B (04/24) Loan 3M USD SOFR+ 4.25 % 1.00 % 8.05 % 4/11/2031 1,299,175 1,284,658 1,090,008 EAB Global, Inc. Services: Business Term Loan (08/21) Loan 3M USD SOFR+ 3.00 % 0.50 % 6.70 % 8/16/2030 957,950 956,852 789,312 Echo Global Logistics, Inc. Services: Business Term Loan Loan 1M USD SOFR+ 3.75 % 0.50 % 7.50 % 11/23/2028 1,920,000 1,919,949 1,887,994 Embecta Corp Healthcare & Pharmaceuticals Term Loan B Loan 1M USD SOFR+ 3.00 % 0.50 % 6.65 % 3/30/2029 2,131,344 2,108,338 1,669,545 Emrld Borrower LP Capital Equipment Term Loan B (04/23) Loan 3M USD SOFR+ 2.25 % 0.00 % 5.92 % 5/31/2030 977,613 974,791 977,661 Endo Finance Holdings, Inc. Healthcare & Pharmaceuticals Term Loan B Loan 1M USD SOFR+ 3.75 % 0.50 % 7.40 % 4/23/2031 1,970,000 1,955,416 1,970,827 Entain Holdings (Gibraltar) Limited Hotel, Gaming & Leisure Term Loan B6 Loan 3M USD SOFR+ 2.25 % 0.00 % 5.95 % 10/31/2029 1,461,562 1,452,486 1,463,184 Equiniti Group PLC Services: Business Term Loan Loan 6M USD SOFR+ 3.75 % 0.50 % 7.55 % 12/10/2031 957,961 953,388 958,134 Evertec Group LLC Banking, Finance, Insurance & Real Estate Term Loan B (09/23) Loan 1M USD SOFR+ 2.25 % 0.50 % 5.90 % 10/30/2030 1,125,000 1,113,449 1,124,528 Examworks Bidco Inc Healthcare & Pharmaceuticals Examworks/Electron 1/26 TL Loan 1M USD SOFR+ 2.50 % 0.50 % 6.15 % 2/6/2033 483,844 483,263 485,605 Fiesta Purchaser, Inc. Beverage, Food & Tobacco Second Refinancing Term Loan (8/25) Loan 1M USD SOFR+ 2.75 % 0.00 % 6.40 % 2/12/2031 491,297 487,871 481,908 Finco I LLC Banking, Finance, Insurance & Real Estate Term Loan B (07/25) Loan 1M USD SOFR+ 1.75 % 0.00 % 5.40 % 6/27/2029 2,767,677 2,767,022 2,762,252 48 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments May 31, 2026 (unaudited) Issuer Name Industry Asset Name Asset Type Reference Rate/Spread SOFR Floor Current Rate (All In) Maturity Date Principal/ Number of Shares Cost Fair Value 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 57,237 57,138 37 First Brands Group, LLC (c) Automotive 1st Lien Term Loan (3/21) Loan 1M USD SOFR+ 0.00 % 1.00 % 0.00 % 3/30/2027 1,346,904 36,431 647 First Brands Group, LLC (c) Automotive New Money DIP Term Loan A (10/25) Loan 1M USD SOFR+ 0.00 % 1.00 % 0.00 % 6/29/2026 1,581,855 1,549,452 353,276 First Brands Group, LLC (c) Automotive Roll-Up DIP Term Loan B (10/25) Loan 1M USD SOFR+ 0.00 % 1.00 % 0.00 % 6/29/2026 3,569,559 3,198,956 3,320 First Student Bidco Inc. Transportation: Consumer Term Loan C (01/26) Loan 3M USD SOFR+ 2.25 % 0.00 % 5.95 % 8/15/2030 781,647 779,538 783,601 First Student Bidco Inc. Transportation: Consumer Term Loan C (01/26) Loan 3M USD SOFR+ 2.25 % 0.00 % 5.95 % 8/15/2030 143,022 142,629 143,379 Fitness International, LLC (LA Fitness) Services: Consumer Term Loan B (1/24) Loan 1M USD SOFR+ 4.50 % 1.00 % 8.15 % 2/5/2029 1,176,000 1,155,436 1,178,940 Flutter Financing B.V. Hotel, Gaming & Leisure Term Loan Loan 3M USD SOFR+ 1.75 % 0.50 % 5.45 % 11/29/2030 3,665,625 3,659,392 3,632,011 Franklin Square Holdings, L.P. Banking, Finance, Insurance & Real Estate Term Loan B (04/24) Loan 1M USD SOFR+ 2.25 % 0.00 % 5.90 % 4/25/2031 4,178,054 4,175,627 3,854,255 Froneri International (R&R Ice Cream) Beverage, Food & Tobacco Term Loan B4 (10/24) Loan 6M USD SOFR+ 2.25 % 0.00 % 5.88 % 9/16/2031 1,895,850 1,896,457 1,882,484 Garrett LX III S.a r.l. Automotive Term Loan (1/25) Loan 3M USD SOFR+ 1.75 % 0.50 % 5.41 % 1/30/2032 1,226,947 1,224,825 1,226,432 Genesee & Wyoming, Inc. Transportation: Cargo Term Loan B (03/24) Loan 3M USD SOFR+ 1.75 % 0.00 % 5.45 % 4/10/2031 1,477,500 1,472,147 1,475,387 GIP Pilot Acquisition Partners, L.P. Energy: Oil & Gas Term Loan B Loan 3M USD SOFR+ 2.00 % 0.00 % 5.64 % 5/13/2033 318,477 316,692 318,079 Global Tel*Link Corporation Telecommunications Term Loan (6/24) Loan 1M USD SOFR+ 7.50 % 3.00 % 11.15 % 7/31/2029 4,717,880 4,666,775 4,755,245 Go Daddy Operating Company, LLC High Tech Industries Term Loan B7 Loan 1M USD SOFR+ 1.75 % 0.00 % 5.40 % 5/30/2031 928,419 928,419 915,022 GOLDEN WEST PACKAGING GROUP LLC (c) Forest Products & Paper Term Loan B1 (06/25) Loan 3M USD SOFR+ 5.25 % 0.75 % 9.18 % 6/27/2031 1,750,000 1,744,881 1,179,063 GOTO GROUP, INC. High Tech Industries Second-Out Term Loan (02/24) Loan 3M USD SOFR+ 4.75 % 0.00 % 8.58 % 4/30/2028 468,456 456,728 113,601 GOTO GROUP, INC. High Tech Industries First-Out Term Loan (01/24) Loan 3M USD SOFR+ 4.75 % 0.00 % 8.58 % 4/30/2028 - 215,589 - Great Outdoors Group, LLC Retail Term Loan (1/25) Loan 1M USD SOFR+ 3.25 % 0.75 % 6.90 % 1/20/2032 948,241 946,831 952,470 Griffon Corporation Consumer goods: Durable Term Loan B Loan 1M USD SOFR+ 2.00 % 0.00 % 5.65 % 1/24/2029 120,938 120,873 121,580 49 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments May 31, 2026 (unaudited) Issuer Name Industry Asset Name Asset Type Reference Rate/Spread SOFR Floor Current Rate (All In) Maturity Date Principal/ Number of Shares Cost Fair Value Grosvenor Capital Management Holdings, LLLP Banking, Finance, Insurance & Real Estate Term Loan B (5/24) Loan 1M USD SOFR+ 2.25 % 0.00 % 5.90 % 2/25/2030 2,336,070 2,336,070 2,341,536 Hertz Corporation (The) Transportation: Consumer Term Loan B Loan 3M USD SOFR+ 3.75 % 0.00 % 7.41 % 6/30/2028 2,056,670 2,026,119 1,564,776 Hillman Group Inc. (The) (New) Consumer goods: Durable Term Loan B-1 (2/21) Loan 1M USD SOFR+ 2.00 % 0.50 % 5.58 % 7/14/2028 2,669,641 2,669,641 2,679,279 Hilton Domestic Operating Company Inc. Hotel, Gaming & Leisure Term Loan B 4 Loan 1M USD SOFR+ 1.75 % 0.00 % 5.33 % 11/8/2030 1,500,000 1,498,150 1,506,195 Holley Purchaser, Inc Automotive Term Loan (11/21) Loan 1M USD SOFR+ 3.75 % 0.75 % 7.52 % 11/17/2028 2,156,485 2,153,618 2,144,624 Hudson River Trading LLC Banking, Finance, Insurance & Real Estate Hudson River 1/26 Loan 1M USD SOFR+ 2.50 % 0.00 % 6.10 % 3/18/2030 5,703,331 5,639,392 5,693,122 Hunter Douglas Inc Consumer goods: Durable Term Loan B (1/25) Loan 3M USD SOFR+ 3.00 % 0.00 % 6.70 % 1/19/2032 2,204,740 2,040,010 2,200,154 Hyperion Refinance S.a.r.l. Banking, Finance, Insurance & Real Estate Term Loan Loan 1M USD SOFR+ 2.75 % 0.50 % 6.40 % 2/15/2031 2,940,393 2,931,805 2,803,165 Idera, Inc. High Tech Industries Term Loan (06/24) Loan 3M USD SOFR+ 3.50 % 0.75 % 7.16 % 3/2/2028 4,666,481 4,665,094 3,245,537 IMA Financial Group, Inc. Banking, Finance, Insurance & Real Estate Term Loan (10/21) Loan 1M USD SOFR+ 3.00 % 0.50 % 6.65 % 11/1/2028 2,409,721 2,406,360 2,400,685 INEOS 226 Ltd. Chemicals, Plastics, & Rubber Term Loan 3/23 Loan 1M USD SOFR+ 3.75 % 0.00 % 7.50 % 3/13/2030 486,250 483,206 430,939 Ineos US Finance LLC Chemicals, Plastics, & Rubber Term Loan C Loan 1M USD SOFR+ 3.25 % 0.00 % 6.90 % 2/18/2030 977,613 971,757 925,476 INEOS US PETROCHEM LLC Chemicals, Plastics, & Rubber Term Loan B Loan 1M USD SOFR+ 4.25 % 0.00 % 8.00 % 4/2/2029 2,660,576 2,626,776 2,451,056 Ingram Micro Inc. Wholesale Term Loan B (6/25) Loan 3M USD SOFR+ 2.25 % 0.00 % 5.94 % 9/19/2031 450,298 448,250 451,423 Inmar, Inc. Services: Business Term Loan B (06/25) Loan 3M USD SOFR+ 4.50 % 0.50 % 8.16 % 10/30/2031 3,258,669 3,216,588 2,938,244 Innophos, Inc. Chemicals, Plastics, & Rubber Term Loan B Loan 1M USD SOFR+ 4.25 % 0.00 % 8.02 % 3/16/2029 470,000 468,790 447,478 IRB Holding Corporation Beverage, Food & Tobacco Term Loan B (11/25) Loan 1M USD SOFR+ 2.50 % 0.50 % 6.11 % 12/16/2030 481,143 479,094 482,067 Isagenix International, LLC (c) Beverage, Food & Tobacco Term Loan Loan 3M USD SOFR+ 2.50 % 0.00 % 2.50 % 4/13/2028 1,542,521 1,301,981 92,551 50 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments May 31, 2026 (unaudited) Issuer Name Industry Asset Name Asset Type Reference Rate/Spread SOFR Floor Current Rate (All In) Maturity Date Principal/ Number of Shares Cost Fair Value Isolved Inc. Services: Business Infinisource/iSolved 7/25 Cov-lite TL B Loan 1M USD SOFR+ 2.75 % 0.00 % 6.40 % 10/15/2030 612,586 608,326 593,442 Jane Street Group Banking, Finance, Insurance & Real Estate Term Loan B Loan 3M USD SOFR+ 2.00 % 0.00 % 5.67 % 12/15/2031 3,790,000 3,790,000 3,766,654 Journey Personal Care Corp. Consumer goods: Non-durable Term Loan B (11/24) Loan 1M USD SOFR+ 3.75 % 0.75 % 7.40 % 3/1/2028 2,858,719 2,836,125 2,805,832 JP Intermediate B, LLC Consumer goods: Non-durable Term Loan Loan 3M USD SOFR+ 7.00 % 1.00 % 10.70 % 9/30/2030 232,597 232,597 186,077 JP Intermediate B, LLC Consumer goods: Non-durable Term Loan (9/25) Loan 3M USD SOFR+ 5.50 % 0.00 % 9.20 % 3/30/2031 1,103,261 584,802 551,630 Koppers Inc Chemicals, Plastics, & Rubber Term Loan Loan 1M USD SOFR+ 2.50 % 0.50 % 6.16 % 4/10/2030 972,737 954,479 977,299 Lakeland Tours, LLC (c) Hotel, Gaming & Leisure Term Loan A PIK Loan Fixed 9.00 % 0.00 % 9.00 % 3/31/2030 517,049 517,049 103,410 Latham Pool Products, Inc. Consumer goods: Durable Term Loan 2/22 Loan 3M USD SOFR+ 3.75 % 0.50 % 7.57 % 2/23/2029 977,625 968,937 971,104 Lifetime Brands, Inc Consumer goods: Non-durable Term Loan Loan 1M USD SOFR+ 5.50 % 1.00 % 9.20 % 8/26/2027 1,251,399 1,250,299 1,115,309 LSF11 TRINITY BIDCO INC Aerospace & Defense Term Loan (9/25) Loan 1M USD SOFR+ 2.50 % 0.00 % 6.11 % 6/17/2030 929,552 920,691 930,324 LSF9 Atlantis Holdings, LLC (A Wireless) Retail Term Loan B (9/25) Loan 3M USD SOFR+ 3.75 % 0.75 % 7.45 % 3/29/2029 2,507,322 2,465,397 2,477,560 MAGNITE, INC. Services: Business Term Loan B Loan 1M USD SOFR+ 3.00 % 0.00 % 6.65 % 2/6/2031 3,201,433 3,178,840 3,157,413 Marriott Ownership Resorts, Inc. Hotel, Gaming & Leisure Term Loan B (3/24) Loan 1M USD SOFR+ 2.25 % 0.00 % 5.90 % 4/1/2031 1,294,025 1,294,025 1,294,840 Max US Bidco Inc. Beverage, Food & Tobacco Term Loan B Loan 3M USD SOFR+ 5.00 % 0.50 % 8.70 % 10/3/2030 1,960,000 1,867,436 1,763,628 McGraw-Hill Education, Inc. Media: Advertising, Printing & Publishing Term Loan B Loan 1M USD SOFR+ 2.75 % 0.50 % 6.40 % 8/6/2031 568,928 566,201 570,242 Michaels Companies Inc Retail Term Loan B (3/26) Loan 3M USD SOFR+ 5.00 % 0.00 % 8.67 % 2/22/2033 2,392,299 2,338,674 2,368,831 MIWD Holdco II LLC Construction & Building Term Loan B2 (03/24) Loan 1M USD SOFR+ 2.75 % 0.00 % 6.40 % 3/21/2031 486,585 484,929 475,943 Moneygram International, Inc. Services: Business Term Loan B Loan 3M USD SOFR+ 4.75 % 0.50 % 8.42 % 6/1/2030 2,926,522 2,661,025 1,972,973 MPH Acquisition Holdings LLC (Multiplan) Services: Business First-Out Term Loan (01/25) Loan 3M USD SOFR+ 3.75 % 0.50 % 7.41 % 12/31/2030 312,455 287,921 310,333 NAB Holdings, LLC (North American Bancard) Banking, Finance, Insurance & Real Estate Term Loan B (2/25) Loan 3M USD SOFR+ 2.50 % 0.50 % 6.20 % 11/24/2028 2,874,125 2,872,793 2,661,813 51 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments May 31, 2026 (unaudited) Issuer Name Industry Asset Name Asset Type Reference Rate/Spread SOFR Floor Current Rate (All In) Maturity Date Principal/ Number of Shares Cost Fair Value Natgasoline LLC Chemicals, Plastics, & Rubber Term Loan (3/25) Loan 3M USD SOFR+ 5.50 % 0.00 % 9.17 % 3/25/2030 3,188,106 3,107,093 3,214,662 National Mentor Holdings, Inc. Healthcare & Pharmaceuticals Term Loan B Loan 1M USD SOFR+ 6.00 % 0.00 % 9.65 % 12/12/2030 2,746,925 2,745,559 2,762,555 Next Level Apparel, Inc. Retail Term Loan Loan 3M USD SOFR+ 7.50 % 1.00 % 11.28 % 8/9/2026 2,317,073 2,315,541 1,575,610 Nielsen Consumer Inc. Services: Business Term Loan (08/25) Loan 1M USD SOFR+ 2.25 % 0.50 % 5.90 % 10/31/2030 2,149,161 2,148,463 2,138,415 NortonLifeLock Inc. High Tech Industries Term Loan B (05/24) Loan 1M USD SOFR+ 1.75 % 0.50 % 5.40 % 9/12/2029 951,250 949,345 943,583 Nouryon Finance B.V. Chemicals, Plastics, & Rubber Term Loan B (10/24) Loan 6M USD SOFR+ 3.25 % 0.00 % 6.94 % 4/3/2028 477,819 475,912 477,819 Novae LLC Automotive Term Loan B Loan 3M USD SOFR+ 5.00 % 0.75 % 8.85 % 12/22/2028 1,920,000 1,914,237 1,494,720 Olaplex, Inc. Consumer goods: Non-durable Term Loan (2/22) Loan 3M USD SOFR+ 3.50 % 0.50 % 7.27 % 2/23/2029 1,319,846 1,291,100 1,319,846 Open Text Corporation High Tech Industries Term Loan B (08/23) Loan 1M USD SOFR+ 1.75 % 0.50 % 5.40 % 1/31/2030 772,171 758,342 759,947 Oxbow Carbon, LLC Metals & Mining Term Loan B (04/23) Loan 1M USD SOFR+ 3.50 % 0.50 % 7.15 % 5/2/2030 459,216 453,293 459,648 PACIFIC DENTAL SERVICES, LLC Healthcare & Pharmaceuticals Term Loan B (02//24) Loan 1M USD SOFR+ 2.50 % 0.00 % 6.10 % 3/17/2031 1,176,113 1,175,864 1,175,383 Padagis LLC Healthcare & Pharmaceuticals Term Loan Loan 3M USD SOFR+ 4.75 % 0.50 % 8.69 % 7/6/2028 920,682 917,446 842,424 PATAGONIA HOLDCO LLC Telecommunications Term Loan B Loan 3M USD SOFR+ 5.75 % 0.50 % 9.40 % 8/1/2029 2,909,695 2,670,772 2,311,549 PCI Gaming Authority Hotel, Gaming & Leisure Term Loan Loan 1M USD SOFR+ 2.00 % 0.00 % 5.65 % 7/18/2031 780,586 780,556 781,757 PEARLS (Netherlands) Bidco B.V. Chemicals, Plastics, & Rubber USD Term Loan (02/22) Loan 3M USD SOFR+ 3.25 % 0.50 % 6.91 % 2/28/2029 960,571 960,276 883,725 PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC Healthcare & Pharmaceuticals Term Loan (12/22) Loan 3M USD SOFR+ 3.25 % 0.50 % 7.18 % 12/29/2028 1,440,869 1,434,618 1,437,266 Penn National Gaming, Inc Hotel, Gaming & Leisure Term Loan B Loan 1M USD SOFR+ 2.50 % 0.50 % 6.15 % 5/3/2029 962,500 960,630 962,500 Phoenix Guarantor Inc. Healthcare & Pharmaceuticals Term Loan B (12/24) Loan 1M USD SOFR+ 2.50 % 0.00 % 6.15 % 2/21/2031 865,523 865,523 867,038 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 - 13,901 - 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 - 114,508 - 52 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments May 31, 2026 (unaudited) Issuer Name Industry Asset Name Asset Type Reference Rate/Spread SOFR Floor Current Rate (All In) Maturity Date Principal/ Number of Shares Cost Fair Value Playtika Holding Corp. High Tech Industries Term Loan B (3/21) Loan 1M USD SOFR+ 2.75 % 0.00 % 6.52 % 3/13/2028 4,275,000 4,272,909 4,176,504 PointClickCare Technologies, Inc. High Tech Industries Term Loan (07/25) Loan 3M USD SOFR+ 2.75 % 0.00 % 6.41 % 11/3/2031 477,761 476,923 477,613 Polymer Process Holdings, Inc. Containers, Packaging & Glass Term Loan Loan 1M USD SOFR+ 4.75 % 0.75 % 8.52 % 2/12/2028 3,942,289 3,934,981 2,229,877 Pre-Paid Legal Services, Inc. Services: Consumer Term Loan (12/21) Loan 1M USD SOFR+ 3.25 % 0.50 % 6.90 % 12/15/2028 2,880,967 2,871,205 2,670,311 Prime Security Services Borrower, LLC (ADT) Services: Consumer Term Loan B Loan 1M USD SOFR+ 2.00 % 0.00 % 5.65 % 10/13/2030 1,764,540 1,752,829 1,761,011 PRIORITY HOLDINGS, LLC Services: Consumer Term Loan B (07/25) Loan 1M USD SOFR+ 3.75 % 0.50 % 7.40 % 7/30/2032 2,830,585 2,817,809 2,794,325 Project Leopard Holdings, Inc. (NEW) High Tech Industries Term Loan B (06/22) Loan 3M USD SOFR+ 5.25 % 0.50 % 9.01 % 7/20/2029 967,500 931,173 583,954 PUG LLC Services: Consumer Term Loan B (03/24) Loan 1M USD SOFR+ 4.75 % 0.00 % 8.40 % 3/15/2030 220,037 219,825 220,477 Quartz AcquireCo, LLC High Tech Industries Term Loan (2/25) Loan 3M USD SOFR+ 2.25 % 0.00 % 5.95 % 6/28/2030 1,219,361 1,213,230 1,013,899 Quikrete Holdings, Inc. Construction & Building Term Loan (2/25) Loan 1M USD SOFR+ 2.25 % 0.00 % 5.90 % 4/14/2031 980,094 978,637 980,545 Rackspace Technology Global, Inc. High Tech Industries Term Loan (3/24) Loan 1M USD SOFR+ 2.75 % 0.75 % 6.47 % 5/15/2028 2,013,656 1,386,902 1,746,484 Rackspace Technology Global, Inc. High Tech Industries Super-Priority Term Loan (03/24) Loan 1M USD SOFR+ 6.25 % 0.75 % 9.97 % 5/15/2028 540,021 537,253 552,982 RAND PARENT LLC Transportation: Cargo Term Loan B (01/25) Loan 3M USD SOFR+ 3.00 % 0.00 % 6.70 % 3/18/2030 2,425,701 2,371,971 2,428,127 RealPage, Inc. High Tech Industries Term Loan (04/21) Loan 3M USD SOFR+ 3.00 % 0.50 % 6.96 % 4/24/2028 955,000 954,988 922,969 Rent-A-Center, Inc. Retail Term Loan B (08/25) Loan 3M USD SOFR+ 2.75 % 0.50 % 6.43 % 8/13/2032 1,820,940 1,802,498 1,821,705 Research Now Group, Inc Media: Advertising, Printing & Publishing Term Loan (07/24) Loan 3M USD SOFR+ 5.00 % 1.00 % 8.90 % 7/15/2028 334,482 331,859 326,119 Research Now Group, Inc Media: Advertising, Printing & Publishing Second-Out Term Loan Loan 3M USD SOFR+ 5.50 % 1.00 % 9.40 % 10/15/2028 2,851,153 2,770,190 1,136,897 Resideo Funding Inc. Services: Consumer Term Loan B (12/24) Loan 1M USD SOFR+ 2.00 % 0.00 % 5.63 % 2/11/2028 674,488 674,488 674,488 Resolute Investment Managers (American Beacon), Inc. (c) Banking, Finance, Insurance & Real Estate Term Loan (12/23) Loan 3M USD SOFR+ 6.50 % 1.00 % 10.46 % 10/30/2028 1,943,112 1,943,112 1,517,570 Restoration Hardware, Inc. Retail Term Loan (9/21) Loan 1M USD SOFR+ 2.50 % 0.50 % 6.27 % 10/20/2028 3,348,484 3,346,958 3,252,583 53 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments May 31, 2026 (unaudited) Issuer Name Industry Asset Name Asset Type Reference Rate/Spread SOFR Floor Current Rate (All In) Maturity Date Principal/ Number of Shares Cost Fair Value Reynolds Consumer Products LLC Containers, Packaging & Glass Term Loan B (2/25) Loan 1M USD SOFR+ 1.75 % 0.00 % 5.40 % 3/4/2032 931,115 931,115 934,346 Ryan Specialty Group LLC Banking, Finance, Insurance & Real Estate Term Loan B (09/24) Loan 1M USD SOFR+ 2.00 % 0.00 % 5.65 % 9/15/2031 1,437,734 1,431,747 1,438,453 S&S HOLDINGS LLC Services: Business Term Loan Loan 1M USD SOFR+ 5.00 % 0.50 % 8.71 % 3/10/2028 2,377,387 2,358,253 2,317,453 Sally Holdings LLC Retail Term Loan B Loan 1M USD SOFR+ 1.75 % 0.00 % 5.40 % 2/28/2030 293,750 292,439 294,728 Scientific Games Holdings LP Hotel, Gaming & Leisure Term Loan B Loan 1M USD SOFR+ 3.00 % 0.50 % 6.67 % 4/4/2029 485,113 484,805 478,020 Sedgwick Claims Management Services, Inc. Services: Business Term Loan B 2/23 Loan 1M USD SOFR+ 2.50 % 0.00 % 6.15 % 7/31/2031 972,743 967,894 971,527 SETANTA AIRCRAFT LEASING DAC Aerospace & Defense Term Loan B (05/24) Loan 3M USD SOFR+ 1.75 % 0.00 % 5.45 % 11/5/2028 350,000 349,770 351,652 Sitel Worldwide Corporation Services: Business USD Term Loan (7/21) Loan 3M USD SOFR+ 3.75 % 0.50 % 7.71 % 8/28/2028 1,910,000 1,908,064 934,945 SiteOne Landscape Supply, LLC Services: Business Term Loan B (06/24) Loan 1M USD SOFR+ 1.75 % 0.50 % 5.38 % 3/23/2030 1,241,949 1,238,931 1,239,875 Smyrna Ready Mix Concrete, LLC Construction & Building Term Loan B Loan 1M USD SOFR+ 3.00 % 0.00 % 6.65 % 4/2/2029 503,985 502,191 504,176 Sparta U.S. HoldCo LLC Chemicals, Plastics, & Rubber Term Loan Loan 1M USD SOFR+ 3.00 % 0.00 % 6.65 % 8/2/2030 1,915,000 1,912,802 1,903,989 SRAM, LLC Consumer goods: Durable Term Loan (02/25) Loan 1M USD SOFR+ 2.25 % 0.00 % 5.90 % 2/23/2032 2,240,727 2,240,175 2,244,469 STANDARD INDUSTRIES INC. Construction & Building Term Loan B Loan 1M USD SOFR+ 1.75 % 0.50 % 5.33 % 9/22/2028 197,750 197,329 198,209 Staples, Inc. Wholesale Term Loan B Loan 3M USD SOFR+ 5.75 % 0.50 % 9.41 % 9/4/2029 4,209,989 4,170,272 3,914,826 Star Parent, Inc. Services: Business Term Loan B (09/23) Loan 3M USD SOFR+ 4.00 % 0.00 % 7.70 % 9/27/2030 1,225,000 1,212,659 1,226,740 Storable, Inc High Tech Industries Term Loan B (3/25) Loan 1M USD SOFR+ 3.25 % 0.00 % 6.90 % 4/16/2031 480,150 480,117 468,026 Superannuation & Investments US LLC Banking, Finance, Insurance & Real Estate Superannuation and Investments/CFS 1/26 TL Loan 1M USD SOFR+ 2.50 % 0.50 % 6.15 % 12/1/2028 937,482 933,891 940,060 SupplyOne, Inc Wholesale Term Loan B (03/24) Loan 1M USD SOFR+ 3.50 % 0.00 % 7.15 % 3/27/2031 490,050 486,367 490,305 Sweetwater Borrower, LLC Retail Term Loan B (2/26) Loan 1M USD SOFR+ 4.00 % 0.00 % 7.65 % 2/17/2033 1,895,910 1,856,046 1,905,389 Syncsort Incorporated High Tech Industries Term Loan B (10/21) Loan 3M USD SOFR+ 4.00 % 0.75 % 7.93 % 4/24/2028 2,388,697 2,388,614 1,830,936 54 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments May 31, 2026 (unaudited) Issuer Name Industry Asset Name Asset Type Reference Rate/Spread SOFR Floor Current Rate (All In) Maturity Date Principal/ Number of Shares Cost Fair Value Ta TT Buyer LLC Media: Broadcasting & Subscription Term Loan B (6/24) Loan 3M USD SOFR+ 4.75 % 0.50 % 8.45 % 4/2/2029 967,720 962,954 909,657 Tenable Holdings, Inc. Services: Business Term Loan B (6/21) Loan 1M USD SOFR+ 2.75 % 0.50 % 6.52 % 7/7/2028 957,500 957,308 953,909 Thor Industries, Inc. Automotive Term Loan B (06/24) Loan 1M USD SOFR+ 2.25 % 0.00 % 5.90 % 11/15/2030 94,142 93,529 93,906 Torrid LLC Wholesale Term Loan 5/21 Loan 3M USD SOFR+ 5.50 % 0.75 % 9.44 % 6/14/2028 2,875,837 2,681,340 1,160,803 Tosca Services, LLC (c) Containers, Packaging & Glass Term Loan A (08/24) Loan 3M USD SOFR+ 5.50 % 1.50 % 9.20 % 11/30/2028 80,509 79,712 80,761 Trans Union LLC Banking, Finance, Insurance & Real Estate Term Loan B9 (11/24) Loan 1M USD SOFR+ 1.75 % 0.00 % 5.40 % 6/24/2031 598,412 598,175 598,149 TruGreen Limited Partnership Services: Consumer Term Loan Loan 1M USD SOFR+ 4.00 % 0.75 % 7.75 % 11/2/2027 922,846 921,579 880,165 Univision Communications Inc. Media: Broadcasting & Subscription Term Loan B (05/24) Loan 1M USD SOFR+ 3.50 % 0.50 % 7.27 % 1/31/2029 2,373,327 2,373,327 2,360,867 Univision Communications Inc. Media: Broadcasting & Subscription Term Loan B (6/22) Loan 3M USD SOFR+ 4.25 % 0.50 % 7.95 % 6/25/2029 240,625 236,913 240,700 Vaco Holdings, LLC Services: Business Term Loan (01/22) Loan 3M USD SOFR+ 5.00 % 0.75 % 8.85 % 1/19/2029 2,265,320 2,231,996 1,793,000 Vericast Corp. (c) Media: Advertising, Printing & Publishing Extended Term Loan (07/24) Loan 3M USD SOFR+ 7.75 % 1.00 % 11.50 % 6/15/2030 1,249,548 1,249,542 1,241,738 Verifone Systems, Inc. (c) Banking, Finance, Insurance & Real Estate Term Loan (03/25) Loan 3M USD SOFR+ 5.25 % 0.00 % 9.18 % 8/21/2028 1,185,780 1,185,563 1,118,048 Vertex Aerospace Services Corp Aerospace & Defense Term Loan (10/21) Loan 1M USD SOFR+ 2.25 % 0.75 % 5.90 % 12/6/2030 938,944 937,817 940,117 Viasat Inc Telecommunications Term Loan (2/22) Loan 1M USD SOFR+ 4.50 % 0.50 % 8.22 % 3/5/2029 2,899,598 2,864,309 2,911,921 Watlow Electric Manufacturing Company High Tech Industries Term Loan B (03/21) Loan 3M USD SOFR+ 3.00 % 0.50 % 6.66 % 3/2/2028 2,623,989 2,620,817 2,624,986 WeddingWire, Inc. Services: Consumer Term Loan B (12/24) Loan 1M USD SOFR+ 3.75 % 0.00 % 7.40 % 1/31/2028 4,713,106 4,713,106 3,817,616 WEX Inc. Services: Business Term Loan B (11/24) Loan 1M USD SOFR+ 1.75 % 0.00 % 5.40 % 3/31/2028 2,859,369 2,857,541 2,853,107 Windsor Holdings III, LLC Chemicals, Plastics, & Rubber Term Loan B (02/25) Loan 1M USD SOFR+ 2.75 % 0.00 % 6.40 % 8/1/2030 488,825 488,825 486,870 Wyndham Hotels & Resorts, Inc. Hotel, Gaming & Leisure Term Loan (05/24) Loan 1M USD SOFR+ 1.75 % 0.00 % 5.40 % 5/24/2030 975,131 972,301 978,115 Xperi Corporation High Tech Industries Term Loan (1/25) Loan 1M USD SOFR+ 2.50 % 0.00 % 6.15 % 6/8/2028 1,383,879 1,383,816 1,385,028 Zayo Group, LLC (c) Telecommunications Term Loan (09/25) Loan 1M USD SOFR+ 3.00 % 0.00 % 6.77 % 3/11/2030 365,620 362,746 365,225 ZEBRA BUYER (Allspring) LLC Banking, Finance, Insurance & Real Estate Term Loan B (12/24) Loan 3M USD SOFR+ 3.00 % 0.50 % 6.75 % 11/1/2030 1,833,739 1,828,563 1,837,076 Zekelman Industries, Inc. Metals & Mining Term Loan B (03/24) Loan 1M USD SOFR+ 2.25 % 0.00 % 5.89 % 1/24/2031 1,424,948 1,424,424 1,427,527 Zest Acquisition Corp. Healthcare & Pharmaceuticals Term Loan (1/23) Loan 3M USD SOFR+ 5.25 % 0.00 % 8.92 % 2/8/2028 1,935,000 1,897,956 1,876,950 Zodiac Pool Solutions Consumer goods: Durable Term Loan (1/22) Loan 1M USD SOFR+ 1.93 % 0.50 % 5.68 % 1/29/2029 478,750 478,750 478,621 TOTAL INVESTMENTS $ 356,587,781 $ 329,227,165 Number of Shares Cost Fair Value Cash and cash equivalents U.S. Bank Money Market (a) 18,811,567 $ 18,811,567 $ 18,811,567 Total cash and cash equivalents 18,811,567 $ 18,811,567 $ 18,811,567 (a) Included within cash and cash equivalents in Saratoga CLO’s Statements of Assets and Liabilities as of May 31, 2026. (b) As of May 31, 2026, the investment was in default and on non-accrual status. (c) Investments include Payment-in-Kind Interest. (d) All or a portion of this investment has an unfunded commitment as of May 31, 2026. SOFR - Secured Overnight Financing Rate 1M SOFR - The 1-month SOFR rate as of May 31, 2026 was 3.62%. 3M SOFR - The 3-month SOFR rate as of May 31, 2026 was 3.66%. 6M SOFR - The 6-month SOFR rate as of May 31, 2026 was 3.71%. Prime - The Prime Rate as of May 31, 2026 was 6.75%. See accompanying notes to financial statements. 55 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments February 28, 2026 (unaudited) Issuer Name Industry Asset Name Asset Type Reference Rate/Spread SOFR/LIBOR Floor Current Rate (All In) Maturity Date Principal/ Number of Shares Cost Fair Value ALTISOURCE PORTFOLIO SOL Banking, Finance, Insurance & Real Estate Common Stock Equity 37,028 $ 216,246 $ 282,156 Altisource Portfolio Solutions - CS Warrant Banking, Finance, Insurance & Real Estate Warrants Equity 990 3,736 330 Altisource Portfolio Solutions - NS Warrant Banking, Finance, Insurance & Real Estate Warrants Equity 990 3,129 426 Instant Brands Litigation Trust Consumer Goods: Durable Equity Interests Equity 82,384 66,525 500,000 Isagenix International, LLC Beverage, Food & Tobacco Common Stock Equity 86,398 - - JP Intermediate B, LLC Consumer goods: Non-durable Common Stock Equity 9,319 - - Resolute Investment Managers (American Beacon), Inc. Banking, Finance, Insurance & Real Estate Common Stock Equity 24,320 1,034,581 48,640 1011778 B.C Unltd Liability Co Beverage, Food & Tobacco Term Loan B6 Loan 1M USD SOFR+ 1.75 % 0.00 % 5.42 % 9/20/2030 $ 1,361,428 1,347,552 1,359,154 19TH HOLDINGS GOLF, LLC Consumer goods: Durable Term Loan Loan 1M USD SOFR+ 3.25 % 0.50 % 7.02 % 2/7/2029 2,423,420 2,366,682 2,412,830 888 Acquisitions Limited Hotel, Gaming & Leisure Term Loan B Loan 6M USD SOFR+ 5.25 % 0.00 % 9.05 % 7/8/2028 3,005,629 2,830,391 2,806,506 Adtalem Global Education Inc. Services: Business Term Loan B (08/24) Loan 1M USD SOFR+ 2.75 % 0.75 % 6.42 % 8/12/2028 237,528 236,609 237,331 Agiliti Health Inc. Healthcare & Pharmaceuticals Term Loan B (03/23) Loan 6M USD SOFR+ 3.00 % 0.00 % 6.58 % 5/1/2030 2,132,332 2,121,217 2,031,110 AHEAD DB Holdings, LLC Services: Business Term Loan B3 (07/24) Loan 3M USD SOFR+ 2.50 % 0.75 % 6.17 % 2/1/2031 2,866,735 2,817,968 2,785,205 Air Canada Transportation: Consumer Term Loan B (03/24) Loan 1M USD SOFR+ 1.75 % 0.00 % 5.47 % 3/21/2031 982,500 980,765 980,289 AIT Worldwide Logistics Holdings, Inc. Transportation: Cargo Term Loan B (01/25) Loan 1M USD SOFR+ 4.00 % 0.75 % 7.67 % 4/8/2030 2,431,139 2,337,505 2,421,634 AlixPartners, LLP Banking, Finance, Insurance & Real Estate Term Loan (08/25) Loan 1M USD SOFR+ 2.00 % 0.00 % 5.67 % 8/12/2032 239,374 239,374 235,585 Allen Media, LLC Media: Diversified & Production Term Loan (7/21) Loan 3M USD SOFR+ 5.50 % 0.00 % 9.32 % 2/10/2027 4,258,657 4,252,679 2,516,866 Alliant Holdings Intermediate, LLC Banking, Finance, Insurance & Real Estate Term Loan (8/25) Loan 1M USD SOFR+ 2.50 % 0.00 % 6.17 % 9/19/2031 789,061 789,061 769,879 Alterra Mountain Company (Intrawest Resort Holdings) Hotel, Gaming & Leisure Term Loan B8 (07/25) Loan 1M USD SOFR+ 2.50 % 0.00 % 6.17 % 5/31/2030 247,508 247,508 247,508 Altisource Solutions S.a r.l. Banking, Finance, Insurance & Real Estate Term Loan (Specified) B Loan 3M USD SOFR+ 6.50 % 3.50 % 10.27 % 2/20/2029 496,248 486,595 496,248 Altium Packaging LLC Containers, Packaging & Glass Term Loan B Loan 1M USD SOFR+ 2.50 % 0.00 % 6.17 % 6/11/2031 477,725 476,870 460,207 American Axle & Manufacturing Inc. Automotive Term Loan (12/22) Loan 1M USD SOFR+ 3.00 % 0.50 % 6.66 % 12/13/2029 480,000 471,250 478,800 American Greetings Corporation Media: Advertising, Printing & Publishing Term Loan B (04/24) Loan 1M USD SOFR+ 5.75 % 0.00 % 9.42 % 10/30/2029 2,852,238 2,851,373 2,845,108 Amynta Agency Borrower Inc. Banking, Finance, Insurance & Real Estate Term Loan B Loan 1M USD SOFR+ 2.50 % 0.00 % 6.17 % 12/29/2031 3,390,033 3,332,526 3,278,637 APEX GROUP TREASURY LLC Banking, Finance, Insurance & Real Estate Term Loan (2/25) Loan 3M USD SOFR+ 3.50 % 0.00 % 7.17 % 2/27/2032 486,362 467,586 430,431 Aramark Services, Inc. Services: Consumer Term Loan B-10 (12/25) Loan 1M USD SOFR+ 1.75 % 0.00 % 5.42 % 6/24/2030 2,230,663 2,209,788 2,232,515 Aramark Services, Inc. Services: Consumer Term Loan (08/25) Loan 1M USD SOFR+ 1.75 % 0.00 % 5.42 % 4/6/2028 1,753,715 1,751,257 1,754,820 ARC FALCON I INC. Chemicals, Plastics, & Rubber Term Loan Loan 1M USD SOFR+ 3.50 % 0.50 % 7.27 % 9/23/2028 961,274 960,627 957,938 ARCIS GOLF LLC Services: Consumer Term Loan B (01/25) Loan 1M USD SOFR+ 2.75 % 0.50 % 6.42 % 11/24/2028 489,544 486,712 490,919 Aretec Group, Inc. Banking, Finance, Insurance & Real Estate Term Loan B-4 Loan 1M USD SOFR+ 3.00 % 0.00 % 6.67 % 8/9/2030 2,603,226 2,592,314 2,509,223 Ascensus Group Holdings, Inc Banking, Finance, Insurance & Real Estate Term Loan Loan 1M USD SOFR+ 3.00 % 0.00 % 6.67 % 11/24/2032 490,842 488,123 478,978 Aspire Bakeries Holdings, LLC Beverage, Food & Tobacco Term Loan (12/25) Loan 1M USD SOFR+ 3.00 % 0.00 % 6.67 % 12/23/2030 886,545 880,042 887,653 Asurion, LLC Banking, Finance, Insurance & Real Estate Term Loan B10 Loan 1M USD SOFR+ 4.00 % 0.00 % 7.77 % 8/19/2028 1,935,000 1,887,506 1,932,581 Asurion, LLC Banking, Finance, Insurance & Real Estate Term Loan B12 Loan 1M USD SOFR+ 4.25 % 0.00 % 7.92 % 9/19/2030 2,882,984 2,880,325 2,874,335 ATHENAHEALTH GROUP INC. Healthcare & Pharmaceuticals Term Loan B (2/22) Loan 1M USD SOFR+ 2.75 % 0.50 % 6.42 % 2/15/2029 1,294,020 1,291,768 1,258,435 Avolon TLB Borrower 1 (US) LLC Capital Equipment Term Loan B6 Loan 1M USD SOFR+ 1.75 % 0.00 % 5.42 % 6/22/2030 1,457,896 1,427,348 1,462,196 Axalta Coating Systems US Holdings Chemicals, Plastics, & Rubber Term Loan B (11/24) Loan 3M USD SOFR+ 1.75 % 0.50 % 5.42 % 12/20/2029 725,038 720,887 724,675 56 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments February 28, 2026 (unaudited) Issuer Name Industry Asset Name Asset Type Reference Rate/Spread SOFR/LIBOR Floor Current Rate (All In) Maturity Date Principal/ Number of Shares Cost Fair Value B&G Foods, Inc. Beverage, Food & Tobacco Term Loan B Loan 1M USD SOFR+ 3.50 % 0.00 % 7.17 % 10/10/2029 526,951 525,719 495,334 Baldwin Insurance Group Holdings, LLC Banking, Finance, Insurance & Real Estate Term Loan B2 Loan 1M USD SOFR+ 2.50 % 0.00 % 6.16 % 5/27/2031 1,623,917 1,615,529 1,590,091 Belfor Holdings Inc. Services: Consumer Term Loan B Loan 1M USD SOFR+ 2.75 % 0.50 % 6.42 % 11/4/2030 1,386,385 1,376,720 1,388,118 Bengal Debt Merger Sub LLC (c) Beverage, Food & Tobacco Third Out Term Loan Loan 3M USD SOFR+ 1.00 % 0.50 % 4.77 % 1/24/2030 402,884 165,333 84,831 Bombardier Recreational Products, Inc. Consumer goods: Durable Term Loan Loan 1M USD SOFR+ 2.25 % 0.00 % 5.92 % 1/22/2031 1,411,439 1,408,828 1,411,877 Bombardier Recreational Products, Inc. Consumer goods: Durable Term Loan B3 Loan 1M USD SOFR+ 2.25 % 0.50 % 5.92 % 12/13/2029 483,893 476,456 485,224 Boxer Parent Company, Inc. High Tech Industries Term Loan Loan 3M USD SOFR+ 3.00 % 0.00 % 6.82 % 7/30/2031 999,640 996,144 917,849 BroadStreet Partners, Inc. Banking, Finance, Insurance & Real Estate Term Loan B-4 Loan 1M USD SOFR+ 2.50 % 0.00 % 6.17 % 6/16/2031 2,868,890 2,867,506 2,739,503 Brookfield WEC Holdings Inc. Energy: Electricity Term Loan B Loan 1M USD SOFR+ 2.00 % 0.00 % 5.67 % 1/27/2031 1,425,973 1,425,973 1,421,267 Brookfield Property REIT Inc. Banking, Finance, Insurance & Real Estate Term Loan B (05/25) Loan 1M USD SOFR+ 3.50 % 0.00 % 7.17 % 5/16/2030 1,730,609 1,764,353 1,733,084 BROWN GROUP HOLDING, LLC Aerospace & Defense Term Loan B-2 Loan 3M USD SOFR+ 2.50 % 0.00 % 6.17 % 7/1/2031 486,359 478,134 487,060 Buckeye Partners, L.P. Utilities: Oil & Gas Term Loan B-7 (10/25) Loan 1M USD SOFR+ 1.75 % 0.00 % 5.42 % 11/22/2032 1,136,241 1,133,991 1,138,604 BW Gas & Convenience Holdings LLC Beverage, Food & Tobacco Term Loan B Loan 1M USD SOFR+ 3.50 % 0.50 % 7.29 % 3/31/2028 2,387,500 2,378,891 2,378,547 Callaway Golf Company Retail Term Loan B Loan 1M USD SOFR+ 2.75 % 0.00 % 6.42 % 3/16/2030 76,620 76,101 76,907 Camping World, Inc. Retail Term Loan B (5/21) Loan 1M USD SOFR+ 2.50 % 0.75 % 6.29 % 6/5/2028 2,350,518 2,247,033 2,292,742 CAPSTONE BORROWER INC Services: Business Term Loan B Loan 3M USD SOFR+ 2.75 % 0.00 % 6.42 % 6/17/2030 863,942 855,298 765,306 CareerBuilder, LLC (c) Services: Business Term Loan B3 Loan 1M USD SOFR+ 2.50 % 0.00 % 6.58 % 7/31/2026 - 380,369 - Castle US Holding Corporation Media: Advertising, Printing & Publishing Term Loan B1 Loan 3M USD SOFR+ 4.25 % 0.00 % 8.18 % 5/31/2030 1,739,251 1,226,866 832,232 CBL & Associates Limited Partnership Retail Term Loan 11/21 Loan 1M USD SOFR+ 2.75 % 1.00 % 6.54 % 3/2/2026 1,966,341 1,958,592 1,899,151 CCC Intelligent Solutions Inc. Services: Business Term Loan B Loan 1M USD SOFR+ 2.00 % 0.50 % 5.67 % 1/23/2032 240,216 240,010 236,538 CCRR Parent, Inc. Healthcare & Pharmaceuticals Term Loan Loan 3M USD SOFR+ 4.25 % 0.50 % 8.17 % 3/6/2028 970,000 948,589 227,950 CCRR Parent, Inc. Healthcare & Pharmaceuticals Term Loan B Loan 3M USD SOFR+ 4.25 % 0.75 % 8.33 % 3/6/2028 952,500 951,356 261,147 CDK GLOBAL, INC. High Tech Industries Term Loan B (05/24) Loan 3M USD SOFR+ 3.25 % 0.00 % 6.92 % 7/6/2029 980,094 963,358 612,559 Charlotte Buyer, Inc. Services: Business Term Loan B (01/25) Loan 3M USD SOFR+ 4.25 % 0.50 % 7.91 % 2/11/2028 1,459,068 1,416,074 1,394,709 Chemours Company, (The) Chemicals, Plastics, & Rubber Term Loan B4 (10/25) Loan 1M USD SOFR+ 3.50 % 0.00 % 7.17 % 10/15/2032 2,351,722 2,327,364 2,343,491 Churchill Downs Incorporated Hotel, Gaming & Leisure Term Loan B1 (3/21) Loan 1M USD SOFR+ 1.75 % 0.00 % 5.42 % 3/17/2028 476,250 475,992 475,955 CIMPRESS PUBLIC LIMITED COMPANY Media: Advertising, Printing & Publishing Term Loan B Loan 1M USD SOFR+ 2.50 % 0.50 % 6.17 % 5/17/2028 1,920,736 1,885,068 1,920,736 57 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments February 28, 2026 (unaudited) Issuer Name Industry Asset Name Asset Type Reference Rate/Spread SOFR/LIBOR Floor Current Rate (All In) Maturity Date Principal/ Number of Shares Cost Fair Value CITADEL SECURITIES LP Banking, Finance, Insurance & Real Estate Term Loan (10/24) Loan 3M USD SOFR+ 2.00 % 0.00 % 5.67 % 10/31/2031 4,778,621 4,778,621 4,762,708 Clarios Global LP Automotive Term Loan B (07/24) Loan 1M USD SOFR+ 2.50 % 0.00 % 6.17 % 5/6/2030 1,185,030 1,181,455 1,180,586 Cloud Software Group Inc High Tech Industries Term Loan B Loan 1M USD SOFR+ 3.25 % 0.00 % 6.92 % 3/21/2031 495,013 494,747 458,629 CLYDESDALE ACQUISITION HOLDINGS, INC. Containers, Packaging & Glass Term Loan B Loan 1M USD SOFR+ 3.18 % 0.50 % 6.85 % 4/13/2029 1,220,000 1,203,910 1,209,044 Connect Finco SARL Telecommunications Term Loan B (03/24) Loan 1M USD SOFR+ 4.50 % 0.50 % 8.17 % 9/27/2029 2,836,969 2,784,593 2,831,210 Corelogic, Inc. Services: Business Term Loan (4/21) Loan 1M USD SOFR+ 3.50 % 0.50 % 7.29 % 6/2/2028 2,393,750 2,390,000 2,268,078 Creative Artists Agency, LLC Media: Diversified & Production Term Loan B (7/25) Loan 1M USD SOFR+ 2.50 % 0.00 % 6.17 % 10/1/2031 1,564,293 1,557,435 1,558,099 CROCS INC Consumer goods: Durable Term Loan B (01/24) Loan 3M USD SOFR+ 2.25 % 0.50 % 5.92 % 2/19/2029 750,000 734,817 752,813 Cross Financial Corp Banking, Finance, Insurance & Real Estate Term Loan B4 (07/25) Loan 1M USD SOFR+ 2.75 % 0.00 % 6.42 % 10/31/2031 481,431 480,633 468,793 Crown Subsea Communications Holding, Inc. Construction & Building Term Loan B (01/26) Loan 1M USD SOFR+ 3.00 % 0.75 % 6.67 % 1/30/2031 2,376,000 2,358,575 2,377,497 Dave & Buster’s Inc. Hotel, Gaming & Leisure Term Loan B (1/24) Loan 3M USD SOFR+ 3.25 % 0.50 % 7.13 % 6/29/2029 762,038 740,571 704,123 Delek US Holdings, Inc. Utilities: Oil & Gas Term Loan B (11/22) Loan 1M USD SOFR+ 3.50 % 0.50 % 7.27 % 11/16/2029 5,238,000 5,168,379 5,214,638 Derby Buyer LLC Chemicals, Plastics, & Rubber Term Loan B (12/24) Loan 1M USD SOFR+ 3.00 % 0.00 % 6.66 % 11/1/2030 614,102 607,478 613,844 DexKo Global, Inc. (Dragon Merger) Automotive Term Loan (9/21) Loan 3M USD SOFR+ 3.75 % 0.50 % 7.68 % 10/4/2028 962,500 960,816 957,004 Diamond Sports Group, LLC Media: Broadcasting & Subscription 1st Priority Term Loan Loan 1M USD SOFR+ 10.00 % 1.00 % 13.77 % 5/25/2026 29,734 29,677 5,947 DIRECTV FINANCING, LLC Media: Broadcasting & Subscription Term Loan (1/24) Loan 3M USD SOFR+ 5.25 % 0.75 % 9.18 % 8/2/2029 2,615,800 2,604,745 2,614,989 DISCOVERY PURCHASER CORPORATION Chemicals, Plastics, & Rubber Term Loan Loan 3M USD SOFR+ 3.75 % 0.50 % 7.42 % 10/4/2029 1,459,234 1,389,418 1,429,510 DOMTAR CORPORATION Forest Products & Paper Term Loan 9/21 Loan 1M USD SOFR+ 5.50 % 0.75 % 9.29 % 11/30/2028 2,898,865 2,867,842 2,348,081 DRI HOLDING INC. Media: Advertising, Printing & Publishing Term Loan (12/21) Loan 1M USD SOFR+ 5.25 % 0.50 % 9.02 % 12/15/2028 3,852,412 3,773,120 3,772,166 DRW Holdings, LLC Banking, Finance, Insurance & Real Estate Term Loan B (06/24) Loan 1M USD SOFR+ 3.50 % 0.00 % 7.17 % 6/17/2031 6,241,950 6,221,653 6,117,111 DTZ U.S. Borrower, LLC Construction & Building Term Loan B Loan 1M USD SOFR+ 2.50 % 0.50 % 6.17 % 1/31/2030 1,708,945 1,708,945 1,709,663 DTZ U.S. Borrower, LLC Construction & Building Term Loan (7/25) Loan 1M USD SOFR+ 2.75 % 0.50 % 6.42 % 1/31/2030 932,250 916,770 933,415 Dye & Durham Corporation Services: Business Term Loan B (04/24) Loan 3M USD SOFR+ 4.25 % 1.00 % 8.02 % 4/11/2031 1,299,800 1,284,463 1,152,494 EAB Global, Inc. Services: Business Term Loan (08/21) Loan 1M USD SOFR+ 3.00 % 0.50 % 6.67 % 8/16/2030 960,394 958,888 861,800 Echo Global Logistics, Inc. Services: Business Term Loan Loan 1M USD SOFR+ 3.75 % 0.50 % 7.52 % 11/23/2028 1,925,000 1,924,346 1,896,433 Edelman Financial Group Inc., The Banking, Finance, Insurance & Real Estate Term Loan (12/24) Loan 1M USD SOFR+ 3.00 % 0.00 % 6.67 % 4/7/2028 2,133,818 2,132,281 2,116,705 Embecta Corp Healthcare & Pharmaceuticals Term Loan B Loan 1M USD SOFR+ 3.00 % 0.50 % 6.67 % 3/30/2029 2,255,886 2,229,506 2,256,112 Emrld Borrower LP Capital Equipment Term Loan B (04/23) Loan 3M USD SOFR+ 2.25 % 0.00 % 6.07 % 5/31/2030 980,075 977,113 975,527 Endo Finance Holdings, Inc. Healthcare & Pharmaceuticals Term Loan B Loan 1M USD SOFR+ 3.75 % 0.50 % 7.42 % 4/23/2031 1,975,000 1,959,230 1,975,494 58 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments February 28, 2026 (unaudited) Issuer Name Industry Asset Name Asset Type Reference Rate/Spread SOFR/LIBOR Floor Current Rate (All In) Maturity Date Principal/ Number of Shares Cost Fair Value Endure Digital, Inc. High Tech Industries Term Loan B Loan 1M USD SOFR+ 3.50 % 0.75 % 7.61 % 2/10/2028 - 9,730 - Entain Holdings (Gibraltar) Limited Hotel, Gaming & Leisure Term Loan B6 Loan 3M USD SOFR+ 2.25 % 0.00 % 5.92 % 10/31/2029 1,465,234 1,455,384 1,458,948 Equiniti Group PLC Services: Business Term Loan Loan 6M USD SOFR+ 3.75 % 0.50 % 7.55 % 12/10/2031 960,368 955,647 953,367 Evertec Group LLC Banking, Finance, Insurance & Real Estate Term Loan B (09/23) Loan 1M USD SOFR+ 2.25 % 0.50 % 5.92 % 10/30/2030 1,125,000 1,112,817 1,124,066 Examworks Bidco Inc Healthcare & Pharmaceuticals Examworks/Electron 1/26 TL Loan 1M USD SOFR+ 2.50 % 0.50 % 6.17 % 2/6/2033 483,844 483,218 482,837 Fiesta Purchaser, Inc. Beverage, Food & Tobacco Second Refinancing Term Loan (8/25) Loan 1M USD SOFR+ 2.75 % 0.00 % 6.42 % 2/12/2031 492,534 488,885 477,143 Finco I LLC Banking, Finance, Insurance & Real Estate Term Loan B (07/25) Loan 1M USD SOFR+ 1.75 % 0.00 % 5.42 % 6/27/2029 2,774,631 2,773,459 2,737,645 First Brands Group, LLC (c) Automotive 1st Lien Term Loan (3/21) Loan 1M USD SOFR+ 0.00 % 1.00 % 0.00 % 3/30/2027 1,404,140 90,412 784 First Brands Group, LLC (c) Automotive New Money DIP Term Loan A (10/25) Loan 1M USD SOFR+ 0.00 % 1.00 % 0.00 % 6/29/2026 1,597,186 1,459,537 293,483 First Brands Group, LLC (c) Automotive Roll-Up DIP Term Loan B (10/25) Loan 1M USD SOFR+ 0.00 % 1.00 % 0.00 % 6/29/2026 3,569,559 2,218,257 7,139 First Student Bidco Inc. Transportation: Consumer Term Loan C (01/26) Loan 3M USD SOFR+ 2.50 % 0.00 % 6.17 % 8/15/2030 707,702 705,487 706,379 Fitness International, LLC (LA Fitness) Services: Consumer Term Loan B (1/24) Loan 1M USD SOFR+ 4.50 % 1.00 % 8.17 % 2/5/2029 1,179,000 1,156,545 1,181,582 Flutter Financing B.V. Hotel, Gaming & Leisure Term Loan Loan 3M USD SOFR+ 1.75 % 0.50 % 5.42 % 11/29/2030 3,675,000 3,668,121 3,610,688 Franklin Square Holdings, L.P. Banking, Finance, Insurance & Real Estate Term Loan B (04/24) Loan 1M USD SOFR+ 2.25 % 0.00 % 5.92 % 4/25/2031 4,188,685 4,184,968 3,790,760 Froneri International (R&R Ice Cream) Beverage, Food & Tobacco Term Loan B4 (10/24) Loan 6M USD SOFR+ 2.25 % 0.00 % 5.88 % 9/16/2031 1,900,638 1,901,053 1,853,331 Garrett LX III S.a r.l. Automotive Term Loan (1/25) Loan 3M USD SOFR+ 2.00 % 0.50 % 5.67 % 1/20/2032 1,335,471 1,332,852 1,334,910 Genesee & Wyoming, Inc. Transportation: Cargo Term Loan B (03/24) Loan 3M USD SOFR+ 1.75 % 0.00 % 5.42 % 4/10/2031 1,481,250 1,475,521 1,478,747 GIP Pilot Acquisition Partners, L.P. Energy: Oil & Gas Term Loan B Loan 3M USD SOFR+ 2.00 % 0.00 % 5.65 % 10/4/2030 383,422 382,138 383,614 Global Tel*Link Corporation Telecommunications Term Loan (6/24) Loan 1M USD SOFR+ 7.50 % 3.00 % 11.17 % 7/31/2029 4,748,790 4,693,939 4,763,654 Go Daddy Operating Company, LLC High Tech Industries Term Loan B7 Loan 1M USD SOFR+ 1.75 % 0.00 % 5.42 % 5/30/2031 930,782 930,782 896,780 GOLDEN WEST PACKAGING GROUP LLC (c) Forest Products & Paper Term Loan B1 (06/25) Loan 1M USD SOFR+ 5.25 % 0.75 % 9.35 % 6/27/2031 1,750,000 1,744,125 1,070,423 GOTO GROUP, INC. High Tech Industries Second-Out Term Loan (02/24) Loan 3M USD SOFR+ 4.75 % 0.00 % 8.57 % 4/30/2028 469,651 641,354 143,243 Great Outdoors Group, LLC Retail Term Loan (1/25) Loan 1M USD SOFR+ 3.25 % 0.75 % 6.92 % 1/20/2032 950,641 948,924 948,265 Griffon Corporation Consumer goods: Durable Term Loan B Loan 1M USD SOFR+ 2.00 % 0.00 % 5.67 % 1/24/2029 121,563 121,483 121,866 Grosvenor Capital Management Holdings, LLLP Banking, Finance, Insurance & Real Estate Term Loan B (5/24) Loan 1M USD SOFR+ 2.25 % 0.00 % 5.92 % 2/25/2030 2,343,071 2,343,071 2,335,011 Hertz Corporation (The) Transportation: Consumer Term Loan B Loan 1M USD SOFR+ 3.75 % 0.00 % 7.42 % 6/30/2028 2,061,930 2,027,902 1,580,820 59 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments February 28, 2026 (unaudited) Issuer Name Industry Asset Name Asset Type Reference Rate/Spread SOFR/LIBOR Floor Current Rate (All In) Maturity Date Principal/ Number of Shares Cost Fair Value Hillman Group Inc. (The) (New) Consumer goods: Durable Term Loan B-1 (2/21) Loan 1M USD SOFR+ 2.00 % 0.50 % 5.68 % 7/14/2028 2,678,618 2,678,618 2,674,306 Hilton Domestic Operating Company Inc. Hotel, Gaming & Leisure Term Loan B 4 Loan 1M USD SOFR+ 1.75 % 0.00 % 5.42 % 11/8/2030 1,500,000 1,497,879 1,504,845 HLF Financing SARL (Herbalife) Consumer goods: Non-durable Term Loan Loan 1M USD SOFR+ 6.75 % 0.50 % 10.42 % 4/12/2029 2,882,670 2,882,597 2,883,708 Holley Purchaser, Inc Automotive Term Loan (11/21) Loan 1M USD SOFR+ 3.75 % 0.75 % 7.54 % 11/17/2028 2,163,198 2,159,946 2,149,678 Hudson River Trading LLC Banking, Finance, Insurance & Real Estate Hudson River 1/26 Loan 1M USD SOFR+ 2.50 % 0.00 % 6.17 % 3/18/2030 5,717,625 5,648,595 5,643,753 Hunter Douglas Inc Consumer goods: Durable Term Loan B (1/25) Loan 3M USD SOFR+ 3.00 % 0.00 % 6.67 % 1/19/2032 2,210,322 2,039,275 2,208,023 Hyperion Refinance S.a.r.l. Banking, Finance, Insurance & Real Estate Term Loan Loan 1M USD SOFR+ 2.75 % 0.50 % 6.42 % 2/15/2031 2,947,799 2,938,339 2,794,514 Idera, Inc. High Tech Industries Term Loan (06/24) Loan 3M USD SOFR+ 3.50 % 0.75 % 7.16 % 3/2/2028 4,678,430 4,676,802 3,719,351 IMA Financial Group, Inc. Banking, Finance, Insurance & Real Estate Term Loan (10/21) Loan 1M USD SOFR+ 3.00 % 0.50 % 6.67 % 11/1/2028 2,415,776 2,410,653 2,385,579 INEOS 226 Ltd. Chemicals, Plastics, & Rubber Term Loan 3/23 Loan 1M USD SOFR+ 3.75 % 0.00 % 7.52 % 3/13/2030 487,500 484,204 379,031 Ineos US Finance LLC Chemicals, Plastics, & Rubber Term Loan C Loan 1M USD SOFR+ 3.25 % 0.00 % 6.92 % 2/18/2030 980,094 973,648 820,829 INEOS US PETROCHEM LLC Chemicals, Plastics, & Rubber Term Loan B Loan 1M USD SOFR+ 4.25 % 0.00 % 8.02 % 4/2/2029 2,667,363 2,630,839 2,158,351 Ingram Micro Inc. Wholesale Term Loan B (6/25) Loan 1M USD SOFR+ 2.25 % 0.00 % 5.92 % 9/22/2031 450,298 448,093 451,144 Inmar, Inc. Services: Business Term Loan B (06/25) Loan 3M USD SOFR+ 4.50 % 0.50 % 8.17 % 10/30/2031 3,266,898 3,222,520 3,177,058 Innophos, Inc. Chemicals, Plastics, & Rubber Term Loan B Loan 1M USD SOFR+ 4.25 % 0.00 % 8.04 % 3/16/2029 471,250 469,569 454,521 IRB Holding Corporation Beverage, Food & Tobacco Term Loan B (11/25) Loan 1M USD SOFR+ 2.50 % 0.50 % 6.17 % 12/16/2030 486,195 483,914 484,119 Isagenix International, LLC (c) Beverage, Food & Tobacco Term Loan Loan 3M USD SOFR+ 2.50 % 0.00 % 2.50 % 4/13/2028 1,509,341 1,242,094 75,467 Isolved Inc. Services: Business Infinisource/iSolved 7/25 Cov-lite TL B Loan 1M USD SOFR+ 2.75 % 0.00 % 6.42 % 10/15/2030 614,129 609,564 571,527 Jane Street Group Banking, Finance, Insurance & Real Estate Term Loan B Loan 3M USD SOFR+ 2.00 % 0.00 % 5.82 % 12/15/2031 3,800,000 3,800,000 3,675,132 Journey Personal Care Corp. Consumer goods: Non-durable Term Loan B (11/24) Loan 1M USD SOFR+ 3.75 % 0.75 % 7.42 % 3/1/2028 2,865,975 2,840,446 2,839,694 JP Intermediate B, LLC Consumer goods: Non-durable Term Loan Loan 3M USD SOFR+ 7.00 % 1.00 % 10.67 % 9/30/2030 233,182 233,182 186,546 JP Intermediate B, LLC Consumer goods: Non-durable Term Loan (9/25) Loan 3M USD SOFR+ 5.50 % 0.00 % 9.17 % 9/30/2032 1,103,261 571,479 551,630 Koppers Inc Chemicals, Plastics, & Rubber Term Loan Loan 1M USD SOFR+ 2.50 % 0.50 % 6.18 % 4/10/2030 975,206 955,785 968,701 Lakeland Tours, LLC (c) Hotel, Gaming & Leisure Holdco Fixed Term Loan Loan Fixed 0.00 % 0.00 % 10.00 % 9/27/2027 1,127,568 818,937 107,119 Latham Pool Products, Inc. Consumer goods: Durable Term Loan 2/22 Loan 3M USD SOFR+ 3.75 % 0.50 % 7.72 % 2/23/2029 980,422 970,513 974,706 Lifetime Brands, Inc Consumer goods: Non-durable Term Loan Loan 1M USD SOFR+ 5.50 % 1.00 % 9.28 % 8/26/2027 1,493,382 1,491,106 1,314,176 LSF11 TRINITY BIDCO INC Aerospace & Defense Term Loan (9/25) Loan 1M USD SOFR+ 2.50 % 0.00 % 6.18 % 6/17/2030 961,092 951,264 960,496 LSF9 Atlantis Holdings, LLC (A Wireless) Retail Term Loan B (9/25) Loan 3M USD SOFR+ 3.75 % 0.75 % 7.42 % 3/29/2029 2,539,884 2,494,092 2,528,785 MAGNITE, INC. Services: Business Term Loan B Loan 1M USD SOFR+ 3.00 % 0.00 % 6.67 % 2/6/2031 3,209,517 3,185,690 3,177,422 60 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments February 28, 2026 (unaudited) Issuer Name Industry Asset Name Asset Type Reference Rate/Spread SOFR/LIBOR Floor Current Rate (All In) Maturity Date Principal/ Number of Shares Cost Fair Value Marriott Ownership Resorts, Inc. Hotel, Gaming & Leisure Term Loan B (3/24) Loan 1M USD SOFR+ 2.25 % 0.00 % 5.92 % 4/1/2031 1,297,318 1,297,318 1,294,619 Max US Bidco Inc. Beverage, Food & Tobacco Term Loan B Loan 3M USD SOFR+ 5.00 % 0.50 % 8.67 % 10/3/2030 1,965,000 1,867,659 1,611,791 McGraw-Hill Education, Inc. Media: Advertising, Printing & Publishing Term Loan B Loan 1M USD SOFR+ 2.75 % 0.50 % 6.42 % 8/6/2031 579,182 576,274 577,282 Michaels Companies Inc Retail Term Loan B (Magic Mergeco) Loan 3M USD SOFR+ 4.25 % 0.75 % 8.18 % 4/8/2028 2,392,299 2,385,209 2,387,323 MIWD Holdco II LLC Construction & Building Term Loan B2 (03/24) Loan 1M USD SOFR+ 2.75 % 0.00 % 6.42 % 3/21/2031 492,525 490,631 488,462 Moneygram International, Inc. Services: Business Term Loan B Loan 1M USD SOFR+ 4.75 % 0.50 % 8.41 % 6/1/2030 2,933,988 2,654,564 1,915,483 MPH Acquisition Holdings LLC (Multiplan) Services: Business First-Out Term Loan (01/25) Loan 3M USD SOFR+ 3.75 % 0.50 % 7.42 % 12/31/2030 313,244 287,511 308,389 NAB Holdings, LLC (North American Bancard) Banking, Finance, Insurance & Real Estate Term Loan B (2/25) Loan 3M USD SOFR+ 2.50 % 0.50 % 6.17 % 11/24/2028 2,881,401 2,879,478 2,661,176 Natgasoline LLC Chemicals, Plastics, & Rubber Term Loan (3/25) Loan 1M USD SOFR+ 5.50 % 0.00 % 9.17 % 3/25/2030 3,208,542 3,122,422 3,220,574 National Mentor Holdings, Inc. Healthcare & Pharmaceuticals Term Loan B Loan 1M USD SOFR+ 6.00 % 0.00 % 9.67 % 12/5/2030 1,922,848 1,921,097 1,886,198 Next Level Apparel, Inc. Retail Term Loan Loan 3M USD SOFR+ 7.50 % 1.00 % 12.89 % 8/9/2026 2,317,073 2,312,037 1,567,894 Nielsen Consumer Inc. Services: Business Term Loan (08/25) Loan 1M USD SOFR+ 2.25 % 0.50 % 5.92 % 10/7/2030 2,154,574 2,153,950 2,079,164 NortonLifeLock Inc. High Tech Industries Term Loan B (05/24) Loan 1M USD SOFR+ 1.75 % 0.50 % 5.42 % 9/12/2029 955,000 952,861 928,737 Nouryon Finance B.V. Chemicals, Plastics, & Rubber Term Loan B (10/24) Loan 6M USD SOFR+ 3.25 % 0.00 % 7.04 % 4/3/2028 479,041 476,798 478,442 Novae LLC Automotive Term Loan B Loan 3M USD SOFR+ 5.00 % 0.75 % 8.82 % 12/22/2028 1,925,000 1,918,692 1,764,590 Olaplex, Inc. Consumer goods: Non-durable Term Loan (2/22) Loan 3M USD SOFR+ 3.50 % 0.50 % 7.42 % 2/23/2029 1,319,846 1,288,190 1,290,704 Open Text Corporation High Tech Industries Term Loan B (08/23) Loan 1M USD SOFR+ 1.75 % 0.50 % 5.42 % 1/31/2030 838,682 822,775 814,746 Oxbow Carbon, LLC Metals & Mining Term Loan B (04/23) Loan 1M USD SOFR+ 3.50 % 0.50 % 7.17 % 5/2/2030 460,397 454,127 459,103 PACIFIC DENTAL SERVICES, LLC Healthcare & Pharmaceuticals Term Loan B (02//24) Loan 1M USD SOFR+ 2.50 % 0.00 % 6.17 % 3/17/2031 1,179,075 1,178,728 1,177,436 Padagis LLC Healthcare & Pharmaceuticals Term Loan Loan 3M USD SOFR+ 4.75 % 0.50 % 8.66 % 7/6/2028 930,329 926,455 860,555 PAR PETROLEUM LLC Energy: Oil & Gas Term Loan B (12/25) Loan 3M USD SOFR+ 3.25 % 0.50 % 6.95 % 2/28/2030 2,433,760 2,417,597 2,434,272 PATAGONIA HOLDCO LLC Telecommunications Term Loan B Loan 3M USD SOFR+ 5.75 % 0.50 % 9.41 % 8/1/2029 2,917,234 2,660,957 2,042,063 Pathway Partners Vet Management Company LLC (c) Consumer goods: Non-durable Term Loan B (03/25) Loan 3M USD SOFR+ 5.00 % 1.00 % 8.67 % 6/30/2028 - 6,950 - PCI Gaming Authority Hotel, Gaming & Leisure Term Loan Loan 1M USD SOFR+ 2.00 % 0.00 % 5.67 % 7/18/2031 782,573 782,327 780,460 PEARLS (Netherlands) Bidco B.V. Chemicals, Plastics, & Rubber USD Term Loan (02/22) Loan 3M USD SOFR+ 3.25 % 0.50 % 6.92 % 2/28/2029 962,978 962,623 798,068 PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC Healthcare & Pharmaceuticals Term Loan (12/22) Loan 3M USD SOFR+ 3.25 % 0.50 % 7.18 % 12/29/2028 1,444,621 1,442,234 1,391,531 61 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments February 28, 2026 (unaudited) Issuer Name Industry Asset Name Asset Type Reference Rate/Spread SOFR/LIBOR Floor Current Rate (All In) Maturity Date Principal/ Number of Shares Cost Fair Value Penn National Gaming, Inc Hotel, Gaming & Leisure Term Loan B Loan 1M USD SOFR+ 2.50 % 0.50 % 6.17 % 5/3/2029 965,000 962,640 966,476 Phoenix Guarantor Inc. Healthcare & Pharmaceuticals Term Loan B (12/24) Loan 1M USD SOFR+ 2.50 % 0.00 % 6.17 % 2/21/2031 955,542 955,542 953,564 PHYSICIAN PARTNERS, LLC (b) (c) Healthcare & Pharmaceuticals Term Loan B1 (1/25) Loan 3M USD SOFR+ 1.50 % 0.00 % 5.32 % 12/31/2029 1,865,532 985,648 895,455 Playtika Holding Corp. High Tech Industries Term Loan B (3/21) Loan 1M USD SOFR+ 2.75 % 0.00 % 6.54 % 3/13/2028 4,286,250 4,283,564 3,974,168 PointClickCare Technologies, Inc. High Tech Industries Term Loan (07/25) Loan 3M USD SOFR+ 2.75 % 0.00 % 6.42 % 11/3/2031 478,962 478,042 474,474 Polymer Process Holdings, Inc. Containers, Packaging & Glass Term Loan Loan 1M USD SOFR+ 4.75 % 0.75 % 8.54 % 2/12/2028 3,942,289 3,932,110 2,534,340 Pre-Paid Legal Services, Inc. Services: Consumer Term Loan (12/21) Loan 1M USD SOFR+ 3.25 % 0.50 % 6.92 % 12/15/2028 2,888,325 2,877,497 2,451,466 Prime Security Services Borrower, LLC (ADT) Services: Consumer Term Loan B Loan 1M USD SOFR+ 2.00 % 0.00 % 5.67 % 10/13/2030 1,769,515 1,757,142 1,765,286 Primo Brands Corporation Beverage, Food & Tobacco Term Loan B (01/25) Loan 3M USD SOFR+ 2.25 % 0.50 % 5.92 % 3/31/2028 1,433,030 1,430,561 1,431,497 PRIORITY HOLDINGS, LLC Services: Consumer Term Loan B (07/25) Loan 1M USD SOFR+ 3.75 % 0.50 % 7.42 % 7/30/2032 2,830,585 2,817,297 2,761,009 Project Leopard Holdings, Inc. (NEW) High Tech Industries Term Loan B (06/22) Loan 3M USD SOFR+ 5.25 % 0.50 % 9.02 % 7/20/2029 970,000 930,838 603,825 PUG LLC Services: Consumer Term Loan B (03/24) Loan 1M USD SOFR+ 4.75 % 0.00 % 8.42 % 3/15/2030 244,372 244,095 236,022 Quartz AcquireCo, LLC High Tech Industries Term Loan (2/25) Loan 3M USD SOFR+ 2.25 % 0.00 % 5.92 % 6/28/2030 1,222,487 1,215,995 1,084,958 Quikrete Holdings, Inc. Construction & Building Term Loan (2/25) Loan 1M USD SOFR+ 2.25 % 0.00 % 5.92 % 4/14/2031 982,575 980,934 981,475 Rackspace Technology Global, Inc. High Tech Industries Term Loan (3/24) Loan 1M USD SOFR+ 2.75 % 0.75 % 6.53 % 5/15/2028 2,018,945 1,329,862 826,092 Rackspace Technology Global, Inc. High Tech Industries Super-Priority Term Loan (03/24) Loan 1M USD SOFR+ 6.25 % 0.75 % 10.03 % 5/15/2028 541,399 538,133 537,338 RAND PARENT LLC Transportation: Cargo Term Loan B (01/25) Loan 3M USD SOFR+ 3.00 % 0.00 % 6.67 % 3/18/2030 2,431,842 2,374,944 2,430,626 RealPage, Inc. High Tech Industries Term Loan (04/21) Loan 3M USD SOFR+ 3.00 % 0.50 % 6.93 % 4/24/2028 957,500 957,300 882,499 Rent-A-Center, Inc. Retail Term Loan B (08/25) Loan 3M USD SOFR+ 2.75 % 0.50 % 6.42 % 8/13/2032 1,825,515 1,806,157 1,820,951 Research Now Group, Inc Media: Advertising, Printing & Publishing Term Loan (07/24) Loan 3M USD SOFR+ 5.00 % 1.00 % 8.91 % 7/15/2028 335,333 332,328 330,303 Research Now Group, Inc Media: Advertising, Printing & Publishing Second-Out Term Loan Loan 3M USD SOFR+ 5.50 % 1.00 % 9.41 % 10/15/2028 2,858,408 2,768,737 1,667,881 Resideo Funding Inc. Services: Consumer Term Loan B (12/24) Loan 1M USD SOFR+ 2.00 % 0.00 % 5.66 % 2/11/2028 674,488 674,488 673,227 Resolute Investment Managers (American Beacon), Inc. (c) Banking, Finance, Insurance & Real Estate Term Loan (12/23) Loan 3M USD SOFR+ 6.50 % 1.00 % 10.43 % 10/30/2028 1,948,080 1,948,081 1,504,892 Restoration Hardware, Inc. Retail Term Loan (9/21) Loan 1M USD SOFR+ 2.50 % 0.50 % 6.29 % 10/20/2028 3,357,249 3,355,349 3,295,140 Reynolds Consumer Products LLC Containers, Packaging & Glass Term Loan B (2/25) Loan 1M USD SOFR+ 1.75 % 0.00 % 5.42 % 3/4/2032 931,115 931,115 935,771 Ryan Specialty Group LLC Banking, Finance, Insurance & Real Estate Term Loan B (09/24) Loan 1M USD SOFR+ 2.00 % 0.00 % 5.67 % 9/15/2031 1,441,374 1,434,941 1,437,771 S&S HOLDINGS LLC Services: Business Term Loan Loan 1M USD SOFR+ 5.00 % 0.50 % 8.77 % 3/10/2028 2,383,643 2,361,520 2,332,991 Sally Holdings LLC Retail Term Loan B Loan 1M USD SOFR+ 1.75 % 0.00 % 5.42 % 2/28/2030 318,750 317,260 319,349 Schweitzer-Mauduit International, Inc. High Tech Industries Term Loan B Loan 1M USD SOFR+ 3.75 % 0.75 % 7.54 % 4/20/2028 939,236 937,872 931,017 62 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments February 28, 2026 (unaudited) Issuer Name Industry Asset Name Asset Type Reference Rate/Spread SOFR/LIBOR Floor Current Rate (All In) Maturity Date Principal/ Number of Shares Cost Fair Value Scientific Games Holdings LP Hotel, Gaming & Leisure Term Loan B Loan 3M USD SOFR+ 3.00 % 0.50 % 6.65 % 4/4/2029 486,344 485,950 476,213 Sedgwick Claims Management Services, Inc. Services: Business Term Loan B 2/23 Loan 1M USD SOFR+ 2.50 % 0.00 % 6.17 % 7/31/2031 975,193 970,172 942,524 SETANTA AIRCRAFT LEASING DAC Aerospace & Defense Term Loan B (05/24) Loan 3M USD SOFR+ 1.75 % 0.00 % 5.42 % 11/5/2028 350,000 349,707 350,875 Sitel Worldwide Corporation Services: Business USD Term Loan (7/21) Loan 3M USD SOFR+ 3.75 % 0.50 % 7.68 % 8/28/2028 1,915,000 1,912,199 716,765 SiteOne Landscape Supply, LLC Services: Business Term Loan B (06/24) Loan 1M USD SOFR+ 1.75 % 0.50 % 5.41 % 3/23/2030 1,245,101 1,241,692 1,243,544 Smyrna Ready Mix Concrete, LLC Construction & Building Term Loan B Loan 1M USD SOFR+ 3.00 % 0.00 % 6.67 % 4/2/2029 505,257 503,333 505,677 Sparta U.S. HoldCo LLC Chemicals, Plastics, & Rubber Term Loan Loan 1M USD SOFR+ 3.00 % 0.00 % 6.67 % 8/2/2030 1,920,000 1,917,584 1,914,163 SRAM, LLC Consumer goods: Durable Term Loan (02/25) Loan 1M USD SOFR+ 2.25 % 0.00 % 5.92 % 2/23/2032 2,246,400 2,245,458 2,246,400 STANDARD INDUSTRIES INC. Construction & Building Term Loan B Loan 1M USD SOFR+ 1.75 % 0.50 % 5.43 % 9/22/2028 200,250 199,674 200,546 Staples, Inc. Wholesale Term Loan B Loan 3M USD SOFR+ 5.75 % 0.50 % 9.41 % 9/4/2029 4,220,701 4,178,169 3,766,976 Star Parent, Inc. Services: Business Term Loan B (09/23) Loan 3M USD SOFR+ 4.00 % 0.00 % 7.67 % 9/27/2030 1,228,125 1,215,137 1,187,340 Storable, Inc High Tech Industries Term Loan B (3/25) Loan 1M USD SOFR+ 3.25 % 0.00 % 6.92 % 4/16/2031 481,363 481,250 459,099 Superannuation & Investments US LLC Banking, Finance, Insurance & Real Estate Superannuation and Investments/CFS 1/26 TL Loan 1M USD SOFR+ 2.50 % 0.50 % 6.17 % 12/1/2028 960,175 956,194 953,876 SupplyOne, Inc Wholesale Term Loan B (03/24) Loan 1M USD SOFR+ 3.50 % 0.00 % 7.17 % 3/27/2031 491,288 487,342 492,978 Sweetwater Borrower, LLC Retail Term Loan B (2/26) Loan 1M USD SOFR+ 4.00 % 0.00 % 7.66 % 2/17/2033 1,895,910 1,854,369 1,898,280 Syncsort Incorporated High Tech Industries Term Loan B (10/21) Loan 3M USD SOFR+ 4.00 % 0.75 % 7.93 % 4/24/2028 2,394,950 2,394,735 2,037,216 Ta TT Buyer LLC Media: Broadcasting & Subscription Term Loan B (6/24) Loan 3M USD SOFR+ 4.75 % 0.50 % 8.42 % 4/2/2029 970,182 964,903 940,670 Tenable Holdings, Inc. Services: Business Term Loan B (6/21) Loan 1M USD SOFR+ 2.75 % 0.50 % 6.54 % 7/7/2028 960,000 959,716 954,605 Thor Industries, Inc. Automotive Term Loan B (06/24) Loan 1M USD SOFR+ 2.25 % 0.00 % 5.92 % 11/15/2030 94,142 93,485 93,906 Torrid LLC Wholesale Term Loan 5/21 Loan 1M USD SOFR+ 5.50 % 0.75 % 9.29 % 6/14/2028 2,922,221 2,705,250 1,168,888 TORY BURCH LLC Retail Term Loan Loan 1M USD SOFR+ 3.25 % 0.50 % 7.04 % 4/17/2028 2,260,738 2,186,326 2,253,956 Tosca Services, LLC (c) Containers, Packaging & Glass Term Loan A (08/24) Loan 1M USD SOFR+ 5.50 % 1.50 % 9.17 % 11/30/2028 80,509 79,712 81,224 Trans Union LLC Banking, Finance, Insurance & Real Estate Term Loan B9 (11/24) Loan 1M USD SOFR+ 1.75 % 0.00 % 5.42 % 6/24/2031 599,927 599,530 594,006 Tronox Finance LLC Chemicals, Plastics, & Rubber Term Loan B (09/24) Loan 3M USD SOFR+ 2.50 % 0.00 % 6.17 % 9/30/2031 343,454 343,361 267,035 TruGreen Limited Partnership Services: Consumer Term Loan Loan 1M USD SOFR+ 4.00 % 0.75 % 7.77 % 11/2/2027 925,281 923,548 908,700 Ultra Clean Holdings, Inc. High Tech Industries Term Loan (09/25) Loan 1M USD SOFR+ 2.75 % 0.00 % 6.42 % 2/25/2028 1,203,008 1,201,345 1,205,017 Univision Communications Inc. Media: Broadcasting & Subscription Term Loan B (05/24) Loan 1M USD SOFR+ 3.50 % 0.50 % 7.29 % 1/31/2029 2,379,366 2,379,365 2,371,442 Univision Communications Inc. Media: Broadcasting & Subscription Term Loan B (6/22) Loan 3M USD SOFR+ 4.25 % 0.50 % 7.92 % 6/25/2029 241,250 237,262 238,234 Vaco Holdings, LLC Services: Business Term Loan (01/22) Loan 3M USD SOFR+ 5.00 % 0.75 % 8.82 % 1/19/2029 2,271,234 2,234,639 1,704,243 Vericast Corp. (c) Media: Advertising, Printing & Publishing Extended Term Loan (07/24) Loan 3M USD SOFR+ 7.75 % 1.00 % 11.42 % 6/16/2026 1,259,184 1,259,163 1,212,758 Verifone Systems, Inc. (c) Banking, Finance, Insurance & Real Estate Term Loan (03/25) Loan 3M USD SOFR+ 5.25 % 0.00 % 9.18 % 8/21/2028 1,188,774 1,188,361 1,089,428 Vertex Aerospace Services Corp Aerospace & Defense Term Loan (10/21) Loan 1M USD SOFR+ 2.25 % 0.75 % 5.92 % 12/6/2030 962,997 961,733 962,997 Vertiv Group Corporation Capital Equipment Term Loan Loan 1M USD SOFR+ 1.75 % 0.00 % 5.42 % 8/12/2032 1,901,601 1,901,601 1,901,601 63 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments February 28, 2026 (unaudited) Issuer Name Industry Asset Name Asset Type Reference Rate/Spread SOFR/LIBOR Floor Current Rate (All In) Maturity Date Principal/ Number of Shares Cost Fair Value Viasat Inc Telecommunications Term Loan (2/22) Loan 1M USD SOFR+ 4.50 % 0.50 % 8.29 % 3/5/2029 2,907,129 2,869,038 2,906,780 Vistra Operations Company LLC Energy: Electricity 2018 Incremental Term Loan Loan 1M USD SOFR+ 1.75 % 0.00 % 5.42 % 12/20/2030 1,851,605 1,850,971 1,854,956 Warner Music Group Corp. (WMG Acquisition Corp.) Hotel, Gaming & Leisure Term Loan J Loan 3M USD SOFR+ 1.75 % 0.00 % 5.57 % 1/24/2031 1,250,000 1,250,000 1,251,563 Watlow Electric Manufacturing Company High Tech Industries Term Loan B (03/21) Loan 3M USD SOFR+ 3.00 % 0.50 % 6.67 % 3/2/2028 2,631,521 2,627,980 2,632,626 WeddingWire, Inc. Services: Consumer Term Loan B (12/24) Loan 1M USD SOFR+ 3.75 % 0.00 % 7.42 % 1/31/2028 4,725,068 4,725,067 4,032,042 WEX Inc. Services: Business Term Loan B (11/24) Loan 1M USD SOFR+ 1.75 % 0.00 % 5.42 % 3/31/2028 2,866,626 2,864,574 2,849,312 Windsor Holdings III, LLC Chemicals, Plastics, & Rubber Term Loan B (02/25) Loan 1M USD SOFR+ 2.75 % 0.00 % 6.42 % 8/1/2030 490,062 490,062 488,989 Wyndham Hotels & Resorts, Inc. Hotel, Gaming & Leisure Term Loan (05/24) Loan 1M USD SOFR+ 1.75 % 0.00 % 5.42 % 5/24/2030 977,613 974,397 980,330 Xperi Corporation High Tech Industries Term Loan (1/25) Loan 1M USD SOFR+ 2.50 % 0.00 % 6.17 % 6/8/2028 1,481,388 1,481,214 1,473,981 Zayo Group, LLC (c) Telecommunications Term Loan (09/25) Loan 1M USD SOFR+ 3.00 % 0.00 % 6.79 % 3/11/2030 620,347 615,143 596,308 ZEBRA BUYER (Allspring) LLC Banking, Finance, Insurance & Real Estate Term Loan B (12/24) Loan 3M USD SOFR+ 3.00 % 0.50 % 6.69 % 11/1/2030 1,838,369 1,832,728 1,832,909 Zekelman Industries, Inc. Metals & Mining Term Loan B (03/24) Loan 1M USD SOFR+ 2.25 % 0.00 % 5.91 % 1/24/2031 1,428,583 1,427,966 1,430,769 Zest Acquisition Corp. Healthcare & Pharmaceuticals Term Loan (1/23) Loan 3M USD SOFR+ 5.25 % 0.00 % 8.92 % 2/8/2028 1,940,000 1,896,965 1,828,450 Zodiac Pool Solutions Consumer goods: Durable Term Loan (1/22) Loan 1M USD SOFR+ 1.93 % 0.50 % 5.70 % 1/29/2029 480,000 479,676 479,280 TOTAL INVESTMENTS $ 382,812,855 $ 354,116,571 Number of Shares Cost Fair Value Cash and cash equivalents U.S. Bank Money Market (a) 22,319,387 $ 22,319,387 $ 22,319,387 Total cash and cash equivalents 22,319,387 $ 22,319,387 $ 22,319,387 (a) Included within cash and cash equivalents in Saratoga CLO’s Statements of Assets and Liabilities as of February 28, 2026. (b) As of February 28, 2026, the investment was in default and on non-accrual status. (c) Investments include Payment-in-Kind Interest. (d) All or a portion of this investment has an unfunded commitment as of February 28, 2026. SOFR - Secured Overnight Financing Rate 1M SOFR - The 1-month SOFR rate as of February 28, 2026 was 3.86%. 3M SOFR - The 3-month SOFR rate as of February 28, 2026 was 3.79%. 6M SOFR - The 6-month SOFR rate as of February 28, 2026 was 3.70%. Prime - The Prime Rate as of February 28, 2026 was 7.00%. See accompanying notes to financial statements. 64 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 investments for SLF JV as of May 31, 2026: Company Industry Investment Interest Rate/ Maturity Original Acquisition Date Principal/ Number of Shares Cost Fair Value % of Net Assets Saratoga Investment Corp Senior Loan Fund 2022-1, Ltd Structured Finance Securities Other/Structured Finance Securities, 12.83% 10/20/2033 10/28/2022 40,100,000 $ 26,740,650 $ 25,538,435 449.3 % TOTAL INVESTMENT $ 26,740,650 $ 25,538,435 449.3 % Number of Shares Cost Fair Value % of Net Assets Money Market Funds (included in cash and cash equivalents) - 1.9% (b) Goldman Sachs Financial Square Government Fund (1) 108,698 $ 108,698 $ 108,698 1.9 % Total cash and cash equivalents and cash and cash equivalents, reserve accounts 108,698 $ 108,698 $ 108,698 1.9 % (1) Current yield as of May 31, 2026, was approximately 3.53 % on the Goldman Sachs Financial Square Government Fund. The following table shows the schedule of investments for SLF JV as of February 28, 2026: Company Industry Investment Interest Rate/ Maturity Original Acquisition Date Principal/ Number of Shares Cost Fair Value % of Net Assets Saratoga Investment Corp Senior Loan Fund 2022-1, Ltd Structured Finance Securities Other/Structured Finance Securities, 3.58% 10/20/2033 10/28/2022 40,100,000 $ 27,873,499 $ 21,825,598 1243.77 % TOTAL INVESTMENT $ 27,873,499 $ 21,825,598 1243.77 % 65 Number of Shares Cost Fair Value % of Net Assets Money Market Funds (included in cash and cash equivalents) - 1.1% (b) Goldman Sachs Financial Square Government Fund (1) 83,648 $ 83,648 $ 83,648 4.77 % Total cash and cash equivalents and cash and cash equivalents, reserve accounts 83,648 $ 83,648 $ 83,648 4.77 % (1) Current yield as of February 28, 2026, was approximately 3.59 % on the Goldman Sachs Financial Square Government Fund. The Company and TJHA have equal voting interest on all material decisions with respect to SLF JV, including those involving its investment portfolio, and equal control of corporate governance. No management fee is charged to SLF JV as control and management of SLF JV is shared equally. The Company and TJHA have committed to provide up to a combined $ 50.0 million of financing to SLF JV through cash contributions, with the Company providing $ 43.75 million and TJHA providing $ 6.25 million, resulting in an 87.5 % and 12.5 % ownership between the two parties. The financing is issued in the form of an unsecured loan and equity. The unsecured loan pays a fixed rate of 10 % per annum and is due and payable in full on October 20, 2033. As of May 31, 2026, the Company and TJHA’s investment in SLF JV consisted of an unsecured loan of $ 17.6 million and $ 2.5 million, respectively; and membership interest of $ 19.2 million and $ 2.7 million, respectively. As of February 28, 2026, the Company and TJHA’s investment in SLF JV consisted of an unsecured loan of $ 17.6 million and $ 2.5 million, respectively; and membership interest of $ 19.2 million and $ 2.7 million, respectively. As of May 31, 2026 and February 28, 2026, the Company’s investment in the unsecured note of SLF JV had a fair value of $ 15.6 million and $ 16.1 million, respectively, and the Company’s investment in the membership interests of SLF JV had a fair value of $ 5.0 million and $ 1.5 million, respectively. The Company has determined that SLF JV is an investment company under ASC 946; however, in accordance with such guidance the Company will generally not consolidate its investment in a company other than a wholly owned investment company subsidiary. SLF JV is not a wholly owned investment company subsidiary as the Company and TJHA each have an equal 50 % voting interest in SLF JV and thus neither party has a controlling financial interest. Furthermore, ASC 810 concludes that in a joint venture where both members have equal decision making authority, it is not appropriate for one member to consolidate the joint venture since neither has control. Accordingly, the Company does not consolidate SLF JV. 66 For the three months ended May 31, 2026 and May 31, 2025, the Company earned approximately $ 0.4 million and $ 0.4 million, respectively, of interest income related to SLF JV, which is included in interest income on the consolidated statements of operations. As of May 31, 2026 and February 28, 2026, $ 0.2 million and $ 0.2 million, respectively, of interest income related to SLF JV was included in interest receivable on the consolidated statements of assets and liabilities. For the three months ended May 31, 2026 and May 31, 2025, the Company earned $ 0.8 million and $ 0.4 million, respectively, of dividend income related to SLF JV, which is included in dividend income on control investments. As of May 31, 2026 and February 28, 2026, $ 0.0 million and $ 0.0 million, respectively, of dividend income related to SLF JV was included in dividend receivable on the consolidated statements of assets and liabilities. SLF JV’s initial investment in SLF 2022 was in the form of an unsecured loan. The unsecured loan paid a floating rate of LIBOR plus 7.00 % per annum and was paid in full on June 9, 2023. The unsecured loan was repaid in full on October 28, 2022, as part of the CLO closing. On October 28, 2022, SLF 2022 issued $ 402.1 million of the 2022 JV CLO Notes through the JV CLO trust. The 2022 JV CLO Notes were issued pursuant to the JV Indenture, with the Trustee. As part of the transaction, the Company purchased 87.5 % of the Class E Notes from SLF 2022 with a par value of $ 12.3 million. 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 May 31, 2026 and February 28, 2026, the fair value of the Class E-R Notes was $ 8.3 million and $ 8.4 million, respectively. Note 6. Income Taxes SIA-AAP, Inc., SIA-SAIS, Inc., SIA-ARC, Inc., SIA-Avionte, Inc., SIA-AX, Inc., SIA-G4, Inc., SIA-GH, Inc., SIA-MDP, Inc., SIA-PP Inc., SIA-SIQ, Inc., SIA-SZ, Inc., SIA-TG, Inc., SIA-TT Inc., and SIA-Vector, Inc., each of which is 100 % owned by the Company, and each files a standalone C corporation tax return for U.S. federal and state tax purposes. As separately regarded entities for tax purposes, these entities are subject to U.S. federal income tax at corporate rates. For tax purposes, any distributions by the entities to the parent company would generally need to be distributed to the Company’s shareholders. Generally, such distributions of the entities’ income to the Company’s shareholders will be considered qualified dividends for tax purposes. The entities’ taxable net income will differ from U.S. GAAP net income because of deferred tax temporary differences arising from net operating losses and unrealized appreciation and depreciation of securities held. Deferred tax assets and liabilities are measured using enacted corporate federal and state tax rates expected to apply to taxable income in the years in which those net operating losses are utilized and the unrealized gains and losses are realized. Deferred tax assets and deferred tax liabilities are offset by entity, as permitted. The recoverability of deferred tax assets is assessed and a valuation allowance is recorded to the extent that it is more likely than not that any portion of the deferred tax asset will not be realized on the basis of a history of operating losses combined with insufficient projected taxable income or other taxable events in the Corporate Blockers. The Company may distribute a portion of its realized net long term capital gains in excess of realized net short term capital losses to its stockholders, but may also decide to retain a portion, or all, of its net capital gains and elect to pay the 21 % U.S. federal tax on the net capital gain, potentially in the form of a “deemed distribution” to its stockholders. Income tax (provision) relating to an election to retain its net capital gains, including in the form of a deemed distribution, is included as a component of income tax (provision) benefit from realized gains on investments, depending on the character of the underlying taxable income (ordinary or capital gains), on the consolidated statements of operations. 67 Deferred tax assets and liabilities, and related valuation allowances, as of May 31, 2026 and February 28, 2026, were as follows: May 31, 2026 February 28, 2026 Total deferred tax assets $ 2,597,693 $ 2,595,077 Total deferred tax liabilities ( 4,318,609 ) ( 4,849,432 ) Valuation allowance on net deferred tax assets ( 2,307,074 ) ( 2,325,167 ) Net deferred tax liability $ ( 4,027,990 ) $ ( 4,579,522 ) As of May 31, 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 income tax benefit for the three months ended May 31, 2026 includes $ 0.5 million deferred tax expense (benefit) on net change in unrealized appreciation (depreciation) on investments, ($ 0.02 ) million income tax provision/benefit from realized gain/(loss) on investments and $ 0.1 million net change in total operating expense in the consolidated statements of operations, respectively. Net income tax expense for the three months ended May 31, 2025 includes ($ 0.1 ) million deferred tax expense (benefit) on net change in unrealized appreciation (depreciation) on investments, and $ 0.1 million income tax provision/benefit from realized gain/(loss) on investments and $ 0.0 million net change in total operating expense, in the consolidated statements of operations, respectively. Deferred tax temporary differences may include differences for state taxes and joint venture interests. Federal and state income tax (provisions) benefit on investments for three months ended May 31, 2026 and May 31, 2025: For the three months ended May 31, 2026 May 31, 2025 Current Federal $ - $ - State - - Net current expense - - Deferred Federal ( 526,589 ) 98,776 State ( 31,791 ) 6,312 Net deferred expense ( 558,380 ) 105,088 Net tax provision $ ( 558,380 ) $ 105,088 68 Note 7. Agreements and Related Party Transactions Investment Advisory and Management Agreement On July 30, 2010, the Company entered into the Management Agreement with the Manager. The initial term of the Management Agreement was two years from its effective date, with one-year renewals thereafter subject to certain approvals by the Company’s board of directors and/or the Company’s stockholders. Most recently, on July 6, 2026, the Company’s board of directors approved the renewal of the Management Agreement for an additional one-year term. Pursuant to the Management Agreement, the Manager implements the Company’s business strategy on a day-to-day basis and performs certain services for the Company, subject to oversight by the board of directors. The Manager is responsible for, among other duties, determining investment criteria, sourcing, analyzing and executing investments transactions, asset sales, financings and performing asset management duties. Under the Management Agreement, the Company pays the Manager a management fee for investment advisory and management services consisting of a base management fee and an incentive management fee. Base Management Fee and Incentive Management Fee The base management fee of 1.75% per year is calculated based on the average value of our gross assets (other than cash or cash equivalents, but including assets purchased with borrowed funds) at the end of the two most recently completed fiscal quarters. The base management fee is paid quarterly following the filing of the most recent quarterly report on Form 10-Q. The incentive management fee consists of the following two parts: The first, payable quarterly in arrears, equals 20 % of the Company’s pre-incentive fee net investment income, expressed as a rate of return on the value of our net assets at the end of the immediately preceding quarter, that exceeds a 1.875 % quarterly hurdle rate measured as of the end of each fiscal quarter, subject to a “catch-up” provision. Under this provision, in any fiscal quarter, the Manager receives no incentive fee unless our pre-incentive fee net investment income exceeds the hurdle rate of 1.875%. The Manager will receive 100% of pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than or equal to 2.344% in any fiscal quarter; and 20% of the amount of our pre-incentive fee net investment income, if any, that exceeds 2.344% in any fiscal quarter. There is no accumulation of amounts on the hurdle rate from quarter to quarter, and accordingly there is no claw back of amounts previously paid if subsequent quarters are below the quarterly hurdle rate, and there is no delay of payment if prior quarters are below the quarterly hurdle rate. The second part of the incentive fee is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Management Agreement) and equals 20.0 % of the Company’s “incentive fee capital gains,” which equals the Company’s realized capital gains on a cumulative basis from May 31, 2010 through the end of the fiscal year, if any, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis on each investment in the Company’s portfolio, less the aggregate amount of any previously paid capital gain incentive fee. Importantly, the capital gains portion of the incentive fee is based on realized gains and realized and unrealized losses from May 31, 2010. Therefore, realized and unrealized losses incurred prior to such time will not be taken into account when calculating the capital gains portion of the incentive fee, and the Manager will be entitled to 20.0 % of incentive fee capital gains that arise after May 31, 2010. In addition, for the purpose of the “incentive fee capital gains” calculations, the cost basis for computing realized gains and losses on investments held by us as of May 31, 2010 will equal the fair value of such investments as of such date. For the three months ended May 31, 2026 and May 31, 2025, the Company incurred $ 5.0 million and $ 4.3 million in base management fees, respectively. For the three months ended May 31, 2026 and May 31, 2025, the Company incurred $ 1.9 million and $ 2.5 million in incentive fees related to pre-incentive fee net investment income, respectively. For the three months ended May 31, 2026 and May 31, 2025, the Company accrued an expense (benefit) of $ 0.0 million and ($ 0.4 ) million in incentive fees related to capital gains. The accrual is calculated using both realized and unrealized capital gains for the period. The actual incentive fee related to capital gains will be determined and payable in arrears at the end of the fiscal year and will include only realized capital gains for the period. As of May 31, 2026, the base management fees accrual was $ 5.0 million and the incentive fees accrual was $ 1.9 million and are included in base management and incentive fees payable in the accompanying consolidated statements of assets and liabilities. As of February 28, 2026, the base management fees accrual was $ 4.6 million and the incentive fees accrual was $ 2.0 million and are included in base management and incentive fees payable in the accompanying consolidated statements of assets and liabilities. 69 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 6, 2026, the Company’s board of directors approved the renewal of the Administration Agreement for an additional one-year term, and determined to keep the cap on the payment or reimbursement of expenses by the Company unchanged at $ 5.4 million, while continuing to assess whether to increase this within the foreseeable future, with any increase to be effective August 1, 2026. For the three months ended May 31, 2026 and May 31, 2025, the Company recognized $ 1.4 million and $ 1.3 million in administrator expenses, respectively, pertaining to bookkeeping, recordkeeping and other administrative services provided to the Company in addition to the Company’s allocable portion of rent and other overhead related expenses. As of May 31, 2026 and February 28, 2026, $ 0.6 million and $ 0.6 million respectively, of administrator expenses were accrued and included in due to Manager in the accompanying consolidated statements of assets and liabilities. Saratoga CLO See Note 4. Investment in Saratoga CLO for more information regarding Saratoga CLO. For the three months ended May 31, 2026 and May 31, 2025, the Company recognized management fee income of $ 0.5 million and $ 0.7 million, respectively, related to the Saratoga CLO. For the three months ended May 31, 2026 and May 31, 2025, the Company neither bought nor sold any investments from the Saratoga CLO. SLF JV See Note 5 for more information about SLF JV. As of May 31, 2026, the Company’s investment in the SLF JV had a fair value of $ 20.6 million, consisting of an unsecured loan of $ 15.6 million and membership interest of $ 5.0 million. For the three months ended May 31, 2026, the Company had $ 0.6 million of interest income related to SLF JV, of which $ 0.4 million was included in interest receivable on the consolidated statements of assets and liabilities as of May 31, 2026. For the three months ended May 31, 2025, the Company had $ 0.4 million of interest income related to SLF JV, of which $ 0.2 million was included in interest receivable on the consolidated statements of assets and liabilities as of May 31, 2025. As part of the JV CLO trust transaction, the Company purchased 87.50 % of the Class E Notes from SLF 2022 with a principal value of $ 12.3 million and fair value of $ 12.3 million, respectively. This was repaid as part of the refinancing of the SLF 2022 on September 24, 2025, and the Company purchased 87.5 % of the Class E-R Notes from SLF 2022 with a principal value of $ 8.8 million and fair value of $ 8.8 million, respectively. As of May 31, 2026 and May 31, 2025, the fair value of the Class E-R Notes were $ 8.3 million and $ 0.0 million, respectively. As of May 31, 2026 and May 31, 2025, the fair value of the Class E Notes were $ 0.0 million and $ 12.3 million, respectively. 70 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 162.6 % as of May 31, 2026 and 168.4 % as of February 28, 2026. During the three months ended May 31, 2026 and May 31, 2025, average total borrowings outstanding was $ 796.7 million and $ 792.8 million, respectively, and the weighted average interest rate was 6.13 % and 5.58 %, respectively. Encina Credit Facility On October 4, 2021, the Company entered into the Credit and Security Agreement (as amended from time to time, the “Encina Credit Agreement”) relating to a senior secured revolving credit facility (the “Encina Credit Facility”) with Encina Lender Finance, LLC (“Encina”), supported by loans held by SIF II and pledged to the Encina Credit Facility. The terms of the Encina Credit Facility required a minimum drawn amount of $ 12.5 million at all times during period through April 4, 2022, which increased to the greater of $ 25.0 million or 50 % of the commitment amount in effect at any time thereafter. On January 27, 2023, we entered into the first amendment to the Encina Credit Agreement which, among other things: (i) increased the borrowings available under the Encina Credit Facility from up to $50.0 million to up to $65.0 million; (ii) changed the underlying benchmark used to compute interest under the Encina Credit Agreement from LIBOR to Term SOFR for a one-month tenor plus a 0.10% credit spread adjustment; (iii) increased the applicable effective margin rate on borrowings from 4.00% to 4.25%; (iv) extended the revolving period from October 4, 2024 to January 27, 2026; (v) extended the period during which the borrower may request one or more increases in the borrowings available under the Encina Credit Facility (each such increase, a “Facility Increase”) from October 4, 2023 to January 27, 2025, and increased the maximum borrowings available pursuant to the Encina Facility Increase from $75.0 million to $150.0 million; (vi) revised the eligibility criteria for eligible collateral loans to exclude certain industries in which an obligor or related guarantor may be involved; and (vii) amended the provisions permitting the borrower to request an extension in the Commitment Termination Date (as defined in the Encina Credit Agreement) to allow requests to extend any applicable Commitment Termination Date, rather than a one-time request to extend the original Commitment Termination Date, subject to a notice requirement. In addition to any fees or other amounts payable under the terms of the Encina Credit Facility, an administrative agent fee per annum equal to $ 0.1 million was payable in equal monthly installments in arrears. The Company paid the lender a commitment fee of 0.75 % per year (or 0.50% if the ratio of advances outstanding to aggregate commitments was greater than or equal to 50%) on the unused amount of the Encina Credit Facility. Availability on the Encina Credit Facility was subject to a borrowing base calculation, based on, among other things, applicable advance rates (which varied from 50.0% to 75.0% of par or fair value depending on the type of loan asset) and the value of certain “eligible” loan assets included as part of the borrowing base. Funds could be borrowed at the 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 May 31, 2026 and May 31, 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. 71 For the three months ended May 31, 2026 and May 31, 2025, we recorded $ 0.0 million and $ 0.8 million of interest expense related to the Encina Credit Facility, respectively, which includes commitment and administrative agent fees. For the three months ended May 31, 2026 and May 31, 2025, we recorded $ 0.0 million and $ 0.1 million of deferred financing costs related to the Encina Credit Facility, respectively. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2026 and May 31, 2025, the weighted average interest rate on the outstanding borrowings under the Encina Credit Facility was 0.0 % and 8.9 %, respectively, and the average dollar amount of outstanding borrowings under the Encina Credit Facility was $ 0.0 million and $ 32.5 million, respectively. Live Oak Credit Facility On March 27, 2024, the Company and its wholly owned special purpose subsidiary, SIF III, entered into a credit and security agreement (the “Live Oak Credit Agreement”), by and among SIF III, as borrower, the Company, as collateral manager and equity holder, the lenders from time to time parties thereto, Live Oak, as administrative agent and collateral agent, U.S. Bank National Association, as custodian, and U.S. Bank Trust Company, National Association, as collateral administrator, relating to the Live Oak Credit Facility. The Live Oak Credit Facility originally provided for borrowings in U.S. dollars in an aggregate amount of up to $ 50.0 million. During the first two years following the closing date, SIF III may request one or more increases in the commitment amount from $ 50.0 million to an amount not to exceed $ 150.0 million, subject to certain terms and conditions and a customary fee. The terms of the Live Oak Credit Agreement required a minimum drawn amount of $ 12.5 million at all times during the period ended March 27, 2025 and, thereafter, require the greater of: (i) $ 25.0 million and (ii) 50 % of the facility amount in effect at such time. The Live Oak Credit Facility matures on March 27, 2027. Advances are available during the term of the Live Oak Credit Facility and must be repaid in full at maturity. SIF III may request an extension of the maturity date by an additional one year, subject to the agreement of the lenders and an extension fee. On June 14, 2024, the Company entered into the first amendment to the Live Oak Credit Agreement (the “Amendment”). The Amendment, among other things: ● increased the borrowings available under the Live Oak Credit Facility from up to $ 50.0 million to up to $ 75.0 million, subject to a borrowing base requirement; ● replaced administrative agent approval with “Required Lender” (as defined in the Live Oak Credit Agreement) approval with respect to certain matters; ● replaced Required Lender approval with 100 % lender approval with respect to certain matters; 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. 72 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 May 31, 2026 and February 28, 2026, there was $ 37.5 million and $ 37.5 million in outstanding borrowings under the Live Oak Credit Facility, respectively. During the applicable period, the Company was in compliance with all of the limitations and requirements under the Live Oak Credit Agreement. For the three months ended May 31, 2026 and May 31, 2025, we recorded $ 0.8 million and $ 0.8 million of interest expense related to the Live Oak Credit Facility, respectively, which includes commitment and administrative agent fees. For the three months ended May 31, 2026 and May 31, 2025, we recorded $ 0.1 million and $ 0.1 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. During the three months ended May 31, 2026 and May 31, 2025, the weighted average interest rate on the outstanding borrowings under the Live Oak Credit Facility was 7.8 % and 8.5 %, respectively, and the average dollar amount of outstanding borrowings under the Live Oak Credit Facility was $ 37.5 million and $ 32.4 million, respectively. Our borrowing base under the Live Oak Credit Facility was $ 97.7 million subject to the Live Oak Credit Facility cap of $ 75.0 million at May 31, 2026. For purposes of determining the borrowing base, most assets are assigned the values set forth in our most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q filed with the SEC. Accordingly, the May 31, 2026 borrowing base relies upon the valuations set forth in the Annual Report on Form 10-K for the period ended February 28, 2026. The valuations presented in this Quarterly Report on Form 10-Q will not be incorporated into the borrowing base until after this Quarterly Report on Form 10-Q is filed with the SEC. Valley Credit Facility On November 6, 2025, the Company entered into a Credit and Security Agreement (the “Valley Credit Agreement”) establishing an $ 85.0 million senior secured revolving credit facility with Valley, as administrative agent and as a lender, and certain other lenders, supported by loans held by SIF II and pledged as collateral to secure the obligations under the Valley Credit Facility. The terms of the Valley Credit Facility require a minimum drawn amount at all times equal to the greater of $ 25.0 million or 38 % of the facility amount in effect at such time. The Valley Credit Facility matures on November 6, 2028. The Valley Credit Facility has numerous eligibility criteria for loans to be included in the borrowing base. The Valley Credit Agreement also requires SIF II to pay an unused fee on the amount by which the commitment amount exceeds outstanding principal amounts on each day at a rate per annum equal to 0.75 % if the unused amount is greater than 62 % of the commitment amount, or otherwise 0.50 %. In addition to any fees or other amounts payable under the terms of the Valley Credit Facility, an administrative agent fee per annum equal to $ 35,000 is payable annually in advance. As of May 31, 2026 and February 28, 2026, there were $ 32.5 million and $ 32.5 million outstanding borrowings under the Valley Credit Facility, respectively. During the applicable periods, the Company was in compliance with all of the limitations and requirements under the Valley Credit Agreement. Financing costs of $ 1.4 million related to the Valley Credit Facility have been capitalized and are being amortized over the term of the facility, with all existing financing costs amortized through November 6, 2028. 73 For the three months ended May 31, 2026, we recorded $ 0.6 million of interest expense related to the Valley Credit Facility, which includes commitment and administrative agent fees. For the three months ended May 31, 2026, we recorded $ 0.1 million of deferred financing costs related to the Valley Credit Facility, including arranger fees. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2026, the weighted average interest rate on the outstanding borrowings under the Valley Credit Facility was 6.7 % and the average dollar amount of outstanding borrowings under the Valley Credit Facility was $ 32.5 million. The Valley Credit Facility contains limitations as to how borrowed funds may be used, such as restrictions on industry concentrations, asset size, weighted average life, currency denomination and collateral interests. The Valley Credit Facility also includes certain requirements relating to portfolio performance, the violation of which could result in the limit of further advances and, in some cases, result in an event of default if not cured in the prescribed period, allowing the lenders to accelerate repayment of amounts owed thereunder. Availability on the Valley Credit Facility is subject to a borrowing base calculation, with advance rates on eligible loans ranging from 25% to 75%. Advances under the Valley Credit Facility bear interest at a floating rate per annum equal to Term SOFR plus an applicable margin of 2.85 %, with a SOFR Floor of 1.00 %. Our borrowing base under the Valley Credit Facility was $ 70.6 million subject to the Valley Credit Facility cap of $ 85.0 million at May 31, 2026. For purposes of determining the borrowing base, most assets are assigned the values set forth in our most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q filed with the SEC. Accordingly, the May 31, 2026 borrowing base relies upon the valuations set forth in the Annual Report on Form 10-K for the fiscal year ended February 28, 2026. The valuations presented in this Quarterly Report on Form 10-Q will not be incorporated into the borrowing base until after this Quarterly Report on Form 10-Q is filed with the SEC. SBA Debentures The Company’s wholly owned subsidiaries, SBIC II LP and SBIC III LP, received SBIC licenses from the SBA on August 14, 2019 and September 29, 2022, respectively. Each of the SBIC Subsidiaries provide up to $ 175.0 million in long-term capital in the form of debentures guaranteed by the SBA. The Company’s wholly owned subsidiary, SBIC LP, repaid its outstanding debentures and subsequently surrendered its license to the SBA on January 3, 2024, providing the Company access to all undistributed capital of SBIC LP, and SBIC LP subsequently merged with and into the Company. In May 2026, legislation amending the Small Business Investment Act of 1958 increased (a) the individual leverage limit from $ 175.0 million to $ 250.0 million, subject to SBA approvals, and (b) the maximum leverage available for two or more SBICs under common control from $ 350.0 million to $ 475.0 million. SBICs are designed to stimulate the flow of private equity capital to eligible small businesses. Under SBA regulations, SBICs may make loans to eligible small businesses and invest in the equity securities of small businesses. Under present SBA regulations, eligible small businesses include businesses that have a tangible net worth not exceeding $ 24.0 million and have average annual fully taxed net income not exceeding $ 8.0 million for the two most recent fiscal years. In addition, an SBIC must devote 25.0 % of its investment activity to “smaller enterprises” as defined by the SBA. A smaller enterprise is one that has a net worth not exceeding $ 6.0 million and has an average annual fully taxed net income not exceeding $ 2.0 million for the two most recent fiscal years. SBA regulations also provide alternative size standard criteria to determine eligibility, which depend on the industry in which the business is engaged and are based on such factors as the number of employees and gross sales. According to SBA regulations, SBICs may make long-term loans to small businesses, invest in the equity securities of such businesses and provide them with consulting and advisory services. The SBIC Subsidiaries are able to borrow funds from the SBA against each SBIC’s regulatory capital (which generally approximates equity capital in the respective SBIC). The SBIC Subsidiaries are subject to customary regulatory requirements including but not limited to, a periodic examination by the SBA and requirements to maintain certain minimum financial ratios and other covenants. Receipt of an SBIC license does not assure that the SBIC Subsidiaries will receive SBA-guaranteed debenture funding, which is dependent upon the SBIC Subsidiaries complying with SBA regulations and policies. The SBA, as a creditor, will have a superior claim to each SBIC Subsidiary’s assets over the Company’s stockholders and debtholders in the event that the Company liquidates such SBIC Subsidiary or the SBA exercises its remedies under the SBA-guaranteed debentures issued by the SBIC Subsidiary upon an event of default. 74 The Company received exemptive relief from the SEC to permit it to exclude the debentures guaranteed by the SBA of the SBIC Subsidiaries from the definition of senior securities in the asset coverage test under the 1940 Act. This allows the Company increased flexibility under the asset coverage requirement by permitting it to borrow more than it would otherwise be able to absent the receipt of this exemptive relief. As of May 31, 2026, we have funded SBIC II LP and SBIC III LP with an aggregate total of equity capital of $ 87.5 million and $ 87.5 million, respectively, and have $ 213.0 million in SBA-guaranteed debentures outstanding, of which $ 84.0 million was held by SBIC II LP and $ 129.0 million held in SBIC III LP. As noted above, as of May 31, 2026, there was $ 213.0 million of SBA debentures outstanding and as of February 28, 2026, there was $ 160.0 million of SBA debentures outstanding. The carrying amount of SBA debentures outstanding approximates fair value, which is based on a waterfall analysis showing adequate collateral coverage and would be classified as a Level 3 liability within the fair value hierarchy. Financing costs of $ 5.0 million, $ 6.0 million and $ 1.4 million related to the SBA debentures issued by SBIC LP, SBIC II LP and SBIC III LP, respectively, have been capitalized and are being amortized over the term of the commitment and drawdown. During the year ended February 28, 2026, the Company repaid $ 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 three months ended May 31, 2026 and May 31, 2025, the Company recorded $ 1.8 million and $ 1.3 million of interest expense related to the SBA debentures, respectively. For the three months ended May 31, 2026 and May 31, 2025, the Company recorded $ 0.2 million and $ 0.2 million of amortization of deferred financing costs related to the SBA debentures, respectively. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. The weighted average interest rate during the three months ended May 31, 2026 and May 31, 2025 on the outstanding borrowings of the SBA debentures was 3.60 % and 3.04 %, respectively. During the three months ended May 31, 2026 and May 31, 2025, the average dollar amount of SBA debentures outstanding was $ 203.2 million and $ 170.0 million, respectively. Unsecured Notes 7.75% 2025 Notes On July 9, 2020, the Company issued $ 5.0 million in aggregate principal amount of 7.75 % fixed-rate notes due in 2025 (the “7.75% 2025 Notes”) for net proceeds of $ 4.8 million after deducting underwriting commissions of approximately $ 0.2 million. Offering costs incurred were approximately $ 0.1 million. Interest on the 7.75% 2025 Notes was paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 7.75% per year. The 7.75% 2025 Notes matured and were paid off on July 9, 2025. For the three months ended May 31, 2026 and May 31, 2025, the Company recorded $ 0.0 million and $ 0.1 million, respectively, of interest expense and $ 0.0 million and $ 0.01 million, respectively, of amortization of deferred financing costs related to the 7.75% 2025 Notes. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2026 and May 31, 2025, the average dollar amount of 7.75% 2025 Notes outstanding was $ 0.0 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% 2027 Notes”). The Additional 6.25% 2027 Notes are treated as a single series with the Existing 6.25% 2027 Notes under the indenture and have the same terms as the Existing 6.25% 2027 Notes. Interest on the 6.25% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 6.25% per year. The 6.25% 2027 Notes mature on December 29, 2027 and may be redeemed in whole or in part at any time or from time to time at the Company’s option, on or after December 29, 2024. The net proceeds from the offering were used for general corporate purposes in accordance with the Company’s investment objective and strategies. Financing costs of $ 0.5 million related to the 6.25% 2027 Notes have been capitalized and are being amortized over the term of the Notes. 75 As of May 31, 2026, the total amount of 6.25% 2027 Notes outstanding was $ 15.0 million. The 6.25% 2027 Notes are not listed and have a par value of $ 25.00 per note. The carrying amount of the outstanding 6.25% 2027 Notes had a fair value of $ 14.9 million, which is based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy . As of February 28, 2026, the carrying amount and fair value of the 6.25% 2027 Notes was $ 14.8 million and $ 15.0 million, respectively. For the three months ended May 31, 2026 and May 31, 2025, the Company recorded $ 0.2 million and $ 0.2 million, respectively, of interest expense and $ 0.02 million and $ 0.02 million, respectively, of amortization of deferred financing costs related to the 6.25% 2027 Notes. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2026 and May 31, 2025 the average dollar amount of 6.25% 2027 Notes outstanding was $ 15.0 million and $ 15.0 million respectively. 4.375% 2026 Notes On March 10, 2021, the Company issued $ 50.0 million in aggregate principal amount of the 4.375 % fixed-rate notes due 2026 (the “Existing 4.375% 2026 Notes”) for net proceeds of $ 49.0 million after deducting underwriting commissions of approximately $ 1.0 million. Offering costs incurred were approximately $ 0.3 million. On July 15, 2021, the Company issued an additional $ 125.0 million in aggregate principal amount of the 4.375% 2026 Notes (the “Additional 4.375% 2026 Notes” and together with the Existing 4.375% 2026 Notes, the “4.375% 2026 Notes”) for net proceeds of approximately $ 123.8 million, based on the public offering price of 101.00 % of the aggregate principal amount of the Additional 4.375% 2026 Notes, after deducting the underwriting commissions of $ 2.5 million. Offering costs incurred were approximately $ 0.2 million. The Additional 4.375% 2026 Notes were treated as a single series with the existing 4.375% 2026 Notes under the indenture and had the same terms as the existing 4.375% 2026 Notes. Interest on the 4.375% 2026 Notes was paid semi-annually in arrears on February 28 and August 28, at a rate of 4.375% per year. The 4.375% 2026 Notes matured and were paid off on February 28, 2026. For the three months ended May 31, 2026 and May 31, 2025, the Company recorded $ 0.0 million and $ 1.9 million, respectively, of interest expense, $ 0.0 million and $ 0.2 million, respectively, of amortization of deferred financing costs and $ 0.0 million and $ 0.06 million, respectively, of amortization of premium on issuance of 4.375% Notes due 2026 (inclusive of the issuance of the Additional 4.375% 2026 Notes). Interest expense, amortization of deferred financing costs and amortization of premium on issuance of notes are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2026 and May 31, 2025, the average dollar amount of 4.375% 2026 Notes outstanding was $ 0.0 million and $ 175.0 million, respectively. 4.35% 2027 Notes On January 19, 2022, the Company issued $ 75.0 million in aggregate principal amount of 4.35 % fixed-rate notes due in 2027 (the “4.35% 2027 Notes”) for net proceeds of $ 73.0 million, based on the public offering price of 99.317 % of the aggregate principal amount of the 4.35% 2027 Notes, after deducting the underwriting commissions of approximately $ 1.5 million. Offering costs incurred were approximately $ 0.3 million. Interest on the 4.35% 2027 Notes is paid semi-annually in arrears on February 28 and August 28, at a rate of 4.35% per year. The 4.35% 2027 Notes mature on February 28, 2027 and may be redeemed in whole or in part at the Company’s option at any time prior to November 28, 2026, at par plus a “make-whole” premium, and thereafter at par. The net proceeds from the offering were used for general corporate purposes in accordance with the Company’s investment objective and strategies. Financing costs of $ 1.8 million related to the 4.35% 2027 Notes have been capitalized and are being amortized over the term of the 4.35% 2027 Notes. As of May 31, 2026, the total amount of 4.35% 2027 Notes outstanding was $ 75.0 million. The 4.35% 2027 Notes are not listed. The carrying amount of the outstanding 4.35% 2027 Notes had a fair value of $ 73.3 million, which is based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy. As of February 28, 2026, the total amount of 4.35% 2027 Notes outstanding was $ 75.0 million, and they had a fair value of $ 72.7 million, which is based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy. For the three months ended May 31, 2026 and May 31, 2025, the Company recorded $ 0.8 million and $ 0.8 million, respectively, of interest expense, $ 0.1 million and $ 0.1 million, respectively, of amortization of deferred financing costs and $ 0.03 million and $ 0.03 million, respectively, of amortization of discount on issuance of the 4.35% Notes due 2027 (inclusive of the issuance of the Additional 4.35% 2027 Notes). Interest expense, amortization of deferred financing costs, and amortization of discount on issuance of notes and deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2026 and May 31, 2025, the average dollar amount of 4.35% 2027 Notes outstanding was $ 75.0 million and $ 75.0 million, respectively. 76 6.00% 2027 Notes On April 27, 2022, the Company issued $ 87.5 million in aggregate principal amount of 6.00 % fixed-rate notes due 2027 (the “Existing 6.00% 2027 Notes”) for net proceeds of $ 84.8 million after deducting underwriting commissions of approximately $ 2.7 million. Offering costs incurred were approximately $ 0.1 million. On May 10, 2022, the underwriters partially exercised their option to purchase an additional $ 10.0 million in aggregate principal amount of the Existing 6.00% 2027 Notes for net proceeds to the Company of $ 9.7 million after deducting underwriting commissions of approximately $ 0.3 million. On August 15, 2022, the Company issued an additional $ 8.0 million in aggregate principal amount of the Existing 6.00% 2027 Notes (the “Additional 6.00% 2027 Notes” and together with the Existing 6.00% 2027 Notes, the “6.00% 2027 Notes”) for net proceeds of $ 7.8 million, based on the public offering price of 97.80 % of the aggregate principal amount of the 6.00% 2027 Notes. Additional offering costs incurred were approximately $ 0.2 million. The Additional 6.00% 2027 Notes are treated as a single series with the Existing 6.00% 2027 Notes under the indenture and have the same terms as the Existing 6.00% 2027 Notes. Interest on the 6.00% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 6.00% per year. The 6.00% 2027 Notes mature on April 30, 2027 and commencing April 27, 2024, may be redeemed in whole or in part at any time or from time to time at the Company’s option. The net proceeds from the offering were used for general corporate purposes in accordance with the Company’s investment objective and strategies. Financing costs of $ 3.3 million related to the 6.00% 2027 Notes have been capitalized and are being amortized over the term of the 6.00% 2027 Notes. The 6.00% 2027 Notes are listed on the NYSE under the trading symbol “SAT” with a par value of $ 25.00 per note. As of May 31, 2026, the carrying amount and fair value of the 6.00% 2027 Notes was $ 105.5 million and $ 105.0 million, respectively. The fair value of the 6.00% 2027 Notes, which are publicly traded, is based upon closing market quotes as of the measurement date and would be classified as a Level 1 liability within the fair value hierarchy. As of February 28, 2026, the carrying amount and fair value of the 6.00% 2027 Notes was $ 105.5 million and $ 105.0 million, respectively. For the three months ended May 31, 2026 and May 31, 2025, the Company recorded $ 1.6 million and $ 1.6 million, respectively, of interest expense, $ 0.2 million and $ 0.2 million, respectively, of amortization of deferred financing costs and $ 0.01 million and $ 0.01 million, respectively, of amortization of discount on issuance of 6.00% Notes due 2027. Interest expense, amortization of deferred financing costs and amortization of discount on issuance of notes are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2026 and May 31, 2025, the average dollar amount of 6.00% 2027 Notes outstanding was $ 105.5 million and $ 105.5 million, respectively. 7.00% 2025 Notes On September 8, 2022, the Company issued $ 12.0 million in aggregate principal amount of 7.00 % fixed-rate notes due 2025 (the “7.00% 2025 Notes”) for net proceeds of $ 11.6 million after deducting underwriting discounts of approximately $ 0.4 million. Additional offering costs incurred were approximately $ 0.05 million. Interest on the 7.00% 2025 Notes was paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 7.00% per year. The 7.00% 2025 Notes matured and were paid off on September 8, 2025. Financing costs of $ 0.05 million related to the 7.00% 2025 Notes had been capitalized and were amortized over the term of the 7.00% 2025 Notes. On September 8, 2025, $ 12.0 million in aggregate principal amount of the issued and outstanding 7.00% 2025 Notes was repaid in full. For the three months ended May 31, 2026 and May 31, 2025, the Company recorded $ 0.0 million and $ 0.2 million, respectively, of interest expense, $ 0.0 million and $ 0.04 million, respectively, of amortization of deferred financing costs and $ 0.0 million and $ 0.03 million, respectively, of amortization of discount on issuance of 7.00% 2025 Notes. Interest expense, amortization of deferred financing costs and amortization of discount on issuance of notes are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2026 and May 31, 2025, the average dollar amount of 7.00% 2025 Notes outstanding was $ 0.0 million and $ 12.0 million, respectively. 7.25% 2029 Notes On April 10, 2026, we issued $ 25.0 million in aggregate principal amount of 7.25 % fixed-rate notes due 2029 (the “7.25% 2029 Notes”) for net proceeds of $ 24.5 million based on an offering price of 98.0 % per Note, and after deducting offering expenses of approximately $ 0.2 million. Interest on the 7.25% 2029 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 7.25% per year. The 7.25% 2029 Notes mature on April 10, 2029 and commencing April 10, 2027, may be redeemed in whole or in part at any time or from time to time at our option. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $ 0.1 million related to the 7.25% 2029 Notes have been capitalized and are being amortized over the term of the 7.25% 2029 Notes. 77 In addition, holders of the 7.25% 2029 Notes will have the option to have the 7.25% 2029 Notes repaid prior to the stated maturity date if (i) the Company is no longer directly managed by Saratoga Investment Advisors or any of its affiliates, or if two or more of Christian L. Oberbeck, Michael J. Grisius, Thomas V. Inglesby, Charles G. Phillips or Henri J. Steenkamp cease to work or be employed on a full-time basis with respect to the business of Saratoga Investment Advisors at least the duties and responsibilities delegated to him as of April 10, 2026 and has not been promptly replaced by another person reasonably acceptable by the holders of the 7.25 % 2029 Notes; or (ii) the Company violates Section 18(a)(1)(A) as modified by Section 61(a)(2) of the 1940 Act as in effect as of April 10, 2026, but giving effect to any exemptive relief granted to the Company by the SEC. As of May 31, 2026, the total amount of 7.25% 2029 Notes outstanding was $ 25.0 million. The 7.25% 2029 Notes are not listed and have a par value of $ 1,000 per note. As of May 31, 2026, the carrying amount and fair value of the 7.25% 2029 Notes was $ 25.0 million and $ 24.8 million, respectively, which is based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy. For the three months ended May 31, 2026, the Company recorded $ 0.3 million of interest expense, $ 0.02 million of amortization of deferred financing costs and $ 0.02 million of amortization of discount related to the 7.25% 2029 Notes. Interest expense, amortization of deferred financing costs and amortization of discount on issuance of notes are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2026 the average dollar amount of 7.25% 2029 Notes outstanding was $ 14.1 million. 8.00% 2027 Notes On October 27, 2022, the Company issued $ 40.0 million in aggregate principal amount of our 8.00 % fixed-rate notes due 2027 (the “8.00% 2027 Notes”) for net proceeds of $ 38.7 million after deducting underwriting commissions of approximately $ 1.3 million. Offering costs incurred were approximately $ 0.2 million. On November 10, 2022, the underwriters partially exercised their option to purchase an additional $ 6.0 million in aggregate principal amount of the 8.00% 2027 Notes for net proceeds to the Company of $ 5.8 million after deducting underwriting commissions of approximately $ 0.2 million. Interest on the 8.00% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 8.00% per year . The 8.00% 2027 Notes mature on October 31, 2027 and commencing October 27, 2024, may be redeemed in whole or in part at any time or from time to time at the Company’s option. The net proceeds from the offering were used for general corporate purposes in accordance with the Company’s investment objective and strategies. Financing costs of $ 1.7 million related to the 8.00% 2027 Notes have been capitalized and are being amortized over the term of the 8.00% 2027 Notes. As of May 31, 2026, the total amount of 8.00% 2027 Notes outstanding was $ 46.0 million. The 8.00% 2027 Notes are listed on the NYSE under the trading symbol “SAJ” with a par value of $ 25.00 per note. As of May 31, 2026, the carrying amount and fair value of the 8.00% 2027 Notes was $ 46.0 million and $ 46.6 million, respectively. The fair value of the 8.00% 2027 Notes, which are publicly traded, is based upon closing market quotes as of the measurement date and would be classified as a Level 1 liability within the fair value hierarchy. As of February 28, 2026, the carrying amount and fair value of the 8.00% 2027 Notes was $ 46.0 million and $ 46.4 million, respectively. For the three months ended May 31, 2026 and May 31, 2025, the Company recorded $ 0.9 million and $ 0.9 million, respectively, of interest expense and $ 0.09 million and $ 0.09 million, respectively, of amortization of deferred financing costs related to the 8.00% 2027 Notes. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2026 and May 31, 2025, the average dollar amount of 8.00% 2027 Notes outstanding was $ 46.0 million and $ 46.0 million, respectively. 8.125% 2027 Notes On December 13, 2022, the Company issued $ 52.5 million in aggregate principal amount of 8.125 % fixed-rate notes due 2027 (the “8.125% 2027 Notes”) for net proceeds of $ 50.8 million after deducting underwriting commissions of approximately $ 1.6 million. Offering costs incurred were approximately $ 0.1 million. On December 21, 2022, the underwriters fully exercised their option to purchase an additional $ 7.875 million in aggregate principal amount of the 8.125% 2027 Notes for net proceeds to the Company of $ 7.6 million after deducting underwriting commissions of approximately $ 0.2 million. Interest on the 8.125% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 8.125% per year. The 8.125% 2027 Notes mature on December 31, 2027 and commencing December 13, 2024, may be redeemed in whole or in part at any time or from time to time at the Company’s option. The net proceeds from this offering were used to make investments in middle-market companies (including investments made through our SBIC Subsidiaries) in accordance with the Company’s investment objective and strategies and for general corporate purposes. Financing costs of $ 2.0 million related to the 8.125% 2027 Notes have been capitalized and are being amortized over the term of the 8.125% 2027 Notes. 78 As of May 31, 2026, the total amount of 8.125% 2027 Notes outstanding was $ 60.4 million. The 8.125% 2027 Notes are listed on the NYSE under the trading symbol “SAY” with a par value of $ 25.00 per note. As of May 31, 2026, the carrying amount and fair value of the 8.125% 2027 Notes was $ 60.4 million and $ 61.0 million, respectively. The fair value of the 8.125% 2027 Notes, which are publicly traded, is based upon closing market quotes as of the measurement date and would be classified as a Level 1 liability within the fair value hierarchy. As of February 28, 2026, the carrying amount and fair value of the 8.125% 2027 Notes was $ 60.4 million and $ 61.0 million, respectively. For the three months ended May 31, 2026 and May 31, 2025, the Company recorded $ 1.2 million and $ 1.2 million, respectively, of interest expense and $ 0.1 million and $ 0.1 million, respectively, of amortization of deferred financing costs related to the 8.125% 2027 Notes. Interest expense, amortization of deferred financing costs and amortization of discount on issuance of notes are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2026 and May 31, 2025 the average dollar amount of 8.125% 2027 Notes outstanding was $ 60.4 million and $ 60.4 million respectively. 8.75% 2025 Notes On March 31, 2023, the Company issued $ 10.0 million in aggregate principal amount of 8.75 % fixed-rate notes due 2025 (the “8.75% 2025 Notes”) for net proceeds of $ 9.7 million after deducting underwriting discounts of approximately $ 0.4 million. On May 1, 2023, the Company issued an additional $ 10.0 million in aggregate principal amount of the 8.75% 2025 Notes for net proceeds of $ 9.7 million after deducting underwriting discounts of approximately $ 0.4 million. Offering costs incurred were approximately $ 0.03 million. Interest on the 8.75% 2025 Notes was paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 8.75% per year. On February 2, 2024, pursuant to the terms of the indenture governing the 8.75% 2025 Notes, the Company elected to exercise its option to extend the maturity date of the 8.75% 2025 Notes from March 31, 2024 to March 31, 2025. The 8.75% 2025 Notes were paid off in full at maturity on March 31, 2025. For the three months ended May 31, 2026 and May 31, 2025, the Company recorded $ 0.0 million and $ 0.1 million, respectively, of interest expense, $ 0.0 million and $ 0.1 million, respectively, of amortization of deferred financing costs and $ 0.0 million and $ 0.01 million, respectively, of amortization of discount related to the 8.75% 2025 Notes. Interest expense, amortization of deferred financing costs and amortization of discount on issuance of notes are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2026 and May 31, 2025 the average dollar amount of 8.75% 2025 Notes outstanding was $ 0.0 million and $ 6.5 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 May 31, 2026, the total amount of 8.50% 2028 Notes outstanding was $ 57.5 million. The 8.50% 2028 Notes are listed on the NYSE under the trading symbol “SAZ” with a par value of $ 25.00 per note. As of May 31, 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, 2026, the carrying amount and fair value of the 8.50% 2028 Notes was $ 57.5 million and $ 58.1 million, respectively. For the three months ended May 31, 2026 and May 31, 2025, the Company recorded $ 1.2 million and $ 1.2 million, respectively, of interest expense and $ 0.1 million and $ 0.1 million, respectively, of amortization of deferred financing costs related to the 8.50% 2028 Notes. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2026 and May 31, 2025 the average dollar amount of 8.50% 2028 Notes outstanding was $ 57.5 million and $ 57.5 million respectively. 79 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 $ 0.9 million related to the 7.25% 2030 Notes have been capitalized and are being amortized over the term of the 7.25% 2030 Notes. As of May 31, 2026, the total amount of 7.25% 2030 Notes outstanding was $ 50.0 million. The 7.25% 2030 Notes are not listed and have a par value of $ 1,000 per note. As of May 31, 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. As of February 28, 2026, the carrying amount and fair value of the 7.25% 2030 Notes was $ 50.0 million and $ 49.6 million, respectively, which is based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy. For the three months ended May 31, 2026, the Company recorded $ 0.9 million of interest expense and $ 0.07 million of amortization of deferred financing costs related to the 7.25% 2030 Notes. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2026 the average dollar amount of 7.25% 2030 Notes outstanding was $ 50.0 million. 7.50% 2031 Notes On February 6, 2026, the Company issued $ 100.0 million in aggregate principal amount of 7.50% fixed-rate notes due 2031 (the “7.50% 2031 Notes”) for net proceeds of approximately $ 96.4 million, after deducting the underwriting commission of approximately $ 3.1 million and estimated offering costs of approximately $ 0.5 million. Interest on the 7.50% 2031 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 7.50 % per year, commencing May 31, 2026. The 7.50% 2031 Notes mature on February 6, 2031 and, commencing February 6, 2028, may be redeemed in whole or in part at any time or from time to time at the Company’s option. Net proceeds from this offering, together with available cash, were used to pay off the outstanding 4.375% 2026 Notes at maturity on February 28, 2026. Financing costs of $ 3.6 million related to the 7.50% 2031 Notes have been capitalized and are being amortized over the term of the 7.50% 2031 Notes. 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 May 31, 2026, the total amount of 7.50% 2031 Notes outstanding was $ 100.0 million. The 7.50% 2031 Notes are listed on the NYSE with a par value of $ 25.00 per note. As of May 31, 2026, the carrying amount and fair value of the 7.50% 2031 Notes was $ 100.0 million and $ 100.2 million, respectively. The fair value of the 7.50% 2031 Notes, which are publicly traded, is based upon closing market quotes as of the measurement date and would be classified as a Level 1 liability within the fair value hierarchy. As of February 28, 2026, the carrying amount and fair value of the 7.50% 2031 Notes was $ 100.0 million and $ 100.2 million, respectively. For the three months ended May 31, 2026, the Company recorded $ 1.9 million of interest expense and $ 0.2 million of amortization of deferred financing costs related to the 7.50% 2031 Notes. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2026, the average dollar amount of 7.50% 2031 Notes outstanding was $ 100.0 million. 80 Senior Securities SENIOR SECURITIES (dollar amounts in thousands, except per share data) Class and Year (1)(2) Total Amount Outstanding Exclusive of Treasury Securities(3) Asset Coverage per Unit(4) Involuntary Liquidating Preference per Share(5) Average Market Value per Share(6) (in thousands) Credit Facility with Valley National Bank Fiscal year 2027 (as of May 31, 2026) $ 32,500 $ 1,626 - N/A Fiscal year 2026 (as of February 28, 2026) $ 32,500 $ 1,684 - N/A Credit Facility with Encina Lender Finance, LLC (21) Fiscal year 2026 (as of February 28, 2026) $ - $ - - N/A Fiscal year 2025 (as of February 28, 2025) $ 32,500 $ 1,629 - N/A Fiscal year 2024 (as of February 29, 2024) $ 3,500 $ 1,610 - N/A Fiscal year 2023 (as of February 28, 2023) $ 32,500 $ 1,659 - N/A Fiscal year 2022 (as of February 28, 2022) $ 12,500 $ 2,093 - N/A Credit Facility with Live Oak Banking Company Fiscal year 2027 (as of May 31, 2026) $ 37,500 $ 1,626 - N/A Fiscal year 2026 (as of February 28, 2026) $ 37,500 $ 1,684 - N/A Fiscal year 2025 (as of February 28, 2025) $ 20,000 $ 1,629 - N/A Credit Facility with Madison Capital Funding(14) Fiscal year 2021 (as of February 28, 2021) $ - $ 3,471 - N/A Fiscal year 2020 (as of February 29, 2020) $ - $ 6,071 - N/A Fiscal year 2019 (as of February 28, 2019) $ - $ 2,345 - N/A Fiscal year 2018 (as of February 28, 2018) $ - $ 2,930 - N/A Fiscal year 2017 (as of February 28, 2017) $ - $ 2,710 - N/A Fiscal year 2016 (as of February 29, 2016) $ - $ 3,025 - N/A Fiscal year 2015 (as of February 28, 2015) $ 9,600 $ 3,117 - N/A Fiscal year 2014 (as of February 28, 2014) $ - $ 3,348 - N/A Fiscal year 2013 (as of February 28, 2013) $ 24,300 $ 5,421 - N/A Fiscal year 2012 (as of February 29, 2012) $ 20,000 $ 5,834 - N/A Fiscal year 2011 (as of February 28, 2011) $ 4,500 $ 20,077 - N/A 7.50% Notes due 2020(7) Fiscal year 2017 (as of February 28, 2017) $ - $ - - N/A Fiscal year 2016 (as of February 29, 2016) $ 61,793 $ 3,025 - $ 25.24 (8) Fiscal year 2015 (as of February 28, 2015) $ 48,300 $ 3,117 - $ 25.46 (8) Fiscal year 2014 (as of February 28, 2014) $ 48,300 $ 3,348 - $ 25.18 (8) 6.75% Notes due 2023(9) Fiscal year 2020 (as of February 29, 2020) $ - $ - - N/A Fiscal year 2019 (as of February 28, 2019) $ 74,451 $ 2,345 - $ 25.74 (10) Fiscal year 2018 (as of February 28, 2018) $ 74,451 $ 2,930 - $ 26.05 (10) Fiscal year 2017 (as of February 28, 2017) $ 74,451 $ 2,710 - $ 25.89 (10) 8.75% Notes due 2025(18) Fiscal year 2026 (as of February 28, 2026) $ - $ - - N/A Fiscal year 2025 (as of February 28, 2025) $ 20,000 $ 1,629 - $ 25.00 (12) Fiscal year 2024 (as of February 29, 2024) $ 20,000 $ 1,610 - $ 25.00 (12) 6.25% Notes due 2025(13) Fiscal year 2022 (as of February 28, 2022) $ - $ - - N/A Fiscal year 2021 (as of February 28, 2021) $ 60,000 $ 3,471 - $ 24.24 (11) Fiscal year 2020 (as of February 29, 2020) $ 60,000 $ 6,071 - $ 25.75 (11) Fiscal year 2019 (as of February 28, 2019) $ 60,000 $ 2,345 - $ 24.97 (11) 7.00% Notes due 2025(20) Fiscal year 2026 (as of February 28, 2026) $ - $ - - N/A Fiscal year 2025 (as of February 28, 2025) $ 12,000 $ 1,629 - $ 25.00 (12) Fiscal year 2024 (as of February 29, 2024) $ 12,000 $ 1,610 - $ 25.00 (12) Fiscal year 2023 (as of February 28, 2023) $ 12,000 $ 1,659 - $ 25.00 (12) 7.25% Notes due 2025(17) Fiscal year 2023 (as of February 28, 2023) $ - $ - - N/A Fiscal year 2022 (as of February 28, 2022) $ 43,125 $ 2,093 - $ 25.46 (11) Fiscal year 2021 (as of February 28, 2021) $ 43,125 $ 3,471 - $ 25.77 (11) 81 Class and Year (1)(2) Total Amount Outstanding Exclusive of Treasury Securities(3) Asset Coverage per Unit(4) Involuntary Liquidating Preference per Share(5) Average Market Value per Share(6) (in thousands) 7.75% Notes due 2025(19) Fiscal year 2025 (as of February 28, 2025) $ - $ - - N/A Fiscal year 2024 (as of February 29, 2024) $ 5,000 $ 1,610 - $ 25.00 (12) Fiscal year 2023 (as of February 28, 2023) $ 5,000 $ 1,659 - $ 25.00 (12) Fiscal year 2022 (as of February 28, 2022) $ 5,000 $ 2,093 - $ 25.00 (12) Fiscal year 2021 (as of February 28, 2021) $ 5,000 $ 3,471 - $ 25.00 (12) 4.375% Notes due 2026(22) Fiscal year 2026 (as of February 28, 2026) $ - $ - - N/A Fiscal year 2025 (as of February 28, 2025) $ 175,000 $ 1,629 - $ 25.00 (12) Fiscal year 2024 (as of February 29, 2024) $ 175,000 $ 1,610 - $ 25.00 (12) Fiscal year 2023 (as of February 28, 2023) $ 175,000 $ 1,659 - $ 25.00 (12) Fiscal year 2022 (as of February 28, 2022) $ 175,000 $ 2,093 - $ 25.00 (12) 4.35% Notes due 2027 Fiscal year 2027 (as of May 31, 2026) $ 75,000 $ 1,626 - $ 25.00 (12) Fiscal year 2026 (as of February 28, 2026) $ 75,000 $ 1,684 - $ 25.00 (12) Fiscal year 2025 (as of February 28, 2025) $ 75,000 $ 1,629 - $ 25.00 (12) Fiscal year 2024 (as of February 29, 2024) $ 75,000 $ 1,610 - $ 25.00 (12) Fiscal year 2023 (as of February 28, 2023) $ 75,000 $ 1,659 - $ 25.00 (12) Fiscal year 2022 (as of February 28, 2022) $ 75,000 $ 2,093 - $ 25.00 (12) 6.00% Notes due 2027 Fiscal year 2027 (as of May 31, 2026) $ 105,500 $ 1,626 - $ 24.86 (15) Fiscal year 2026 (as of February 28, 2026) $ 105,500 $ 1,684 - $ 24.74 (15) Fiscal year 2025 (as of February 28, 2025) $ 105,500 $ 1,629 - $ 24.36 (15) Fiscal year 2024 (as of February 29, 2024) $ 105,500 $ 1,610 - $ 23.51 (15) Fiscal year 2023 (as of February 28, 2023) $ 105,500 $ 1,659 - $ 23.97 (15) 6.25% Notes due 2027 Fiscal year 2027 (as of May 31, 2026) $ 15,000 $ 1,626 - $ 25.00 (12) Fiscal year 2026 (as of February 28, 2026) $ 15,000 $ 1,684 - $ 25.00 (12) Fiscal year 2025 (as of February 28, 2025) $ 15,000 $ 1,629 - $ 25.00 (12) Fiscal year 2024 (as of February 29, 2024) $ 15,000 $ 1,610 - $ 25.00 (12) Fiscal year 2023 (as of February 28, 2023) $ 15,000 $ 1,659 - $ 25.00 (12) Fiscal year 2022 (as of February 28, 2022) $ 15,000 $ 2,093 - $ 25.00 (12) 8.00% Notes due 2027 Fiscal year 2027 (as of May 31, 2026) $ 46,000 $ 1,626 - $ 25.49 (15) Fiscal year 2026 (as of February 28, 2026) $ 46,000 $ 1,684 - $ 25.47 (15) Fiscal year 2025 (as of February 28, 2025) $ 46,000 $ 1,629 - $ 25.21 (15) Fiscal year 2024 (as of February 29, 2024) $ 46,000 $ 1,610 - $ 25.00 (15) 8.125% Notes due 2027 Fiscal year 2027 (as of May 31, 2026) $ 60,375 $ 1,626 - $ 25.29 (15) Fiscal year 2026 (as of February 28, 2026) $ 60,375 $ 1,684 - $ 25.37 (15) Fiscal year 2025 (as of February 28, 2025) $ 60,375 $ 1,629 - $ 25.27 (15) Fiscal year 2024 (as of February 29, 2024) $ 60,375 $ 1,610 - $ 25.05 (15) Fiscal year 2023 (as of February 28, 2023) $ 60,375 $ 1,659 - $ 25.10 (15) 8.50% Notes due 2028 Fiscal year 2027 (as of May 31, 2026) $ 57,500 $ 1,626 - $ 25.37 (16) Fiscal year 2026 (as of February 28, 2026) $ 57,500 $ 1,684 - $ 25.39 (16) Fiscal year 2025 (as of February 28, 2025) $ 57,500 $ 1,629 - $ 25.47 (16) Fiscal year 2024 (as of February 29, 2024) $ 57,500 $ 1,610 - $ 25.17 (16) 7.25% Notes due 2029 Fiscal year 2027 (as of May 31, 2026) $ 25,000 $ 1,626 - N/A (12) 7.25% Notes due 2030 Fiscal year 2027 (as of May 31, 2026) $ 50,000 $ 1,626 - N/A (12) Fiscal year 2026 (as of February 28, 2026) $ 50,000 $ 1,684 - N/A (12) 7.50% Notes due 2031 Fiscal year 2027 (as of May 31, 2026) $ 100,000 $ 1,626 - $ 25.24 (15) Fiscal year 2026 (as of February 28, 2026) $ 100,000 $ 1,684 - $ 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. 82 (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. 83 Note 9. Commitments and Contingencies Contractual Obligations The following table shows our payment obligations for repayment of debt and other contractual obligations at May 31, 2026: Payment Due by Period Long-Term Debt Obligations Total Less Than 1 Year 1 - 3 Years 3 - 5 Years More Than 5 Years ($ in thousands) Valley Bank credit facility $ 32,500 $ - $ 32,500 $ - $ - Live Oak credit facility 37,500 37,500 - - - SBA debentures 213,000 - - 99,000 114,000 4.35% 2027 Notes 75,000 75,000 - - - 6.00% 2027 Notes 105,500 105,500 - - - 6.25% 2027 Notes 15,000 - 15,000 - - 8.00% 2027 Notes 46,000 - 46,000 - - 8.125% 2027 Notes 60,375 - 60,375 - - 8.5% 2028 Notes 57,500 - 57,500 - - 7.25% 2029 Notes 25,000 - 25,000 - - 7.25% 2030 Notes 50,000 - - 50,000 - 7.50% 2031 Notes 100,000 - - 100,000 - Total Long-Term Debt Obligations $ 817,375 $ 218,000 $ 236,375 $ 249,000 $ 114,000 Off-Balance Sheet Arrangements As of May 31, 2026 and February 28, 2026, the Company’s off-balance sheet arrangements consisted of $ 185.2 million and $ 153.1 million, respectively, of unfunded commitments outstanding to provide debt financing to its portfolio companies or to fund limited partnership interests. Such commitments are generally up to the Company’s discretion to approve, or the satisfaction of certain financial and nonfinancial covenants and involve, to varying degrees, elements of credit risk in excess of the amount recognized in the Company’s consolidated statements of assets and liabilities and are not reflected in the Company’s consolidated statements of assets and liabilities. 84 A summary of the unfunded commitments outstanding as of May 31, 2026 and February 28, 2026 is shown in the table below (dollars in thousands): May 31, 2026 February 28, 2026 At Company’s discretion Angry Chickz, Inc. $ 4,000 $ 4,000 Artemis Wax Corp. - 7,500 Better Impact USA Inc. 5,000 5,000 Haystack Team Inc. 5,000 5,000 JDXpert 4,500 4,500 LFR Chicken LLC 10,000 10,000 Pepper Palace, Inc. 900 800 Saratoga Senior Loan Fund I JV, LLC 6,933 6,933 SAI Systems Health, LLC 4,000 4,000 Source 44 LLC 20,000 20,000 StockIQ Technologies, LLC 3,250 5,000 Zollege PBC 1,500 - Total $ 65,083 $ 72,733 At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required Angry Chickz, Inc. 2,100 2,100 Axero Holdings, LLC - Revolver 500 500 Better Impact USA Inc. 5,000 5,000 BQE Software, Inc. - 250 Breezeway Homes, Inc. 4,000 4,000 Cloudpermit 8,500 8,500 Exigo - Revolver 625 625 Gen4 Dental Partners Holdings, LLC 476 2,381 Innergy, Inc. 2,120 1,500 Inspect Point Holdings, LLC 2,000 4,000 LFR Chicken LLC 25,000 25,000 Ludi, Inc. - Revolver 2,100 3,600 Rewind Intermediate Inc. 24,100 - Rewind Intermediate Inc. - Revolver 3,000 - SAI Systems Health, LLC 1,474 1,474 SmartAC.com, LLC 17,000 17,000 Source 44 LLC 500 500 Source 44 LLC - Revolver 2,000 2,000 StockIQ Technologies, LLC 1,750 400 VetnCare MSO, LLC 5,364 - Vitana DSO, LLC 12,500 - Zollege PBC - 1,500 120,109 80,330 Total $ 185,192 $ 153,063 The Company believes its assets will provide adequate coverage to satisfy these unfunded commitments. As of May 31, 2026, the Company had cash and cash equivalents of $ 46.1 million, $ 52.5 million in available borrowings under the Valley Credit Facility, and $ 37.5 million in available borrowings under the Live Oak Credit Facility. The Company also has $ 46.0 million available SBA debentures that can be used for any commitments held by SBIC III LP. 85 Note 10. Directors Fees The independent directors of the Company’s board of directors each receive an annual fee of $ 90,000 . They also receive $ 3,500 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each board meeting and receive $ 2,000 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each committee meeting. In addition, the chairman of the audit committee receives an annual fee of $ 15,000 and the chairman of each other committee receives an annual fee of $ 8,000 for their additional services in these capacities. In addition, we have purchased directors’ and officers’ liability insurance on behalf of our directors and officers. Independent directors have the option to receive their directors’ fees in the form of our common stock issued at a price per share equal to the greater of NAV or the market price at the time of payment. No compensation is paid to directors who are “interested persons” of the Company (as defined in Section 2(a)(19) of the 1940 Act). For the three months ended May 31, 2026 and May 31, 2025, we incurred $ 0.1 million and $ 0.1 million for directors’ fees and expenses, respectively. As of May 31, 2026 and February 28, 2026, $ 0.0 million and $ 0.0 million in directors’ fees and expenses were accrued and unpaid, respectively. As of May 31, 2026, the Company had not issued any common stock to our directors as compensation for their services. Note 11. Stockholders’ Equity Share Repurchases On September 24, 2014, the Company announced the approval of an open market share repurchase plan that originally allowed it to repurchase up to 200,000 shares of its common stock at prices below its NAV as reported in its then most recently published consolidated financial statements (the “Share Repurchase Plan”). Since September 24, 2014, the Share Repurchase Plan has been extended annually, and the Company has periodically increased the amount of shares of common stock that may be purchased under the Share Repurchase Plan, most recently to 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 May 31, 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 ended May 31, 2026, the Company did not purchase any shares of common stock pursuant to the Share Repurchase Plan. Public Equity Offering On July 13, 2018, the Company issued 1,150,000 shares of its common stock priced at $ 25.00 per share (par value $ 0.001 per share) at an aggregate total of $ 28.75 million. The net proceeds, after deducting underwriting commissions of $ 1.15 million and offering costs of approximately $ 0.2 million, amounted to approximately $ 27.4 million. The Company also granted the underwriters a 30-day option to purchase up to an additional 172,500 shares of its common stock, which was not exercised. Equity ATM Program On March 16, 2017, the Company entered into an equity distribution agreement with Ladenburg Thalmann & Co. Inc. (“Ladenburg”), through which the Company offered for sale, from time to time, up to $ 30.0 million of the Company’s common stock through an ATM offering. Subsequent to this, BB&T Capital Markets and B. Riley FBR, Inc. were also added to the agreement. On July 11, 2019, the amount of the common stock to be offered was increased to $ 70.0 million, and on October 8, 2019, the amount of the common stock to be offered was increased to $ 130.0 million. This agreement was terminated as of July 29, 2021, and as of that date, the Company had sold 3,922,018 shares for gross proceeds of $ 97.1 million at an average price of $ 24.77 for aggregate net proceeds of $ 95.9 million (net of transaction costs). On July 30, 2021, the Company entered into an equity distribution agreement (the “Equity Distribution Agreement”) with Ladenburg and Compass Point Research and Trading, LLC (“Compass Point”), through which the Company may offer for sale, from time to time, up to $ 150.0 million of the Company’s common stock through the Agents (as defined below), or to them, as principal for their account (the “ATM Program”). On July 6, 2023, the Company amended the Equity Distribution Agreement to increase the maximum amount of shares of our common stock to be sold through the ATM Program to $ 300.0 million from $ 150.0 million. On July 19, 2023, the Company amended the Equity Distribution Agreement to add an additional distribution agent, Raymond James & Associates, Inc. (“Raymond James”). On May 15, 2024, the Company amended the Equity Distribution Agreement to add an additional distribution agent, Lucid Capital Markets, LLC (“Lucid” and together with Ladenburg, Compass Point, and Raymond James, the “Agents”). The sales price per share of the Company’s common stock offered under the ATM Program, less the Agents’ commission, will not be less than the NAV per share of the Company’s common stock at the time of such sale. Consistent with the terms of the ATM Program, the Manager may, from time to time and in its sole discretion, contribute proceeds necessary to ensure that no sales are made at a price below the then-current NAV per share. During the three months ended May 31, 2026, the Company did not sell any shares of common stock pursuant to the Equity ATM Program. As of May 31, 2026 the Company sold 8,591,915 shares for gross proceeds of $ 227.2 million at an average price of $ 26.42 for aggregate net proceeds of $ 225.4 million (net of transaction costs). The Manager agreed to reimburse the Company to the extent the per share price of the shares to the public, less underwriting fees, was less than net asset value per share. 86 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: Capital Total Common Stock in Excess Distributable Shares Amount of Par Value Earnings (Loss) Net Assets Balance at February 28, 2025 $ 15,183,078 $ 15,183 $ 412,913,597 $ ( 20,263,312 ) $ 392,665,468 Increase (Decrease) from Operations: Net investment income - - - 10,142,032 10,142,032 Net realized gain (loss) from investments - - - 2,901,339 2,901,339 Income tax (provision) benefit from realized gain on investments - - - - - Realized losses on extinguishment of debt - - - - - Net change in unrealized appreciation (depreciation) on investments - - - 943,977 943,977 Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments - - - ( 55,085 ) ( 55,085 ) Decrease from Shareholder Distributions: Distributions of investment income - - - ( 18,980,079 ) ( 18,980,079 ) Capital Share Transactions: Proceeds from issuance of common stock 244,831 245 6,143,575 - 6,143,820 Capital contribution from Manager - - 297,770 - 297,770 Stock dividend distribution 101,482 101 2,312,052 - 2,312,153 Offering costs - - ( 2,080 ) - ( 2,080 ) Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles - - - - Balance at May 31, 2025 $ 15,529,391 $ 15,529 $ 421,664,914 $ ( 25,311,128 ) $ 396,369,315 Net investment income - - - 9,080,733 9,080,733 Net realized gain (loss) from investments - - - 52,691 52,691 Income tax (provision) benefit from realized gain on investments - - - - - Realized losses on extinguishment of debt - - - - - Net change in unrealized appreciation (depreciation) on investments - - - 3,727,713 3,727,713 Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments - - - 423,998 423,998 Decrease from Shareholder Distributions: - Distributions of investment income - - - ( 11,797,313 ) ( 11,797,313 ) Capital Share Transactions: Proceeds from issuance of common stock 443,406 443 11,101,401 - 11,101,844 Capital contribution from Manager - - 271,552 - 271,552 Stock dividend distribution 54,515 55 1,289,733 - 1,289,788 Offering costs - - ( 20,753 ) - ( 20,753 ) Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles - - - - Balance at August 31, 2025 $ 16,027,312 $ 16,027 $ 434,306,847 $ ( 23,823,306 ) $ 410,499,568 87 Capital Total Common Stock in Excess Distributable Shares Amount of Par Value Earnings (Loss) Net Assets Net investment income - - - 9,786,386 9,786,386 Net realized gain (loss) from investments - - - 3,070,547 3,070,547 Income tax (provision) benefit from realized gain on investments - - - - - Realized losses on extinguishment of debt - - - - - Net change in unrealized appreciation (depreciation) on investments - - - ( 583,659 ) ( 583,659 ) Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments - - - ( 150,134 ) ( 150,134 ) Realized losses on extinguishment of debt - - - ( 123,157 ) ( 123,157 ) Decrease from Shareholder Distributions: Distributions of investment income - - - ( 12,078,766 ) ( 12,078,766 ) Capital Share Transactions: Proceeds from issuance of common stock 58,962 59 1,507,206 - 1,507,265 Capital contribution from Manager - - - - - Stock dividend distribution 59,124 59 1,281,827 - 1,281,886 Offering costs - - ( 3,024 ) - ( 3,024 ) Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles - - - - Balance at November 30, 2025 $ 16,145,398 $ 16,145 $ 437,092,856 $ ( 23,902,089 ) $ 413,206,912 Net investment income - - - 7,797,648 7,797,648 Net realized gain (loss) from investments - - - ( 278,087 ) ( 278,087 ) Income tax (provision) benefit from realized gain on investments - - - - - Realized losses on extinguishment of debt - - - - - Net change in unrealized appreciation (depreciation) on investments - - - ( 9,326,511 ) ( 9,326,511 ) Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments - - - ( 105,281 ) ( 105,281 ) Realized losses on extinguishment of debt - - - ( 700,853 ) ( 700,853 ) Decrease from Shareholder Distributions: Distributions of investment income - - - ( 16,169,750 ) ( 16,169,750 ) Capital Share Transactions: Proceeds from issuance of common stock - - - - - Repurchases of common stock ( 2,495 ) ( 2 ) ( 54,312 ) - ( 54,314 ) Capital contribution from Manager - - - - - Stock dividend distribution 81,295 81 1,785,909 - 1,785,990 Offering costs - - - - - Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles - - 378,024 ( 378,024 ) Balance at February 28, 2026 $ 16,224,198 $ 16,224 $ 439,202,477 $ ( 43,062,947 ) $ 396,155,754 88 Capital Total Common Stock in Excess Distributable Shares Amount of Par Value Earnings (Loss) Net Assets Net investment income - - - 7,592,987 7,592,987 Net realized gain (loss) from investments - - - 150,207 150,207 Income tax (provision) benefit from realized gain on investments - - - - Realized losses on extinguishment of debt - - - - Net change in unrealized appreciation (depreciation) on investments - - - ( 15,177,131 ) ( 15,177,131 ) Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments - - - 530,824 530,824 Realized losses on extinguishment of debt - - - - - Decrease from Shareholder Distributions: - Distributions of investment income - - - ( 12,184,227 ) ( 12,184,227 ) Capital Share Transactions: - Proceeds from issuance of common stock - - - - - Repurchases of common stock - - - - - Capital contribution from Manager - - - - Stock dividend distribution 64,827 65 1,386,479 - 1,386,544 Offering costs - - - Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles - - - - Balance at May 31, 2026 $ 16,289,025 $ 16,289 $ 440,588,956 $ ( 62,150,287 ) $ 378,454,958 89 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 three months ended May 31, 2026 and May 31, 2025 (dollars in thousands except share and per share amounts): For the three months ended Basic and Diluted May 31, 2026 May 31, 2025 Net increase (decrease) in net assets resulting from operations $ ( 6,903 ) $ 13,932 Weighted average common shares outstanding 16,252,548 15,344,510 Weighted average earnings (loss) per common share $ ( 0.42 ) $ 0.91 Note 13. Dividend The following table summarizes dividends declared for the three months ended May 31, 2026 (dollars in thousands except per share amounts): Date Declared Record Date Payment Date Amount Per Share Total Amount* March 17, 2026 April 7, 2026 April 23, 2026 0.25 4,061 March 17, 2026 May 5, 2026 May 21, 2026 0.25 4,067 March 17, 2026 June 4, 2026 June 23, 2026 0.25 4,072 Total dividends declared $ 0.75 $ 12,200 * Total amount is calculated based on the number of shares outstanding at the date of record. No dividends were declared during the three months ended May 31, 2025. 90 Note 14. Financial Highlights The following is a schedule of financial highlights as of and for the three months ended May 31, 2026 and May 31, 2025: Per share data May 31, 2026 May 31, 2025 Net asset value at beginning of period $ 24.42 $ 25.86 Net investment income(1) 0.47 0.66 Net realized and unrealized gain and losses on investments(1) ( 0.89 ) 0.25 Net increase in net assets resulting from operations ( 0.42 ) 0.91 Distributions declared from net investment income ( 0.75 ) ( 1.24 ) Total distributions to stockholders ( 0.75 ) ( 1.24 ) Issuance of common stock at net asset value (2) - ( 0.01 ) Capital contribution from Manager for the issuance of common stock (19) - 0.02 Repurchases of common stock(3) - - Dilution(4) ( 0.02 ) ( 0.02 ) Net asset value at end of period $ 23.23 $ 25.52 Net assets at end of period $ 378,454,958 $ 396,369,315 Shares outstanding at end of period 16,289,025 15,529,391 Per share market value at end of period $ 22.51 $ 24.78 Total return based on market value(5)(6) 0.64 % 0.58 % Total return based on net asset value(5)(7) ( 1.54 )% 4.12 % Ratio/Supplemental data: Ratio of net investment income to average net assets(8) 9.21 % 30.27 % Expenses: Ratios of operating expenses and income taxes to average net assets*(9) 7.70 % 18.11 % Ratio of incentive management fees to average net assets(5) 0.49 % 1.61 % Ratio of interest and debt financing expenses to average net assets(9) 13.98 % 31.30 % Ratio of total expenses and income taxes to average net assets*(8) 22.17 % 51.02 % Portfolio turnover rate(5)(10) 4.33 % 5.15 % Asset coverage ratio per unit(11) 1,626 1,638 Average market value per unit Revolving Credit Facilities(12) N/A N/A SBA Debentures Payable(12) N/A N/A 8.75% Notes Payable 2025(12)(15) N/A N/A 6.25% Notes Payable 2025 (13) N/A N/A 7.00% Notes Payable 2025(12)(17) N/A N/A 7.25% Notes Payable 2025(14) N/A N/A 7.75% Notes Payable 2025(12)(16) N/A N/A 4.375% Notes Payable 2026(12)(18) N/A N/A 4.35% Notes Payable 2027(12) N/A N/A 6.00% Notes Payable 2027 $ 24.86 $ 24.52 6.25% Notes Payable 2027(12) N/A N/A 8.00% Notes Payable 2027 $ 25.49 $ 25.36 8.125% Notes Payable 2027 $ 25.29 $ 25.33 8.50% Notes Payable 2028 $ 25.37 $ 25.32 7.25% Notes Payable 2029 (12) N/A N/A 7.25% Notes Payable 2030 (12) N/A N/A 7.50% Notes Payable 2031 $ 25.24 N/A (1) Per share amounts are calculated using the weighted average shares outstanding during the period. (2) The continuous issuance of common stock may cause an incremental decrease in NAV per share due to the sale of shares at the then prevailing public offering price and the receipt of net proceeds per share by the Company less than NAV per share on each subscription closing date. The per share data was derived by computing (i) the sum of (A) the number of shares issued in connection with subscriptions and/or distribution reinvestment on each share transaction date multiplied by (B) the differences between the net proceeds per share and the NAV per share on each share transaction date, divided by (ii) the total shares outstanding during the period. 91 (3) Represents the anti-dilutive impact on the NAV of the Company due to the repurchase of common shares. See Note 11. Stockholders’ Equity. (4) Represents the dilutive effect of issuing common stock below NAV per share during the period in connection with the satisfaction of the Company’s annual RIC distribution requirement and may include the impact of the different share amounts used for different items (weighted average basic common shares outstanding for the corresponding year and actual common shares outstanding at the end of the year) in the per common share data calculation and rounding impacts. See Note 13. Dividend. (5) Ratios are not annualized. (6) Total investment return is calculated assuming a purchase of common shares at the current market value on the first day and a sale at the current market value on the last day of the periods reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the DRIP. Total investment return does not reflect brokerage commissions. (7) Total investment return is calculated assuming a purchase of common shares at the current NAV on the first day and a sale at the current net asset value on the last day of the periods reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the DRIP. Total investment return does not reflect brokerage commissions. (8) Ratios are annualized. Incentive management fees included within the ratio are not annualized. (9) Ratios are annualized, except for income taxes. (10) Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value. (11) Asset coverage ratio per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage ratio per unit is expressed in terms of dollar amounts per $ 1,000 of indebtedness. Asset coverage ratio per unit does not include unfunded commitments. The inclusion of unfunded commitments in the calculation of the asset coverage ratio per unit would not cause us to be below the required amount of regulatory coverage. (12) The Revolving Credit Facilities, SBA Debentures, 8.75% Notes Payable 2025, 7.00% Notes Payable 2025, 7.75% Notes Payable 2025, 4.375% Notes Payable 2026, 4.35% Notes Payable 2027, 6.25% Notes Payable 2027, 7.25% Notes Payable 2029 and 7.25% Notes Payable 2030 are not registered for public trading. (13) On August 31, 2021, the Company redeemed $60.0 million in aggregate principal amount of the issued and outstanding 6.25% 2025 Notes and, as a result of the full redemption, the 6.25% 2025 Notes are no longer listed on the NYSE. (14) On July 14, 2022, the Company redeemed $43.1 million in aggregate principal amount of the 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. Subsequent Events On June 11, 2026, the Company declared the following dividends for the quarter ending August 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 Share Record Date Payment Date June 2026 $ 0.25 July 6, 2026 July 23, 2026 July 2026 $ 0.25 August 5, 2026 August 25, 2026 August 2026 $ 0.25 September 3, 2026 September 23, 2026 92 ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with our consolidated financial statements and related notes and other financial information appearing elsewhere in this Quarterly Report on Form 10-Q. In addition to historical information, the following discussion and other parts of this Quarterly Report contain forward-looking information that involves risks and uncertainties. Our actual results could differ materially from those anticipated by such forward-looking information due to the factors discussed under “Note About Forward-Looking Statements” and Part I, Item 1A, “Risk Factors,” in our Annual Report on Form 10-K for the fiscal year ended February 28, 2026. The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us or are within our control. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially from those expressed in our forward-looking statements. The forward-looking statements contained in this Quarterly Report on Form 10-Q involve risks and uncertainties, including statements as to: ● our future operating results; ● the introduction, withdrawal, success and timing of business initiatives and strategies; ● changes in political, economic or industry conditions, the interest rate environment or financial and capital markets, which could result in changes in the value of our assets; ● the relative and absolute investment performance and operations of our Manager; ● the impact of increased competition; ● our ability to turn potential investment opportunities into transactions and thereafter into completed and successful investments; ● the unfavorable resolution of any future legal proceedings; ● our business prospects and the operational and financial performance of our portfolio companies, including 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; 93 ● 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. Such forward-looking statements may include statements preceded by, followed by or that otherwise include terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “project,” “should,” “will” and “would” or the negative of these terms or other comparable terminology. We have based the forward-looking statements included in this Quarterly Report on Form 10-Q on information available to us on the date of this Quarterly Report on Form 10-Q, and we assume no obligation to update any such forward-looking statements. Actual results could differ materially from those anticipated in our forward-looking statements, and future results could differ materially from historical performance. We undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by law or SEC rule or regulation. You are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the U.S. Securities and Exchange Commission (the “SEC”), including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. The following analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the related notes thereto contained elsewhere in this Quarterly Report on Form 10-Q. 94 OVERVIEW We are a Maryland corporation that has elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”). Our investment objective is to create attractive risk-adjusted returns by generating current income and long-term capital appreciation from our investments. We invest primarily in senior and unitranche leveraged loans and mezzanine debt issued by private U.S. middle-market companies, which we define as companies having earnings before interest, tax, depreciation and amortization (“EBITDA”) of between $2 million and $50 million, both through direct lending and through participation in loan syndicates. We may also invest up to 30.0% of the portfolio in opportunistic investments in order to seek to enhance returns to stockholders. Such investments may include investments in distressed debt, which may include securities of companies in bankruptcy, foreign debt, private equity, securities of public companies that are not thinly traded and structured finance vehicles such as collateralized loan obligation funds. Although we have no current intention to do so, we may invest in private equity funds in the future. Private equity funds are not limited in how they invest their assets, and the underlying investments held by private equity funds may impact our strategies, risks, and costs. Shareholders may have limited information about the underlying investments of the private equity funds in which we invest, including with respect to such funds’ holdings, liquidity, and valuation We have elected, and intend to qualify annually, to be treated for U.S. federal income tax purposes as a RIC under subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Corporate History We commenced operations, at the time known as GSC Investment Corp., on March 23, 2007 and completed an initial public offering of shares of common stock on March 28, 2007. Prior to July 30, 2010, we were externally managed and advised by GSCP (NJ), L.P., an entity affiliated with GSC Group, Inc. In connection with the consummation of a recapitalization transaction on July 30, 2010, as described below we engaged Saratoga Investment Advisors to replace GSCP (NJ), L.P. as our investment adviser and changed our name to Saratoga Investment Corp. Our wholly owned subsidiaries, Saratoga Investment Corp. SBIC II LP (“SBIC II LP”) and Saratoga Investment Corp. SBIC III LP (“SBIC III LP”, and together with SBIC II LP, the “SBIC Subsidiaries”), received SBIC licenses from the SBA on August 14, 2019 and September 29, 2022, respectively. Each of the SBIC Subsidiaries provides up to $175.0 million in long-term capital in the form of debentures guaranteed by the SBA. Our wholly owned subsidiary, SBIC LP’s (“SBIC LP”), repaid its outstanding debentures and subsequently surrendered its license to the SBA on January 3, 2024, providing the Company access to all undistributed capital of SBIC LP, and SBIC LP subsequently merged with and into the Company. In May 2026, legislation amending the Small Business Investment Act of 1958 increased (a) the individual leverage limit from $175.0 million to $250.0 million, subject to SBA approvals, and (b) the maximum leverage available for two or more SBICs under common control from $350.0 million to $475.0 million. On June 10, 2024, we completed the fifth refinancing of the Saratoga CLO. This refinancing, among other things, did not extend the Saratoga CLO reinvestment period nor extend its legal maturity, while adjusting the interest rate of two of the existing Notes. The Issuer issued $422.5 million of notes (the “2013-1 2024 Reset CLO Notes”), consisting of Class A-1-R-4 and Class A-2-R-4. The 2013-1 2024 Reset CLO Notes were issued pursuant to the Indenture with the same Trustee. Proceeds of the issuance of the 2013-1 2024 Reset CLO Notes were used along with existing assets of the Saratoga CLO to redeem the existing Class A-1-R-3 and Class A-2-R-3 Notes. No other Notes were refinanced as part of this refinancing. The Saratoga CLO paid $0.5 million of transaction costs related to the refinancing. We have formed wholly owned special purpose entities as Delaware limited liability companies, Saratoga Investment Funding II LLC (“SIF II”) and Saratoga Investment Funding III LLC (“SIF III”), for the purpose of entering into senior secured revolving credit facilities, as described in “Financial Condition, Liquidity and Capital Resources” below. On October 26, 2021, we entered into a Limited Liability Company Agreement with TJHA JV I LLC (“TJHA”) to co-manage Saratoga Senior Loan Fund I JV LLC (“SLF JV”). SLF JV is invested in Saratoga Investment Corp Senior Loan Fund 2021-1 Ltd (“SLF 2021”), which is a wholly owned subsidiary of SLF JV. SLF 2021 was formed for the purpose of making investments in a diversified portfolio of broadly syndicated first lien and second lien term loans or bonds in the primary and secondary markets. 95 On September 30, 2022, SLF 2021 was renamed to Saratoga Investment Corp Senior Loan Fund 2022-1, Ltd. (“SLF 2022”). We and TJHA have equal voting interest on all material decisions with respect to SLF JV, including those involving its investment portfolio, and equal control of corporate governance. No management fee is charged to SLF JV as control and management of SLF JV is shared equally. We and TJHA have committed to provide up to a combined $50.0 million of financing to SLF JV through cash contributions, where we provided $43.75 million and TJHA provided $6.25 million, resulting in an 87.5% and 12.5% ownership between the two parties. The financing is issued in the form of an unsecured note and equity. The unsecured note will pay a fixed-rate of 10.0% per annum and is due and payable in full on October 20, 2033. As of May 31, 2026, our and TJHA’s investment in SLF JV consisted of an unsecured note of $17.6 million and $2.5 million, respectively; and membership interest of $19.2 million and $2.7 million, respectively. As of February 28, 2026, our and TJHA’s investment in SLF JV consisted of an unsecured note of $17.6 million and $2.5 million, respectively; and membership interest of $19.2 million and $2.7 million, respectively. As of May 31, 2026 and February 28, 2026, our investment in the unsecured note of SLF JV had a fair value of $15.7 million and $16.1 million, respectively, and our investment in the membership interests of SLF JV had a fair value of $5.0 million and $1.5 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 (“ASC 946”); however, in accordance with such guidance we will generally not consolidate our investment in a company other than a wholly owned investment company subsidiary. SLF JV is not a wholly owned investment company subsidiary as we and TJHA each have an equal 50% voting interest in SLF JV and thus neither party has a controlling financial interest. Furthermore, FASB ASC Topic 810, Consolidation (“ASC 810”), concludes that in a joint venture where both members have equal decision-making authority, it is not appropriate for one member to consolidate the joint venture since neither has control. Accordingly, we do not consolidate SLF JV. On October 28, 2022, SLF 2022 issued $402.1 million of debt through the JV CLO trust. The 2022 JV CLO Notes were issued pursuant to the JV Indenture, with the Trustee. As part of the transaction, we purchased 87.50% of the Class E Notes from SLF 2022 with a par value of $12.3 million. On September 24, 2025, we completed the first refinancing of SLF 2022. This refinancing, among other things, extended SLF 2022’s investment period to October 2028. As part of this refinancing, we purchased $8.8 million of the SLF 2022-1 Class E-R Notes tranche at par. Concurrently, the existing $12.3 million of the SLF 2022-1 Class E Notes were repaid. We also paid $1.6 million of additional equity investment related to the refinancing of SLF JV. As of May 31, 2026 and February 28, 2026, the fair value of these Class E-R Notes was $8.3 million and $8.4 million, respectively. Critical Accounting Policies and Estimates Basis of Presentation The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make certain estimates and assumptions affecting amounts reported in our consolidated financial statements. We have identified investment valuation, revenue recognition and the recognition of capital gains incentive fee expense as our most critical accounting estimates. We continuously evaluate our estimates, including those related to the matters described below. These estimates are based on the information that is currently available to us and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ materially from those estimates under different assumptions or conditions. A discussion of our critical accounting policies and estimates follows. 96 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, the Class F-2-R-3 Notes tranche of the Saratoga CLO, and the Class E-R Notes of SLF 2022 every quarter. In addition, all our investments are subject to the following valuation process: ● the audit committee of our board of directors reviews and approves each preliminary valuation and Saratoga Investment Advisors and an independent valuation firm (if applicable) will supplement the preliminary valuation to reflect any comments provided by the audit committee; and ● our board of directors discusses the valuations and approves the fair value of each investment, in good faith, based on the input of Saratoga Investment Advisors, independent valuation firm (to the extent applicable) and the audit committee of our board of directors. Our investment in Saratoga CLO is carried at fair value, which is based on discounted cash flows that utilize prepayment, re-investment and loss assumptions based on historical experience and projected performance, economic factors, the characteristics of the underlying cash flow, and market comparables for equity interests in collateralized loan obligation funds similar to Saratoga CLO, when available, as determined by Saratoga Investment Advisors and recommended to our board of directors. Specifically, we use Intex cash flows, or an appropriate substitute, to form the basis for the valuation of our investment in Saratoga CLO. The cash flows use a set of inputs including projected default rates, recovery rates, reinvestment rates and prepayment rates in order to arrive at estimated valuations. The inputs are based on available market data and projections provided by third parties as well as management estimates. We use the output from the Intex models (i.e., the estimated cash flows) to perform a discounted cash flow analysis on expected future cash flows to determine a valuation for our investment in Saratoga CLO. 97 Our investments in CLO BB and CLO BBB debt have been valued using recent actual market trades or an independent pricing service. The valuation methodology of the independent pricing service includes incorporating data comprised of observable market transactions, executable bids, broker quotes from dealers with two sided markets, as well as transaction activity from comparable securities to those being valued. As the independent pricing service contemplates real-time market data and no unobservable inputs or significant judgment has been used by Saratoga Investment Advisors in the valuation of the Company’s investments in CLO BB and CLO BBB debt, such positions are considered level II assets. Rule 2a-5 under the 1940 Act (“Rule 2a-5”) establishes a regulatory framework for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits boards, subject to board oversight and certain other conditions, to designate the investment adviser to perform fair value determinations. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must determine the fair value of a security. Rule 31a-4 under the 1940 Act (“Rule 31a-4”) provides the recordkeeping requirements associated with fair value determinations. While our board of directors has not elected to designate Saratoga Investment Advisors as the valuation designee, we have adopted certain revisions to our valuation policies and procedures in order comply with the applicable requirements of Rule 2a-5 and Rule 31a-4. Revenue Recognition Income Recognition Purchases and sales of investments and the related realized gains or losses are recorded on a trade-date basis. Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis to the extent that such amounts are expected to be collected. We stop accruing interest on our investments when it is determined that interest is no longer collectible. Discounts and premiums on investments purchased are accreted/amortized over the life of the respective investment using the effective yield method. The amortized cost of investments represents the original cost adjusted for the accretion of discounts and amortization of premiums on investments. 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 hold debt and preferred equity investments in our portfolio that contain a payment-in-kind (“PIK”) interest provision. The PIK interest, which represents contractually deferred interest added to the investment balance that is generally due at maturity, is generally recorded on an accrual basis to the extent such amounts are expected to be collected. We stop accruing PIK interest if we do not expect the issuer to be able to pay all principal and interest when due. Revenues We generate revenue in the form of interest income and capital gains on the debt investments that we hold and capital gains, if any, on equity interests that we may acquire. We expect our debt investments, whether in the form of leveraged loans or mezzanine debt, to have terms of up to ten years, and to bear interest at either a fixed or floating rate. Interest on debt will be payable generally either quarterly or semi-annually. In some cases, our debt or preferred equity investments may provide for a portion or all of the interest to be PIK. To the extent interest is PIK, it will be payable through the increase of the principal amount of the obligation by the amount of interest due on the then-outstanding aggregate principal amount of such obligation. The principal amount of the debt and any accrued but unpaid interest will generally become due at the maturity date. In addition, we may generate revenue in the form of commitment, origination, structuring, amendment, redemption or diligence fees, fees for providing managerial assistance or investment management services and possibly consulting fees. Any such fees will be generated in connection with our investments and recognized as earned. We may also invest in preferred equity or common equity securities that pay dividends on a current basis. 98 On January 22, 2008, we entered into a collateral management agreement with Saratoga CLO, pursuant to which we act as its collateral manager. The Saratoga CLO was initially refinanced in October 2013 with its reinvestment period extended to October 2016. On November 15, 2016, we completed a second refinancing of the Saratoga CLO with its reinvestment period extended to October 2018. On December 14, 2018, we completed a third refinancing and upsize of the Saratoga CLO. The third Saratoga CLO refinancing, among other things, extended its reinvestment period to January 2021, and extended its legal maturity date to January 2030, and added a non-call period of January 2020. Following this refinancing, the Saratoga CLO portfolio increased from approximately $300.0 million in aggregate principal to approximately $500.0 million of predominantly senior secured first lien term loans. In addition to refinancing its liabilities, we invested an additional $13.8 million in all of the newly issued subordinated notes of the Saratoga CLO and also purchased $2.5 million in aggregate principal amount of the Class F-R-2 and $7.5 million aggregate principal amount of the Class G-R-2 notes tranches at par, with a coupon of 3M USD LIBOR plus 8.75% and 3M USD LIBOR plus 10.00%, respectively. As part of this refinancing, we also redeemed our existing $4.5 million aggregate amount of the Class F notes tranche at par and the $20.0 million CLO 2013-1 Warehouse Loan was repaid. On February 11, 2020, we entered into an unsecured loan agreement (“CLO 2013-1 Warehouse 2 Loan”) with Saratoga Investment Corp. CLO 2013-1 Warehouse 2, Ltd (“CLO 2013-1 Warehouse 2”), a wholly owned subsidiary of Saratoga CLO, pursuant to which CLO 2013-1 Warehouse 2 may borrow from time to time up to $20.0 million from the Company in order to provide capital necessary to support warehouse activities. On October 23, 2020, the availability under the CLO 2013-1 Warehouse 2 Loan was increased to $25.0 million, which was immediately fully drawn and, which expires on August 20, 2021. The interest rate was also amended to be based on a pricing grid, starting at an annual rate of 3M USD LIBOR + 4.46%. During the fourth quarter ended February 28, 2021, the CLO 2013-1 Warehouse 2 Ltd was repaid in full. On February 26, 2021, we completed the fourth refinancing of the Saratoga CLO. This refinancing, among other things, extended the Saratoga CLO reinvestment period to April 2024, extended its legal maturity to April 2033, and added a non-call period of February 2022. In addition, and as part of the refinancing, the Saratoga CLO was upsized from $500 million in assets to approximately $650 million. As part of this refinancing and upsizing, we invested an additional $14.0 million in all of the newly issued subordinated notes of the Saratoga CLO, and purchased $17.9 million in aggregate principal amount of the Class F-R-3 Notes tranche at par. Concurrently, the existing $2.5 million of Class F-R-2 Notes, $7.5 million of Class G-R-2 Notes and $25.0 million of the CLO 2013-1 Warehouse 2 Loan were repaid. We also paid $2.6 million of transaction costs related to the refinancing and upsizing on behalf of the Saratoga CLO, to be reimbursed from future equity distributions. At August 31, 2021, the outstanding receivable of $2.6 million was repaid in full. On August 9, 2021, we exchanged our existing $17.9 million Class F-R-3 Notes for $8.5 million Class F-1-R-3 Notes and $9.4 million Class F-2-R-3 Notes at par. On August 11, 2021, we sold our Class F-1-R-3 Notes to third parties, resulting in a realized loss of $0.1 million. On June 10, 2024, we completed our fifth refinancing of the Saratoga CLO, which adjusted the interest rate of two of the existing Notes. Saratoga CLO issued $422.5 million notes (the “2013-1 2024 Reset CLO Notes”), consisting of Class A-1-R-4 and Class A-2-R-4. The 2013-1 2024 Reset CLO Notes were issued pursuant to the indenture with the same trustee. Proceeds of the issuance of the 2013-1 2024 Reset CLO Notes were used along with existing assets of the Saratoga CLO to redeem the existing Class A-1-R-3 and Class A-2-R-3 Notes. No other Notes were refinanced as part of this refinancing. The Saratoga CLO paid $0.5 million of transaction costs related to the refinancing. 99 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; 100 ● U.S. federal, state and local taxes; ● independent directors’ fees and expenses; ● costs of preparing and filing reports or other documents required by governmental bodies (including the SEC and the SBA); ● costs of any reports, proxy statements or other notices to common stockholders including printing costs; ● our fidelity bond, directors’ and officers’ errors and omissions liability insurance, and any other insurance premiums; ● direct costs and expenses of administration, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors and outside legal costs; and ● administration fees and all other expenses incurred by us or, if applicable, the administrator in connection with administering our business (including payments under the Administration Agreement based upon our allocable portion of the administrator’s overhead in performing its obligations under an Administration Agreement, including rent and the allocable portion of the cost of our officers and their respective staffs (including travel expenses)). The terms of the investment advisory and management agreement with Saratoga Investment Advisors, our current investment adviser, are substantially similar to the terms of the investment advisory and management agreement we had entered into with GSCP (NJ), L.P., our former investment adviser, except for the following material distinctions in the fee terms: ● The capital gains portion of the incentive fee was reset with respect to gains and losses from May 31, 2010, and therefore losses and gains incurred prior to such time will not be taken into account when calculating the capital gains fee payable to Saratoga Investment Advisors and, as a result, Saratoga Investment Advisors will be entitled to 20.0% of net gains that arise after May 31, 2010. In addition, the cost basis for computing realized gains and losses on investments held by us as of May 31, 2010 equal the fair value of such investment as of such date. Under the investment advisory and management agreement with our former investment adviser, GSCP (NJ), L.P., the capital gains fee was calculated from March 21, 2007, and the gains were substantially outweighed by losses. ● Under the “catch up” provision, 100.0% of our pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income that exceeds 1.875% but is less than or equal to 2.344% in any fiscal quarter is payable to Saratoga Investment Advisors. This will enable Saratoga Investment Advisors to receive 20.0% of all net investment income as such amount approaches 2.344% in any quarter, and Saratoga Investment Advisors will receive 20.0% of any additional net investment income. Under the investment advisory and management agreement with our former investment adviser, GSCP (NJ), L.P. only received 20.0% of the excess net investment income over 1.875%. ● We will no longer have deferral rights regarding incentive fees in the event that the distributions to stockholders and change in net assets is less than 7.5% for the preceding four fiscal quarters. Capital Gains Incentive Fee We record an expense accrual relating to the capital gains incentive fee payable by us to the Manager when the unrealized gains on its investments exceed all realized capital losses on its investments given the fact that a capital gains incentive fee would be owed to the Manager if we were to liquidate our investment portfolio at such time. The actual incentive fee payable to the Manager related to capital gains will be determined and payable in arrears at the end of each fiscal year and will include only realized capital gains for the period. 101 Recent Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses , which requires additional disclosure of the nature of expenses included in the income statement in response to requests from investors for more information about an entity’s expenses. The new standard requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. The new guidance is effective for annual periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the impact of the new standard on our consolidated financial statements and related disclosures and do not believe it will have a material impact on our consolidated financial statements or our disclosures. Portfolio and Investment Activity Investment Portfolio Overview May 31, 2026 February 28, 2026 ($ in millions) Number of investments(1) 113 108 Number of portfolio companies(2) 50 49 Average investment per portfolio company(2) $ 20.8 $ 21.2 Average investment size(1) $ 9.2 $ 9.6 Weighted average maturity(3) 2.9 yrs 3.0 yrs Number of industries (5) 44 43 Non-performing or delinquent investments (fair value) $ - $ 2.0 Fixed rate debt (% of interest earning portfolio)(3) $ 9.5(1.0 )% $ 11.2(1.2 )%  Fixed rate debt (weighted average current coupon)(3) 8.6 % 9.1 % Floating rate debt (% of interest earning portfolio)(3) $ 953.8(99.0 )% $ 942.5(98.8 )% Floating rate debt (weighted average current spread over SOFR)(3)(4) 6.6 % 6.6 % (1) Excludes our investment in the subordinated notes of Saratoga CLO, and our investments in BBB and BB CLO debt securities. (2) Excludes our investment in the subordinated notes and F-2-R-3 Notes of Saratoga CLO, the unsecured notes and equity interests in the SLF JV, Class E-R Notes of the SLF 2022, and our investments in BB and BBB CLO debt securities. (3) Excludes our investment in the subordinated notes of Saratoga CLO and equity interests, as well as the unsecured notes and equity interests in SLF JV, Class E-R Notes of the SLF 2022 and our investments in BB and BBB CLO debt securities. (4) Calculation uses either 1-month or 3-month SOFR, depending on the contractual terms, and after factoring in any existing SOFR floors. (5) Our investment in the subordinated notes of Saratoga CLO and Class F-R-3 Note tranche, the unsecured notes and equity interests in the SLF JV, Class E-R Notes tranche of the SLF 2022 and our investments in BB and BBB CLO debt securities are included in Structured Finance Securities industry. During the three months ended May 31, 2026, we invested $79.2 million in new and existing portfolio companies and had $48.4 million in aggregate amount