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Dilution profile // every instrument, one screen, from SEC filings

SARATOGA INVESTMENT CORP. (SAY)

CIK 1377936 · all EDGAR filings →

Overall dilution risk
MEDIUMworst of 3 computed signals (historical dilution)
= the worst band among the computed sub-ratings, no hidden weighting
not every sub-rating was computable; treat as a floor
Offering ability
LOWno live registration found
= is there a registration (S-1/S-3 family) on file without a later withdrawal
Overhead supply
NOT COMPUTEDno warrant count tagged in XBRL
= warrant shares outstanding divided by current shares outstanding
absence of a tag is not proof of absence of warrants
Historical dilution
MEDIUM+36% O/S in 3y
= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative
Cash need
MEDIUM~6.3 months of runway
= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

2022-10-042026-07-06

Latest: 16.3M shares as of Jul 6, 2026 (10-Q).

Cash runway

~6 months of cash left

burning $22.0M / quarter

Full breakdown: cash runway tool · source filing →

Warrants

No warrant figures tagged in this filer’s XBRL facts. That means the company has not reported them in structured form; it does not prove no warrants exist. The exhibits are the ground truth.

Convertible notes

No convertible-note facts tagged in the 10-Q filed Jul 7, 2026. If convertible notes exist, their terms live in exhibit prose for this filer and are not parsed; absence of a tag is not proof of absence. The exhibits are the ground truth.

Registrations and offerings

Last 12 months: 3 executed · 0 registered.

EXECUTEDMar 13, 2026Prospectus supplement priced — shares or notes (large filers: often a bond deal)424B2 →
EFFECTIVEMar 11, 2026SEC declared a registration effective — selling can beginEFFECT →
MARKETINGJan 30, 2026Free-writing prospectus — offering being marketedFWP →
EXECUTEDJan 30, 2026Prospectus supplement priced — shares or notes (large filers: often a bond deal)424B2 →
EXECUTEDJan 29, 2026Prospectus supplement priced — shares or notes (large filers: often a bond deal)424B2 →
UPDATEMay 15, 2024Prospectus update — often a resale registration, not necessarily new capital424B3 →
UPDATEJul 19, 2023Prospectus update — often a resale registration, not necessarily new capital424B3 →
UPDATEJul 10, 2023Prospectus update — often a resale registration, not necessarily new capital424B3 →
EXECUTEDJun 7, 2023Prospectus supplement priced — shares or notes (large filers: often a bond deal)424B2 →
EXECUTEDApr 12, 2023Prospectus supplement priced — shares or notes (large filers: often a bond deal)424B2 →
EXECUTEDApr 11, 2023Prospectus supplement priced — shares or notes (large filers: often a bond deal)424B2 →
MARKETINGApr 11, 2023Free-writing prospectus — offering being marketedFWP →

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

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