UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

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

For the Quarterly Period Ended ~~November~~May 3031, ~~2025~~ 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 2027	SAZ	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~~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~~ months (or for such shorter period that the ~~Registrant~~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 ~~January 7~~July 6, 2026 was 16,~~184~~310,~~058~~601.

TABLE OF CONTENTS

		Page
PART I.	FINANCIAL INFORMATION	1
Item 1.	Consolidated Financial Statements	1
	Consolidated Statements of Assets and Liabilities as of November 30, 2025 (unaudited) and February 28, 2025	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 and nine months ended November 30, 2025 (unaudited) and November 30, 2024 (unaudited)	2
	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 and nine months ended November 30, 2025 (unaudited) and November 30, 2024 (unaudited)	3
	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 nine months ended November 30, 2025 (unaudited) and November 30, 2024 (unaudited)	4
	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 November 30, 2025 (unaudited) and February 28, 2025	5
	Consolidated Schedules of Investments as of May 31, 2026 (unaudited) and February 28, 2026	5
	Notes to Consolidated Financial Statements as of November 30, 2025 (unaudited)	31
	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	~~120~~93
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	~~166~~136
Item 4.	Controls and Procedures	~~167~~137
PART II.	OTHER INFORMATION	138
Item 1.	Legal Proceedings	~~168~~138
Item 1A.	Risk Factors	~~168~~138
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	~~168~~138
Item 3.	Defaults Upon Senior Securities	~~168~~138
Item 4.	Mine Safety Disclosures	~~168~~138
Item 5.	Other Information	~~168~~138
Item 6.	Exhibits	~~169~~139
Signatures		~~172~~141

PART I. FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

Saratoga Investment Corp.

Consolidated Statements of Assets and Liabilities

	November 30, 2025			February 28, 2025
	May 31, 2026			February 28, 2026
	(unaudited)
ASSETS
Investments at fair value
Non-control/Non-affiliate investments (amortized cost of $909,610,785 and $886,071,934, respectively)	$	921,123,120		$	897,660,110
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 $49,166,052 and $38,203,811, respectively)		52,298,789			40,547,432
Affiliate investments (amortized cost of $49,462,297 and $49,429,192, respectively)		50,325,404			52,710,911
Control investments (amortized cost of $75,101,057 and $75,817,587, respectively)		42,528,435			39,870,208
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 $1,033,877,894 and $1,000,093,332, respectively)		1,015,950,344			978,077,750
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		5246,~~298~~140,~~401~~915			~~148~~1,~~218~~680,~~491~~070
Cash and cash equivalents, reserve accounts		~~117~~14,~~259~~667,~~809~~902			5620,~~505~~105,~~433~~683
Interest receivable (net of reserve of $284,909 and $210,319, respectively)		8,901,870			7,477,468
Interest receivable (net of reserve of $863,908 and $470,751, respectively)		9,048,860			7,314,053
Management fee receivable		~~271~~232,~~377~~837			~~314~~249,~~193~~720
Other assets		2999,~~280,150~~726			~~950~~781,~~522~~766
Total assets	$	1,~~196~~197,~~961~~424,~~951~~182		$	1,~~191~~139,~~543~~265,~~857~~104
LIABILITIES
Revolving credit facilities	$	70,000,000		$	5270,~~500~~000,000
Deferred debt financing costs, revolving credit facilities		(1,~~859~~453,~~067~~760	)		(1,~~254~~670,~~516~~816	)
SBA debentures payable		~~170~~213,000,000			~~170~~160,000,000
Deferred debt financing costs, SBA debentures payable		(34,~~439~~997,~~476~~638	)		(43,~~041~~888,~~026~~087	)
8.75% Notes Payable 2025		-			20,000,000
Discount on 8.75% notes payable 2025		-			(9,055	)
Deferred debt financing costs, 8.75% notes payable 2025		-			(374	)
7.00% Notes Payable 2025		-			12,000,000
Discount on 7.00% notes payable 2025		-			(68,589	)
Deferred debt financing costs, 7.00% notes payable 2025		-			(8,345	)
7.75% Notes Payable 2025		-			5,000,000
Deferred debt financing costs, 7.75% notes payable 2025		-			(19,685	)
4.375% Notes Payable 2026		175,000,000			175,000,000
Premium on 4.375% notes payable 2026		81,250			287,848
Deferred debt financing costs, 4.375% notes payable 2026		(230,825	)		(865,593	)
4.35% Notes Payable 2027		75,000,000			75,000,000
Discount on 4.35% notes payable 2027		(~~128~~74,~~414~~697	)		(~~213~~108,~~424~~898	)
Deferred debt financing costs, 4.35% notes payable 2027		(~~429~~257,~~312~~587	)		(~~688~~344,~~786~~393	)
6.25% Notes Payable 2027		15,000,000			15,000,000
Deferred debt financing costs, 6.25% notes payable 2027		(~~148~~112,~~421~~867	)		(~~202~~130,~~144~~839	)
6.00% Notes Payable 2027		105,500,000			105,500,000
Discount on 6.00% notes payable 2027		(5838,~~331~~226	)		(8748,~~295~~361	)
Deferred debt financing costs, 6.00% notes payable 2027		(~~996~~647,~~455~~257	)		(1823,~~524,089~~774	)
8.00% Notes Payable 2027		46,000,000			46,000,000
Deferred debt financing costs, 8.00% notes payable 2027		(~~666~~493,~~068~~059	)		(~~927~~580,~~484~~514	)
8.125% Notes Payable 2027		60,375,000			60,375,000
Deferred debt financing costs, 8.125% notes payable 2027		(~~849~~646,~~319~~196	)		(1748,~~156,234~~873	)
8.50% Notes Payable 2028		57,500,000			57,500,000
Deferred debt financing costs, 8.50% notes payable 2028		(~~966~~763,~~562~~667	)		(1866,~~273,134~~230	)
Base management and incentive fees payable		6,882,202			6,230,944
7.25% Notes Payable 2029		25,000,000			-
Deferred tax liability		4,504,561			4,889,329
Discount on 7.25% notes payable 2029		(480,024	)		-
Accounts payable and accrued expenses		2,146,045			1,676,335
Deferred debt financing costs, 7.25% notes payable 2029		(71,445	)		-
Interest and debt fees payable		4,593,369			3,909,517
7.25% Notes Payable 2030		50,000,000			50,000,000
Directors fees payable		5,500			-
Discount on 7.25% notes payable 2030		(417,283	)		(435,318	)
Due to Manager		939,362			349,189
Deferred debt financing costs, 7.25% notes payable 2030		(830,833	)		(775,165	)
Total liabilities		783,755,039			798,878,389
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, 16,145,398 and 15,183,078 common shares issued and outstanding, respectively		16,145			15,183
authorized, 16,289,025 and 16,224,198 common shares issued and outstanding, respectively		16,289			16,224
Capital in excess of par value		~~437~~440,~~092~~588,~~856~~956			~~412~~439,~~913~~202,~~597~~477
Total distributable deficit		(2362,~~902~~150,~~089~~287	)		(2043,~~263~~062,~~312~~947	)
Total net assets		~~413~~378,~~206~~454,~~912~~958			~~392~~396,~~665~~155,~~468~~754
Total liabilities and net assets	$	1,~~196~~197,~~961~~424,~~951~~182		$	1,~~191~~139,~~543~~265,~~857~~104
NET ASSET VALUE PER SHARE	$	2523.5923		$	2524.8642

See accompanying notes to consolidated financial statements.

Saratoga Investment Corp.

Consolidated Statements of Operations

(unaudited)

For the three months ended

~~For the nine months ended~~

November 30, 2025

November 30, 2024

November 30, 2025

November 30, 2024

May 31, 2026

May 31, 2025

INVESTMENT INCOME

Interest from investments

Interest income:

Non-control/Non-affiliate investments

2326,~~373~~005,~~796~~778

2825,~~301~~464,~~622~~663

~~72,535,907~~

~~95,247,113~~

Affiliate investments

~~687~~726,~~188~~094

~~458~~595,~~765~~624

~~1,967,399~~

~~1,446,620~~

Control investments

1686,~~927,250~~716

1,~~220~~190,~~769~~661

~~4,309,467~~

~~4,465,137~~

Payment in kind interest income:

Non-control/Non-affiliate investments

~~110~~173,~~210~~291

~~355~~168,~~161~~229

~~399,523~~

~~2,073,035~~

Affiliate investments

~~604~~503,~~628~~610

~~424~~584,~~357~~749

~~1,794,257~~

~~915,807~~

Control investments

1819,~~907~~586

~~96,787~~

~~284,590~~

Total interest from investments

2628,~~721~~115,~~979~~075

3028,~~760~~003,~~674~~926

~~81,103,340~~

~~104,432,302~~

Interest from cash and cash equivalents

1554,~~942,036~~386

12,~~627~~027,~~718~~211

~~6,329,644~~

~~3,923,380~~

Management fee income

~~628~~544,~~774~~988

~~775~~705,~~398~~175

~~1,997,581~~

~~2,372,177~~

Dividend income:

Non-control/Non-affiliate investments

~~172~~562,~~557~~183

~~689,872~~

~~584,827~~

Control investments

1778,~~065,007~~852

~~948~~436,~~102~~418

~~2,404,864~~

~~3,160,742~~

Total dividend from investments

1778,~~065,007~~852

1998,~~120,659~~601

~~3,094,736~~

~~3,745,569~~

Structuring and advisory fee income

~~662~~656,~~461~~363

~~740~~264,~~705~~375

~~1,148,436~~

~~1,186,548~~

Other income

~~625~~127,~~282~~261

~~853~~319,~~481~~329

~~916,175~~

~~1,900,184~~

Total investment income

3130,~~645~~776,~~539~~925

3532,~~878~~318,~~635~~617

~~94,589,912~~

~~117,560,160~~

OPERATING EXPENSES

Interest and debt financing expenses

1113,~~911~~650,~~568~~283

1312,~~044~~451,~~000~~865

~~36,735,463~~

~~39,135,022~~

Base management fees

4,~~434~~970,~~590~~053

4,~~412~~333,~~000~~332

~~13,142,246~~

~~14,161,025~~

Incentive management fees expense (benefit)

21,~~447~~892,~~611~~061

32,~~109~~536,~~834~~513

~~7,255,297~~

~~11,244,838~~

Professional fees

~~867~~531,~~774~~236

~~670~~699,~~376~~200

~~2,216,873~~

~~1,795,572~~

Administrator expenses

1,350,000

1,250,000

~~3,883,333~~

~~3,458,333~~

Insurance

7380,~~502~~598

7674,~~743~~310

~~222,122~~

~~231,936~~

Directors fees and expenses

90126,000

83131,500

~~340,000~~

~~276,500~~

General and administrative

~~888~~600,~~786~~266

~~759~~645,~~902~~411

~~1,946,966~~

~~2,190,613~~

Income tax expense (benefit)

(~~204~~16,~~678~~559

)

3654,~~625~~454

~~(161,539~~

)

~~98,263~~

Total operating expenses

2123,~~859~~183,~~153~~938

2322,~~442~~176,~~980~~585

~~65,580,761~~

~~72,592,102~~

NET INVESTMENT INCOME

97,~~786~~592,~~386~~987

1210,~~435~~142,~~655~~032

~~29,009,151~~

~~44,968,058~~

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

Net realized gain (loss) from investments:

Non-control/Non-affiliate investments

3(488,~~070,547~~148

)

42,~~806~~262,~~390~~984

~~5,386,222~~

~~5,365,091~~

Control investments

-638,355

638,355

~~638,355~~

~~(54,564,070~~

)

Net realized gain (loss) from investments

3150,~~070,547~~207

52,~~444~~901,~~745~~339

~~6,024,577~~

~~(49,198,979~~

)

Net change in unrealized appreciation (depreciation) on investments:

Non-control/Non-affiliate investments

(~~926~~11,~~785~~927,184

)

(7372,~~026,951~~148

)

~~(75,841~~

)

~~39,654,726~~

Affiliate investments

~~695~~(2,~~483~~418,612

)

~~179~~(45,~~825~~944

)

~~789,116~~

~~1,134,493~~

Control investments

(~~352~~831,~~356~~335

)

(2617,~~071,457~~773

)

~~3,374,757~~

~~(7,048,216~~

)

Net change in unrealized appreciation (depreciation) on investments

(~~583~~15,~~658~~177,131

)

(8943,~~918,583~~977

)

~~4,088,032~~

~~33,741,003~~

Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments

~~(150~~530,~~134~~824

)

(~~126~~55,~~875~~085

)

~~218,779~~

~~(747,063~~

)

Net realized and unrealized gain (loss) on investments

2(14,~~336~~496,~~755~~100

)

(3,~~600~~790,~~713~~231

)

~~10,331,388~~

~~(16,205,039~~

)

Realized losses on extinguishment of debt

(123,157

)

(123,157

)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

(6,903,113

)

13,932,263

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

11,999,984

8,834,942

39,217,382

28,763,019

WEIGHTED AVERAGE - BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE

(0.42

)

0.91

WEIGHTED AVERAGE - BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE

0.74

0.64

2.49

2.09

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC AND DILUTED

16,252,548

15,344,510

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC AND DILUTED

16,108,862

13,789,951

15,741,337

13,733,008

See accompanying notes to consolidated financial statements.

Saratoga Investment Corp.

Consolidated Statements of Changes in Net Assets

(unaudited)

	For the nine months ended
	For the three months ended
	November 30, 2025			November 30, 2024
	May 31, 2026			May 31, 2025
INCREASE (DECREASE) FROM OPERATIONS:
Net investment income	$	297,~~009~~592,~~151~~987		$	4410,~~968~~142,~~058~~032
Net realized gain (loss) from investments		6150,~~024,577~~207			~~(49~~2,~~198~~901,~~979~~339	)
Realized losses on extinguishment of debt		(123,157	)		-
Net change in unrealized appreciation (depreciation) on investments		(15,177,131	)		943,977
Net change in unrealized appreciation (depreciation) on investments		4,088,032			33,741,003
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		530,824			(55,085	)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		218,779			(747,063	)
Net increase (decrease) in net assets resulting from operations		(6,903,113	)		13,932,263
Net increase in net assets resulting from operations		39,217,382			28,763,019
DECREASE FROM SHAREHOLDER DISTRIBUTIONS:
Total distributions to shareholders		(4212,~~856~~184,~~159~~227	)		(3018,~~276~~980,~~137~~079	)
Net decrease in net assets from shareholder distributions		(4212,~~856~~184,~~159~~227	)		(3018,~~276~~980,~~137~~079	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from issuance of common stock(1)		~~18,752,929~~-			26,~~777~~143,~~426~~820
Capital contribution from Manager		~~569,322~~-			~~199~~297,~~652~~770
Stock dividend distribution		41,~~883~~386,~~827~~544			32,~~220~~312,~~162~~153
Offering costs		~~(25,857~~-	)		(422,~~575~~080	)
Net increase (decrease) in net assets from capital share transactions		241,~~180~~386,~~221~~544			68,~~154~~751,~~665~~663
Total increase (decrease) in net assets		20(17,~~541~~700,~~444~~796	)		43,~~641~~703,~~547~~847
Net assets at beginning of period		~~392~~396,~~665~~155,~~468~~754			~~370~~392,~~224~~665,~~108~~468
Net assets at end of period	$	~~413~~378,~~206~~454,~~912~~958		$	~~374~~396,~~865~~369,~~655~~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.

Saratoga Investment Corp.

Consolidated Statements of Cash Flows

(unaudited)

	For the nine months ended
	For the three months ended
	November 30, 2025			November 30, 2024
	May 31, 2026			May 31, 2025
Operating activities
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	39(6,~~217~~903,~~382~~113	)	$	2813,~~763~~932,~~019~~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		(1677,~~863,737~~848	)		(4517,~~546,611~~108	)
Net accretion of discount on investments		(2813,~~428,199~~693	)		(2858,~~181,920~~544	)
Amortization of deferred debt financing costs		31,~~614~~297,~~157~~110			31,~~781~~254,~~712~~331
Realized losses on extinguishment of debt		123,157			-
Income tax expense (benefit)		(20,709	)		50,004
Income tax expense (benefit)		(165,989	)		43,168
Net realized (gain) loss from investments		(150,207	)		(2,901,339	)
Net realized (gain) loss from investments		(6,024,577	)		49,198,979
Net change in unrealized (appreciation) depreciation on investments		15,177,131			(943,977	)
Net change in unrealized (appreciation) depreciation on investments		(4,088,032	)		(33,741,003	)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		(530,824	)		55,085
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		(218,779	)		747,063
Proceeds from sales and repayments of investments		48,415,037			65,066,218
Proceeds from sales and repayments of investments		150,894,253			296,246,215
Purchases of investments		(79,150,550	)		(50,085,463	)
Purchases of investments		(174,362,303	)		(126,275,103	)
(Increase) decrease in operating assets:
Interest receivable		(1,~~424~~734,~~402~~807	)		2(523,~~836,864~~277	)
Management fee receivable		4216,~~816~~883			1519,~~655~~886
Other assets		(1217,~~329,628~~960	)		(~~707~~419,~~967~~072	)
Current income tax receivable		-			97,745
Increase (decrease) in operating liabilities:
Base management and incentive fees payable		~~651~~259,~~258~~294			~~(625~~638,~~382~~901	)
Accounts payable and accrued expenses		469,710			1,162,668
Payable from open trades		-			6,750,000
Interest and debt fees payable		683,852			2,293,679
Accounts payable and accrued expenses		(437,806	)		(120,229	)
Directors fees payable		5,500			-
Interest and debt fees payable		(498,291	)		689,021
Due to Manager		590,173			346,396
Directors fees payable		(5,500	)		-
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		4,386,612			217,455,177
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		5053,000,000			3017,~~000~~500,000
Paydowns on debt		(32,500,000	)		(12,500,000	)
Issuance of notes		24,500,000			-
Repayments of notes		~~(37,000,000~~-	)		-(20,000,000	)
Payments of deferred debt financing costs		(1,~~376~~713,~~388~~358	)		~~(1,176,806~~-	)
Proceeds from issuance of common stock		~~18,752,929~~-			26,~~777~~143,~~426~~820
Capital contribution from Manager		~~569,322~~-			~~199~~297,~~652~~770
Payments of cash dividends		(3710,~~972~~797,~~332~~683	)		(2716,~~055~~667,~~975~~926	)
Payments of offering costs		~~(25,857~~-	)		(422,~~575~~080	)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES		~~(39~~64,~~552~~988,~~326~~959	)		(712,~~798~~728,~~278~~416	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS		~~(35~~39,~~165~~023,~~714~~064	)		~~209~~19,~~656~~562,~~899~~801
CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, BEGINNING OF PERIOD		~~204~~21,~~723~~785,~~924~~753			40204,~~507~~723,~~124~~924
CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, END OF PERIOD (See note 2)	$	~~169~~60,~~558~~808,~~210~~817		$	~~250~~224,~~164~~286,~~023~~725
Supplemental information:
Interest paid during the period	$	3212,~~437~~856,~~453~~838		$	3310,~~059~~508,~~630~~514
Cash paid for taxes		~~382~~4,~~459~~374			~~617~~2,~~665~~762
Supplemental non-cash information:
Distributions from CLO, payment-in-kind and other adjustments to cost		1,863,737			9,920,201
Payment-in-kind interest income and other adjustments to cost		677,848			721,477
Net accretion of discount on investments		2813,~~428,199~~693			2858,~~181,920~~544
Amortization of deferred debt financing costs		3,614,157			3,781,712
Discount on debt issuance, 7.25% Notes Payable 2029		500,000			-
Stock dividend distribution		4,883,827			3,220,162
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.

Saratoga Investment Corp.

Consolidated Schedule of Investments

~~November~~May 3031, ~~2025 (unaudited)~~ 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 - 222.8% (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	$	11,284,579	$	11,221,771	$	11,193,174		2.7	%
Altvia MidCo, LLC. (h)	Alternative Investment Management Software	Series A-1 Preferred Shares	7/18/2022		2,083,939		2,083,939		2,767,026		0.7	%
		Total Alternative Investment Management Software					13,305,710		13,960,200		3.4	%
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	$	24,500,000		24,357,939		24,727,850		6.0	%
		Total Architecture & Engineering Software					24,357,939		24,727,850		6.0	%
Golden TopCo LP (h)	Association Management Software	Class A-2 Common Units	5/10/2023		1,072,394		1,072,394		1,787,432		0.4	%
		Total Association Management Software					1,072,394		1,787,432		0.4	%
Artemis Wax Corp. (d)	Consumer Services	Delayed Draw Term Loan (1M USD TERM SOFR+6.75%), 11.02% Cash, 5/20/2026	5/20/2021	$	57,500,000		57,438,537		57,005,500		13.8	%
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		1,994,847		0.5	%
		Total Consumer Services					60,650,403		59,000,347		14.3	%
Schoox, Inc. (h)(i)	Corporate Education Software	Series 1 Membership Interest	12/8/2020		1,050		548,298		4,334,902		1.0	%
		Total Corporate Education Software					548,298		4,334,902		1.0	%

(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	%

~~Saratoga Investment Corp.~~5

~~Consolidated~~Saratoga ~~Schedule~~Investment ~~of Investments~~Corp.

~~November~~Consolidated ~~30, 2025~~Schedule ~~(unaudited)~~ of Investments

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
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		31,756,195		32,073,600		7.8	%
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	$	2,000,000		1,982,786		2,004,600		0.5	%
		Total Custom Millwork Software					33,738,981		34,078,200		8.3	%
GreyHeller LLC (h)	Cyber Security	Common Stock	11/10/2021		7,857,689		1,906,275		3,922,837		0.9	%
		Total Cyber Security					1,906,275		3,922,837		0.9	%
Gen4 Dental Partners Holdings, LLC (d)	Dental Practice Management	First Lien Term Loan (1M USD TERM SOFR+5.75%), 10.02% Cash, 5/13/2030	5/13/2024	$	7,053,571		6,997,470		7,124,107		1.7	%
Gen4 Dental Partners Holdings, LLC (j)	Dental Practice Management	Delayed Draw Term Loan (1M 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 (1M 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		1,165,838		0.3	%
Modis Dental Partners OpCo, LLC	Dental Practice Management	First Lien Term Loan (1M USD TERM SOFR+9.37%), 13.69% Cash, 4/18/2028	4/18/2023	$	7,000,000		6,938,986		7,089,600		1.8	%
Modis Dental Partners OpCo, LLC	Dental Practice Management	Delayed Draw Term Loan (1M USD TERM SOFR+9.37%), 13.69% Cash, 4/18/2028	4/18/2023	$	13,000,000		12,862,412		13,166,400		3.2	%
Modis Dental Partners OpCo, LLC (h)	Dental Practice Management	Class A Preferred Units	4/18/2023		3,200,000		3,200,000		3,829,312		0.9	%
		Total Dental Practice Management					31,026,387		32,375,257		7.9	%

May 31, 2026

6(unaudited)

Saratoga Investment Corp.

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	%

~~Consolidated Schedule of Investments~~6

~~November~~Saratoga ~~30,~~Investment ~~2025 (unaudited)~~ Corp.

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)			% of Net Assets
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	$	23,877,538		23,805,482		22,927,212			5.5	%
Exigo, LLC (j)	Direct Selling Software	Revolving Credit Facility (1M USD TERM SOFR+6.25%), 10.62% Cash, 3/16/2027	3/16/2022	$	-		-		(24,875	)		0.0	%
Exigo, LLC (h), (i)	Direct Selling Software	Common Units	3/16/2022		1,041,667		1,041,667		634,167			0.2	%
		Total Direct Selling Software					24,847,149		23,536,504			5.7	%
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		22,999,951		22,967,800			5.6	%
C2 Educational Systems, Inc. (h)	Education Services	Series A-1 Preferred Stock	5/18/2021		3,127		499,904		628,543			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		31,851,856		31,955,200			7.7	%
		Total Education Software					55,351,711		55,551,543			13.5	%
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	%

Consolidated Schedule of Investments

7May 31, 2026

~~Saratoga Investment Corp.~~(unaudited)

Consolidated Schedule of Investments

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	%

~~November 30, 2025 (unaudited)~~ 7

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
GDS Software Holdings, LLC	Financial Services	First Lien Term Loan (3M USD TERM SOFR+7.00%), 11.17% Cash, 12/30/2026	12/30/2021	$	22,713,926		22,674,422		22,713,926		5.6	%
GDS Software Holdings, LLC (d)	Financial Services	Delayed Draw Term Loan (3M USD TERM SOFR+7.00%), 11.17% Cash, 12/30/2026	12/30/2021	$	3,286,074		3,270,530		3,286,074		0.8	%
GDS Software Holdings, LLC (h)	Financial Services	Common Stock Class A Units	8/23/2018		250,000		250,000		291,852		0.1	%
		Total Financial Services					26,194,952		26,291,852		6.5	%
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		19,855,001		20,050,000		4.9	%
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					19,855,001		20,050,000		4.9	%
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		16,140,088		15,553,611		3.8	%
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		8,688,413		8,375,021		2.0	%
Stretch Zone Franchising, LLC (h)	Health/Fitness Franchisor	Class A Units	3/31/2023		20,000		2,000,000		877,862		0.2	%
		Total Health/Fitness Franchisor					26,828,501		24,806,494		6.0	%

Saratoga Investment Corp.

8Consolidated Schedule of Investments

~~Saratoga~~May ~~Investment~~31, ~~Corp.~~2026

~~Consolidated Schedule of Investments~~(unaudited)

November 30, 2025 (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	%

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
Alpha Aesthetics Partners OpCo, LLC	Healthcare Services	First Lien Term Loan (1M USD TERM SOFR+9.85%), 14.18% Cash, 3/20/2028	3/20/2023	$	3,900,000		3,866,095		3,952,260		1.0	%
Alpha Aesthetics Partners OpCo, LLC	Healthcare Services	Delayed Draw Term Loan (1M USD TERM SOFR+9.85%), 14.18% Cash, 3/20/2028	3/20/2023	$	15,100,000		14,951,954		15,302,340		3.7	%
Alpha Aesthetics Partners OpCo, LLC (h)	Healthcare Services	Class A Preferred Units	3/20/2023		3,675,000		3,675,000		3,520,466		0.9	%
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	$	70,000,000		69,698,689		70,140,000		17.0	%
		Total Healthcare Services					92,191,738		92,915,066		22.6	%
Procurement Partners, LLC	Healthcare Software	First Lien Term Loan (3M USD TERM SOFR+6.50%), 10.67% Cash, 5/12/2026	11/12/2020	$	35,125,000		35,078,415		35,125,000		8.5	%
Procurement Partners, LLC	Healthcare Software	Delayed Draw Term Loan (3M USD TERM SOFR+6.50%), 10.67% Cash, 5/12/2026	11/12/2020	$	10,300,000		10,307,554		10,300,000		2.5	%
Procurement Partners Holdings LLC (h)	Healthcare Software	Class A Units	11/12/2020		571,219		571,219		284,555		0.1	%
Procurement Partners Holdings LLC (h)	Healthcare Software	Class AA Units	11/12/2020		220,385		30,994		73,700		0.0	%
		Total Healthcare Software					45,988,182		45,783,255		11.1	%
Roscoe Medical, Inc. (h)	Healthcare Supply	Common Stock	3/26/2014		5,081		508,077		-		0.0	%
		Total Healthcare Supply					508,077		-		0.0	%

9Saratoga Investment Corp.

~~Saratoga~~Consolidated ~~Investment~~Schedule of ~~Corp.~~Investments

~~Consolidated~~May ~~Schedule~~31, ~~of Investments~~2026

~~November 30, 2025~~ (unaudited)

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
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		42,884,162		42,458,199		10.3	%
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	%
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		9,946,886		9,867,029		2.4	%
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	%
		Total HVAC Services and Sales					52,831,048		52,325,228		12.7	%
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	%
Vector Controls Holding Co., LLC (h)	Industrial Products	Warrants to Purchase Limited Liability Company Interests, Expires 11/30/2027	5/31/2015		329		-		8,543,641		2.1	%
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	%
		Total Industrial Products					-		8,543,641		2.1	%
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	%
AgencyBloc, LLC (d)	Insurance Software	First Lien Term Loan (1M USD TERM SOFR+7.76%), 12.03% Cash, 10/1/2026	10/1/2021	$	15,436,023		15,400,534		15,436,023		3.7	%
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	%
Panther ParentCo LLC (h)	Insurance Software	Class A Units	10/1/2021		2,500,000		2,500,000		5,748,991		1.4	%
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	%
		Total Insurance Software					17,900,534		21,185,014		5.1	%
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	%
Avantra	IT Services	First Lien Term Loan (3M USD TERM SOFR+7.97%), 12.14% Cash, 9/20/2029	9/19/2024	$	17,000,000		16,846,422		16,971,100		4.1	%
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	%
Maple Holdings Midco Limited (h)	IT Services	Class A Common Units	9/19/2024		2,000,000		2,000,000		2,294,258		0.6	%
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	%
		Total IT Services					18,846,422		19,265,358		4.7	%
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	%
ActiveProspect, Inc. (d)	Lead Management Software	First Lien Term Loan (3M USD TERM SOFR+6.00%), 10.37% Cash, 8/8/2027	8/8/2022	$	11,525,624		11,483,483		11,525,624		2.8	%
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	%
ActiveProspect, Inc. (j)	Lead Management Software	Delayed Draw Term Loan (3M USD TERM SOFR+6.00%), 10.37% Cash, 8/8/2027	8/8/2022	$	-		-		-		0.0	%
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	%
		Total Lead Management Software					11,483,483		11,525,624		2.8	%
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	%
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	$	19,029,758		18,863,585		17,870,846		4.3	%
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	%
		Total Marketing Orchestration Software					18,863,585		17,870,846		4.3	%
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	%
ARC Health OpCo LLC (h)	Mental Healthcare Services	Class A Preferred Units	8/5/2022		3,818,400		4,169,599		296,698		0.1	%
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	%
		Total Mental Healthcare Services					4,169,599		296,698		0.1	%
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	%

109

Saratoga Investment Corp.

Consolidated Schedule of Investments

~~November~~May 3031, ~~2025 (unaudited)~~ 2026

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost			Fair Value (c)		% of Net Assets
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		14,969,927			14,683,500		3.6	%
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		4,985,148			4,894,500		1.2	%
Chronus LLC (h)	Mentoring Software	Series A Preferred Stock	8/26/2021		3,000		3,000,000			1,159,470		0.3	%
		Total Mentoring Software					22,955,075			20,737,470		5.1	%
Cloudpermit	Municipal Government Software	First Lien Term Loan (3M USD TERM SOFR+5.75%), 9.92% Cash, 9/5/2029	9/5/2024	$	28,000,000		27,779,421			27,988,800		6.8	%
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			2,339,779		0.6	%
		Total Municipal Government Software					29,779,421			30,328,579		7.4	%
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		5,286,772			5,339,220		1.3	%
		Total Office Supplies					5,286,772			5,339,220		1.3	%
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		2,973,750			2,973,750		0.7	%
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		-		-			-		0.0	%
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		-		(10,000	)		-		0.0	%
PG Source Investments, LLC	Product Compliance Software	Series A Preferred Stock	10/17/2025		705		1,500,000			1,500,000		0.4	%
		Total Product Compliance Software					4,463,750			4,473,750		1.1	%

(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	%

~~Saratoga Investment Corp.~~10

~~Consolidated~~Saratoga ~~Schedule~~Investment ~~of Investments~~Corp.

~~November~~Consolidated ~~30, 2025~~Schedule ~~(unaudited)~~of Investments

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
Buildout, Inc.	Real Estate Services	First Lien Term Loan (3M USD TERM SOFR+7.00%), 11.27% Cash, 12/31/2025	7/9/2020	$	14,000,000		14,000,000		13,706,000		3.3	%
Buildout, Inc.	Real Estate Services	Delayed Draw Term Loan (3M USD TERM SOFR+7.00%), 11.27% Cash, 12/31/2025	2/12/2021	$	38,500,000		38,500,000		37,691,500		9.1	%
Buildout, Inc. (h)(i)	Real Estate Services	Limited Partner Interests	7/9/2020		1,250		1,372,557		781,252		0.2	%
		Total Real Estate Services					53,872,557		52,178,752		12.6	%
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		9,318,787		9,372,000		2.3	%
Wellspring Worldwide Inc.	Research Software	Delayed DrawTerm Loan (3M USD TERM SOFR+8.42%), 12.59% Cash, 2/28/2029	6/27/2022	$	25,310,000		25,075,626		25,310,000		6.2	%
Archimedes Parent LLC (h)	Research Software	Class A Common Units	6/27/2022		2,475,160		2,475,160		2,110,574		0.5	%
		Total Research Software					36,869,573		36,792,574		9.0	%
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		1.9	%
Angry Chickz, Inc. (j)	Restaurant	Delayed Draw Term Loan (1M USD TERM SOFR+4.75%), 8.61% Cash, 10/9/2030	10/9/2025	$	-		-		-		0.0	%
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		21,878,463		21,909,799		5.4	%
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		17,947,066		17,926,200		4.3	%
LFR Chicken LLC (h)	Restaurant	Series B Preferred Units	11/19/2021		497,183		1,000,000		1,857,808		0.4	%
		Total Restaurant					48,686,029		49,554,307		12.0	%
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		6.7	%
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	Revenue Cycle Management & Related Services	Class A Units	11/24/2025		350,000		350,000		350,000		0.1	%
		Total Revenue Cycle Management & Related Services					28,175,000		28,175,000		6.8	%
Avionte Holdings, LLC (h)	Staffing Services	Class A Units	1/8/2014		100,000		100,000		2,391,803		0.6	%
		Total Staffing Services					100,000		2,391,803		0.6	%

May 31, 2026

12(unaudited)

Saratoga Investment Corp.

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	%

~~Consolidated Schedule of Investments~~11

~~November~~Saratoga ~~30,~~Investment ~~2025 (unaudited)~~Corp.

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%), 10.27% Cash, 4/19/2038	4/30/2025	$	1,500,000		1,500,000		1,533,900		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		2,833,569		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		2,517,983		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		2,005,320		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		2,012,118		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		1,505,337		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		3,012,943		0.7	%
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		2,007,944		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		1,021,200		0.2	%
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		1,000,283		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		3,009,600		0.7	%
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		2,270,036		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		1,008,200		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		1,265,430		0.3	%
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		3,264,225		0.9	%
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		1,022,005		0.2	%
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		3,026,577		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		1,507,953		0.4	%

Consolidated Schedule of Investments

13May 31, 2026

~~Saratoga Investment Corp.~~(unaudited)

Consolidated Schedule of Investments

	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	%

~~November~~(1) 30Securities are exempt from registration under Rule 144A of the Securities Act of 1933, ~~2025 (unaudited)~~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.

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
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		1,001,929		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		1,509,149		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		2,003,834		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		1,268,026		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	$	2,000,000		1,970,000		2,022,000		0.5	%
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		2,003,200		0.5	%
		Total Structured Finance Securities					45,233,375		45,632,761		11.0	%
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		9,919,662		9,977,000		2.4	%
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	$	500,000		495,798		498,850		0.1	%
StockIQ Technologies, LLC (h)	Supply Chain Planning Software	Class A Units	3/25/2025		200,000		200,000		217,811		0.1	%
		Total Supply Chain Planning Software					10,615,460		10,693,661		2.6	%
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		5,976,444		6,000,000		1.6	%
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		995,372		1,000,000		0.2	%
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		497,293		500,000		0.1	%
Jobvite, Inc.	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		19,918,404		19,830,000		4.8	%
		Total Talent Acquisition Software					27,387,513		27,330,000		6.7	%

(2)

Current yield as of May 31, 2026, was approximately 3.53% on the Goldman Sachs Financial Square Government Fund.

14(3) Current yield as of May 31, 2026, was approximately 3.10% on the Valley National Bank Business Money Market Fund.

~~Saratoga~~(a) Represents an investment that is not a “qualifying asset” under Section 55(a) of the Investment ~~Corp~~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.

~~Consolidated~~(b) ~~Schedule~~Percentages are based on net assets of ~~Investments~~$378,454,958 as of May 31, 2026.

~~November~~(c) 30Because there is no “readily available market quotations” (as defined in the 1940 Act) for these investments, ~~2025~~ 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 (~~unaudited~~see Note 3 to the consolidated financial statements).

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
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		13,231,743		13,361,095		3.2	%
		Total Veterinary Services					13,231,743		13,361,095		3.2	%
Sub Total Non-control/Non-affiliate investments							909,610,785		921,123,120		223.7	%
Affiliate investments - 12.8% (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		7,069,574		7,100,000		1.7	%
ETU Holdings, Inc. (f)	Corporate Education Software	Second Lien Term Loan 15.00% PIK, 2/18/2028	8/18/2022	$	7,967,627		7,942,170		7,637,768		1.8	%
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					18,742,024		15,468,048		3.7	%
Axero Holdings, LLC (f)	Employee Collaboration Software	First Lien Term Loan 4.50% Cash, (3M USD TERM SOFR + 2.50%) PIK, 12/31/2027	6/30/2021	$	16,781,389		16,766,466		16,840,124		4.2	%
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	$	1,190,937		1,187,366		1,195,105		0.3	%
Axero Holdings, LLC (f)(j)	Employee Collaboration Software	Revolving Credit Facility 4.50% Cash, (3M USD TERM SOFR + 2.50%) 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		3,987,881		1.0	%
Axero Holdings, LLC (f)(h)	Employee Collaboration Software	Series B Preferred Units	6/30/2021		2,055,609		2,055,609		6,318,879		1.5	%
		Total Employee Collaboration Software					22,065,050		28,341,989		7.0	%

(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).

15(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.

~~Saratoga~~(f) ~~Investment~~As ~~Corp~~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:

Consolidated Schedule of Investments

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

~~November 30, 2025 (unaudited)~~12

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
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	$	5,397,087		5,358,979		5,378,737		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		3,110,015		0.8	%
		Total HVAC Monitoring Devices					8,358,978		8,488,752		2.1	%
Sub Total Affiliate investments							49,166,052		52,298,789		12.8	%
Control investments - 10.3% (b)
Zollege PBC (g)	Education Services	First Lien Term Loan 4.84% PIK, 8/9/2027	5/11/2021	$	1,558,038		1,558,037		1,216,827		0.3	%
Zollege PBC (h)(g)	Education Services	Common Stock	5/11/2021		7,731,294		558,799		7,672,251		1.9	%
		Total Education Services					2,116,836		8,889,078		2.2	%
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		1,278,720		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		213,120		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		532,800		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		2,024,640		0.5	%

Saratoga Investment Corp.

16Consolidated Schedule of Investments

~~Saratoga~~May ~~Investment~~31, ~~Corp.~~2026

~~Consolidated Schedule of Investments~~(unaudited)

~~November~~(g) 30As defined in the 1940 Act, ~~2025 (unaudited)~~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(1)	Industry		Investment Interest Rate/ Maturity	Original Acquisition Date		Principal/ Number of Shares				Cost				Fair Value (c)				% of Net Assets
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
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				14,410,095				-				0.0	%
Netreo Holdings, LLC	$	-		$	-			$	(638,355	)		$	-			$	-			$	-	$	638,355	$	-		$	-
Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note (a)(g)	Structured Finance Securities		Other/Structured Finance Securities (3M USD TERM SOFR+10.00%), 14.05%, 4/20/2033	8/9/2021		$	9,375,000				9,375,000				120,938				0.0	%
Pepper Palace, Inc.		2,038,911			1,900,000				-				-				-				-		-		(3,938,911	)		-
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%), 11.14%, 10/20/2037	9/24/2025		$	8,750,000				8,443,750				8,728,701				2.1	%
Zollege PBC		12,048,652			-				-				19,588				-				-		-		252,407			12,320,646
			Total Structured Finance Securities								32,228,845				8,849,639				2.1	%
Saratoga Investment Corp. CLO 2013-1, Ltd.		-			-				-				-				-				544,988		-		-			-
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				16,183,009				3.9	%
Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note		-			-				-				-				-				-		-		-			-
Saratoga Senior Loan Fund I JV, LLC (a)(g)(n)	Investment Fund		Membership Interest	12/17/2021			19,197,861				19,197,861				6,582,069				1.6	%
Saratoga Senior Loan Fund I JV, LLC		16,130,152			-				-				440,474				-				-		-		(463,378	)		15,666,774
			Total Investment Fund								36,816,815				22,765,078				5.5	%
Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E-R Note		8,422,177			-				-				246,240				-				-		-		-			8,302,435
Sub Total Control investments											75,101,057				42,528,435				10.3	%
Saratoga Senior Loan Fund I JV, LLC		1,535,443			-				-				-				778,852				-		-		3,438,288			4,973,731
TOTAL INVESTMENTS - 245.9% (b)										$	1,033,877,894			$	1,015,950,344				245.9	%
Total	$	40,175,335		$	1,900,000			$	(638,355	)		$	706,302			$	778,852			$	544,988	$	638,355	$	(711,594	)	$	41,263,586

	Number of Shares		Cost		Fair Value		% of Net Assets
Cash and cash equivalents and cash and cash equivalents, reserve accounts - 41.0% (b)
U.S. Bank Money Market (l)		167,058,210	$	167,058,210	$	167,058,210		40.4	%
Valley National Bank Money Market (1)		2,500,000		2,500,000		2,500,000		0.6
Total cash and cash equivalents and cash and cash equivalents, reserve accounts		169,558,210	$	169,558,210	$	169,558,210		41.0	%

(h)

Non-income producing at May 31, 2026

(1i) ~~Securities~~Includes ~~are~~securities ~~exempt~~issued ~~from~~by ~~registration~~an ~~under~~affiliate ~~Rule 144A~~ of the ~~Securities Act of 1933, as amended, and are restricted securities~~company. ~~Money market funds are valued at net asset value and are considered level 1 investments within the fair value hierarchy.~~

(aj) ~~Represents~~All anor ~~investment that is not~~ a ~~“qualifying~~portion ~~asset” under Section 55(a)~~ of ~~the~~this ~~Investment~~investment ~~Company~~has ~~Act~~an ofunfunded ~~1940,~~commitment as ~~amended (the 1940 Act”). As~~ of ~~November~~May 3031, ~~2025, non-qualifying assets represent 8~~2026.2% of(See ~~the~~Note ~~Company’s~~9 ~~portfolio~~to ~~at fair value. As a BDC,~~ the ~~Company~~consolidated ~~generally~~financial ~~has to invest at least 70% of its total assets in qualifying assets~~statements).

(bk) ~~Percentages~~As ~~are~~of ~~based~~May 31, 2026, the investment was on ~~net~~non-accrual ~~assets~~status. The fair value of these investments was approximately $~~413~~0.0 million,~~206,912~~ aswhich represented 0.0% of ~~November~~the ~~30,~~Company’s ~~2025~~portfolio (see Note 2 to the consolidated financial statements).

(cl) ~~Because~~Included ~~there~~within iscash noand ~~“readily~~cash ~~available~~equivalents ~~market~~and ~~quotations”~~cash ~~(as~~and ~~defined~~cash ~~in the 1940 Act) for these investments~~equivalents, ~~the~~reserve ~~fair~~accounts ~~values of these investments were determined using significant unobservable inputs and approved~~ in ~~good~~the ~~faith~~Company’s byconsolidated ~~our~~statements ~~board~~ of ~~directors.~~assets ~~These~~and ~~investments~~liabilities ~~have been included~~ as ~~Level~~of 3May ~~in the Fair Value Hierarchy~~31, ~~except for the CLO BB and BBB debt which are level 2 investments (see Note 3 to the consolidated financial statements)~~2026.

(dm) ~~These~~This ~~securities~~investment ~~are~~elected ~~either~~to ~~fully~~PIK or20% ~~partially~~of ~~pledged~~accrued asinterest, ~~collateral~~with ~~under~~80% ~~the~~of ~~Company’s~~accrued ~~senior~~interest ~~secured~~payable ~~revolving~~in ~~credit facility (see Note 8 to the consolidated financial statements)~~cash.

(en) On September 24, 2025, the Company completed the first refinancing of SLF 2022. This ~~investment~~refinancing, ~~does~~among ~~not~~other ~~have~~things, aextended ~~stated~~the ~~interest~~SLF ~~rate~~2022’s ~~that~~investment isperiod ~~payable~~to ~~thereon~~October 2028. As apart ~~result~~of this refinancing, the 0Company purchased $8.~~00%~~8 ~~interest~~million ~~rate~~of inthe SLF 2022-1 Class E-R Notes tranche at par. Concurrently, the ~~table~~existing ~~above~~$12.3 ~~represents~~million of the ~~effective~~SLF ~~interest~~2022-1 ~~rate~~Class ~~currently~~E ~~earned~~Notes onwere ~~the~~repaid. ~~investment~~The ~~cost~~Company ~~and~~also ispaid ~~based~~$1.6 onmillion of additional equity investment related to the ~~current~~refinancing ~~cash~~to ~~interest~~SLF ~~and~~JV. ~~other~~(See ~~income~~Note ~~generated~~5 byto the ~~investment~~consolidated financial statements).

~~(f)~~SOFR As- ~~defined~~Secured inOvernight ~~the~~Financing 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 nine months ended November 30, 2025 in which the issuer was an affiliate are as follows:Rate

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	$	-	$	-		$	1,521,172	$	-	$	-	$	248,579	$	28,341,989
ETU Holdings, Inc.		13,368,085		730,280		-			1,601,122		-		-		410,764		15,468,048
SmartAC.com,LLC		-		10,939,999		(2,602,913	)		639,362		-		-		129,773		8,488,752
Total	$	40,547,432	$	11,670,279	$	(2,602,913	)	$	3,761,656	$	-	$	-	$	789,116	$	52,298,789

1M USD TERM SOFR - The 1 month USD TERM SOFR rate as of May 31, 2026 was 3.62%.

173M USD TERM SOFR - The 3 month USD TERM SOFR rate as of May 31, 2026 was 3.66%.

~~Saratoga~~PIK ~~Investment~~- ~~Corp~~Payment-in-Kind (see Note 2 to the consolidated financial statements).

~~Consolidated~~See ~~Schedule~~accompanying ofnotes ~~Investments~~to consolidated financial statements.

~~November 30, 2025 (unaudited)~~13

~~(g)~~Saratoga AsInvestment ~~defined in the 1940 Act, we “control” this portfolio company because we own more than 25% of the portfolio company’s outstanding voting securities~~Corp. ~~Transactions during the nine months ended November 30, 2025 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		-			-		-		-		-		(522,360	)		2,024,640
Zollege PBC		3,937,150		-		-			96,997		-		-		-		4,855,141			8,889,078
Saratoga Investment Corp. CLO 2013-1, Ltd.		240,578		-		-			-		-		628,774		-		238,365			-
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		-		-			1,038,068		-		-		-		(2,160,000	)		120,938
Saratoga Senior Loan Fund I JV, LLC		16,533,626		-		-			1,321,422		-		-		-		(350,617	)		16,183,009
Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E-R Note		-		8,443,750		-			187,645		-		-		-		284,951			8,728,701
Saratoga Senior Loan Fund I JV, LLC		3,080,916		1,614,375		-			-		2,404,864		-		-		1,886,777			6,582,069
Total	$	39,870,208	$	11,058,125	$	(12,888,355	)	$	4,406,254	$	2,404,864	$	628,774	$	638,355	$	3,375,207		$	42,528,435

Consolidated Schedule of Investments

~~(h)~~February ~~Non-income producing at November 30~~28, ~~2025.~~2026

(i) Includes securities issued by an affiliate of the company.

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	%

~~(j) All or a portion of this investment has an unfunded commitment as of November 30, 2025. (See Note 9 to the consolidated financial statements).~~14

~~(k)~~Saratoga AsInvestment ~~of November 30, 2025, the investment was on non-accrual status~~Corp. ~~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)~~Consolidated ~~Included~~Schedule ~~within cash and cash equivalents and cash and cash equivalents, reserve accounts in the Company’s consolidated statements~~ of ~~assets and liabilities as of November 30, 2025.~~Investments

~~(m)~~February ~~This investment elected to PIK 20% of accrued interest~~28, ~~with 80% of accrued interest payable in cash.~~2026

(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).

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	%

~~SOFR - Secured Overnight Financing Rate~~15

1MSaratoga ~~USD~~Investment ~~TERM SOFR - The 1 month USD TERM SOFR rate as of November 30, 2025 was 3~~Corp.~~86%.~~

3MConsolidated ~~USD~~Schedule ~~TERM SOFR - The 3 month USD TERM SOFR rate as~~ of ~~November 30, 2025 was 3.79%.~~Investments

~~6M USD~~February ~~TERM SOFR – The 6 month USD TERM SOFR rate as of November 30~~28, ~~2025 was 3.70%.~~2026

See accompanying notes to consolidated financial statements.

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	%

1816

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 28, ~~2025~~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 - 229.3% (b)
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	%
Altvia MidCo, LLC.	Alternative Investment Management Software	First Lien Term Loan (3M USD TERM SOFR+8.50%), 12.82% Cash, 7/18/2027	7/18/2022	$	8,835,600	$	8,775,378	$	8,845,319		2.3	%
		Total Industrial Products					-		8,604,501		2.2	%
Altvia MidCo, LLC. (h)	Alternative Investment Management Software	Series A-1 Preferred Shares	7/18/2022		2,000,000		2,000,000		2,730,236		0.7	%
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	%
		Total Alternative Investment Management Software					10,775,378		11,575,555		3.0	%
Panther ParentCo LLC (h)	Insurance Software	Class A Units	10/1/2021		2,500,000		2,500,000		5,866,373		1.5	%
BQE Software, Inc. (d)	Architecture & Engineering Software	First Lien Term Loan (3M USD TERM SOFR+5.50%), 9.82% Cash, 4/13/2028	4/13/2023	$	24,500,000		24,328,507		24,541,650		6.3	%
		Total Insurance Software					19,898,618		23,316,799		5.9	%
BQE Software, Inc. (j)	Architecture & Engineering Software	Delayed Draw Term Loan (3M USD TERM SOFR+5.50%), 9.82% Cash, 4/13/2028	4/13/2023	$	750,000		746,569		751,275		0.2	%
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	%
		Total Architecture & Engineering Software					25,075,076		25,292,925		6.5	%
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	%
GrowthZone, LLC	Association Management Software	First Lien Term Loan (3M USD TERM SOFR+8.25%), 12.57% Cash, 5/10/2028	5/10/2023	$	23,336,753		23,044,093		23,402,096		6.0	%
		Total IT Services					18,854,905		19,271,816		4.9	%
Golden TopCo LP (h)	Association Management Software	Class A-2 Common Units	5/10/2023		1,072,394		1,072,394		1,447,602		0.4	%
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 Association Management Software					24,116,487		24,849,698		6.4	%
		Total Marketing Orchestration Software					18,942,898		16,791,168		4.2	%
Artemis Wax Corp. (d)(j)	Consumer Services	Delayed Draw Term Loan (1M USD TERM SOFR+7.50%), 11.82% Cash, 5/20/2026	5/20/2021	$	57,500,000		57,333,736		56,953,750		14.5	%
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	%
Artemis Wax Corp. (h)	Consumer Services	Series B-1 Preferred Stock	5/20/2021		934,463		1,500,000		338,044		0.1	%
		Total Mental Healthcare Services					4,169,599		332,895		0.1	%
Artemis Wax Corp. (h)	Consumer Services	Series D Preferred Stock	12/22/2022		331,640		1,711,866		2,147,020		0.5	%
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	%
		Total Consumer Services					60,545,602		59,438,814		15.1	%
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	%
Schoox, Inc. (h), (i)	Corporate Education Software	Series 1 Membership Interest	12/8/2020		1,050		475,698		3,978,192		1.0	%
Chronus LLC (h)	Mentoring Software	Series A Preferred Stock	8/26/2021		3,000		3,000,000		1,087,028		0.3	%
		Total Corporate Education Software					475,698		3,978,192		1.0	%
		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	%

1917

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 28, ~~2025~~2026

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
Innergy, Inc.	Custom Millwork Software	First Lien Term Loan (3M USD TERM SOFR+5.50%), 9.82% Cash, 1/31/2030	2/20/2025	$	32,000,000		31,721,847		31,721,600		8.1	%
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	%
Innergy, Inc. (j)	Custom Millwork Software	Delayed Draw Term Loan (3M USD TERM SOFR+5.50%), 9.82% Cash, 1/31/2030	2/20/2025	$	-		-		-		0.0	%
		Total Office Supplies					5,288,924		5,313,250		1.3	%
		Total Custom Millwork Software					31,721,847		31,721,600		8.1	%
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	%
GreyHeller LLC (h)	Cyber Security	Common Stock	11/10/2021		7,857,689		1,906,275		3,516,571		0.9	%
		Total Physician Compensation Management Software					1,375,000		1,375,000		0.3	%
		Total Cyber Security					1,906,275		3,516,571		0.9	%
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	%
Gen4 Dental Partners Holdings, LLC	Dental Practice Management	First Lien Term Loan (1M USD TERM SOFR+5.75%), 10.07% Cash, 5/13/2030	5/13/2024	$	7,107,143		7,043,790		7,043,179		1.8	%
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	%
Gen4 Dental Partners Holdings, LLC (j)	Dental Practice Management	Delayed Draw Term Loan (1M USD TERM SOFR+5.75%), 10.07% Cash, 5/13/2030	5/13/2024	$	-		-		-		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	%
Gen4 Dental Partners Holdings, LLC (j)	Dental Practice Management	Revolving Credit Facility (1M USD TERM SOFR+5.75%), 10.07% Cash, 5/13/2030	5/13/2024	$	-		-		-		0.0	%
		Total Property Operations Management Software					22,783,721		22,782,500		5.8	%
Gen4 Dental Partners Holdings, LLC (h)(i)	Dental Practice Management	Series A Preferred Units	2/8/2023		493,999		1,027,519		972,485		0.2	%
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	%
Modis Dental Partners OpCo, LLC	Dental Practice Management	First Lien Term Loan (1M USD TERM SOFR+9.41%), 13.74% Cash, 4/18/2028	4/18/2023	$	7,000,000		6,925,052		7,079,800		1.8	%
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	%
Modis Dental Partners OpCo, LLC (j)	Dental Practice Management	Delayed Draw Term Loan (1M USD TERM SOFR+9.41%), 13.74% Cash, 4/18/2028	4/18/2023	$	8,600,000		8,498,729		8,698,040		2.2	%
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	%
Modis Dental Partners OpCo, LLC (h)	Dental Practice Management	Class A Preferred Units	4/18/2023		2,950,000		2,950,000		2,552,488		0.7	%
PG Source Investments, LLC (h)	Product Compliance Software	Series A Preferred Stock	10/17/2025		705		1,500,000		1,499,999		0.4	%
New England Dental Partners	Dental Practice Management	First Lien Term Loan (3M USD TERM SOFR+8.00%), 12.47% Cash, 11/25/2025	11/25/2020	$	6,555,000		6,541,869		6,636,282		1.7	%
		Total Product Compliance Software					5,952,784		5,960,624		1.6	%
New England Dental Partners	Dental Practice Management	Delayed Draw Term Loan (3M USD TERM SOFR+8.00%), 12.47% Cash, 11/25/2025	11/25/2020	$	2,150,000		2,148,547		2,176,660		0.6	%
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	%
		Total Dental Practice Management					35,135,506		35,158,934		9.0	%
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	%

2018

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 28, ~~2025~~2026

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)			% of Net Assets
Exigo, LLC (d)	Direct Selling Software	First Lien Term Loan (1M USD TERM SOFR+6.25%), 10.67% Cash, 3/16/2027	3/16/2022	$	24,065,038		23,961,810		23,352,713			5.9	%
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	%
Exigo, LLC (j)	Direct Selling Software	Revolving Credit Facility (1M USD TERM SOFR+6.25%), 10.67% Cash, 3/16/2027	3/16/2022	$	-		-		(18,500	)		0.0	%
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	%
Exigo, LLC (h), (i)	Direct Selling Software	Common Units	3/16/2022		1,041,667		1,041,667		729,464			0.2	%
LFR Chicken LLC (h)	Restaurant	Series B Preferred Units	11/19/2021		497,183		1,000,000		1,993,985			0.5	%
		Total Direct Selling Software					25,003,477		24,063,677			6.1	%
		Total Restaurant					54,662,104		55,648,485			14.0	%
C2 Educational Systems, Inc. (d)	Education Services	First Lien Term Loan (3M USD TERM SOFR+8.50%), 12.82% Cash, 5/31/2025	5/31/2017	$	23,000,000		22,993,974		22,990,800			5.9	%
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	%
C2 Educational Systems, Inc. (j)	Education Services	Delayed Draw Term Loan (3M USD TERM SOFR+8.50%), 12.82% Cash, 5/31/2025	4/28/2023	$	-		-		-			0.0	%
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	%
C2 Education Systems, Inc. (h)	Education Services	Series A-1 Preferred Stock	5/18/2021		3,127		499,904		605,383			0.2	%
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 Education Services					23,493,878		23,596,183			6.1	%
		Total Revenue Cycle Management & Related Services					28,175,000		28,175,000			7.1	%
GoReact	Education Software	First Lien Term Loan (3M USD TERM SOFR+7.50%), 12.02% Cash/1.00% PIK, 4/17/2025	1/17/2020	$	8,170,158		8,169,876		8,170,158			2.1	%
Avionte Holdings, LLC (h)	Staffing Services	Class A Units	1/8/2014		100,000		100,000		2,362,023			0.6	%
GoReact (j)	Education Software	Delayed Draw Term Loan (3M USD TERM SOFR+7.50%), 12.02% Cash/1.00% PIK, 4/17/2025	1/18/2022	$	-		-		-			0.0	%
		Total Staffing Services					100,000		2,362,023			0.6	%
Identity Automation Systems (h)	Education Software	Common Stock Class A-2 Units	8/25/2014		232,616		232,616		1,182,481			0.3	%
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	%
Identity Automation Systems (h)	Education Software	Common Stock Class A-1 Units	3/6/2020		43,715		171,571		329,237			0.1	%
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	%
Ready Education (d)	Education Software	First Lien Term Loan (3M USD TERM SOFR+7.00%), 11.32% Cash, 8/5/2027	8/5/2022	$	32,000,000		31,801,611		31,913,600			8.1	%
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	%
		Total Education Software					40,375,674		41,595,476			10.6	%
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	%
TG Pressure Washing Holdings, LLC (h)	Facilities Maintenance	Preferred Equity	8/12/2019		488,148		488,148		-			0.0	%
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	%
		Total Facilities Maintenance					488,148		-			0.0	%
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	%

2119

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 28, ~~2025~~2026

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)			% of Net Assets
Davisware, LLC	Field Service Management	First Lien Term Loan (3M USD TERM SOFR+6.50%), 10.82% Cash, 11/30/2025	9/6/2019	$	6,000,000		6,000,000		6,012,000			1.5	%
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	%
Davisware, LLC (j)	Field Service Management	Delayed Draw Term Loan (3M USD TERM SOFR+6.50%), 10.82% Cash, 11/30/2025	9/6/2019	$	5,727,790		5,725,290		5,739,246			1.5	%
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	%
		Total Field Service Management					11,725,290		11,751,246			3.0	%
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	%
GDS Software Holdings, LLC	Financial Services	First Lien Term Loan (3M USD TERM SOFR+7.00%), 11.32% Cash, 12/30/2026	12/30/2021	$	22,713,926		22,655,802		22,654,870			5.8	%
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	%
GDS Software Holdings, LLC (d)	Financial Services	Delayed Draw Term Loan (3M USD TERM SOFR+7.00%), 11.32% Cash, 12/30/2026	12/30/2021	$	3,286,074		3,266,913		3,277,530			0.8	%
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	%
GDS Software Holdings, LLC (h)	Financial Services	Common Stock Class A Units	8/23/2018		250,000		250,000		370,057			0.1	%
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	%
		Total Financial Services					26,172,715		26,302,457			6.7	%
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	%
Ascend Software, LLC	Financial Services Software	First Lien Term Loan (3M USD TERM SOFR+7.50%), 12.08% Cash, 12/15/2026	12/15/2021	$	6,000,000		5,974,824		5,930,400			1.5	%
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	%
Ascend Software, LLC (j)	Financial Services Software	Delayed Draw Term Loan (3M USD TERM SOFR+7.50%), 12.08% Cash, 12/15/2026	12/15/2021	$	4,050,000		4,037,989		4,003,020			1.0	%
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	%
		Total Financial Services Software					10,012,813		9,933,420			2.5	%
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	%
Inspect Point Holdings, LLC	Fire Inspection Business Software	First Lien Term Loan (1M USD TERM SOFR+6.50%), 10.82% Cash, 07/19/2028	7/19/2023	$	10,000,000		9,927,042		10,178,000			2.6	%
		Total Structured Finance Securities					46,734,020		46,411,535			11.7	%
Inspect Point Holdings, LLC (j)	Fire Inspection Business Software	Delayed Draw Term Loan (1M USD TERM SOFR+6.50%), 10.82% Cash, 07/19/2028	7/19/2023	$	-		-		-			0.0	%
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	%
		Total Fire Inspection Business Software					9,927,042		10,178,000			2.6	%
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	%
Stretch Zone Franchising, LLC (d)	Health/Fitness Franchisor	First Lien Term Loan (3M USD TERM SOFR+7.00%), 11.32% Cash, 3/31/2028	3/31/2023	$	28,717,271		28,525,975		27,327,355			7.0	%
StockIQ Technologies, LLC (h)	Supply Chain Planning Software	Class A Units	3/25/2025		200,000		200,000		202,924			0.1	%
Stretch Zone Franchising, LLC (j)	Health/Fitness Franchisor	Delayed Draw Term Loan (3M USD TERM SOFR+7.00%), 11.32% Cash, 3/31/2028	3/31/2023	$	-		-		(72,600	)		0.0	%
		Total Supply Chain Planning Software					11,713,655		11,690,404			3.0	%
Stretch Zone Franchising, LLC (h)	Health/Fitness Franchisor	Class A Units	3/31/2023		20,000		2,000,000		1,198,117			0.3	%
		Total Health/Fitness Franchisor					30,525,975		28,452,872			7.3	%

2220

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 28, ~~2025~~2026

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
Alpha Aesthetics Partners OpCo, LLC	Healthcare Services	First Lien Term Loan (1M USD TERM SOFR+9.92%), 14.25% Cash, 3/20/2028	3/20/2023	$	3,900,000		3,858,168		3,952,260		1.1	%
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	%
Alpha Aesthetics Partners OpCo, LLC	Healthcare Services	Delayed Draw Term Loan (1M USD TERM SOFR+9.92%), 14.25% Cash, 3/20/2028	3/20/2023	$	15,100,000		14,915,338		15,302,340		3.9	%
		Total Surgical Benefits Management					34,693,750		34,693,750		8.8	%
Alpha Aesthetics Partners OpCo, LLC (h)	Healthcare Services	Class A Preferred Units	3/20/2023		3,675,000		3,675,000		3,822,369		1.0	%
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	%
Axiom Medical Consulting, LLC	Healthcare Services	First Lien Term Loan (3M USD TERM SOFR+6.00%), 10.32% Cash, 9/11/2028	9/11/2023	$	6,000,000		5,959,513		6,000,000		1.5	%
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	%
Axiom Medical Consulting, LLC (j)	Healthcare Services	Delayed Draw Term Loan (3M USD TERM SOFR+6.00%), 10.32% Cash, 9/11/2028	9/11/2023	$	-		-		-		0.0	%
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	%
Axiom Parent Holdings, LLC (h)	Healthcare Services	Class A Preferred Units	6/19/2018		400,000		258,389		884,831		0.2	%
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	%
ComForCare Health Care (d)	Healthcare Services	First Lien Term Loan (3M USD TERM SOFR+6.25%), 10.57% Cash, 12/31/2027	1/31/2017	$	55,000,000		54,766,528		55,187,000		14.1	%
		Total Talent Acquisition Software					27,401,173		27,282,000		6.8	%
		Total Healthcare Services					83,432,936		85,148,800		21.8	%
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	%
Procurement Partners, LLC	Healthcare Software	First Lien Term Loan (3M USD TERM SOFR+6.50%), 10.82% Cash, 5/12/2026	11/12/2020	$	35,125,000		35,033,286		35,125,000		8.9	%
		Total Veterinary Services					13,241,485		13,290,655		3.4	%
Procurement Partners, LLC	Healthcare Software	Delayed Draw Term Loan (3M USD TERM SOFR+6.50%), 10.82% Cash, 5/12/2026	11/12/2020	$	10,300,000		10,287,080		10,300,000		2.6	%
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	%
Procurement Partners Holdings LLC (h)	Healthcare Software	Class A Units	11/12/2020		571,219		571,219		442,532		0.1	%
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	%
Procurement Partners Holdings LLC (h)	Healthcare Software	Class AA Units	11/12/2020		220,385		30,994		118,529		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 Healthcare Software					45,922,579		45,986,061		11.6	%
		Total Volunteer Program Management Software					12,910,000		12,910,000		3.3	%
Roscoe Medical, Inc. (h)	Healthcare Supply	Common Stock	3/26/2014		5,081		508,077		-		0.0	%
Sub Total Non-control/Non-affiliate investments							1,011,840,007		1,016,247,566		256.5	%
		Total Healthcare Supply					508,077		-		0.0	%

2321

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 28, ~~2025~~2026

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)			% of Net Assets
Granite Comfort, LP (d)	HVAC Services and Sales	First Lien Term Loan (3M USD TERM SOFR+7.41%), 11.72% Cash, 5/16/2027	11/16/2020	$	43,000,000		42,842,108		41,937,900			10.7	%
Affiliate investments - 13.4% (b)
Granite Comfort, LP (j)(d)	HVAC Services and Sales	Delayed Draw Term Loan (3M USD TERM SOFR+7.41%), 11.72% Cash, 5/16/2027	11/16/2020	$	16,207,805		16,101,236		15,520,041			4.0	%
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	%
		Total HVAC Services and Sales					58,943,344		57,457,941			14.7	%
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	%
Vector Controls Holding Co., LLC (h)	Industrial Products	Warrants to Purchase Limited Liability Company Interests, Expires 3/6/2025	5/31/2015		329		-		9,404,077			2.4	%
ETU Holdings, Inc. (f)(h)	Corporate Education Software	Series B Preferred Units	11/21/2025		854,300		3,000,000		211,874			0.1	%
		Total Industrial Products					-		9,404,077			2.4	%
ETU Holdings, Inc. (f)(h)	Corporate Education Software	Series C Preferred Units	11/21/2025		730,280		730,280		730,280			0.2	%
AgencyBloc, LLC	Insurance Software	First Lien Term Loan (1M USD TERM SOFR+7.76%), 12.09% Cash, 10/1/2026	10/1/2021	$	15,615,511		15,553,310		15,615,511			4.0	%
		Total Corporate Education Software					19,055,179		16,055,433			4.1	%
Panther ParentCo LLC (h)	Insurance Software	Class A Units	10/1/2021		2,500,000		2,500,000		4,729,353			1.2	%
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	%
		Total Insurance Software					18,053,310		20,344,864			5.2	%
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	%
Avantra	IT Services	First Lien Term Loan (3M USD TERM SOFR+7.97%), 12.29% Cash, 9/20/2029	9/19/2024	$	17,000,000		16,823,180		16,809,600			4.3	%
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	%
Maple Holdings Midco Limited (h)	IT Services	Class A Common Units	9/19/2024		2,000,000		2,000,000		2,000,000			0.5	%
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	%
		Total IT Services					18,823,180		18,809,600			4.8	%
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	%
ActiveProspect, Inc. (d)	Lead Management Software	First Lien Term Loan (3M USD TERM SOFR+6.00%), 10.52% Cash, 8/8/2027	8/8/2022	$	11,525,624		11,470,461		11,640,880			3.0	%
		Total Employee Collaboration Software					22,289,684		28,427,238			7.2	%
ActiveProspect, Inc. (j)	Lead Management Software	Delayed Draw Term Loan (3M USD TERM SOFR+6.00%), 10.52% Cash, 8/8/2027	8/8/2022	$	-		-		-			0.0	%
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	%
		Total Lead Management Software					11,470,461		11,640,880			3.0	%
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	%
Madison Logic, Inc. (d)(m)	Marketing Orchestration Software	First Lien Term Loan (1M USD TERM SOFR+7.50%), 11.82% Cash, 12/30/2028	12/30/2022	$	18,841,634		18,649,126		18,444,075			4.7	%
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 Marketing Orchestration Software					18,649,126		18,444,075			4.7	%
		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	%

2422

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 28, ~~2025~~2026

Company(1)	Industry		Investment Interest Rate/ Maturity	Original Acquisition Date		Principal/ Number of Shares				Cost				Fair Value (c)		% of Net Assets
	Number of Shares			Cost				Fair Value				% of Net Assets
ARC Health OpCo LLC (d)	Mental Healthcare Services		First Lien Term Loan (3M USD TERM SOFR+8.40%), 12.72% Cash, 8/5/2027	8/5/2022		$	6,500,000				6,455,259				6,184,750		1.6	%
Money Market Funds (included in cash and cash equivalents and cash and cash equivalents, reserve accounts) - 5.4% (b)
ARC Health OpCo LLC (d)	Mental Healthcare Services		Delayed Draw Term Loan (3M USD TERM SOFR+8.40%), 12.72% Cash, 8/5/2027	8/5/2022		$	26,914,577				26,907,840				25,609,220		6.5	%
Goldman Sachs Financial Square Government Fund (1)(2)		1,680,070		$	1,680,070			$	1,680,070				0.4	%
ARC Health OpCo LLC (h)	Mental Healthcare Services		Class A Preferred Units	8/5/2022			3,818,400				4,169,599				610,944		0.2	%
Cash and cash equivalents		1,680,070			1,680,070				1,680,070				0.4	%
			Total Mental Healthcare Services								37,532,698				32,404,914		8.3	%
Goldman Sachs Financial Square Government Fund (1)(2)		17,583,548			17,583,548				17,583,548				4.4	%
Chronus LLC	Mentoring Software		First Lien Term Loan (3M USD TERM SOFR+5.25%), 9.72% Cash, 8/26/2026	8/26/2021		$	15,000,000				14,943,520				14,910,000		3.8	%
Valley National Bank Business Money Market Fund (1)(3)		2,522,135			2,522,135				2,522,135				0.7	%
Chronus LLC (d)	Mentoring Software		First Lien Term Loan (3M USD TERM SOFR+6.00%), 10.47% Cash, 8/26/2026	8/26/2021		$	5,000,000				4,975,736				4,970,000		1.3	%
Cash and cash equivalents, reserve accounts		20,105,683			20,105,683				20,105,683				5.1	%
Chronus LLC (h)	Mentoring Software		Series A Preferred Stock	8/26/2021			3,000				3,000,000				2,146,574		0.5	%
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	%
			Total Mentoring Software								22,919,256				22,026,574		5.6	%
Cloudpermit	Municipal Government Software		First Lien Term Loan (3M USD TERM SOFR+5.75%), 10.07% Cash, 9/5/2029	9/5/2024		$	28,000,000				27,750,119				27,720,000		7.1	%
Cloudpermit (j)	Municipal Government Software		Delayed Draw Term Loan (3M USD TERM SOFR+5.75%), 10.07% 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				2,000,000		0.5	%
			Total Municipal Government Software								29,750,119				29,720,000		7.6	%
Omatic Software, LLC (d)	Non-profit Services		First Lien Term Loan (3M USD TERM SOFR+8.00%), 12.58% Cash/1.00% PIK, 6/30/2025	5/29/2018		$	16,435,922				16,429,958				16,470,437		4.2	%
			Total Non-profit Services								16,429,958				16,470,437		4.2	%
Emily Street Enterprises, L.L.C. (d)	Office Supplies		Senior Secured Note (3M USD TERM SOFR+6.75%), 11.07% Cash, 12/31/2028	12/28/2012		$	5,300,000				5,285,054				5,339,220		1.4	%
			Total Office Supplies								5,285,054				5,339,220		1.4	%

25(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.

~~Saratoga~~(2) ~~Investment~~Current ~~Corp~~yield as of February 28, 2026, was approximately 3.59% on the Goldman Sachs Financial Square Government Fund.

~~Consolidated~~(3) ~~Schedule~~Current yield as of ~~Investments~~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 282026, ~~2025~~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.

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
Buildout, Inc. (d)	Real Estate Services	First Lien Term Loan (3M USD TERM SOFR+7.00%), 11.42% Cash, 7/9/2025	7/9/2020	$	14,000,000		13,985,556		13,587,000		3.5	%
Buildout, Inc.	Real Estate Services	Delayed Draw Term Loan (3M USD TERM SOFR+7.00%), 11.42% Cash, 7/9/2025	2/12/2021	$	38,500,000		38,454,669		37,364,250		9.5	%
Buildout, Inc. (h)(i)	Real Estate Services	Limited Partner Interests	7/9/2020		1,250		1,372,557		798,892		0.2	%
		Total Real Estate Services					53,812,782		51,750,142		13.2	%
Wellspring Worldwide Inc.	Research Software	First Lien Term Loan (3M USD TERM SOFR+8.42%), 12.74% Cash, 12/22/2028	6/27/2022	$	9,492,000		9,428,229		9,492,000		2.4	%
Wellspring Worldwide Inc.	Research Software	Delayed DrawTerm Loan (3M USD TERM SOFR+8.42%), 12.74% Cash, 12/22/2028	6/27/2022	$	14,400,000		14,259,405		14,400,000		3.7	%
Archimedes Parent LLC (h)	Research Software	Class A Common Units	6/27/2022		2,475,160		2,475,160		2,387,902		0.6	%
		Total Research Software					26,162,794		26,279,902		6.7	%
LFR Chicken LLC	Restaurant	First Lien Term Loan (1M USD TERM SOFR+7.00%), 11.32% Cash, 11/19/2026	11/19/2021	$	12,000,000		11,952,144		12,000,000		3.1	%
LFR Chicken LLC (j)	Restaurant	Delayed Draw Term Loan (1M USD TERM SOFR+7.00%), 11.32% Cash, 11/19/2026	11/19/2021	$	18,000,000		17,906,382		18,000,000		4.6	%
LFR Chicken LLC (h)	Restaurant	Series B Preferred Units	11/19/2021		497,183		1,000,000		1,599,989		0.4	%
		Total Restaurant					30,858,526		31,599,989		8.1	%
Avionte Holdings, LLC (h)	Staffing Services	Class A Units	1/8/2014		100,000		100,000		3,426,460		0.9	%
		Total Staffing Services					100,000		3,426,460		0.9	%

(b)	Percentages are based on net assets of $396,155,754 as of February 28, 2026.

26(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).

~~Saratoga~~(d) ~~Investment~~These ~~Corp~~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).

~~Consolidated~~(e) ~~Schedule~~This ofinvestment ~~Investments~~does not have a stated interest rate that is payable thereon. As a result, the 0.00% interest rate in the table above represents the effective interest rate currently earned on the investment cost and is based on the current cash interest and other income generated by the investment.

(f) As defined in the 1940 Act, this portfolio company is an “affiliate” as we own between 5.0% and 25.0% of the outstanding voting securities. Transactions during the year ended February 28, ~~2025~~2026 in which the issuer was an affiliate are as follows:

Company(1)	Industry		Investment Interest Rate/ Maturity	Original Acquisition Date		Principal/ Number of Shares				Cost				Fair Value (c)				% of Net Assets
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
JDXpert	Talent Acquisition Software		First Lien Term Loan (3M USD TERM SOFR+8.50%), 13.08% Cash, 5/2/2027	5/2/2022		$	6,000,000				5,969,521				6,000,000				1.5	%
Axero Holdings, LLC	$	27,179,347		$	-			$	-			$	2,017,402			$	-			$	-	$	131,417	$	28,427,238
JDXpert	Talent Acquisition Software		Delayed Draw Term Loan (3M USD TERM SOFR+8.50%), 13.08% Cash, 5/2/2027	5/2/2022		$	1,000,000				993,974				1,000,000				0.3	%
ETU Holdings, Inc.		13,368,085			730,280.00				-				2,143,472				-				-		684,994		16,055,433
JDXpert (j)	Talent Acquisition Software		Delayed Draw Term Loan (3M USD TERM SOFR+8.50%), 13.08% Cash, 5/2/2027	3/31/2023		$	500,000				496,237				500,000				0.1	%
SmartAC.com,LLC		-			10,939,999				(2,882,702	)			807,160				-				-		139,996		8,228,240
Jobvite, Inc. (d)	Talent Acquisition Software		First Lien Term Loan (3M USD TERM SOFR+7.50%), 11.82% Cash, 8/5/2028	8/5/2022		$	20,000,000				19,900,196				19,834,000				5.1	%
Total	$	40,547,432		$	11,670,279			$	(2,882,702	)		$	4,968,034			$	-			$	-	$	956,407	$	52,710,911
			Total Talent Acquisition Software								27,359,928				27,334,000				7.0	%
VetnCare MSO, LLC (j)	Veterinary Services		Delayed Draw Term Loan (3M USD TERM SOFR+5.75%), 10.07% Cash, 5/12/2028	5/12/2023		$	12,680,505				12,580,925				12,666,554				3.2	%
			Total Veterinary Services								12,580,925				12,666,554				3.2	%
Sub Total Non-control/Non-affiliate investments											886,071,934				897,660,110				229.3	%
Affiliate investments - 10.3% (b)
ETU Holdings, Inc. (f)	Corporate Education Software		First Lien Term Loan (3M USD TERM SOFR+9.00%), 13.47% Cash, 8/18/2027	8/18/2022		$	7,000,000				6,959,248				6,980,400				1.8	%
ETU Holdings, Inc. (f)	Corporate Education Software		Second Lien Term Loan 15.00% PIK, 2/18/2028	8/18/2022		$	7,125,931				7,093,577				6,387,685				1.6	%
ETU Holdings, Inc. (f)(h)	Corporate Education Software		Series A Preferred Units	8/18/2022			3,000,000				3,000,000				-				0.0	%
			Total Corporate Education Software								17,052,825				13,368,085				3.4	%

2723

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 28, ~~2025~~2026

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
Axero Holdings, LLC (f)	Employee Collaboration Software	First Lien Term Loan 4.50% Cash, (3M USD TERM SOFR + 2.50%) PIK, 12/31/2027	6/30/2021	$	15,933,063		15,913,591		15,933,063		4.1	%
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	$	1,130,734		1,126,177		1,130,734		0.3	%
Axero Holdings, LLC (f)(j)	Employee Collaboration Software	Revolving Credit Facility 4.50% Cash, (3M USD TERM SOFR + 2.50%) 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		3,529,000		0.9	%
Axero Holdings, LLC (f)(h)	Employee Collaboration Software	Series B Preferred Units	6/30/2021		2,055,609		2,055,609		6,586,550		1.6	%
		Total Employee Collaboration Software					21,150,986		27,179,347		6.9	%
Sub Total Affiliate investments							38,203,811		40,547,432		10.3	%
Control investments - 10.2% (b)
Zollege PBC (k)(g)	Education Services	First Lien Term Loan 4.84% PIK, 8/9/2027	5/11/2021	$	1,461,250		1,461,250		1,085,855		0.3	%
Zollege PBC (h)(g)	Education Services	Common Stock	5/11/2021		7,731,294		558,799		2,851,295		0.7	%
		Total Education Services					2,020,049		3,937,150		1.0	%
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		1,326,000		0.3	%
Pepper Palace, Inc. (j)(k)(g)	Specialty Food Retailer	Delayed Draw Term Loan 4.42% PIK, 12/31/2028	6/30/2021	$	-		-		-		0.0	%
Pepper Palace, Inc. (j)(k)(g)	Specialty Food Retailer	Revolving Credit Facility 4.42% PIK, 12/31/2028	6/30/2021	$	400,000		400,000		221,000		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					2,938,561		1,547,000		0.4	%

(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

~~Saratoga~~(h) ~~Investment~~Non-income ~~Corp.~~producing at February 28, 2026

~~Consolidated~~(i) ~~Schedule~~Includes securities issued by an affiliate of ~~Investments~~the company.

(j) All or a portion of this investment has an unfunded commitment as of February 28, ~~2025~~2026. (See Note 9 to the consolidated financial statements).

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
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		14,889,037		240,578		0.1	%
Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note (a)(g)	Structured Finance Securities	Other/Structured Finance Securities (3M USD TERM SOFR+10.00%), 14.58%, 4/20/2033	8/9/2021	$	9,375,000		9,375,000		2,280,938		0.6	%
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+8.55%), 12.87%, 10/20/2033	10/28/2022	$	12,250,000		11,392,500		12,250,000		3.1	%
		Total Structured Finance Securities					35,656,537		14,771,516		3.8	%
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		16,533,626		4.2	%
Saratoga Senior Loan Fund I JV, LLC (a)(g)	Investment Fund	Membership Interest	12/17/2021		17,583,486		17,583,486		3,080,916		0.8	%
		Total Investment Fund					35,202,440		19,614,542		5.0	%
Sub Total Control investments							75,817,587		39,870,208		10.2	%
TOTAL INVESTMENTS - 249.8% (b)						$	1,000,093,332	$	978,077,750		249.8	%

(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).

	Number of Shares		Cost		Fair Value		% of Net Assets
Cash and cash equivalents and cash and cash equivalents, reserve accounts - 37.7% (b)
U.S. Bank Money Market (l)		148,218,491	$	148,218,491	$	148,218,491		37.7	%
Total cash and cash equivalents and cash and cash equivalents, reserve accounts		148,218,491	$	148,218,491	$	148,218,491		37.7	%

(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.

(1m) ~~Securities~~This ~~are~~investment ~~exempt~~elected ~~from~~to ~~registration~~PIK ~~under~~20% ~~Rule 144A~~ of ~~the~~accrued ~~Securities Act of 1933~~interest, aswith ~~amended,~~80% ~~and~~of ~~are~~accrued ~~restricted~~interest ~~securities.~~payable ~~Money~~in ~~market funds are valued at net asset value and are considered level 1 investments within the fair value hierarchy~~cash.

(an) ~~Represents~~On anSeptember ~~investment~~24, ~~that~~2025, isthe ~~not~~Company acompleted ~~“qualifying~~the ~~asset”~~first ~~under~~refinancing ~~Section 55(a)~~ of ~~the~~SLF ~~Investment~~2022. ~~Company~~This ~~Act~~refinancing, ofamong ~~1940~~other things, asextended ~~amended (~~the ~~1940~~SLF ~~Act”)~~2022’s investment period to October 2028. As part of ~~February~~this 28refinancing, ~~2025,~~the ~~non-qualifying~~Company ~~assets~~purchased ~~represent 4~~$8.0%8 million of the ~~Company’s~~SLF ~~portfolio~~2022-1 atClass ~~fair~~E-R ~~value.~~Notes Astranche aat ~~BDC~~par. Concurrently, the existing $12.3 million of the SLF 2022-1 Class E Notes were repaid. The Company ~~generally~~also ~~has~~paid $1.6 million of additional equity investment related to ~~invest~~the atrefinancing ~~least~~to ~~70%~~SLF ofJV. ~~its~~(See ~~total~~Note ~~assets~~5 into ~~qualifying~~the ~~assets~~consolidated financial statements).

~~(b)~~SOFR ~~Percentages~~- ~~are~~Secured ~~based~~Overnight onFinancing ~~net assets of $392,665,468 as of February 28, 2025.~~Rate

~~(c)~~1M ~~Because~~USD ~~there~~TERM isSOFR no- ~~“readily~~The ~~available~~1 ~~market~~month ~~quotations”~~USD ~~(as~~TERM ~~defined~~SOFR rate inas ~~the~~of ~~1940~~February ~~Act) for these investments~~28, ~~the~~2026 ~~fair~~was ~~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)~~.67%.

~~(d)~~3M ~~These~~USD ~~securities~~TERM ~~are~~SOFR ~~either~~- ~~fully~~The or3 ~~partially~~month ~~pledged~~USD asTERM ~~collateral~~SOFR rate ~~under~~as ~~the~~of ~~Company’s~~February ~~senior~~28, ~~secured~~2026 ~~revolving~~was ~~credit facility (see Note 8 to the consolidated financial statements)~~3.67%.

~~(e)~~PIK ~~This~~- ~~investment does not have a stated interest rate that is payable thereon. As a result, the 0.00% interest rate~~ Payment-in-Kind ~~the~~(see ~~table~~Note ~~above~~2 ~~represents~~to the ~~effective~~consolidated financial ~~interest rate currently earned on the investment cost and is based on the current cash interest and other income generated by the investment~~statements).

~~(f)~~See Asaccompanying ~~defined~~notes into consolidated ~~the~~financial ~~1940 Act, this portfolio company is an “affiliate” as we own between 5~~statements.~~0% and 25.0% of the outstanding voting securities. Transactions during the year ended February 28, 2025 in which the issuer was an affiliate are as follows:~~

Company	Fair Value at the Beginning of Year		Purchases		Sales		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	$	14,149,607	$	10,000,000	$	-	$	1,327,375	$	-	$	-	$	2,551,701		$	27,179,347
ETU Holdings, Inc.		13,599,530		-		-		2,035,631		-		-		(1,249,802	)		13,368,085
Total	$	27,749,137	$	10,000,000	$	-	$	3,363,006	$	-	$	-	$	1,301,899		$	40,547,432

29SARATOGA INVESTMENT CORP.

~~Saratoga~~NOTES ~~Investment~~TO ~~Corp.~~CONSOLIDATED FINANCIAL STATEMENTS

~~Consolidated~~May ~~Schedule~~31, ~~of Investments~~2026

~~February 28, 2025~~(unaudited)

~~(g)~~Note ~~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~~1. ~~Transactions during the year ended February 28, 2025 in which the issuer was both an affiliate and a portfolio company that we control are as follows:~~Organization

Company	Fair Value at the Beginning of Year		Purchases		Sales		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	$	35,421,889	$	-	$	2,260,337	$	921,530	$	-	$	-	$	(5,445,808	)	$	3,802,854		$	-
Pepper Palace, Inc.		2,488,682		1,450,000		-		1,338		-		-		(34,007,427	)		(1,391,561	)		1,547,000
Zollege PBC		3,783,928		200,707		209,460		110,862		-		-		(15,110,835	)		1,917,101			3,937,150
Saratoga Investment Corp. CLO 2013-1, Ltd.		9,500,627		-		-		-		-		3,114,466		-			(2,147,199	)		240,578
Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E Note		12,250,000		-		-		1,685,977		-		-		-			-			12,250,000
Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note		8,875,227		-		-		1,452,981		-		-		-			(6,594,289	)		2,280,938
Saratoga Senior Loan Fund I JV, LLC		15,818,297		-		-		1,761,895		-		-		-			715,329			16,533,626
Saratoga Senior Loan Fund I JV, LLC		9,403,996		-		-		-		3,973,584		-		-			(6,323,079	)		3,080,916
Total	$	97,542,646	$	1,650,707	$	2,469,797	$	5,934,583	$	3,973,584	$	3,114,466	$	(54,564,070	)	$	(10,020,844	)	$	39,870,208

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 (ithe “LLC”) ~~Includes~~was organized ~~securities~~in ~~issued~~May by2006 anas ~~affiliate~~a ofMaryland 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.

~~(j)~~On ~~All~~July or30, a2010, ~~portion~~the ofCompany ~~this~~changed ~~investment~~its ~~has~~name from an“GSC ~~unfunded~~Investment ~~commitment~~Corp.” asto of“Saratoga ~~February~~Investment ~~28, 2025~~Corp.” ~~(See~~in ~~Note~~connection 9with to the ~~consolidated~~consummation ~~financial~~of ~~statements)~~a recapitalization transaction.

~~(k)~~The AsCompany ofis ~~February~~externally ~~28,~~managed ~~2025,~~and advised by the investment ~~was~~adviser, onSaratoga ~~non-accrual~~Investment ~~status.~~Advisors, ~~The~~LLC ~~fair~~(the ~~value~~“Manager” ofor ~~these~~“Saratoga ~~investments~~Investment ~~was approximately $2.6 million~~Advisors”), pursuant ~~which~~to ~~represented~~an ~~0.3%~~investment ofadvisory ~~the~~and ~~Company’s~~management ~~portfolio~~agreement (~~see Note 2 to~~ the ~~consolidated~~“Management ~~financial statements~~Agreement”).

~~(l)~~The ~~Included~~Company ~~within~~has ~~cash~~established ~~and~~wholly ~~cash~~owned ~~equivalents~~subsidiaries, SIA-AAP, ~~and~~Inc., ~~cash~~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 ~~cash~~SIA-Vector, ~~equivalents~~Inc., ~~reserve~~which ~~accounts~~are instructured as Delaware entities that are treated as corporations for U.S. federal income tax purposes and are intended to facilitate its compliance with the ~~Company’s~~requirements ~~consolidated~~to ~~statements~~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 ~~assets~~pass through entities). These entities are consolidated for accounting purposes, but are not consolidated for U.S. federal income tax purposes and ~~liabilities~~may incur U.S. federal income tax expenses as a result of ~~February~~their ~~28,~~ownership ~~2025~~of portfolio companies.

Our wholly owned subsidiaries, Saratoga Investment Corp. SBIC II LP (m“SBIC II LP”) ~~This~~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 ~~elected~~companies from the SBA on August 14, 2019 and September 29, 2022, respectively. Each of the SBIC Subsidiaries provides up to ~~PIK~~$175.0 ~~20%~~million in long-term capital in the form of ~~accrued~~debentures ~~interest~~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 ~~80%~~and into the Company. In May 2026, legislation amending the Small Business Investment Act of ~~accrued~~1958 ~~interest~~increased ~~payable~~(a) inthe ~~cash~~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.

~~SOFR~~The -Company ~~Secured~~has ~~Overnight~~formed ~~Financing~~wholly ~~Rate~~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.

1MOn ~~USD~~October ~~TERM~~26, ~~SOFR~~2021, the Company and TJHA JV I LLC (“TJHA”) entered into a Limited Liability Company Agreement to co-manage ~~The~~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. ~~month~~(“SLF ~~USD~~2022”), ~~TERM~~which ~~SOFR~~is ~~rate~~a wholly owned subsidiary of SLF JV. SLF 2022 was formed for the purpose of making investments asin a diversified portfolio of ~~February~~broadly syndicated first lien and second lien term loans or bonds in the primary and secondary markets. On October 28, ~~2025~~2022, ~~was~~SLF 42022 issued $402.~~32%~~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.

~~3M USD TERM SOFR - The 3 month USD TERM SOFR rate as of February 28, 2025 was 4.32%.~~25

~~PIK~~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 ~~Payment~~Class E-inR Notes tranche at par. Concurrently, the existing $12.3 million of the SLF 2022-~~Kind~~1 ~~(see~~Class ~~Note~~E 2Notes were repaid. The Company also paid $1.6 million of additional equity investment related to the ~~consolidated financial~~refinancing ~~statements)~~of SLF JV.

~~See~~Note ~~accompanying~~2. ~~notes~~Summary toof ~~consolidated~~Significant ~~financial statements.~~Accounting Policies

30Basis of Presentation

~~SARATOGA~~The ~~INVESTMENT~~accompanying ~~CORP~~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.

~~NOTES~~The TOCompany, ~~CONSOLIDATED~~SIF ~~FINANCIAL~~II, ~~STATEMENTS~~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.

~~November~~Principles ~~30,~~of ~~2025~~Consolidation

~~(unaudited)~~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.

~~Note~~The 1Company 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. ~~Organization~~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.

~~Saratoga~~Use ~~Investment~~of ~~Corp.~~Estimates ~~(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~~Preparation ~~Company Act~~ of ~~1940, as~~Financial 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.Statements

~~GSC~~The ~~Investment,~~preparation ~~LLC~~of (the ~~“LLC”)~~accompanying ~~was~~consolidated ~~organized~~financial statements in ~~May~~conformity ~~2006~~with ~~as a Maryland limited liability company~~U.S. OnGAAP ~~March~~requires ~~21,~~management ~~2007,~~to ~~the~~make ~~Company~~estimates ~~was~~and ~~incorporated~~assumptions ~~and~~that ~~concurrently~~affect ~~therewith~~ the ~~LLC~~reported ~~was~~amounts of ~~merged~~assets ~~with~~ and ~~into the Company~~liabilities, ~~with~~and ~~the~~disclosure ~~Company~~of ascontingent ~~the~~assets ~~surviving~~and ~~entity,~~liabilities inat ~~accordance with~~ the ~~procedure~~date ~~for~~of ~~such merger in~~ the ~~LLC’s~~financial ~~limited~~statements, ~~liability company agreement~~ and ~~Maryland law. In connection with such merger~~income, ~~each outstanding limited liability~~gains ~~company~~(losses) ~~interest~~and ofexpenses during the ~~LLC~~period ~~was~~reported. ~~converted~~Actual ~~into~~results acould ~~share~~differ ofmaterially ~~common~~from ~~stock~~those ~~of the Company~~estimates.

~~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.~~26

~~The~~Operating 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”).Segment

~~The~~In ~~Company~~accordance ~~has~~with ~~established~~ASC ~~wholly~~Topic ~~owned~~280, ~~subsidiaries~~Segment Reporting, the Company ~~SIA-AAP,~~operates ~~Inc.,~~through ~~SIA-ARC,~~two ~~Inc.,~~separate ~~SIA-Avionte,~~operating ~~Inc.~~segments, ~~SIA-AX,~~with ~~Inc.,~~one ~~SIA-G4,~~primary ~~Inc.,~~core ~~SIA-GH,~~business ~~Inc.,~~segment ~~SIA-MDP,~~and ~~Inc.,~~one ~~SIA~~non-PPcore ~~Inc.~~segment, ~~SIA-SAIS,~~assessed ~~Inc.,~~as immaterial ~~SIA-SIQ,~~by ~~Inc.~~management, ~~SIA-SZ,~~resulting ~~Inc.,~~in ~~SIA-TG,~~only ~~Inc.,~~one ~~SIA-TT,~~reportable ~~Inc~~segment. The Company’s primary core segment invests in various industries and ~~SIA-Vector,~~separately evaluates ~~Inc~~the performance of each of its investment relationships. However, ~~which~~because ~~are~~each ~~structured~~of asthese ~~Delaware~~investment ~~entities~~relationships ~~that~~have ~~are treated~~similar asbusiness ~~corporations~~and ~~for~~economic ~~U.S.~~characteristics, ~~federal~~they ~~income~~have ~~tax~~been ~~purposes~~aggregated into a single reportable segment. The Company’s management and independent Board of Directors are ~~intended~~the toChief ~~facilitate~~Operating ~~its~~Decision ~~compliance~~Makers ~~with~~(“CODM”). The Company and the ~~requirements~~CODM toevaluate beand ~~treated~~monitor asperformance aof ~~RIC~~the ~~under~~business ~~the~~on ~~Code~~an byaggregated ~~holding~~basis. ~~equity~~Further, oreach ~~equity-like~~investment ~~investments~~is inevaluated ~~portfolio~~and ~~companies~~managed ~~organized~~using assimilar ~~limited~~processes ~~liability~~and ~~companies,~~shared oroperations ~~LLCs~~support ~~(or~~functions ~~other~~such ~~forms~~as ofdeal ~~pass~~origination, ~~through~~underwriting, ~~entities).~~loan ~~These~~and ~~entities~~compliance ~~are~~administration ~~consolidated~~in ~~for~~addition ~~accounting~~to ~~purposes~~administrative functions ~~but~~of ~~are~~human ~~not~~resources, ~~consolidated~~legal, ~~for U~~finance and information technology.S. ~~federal~~As ~~income~~the ~~tax~~Company’s ~~purposes~~operations ~~and~~comprise ~~may~~a ~~incur~~single ~~U.S.~~reporting segment, ~~federal~~the ~~income~~segment ~~tax~~assets ~~expenses~~are asreflected aon ~~result~~the ofaccompanying ~~their~~consolidated ~~ownership~~statements of ~~portfolio companies~~operations.

~~Our~~The ~~wholly~~CODM ~~owned~~uses ~~subsidiaries,~~our consolidated ~~Saratoga~~net ~~Investment~~investment income and net ~~Corp.~~increase ~~SBIC II LP~~ (~~“SBIC II LP”~~decrease) ~~and~~in ~~Saratoga~~net ~~Investment~~assets ~~Corp.~~resulting ~~SBIC~~from ~~III~~operations as LPreported ~~(“SBIC~~in ~~III~~the ~~LP”,~~consolidated ~~and~~statements ~~together~~of ~~with~~operations ~~SBIC II~~to ~~LP,~~assess the Company’s ~~“SBIC~~performance ~~Subsidiaries”),~~and ~~received~~when ~~licenses~~allocating toresources. ~~operate~~Net ~~as small business~~ investment ~~companies~~income ~~from~~is ~~the~~comprised ~~SBA~~of ontotal ~~August~~investment income (‘segment 14revenues’), ~~2019~~ and total ~~September~~expenses (‘total ~~29,~~segment ~~2022,~~expenses’) ~~respectively.~~and ~~Each~~operating ofexpenses ~~the~~(“segment ~~SBIC~~operating expenses”), ~~Subsidiaries~~which ~~provides~~are upconsidered tothe ~~$175.0~~key ~~million~~segment inmeasures ~~long-term~~of ~~capital~~profit inor ~~the form~~loss ofreceived ~~debentures guaranteed~~ by the ~~SBA~~CODM. ~~Our~~The ~~wholly~~expense ~~owned~~categories ~~subsidiary~~included in ~~Saratoga~~the ~~Investment~~Company’s ~~Corp.~~consolidated ~~SBIC~~statement LPof ~~(“SBIC~~operations ~~LP”)~~are ~~repaid its~~fully ~~outstanding~~reflective ~~debentures~~of ~~and~~the ~~subsequently~~significant ~~surrendered~~expense ~~its~~categories ~~license~~and toamounts ~~the~~that are ~~SBA~~regularly onprovided ~~January~~to 3,the ~~2024,~~CODM. ~~providing~~For the ~~Company~~three ~~access~~months toended ~~all undistributed~~May ~~capital of SBIC LP~~31, ~~and~~2026 ~~SBIC LP subsequently merged with~~ and ~~into~~May ~~the~~31, ~~Company.~~2025, ~~Under~~operating ~~current SBIC regulations~~expenses, ~~for~~which ~~two~~exclude orinterest ~~more~~and ~~SBICs~~debt ~~under~~financing ~~common control~~expenses, ~~the~~base ~~maximum~~management ~~amount~~fees ofand ~~outstanding~~incentive ~~SBA~~management ~~debentures~~fees ~~cannot~~expense ~~exceed~~(benefit), totaled $~~350~~2.07 million ~~with~~and ~~at least~~ $~~175~~2.09 million, ~~in combined regulatory capital~~respectively.

~~The~~Cash ~~Company has formed wholly owned special purpose entities organized as Delaware limited liability companies, Saratoga Investment Funding II LLC (“SIF II”)~~ and ~~Saratoga~~Cash ~~Investment Funding III LLC (“SIF III”) for the purpose of the Company’s credit facilities as described in Note 8, Borrowings.~~Equivalents

OnCash ~~October 26, 2021, the Company~~ and ~~TJHA~~cash JVequivalents ~~I LLC~~include ~~(“TJHA”) entered into a Limited Liability Company Agreement to co~~short-~~manage Saratoga Senior Loan Fund I JV LLC (“SLF~~term, ~~JV”).~~liquid ~~SLF~~investments JVin isa ~~under~~money ~~joint~~market ~~control and is not consolidated~~fund. ~~SLF~~The JVCompany isplaces ~~invested~~its cash in ~~Saratoga~~financial ~~Investment~~institutions ~~Corp~~and, ~~Senior~~at ~~Loan Fund 2022-1 Ltd. (“SLF 2022”)~~times, ~~which~~such isbalances amay ~~wholly~~be in ~~owned~~excess ~~subsidiary~~ of ~~SLF JV. SLF 2022 was formed for~~ the ~~purpose~~Federal ofDeposit ~~making~~Insurance ~~investments in~~Corporation ainsurance ~~diversified~~limits. ~~portfolio~~Cash ~~of broadly syndicated first lien~~ and ~~second~~cash ~~lien~~equivalents ~~term~~are ~~loans~~carried orat ~~bonds~~cost inwhich ~~the primary and secondary markets.~~approximates Onfair ~~October 28, 2022, SLF 2022 issued $402~~value.1 ~~million~~Pursuant ofto ~~debt~~Section 12(~~the “2022 JV CLO Notes”~~d) ~~through a collateralized loan obligation trust~~ (~~the “JV CLO trust”~~1).(A) ~~The~~of ~~2022~~the JV1940 ~~CLO Notes were issued pursuant to an indenture~~Act, ~~dated~~the ~~October~~Company ~~28,~~may ~~2022~~not ~~(the~~invest ~~“JV Indenture”),~~in ~~with~~another ~~U.S.~~investment ~~Bank Trust Company~~company, ~~National~~such ~~Association (~~as ~~successor~~a inmoney market ~~interest~~fund, toif ~~U.S.~~such ~~Bank~~investment ~~National~~would ~~Association)~~cause (the ~~“Trustee”)~~ ~~serving~~Company ~~as the trustee.~~to:

On● ~~September~~own ~~24,~~more ~~2025,~~than ~~the Company completed the first refinancing of SLF 2022~~3.0% ~~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~~company’s tototal ~~the~~outstanding ~~refinancing~~voting ~~of SLF JV.~~stock;

31● 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

~~Note~~● 2hold securities in investment companies having an aggregate value in excess of 10.0% ~~Summary~~of the value of ~~Significant~~the ~~Accounting~~Company’s ~~Policies~~total assets.

~~Basis~~As of ~~Presentation~~May 31, 2026, the Company did not exceed any of these limitations.

~~The~~Cash 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~~Cash ~~the accounts of the Company and its wholly owned special purpose financing subsidiaries~~Equivalents, ~~SIF~~Reserve II, SIF III, SBIC II LP, SBIC III LP, SIA-AAP, Inc., SIA-ARC, Inc., SIA-Avionte, Inc., SIA-AX, Inc., SIA-G4, Inc., SIA-GH, Inc., SIA-MDP, Inc., SIA-PP, Inc., SIA-SAIS, 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.Accounts

~~The~~Cash ~~Company,~~and ~~SIF~~cash IIequivalents, ~~SIF~~reserve ~~III,~~accounts ~~SBIC~~include amounts IIheld ~~LP,~~in ~~and SBIC~~designated ~~III~~bank LPaccounts ~~are~~in ~~all~~the ~~considered~~form toof becash ~~investment~~and ~~companies~~short-term ~~for~~liquid ~~financial~~investments ~~reporting~~in ~~purposes~~money market funds, and, ~~have~~at ~~applied~~times, such ~~the~~balances ~~guidance~~may be in ~~the~~excess ~~Financial Accounting~~of ~~Standards~~the ~~Board~~Federal ~~(“FASB”)~~Deposit ~~Accounting~~Insurance ~~Standards~~Corporation ~~Codification~~insurance ~~(“ASC”)~~limits, ~~Topic~~representing ~~946,~~payments ~~Financial~~received ~~Services—Investment~~on secured ~~Companies~~investments ~~(“ASC~~or ~~946”).~~other ~~There~~reserved ~~have~~amounts ~~been~~associated nowith ~~changes~~the tocredit facilities held by the Company’s wholly owned subsidiaries, SIF II, and SIF III, ~~SBIC~~respectively. IIThe ~~LP,~~Company oris ~~SBIC~~required ~~III~~to ~~LP’s status~~use asthese ~~investment~~amounts ~~companies~~to pay interest expense, reduce borrowings, or pay other amounts in accordance with ~~ASC~~the ~~946~~terms ~~during~~of the ~~three~~credit ~~months~~facilities, ~~ended~~after ~~November~~which ~~30,~~these ~~2025~~amounts are available for general corporate purposes.

~~Principles~~In addition, cash and cash equivalents, reserve accounts also include amounts held in designated bank accounts, in the form of ~~Consolidation~~cash and short-term liquid investments in money market funds, within the Company’s wholly owned subsidiaries, SBIC II LP and SBIC III LP.

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.27

The ~~Company~~statements ~~has~~of ~~determined~~cash ~~that~~flows ~~SLF~~explain JVthe ~~is an investment~~change ~~company~~during ~~under~~the ~~ASC~~period ~~946; however,~~ in ~~accordance with such guidance~~ the ~~Company~~total ~~will~~of ~~generally~~cash, ~~not~~cash ~~consolidate~~equivalents ~~its~~and ~~investment~~amounts ingenerally adescribed ~~company other than a wholly owned investment company subsidiary. SLF JV is not a wholly owned investment company subsidiary~~ as ~~the~~restricted ~~Company~~cash and ~~TJHA~~ ~~each~~restricted ~~have~~cash anequivalents when ~~equal~~reconciling ~~50%~~the ~~voting~~beginning-of-period ~~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~~end-~~making authority,~~of-period ittotal ~~is not appropriate for one member to consolidate the joint venture since neither has control~~amounts. ~~Accordingly, the Company does not consolidate its investment in SLF JV.~~

~~Use~~The following table provides a reconciliation of ~~Estimates~~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 ~~Preparation~~consolidated statements of ~~Financial~~cash ~~Statements~~flows:

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.

	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

~~Operating~~Investment ~~Segment~~ Classification

InThe ~~accordance with ASC Topic 280, Segment Reporting, the~~ Company ~~operates~~classifies ~~through~~its ~~two~~investments ~~separate~~in ~~operating segments,~~ accordance with ~~one~~the ~~primary~~requirements ~~core~~of ~~business~~the ~~segment~~1940 ~~and~~Act. ~~one~~Under ~~non-core~~the ~~segment,~~1940 ~~assessed as immaterial by management~~Act, ~~resulting~~“control ininvestments” ~~only~~are ~~one~~defined ~~reportable~~as ~~segment.~~investments ~~The Company’s primary core segment invests~~ in ~~various industries~~companies ~~and~~in ~~separately~~which ~~evaluates~~ the ~~performance~~Company ofowns ~~each~~more ofthan ~~its investment relationships~~25.0% ~~However, because each~~ of ~~these~~the ~~investment~~voting ~~relationships have~~securities ~~similar~~or ~~business~~maintains ~~and~~greater ~~economic~~than ~~characteristics, they have been aggregated into a single reportable segment~~50.0% ~~The Company’s management and independent Board~~ of ~~Directors are~~ the ~~Chief~~board ~~Operating Decision Makers (“CODM”)~~representation. ~~The Company and the CODM evaluate and~~Under ~~monitor performance of~~ the ~~business~~1940 ~~on an aggregated basis. Further~~Act, ~~each~~“affiliated ~~investment~~investments” isare ~~evaluated~~defined ~~and managed using similar processes and shared operations support functions such~~ as ~~deal~~those ~~origination,~~non-control ~~underwriting,~~investments ~~loan~~in ~~and~~companies ~~compliance administration~~ in ~~addition~~which tothe ~~administrative~~Company owns ~~functions~~between of5.0% ~~human resources, legal, finance~~ and ~~information technology~~25.0% Asof the ~~Company’s~~voting ~~operations~~securities. ~~comprise~~Under ofthe a1940 ~~single reporting segment~~Act, ~~the~~“non-affiliated ~~segment~~investments” ~~assets~~ are ~~reflected~~defined inas ~~the~~investments that ~~accompanying~~are ~~consolidated~~neither ~~statement~~control ofinvestments ~~operations~~nor affiliated investments.

~~The~~Investment 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 November 30, 2025 and 2024, operating expenses as defined by the CODM excluding interest expense, totaled $9.9 million and $10.4 million, respectively, and for the nine months ended November 30, 2025 and 2024, totaled $28.8 million and $33.5 million, respectively.Valuation

32The 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.

~~Cash~~Investments for which market quotations are readily available are fair valued at such market quotations obtained from independent third-party pricing services and ~~Cash~~market ~~Equivalents~~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.

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:28

●The ~~own~~Company ~~more~~undertakes ~~than~~a ~~3.0%~~multi-step ofvaluation process ~~the~~each ~~investment~~quarter ~~company’s~~when ~~total~~valuing ~~outstanding~~investments ~~voting~~for ~~stock;~~which market quotations are not readily available, as described below:

● ~~hold~~each ~~securities~~investment inis initially valued by the responsible investment ~~company~~professionals ~~having~~of anthe ~~aggregate~~Manager ~~value~~and inpreliminary ~~excess~~valuation ofconclusions ~~5.0%~~are ofdocumented, ~~the~~reviewed ~~value~~and ofdiscussed ~~the~~with ~~Company’s~~our ~~total~~senior ~~assets~~management; orand

● ~~hold~~an ~~securities~~independent invaluation 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 ~~companies~~for ~~having~~which anmarket ~~aggregate~~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 ~~excess~~the subordinated notes of 10Saratoga Investment Corp.0% CLO 2013-1, Ltd. (“Saratoga CLO”), the Class F-2-R-3 Notes of the ~~value~~Saratoga CLO, and the Class E-R Notes of the ~~Company’s~~SLF ~~total~~2022 ~~assets~~every quarter.

AsIn ~~of November 30~~addition, ~~2025,~~all ~~the~~investments ~~Company~~are ~~did~~subject ~~not~~to ~~exceed~~the ~~any~~following ofvaluation ~~these limitations.~~process:

~~Cash~~● the audit committee of the Company’s board of directors reviews and ~~Cash~~approves ~~Equivalents,~~each ~~Reserve~~preliminary ~~Accounts~~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

~~Cash~~● ~~and~~the ~~cash~~Company’s ~~equivalents,~~board ~~reserve~~of ~~accounts~~directors ~~include amounts~~discusses ~~held in designated bank accounts in~~ the ~~form~~valuations ~~of cash~~ and ~~short-term~~approves ~~liquid~~the ~~investments~~fair invalue ~~money~~of ~~market~~each ~~funds~~investment, ~~and,~~in atgood ~~times~~faith, ~~such balances~~based ~~may~~on bethe ininput ~~excess~~ of the ~~Federal Deposit Insurance Corporation insurance limits~~Manager, ~~representing~~independent ~~payments~~valuation ~~received~~firm ~~on secured investments or other reserved amounts associated with the Encina Credit Facility~~ (asto ~~defined in Note 8),~~ the ~~Live~~extent ~~Oak Credit Facility (as defined in Note 8~~applicable), and the ~~Valley~~audit ~~Credit~~committee ~~Facility~~of ~~(as defined in Note 8) held by~~ the ~~Company’s~~board ~~wholly owned subsidiaries, SIF II and SIF III, as applicable. 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 Encina Credit Facility, the Live Oak Credit Facility, and the Valley Credit Facility~~directors.

InThe ~~addition~~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 ~~cash~~enterprise ~~equivalents,~~value ~~reserve~~waterfalls. ~~accounts~~Fair ~~also~~value ~~include~~is ~~amounts~~best ~~held~~expressed inas ~~designated~~a ~~bank~~range ~~accounts,~~of invalues from which the ~~form~~Company determines a single best estimate. The types of ~~cash~~inputs and ~~short-term~~assumptions that ~~liquid~~may ~~investments~~be considered in ~~money~~determining ~~market funds,~~the ~~within~~range of values of the Company’s ~~wholly~~investments ~~owned~~include ~~subsidiaries~~the nature and realizable value of any collateral, ~~SBIC~~the IIportfolio LPcompany’s ability to make payments, market yield trend analysis and ~~SBIC~~volatility ~~III~~in LPfuture 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 ~~statements~~Company’s investments in the subordinated notes of ~~cash~~Saratoga ~~flows~~CLO, ~~explain~~Class ~~the~~F-2-R-3 ~~change during~~Notes of the ~~period~~Saratoga inCLO and the ~~total~~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 ~~equivalents~~flow, and ~~amounts~~comparable ~~generally~~yields ~~described~~for equity interests in collateralized loan obligation funds, when available, as ~~restricted~~determined ~~cash~~by the Manager and ~~restricted~~recommended to the Company’s board of directors. Specifically, the Company uses Intex cash ~~equivalents~~flows, or an appropriate substitute, to form the basis for the valuation of its ~~when~~investment ~~reconciling~~in the ~~beginning-~~subordinated notes of Saratoga CLO, Class F-~~period~~2-R-3 Notes of the Saratoga CLO and ~~end~~the Class E-R Notes of~~-period~~ ~~total~~SLF ~~amounts~~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 ~~following~~Company’s ~~table~~equity ~~provides~~investment ain ~~reconciliation~~SLF ofJV ~~cash~~is ~~and~~measured ~~cash~~using ~~equivalents~~the ~~and~~proportionate ~~cash~~share ~~and~~of ~~cash~~the ~~equivalents,~~net ~~reserve~~asset ~~accounts~~value ~~reported~~(“NAV”), ~~within~~or ~~the~~equivalent, ~~consolidated~~of ~~statements~~SLF ofJV ~~assets~~as ~~and~~a practical expedient ~~liabilities~~for ~~that~~fair ~~sum~~value, toprovided ~~the~~by ~~total~~ASC of820. ~~the~~The ~~same~~Company’s ~~such~~unsecured ~~amounts~~loan ~~shown~~investment in ~~the~~SLF ~~consolidated~~JV ~~statements~~is ofbased on a discounted cash ~~flows:~~flow valuation technique.

	November 30, 2025		February 28, 2025
Cash and cash equivalents	$	52,298,401	$	148,218,491
Cash and cash equivalents, reserve accounts		117,259,809		56,505,433
Total cash and cash equivalents and cash and cash equivalents, reserve accounts	$	169,558,210	$	204,723,924

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 ~~Classification~~Advisors in the valuation of the Company’s investments in CLO BB and CLO BBB debt, such positions are considered level II assets.

~~The~~Because ~~Company~~such ~~classifies~~valuations, ~~its~~and ~~investments~~particularly ~~in accordance~~valuations ~~with the requirements~~ of ~~the~~private ~~1940~~investments ~~Act.~~and ~~Under~~private ~~the~~companies, ~~1940~~are ~~Act~~inherently uncertain, ~~“control~~they ~~investments”~~may ~~are~~fluctuate ~~defined~~over asshort ~~investments~~periods inof ~~companies~~time ~~in which~~and ~~the~~may ~~Company~~be ~~owns~~based on ~~more~~estimates. ~~than~~The ~~25.0%~~determination of ~~the~~fair ~~voting~~value ~~securities~~may ordiffer ~~maintains~~materially ~~greater~~from ~~than~~the ~~50.0%~~values ofthat ~~the~~would ~~board~~have ~~representation.~~been ~~Under~~used ~~the 1940~~if ~~Act,~~a ~~“affiliated~~ready ~~investments”~~market ~~are~~for ~~defined~~these investments asexisted. ~~those~~The ~~non-control~~Company’s ~~investments~~NAV incould ~~companies~~be inmaterially ~~which~~affected if the ~~Company~~determinations ~~owns~~regarding ~~between 5.0%~~the ~~and~~fair ~~25.0%~~value of ~~the~~its ~~voting~~investments were ~~securities.~~materially ~~Under~~higher ~~the~~or ~~1940~~lower ~~Act,~~than ~~“non-affiliated~~the ~~investments”~~values ~~are~~that ~~defined~~the asCompany ~~investments~~ultimately ~~that are~~realizes ~~neither~~upon ~~control~~the ~~investments~~disposal ~~nor~~of ~~affiliated~~such investments.

33Rule 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.

~~Investment~~Derivative ~~Valuation~~Financial Instruments

The Company accounts for ~~its~~derivative ~~investments at fair~~financial ~~value~~instruments in accordance with ~~the~~ FASB ASC Topic ~~820~~815, ~~Fair~~Derivatives ~~Value~~and ~~Measurement~~Hedging (“ASC ~~820~~815”). ASC ~~820~~815 ~~defines~~requires ~~fair value, establishes~~recognizing aall ~~framework~~derivative ~~for~~instruments ~~measuring~~as ~~fair~~either ~~value,~~assets ~~establishes~~or aliabilities ~~fair value hierarchy based~~ on the ~~quality~~consolidated statements of ~~inputs~~assets ~~used to measure fair value~~ and ~~enhances~~ ~~disclosure~~liabilities ~~requirements~~at ~~for~~ fair value ~~measurements~~. ~~ASC 820 requires the~~ The Company tovalues ~~assume~~derivative ~~that~~contracts ~~its investments are to be sold or its liabilities are to be transferred~~ at the ~~measurement~~closing ~~date~~fair invalue ~~the~~provided ~~principal~~by ~~market to independent market participants, or in~~ the ~~absence~~ ofcounterparty. aChanges ~~principal market,~~ in the ~~most~~values ~~advantageous~~of ~~market,~~derivative ~~which may be a hypothetical market. Market participants~~ contracts are ~~defined~~included ~~as buyers and sellers~~ in the ~~principal~~consolidated orstatements ~~most~~of ~~advantageous market that are independent, knowledgeable, and willing and able to transact~~operations.

~~Investments~~Investment ~~for~~Transactions ~~which market quotations are readily available are fair valued at such market quotations obtained from independent third-party pricing services~~ and ~~market~~Income 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.Recognition

~~The~~Purchases ~~Company~~and ~~undertakes~~sales of investments and the related realized gains or losses are recorded on a ~~multi~~trade-~~step~~date ~~valuation~~basis. Interest income, adjusted for amortization of premium and accretion of discount, ~~process~~is ~~each~~recorded ~~quarter~~on an accrual basis to the extent that such amounts are expected to be collected. The Company stops accruing interest on its investments when ~~valuing~~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 ~~which~~the ~~market~~accretion ~~quotations~~of ~~are~~discounts over ~~not~~the ~~readily~~life ~~available,~~of asthe ~~described~~investment ~~below:~~and amortization of premiums on investments up to the earliest call date.

●Loans ~~each~~are ~~investment~~generally placed on non-accrual status when there is ~~initially~~reasonable ~~valued~~doubt bythat ~~the~~principal ~~responsible~~or ~~investment~~interest ~~professionals~~will ofbe ~~the~~collected. ~~Manager~~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 ~~preliminary~~interest ~~valuation~~is ~~conclusions~~paid and, in management’s judgment, are ~~documented~~likely to remain current, ~~reviewed~~although management may make exceptions to this general rule if the loan has sufficient collateral value and ~~discussed~~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 ~~senior~~portfolio. ~~management;~~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 anincome ~~independent~~on ~~valuation~~our ~~firm~~investment ~~engaged~~in by the ~~Company’s~~subordinated note ~~board~~ of ~~directors~~Saratoga ~~independently~~CLO ~~reviews~~is arecorded ~~selection~~using ofthe ~~these~~effective ~~preliminary~~interest ~~valuations~~method ~~each~~in ~~quarter~~accordance sowith ~~that~~ the ~~valuation~~provisions of ~~each~~ASC ~~investment~~Topic ~~for~~325-40, ~~which~~Investments—Other, Beneficial ~~market~~Interests ~~quotes~~in ~~are~~Securitized ~~not~~Financial ~~readily~~Assets, ~~available~~based ison ~~reviewed~~the byanticipated yield and the ~~independent~~estimated ~~valuation~~cash ~~firm~~flows atover ~~least~~the ~~once~~projected life ~~each~~of ~~fiscal~~the ~~year~~investment. ~~The~~Yields ~~Company~~are ~~uses~~revised awhen ~~third-party~~there ~~independent~~are ~~valuation~~changes ~~firm~~in toactual ~~value~~or ~~its~~estimated ~~investment~~cash flows due to changes in ~~the~~prepayments ~~subordinated~~and/or re-investments, ~~notes~~credit oflosses ~~Saratoga~~or ~~Investment~~asset ~~Corp~~pricing. ~~CLO~~Changes ~~2013-1,~~in ~~Ltd.~~estimated ~~(“Saratoga~~yield ~~CLO”),~~are ~~the~~recognized ~~Class~~as ~~F-2-R-3~~an ~~Notes~~adjustment ofto the ~~Saratoga~~estimated ~~CLO,~~yield ~~and~~over the remaining life of the ~~Class~~investment Efrom ~~Notes~~the ofdate the ~~SLF~~estimated ~~2022~~yield ~~every~~was ~~quarter~~changed.

InPayment-in-Kind ~~addition, all investments are subject to the following valuation process:~~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 ~~audit~~investment ~~committee~~balance ofthat is generally due at maturity, is generally recorded on an accrual basis to the extent such amounts are expected to be collected. The Company’s ~~board~~stops ofaccruing ~~directors~~PIK ~~reviews~~interest if it is expected that the issuer will not be able to pay all principal and ~~approves~~interest ~~each~~when ~~preliminary~~due. ~~valuation~~The Company restores such investments to accrual status when past due principal and ~~the~~interest ~~Manager~~is paid and, ~~independent~~in ~~valuation~~management’s ~~firm~~judgment, ~~(if~~are ~~applicable)~~likely ~~will~~to ~~supplement~~remain ~~the~~current, ~~preliminary~~although ~~valuation~~management tomay ~~reflect~~make ~~any~~exceptions ~~comments~~to ~~provided~~this general byrule if the ~~audit~~loan ~~committee;~~has sufficient collateral value and is in the process of collection.

● 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.30

~~The~~Dividend 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.Income

34Dividend income is recorded in the consolidated statements of operations when earned.

~~The~~Structuring ~~Company’s investments in the subordinated notes of Saratoga CLO, Class F-2-R-3 Notes of the Saratoga CLO~~ and ~~the~~Advisory ~~Class~~Fee E 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 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.Income

~~The~~Structuring ~~Company’s~~and ~~equity~~advisory ~~investment~~fee inincome ~~SLF JV~~represents isvarious ~~measured~~fee ~~using~~income ~~the~~earned ~~proportionate~~and ~~share~~received ~~of the net asset value (“NAV”), or equivalent, of SLF JV as a practical expedient~~ for ~~fair~~performing ~~value,~~certain ~~provided by ASC 820. The Company’s unsecured loan~~ investment instructuring ~~SLF~~and JVadvisory isactivities ~~based~~during onthe aclosing ~~discounted~~of ~~cash flow valuation~~new ~~technique~~investments.

~~The~~Other 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 the Manager in the valuation of the Company’s investments in CLO BB and CLO BBB debt, such positions are considered level II assets.Income

~~Because~~Other ~~such~~income ~~valuations,~~includes ~~and~~prepayment ~~particularly~~income ~~valuations~~fees, ~~of private investments~~ and ~~private companies~~monitoring, ~~are inherently uncertain~~administration, ~~they~~redemption ~~may~~and ~~fluctuate~~amendment ~~over~~fees ~~short periods of time~~ and ~~may~~is berecorded ~~based on~~in ~~estimates. The determination of fair value may differ materially from~~ the ~~values~~consolidated ~~that~~statements ~~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~~operations ~~investments were~~when ~~materially higher or lower than the values that the Company ultimately realizes upon the disposal of such investments~~earned.

~~Rule~~Deferred ~~2a-5~~Debt ~~under~~Financing 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.Costs

~~Derivative~~Financing ~~Financial~~costs ~~Instruments~~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 ~~accounts~~presents ~~for~~deferred ~~derivative~~debt ~~financial~~financing ~~instruments~~costs inon ~~accordance~~the ~~with~~balance ~~FASB~~sheet ~~ASC~~as ~~Topic~~a ~~815~~contra-liability, ~~Derivatives~~which ~~and~~is ~~Hedging~~a ~~(“ASC~~direct ~~815”).~~deduction ~~ASC~~from ~~815 requires recognizing all derivative instruments as either assets or liabilities on~~ the ~~consolidated~~carrying ~~statements~~amount of ~~assets~~that ~~and~~debt ~~liabilities~~liability, ~~at fair value. The~~consistent ~~Company~~with ~~values~~debt ~~derivative contracts at the closing fair value provided by the counterparty~~discounts. ~~Changes in the values of derivative contracts are included in the consolidated statements of operations.~~

~~Investment~~Realized ~~Transactions~~Loss ~~and~~on ~~Income~~Extinguishment ~~Recognition~~of Debt

~~Purchases~~Upon ~~and~~the ~~sales~~repayment of ~~investments~~debt ~~and~~obligations ~~the~~that ~~related~~are ~~realized~~deemed ~~gains~~to orbe ~~losses are recorded on a trade-date basis. Interest income~~extinguishments, ~~adjusted~~the ~~for~~difference ~~amortization~~between ~~of premium and accretion of discount, is recorded on an accrual basis to~~ the ~~extent~~principal ~~that~~amount ~~such~~due ~~amounts~~at ~~are~~maturity ~~expected~~adjusted tofor beany ~~collected.~~unamortized ~~The~~debt ~~Company stops accruing interest on its~~issuance ~~investments~~costs ~~when it~~ is ~~determined~~recognized ~~that~~as ~~interest~~a isloss ~~no longer collectible~~(i.e., ~~Discounts~~the ~~and~~unamortized ~~premiums~~debt onissuance ~~investments~~costs ~~purchased~~ are ~~accreted/amortized using~~recognized ~~the~~as ~~effective~~a ~~yield~~loss ~~method.~~upon ~~The~~extinguishment ~~amortized cost~~ of ~~investments represents~~ the ~~original cost adjusted for the accretion of discounts~~underlying ~~over~~debt ~~the life of the investment and amortization of premiums on investments up to the earliest call date~~obligation).

35Contingencies

~~Loans~~In ~~are~~the ~~generally~~ordinary ~~placed~~course onof ~~non-accrual~~business, ~~status~~the Company ~~when~~may ~~there~~enter isinto ~~reasonable~~contracts ~~doubt~~or agreements that ~~principal~~contain indemnifications or ~~interest will be collected~~warranties. ~~Accrued~~Future ~~interest~~events iscould ~~generally~~occur ~~reserved~~that ~~when~~lead ato ~~loan~~the ~~is placed~~execution onof ~~non-accrual~~these ~~status.~~provisions ~~Interest~~against ~~payments~~the ~~received on non-accrual loans may be recognized as a reduction in principal depending upon management’s judgment regarding collectability~~Company. ~~Non-accrual~~Based ~~loans~~on ~~are~~its ~~restored~~history ~~to accrual status when past due principal~~ and ~~interest is paid and~~experience, in management’s ~~judgment,~~reasonably ~~are~~believes ~~likely~~that tothe ~~remain~~likelihood ~~current,~~of ~~although management may make exceptions to this general rule if the loan~~such ~~has~~an ~~sufficient~~event ~~collateral value and~~ is ~~in the process of collection~~remote. ~~At November 30~~Therefore, ~~2025 our investment in one portfolio company was on non-accrual status with a fair value of approximately $2.0 million, or 0.2% of~~ the ~~fair~~Company ~~value~~has ofnot ~~our~~accrued ~~portfolio.~~any Atliabilities ~~February 28, 2025, our investments~~ in ~~two~~connection ~~portfolio companies were on non-accrual status~~ with asuch ~~fair value of approximately $2~~indemnifications.~~6 million, or 0.3% of the fair value of our portfolio.~~

~~Interest~~In ~~income on our investment in~~ the ~~subordinated note~~ordinary ofcourse ~~Saratoga CLO is recorded using the effective interest method in accordance with the provisions~~ of ~~ASC Topic 325-40~~business, ~~Investments—Other, Beneficial Interests in Securitized Financial Assets, based on~~ the ~~anticipated yield and the estimated cash flows over the projected~~Company ~~life~~may ofdirectly ~~the~~or ~~investment.~~indirectly ~~Yields~~be ~~are~~a ~~revised~~defendant ~~when~~or ~~there~~plaintiff ~~are changes~~ in ~~actual~~legal oractions ~~estimated~~with ~~cash~~respect ~~flows due~~ to ~~changes~~bankruptcy, ininsolvency ~~prepayments and/~~or ~~re-investments,~~ ~~credit~~other ~~losses~~types orof ~~asset pricing~~proceedings. Such ~~Changes~~lawsuits inmay ~~estimated~~involve ~~yield~~claims ~~are~~that ~~recognized~~could asadversely anaffect ~~adjustment to~~ the ~~estimated~~value ~~yield over the remaining life~~ of ~~the~~certain ~~investment~~financial ~~from~~instruments ~~the~~owned ~~date~~by the ~~estimated yield was changed~~Company.

~~Payment-in-Kind~~Income ~~Interest~~Taxes

The Company ~~may~~has ~~hold~~elected, ~~debt~~ and ~~preferred~~intends ~~equity~~to qualify ~~investments~~annually, into ~~its~~be ~~portfolio~~treated ~~that~~for ~~contain~~U.S. afederal ~~payment-in-kind~~income ~~(“PIK”)~~tax ~~interest~~purposes ~~provision.~~as ~~The~~a ~~PIK~~RIC ~~interest,~~under ~~which~~subchapter ~~represents contractually~~M ~~deferred~~of ~~interest added to~~ the ~~investment~~Code. ~~balance~~By ~~that~~meeting isthese ~~generally due at maturity~~requirements, ~~is generally recorded on an accrual~~ ~~basis to~~ the ~~extent such amounts are expected to be collected. The~~ Company ~~stops~~generally ~~accruing PIK interest if it is expected that the issuer~~ will not be ~~able~~subject to ~~pay all principal and interest when due~~U.S. ~~The~~federal ~~Company~~income ~~restores~~tax toon ~~accrual~~ordinary ~~status~~income ~~when~~or ~~past~~capital ~~due~~gains ~~principal~~timely ~~and~~distributed ~~interest is~~to ~~paid and~~stockholders. Therefore, inno ~~management’s~~provision ~~judgment,~~has ~~are~~been ~~likely~~recorded tofor ~~remain~~federal ~~current~~income taxes, ~~although~~except ~~management~~as ~~may~~related ~~make exceptions~~ to ~~this general rule if~~ the ~~loan~~Corporate ~~has~~Blockers ~~sufficient~~(as ~~collateral~~defined ~~value~~below) and long-term iscapital ingains, ~~the~~when ~~process of collection~~applicable.

~~Dividend~~In ~~Income~~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.

~~Dividend income is recorded in the consolidated statements of operations when earned.~~31

~~Structuring~~Depending on the level of investment company taxable income earned in a tax year and ~~Advisory~~the ~~Fee~~amount ~~Income~~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.

~~Structuring~~In accordance with U.S. Treasury regulations and ~~advisory~~published ~~fee~~guidance ~~income~~issued ~~represents~~by the Internal Revenue Service (“IRS”), a publicly offered RIC may treat a distribution of ~~various~~its ~~fee~~own ~~income~~stock ~~earned~~as ~~and~~counting ~~received~~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 ~~performing~~distribution ~~certain~~must ~~investment~~be ~~structuring~~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 ~~advisory~~certain ~~activities~~other ~~during~~requirements are met, for U.S. federal income tax purposes, the ~~closing~~amount of ~~new~~the dividend paid in stock ~~investments~~will be equal to the amount of cash that could have been received instead of stock.

~~Other~~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.

~~Other~~FASB ~~income~~ASC ~~includes~~Topic ~~prepayment~~740, ~~income~~Income ~~fees,~~Taxes (“ASC ~~and~~740”), ~~monitoring~~provides guidance for how uncertain tax positions should be recognized, ~~administration~~measured, ~~redemption~~presented and ~~amendment~~disclosed ~~fees~~in ~~and~~the isfinancial 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 ~~consolidated~~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. ~~when~~During ~~earned~~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.

~~Deferred Debt Financing Costs~~Dividends

~~Financing~~Dividends ~~costs~~to ~~incurred~~common instockholders ~~connection~~are ~~with our~~recorded ~~credit~~on ~~facilities and notes are deferred and amortized using~~ the ~~straight~~ex-~~line~~dividend ~~method~~date. ~~over~~The ~~the~~amount ~~life~~to ofbe ~~the~~paid ~~respective~~out ~~facility~~as ~~and~~a ~~debt securities.~~dividend ~~Financing~~is ~~costs~~determined ~~incurred~~by ~~in connection with~~ the ~~SBA~~board ~~debentures~~ of ~~SBIC~~directors. IINet LPrealized ~~and~~capital ~~SBIC~~gains, if ~~III~~any, LP are ~~deferred~~generally ~~and~~distributed ~~amortized~~at ~~using the~~least ~~straight-line~~annually, ~~method~~although ~~over~~we ~~the~~may ~~life~~decide ofto ~~the~~retain ~~debentures.~~some ~~Any discount~~ or ~~premium~~all ~~on the issuance~~ of ~~any~~our ~~debt~~net iscapital ~~accreted~~gains ~~and~~for ~~amortized using the effective interest method over the life of the respective debt security~~reinvestment.

~~The~~We ~~Company~~have ~~presents~~adopted ~~deferred~~a ~~debt~~dividend ~~financing~~reinvestment ~~costs~~plan (“DRIP”) that provides for reinvestment of our dividend distributions on ~~the~~behalf ~~balance~~of ~~sheet~~our asstockholders unless a ~~contra-liability~~stockholder elects to receive cash. As a result, ~~which~~if isour board of directors authorizes, and we declare, a ~~direct~~cash ~~deduction~~dividend, ~~from~~then our stockholders who have not “opted out” of the ~~carrying~~DRIP ~~amount~~by the dividend record date will have their cash dividends automatically reinvested into additional shares of ~~that~~our ~~debt~~common ~~liability~~stock, ~~consistent~~rather ~~with~~than receiving the cash dividends. We have the option to satisfy the share requirements ~~debt~~of ~~discounts~~the DRIP through the issuance of new shares of common stock or through open market purchases of common stock by the DRIP plan administrator.

3632

~~Realized~~Capital ~~Loss~~Gains onIncentive ~~Extinguishment of Debt~~Fee

~~Upon~~The Company records an expense accrual on the consolidated ~~repayment~~statements of ~~debt~~operations ~~obligations~~relating ~~that~~to ~~are deemed~~the capital gains incentive fee payable to bethe ~~extinguishments~~Manager, ~~the~~as ~~difference~~recorded ~~between~~on the ~~principal~~consolidated statements ~~amount~~of ~~due~~assets atand ~~maturity~~liabilities ~~adjusted~~when ~~for~~the ~~any~~net ~~unamortized~~realized ~~debt~~and ~~issuance~~unrealized ~~costs is~~gain ~~recognized~~on asits ainvestments ~~loss~~exceed ~~(i.e.,~~all ~~the~~net ~~unamortized~~realized ~~debt~~and ~~issuance~~unrealized capital ~~costs~~losses ~~are~~on ~~recognized~~its investments, as a ~~loss~~capital ~~upon~~gains ~~extinguishment~~incentive offee would be owed to the ~~underlying~~Manager ~~debt~~if the Company were to liquidate its ~~obligation)~~investment portfolio at such time.

~~Contingencies~~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.

InRecent ~~the~~Accounting 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.Pronouncements

In November 2024, the ~~ordinary~~FASB ~~course~~issued ASU 2024-03, Disaggregation of ~~business~~Income Statement Expenses, which requires additional disclosure of the ~~Company~~nature of expenses included in the income ~~may~~statement ~~directly~~in orresponse ~~indirectly~~to berequests afrom ~~defendant~~investors orfor ~~plaintiff~~more information about an entity’s expenses. The new standard requires disaggregation of certain expense captions into specified categories in ~~legal~~disclosures ~~actions~~within ~~with~~the ~~respect~~footnotes to ~~bankruptcy~~the financial statements. The new guidance is effective for annual periods beginning after December 15, ~~insolvency~~2026, orand ~~other~~interim ~~types~~periods ofwithin ~~proceedings.~~annual reporting periods beginning after ~~Such~~December ~~lawsuits~~15, ~~may~~2027. ~~involve~~Early ~~claims~~adoption ~~that~~is ~~could~~permitted. ~~adversely~~The ~~affect~~Company is currently evaluating the ~~value~~impact of ~~certain~~the ~~financial~~new ~~instruments~~standard ~~owned~~on by 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.

~~Income~~Risk ~~Taxes~~Management

~~The~~In ~~Company~~the ~~has~~ordinary ~~elected,~~course ~~and~~of ~~intends~~its ~~to qualify annually~~business, tothe beCompany manages ~~treated for U.S. federal income tax purposes as~~ a ~~RIC~~variety ~~under Subchapter M~~ of ~~the Code. By meeting these requirements~~risks, ~~the Company~~including ~~generally~~market ~~will~~and ~~not~~credit ~~be subject to U~~risk.S. ~~federal~~Market ~~income~~risk ~~tax~~is onthe ~~ordinary~~risk ~~income~~of orpotential ~~capital~~adverse ~~gains~~changes ~~timely distributed~~ to ~~stockholders. Therefore,~~the novalue ~~provision~~of ~~has~~investments because ~~been~~of ~~recorded~~changes ~~for~~in ~~federal~~market ~~income~~conditions ~~taxes,~~such ~~except~~ as ~~related~~interest torate ~~the~~movements ~~Corporate Blockers (as defined below)~~ and ~~long-term~~ ~~capital~~volatility ~~gains,~~in ~~when~~investment ~~applicable~~prices.

InCredit ~~order~~risk tois ~~qualify as a RIC, among other requirements,~~ the ~~Company~~risk ~~generally is required to timely distribute to its stockholders at least 90%~~ of ~~its~~default ~~“investment~~or ~~company taxable income”,~~non-performance ~~as defined~~ by ~~the~~portfolio ~~Code~~companies, ~~for~~equivalent ~~each fiscal tax year. The Company will be subject~~ to ~~U.S.~~the ~~federal income tax imposed at corporate rates on its~~ investment’s ~~company~~carrying ~~taxable income and net capital gains that it does not timely distribute to shareholders~~amount. The Company ~~will~~is bealso ~~subject~~ exposed to acredit ~~non-deductible~~risk ~~U.S.~~related ~~federal~~to ~~excise tax of 4% on undistributed income if it does not distribute at least (1) 98% of its net ordinary~~maintaining ~~income~~all ~~in any calendar year, (2) 98.2%~~ of its ~~capital~~cash ~~gain net income for each one-year period ending on October 31and (3) any net ordinary income~~ and ~~capital~~cash ~~gain~~equivalents, ~~net~~including ~~income~~those ~~that~~in itreserve ~~recognized for preceding years~~accounts, ~~but~~at ~~were~~a ~~not~~major ~~distributed~~financial ~~during~~institution ~~such year,~~ and oncredit ~~which~~risk ~~the~~related to ~~Company~~any ~~paid~~of noits ~~U.S~~derivative ~~federal income tax~~counterparties.

~~Depending~~The onCompany ~~the~~has ~~level~~investments ofin ~~investment~~lower ~~company~~rated ~~taxable~~and ~~income~~comparable ~~earned~~quality inunrated ahigh ~~tax~~yield ~~year~~bonds and ~~the~~bank ~~amount~~loans. ofInvestments ~~net capital gains recognized~~ in ~~such~~high ~~tax~~yield ~~year,~~investments ~~the~~are ~~Company~~accompanied ~~may~~by ~~choose~~a togreater ~~carry forward investment~~degree ~~company taxable income and net capital gains in excess~~ of ~~current~~credit ~~year dividend distributions into the next tax year and pay U~~risk.S. ~~federal income~~The ~~tax,~~risk ~~and~~of ~~possibly~~loss ~~the~~due 4%to ~~U.S.~~default ~~federal~~by ~~excise tax on such income, as required. To~~ the ~~extent~~issuer ~~that~~is ~~the~~significantly ~~Company~~greater ~~determines~~for ~~that~~holders ~~its estimated current year annual investment company taxable income will be in excess~~ of ~~estimated~~high ~~current~~yield ~~year dividend distributions for U.S. federal excise tax purposes~~securities, ~~the Company accrues the U.S. federal excise tax, if any, on estimated excess taxable income as taxable~~because ~~income~~such isinvestments ~~earned.~~are ~~For~~generally ~~the~~unsecured ~~years~~and ~~ended~~are ~~February~~often ~~28,~~subordinated ~~2025,~~to ~~February~~other ~~29,~~creditors ~~2024~~of ~~and February 28, 2023,~~ the ~~excise tax accrual on estimated excess taxable income was $2~~issuer.~~4 million, $1.8 million and $1.1 million, respectively.~~

InNote ~~accordance with U~~3.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. This published guidance indicates that the rule will apply where the aggregate amount of cash to be distributed to all stockholders is not at least 20% of the aggregate declared 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.Investments

37As 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.

~~The~~ASC ~~Company~~820 ~~may~~establishes ~~utilize~~a ~~wholly~~hierarchical ~~owned holding companies~~disclosure framework that ~~are~~prioritizes ~~treated~~and asranks ~~corporations~~the ~~for~~level ~~U.S.~~of ~~federal~~market ~~income~~price ~~tax~~observability ~~purposes when making equity investments in portfolio companies taxed as pass-through entities to meet its source-~~of~~-income~~ ~~requirements~~inputs asused ~~a RIC (“Corporate Blockers”). Corporate Blockers are consolidated~~ in ~~the~~ ~~Company’s~~measuring ~~U.S.~~investments ~~GAAP~~at ~~financial~~fair ~~statements and may result in current and deferred U~~value.S. ~~federal and state income tax expense with~~Market ~~respect~~price toobservability ~~income~~is ~~derived~~affected ~~from~~by ~~those~~a ~~investments.~~number ~~Such income, net~~ of ~~applicable income taxes~~factors, isincluding ~~not included in~~ the ~~Company’s tax-basis~~type ~~net~~of investment ~~income~~and ~~until distributed by~~ the ~~Corporate~~characteristics ~~Blocker,~~specific ~~which~~to ~~may result in timing and character differences between~~ the ~~Company’s U.S. GAAP and tax-basis net~~ investment ~~income and realized gains and losses~~. ~~Income tax expense or benefit from Corporate~~ ~~Blockers~~Investments ~~related~~with toreadily ~~net~~available ~~investment~~active ~~income~~quoted ~~are~~prices ~~included in total operating expenses, while any expense~~ or ~~benefit related to federal or state income tax originated~~ for ~~capital~~which ~~gains~~fair ~~and~~value ~~losses~~can ~~are~~be ~~included~~measured ~~together~~from ~~with~~actively ~~the~~quoted ~~applicable~~prices ~~net realized or unrealized gain or~~generally ~~loss~~will ~~line~~have ~~item.~~a ~~Deferred~~higher ~~tax~~degree ~~assets~~ of ~~the~~market ~~Corporate~~price ~~Blockers~~observability ~~are~~and ~~reduced by~~ a ~~valuation~~lesser ~~allowance~~degree ~~when, in the opinion~~ of ~~management, it~~judgment isused ~~more~~in ~~likely~~measuring ~~than-not~~fair ~~that some portion or all of the deferred tax assets will not be realized~~value.

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, 2025, February 29, 2024 and February 28, 2023 the Company did not incur any interest or penalties. Although we file federal and state tax returns, our major tax jurisdiction is federal. The 2022, 2023, 2024 and 2025 federal tax years for the Company remain subject to examination by the IRS. At November 30, 2025 and February 28, 2025, there were no uncertain tax positions. The Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change significantly in the next 12 months. 33

~~Dividends~~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:

~~Dividends~~● toLevel ~~common~~1—Valuations ~~stockholders~~based ~~are recorded~~ on ~~the~~quoted ~~ex-dividend~~prices ~~date.~~in ~~The~~active ~~amount~~markets tofor beidentical ~~paid~~assets ~~out~~or asliabilities athat ~~dividend~~the isCompany ~~determined~~has by the ~~board~~ability ~~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~~access.

We● ~~have~~Level ~~adopted~~2— aPricing ~~dividend~~inputs ~~reinvestment~~are ~~plan~~other ~~(“DRIP”) that~~than ~~provides~~quoted ~~for~~prices ~~reinvestment~~in ofactive ~~our~~markets, ~~dividend~~which ~~distributions~~are oneither ~~behalf~~directly ofor ~~our~~indirectly ~~stockholders~~observable ~~unless~~as aof ~~stockholder~~the ~~elects~~reporting todate. ~~receive~~Such ~~cash. As~~inputs amay ~~result,~~be ifquoted ~~our~~prices ~~board~~for ofsimilar ~~directors~~assets ~~authorizes~~or liabilities, ~~and~~quoted wemarkets ~~declare,~~that aare ~~cash~~not ~~dividend~~active, ~~then~~or ~~our~~other ~~stockholders~~inputs ~~who~~that ~~have~~are ~~not~~observable ~~“opted~~or ~~out” of~~can ~~the~~be ~~DRIP~~corroborated by ~~the~~observable ~~dividend~~market ~~record~~data ~~date~~for ~~will~~substantially ~~have~~the ~~their~~full ~~cash~~character ~~dividends~~of ~~automatically~~the ~~reinvested~~financial ~~into~~instrument, ~~additional~~or ~~shares~~inputs ofthat ~~our~~are ~~common~~derived ~~stock~~principally from, ~~rather~~ ~~than~~or ~~receiving~~corroborated ~~the~~by, ~~cash~~observable ~~dividends~~market information. WeInvestments ~~have~~that ~~the~~are ~~option~~generally toincluded ~~satisfy~~in ~~the~~this ~~share~~category ~~requirements~~include ofilliquid ~~the~~debt ~~DRIP~~securities ~~through~~and ~~the~~less ~~issuance~~liquid, ofprivately ~~new shares~~held ofor ~~common~~restricted ~~stock~~equity orsecurities, ~~through~~for ~~open~~which ~~market~~some ~~purchases~~level of ~~common~~recent ~~stock~~trading byactivity ~~the~~has ~~DRIP~~been ~~plan administrator~~observed.

~~Capital~~● ~~Gains~~Level ~~Incentive~~3—Pricing ~~Fee~~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.

~~The~~In ~~Company~~addition ~~records~~to anusing ~~expense accrual on~~ the ~~consolidated~~ ~~statements~~above ofinputs ~~operations~~in ~~relating~~investment valuations, to the ~~capital~~Company ~~gains~~continues ~~incentive fee payable~~ to employ the ~~Manager,~~valuation aspolicy ~~recorded~~approved onby the ~~consolidated statements~~board of ~~assets~~directors ~~and~~that ~~liabilities~~is ~~when~~consistent ~~the~~with ~~net~~ASC ~~realized~~820 and the ~~unrealized~~1940 ~~gain~~Act on(see ~~its~~Note ~~investments~~2. ~~exceed~~Summary ~~all~~of ~~net~~Significant ~~realized~~Accounting ~~and~~Policies). ~~unrealized capital~~Consistent ~~losses~~with onour ~~its~~valuation ~~investments~~policy, asthe aCompany ~~capital~~evaluates the ~~gains~~source ~~incentive~~of ~~fee~~inputs, ~~would~~including beany ~~owed~~markets toin ~~the~~which ~~Manager~~its ifinvestments ~~the~~are ~~Company~~trading, ~~were~~in todetermining ~~liquidate~~fair ~~its investment portfolio at such time~~value.

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.34

38The 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:

Recent Accounting Pronouncements

	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

In* ~~December~~The ~~2023,~~Company’s ~~the~~equity ~~FASB~~investment ~~issued~~in ~~ASU~~SLF ~~2023-09, Improvements to~~JV ~~Income Tax Disclosures (“ASU 2023-09”), which requires additional disaggregated information on income taxes paid. This amended guidance~~ is ~~effective~~measured ~~for~~using ~~annual~~the ~~periods~~proportionate ~~beginning~~share ~~after~~of ~~December~~the 15NAV, ~~2024.~~or ~~Early~~equivalent, ~~adoption~~as isa ~~permitted,~~practical ~~however~~expedient ~~the~~and ~~Company~~thus has not ~~elected~~been toclassified ~~early~~in ~~adopt this provision as of~~ the ~~date~~fair ofvalue ~~the financial statements contained in this report~~hierarchy. The Company’s isunsecured ~~currently evaluating~~loan ~~the~~investment ~~impact~~in ofSLF ~~the~~JV ~~new~~is ~~guidance~~based on ~~the~~a ~~Company’s~~discounted ~~consolidated~~cash ~~financial~~flow ~~statements~~valuation ~~and related disclosures~~technique.

InThe following ~~November~~table ~~2024,~~presents ~~the~~fair ~~FASB~~value ~~issued~~measurements ~~ASU~~of ~~2024-03~~investments, ~~Disaggregation~~ ofby ~~Income~~major ~~Statement Expenses~~class, ~~which~~as ~~requires additional disclosure~~ of ~~the~~February ~~nature~~28, of2026 ~~expenses~~(dollars ~~included~~ in ~~the~~thousands), ~~income~~according ~~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~~fair tovalue the financial statements. The new guidance is effective for annual periods beginning after December 15, 2026, and interim periods within the 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.hierarchy:

Risk Management

	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

In* ~~the~~The ~~ordinary~~Company’s ~~course~~equity ofinvestment ~~its~~in ~~business,~~SLF ~~the~~JV ~~Company manages~~is ameasured ~~variety~~using ofthe ~~risks,~~proportionate ~~including~~share ~~market~~of ~~and~~the ~~credit~~NAV, ~~risk.~~or ~~Market~~equivalent, ~~risk~~as isa ~~the~~practical ~~risk~~expedient ofand ~~potential~~thus ~~adverse~~has ~~changes~~not tobeen classified in the fair value ofhierarchy. ~~investments because~~The ofCompany’s ~~changes~~unsecured inloan ~~market~~investment ~~conditions~~in ~~such~~SLF asJV ~~interest~~is ~~rate~~based ~~movements~~on ~~and~~a ~~volatility~~discounted incash ~~investment~~flow ~~prices~~valuation technique.

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.35

The ~~Company has investments in lower rated and~~ ~~comparable~~following ~~quality~~table ~~unrated~~provides ~~high yield bonds and bank loans. Investments in high yield investments are accompanied by~~ a ~~greater~~reconciliation ~~degree~~ of ~~credit~~the ~~risk.~~beginning ~~The~~and ~~risk~~ending ofbalances ~~loss~~for ~~due~~investments tothat ~~default~~use byLevel ~~the~~3 ~~issuer~~inputs ~~is significantly greater~~ for ~~holders~~the ofthree months ~~high~~ended ~~yield~~May ~~securities~~31, ~~because~~2026 ~~such investments~~(dollars ~~are~~in ~~generally unsecured and are often subordinated to other creditors of the issuer.~~thousands):

Note 3. Investments

	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	)

~~As noted above~~Purchases, ~~the~~PIK ~~Company~~and ~~values~~other ~~all~~adjustments ~~investments in~~to ~~accordance~~cost ~~with~~include ~~ASC~~purchases ~~820.~~of Asnew investments ~~defined~~at ~~in ASC 820~~cost, ~~fair~~effects ~~value~~of isrefinancing/restructuring, ~~the~~accretion/amortization ~~price~~of ~~that~~income ~~would~~from bediscount/premium ~~received~~on todebt ~~sell an asset or paid to transfer~~securities, aand ~~liability~~PIK ~~in an orderly transaction between independent market participants at the measurement date~~interests.

~~ASC~~Sales ~~820~~and ~~establishes~~repayments arepresent ~~hierarchal~~net ~~disclosure~~proceeds ~~framework~~received ~~which~~from ~~prioritizes and ranks the level of market price observability of inputs used in measuring~~ investments atsold ~~fair value. Market price observability is affected by a number of factors, including the type of investment~~ and ~~the~~principal ~~characteristics~~paydowns ~~specific~~received toduring the ~~investment~~period. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

~~Based~~Transfers onand ~~the~~restructurings, ~~observability~~if ofany, ~~the~~are ~~inputs used~~recognized inat the ~~valuation~~beginning ~~techniques,~~of the ~~Company~~period isin ~~required~~which tothey ~~provide~~occur. ~~disclosures~~There onwere ~~fair~~no ~~value~~transfers ~~measurements~~or ~~according~~restructurings toin ~~the~~or ~~fair~~out ~~value hierarchy. The fair value hierarchy ranks the observability~~ of ~~the~~Levels ~~inputs~~1, ~~used~~2, toor ~~determine~~3 ~~fair~~during ~~values. Investments carried at fair value are classified~~the ~~and~~three ~~disclosed~~months inended ~~one~~May of31, ~~the following three categories:~~2026.

●The following ~~Level~~table ~~1—Valuations~~provides ~~based~~a onreconciliation ~~quoted~~of ~~prices~~the inbeginning ~~active~~and ~~markets~~ending balances for ~~identical~~investments ~~assets~~that oruse ~~liabilities~~Level ~~that~~3 inputs for the ~~Company~~three months ~~has~~ended ~~the~~May ~~ability~~31, to2025 ~~access.~~(dollars in thousands):

● 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.

	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

39Purchases, 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 ~~Level 3—Pricing inputs are unobservable for the investment~~ and ~~includes~~repayments ~~situations~~represent ~~where~~net ~~there~~proceeds is little, if any, market activity for the investment. The inputs may be based on the Company’s own assumptions about how market participants would price the asset or liability or may use Level 2 inputs, as adjusted, to reflect specific investment attributes relative to a broader market assumption. Even if observable market data for comparable performance or valuation measures (earnings multiples, discount rates, other financial/valuation ratios, etc.) are available, such investments are grouped as Level 3 if any significant data point that is not also market observable (private company earnings, cash flows, etc.) is used in the valuation technique. We use multiple techniques for determining fair value based on the nature of the investment and experience with those types of investments and specific portfolio companies. The selections of the valuation techniques and the inputs and assumptions used within those techniques often require subjective judgements and estimates. These techniques include market comparables, the black-scholes model, discounted cash flows and enterprise value waterfalls. Fair value is best expressed as a range of values received from ~~which the Company determines a single best estimate. The types of inputs and assumptions that may be considered in determining the range of values of our~~ investments ~~include~~sold ~~the nature~~ and ~~realizable~~principal ~~value~~paydowns ofreceived ~~any~~during ~~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 factorsperiod.

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.36

~~The~~Transfers ~~following~~and ~~table~~restructurings, ~~presents~~if ~~fair~~any, ~~value~~are ~~measurements~~recognized at the beginning of ~~investments, by~~the ~~major~~period ~~class,~~in aswhich ofthey ~~November~~occur. ~~30,~~There ~~2025~~were ~~(dollars~~no transfers or restructurings in ~~thousands)~~or out of Levels 1, ~~according~~2, toor 3 during the three ~~fair~~months ~~value~~ended ~~hierarchy:~~May 31, 2025.

	Fair Value Measurements						Valued Using Net Asset
	Level 1		Level 2		Level 3		Value*		Total
First lien term loans	$	-	$	-	$	853,540	$	-	$	853,540
Second lien term loans		-		-		7,638		-		7,638
Unsecured term loans		-		-		16,183		-		16,183
Structured finance securities		-		45,633		8,849		-		54,482
Equity interests		-		-		77,525		6,582		84,107
Total	$	-	$	45,633	$	963,735	$	6,582	$	1,015,950

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):

* 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.

	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)		0.0x - 2.2x		2.2	x
				EBITDA Multiples (x)		6.5x		6.5	x
				Third-party Bid (x)		11.6x		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)		0.0x - 8.2x		6.0	x
			Black-Scholes Modeling (x)	Volatility (%)		40.2%		40.2	%
				EBITDA Multiples (x)		4.8x - 20.0x		9.7	x
Total	$	1,063,652

40* The weighted average in the table above is calculated based on each investment’s fair value weighting, using the applicable unobservable input.

The valuation ~~following~~techniques ~~table~~and ~~presents~~significant unobservable inputs used in recurring Level 3 fair value measurements of ~~investments, by~~assets ~~major class,~~ as of February 28, 2026 ~~2025~~were as follows (dollars in thousands)~~, according to the fair value hierarchy~~:

	Fair Value Measurements							Valued Using Net Asset
	Fair Value		Valuation Technique		Unobservable Input	Range		Weighted Average*
	Level 1		Level 2			Level 3		Value*			Total
First lien term loans	$	910,991	Market Comparables		Market Yield (%)		8.3% - 30.9%		11.1	%
First lien term loans	$	-	$	-		$	867,866	$	-		$	867,866
					EBITDA Multiples (x)		12.1x		12.1	x
Second lien term loans	$	-42,707	Market Comparables	-	Market Yield (%)		~~6,388~~11.1% - 16.9%		-12.2	%		~~6,388~~
Unsecured term loans		-16,130	Discounted Cash Flow	-	Discount Rate (%)		~~16,534~~10.0%		-10.0	%		~~16,534~~
Structured finance securities		-8,422	Discounted Cash Flow	-	Discount Rate (%)		~~14,772~~8.50% - 70.0%		-10.9	%		~~14,772~~
Equity interests		-		-			69,437		3,081			72,518
					Recovery Rate (%)		70%		70.0	%
Total	$	-	$	-		$	974,997	$	3,081		$	978,078
					Prepayment Rate (%)		20.0%		20.0	%
Equity interests		82,937	Market Comparables		Market Yield (%)		13.5%		0.1	%
			Enterprise Value Waterfall		Revenue Multiples (x)		0.1x - 8.2x		6.0	x
			Black-Scholes Modeling		Volatility (%)		38.7%		38.7	%
					EBITDA Multiples (x)		0.5x - 20.0x		9.4	x
Total	$	1,061,187

* The ~~Company’s~~weighted ~~equity~~average ~~investment~~ in ~~SLF JV is measured using~~ the ~~proportionate~~table ~~share~~above ofis ~~the~~calculated ~~NAV,~~based oron ~~equivalent,~~each asinvestment’s ~~a practical expedient and thus has not been classified in the~~ fair value ~~hierarchy.~~weighting, ~~The~~using ~~Company’s~~the ~~unsecured~~applicable ~~loan~~unobservable ~~investment in SLF JV is based on a discounted cash flow valuation technique~~input.

~~The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the nine months ended November 30, 2025 (dollars in thousands):~~37

	First lien term loans			Second lien term loans		Unsecured term loans			Structured finance securities			Equity interests			Total
Balance as of February 28, 2025	$	867,867		$	6,388	$	16,534		$	14,771		$	69,437		$	974,997
Payment-in-kind and other adjustments to cost		1,501			842		-			(479	)		-			1,864
Net accretion of discount on investments		1,564			6		-			858			-			2,428
Net change in unrealized appreciation (depreciation) on investments		1,681			402		(351	)		(2,494	)		2,564			1,802
Purchases		112,884			-		-			8,444			6,186			127,514
Sales and repayments		(131,957	)		-		-			(12,250	)		(6,687	)		(150,894	)
Net realized gain (loss) from investments		-			-		-			-			6,025			6,025
Balance as of November 30, 2025	$	853,540		$	7,638	$	16,183		$	8,850		$	77,525		$	963,736
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	$	2,156		$	401	$	(351	)	$	(2,095	)	$	835		$	946

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.

41The composition of our investments as of May 31, 2026 at amortized cost and fair value was as follows (dollars in thousands):

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.

	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	%

~~Sales~~The composition ~~and~~of ~~repayments~~our ~~represent~~investments ~~net~~as ~~proceeds~~of ~~received from~~February ~~investments~~28, ~~sold~~2026 at amortized cost and ~~principal~~fair ~~paydowns~~value ~~received~~was ~~during~~as ~~the~~follows ~~period.~~(dollars in thousands):

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 nine months ended November 30, 2025.

Investments at Amortized Cost

Amortized Cost
Percentage of
Total Portfolio

Investments at Fair Value

Fair Value Percentage of Total Portfolio

Filing Compare · SARATOGA INVESTMENT CORP.