SARATOGA INVESTMENT CORP.

Listed Company

SAZCIK 0001377936NYSEAcceleratedMarylandFY ends Feb 28

Period

FY 2025

Revenue

—

Net Income

$28.09M

Total Assets

$1.19B

Equity

$392.67M

Shares Out

16.18M

Op. Cash Flow

$197.54M

Business

SARATOGA INVESTMENT CORP. provides customized financing to U.S. middle‑market companies as an externally managed, closed‑end business development company. It primarily invests in senior and unitranche leveraged loans, mezzanine debt and select equity, and may pursue opportunistic investments. Its activities include direct lending and loan syndicate participation, SBIC subsidiaries accessing SBA‑guaranteed debentures, and a co‑managed senior loan fund joint venture. SARATOGA sources deals through U.S. primary and secondary loan markets via banks, financial sponsors and intermediaries and pays quarterly dividends with a reinvestment option.

Summary from filing dated 2025-05-07

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	Feb 28, 2026 2026-02-28	Feb 28, 2025 2025-02-28
INVESTMENT INCOME	—	—
Interest from investments	—	—
Interest income:	—	—
Interest Income	104	127
Payment in kind interest income:	—	—
Payment in kind interest income	3	4
Total interest from investments	107	131
Interest from cash and cash equivalents	8	7
Management fee income	3	3
Dividend income:	—	—
Total dividend from investments	5	5
Structuring and advisory fee income	2	2
Other income	2	2
Total investment income	126	149
OPERATING EXPENSES	—	—
Interest and debt financing expenses	49	52
Base management fees	18	18
Incentive management fees expense (benefit)	9	13
Professional fees	3	2
Administrator expenses	5	5
Insurance	300,480	303,859
Directors fees and expenses	430,000	366,500
General and administrative	2	2
Income tax expense (benefit)	−138,168	412,032
Excise tax expense (benefit)	2	2
Total operating expenses	89	96
NET INVESTMENT INCOME	37	53
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS	—	—
Net realized gain (loss) from investments:	—	—
Net realized gain (loss) from investments	6	−42
Net change in unrealized appreciation (depreciation) on investments:	—	—
Net change in unrealized appreciation (depreciation) on investments	−5	19
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments	−113,498	1
Net realized and unrealized gain (loss) on investments	621,508	−24
Realized losses on extinguishment of debt	−824,010	−800,452
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	37	28
WEIGHTED AVERAGE - BASIC EARNINGS (LOSS) PER COMMON SHARE (in Dollars per share)	2.31	2.02
WEIGHTED AVERAGE - DILUTED EARNINGS (LOSS) PER COMMON SHARE (in Dollars per share)	2.31	2.02
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC (in Shares)	16	14
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - DILUTED (in Shares)	16	14

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	Feb 28, 2026 2026-02-28	Feb 28, 2025 2025-02-28
ASSETS	—	—
Investments at fair value	—	—
Investments at fair value	1,109	978
Cash and cash equivalents	2	148
Cash and cash equivalents, reserve accounts	20	57
Interest receivable (net of reserve of $470,751 and $210,319, respectively)	7	7
Management fee receivable	249,720	314,193
Other assets	781,766	950,522
Total assets	1,139	1,192
LIABILITIES	—	—
Revolving credit facilities	70	53
Deferred debt financing costs	11	11
Notes Payable	669	741
Base management and incentive fees payable	7	6
Deferred tax liability	5	5
Accounts payable and accrued expenses	2	2
Interest and debt fees payable	4	4
Directors fees payable	5,500	—
Due to Manager	590,624	349,189
Total liabilities	743	799
Commitments and contingencies (See Note 9)	—	—
Premium on 4.375% notes payable 2026	—	287,848
Discount on notes payable	592,577	378,363
NET ASSETS	—	—
Common stock, par value $0.001, 100,000,000 common shares authorized, 16,224,198 and 15,183,078 common shares issued and outstanding, respectively	16,224	15,183
Capital in excess of par value	439	413
Total distributable deficit	−43	−20
Total net assets	396	393
Total liabilities and net assets	1,139	1,192
NET ASSET VALUE PER SHARE (in Dollars per share)	24.42	25.86

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	Feb 28, 2026 2026-02-28	Feb 28, 2025 2025-02-28
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	37	28
FROM OPERATIONS TO NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:	—	—
Distributions from CLO, payment-in-kind and other adjustments to cost	−3	−4
Net accretion of discount on investments	3	3
Amortization of deferred debt financing costs	5	5
Realized losses on extinguishment of debt	−824,010	−800,452
Income tax expense (benefit)	−196,309	37,243
Net realized (gain) loss from investments	6	−42
Net change in unrealized (appreciation) depreciation on investments	−5	19
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments	−113,498	1
Proceeds from sales and repayments of investments	185	312
Purchases of investments	310	168
(Increase) decrease in operating assets:	—	—
Interest receivable	−163,415	−3
Management fee receivable	−64,473	−28,830
Other assets	−168,756	−212,703
Current income tax receivable	—	−99,676
Increase (decrease) in operating liabilities:	—	—
Base management and incentive fees payable	371,875	−2
Accounts payable and accrued expenses	95,580	338,793
Interest and debt fees payable	−5,374	327,344
Directors fees payable	5,500	—
Due to Manager	241,435	−100,811
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	−88	198
Financing activities	—	—
Borrowings on debt	87	30
Paydowns on debt	80	57
Issuance of notes	150	—
Repayments of notes	212	—
Payments of deferred debt financing costs	7	1
Proceeds from issuance of common stock	19	33
Capital contribution from Manager	569,322	2
Payments of cash dividends	52	41
Repurchases of common stock	54,314	—
Repurchases fees	—	—
Payments of offering costs	25,857	251,445
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	−95	−33
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS	−183	164
CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, END OF YEAR (See note 2)	—	—
CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, END OF YEAR (See note 2)	—	—
Supplemental information:	—	—
Interest paid during the year	45	47
Cash paid for taxes	2	3
Supplemental non-cash information:	—	—
Payment-in-kind interest income and other adjustments to cost	−3	−3
Net accretion of discount on investments	3	3
Discount on debt issuance, 7.25% notes 2030	441,500	—
Amortization of deferred debt financing costs	5	5
Stock dividend distribution	7	5

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