Recent news highlights include multiple reminders of upcoming ex-dividend dates and dividend runs, earnings call transcripts for Q3 and Q4 2026, confirmation of meeting Q4 earnings estimates, and a $100 million note offering priced in early 2026.

• Saratoga Investment Corp. announced upcoming ex-dividend dates and dividend runs in multiple news articles in mid-2026 [N1][N2][N3][N7].
• The company released Q3 and Q4 2026 earnings call transcripts and confirmed meeting Q4 earnings estimates in May 2026 [N4][N5][N6].
• In January 2026, Saratoga priced a public offering of $100 million 7.50% notes due 2031 [N8].

Saratoga Investment Corp. benefits from a focused investment strategy targeting middle-market companies with EBITDA between $2 million and $50 million, providing customized financing solutions that can generate attractive risk-adjusted returns. The portfolio's diversification across senior secured loans, mezzanine debt, and equity interests, combined with a weighted average yield of approximately 9.6%, supports income generation. The company's leverage strategy can amplify returns when market conditions are favorable. The external management by Saratoga Investment Advisors, affiliated with a private equity firm, provides specialized expertise. Recent capital raising through note offerings and share repurchases indicate active capital management.

The company faces risks from its use of leverage, which magnifies potential losses and may increase financial risk. Economic downturns or disruptions in capital markets could impair portfolio companies' ability to repay loans, leading to increased delinquencies and losses. Investments in subordinated notes and equity securities carry higher risk and volatility. The company's incentive fee structure may encourage risk-taking by the advisor. Liquidity constraints and market volatility could impact the company's ability to finance new investments or maintain distributions. Regulatory and market uncertainties, including interest rate fluctuations and credit market disruptions, pose additional challenges.

Saratoga Investment Corp.'s moat is based on its specialized focus on U.S. middle-market companies, leveraging expertise from its external manager affiliated with a middle-market private equity firm. Its investment strategy targets senior secured loans and mezzanine debt with collateral coverage, providing some downside protection. The company's ability to structure customized financing solutions and its diversified portfolio across various debt and equity instruments contribute to its competitive positioning. Additionally, its access to capital markets through credit facilities and public notes supports its investment capacity. However, the company operates in a competitive and risk-sensitive market with exposure to economic cycles and credit risks inherent in middle-market lending.

• Leverage Risk: The company employs leverage which magnifies potential gains and losses, increasing investment risk and potentially impacting distributions and debt servicing.
• Credit and Market Risk: Economic downturns, capital market disruptions, and inflation may adversely affect portfolio companies' ability to repay loans and impact investment valuations.
• Investment Concentration and Liquidity Risk: A significant portion of investments are in subordinated notes and equity securities, which carry higher risk and may lack liquidity.
• Advisor Incentive Fee Structure: Incentive fees payable to the investment advisor may be earned even during periods of net loss, potentially encouraging riskier investment behavior.
• Regulatory and Compliance Risk: The company must maintain qualifying assets to comply with regulations applicable to business development companies, with potential restrictions on investment activities.

• Saratoga Investment Corp. is a specialty finance company providing customized financing solutions to U.S. middle-market businesses with EBITDA between $2 million and $50 million through direct lending and loan syndicates [S1].
• The company primarily invests in senior and unitranche leveraged loans, mezzanine debt, and to a lesser extent equity issued by private U.S. middle-market companies [S1].
• Investments generally finance change of ownership transactions, strategic acquisitions, recapitalizations, and growth initiatives in partnership with business owners, management teams, and financial sponsors [S1].
• The investment activities are externally managed by Saratoga Investment Advisors, LLC, affiliated with Saratoga Partners, a middle-market private equity firm [S1].
• Portfolio composition as of February 28, 2026, included 82.1% first lien term loans, 3.9% second lien term loans, 1.5% unsecured loans, 4.9% structured finance securities, and 7.6% equity interests [S1].
• Weighted average yield on investments was approximately 9.6% as of February 28, 2026, with total return based on market value of 1.54% and NAV per share return of 7.50% for the same period [S1].
• Approximately 100% of first lien debt investments were fully collateralized based on enterprise value assessments as of February 28, 2026 [S1].
• The company may invest up to 30% of its portfolio in opportunistic investments including distressed debt, foreign debt, private equity, joint ventures, and structured finance vehicles [S1].
• Saratoga CLO investment represents a first loss position in a portfolio of predominantly senior secured first lien term loans, subject to unique risks [S1, S6].
• As of May 31, 2026, the company had cash and equivalents of $46.1 million and reported a net loss of $6.9 million for the quarter, with basic and diluted EPS of -$0.42 [S2].
• The company employs leverage, borrowing from banks and issuing senior debt securities secured by liens on assets, which magnifies potential gains and losses [S1, S4].
• Outstanding borrowings include various credit facilities and public notes with fixed interest rates and maturities ranging from 2025 to 2031 [S1].
• The company has a share repurchase plan extended through January 15, 2027, with over 1 million shares repurchased as of May 31, 2026 [S2].
• No defaults on senior securities were reported as of the latest filings [S2].
• The company pays incentive fees to its investment advisor based on net investment income and realized capital gains, with some risk of fees being paid even during net losses [S1, S19, S20].
• The company faces risks including leverage magnifying losses, interest rate changes, economic downturns affecting portfolio companies, liquidity constraints, and risks related to investments in subordinated notes and equity securities [S1, S4, S14, S15].
• The company regularly declares and pays dividends, with recent news highlighting upcoming ex-dividend dates and dividend runs [N1, N2, N3, N7].
• Recent news includes earnings call transcripts and reports confirming the company met Q4 earnings estimates [N4, N5, N6].
• The company priced a $100 million public offering of 7.50% notes due 2031 in January 2026 [N8].