SARATOGA INVESTMENT CORP.

# Saratoga Investment Corp.

Saratoga Investment Corp., incorporated in Maryland and listed on the NYSE under ticker SAT, operates as a closed-end management investment company. The firm primarily focuses on providing financing solutions to private middle-market companies in the United States, with particular emphasis on leveraged buyouts, recapitalizations, and growth capital transactions.

The company's investment portfolio consists predominantly of secured and unsecured debt instruments issued by portfolio companies, supplemented by equity co-investments. This dual-instrument approach generates revenue through interest payments on debt holdings and potential gains from equity positions as portfolio companies mature or are divested. The firm targets companies with enterprise values typically ranging from $50 million to $500 million, operating across diverse industries including business services, healthcare, industrials, and consumer-related sectors.

Saratoga operates with a relatively lean organizational structure typical of investment management companies, relying on a centralized team to manage its portfolio of middle-market investments. The company serves as a direct lender to the middle market, positioning itself as an alternative financing source for transactions that may not align with traditional bank lending criteria or that require flexible capital structures.