SARATOGA INVESTMENT Business Summary

Saratoga Investment Corp. (NYSE: SAR; Note Ticker: SAZ) operates as a business development company (BDC) specializing in customized financing solutions for U.S. middle-market companies. The firm generates revenue primarily through interest income derived from its portfolio of senior and unitranche leveraged loans and mezzanine debt, supplemented by dividend income and capital appreciation from minority equity co-investments. Its business is structured across three primary segments: direct lending to middle-market firms, management of Small Business Investment Company (SBIC) licensed subsidiaries, and the oversight of collateralized loan obligation (CLO) and joint venture (JV) funds. Within the competitive landscape, Saratoga contends with larger-cap BDCs such as Ares Capital (ARCC), Goldman Sachs BDC (GSBD), and Gladstone Investment (GAIN). Saratoga distinguishes itself by targeting the lower end of the middle market and maintaining a high-yield monthly dividend distribution model, positioning it as a specialized, income-focused alternative to its broader-market peers. The company is led by a seasoned executive team with deep roots in private equity and specialty finance. Christian L. Oberbeck serves as Chairman, CEO, and President, bringing over 30 years of experience in middle-market investing and leveraged finance. He is supported by Michael J. Grisius, Co-Managing Partner and Chief Investment Officer, who possesses over 25 years of experience in senior and mezzanine debt, and Henri J. Steenkamp, who serves as CFO, CCO, and Treasurer, having previously held the role of CFO at MF Global. The leadership team is overseen by a board of independent directors including Steven M. Looney and Charles S. Whitman III. Notable institutional backing has historically included firms such as Lido Advisors and Two Sigma Investments, reflecting the company's established reputation for managing complex credit portfolios and maintaining a resilient asset coverage ratio in volatile interest rate environments.