SAR on NYSE

SARATOGA INVESTMENT CORP.

SARATOGA INVESTMENT CORP. is a corporation registered in the United States, active since 2007.2 It is headquartered in New York, United States.2

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Last updated Oct 20, 2026.

Overview

$36.6MNet income, fiscal 20263

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  • TickerSAR on NYSE2
  • HeadquartersNew York, United States2
  • Incorporated inMD4
  • Business address535 Madison Avenue, New York, Ny 100224
  • Filer categoryAccelerated filer4
  • Legal formStock Corporation2
  • LEI54930023WJCWPAGSWE412
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressc/o CSC-LAWYERS INCORPORATING SERVICE COMPANY, 7 ST. PAUL STREET, SUITE 820, 21202 Baltimore, United States2
  • Registered withBusiness Services (Maryland Department of Assessments and Taxation), D118172772

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2026

9.2%Return on equity3
1.87×Debt to equity3

Financial statements

Net income6783$36.6M in 2026+148% since 2021
0$20.0M$40.0M$60.0M2021: $14.8M$14.8M20212022: $45.7M$45.7M2022+210%2023: $24.7M$24.7M2023−46%2024: $8.9M$8.9M2024−64%2025: $28.1M$28.1M2025+214%2026: $36.6M$36.6M2026+30%
Fiscal year2020202120222023202420252026
Operating expenses$50.8M7$63.9M8$86.8M3$95.9M3$88.9M3
Income tax$6676-$39.6K7-$153.0K8$42.9K3$412.0K3-$138.2K3
Net income$14.8M6$45.7M7$24.7M8$8.9M3$28.1M3$36.6M3
Earnings per share$1.326$3.997$2.068$0.713$2.023$2.313
Earnings per share (diluted)$1.326$3.997$2.068$0.713$2.023$2.313
Shares (weighted, basic)11.5M shares712.0M shares812.7M shares313.9M shares315.9M shares3
Shares (weighted, diluted)12.0M shares812.7M shares313.9M shares315.9M shares3

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Corporate structure

SARATOGA INVESTMENT CORP. sits at the top of its group. 21 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of SARATOGA INVESTMENT CORP.

  • Truist Financial Filed SCHEDULE 13G/A on SARATOGA INVESTMENT CORP., latest Jul 2, 2025
  • BDCM CT, L.L.C. Filed SC 13G/A on SARATOGA INVESTMENT CORP., latest Feb 14, 2024 (3 filings since Feb 14, 2022)
  • SARATOGA INVESTMENT CORP. New York, New York, United States
    • Saratoga Investment Corp. CLO 2013-1, Ltd Subsidiary · Cayman Islands
    • Saratoga Investment Corp. GP, LLC Subsidiary · Delaware, United States
    • Saratoga Investment Corp. SBIC II LP Subsidiary · Delaware, United States
    • Saratoga Investment Corp. SBIC III LP Subsidiary · Delaware, United States
    • Saratoga Investment Funding II LLC Subsidiary · Delaware, United States
    • Saratoga Investment Funding III LLC Subsidiary · Delaware, United States
    • SIA-AAP, Inc. Subsidiary · Delaware, United States
    • SIA-ARC, Inc. Subsidiary · Delaware, United States
    • SIA-Avionte, Inc. Subsidiary · Delaware, United States
    • SIA-AX, Inc. Subsidiary · Delaware, United States
    • SIA-G4, Inc. Subsidiary · Delaware, United States
    • SIA-GH, Inc. Subsidiary · Delaware, United States
    • SIA-MDP, Inc. Subsidiary · Delaware, United States
    • SIA-PP Inc. Subsidiary · Delaware, United States
    • SIA-SAIS, Inc. Subsidiary · Delaware, United States
    • SIA-SIQ, Inc. Subsidiary · Delaware, United States
    • SIA-SZ, Inc. Subsidiary · Delaware, United States
    • SIA-TG, Inc. Subsidiary · Delaware, United States
    • SIA-TT, Inc. Subsidiary · Delaware, United States
    • SIA-Vector, Inc. Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What SARATOGA INVESTMENT CORP. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$1.7M3 Feb 28, 2026$148.2M3 Feb 28, 2025−98.9%
Stakes in other companies (equity method)$1.6M3 Sep 24, 2025$91.3M7 Feb 29, 2024−98.2%

Properties, in its own words

We do not own any real estate or other physical properties important to our operations, however, an affiliate of our Investment Adviser leases office space for our executive offices at 535 Madison Avenue, New York, New York 10022.

Item 2 of the 10-K filed May 5, 2026.12

Leadership

Who has led SARATOGA INVESTMENT CORP., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Thomas Inglesby V.2007–2008
  2. Richard T. Allorto Jr.2007
  3. Christian L. Oberbeck2010–now

Chair

  1. Richard M. Hayden2007–2008

President

  1. Christian L. Oberbeck2010–2023
  2. Michael J. Grisius2013–2016

Chief financial officer

  1. Richard T. Allorto Jr.2007–2008
  2. Richard A. Petrocelli2010
  3. Henri J. Steenkamp2014–now
2010201520202025
Board members and other officers (20)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • SIA-AAP, Inc. Delaware5
  • SIA-ARC, Inc. Delaware5
  • SIA-AX, Inc. Delaware5
  • SIA-Avionte, Inc. Delaware5
  • SIA-G4, Inc. Delaware5
  • SIA-GH, Inc. Delaware5
  • SIA-MDP, Inc. Delaware5
  • SIA-PP Inc. Delaware5
  • SIA-SAIS, Inc. Delaware5
  • SIA-SIQ, Inc. Delaware5
  • SIA-SZ, Inc. Delaware5
  • SIA-TG, Inc. Delaware5
  • SIA-TT, Inc. Delaware5
  • SIA-Vector, Inc. Delaware5
  • Saratoga Investment Corp. CLO 2013-1, Ltd Cayman Islands5
  • Saratoga Investment Corp. GP, LLC Delaware5
  • Saratoga Investment Corp. SBIC II LP Delaware5
  • Saratoga Investment Corp. SBIC III LP Delaware5
  • Saratoga Investment Funding II LLC Delaware5
  • Saratoga Investment Funding III LLC Delaware5

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • GSC INVESTMENT CORP.Mar 12, 2007 to Aug 3, 20104
  • GSC Investment LLCOct 18, 2006 to Mar 21, 20074

Timeline

  1. Oct 9, 20268-K Entered a material agreement; New debt or obligation38
  2. Oct 6, 20268-K Results of operations39
  3. Sep 24, 20268-K Entered a material agreement; New debt or obligation40
  4. Sep 23, 20268-K Shareholder vote41
  5. Sep 18, 20268-K Executive or director change42
  6. Aug 26, 20268-K Entered a material agreement; New debt or obligation43
  7. Aug 19, 20268-K Entered a material agreement; New debt or obligation; Other events44
  8. Aug 6, 20268-K Executive or director change45
  9. Jul 7, 20268-K Results of operations46
  10. May 5, 20268-K Results of operations47
  11. Apr 14, 20268-K Entered a material agreement; New debt or obligation48
  12. Mar 13, 20268-K Entered a material agreement49
  13. Aug 3, 2010New chief executive Christian L. Oberbeck becomes CEO13
  14. Jul 23, 2007New chief executive Richard T. Allorto Jr. becomes CEO15
  15. Apr 3, 2007New chief executive Thomas Inglesby V. becomes CEO14
  16. Mar 21, 2007Founded SARATOGA INVESTMENT CORP. is founded2

Calendar

Coming up

  1. Around Jan 5, 2027Next results, estimated About a quarter after its last report. The company hasn't announced the date.

When it reported results

  1. Oct 6, 2026Reported quarterly or annual results39
  2. Jul 7, 2026Reported quarterly or annual results46
  3. May 5, 2026Reported quarterly or annual results47
  4. Jan 7, 2026Reported quarterly or annual results50
  5. Oct 7, 2025Reported quarterly or annual results51
  6. Jul 8, 2025Reported quarterly or annual results52
  7. May 7, 2025Reported quarterly or annual results53
  8. Jan 8, 2025Reported quarterly or annual results54

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

200 filings to the SEC since October 2021: 5 annual reports, 16 quarterly reports, 59 major events, 29 insider forms, 4 large holders, 87 other. The latest 20:

  1. Oct 13, 20264 EDGAR
  2. Oct 9, 20268-K CURRENT REPORT EDGAR
  3. Oct 6, 20268-K CURRENT REPORT EDGAR
  4. Oct 6, 202610-Q QUARTERLY REPORT EDGAR
  5. Sep 24, 20268-K CURRENT REPORT EDGAR
  6. Sep 24, 2026424B2 PROSPECTUS SUPPLEMENT EDGAR
  7. Sep 23, 2026497AD EDGAR
  8. Sep 23, 2026FWP FREE WRITING PROSPECTUSES EDGAR
  9. Sep 23, 20268-K CURRENT REPORT EDGAR
  10. Sep 22, 2026424B2 PRELIMINARY PROSPECTUS SUPPLEMENT EDGAR
  11. Sep 22, 2026497AD EDGAR
  12. Sep 18, 20268-K CURRENT REPORT EDGAR
  13. Sep 18, 202625-NSE EDGAR
  14. Sep 10, 20264 EDGAR
  15. Aug 26, 20268-A12B FOR REGISTRATION OF CERTAIN CLASSES EDGAR
  16. Aug 26, 20268-K CURRENT REPORT EDGAR
  17. Aug 26, 2026CERT NYSE CERTIFICATION EDGAR
  18. Aug 19, 2026424B2 PROSPECTUS SUPPLEMENT EDGAR
  19. Aug 19, 2026N-23C-2 EDGAR
  20. Aug 19, 20268-K CURRENT REPORT EDGAR

The 200 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

2 open-market trades by officers, directors and large owners since October 2021: 2 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
May 4, 2023Oberbeck Christian LCEO and DirectorBuy2,000$23.81$47.6KForm 4
Aug 2, 2022Looney Steven MDirectorBuy1,250$23.54$29.4KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 58. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Lido Advisors, LLC181,518$4.0M0.0%−17,620
Private Advisor Group, LLC146,681$3.3M0.0%−18,458
Legal & General Group Plc141,229$3.2M0.0%+18,288
Hennion & Walsh Asset Management, Inc.127,040$2.8M0.1%−10,635
Advisors Asset Management, Inc.121,635$2.7M0.0%+15,010
International Assets Investment Management, LLC116,012$2.6M0.2%+33,605
LPL Financial LLC111,909$2.5M0.0%−2,086
Wells Fargo & Company/mn85,079$1.9M0.0%−188
Ethos Financial Group, LLC56,533$1.3M0.1%+3,687
BlackRock, Inc.53,261$1.2M0.0%−1,335
Citadel Advisors LLC50,507$1.1M0.0%+27,204
Raymond James Financial Inc49,143$1.1M0.0%+689
Wealthcare Advisory Partners LLC49,141$1.1M0.0%−1,432
Palogic Value Management, L.P.46,680$1.0M0.4%No change
Next Level Private LLC43,527$971.1K0.2%No change
Morgan Stanley41,713$930.6K0.0%+13,427
Jb Capital Partners LP33,847$737.2K0.1%No change
Focus Partners Wealth31,441$701.4K0.0%+3,732
Focus Financial Network, Inc.25,218$562.6K0.0%+4,042
XTX Topco Ltd24,939$556.4K0.0%+14,860
Cetera Investment Advisers23,001$513.1K0.0%+700
Osaic Holdings, Inc.22,747$507.5K0.0%+53
Greenwood Gearhart LLC21,500$479.7K0.0%+3,700
Virtus Investment Advisers, LLC20,757$463.1K0.1%−4,995
Royal Bank Of Canada19,238$429.0K0.0%+1,288

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How SARATOGA INVESTMENT CORP. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARSARATOGA INVESTMENT CORP.1
  • CIK0001377936
  • Employer ID (EIN)20-870061512
  • Filer statusAccelerated filer not an emerging growth company; not a smaller reporting company; not a shell company12
  • Incorporated inMaryland12
  • Fiscal year endsFebruary 281
  • Business address535 Madison Avenue, New York, NY 100221
  • Phone212 750-33431
  • Shares outstanding15,559,638 as of Oct 5, 202611
  • Public float$350.6M as of Aug 31, 202512
  • AuditorErnst & Young LLP, New York, New York PCAOB ID 42; it also attests to the company’s internal control over financial reporting12
  • On EDGAR sinceOct 18, 20061
  • Filings764 in all: 8-K (140), 4 (123), 10-Q (59), CORRESP (43), 497AD (42), 3 (33), 497 (27), 424B2 (23)1
    All 49 form types

    N-2/A (22), SC 13G/A (22), 10-K (20), DEF 14A (20), 40-17G (19), DEFA14A (16), EFFECT (14), 8-A12B (11), N-2 (11), POS EX (11), FWP (10), CERT (8), POS 8C (8), SC 13G (8), PRE 14A (7), N-23C-2 (6), 25-NSE (5), 5 (5), SC 13D/A (5), 4/A (4), 424B3 (4), 10-K/A (3), 3/A (3), 8-K/A (3), N-2MEF (3), SC 13D (3), UPLOAD (3), 305B2 (2), 40-APP (2), 40-APP/A (2), 8-A12B/A (2), CERTNYS (2), PRER14A (2), 40-17F1 (1), APP NTC (1), APP ORDR (1), N-54A (1), N-6F (1), N-6F/A (1), NT 10-K (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) May 5, 2026
    Quarterly report (10-Q) Oct 6, 2026
    Proxy statement (DEF 14A) Aug 5, 2026
    Latest 8-K (8-K) Oct 9, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.001 per shareSARThe New York Stock Exchange
6.00% Notes due 2027SATThe New York Stock Exchange
8.00% Notes due 2027SAJThe New York Stock Exchange
8.125% Notes due 2027SAYThe New York Stock Exchange
8.50% Notes due 2028SAZThe New York Stock Exchange
7.50% Notes due 2031SAVThe New York Stock Exchange

From the cover page of the 10-K filed May 5, 2026 (Section 12(b) of the Exchange Act).12

Risk factors and legal proceedings

The risks SARATOGA INVESTMENT CORP. names in Item 1A of its 10-K filed May 5, 2026: 67 risks under these headings, as written.12

  • Risks Related to Our Business and Structure
  • Risks Related to the Current Environment
  • Risks Related to Our Adviser and Its Affiliates
  • Risks Related to Our Investments
  • Risks Related to Our Common Stock
  • Risks Related to Our Notes
  • RISKS RELATED TO OUR BUSINESS AND STRUCTURE
  • We employ leverage, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us.
  • Assumed Return on Our Portfolio
  • (net of expenses)
  • Substantially all of the assets of SIF II and SIF III are subject to security interests under our Valley Credit Facility and our Live Oak Facility, respectively, and all of each SBIC Subsidiary’s assets are subject to claims of the SBA with respect to SBA-guaranteed debentures we issue and if we default on our obligations thereunder, we may suffer adverse consequences, including the foreclosure on our assets.
  • We are exposed to risks associated with changes in interest rates including potential effects on our cost of capital and net investment income.
The other 64 risks
  • Uncertainty about U.S. Presidential Administration initiatives could negatively impact our business, financial condition and results of operations.
  • There are significant potential conflicts of interest which could adversely impact our investment returns.
  • Changes in laws or regulations governing our operations, or changes in the interpretation thereof, and any failure by us to comply with laws or regulations governing our operations may adversely affect our business.
  • Legislative or other actions relating to taxes could have a negative effect on the Company.
  • Changes to United States tariff and import/export regulations may have a negative effect on the operations of our portfolio companies and, in turn, harm us.
  • We are dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect the market price of our common stock and our ability to pay dividends.
  • Our ability to enter into transactions involving derivatives and financial commitment transactions may be limited.
  • Internal and external cyber threats, as well as other disasters, could impair our ability to conduct business effectively.
  • Cybersecurity risks and cyber incidents may adversely affect our business or the business of our portfolio companies by causing a disruption to our operations or the operations of our portfolio companies, a compromise or corruption of our confidential information or the confidential information of our portfolio companies and/or damage to our business relationships or the business relationships of our portfolio companies, all of which could negatively impact the business, financial condition and operating results of us or our portfolio companies.
  • Regulations governing our operation as a BDC will affect our ability to raise additional capital.
  • Effective April 16, 2019, our asset coverage requirement was reduced from 200% to 150%, which may increase the risk of investing in the Company.
  • The agreements governing our Live Oak Credit Facility and our Valley Credit Facility contain various covenants that, among other things, limit our discretion in operating our business and provide for certain minimum financial covenants.
  • We will be subject to U.S. federal income tax imposed at corporate rates if we fail to qualify as a RIC.
  • Because we intend to distribute between 90% and 100% of our income to our stockholders in connection with our election to be treated as a RIC, we will continue to need additional capital to finance our growth. If additional funds are unavailable or not available on favorable terms, our ability to grow will be impaired.
  • We may have difficulty paying our required distributions if we recognize income before or without receiving cash in respect of such income.
  • We operate in a highly competitive market for investment opportunities.
  • We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we are not limited with respect to the proportion of our assets that may be invested in securities of a single issuer.
  • Our financial condition and results of operations depend on our ability to manage future investments effectively.
  • We may experience fluctuations in our quarterly and annual results.
  • Terrorist attacks, acts of war, or natural disasters may affect any market for our common stock, impact the businesses in which we invest and harm our business, operating results and financial condition.
  • Substantially all of our portfolio investments are recorded at fair value as determined in good faith by our board of directors; such valuations are inherently uncertain and may be materially higher or lower than the values that we ultimately realize upon the disposal of such investments.
  • Our board of directors may change our investment objective, operating policies and strategies without prior notice or stockholder approval, the effects of which may be adverse.
  • Any failure to comply with SBA regulations could have an adverse effect on our operations.
  • RISKS RELATED TO THE CURRENT ENVIRONMENT
  • Global economic, political and market conditions may adversely affect our business, results of operations and financial condition, including our revenue growth and profitability.
  • We are currently operating in a period of capital markets disruption and economic uncertainty, which may have a negative impact on our business, financial condition and results of operations. An extended disruption in the capital markets and the credit markets could negatively affect our business.
  • Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies, which may, in turn, impact the valuation of such portfolio companies.
  • Downgrades of the U.S. credit rating, automatic spending cuts, or another government shutdown could negatively impact our liquidity, financial condition and earnings.
  • U.S. policy changes may adversely affect our business.
  • Economic recessions or downturns could impair the ability of our portfolio companies to repay loans and harm our operating results.
  • RISKS RELATED TO OUR ADVISER AND ITS AFFILIATES
  • We may be obligated to pay Saratoga Investment Advisors incentive fees even if we incur a net loss, or there is a decline in the value of our portfolio.
  • Under the terms of the Management Agreement, we may have to pay incentive fees to Saratoga Investment Advisors in connection with the sale of an investment that is sold at a price higher than the fair value of such investment on May 31, 2010, even if we incur a loss on the sale of such investment.
  • The way in which the base management and incentive fees under the Management Agreement is determined may encourage Saratoga Investment Advisors to take actions that may not be in our best interests.
  • The base management fee we pay to Saratoga Investment Advisors may induce it to influence our leverage, which may be contrary to our interest.
  • Saratoga Investment Advisors’ liability is limited under the Management Agreement and we will indemnify Saratoga Investment Advisors against certain liabilities, which may lead it to act in a riskier manner on our behalf than it would when acting for its own account.
  • Our ability to enter into transactions with our affiliates is restricted.
  • We depend on the key personnel of Saratoga Investment Advisors for our future success, and if Saratoga Investment Advisors is unable to retain qualified personnel or if we lose any member of our senior management team, our ability to achieve our investment objective could be significantly harmed.
  • RISKS RELATED TO OUR INVESTMENTS
  • If we make unsecured debt investments, we may lack adequate protection in the event our portfolio companies become distressed or insolvent and will likely experience a lower recovery than more senior debtholders in the event our portfolio companies default on their indebtedness.
  • If we invest in the securities and other obligations of distressed or bankrupt companies, such investments may be subject to significant risks, including lack of income, extraordinary expenses, uncertainty with respect to satisfaction of debt, lower-than expected investment values or income potentials and resale restrictions.
  • Second priority liens on collateral securing loans that we make to our portfolio companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us.
  • A majority of our debt investments are not required to make principal payments until the maturity of such debt securities and are generally riskier than other types of loans.
  • We may be exposed to higher risks with respect to our investments that include PIK interest, particularly our investments in interest-only loans.
  • The lack of liquidity in our investments may adversely affect our business.
  • We may not have the funds to make additional investments in our portfolio companies which could impair the value of our portfolio.
  • The debt securities in which we invest are subject to credit risk and prepayment risk.
  • Our investment in Saratoga CLO constitutes a leveraged investment in a portfolio of subordinated notes representing the lowest-rated securities issued by a pool of predominantly senior secured first lien term loans and is subject to additional risks and volatility. All losses in the pool of loans will be borne by our subordinated notes and only after the value of our subordinated notes is reduced to zero will the higher-rated notes issued by the pool bear any losses.
  • In the event that a bankruptcy court orders the substantive consolidation of us with Saratoga CLO, the creditors of Saratoga CLO, including the holders of $391.0 million aggregate principal amount of debt, as of February 28, 2026 issued by Saratoga CLO, would have claims against the consolidated bankruptcy estate, which would include our assets.
  • Our investments in Saratoga CLO have a different risk profile than would direct investments made by us, including less information available and fewer rights regarding repayment compared to companies we invest in directly as well as complicated accounting and tax implications.
  • The senior loan portfolio of Saratoga CLO may be concentrated in a limited number of industries or borrowers, which may subject Saratoga CLO, and in turn us, to a risk of significant loss if there is a downturn in a particular industry in which Saratoga CLO is concentrated.
  • Failure by Saratoga CLO to satisfy certain debt compliance ratios may entitle senior debtholders to additional payments, which may harm our operating results by reducing payments we would otherwise be entitled to receive from Saratoga CLO.
  • Downgrades by rating agencies of broadly syndicated loans could adversely impact the financial performance of Saratoga CLO and its ability to pay equity distributions in the future.
  • We may invest through joint ventures, partnerships or other special purpose vehicles and our investments through these vehicles may entail greater risks, or risks that we otherwise would not incur, if we otherwise made such investments directly.
  • Available information about privately held companies is limited.
  • When we are a debt or minority equity investor in a portfolio company, we may not be in a position to control the entity, and its management may make decisions that could decrease the value of our investment.
  • Our portfolio companies may incur debt or issue equity securities that rank equally with, or senior to, our investments in such companies.
  • There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.
  • Our investments in equity securities involve a substantial degree of risk.
  • Our investments in foreign debt, including that of emerging market issuers, may involve significant risks in addition to the risks inherent in U.S. investments.
  • We may expose ourselves to risks if we engage in hedging transactions.
  • Our investments may be risky, and you could lose all or part of your investment.
  • Our portfolio may continue to be concentrated in a limited number of industries, which may subject us to a risk of significant loss if there is a downturn in a particular industry in which a number of our investments are concentrated.
  • We may be subject to risks associated with artificial intelligence.
  • A number of our portfolio companies are in the Software-as-a-Service industry and such companies are subject to additional risks that are unique to that industry, and the financial results of our portfolio companies in the Software-as-a-Service industry could materially adversely affect our financial results.
  • If our primary investments are deemed not to be qualifying assets, we could be precluded from investing in our desired manner or deemed to be in violation of the 1940 Act.
  • We are subject to risks to the extent we invest in covenant-lite loans.
  • RISKS RELATED TO OUR COMMON STOCK

Legal proceedings

Neither we nor our wholly owned subsidiaries are currently subject to any material legal proceedings. From time to time, we, our consolidated subsidiaries and/or Saratoga Investment Advisors may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business also is subject to extensive regulation, which may result in regulatory proceedings against us.

The opening of Item 3, Legal Proceedings.12

Sources

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