SARATOGA INVESTMENT CORP.
For the period ended Nov 30, 2025. Filed Jan 7, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Nov 30, 2025 · Filed Jan 7, 2026
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended November 30, 2025
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File No.814-00732
SARATOGA INVESTMENT CORP.
(Exact name of registrant as specified in its charter)
| Maryland | 20-8700615 |
|---|---|
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
535 Madison Avenue
New York, New York 10022
(Address of principal executive offices)
(212) 906-7800
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, par value $0.001 per share | SAR | The New York Stock Exchange |
| 6.00% Notes due 2027 | SAT | The New York Stock Exchange |
| 8.00% Notes due 2027 | SAJ | The New York Stock Exchange |
| 8.125% Notes due 2027 | SAY | The New York Stock Exchange |
| 8.50% Notes due 2027 | SAZ | The New York Stock Exchange |
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☐ | Accelerated filer | ☒ |
|---|---|---|---|
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| Emerging growth company | ☐ | ||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No☒
The number of outstanding common shares of the registrant as of January 7, 2026 was 16,184,058.
TABLE OF CONTENTS
| Page | ||
|---|---|---|
| PART I. · FINANCIAL INFORMATION | ||
| Item 1. | Consolidated Financial Statements | 1 |
| Consolidated Statements of Assets and Liabilities as of November 30, 2025 (unaudited) and February 28, 2025 | 1 | |
| Consolidated Statements of Operations for the three and nine months ended November 30, 2025 (unaudited) and November 30, 2024 (unaudited) | 2 | |
| Consolidated Statements of Changes in Net Assets for three and nine months ended November 30, 2025 (unaudited) and November 30, 2024 (unaudited) | 3 | |
| Consolidated Statements of Cash Flows for the nine months ended November 30, 2025 (unaudited) and November 30, 2024 (unaudited) | 4 | |
| Consolidated Schedules of Investments as of November 30, 2025 (unaudited) and February 28, 2025 | 5 | |
| Notes to Consolidated Financial Statements as of November 30, 2025 (unaudited) | 31 | |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 120 |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 166 |
| Item 4. | Controls and Procedures | 167 |
| PART II. | OTHER INFORMATION | |
| Item 1. | Legal Proceedings | 168 |
| Item 1A. | Risk Factors | 168 |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 168 |
| Item 3. | Defaults Upon Senior Securities | 168 |
| Item 4. | Mine Safety Disclosures | 168 |
| Item 5. | Other Information | 168 |
| Item 6. | Exhibits | 169 |
| Signatures | 172 | |
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