Company:  SARATOGA INVESTMENT CORP. (SAR)
Form Type:  424B2
Filing Date:  4/18/2022 
CIK:  0001377936 
Address:  535 MADISON AVENUE 
City, State, Zip:  NEW YORK, New York 10022 
Telephone:  212 750-3343 
Fiscal Year:  02/28 
Last Trade
Last Trade: 
$23.82  
Change: 
0.16 (0.68%)  
Trade Time: 
04:10 PM EST  
Market Cap: 
$288.80M
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© 2022  
Description of Business
We are a specialty finance company that provides customized financing solutions to U.S middle-market businesses. We primarily invest in senior and unitranche leveraged loans and mezzanine debt and, to a lesser extent, equity issued by private U.S. middle-market companies, which we define as companies having annual earnings before interest, taxes, depreciation and amortization ("EBITDA") of between $2 million and $50 million, both through direct lending and through participation in loan syndicates. Our investment objective is to create attractive risk-adjusted returns by generating current income and long-term capital appreciation from our investments. Our investments generally provide financing for change of ownership transactions, strategic acquisitions, recapitalizations and growth initiatives in partnership with business owners, management teams and financial sponsors.
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  FORM 424B2
    SUBJECT TO COMPLETION, DATED APRIL 18, 2022
    TABLE OF CONTENTS
    ABOUT THIS PROSPECTUS SUPPLEMENT
    SUPPLEMENTARY RISK FACTORS
    NOTE ABOUT FORWARD-LOOKING STATEMENTS
    USE OF PROCEEDS
    CAPITALIZATION
    DESCRIPTION OF THE NOTES
    CERTAIN U.S. FEDERAL INCOME TAX CONSEQUENCES
    UNDERWRITING (CONFLICTS oF INTEREST)
    LEGAL MATTERS
    AVAILABLE INFORMATION
    THE OFFERING
      BENEFICIAL OWNERS
    SELECTED FINANCIAL AND OTHER DATA
    RISK FACTORS
    USE OF PROCEEDS
    PRICE RANGE OF COMMON STOCK AND DISTRIBUTIONS
    DIVIDEND REINVESTMENT PLAN
    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
    MANAGEMENT
    CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
    CONTROL PERSONS AND PRINCIPAL STOCKHOLDERS
    DESCRIPTION OF OUR CAPITAL STOCK
    DESCRIPTION OF OUR DEBT SECURITIES
    DESCRIPTION OF OUR WARRANTS
    PLAN OF DISTRIBUTION