Company:  SARATOGA INVESTMENT CORP. (SAR)
Form Type:  10-K
Filing Date:  5/4/2022 
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: 
$24.09  
Change: 
0.27 (1.13%)  
Trade Time: 
Jun 28  
Market Cap: 
$292.07M
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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 10-K
    PART I
      ITEM 1. BUSINESS
      ITEM 1A. RISK FACTORS
      ITEM 1B. UNRESOLVED STAFF COMMENTS
      ITEM 2. PROPERTIES
      ITEM 3. LEGAL PROCEEDINGS
      ITEM 4. MINE SAFETY DISCLOSURES
    PART II
      ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED ...
        BENEFICIAL OWNERS
      ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL ...
        FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES
      ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT ...
      ITEM 8. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
      ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ...
      ITEM 9A. CONTROLS AND PROCEDURES
      ITEM 9B. OTHER INFORMATION
    PART III
      ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
        NAME AND TITLE
      ITEM 11. EXECUTIVE COMPENSATION
      ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND ...
        BENEFICIAL OWNERS
      ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND ...
      ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
    PART IV
      ITEM 15. EXHIBITS, CONSOLIDATED FINANCIAL STATEMENT SCHEDULES
    Notes to Consolidated Financial Statements
    EXHIBIT INDEX
    SIGNATURES
    Report of Independent Registered Public Accounting Firm
    INCOME STATEMENT
    CASH FLOW
    Note 16. Subsequent Events
    Independent Auditor's Report
    INCOME STATEMENT
    CASH FLOW
  EXHIBIT 23.1
    Consent of Independent Registered Public Accounting Firm
  EXHIBIT 23.2
    Consent of Independent Auditors
  EXHIBIT 31.1
    CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO
  EXHIBIT 31.2
    CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO
  EXHIBIT 32.1
    CERTIFICATION PURSUANT TO