Saratoga CEO transfers 290 shares as compensation

CEO Christian L. Oberbeck transferred 290 SAR common shares as employee compensation, while retaining substantial direct and indirect holdings.

Rhea-AI Filing Summary

SARATOGA INVESTMENT CORP. (SAR) reported that CEO and Director Christian L. Oberbeck, through CLO Partners LLC, disposed of 290 shares of common stock on September 9, 2026 in an "other" type transaction. A footnote states that Mr. Oberbeck transferred 290 shares to a Saratoga employee as compensation.

After this transfer, CLO Partners LLC held 18,477 shares of common stock indirectly for Mr. Oberbeck. Separate holding entries report that he also held 726,128 shares directly, 100,000 shares indirectly through CLO Partners Holdings LLC, 94,155 shares indirectly held by his children, and 2,110 shares indirectly held by his wife. No Rule 10b5-1 trading plan is reported.

Insider Trade Summary

Other: 290 shares

Other 5 txns

Insider Oberbeck Christian L

Role CEO and Director

Type	Security	Shares	Price	Value
Other	Common Stock F1	290	$0.00	$0.00
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 18,477 shares (Indirect, By CLO Partners LLC); Common Stock — 726,128 shares (Direct); Common Stock — 100,000 shares (Indirect, By CLO Partners Holdings LLC); Common Stock — 94,155 shares (Indirect, By children); Common Stock — 2,110 shares (Indirect, By wife)

Footnotes (1)

1. F1. On September 9, 2026, Mr. Oberbeck transferred a total of 290 shares of common stock to a Saratoga employee as compensation.

Key Figures

Shares transferred as compensation: 290 shares Indirect holdings via CLO Partners LLC after transaction: 18,477 shares Direct holdings after transaction: 726,128 shares +3 more

6 metrics

Shares transferred as compensation 290 shares Common stock transferred on September 9, 2026 by CLO Partners LLC

Indirect holdings via CLO Partners LLC after transaction 18,477 shares Common stock indirectly held for Christian L. Oberbeck

Direct holdings after transaction 726,128 shares Common stock directly owned by Christian L. Oberbeck

Indirect holdings via CLO Partners Holdings LLC 100,000 shares Common stock indirectly held for Christian L. Oberbeck

Indirect holdings by children 94,155 shares Common stock indirectly held by children of Christian L. Oberbeck

Indirect holdings by wife 2,110 shares Common stock indirectly held by wife of Christian L. Oberbeck

Key Terms

indirect ownership, Form 4, other acquisition or disposition, compensation

4 terms

indirect ownership financial

"The filing reports indirect ownership through CLO Partners LLC, children, and wife."

Form 4 regulatory

"The insider transaction is disclosed on SEC Form 4 for SAR."

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

other acquisition or disposition financial

"The 290-share transfer is coded as an "other acquisition or disposition"."

compensation financial

"290 shares of common stock were transferred to a Saratoga employee as compensation."

FAQ

What insider transaction did SAR (SARATOGA INVESTMENT CORP.) report for Christian L. Oberbeck?

On September 9, 2026, 290 shares of SAR common stock were transferred by CLO Partners LLC, an entity associated with CEO Christian L. Oberbeck, as compensation to a Saratoga employee. The filing classifies this as an "other acquisition or disposition" transaction.

Was the SAR Form 4 transaction by Christian L. Oberbeck a sale under a Rule 10b5-1 trading plan?

No. The Form 4 for SAR indicates no Rule 10b5-1 trading plan; the document-level checkbox is not affirmed, and the footnote describes the transfer as compensation to an employee rather than a trade under a pre-arranged plan.

How many SAR shares did CLO Partners LLC hold for Christian L. Oberbeck after the transaction?

Following the September 9, 2026 transfer of 290 shares as compensation, CLO Partners LLC held 18,477 shares of SAR common stock indirectly for Christian L. Oberbeck, according to the reported post-transaction holdings.

What are Christian L. Oberbeck’s direct SAR share holdings reported on this Form 4?

The Form 4 reports that Christian L. Oberbeck held 726,128 shares of SAR common stock as direct ownership as of September 9, 2026, in addition to several indirect holdings through affiliated entities and family members.

What indirect SAR holdings related to Christian L. Oberbeck are disclosed besides CLO Partners LLC?

In addition to 18,477 shares through CLO Partners LLC, the filing lists 100,000 shares indirectly held through CLO Partners Holdings LLC, 94,155 shares held by his children, and 2,110 shares held by his wife, all in SAR common stock.

Does the SAR filing indicate a market sale or purchase of shares by Christian L. Oberbeck?

The filing does not report a market purchase or sale. It reports an "other" disposition of 290 shares as compensation to a Saratoga employee, with no per-share price and no indication of an open-market trade.

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Available on EDGAR 09/10/2026 - 11:03 AM Accepted by SEC EDGAR 09/10/2026 - 11:03 AM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Oberbeck Christian L

(Last) (First) (Middle)

C/O SARATOGA INVESTMENT CORP

535 MADISON AVENUE

(Street)

NEW YORK NEW YORK 10022

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
SARATOGA INVESTMENT CORP. [ SAR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CEO and Director

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/09/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock								726,128	D
Common Stock	09/09/2026		J(1)		290	D	$0.00	18,477	I	By CLO Partners LLC
Common Stock								100,000	I	By CLO Partners Holdings LLC
Common Stock								94,155	I	By children
Common Stock								2,110	I	By wife

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. On September 9, 2026, Mr. Oberbeck transferred a total of 290 shares of common stock to a Saratoga employee as compensation.

	/s/ Christian L Oberbeck	09/10/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)