Insider Transfer: Saratoga Investment CEO Reports 606-Share Disposition

Rhea-AI Filing Summary

Christian L. Oberbeck, identified as CEO, Director and a 10% owner of Saratoga Investment Corp., reported a transaction dated 09/23/2025 on Form 4. The filing states Mr. Oberbeck transferred 606 shares of common stock to two Saratoga employees as compensation. The form lists various holdings described as direct and indirect ownership (including interests held by CLO Partners LLC, CLO Partners Holdings LLC, his children and his wife). The Form 4 was signed on 09/25/2025.

Positive

• Transaction disclosed promptly with explanation that shares were transferred as employee compensation
• Reporting person identified with roles (CEO, Director, 10% owner), providing transparency about insider status

Negative

• None.

Insights

Financial Analyst

TL;DR: A small insider transfer of 606 shares was reported; this appears to be routine compensation-related activity with no disclosed cash proceeds.

The Form 4 shows a 606-share disposition executed on 09/23/2025 and reported by the CEO and director. The filing explicitly states the shares were transferred as employee compensation and lists aggregate direct and indirect holdings attributed to the reporting person and affiliated entities. There is no price received for the transfer shown in the filing, and no derivative transactions or other material corporate actions are disclosed. From a financial-materiality standpoint, the transaction size is modest relative to typical public-company equity counts and the filing contains no metrics such as proceeds, percent ownership change, or subsequent sales.

Corporate Governance Expert

TL;DR: Reported transfer is a routine insider compensation transfer; disclosure aligns with Section 16 reporting requirements.

The Form 4 identifies the reporting person as CEO, director and a greater-than-10% owner, and discloses a transfer of 606 shares to two employees as compensation. This is a customary reporting item under Section 16 and the filing includes signature and explanation blocks consistent with requirements. The document does not disclose any unusual governance actions, related-party concerns, option exercises, nor amendments. Absent further details, the filing appears to be a routine equity-compensation reporting event.

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

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

1. Name and Address of Reporting Person^*

Oberbeck Christian L

(Last) (First) (Middle)

C/O SARATOGA INVESTMENT CORP,

535 MADISON AVENUE

(Street)

NEW YORK NY 10022

(City) (State) (Zip)

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

3. Date of Earliest Transaction (Month/Day/Year)
09/23/2025

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

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

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

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								651,983	D
Common Stock	09/23/2025		J(1)		606	D	$0.00	86,607	I	By CLO Partners LLC
Common Stock								100,000	I	By CLO Partners Holdings LLC
Common Stock								73,378	I	By children
Common Stock								1,809	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 23, 2025, Mr. Oberbeck transferred a total of 606 shares of common stock to 2 Saratoga employees as compensation.

	/s/ Christian L Oberbeck	09/25/2025
	** 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.

FAQ

What did Christian L. Oberbeck report on the Form 4 for SARATOGA INVESTMENT CORP. (symbol provided)?

The Form 4 reports that on 09/23/2025 Mr. Oberbeck transferred 606 shares of common stock to two Saratoga employees as compensation.

What roles does the reporting person hold according to the Form 4?

The filing identifies Christian L. Oberbeck as CEO and Director and indicates he is a 10% owner of the issuer.

Was any cash consideration reported for the 606-share transfer?

The form shows a price of $0.00 for the reported transfer, consistent with shares issued or transferred as compensation.

When was the Form 4 signed and filed?

The Form 4 bears the reporting person's signature dated 09/25/2025, with the transaction date listed as 09/23/2025.

Does the Form 4 show other ownership by the reporting person?

Yes; the filing lists additional direct and indirect holdings described as held by CLO Partners LLC, CLO Partners Holdings LLC, his children and his wife, with specific share amounts shown in the filing.