[Form 4] SARATOGA INVESTMENT CORP. NEW Insider Trading Activity

Rhea-AI Filing Summary

Kimberly-Clark (KMB) filed a Form 4 disclosing routine equity compensation activity by Chief Growth Officer Patricia Corsi on 07/31/2025. Corsi’s 921 restricted share units vested and were automatically converted into common stock at a $0.00 exercise price. To cover statutory tax withholding, 385 shares were immediately surrendered to the company at $124.62 per share. Net of the withholding, her direct ownership increased by 536 shares, bringing her total directly held common stock to 536 shares. She still beneficially owns 2,150 RSUs that continue to vest 30-30-40 over three years. No open-market transactions occurred; all activity stems from the company’s Equity Participation Plan.

Positive

• Net acquisition of 536 shares increases insider alignment with shareholder interests.

Negative

• Disposition of 385 shares could be viewed as insider selling, albeit tax-driven and routine.

Insights

Financial Analyst

TL;DR: Routine RSU vesting; net +536 shares, minimal market signal.

The filing reflects standard equity compensation mechanics rather than discretionary buying or selling. The net increase in directly held shares modestly aligns the CGO’s interests with shareholders, but the quantity (<1 mm USD) is immaterial relative to KMB’s $42 bn market cap. The automatic sale for taxes is non-indicative of sentiment. Overall, the event is neutral for valuation or governance considerations and unlikely to affect trading volumes or perception.

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 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)
07/31/2025

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								650,426	D
Common Stock	07/31/2025		J(1)		2,252	D	$0.00	87,213	I	By CLO Partners LLC
Common Stock								100,000	I	By CLO Partners Holdings LLC
Common Stock								72,625	I	By children
Common Stock								1,791	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 July 31, 2025, Mr. Oberbeck transferred a total of 2,252 shares of common stock to 1 Saratoga employee as compensation.

	/s/ Christian L Oberbeck	08/01/2025
	** 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

How many Kimberly-Clark (KMB) shares did Patricia Corsi acquire?

She received 921 shares upon RSU vesting and retained a net 536 shares after tax withholding.

What price was used for the surrendered shares?

The 385 shares were surrendered back to the issuer at $124.62 per share.

Does Corsi still hold additional unvested RSUs?

Yes, she beneficially owns 2,150 restricted share units that vest 30-30-40 over three years.

Was this an open-market insider purchase or sale?

No. The transactions were automatic and compensation-related, not open-market trades.

What is Corsi’s current direct ownership in KMB?

Following the reported transactions, she directly holds 536 common shares.