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

Rhea-AI Filing Summary

On 29–30 Jul 2025, SARATOGA INVESTMENT CORP. (SAR) CEO, Chairman and >10% owner Christian L. Oberbeck filed a Form 4 showing non-open-market, $0.00-price transfers of 28,261 and 48 shares (total 28,309) to 17 Saratoga employees as compensation (transaction code “J”). The shares came from his indirect vehicle CLO Partners LLC, whose stake fell to 89,465.

Post-transaction, Oberbeck holds 650,426 shares directly and about 263,881 shares indirectly via CLO Partners LLC, CLO Partners Holdings LLC, spouse and children, maintaining 10%-plus ownership. No derivative positions were reported. The filing signals no cash sale or market disposal, but it modestly reduces insider ownership while broadening employee equity participation.

Positive

• 28,309 shares granted to employees bolster staff equity alignment without cash expenditure.
• CEO retains 650,426 direct shares and >10% overall stake, indicating continued commitment to SAR.

Negative

• Insider ownership decreases by 28,309 shares, albeit modestly.
• Transactions priced at $0.00 provide no valuation signal to the market.

Insights

Financial Analyst

TL;DR: Gifted 28k shares to staff; no cash proceeds; CEO still a 10% holder—neutral market impact, modestly positive for alignment.

The “J” code confirms these are compensatory transfers, not sales, so there is no direct liquidity signal. The quantity—~4% of Oberbeck’s total holdings—is small relative to his remaining stake, keeping insider influence intact. Investors should view the move as governance-neutral; dilution is immaterial and the broadened share distribution could enhance employee motivation. Short-term price impact is likely minimal.

Corporate Governance Expert

TL;DR: CEO reallocates shares to employees, slightly lowers ownership but improves incentive alignment; governance outcome mildly positive.

Direct insider gifts to employees are uncommon and generally viewed favorably, aligning labor and shareholder interests without cash outflow. Oberbeck’s control remains significant, mitigating concerns about reduced commitment. Because the shares were already outstanding, dilution is strictly redistributive. I classify the event as not materially impactful but directionally positive for culture and retention.

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
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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 & Director

3. Date of Earliest Transaction (Month/Day/Year)
07/29/2025

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	07/29/2025		J(1)		28,261	D	$0.00	89,513	I	By CLO Partners LLC
Common Stock	07/30/2025		J(2)		48	D	$0.00	89,465	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 29, 2025, Mr. Oberbeck transferred a total of 28,261 shares of common stock to 16 Saratoga employees as compensation.

2. On July 30, 2025, Mr. Oberbeck transferred a total of 48 shares of common stock to 1 Saratoga employee as compensation.

	/s/ Christian L Oberbeck	07/30/2025
	** 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.
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FAQ

How many SAR shares did CEO Christian Oberbeck transfer on July 29 and 30 2025?

He transferred 28,261 shares on July 29 and 48 shares on July 30, totaling 28,309 shares.

Were the transactions open-market sales?

No. The Form 4 uses transaction code “J”, indicating non-open-market, compensatory transfers at $0.00.

What is Oberbeck’s direct shareholding after the Form 4 filing?

He directly owns 650,426 SAR common shares.

Does Christian Oberbeck remain a 10% owner of SAR?

Yes. His combined direct and indirect holdings still exceed 10% of outstanding shares.

Why were the shares transferred?

The explanation states they were provided to Saratoga employees as compensation.