Here are the 10-K annual reports from Saratoga Investment Corp. 8.125% Notes due 2027 (SAY) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow SAY and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full SAY filings page.
Saratoga Investment Corp. is a specialty finance company and business development company focused on senior and unitranche loans, mezzanine debt, and some equity in U.S. middle-market companies with EBITDA of $2–$50 million. As of February 28, 2026, it reported total assets of $1,139.3 million and investments in 49 portfolio companies, plus structured finance and joint venture positions.
The portfolio was 82.1% first lien term loans, 3.9% second lien, 1.5% unsecured loans, 4.9% structured finance securities and 7.6% equity interests, with a weighted average investment yield of about 9.6%. Total return based on market value was 1.54% versus 27.17% a year earlier, while total return based on NAV per share was 7.50% versus 10.11%.
The company is externally managed by Saratoga Investment Advisors, operates as a regulated investment company for tax purposes, uses SBA-licensed SBIC subsidiaries and a senior loan joint venture, and pays a base management fee of 1.75% of gross assets plus incentive fees, while distributing taxable income through quarterly dividends and a dividend reinvestment plan.