Saratoga CEO shifts 280 shares as employee pay

SARATOGA INVESTMENT CORP.

Rhea-AI Filing Summary

SARATOGA INVESTMENT CORP. (symbol SAJ) reported that CEO and Director Christian L. Oberbeck caused an indirect disposition of 280 shares of common stock on August 18, 2026, coded as an "Other acquisition or disposition". According to a footnote, these 280 shares were transferred by CLO Partners LLC to a Saratoga employee as compensation. After this transfer, CLO Partners LLC held 18,767 shares indirectly attributed to Mr. Oberbeck, alongside other reported positions of 724,593 shares held directly, 100,000 shares indirectly via CLO Partners Holdings LLC, 92,855 shares held by children, and 2,081 shares held by his wife.

Insider Trade Summary

Other: 280 shares

Other 5 txns

Insider Oberbeck Christian L

Role CEO and Director

Type	Security	Shares	Price	Value
Other	Common Stock F1	280	$0.00	$0.00
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 18,767 shares (Indirect, By CLO Partners LLC); Common Stock — 724,593 shares (Direct); Common Stock — 100,000 shares (Indirect, By CLO Partners Holdings LLC); Common Stock — 92,855 shares (Indirect, By children); Common Stock — 2,081 shares (Indirect, By wife)

Footnotes (1)

1. F1. On August 18, 2026, Mr. Oberbeck transferred a total of 280 shares of common stock to a Saratoga employee as compensation.

Key Figures

Shares transferred as compensation: 280 shares Indirect holdings via CLO Partners LLC: 18,767 shares Direct holdings: 724,593 shares +3 more

6 metrics

Shares transferred as compensation 280 shares Indirect disposition on August 18, 2026, transferred to a Saratoga employee

Indirect holdings via CLO Partners LLC 18,767 shares Common stock indirectly held after the 280-share transfer

Direct holdings 724,593 shares Common stock directly held by Christian L. Oberbeck as of August 18, 2026

Indirect holdings via CLO Partners Holdings LLC 100,000 shares Common stock indirectly attributed through CLO Partners Holdings LLC

Indirect holdings by children 92,855 shares Common stock reported as indirectly owned through children

Indirect holdings by wife 2,081 shares Common stock reported as indirectly owned through spouse

Key Terms

Other acquisition or disposition, indirect ownership, transaction code J

3 terms

Other acquisition or disposition regulatory

"Transaction code description shows "Other acquisition or disposition" for the 280-share entry."

indirect ownership financial

"The filing labels several positions as "indirect" ownership through entities and family."

transaction code J regulatory

"The 280-share transfer is reported with transaction code J, an "Other" type."

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did SAR (SAJ) report for Christian L. Oberbeck on August 18, 2026?

Christian L. Oberbeck reported an indirect disposition of 280 shares of SARATOGA INVESTMENT CORP. common stock on August 18, 2026. A footnote states these shares were transferred by CLO Partners LLC to a Saratoga employee as compensation, with no per-share price listed.

Was the August 18, 2026 SAR (SAJ) insider transaction a market sale or a compensation transfer?

The filing describes the event as a transfer of 280 shares as compensation to a Saratoga employee. It is coded as an "Other acquisition or disposition" (transaction code J), indicating a compensatory transfer rather than an open-market purchase or sale.

How many SAR (SAJ) shares does Christian L. Oberbeck hold directly after the reported transaction?

After the reported transaction, Christian L. Oberbeck is shown holding 724,593 shares directly of SARATOGA INVESTMENT CORP. common stock. This direct holding is separate from various indirect holdings attributed through entities, family members, and the CLO Partners LLC structure.

What indirect SAR (SAJ) holdings are attributed to Christian L. Oberbeck after the Form 4?

Indirectly, the filing attributes 18,767 shares via CLO Partners LLC, 100,000 shares via CLO Partners Holdings LLC, 92,855 shares held by children, and 2,081 shares held by his wife. These positions are reported as indirect ownership interests on the same date.

Did SAR (SAJ) indicate a price for the 280-share insider transfer on August 18, 2026?

The Form 4 lists a per-share price of $0.0000 for the 280-share transfer. A footnote clarifies the shares were transferred by CLO Partners LLC to a Saratoga employee as compensation, rather than sold for cash consideration in the market.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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Available on EDGAR 08/19/2026 - 02:33 PM Accepted by SEC EDGAR 08/19/2026 - 02:32 PM 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)
08/18/2026

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								724,593	D
Common Stock	08/18/2026		J(1)		280	D	$0.00	18,767	I	By CLO Partners LLC
Common Stock								100,000	I	By CLO Partners Holdings LLC
Common Stock								92,855	I	By children
Common Stock								2,081	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 August 18, 2026, Mr. Oberbeck transferred a total of 280 shares of common stock to a Saratoga employee as compensation.

	/s/ Christian L Oberbeck	08/19/2026
	** 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)