Saratoga Investment Corp 2025年季度报告

Form 10-Q ☐Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended November 30, 2024 ☐Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File No. 814-00732 SARATOGA INVESTMENT CORP.(Exact name of registrant as specified in its charter) (212) 906-7800(Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that theRegistrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90days: Yes☐No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File requiredto be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months(or for such shorter period that the registrant was required to submit such files). Yes☐No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-acceleratedfiler, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,”“accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the ExchangeAct. Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extendedtransition period for complying with any new or revised financial accounting standards provided pursuant to Section13(a) of the Exchange Act☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the ExchangeAct). Yes☐No☐ The number of outstanding common shares of the registrant as of January 7, 2025 was 14,346,373. TABLE OF CONTENTS PagePART I.FINANCIAL INFORMATION1Item 1.Consolidated Financial Statements1Consolidated Statements of Assets and Liabilities as of November 30, 2024 (unaudited) andFebruary 29, 20241Consolidated Statements of Operations for the three and nine months ended November 30,2024 (unaudited) and November 30, 2023 (unaudited)2Consolidated Statements of Changes in Net Assets for three and nine months ended November30, 2024 (unaudited) and November 30, 2023 (unaudited)3Consolidated Statements of Cash Flows for the nine months ended November 30, 2024(unaudited) and November 30, 2023 (unaudited)4Consolidated Schedules of Investments as of November 30, 2024 (unaudited) and February 29,20245Notes to Consolidated Financial Statements as of November 30, 2024 (unaudited)28Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations108Item 3.Quantitative and Qualitative Disclosures About Market Risk149Item 4.Controls and Procedures150PART II.OTHER INFORMATION151Item 1.Legal Proceedings151Item 1A.Risk Factors151Item 2.Unregistered Sales of Equity Securities and Use of Proceeds152 Item 3.Defaults Upon Senior Securities152Item 4.Mine Safety Disclosures152Item 5.Other Information152Item 6.Exhibits153Signatures155i PART I. FINANCIAL INFORMATION Saratoga Investment Corp.Consolidated Statements of Assets and LiabilitiesNovember 30,2024February 29,2024(unaudited)ASSETSInvestments at fair valueNon-control/Non-affiliate investments (amortized cost of $852,158,089 and$1,035,879,751, respectively)$875,707,680$1,019,774,616Affiliate investments (amortized cost of $37,627,241 and $26,707,415,respectively)39,803,45627,749,137Control investments (amortized cost of $77,556,847 and $117,196,571,respectively)44,582,09691,270,036Total investments at fair value (amortized cost of $967,342,177 and$1,179,783,737, respectively)960,093,2321,138,793,789Cash and cash equivalents147,614,8108,692,846Cash and cash equivalents, reserve accounts102,549,21331,814,278Interest receivable (net of reserve of $68,735 and $9,490,340, respectively)7,462,13410,298,998Management fee receivable327,368343,023Other assets1,871,1921,163,225Current income tax receivable1,93199,676Total assets$1,219,919,880$1,191,205,835 LIABILITIESRevolving credit facilities$52,500,000$35,000,000Deferred debt financing costs, revolving credit facilities(1,467,001)(882,122)SBA debentures payable214,000,000214,000,000Deferred debt financing costs, SBA debentures payable(5,072,871)(5,779,892)8.75% Notes Payable 202520,000,00020,000,000Discount on 8.75% notes payable 2025(35,045)(112,894)Deferred debt financing costs, 8.75% notes payable 2025(1,460)(4,777)7.00% Notes Payable 202512,000,00012,000,000Discount on 7.00% notes payable 2025(100,675)(193,175) Saratoga Investment Corp.Consolidated Statements of Operations(unaudited) See accompanying notes to consolidated financial statements. See accompanying notes to consolidated financial state