Saratoga Investment Corp 2026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, 2025 ☐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) 535 Madison AvenueNew York, New York 10022(Address of principal executive offices) (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 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days: Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant 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-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filerNon-accelerated filer If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ The number of outstanding common shares of the registrant as of January 7, 2026 was 16,184,058. TABLE OF CONTENTS PagePART I. FINANCIAL INFORMATIONItem1.Consolidated Financial Statements1Consolidated Statements of Assets and Liabilities as of November 30, 2025 (unaudited) and February28, 20251Consolidated Statements of Operations for the three and nine months ended November 30, 2025 (unaudited) andNovember 30, 2024 (unaudited)2Consolidated Statements of Changes in Net Assets for three and nine months ended November 30, 2025(unaudited) and November 30, 2024(unaudited)3Consolidated Statements of Cash Flows for the nine months ended November 30, 2025 (unaudited) and November30, 2024 (unaudited)4Consolidated Schedules of Investments as of November 30, 2025 (unaudited) and February 28, 20255Notes to Consolidated Financial Statements as of November 30, 2025 (unaudited)31Item2.Management’s Discussion and Analysis of Financial Condition and Results of Operations120Item3.Quantitative and Qualitative Disclosures About Market Risk166Item4.Controls and Procedures167PARTII.OTHER INFORMATIONItem1.Legal Proceedings168Item1A.Risk Factors168Item2.Unregistered Sales of Equity Securities and Use of Proceeds168Item3.Defaults Upon Senior Securities168Item4.Mine Safety Disclosures168Item5.Other Information168Item6.Exhibits169Signatures172i PART I. FINANCIAL INFORMATION Saratoga Investment Corp.Consolidated Statements of Operations(unaudited) Saratoga Investment Corp.Consolidated Statements of Changes in Net Assets(unaudited) See accompanying notes to consolidated financial statements. Operating activitiesNET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS See accompanying notes to consolidated financial statements. Saratoga Investment Corp.Consolidated Schedule of InvestmentsNovember 30, 2025(unaudited) Saratoga Investment Corp.Consolidated Schedule of InvestmentsNovember 30, 2025(unaudited) Saratoga Investment Corp.Consolidated Schedule of InvestmentsNovember 30, 2025(unaudited) Saratoga Investment Corp.Consolidated Schedule of InvestmentsNovember 30, 2025(unaudited) Saratoga Investment Corp.Consolidated Schedule of InvestmentsNovember 30, 2025(unaudited) Saratoga Investment Corp.Consolidated Schedule of InvestmentsNovember 30, 2025(unaudited) Saratoga Investment Corp.Consolidated Schedule of InvestmentsNovember 30, 2025(unaudited) Saratoga Investment Corp.Consolidated Schedule of InvestmentsNovember 30, 2025(unaudited) Saratoga Investment Corp.Consolidated Schedule of InvestmentsNovember 30, 2025(unaudited) Saratoga Investment Corp.Consolidated Schedule of InvestmentsNovember 30, 2025(unaudited) Saratoga Investment Corp.Consolidated Schedule of InvestmentsNovember 30, 2025(unaudited) Saratoga Investment Corp.Consolidated Schedule of InvestmentsNovember 30, 2025(unaudited) Saratoga Investment Corp.Consolidated Schedule of InvestmentsNovember 30, 2025(unaudited) (1)Securities are exempt from registration under Rule 144A of the Securi