SAR · Saratoga Investment Corp. · Insider Trading

On October 9, 2026, Saratoga Investment Advisors LLC ("SIA LLC") purchased 15,000 shares of common stock. SIA LLC is 100% owned and controlled by Mr. Oberbeck. The price reported in Column 4 is a weighted-average price, rounded to the nearest hundredth. These shares were purchased in multiple transactions at prices ranging from $14.60 to $14.94 per share, inclusive. The reporting person undertakes to provide upon request by the staff of the Securities and Exchange Commission, Saratoga Investment Corp. (the "Issuer") or a security holder of the Issuer full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

On October 8, 2026, Saratoga Investment Advisors LLC ("SIA LLC") purchased 15,000 shares of common stock. SIA LLC is 100% owned and controlled by Mr. Oberbeck. The price reported in Column 4 is a weighted-average price, rounded to the nearest hundredth. These shares were purchased in multiple transactions at prices ranging from $14.50 to $15.10 per share, inclusive. The reporting person undertakes to provide upon request by the staff of the Securities and Exchange Commission, Saratoga Investment Corp. (the "Issuer") or a security holder of the Issuer full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

On September 9, 2026, Mr. Oberbeck transferred a total of 290 shares of common stock to a Saratoga employee as compensation.

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

On July 22, 2026, Mr. Oberbeck transferred a total of 2,560 shares of common stock to a Saratoga employee as compensation.

This transaction involved one gift of securities by the reporting person to his grandchild who does not share the reporting person's household.

This transaction involved one gift of securities by the reporting person to his grandchild who does not share the reporting person's household.

This transaction involved gifts of securities by the reporting person to his children, who share the reporting person's household.

This transaction involved gifts of securities by the reporting person to his children, who share the reporting person's household.

This transaction involved gifts of securities by the reporting person to his children, who do not share the reporting person's household.

On September 23, 2025, Mr. Oberbeck transferred a total of 606 shares of common stock to 2 Saratoga employees as compensation.

On July 31, 2025, Mr. Oberbeck transferred a total of 2,252 shares of common stock to 1 Saratoga employee as compensation.

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

Mr. Steenkamp received 4,373 shares of common stock from Christian Oberbeck as compensation.

On July 29, 2025, Mr. Oberbeck transferred a total of 28,261 shares of common stock to 16 Saratoga employees as compensation.

This transaction involved gifts of securities by the reporting person to his children, who share the reporting person's household.

This transaction involved gifts of securities by the reporting person to his children, who share the reporting person's household.

This transaction involved gifts of securities by the reporting person to his children, who do not share the reporting person's household.

On November 5, 2024, Mr. Oberbeck transferred 430 shares of common stock to a Saratoga employee as compensation.

On October 7, 2024, Mr. Oberbeck transferred 248 shares of common stock to a Saratoga employee as compensation.

On August 13 2024, Mr. Oberbeck transferred a total of 635 shares of common stock to 3 Saratoga employees as compensation.

Mr. Steenkamp received 5,514 shares of common stock from Christian Oberbeck as compensation.

On August 12 2024, Mr. Oberbeck transferred a total of 27,256 shares of common stock to 16 Saratoga employees as compensation.

This transaction involved gifts of securities by the reporting person to his children, who do not share the reporting person's household.

This transaction involved gifts of securities by the reporting person to his children, who share the reporting person's household.

This transaction involved gifts of securities by the reporting person to his children, who share the reporting person's household.

On August 16, 2023, Mr. Oberbeck transferred 26,495 shares of common stock to a total of 18 Saratoga employees as compensation.

On March 21, 2023, Mr. Oberbeck transferred 100 shares of common stock to a Saratoga employee as compensation.

This transaction involved gifts of securities by the reporting person.

This transaction involved gifts of securities by the reporting person to his children, who do not share the reporting person's household.

This transaction involved gifts of securities by the reporting person to his children, who share the reporting person's household.

This transaction involved gifts of securities by the reporting person to his children, who share the reporting person's household.

On October 7, 2022, Mr. Oberbeck transferred 256 shares of common stock to a Saratoga employee as compensation.

On September 27, 2022, Mr. Oberbeck transferred 4,002 shares of common stock to a Saratoga employee as compensation.

On August 15, 2022, Mr. Oberbeck transferred 13,543 shares of common stock to a total of 17 Saratoga employees as compensation.

Mr. Steenkamp received 3,638 shares of common stock from Christian Oberbeck as compensation.

This transaction involved gifts of securities by the reporting person to his children, who share the reporting person's household.

This transaction involved gifts of securities by the reporting person to his children, who share the reporting person's household.

This transaction involved gifts of securities by the reporting person to his children, who do not share the reporting person's household.

On October 14, 2021, Mr. Oberbeck transferred 346 shares of common stock to a Saratoga employee as compensation.

On August 24, 2021, Mr. Oberbeck transferred 199 shares of common stock to a Saratoga employee as compensation.

On June 10, 2021, Mr. Oberbeck transferred 12,879 shares of common stock to a total of 13 Saratoga employees as compensation.

Mr. Steenkamp received 3,857 shares of common stock from Christian Oberbeck as compensation.

On May 10, 2021, Mr. Oberbeck transferred 998 shares of common stock to a Saratoga employee as compensation.

On March 30, 2021, Mr. Oberbeck transferred 1,103 shares of common stock to a Saratoga employee as compensation.

This transaction involved gifts of securities by the reporting person to his children, who share the reporting person's household.

This transaction involved gifts of securities by the reporting person to his children, who share the reporting person's household.

This transaction involved gifts of securities by the reporting person to his children, who share the reporting person's household.