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CCorporate Debt Portfolio Overvi$pZCorporate Debt Portfolio (1)$uCorporate Debt Portfolio (2)!Portfolio CMR distribution[Portfolio CMR d (1)&Portfolio composition by indust$Portfolio composition by (1)&Portfolio composition by geogra$ Portfolio composition by (2)$4Portfolio composition by (3)$KPortfolio composition by (4)$cPortfolio composition by (5)$KyPortfolio composition by (6)$ܔPortfolio composition by (7)$@Portfolio composition by (8)$Portfolio composition by (9)&UItem 7A Quantitative and Qualit$Item 7A Quantitative and (1)$V/Item 7A Quantitative and (2)$1cItem 7A Quantitative and (3)$UyItem 7A Quantitative and (4)$ϑItem 7A Quantitative and (5)Balance Sheet (1)Income Statemen (1)$Item 7A Quantitative and (6)$VItem 7A Quantitative and (7)$}Item 7A Quantitative and (8)$:Item 7A Quantitative and (9)%Item 7A Quantitative and (10)L
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Balance SheetQuarterly Data
NO TITLEQuarterly Data (1)!Corporate Debt Portfolio OverviCorporate Debt Portfolio (1)Corporate Debt Portfolio (2)Portfolio CMR distributionPortfolio CMR d (1)!Portfolio composition by industPortfolio composition by (1)!Portfolio composition by geograPortfolio composition by (2)Portfolio composition by (3)Portfolio composition by (4)Portfolio composition by (5)Portfolio composition by (6)Portfolio composition by (7)Portfolio composition by (8)Portfolio composition by (9)!Item 7A Quantitative and QualitItem 7A Quantitative and (1)Item 7A Quantitative and (2)Item 7A Quantitative and (3)Item 7A Quantitative and (4)Item 7A Quantitative and (5)Balance Sheet (1)Income Statemen (1)Item 7A Quantitative and (6)Item 7A Quantitative and (7)Item 7A Quantitative and (8)Item 7A Quantitative and (9) Item 7A Quantitative and (10)NO TITLE (1) Item 7A Quantitative and (11) Item 7A Quantitative and (12) Item 7A Quantitative and (13) Item 7A Quantitative and (14) Item 7A Quantitative and (15) Item 7A Quantitative and (16) Item 7A Quantitative and (17) Item 7A Quantitative and (18) Item 7A Quantitative and (19) Item 7A Quantitative and (20)
Cash Flows!Deferred Credit Facility FinancDeferred Credit Facility (1)Deferred Credit Facility (2)Deferred Credit Facility (3)Deferred Credit Facility (4)!Note 4 Investment in GSC InvestNote 4 Investment in GSC (1)Note 4 Investment in GSC (2)!Note 8 Interest Rate Cap AgreemNote 8 Interest Rate Cap (1)Note 11 Earnings Per ShareNote 12 DividendNote 13 Financial HighlightsNote 13 Financial (1)NO TITLE (2)!Note 15 Selected Quarterly DataNote 15 Selected (1)U }$ }$}$ }7
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!SARATOGA INVESTMENT CORP.10K
05/29/2009%NOTE ABOUT FORWARDLOOKING STATEMENTS ?%our future operating results;
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(our business prospects and the prospects#of our portfolio companies;
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(the impact of investments that we expectto make; ?6.our contractual arrangements and relationshipswith third parties; ?/'the dependence of our future success on1)the general economy and its impact on the&industries in which we invest; ?.&the ability of our portfolio companies$to achieve their objectives; ?0(our expected financings and investments; ?3+our regulatory structure and tax treatment,6.including our ability to operate as a business6.development company and a regulated investmentcompany;Dlxl`TVJNNQE& !"#$%&'()*+,./01 ! !?!6!.the adequacy of our cash resources and working""""capital;#$ $?$2$*the timing of cash flows, if any, from the%%%.%&operations of our portfolio companies;&' '?'0'(the ability of our investment adviser to(((.(&locate suitable investments for us and))))%to monitor and effectively administer****our investments; and+, ,?,3,+continued access to our Revolving Facility..$/____________________________10)Created by Morningstar Document Research.01(http://documentresearch.morningstar.com/(T]Q;L@=PF0*8X>
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Balance SheetQuarterly Data
NO TITLEQuarterly Data (1)!Corporate Debt Portfolio OverviCorporate Debt Portfolio (1)Corporate Debt Portfolio (2)Portfolio CMR distributionPortfolio CMR d (1)!Portfolio composition by industPortfolio composition by (1)!Portfolio composition by geograPortfolio composition by (2)Portfolio composition by (3)Portfolio composition by (4)Portfolio composition by (5)Portfolio composition by (6)Portfolio composition by (7)Portfolio composition by (8)Portfolio composition by (9)!Item 7A Quantitative and QualitItem 7A Quantitative and (1)Item 7A Quantitative and (2)Item 7A Quantitative and (3)Item 7A Quantitative and (4)Item 7A Quantitative and (5)Balance Sheet (1)Income Statemen (1)Item 7A Quantitative and (6)Item 7A Quantitative and (7)Item 7A Quantitative and (8)Item 7A Quantitative and (9) Item 7A Quantitative and (10)NO TITLE (1) Item 7A Quantitative and (11) Item 7A Quantitative and (12) Item 7A Quantitative and (13) Item 7A Quantitative and (14) Item 7A Quantitative and (15) Item 7A Quantitative and (16) Item 7A Quantitative and (17) Item 7A Quantitative and (18) Item 7A Quantitative and (19) Item 7A Quantitative and (20)
Cash Flows!Deferred Credit Facility FinancDeferred Credit Facility (1)Deferred Credit Facility (2)Deferred Credit Facility (3)Deferred Credit Facility (4)!Note 4 Investment in GSC InvestNote 4 Investment in GSC (1)Note 4 Investment in GSC (2)!Note 8 Interest Rate Cap AgreemNote 8 Interest Rate Cap (1)Note 11 Earnings Per ShareNote 12 DividendNote 13 Financial HighlightsNote 13 Financial (1)NO TITLE (2)!Note 15 Selected Quarterly DataNote 15 Selected (1)U }:}$ }}$
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!SARATOGA INVESTMENT CORP.10K
05/29/2009%NOTE ABOUT FORWARDLOOKING STATEMENTS Page
PART IItem 1. Business~
Item 1A. Risk Factors
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*"Item 1B. Unresolved Staff Comments~
~Item 2. Properties~
~!Item 3. Legal Proceedings~
~2*Item 4. Submission of Matters to a Vote of~
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/'Equity, Related Stockholder Matters and%Issuer Purchases of Equity Securities'Item 6. Selected Financial Data~
4,Item 7. Management?s Discussion and Analysis~
80of Financial Condition and Results of Operations%Item 7A. Quantitative and Qualitative~
%Disclosures about Market Risk6.Item 8. Financial Statements and Supplementary~
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001Services222223PART IV4444445,Item 15. Exhibits and Consolidated Financial55~
556Statement Schedules777778
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8899999):!Consolidated Financial Statements:::F1:!; EX31.1: CERTIFICATION!< EX31.2: CERTIFICATION!= EX32.1: CERTIFICATION>?D lfP^J)no[fG'@AB$@____________________________1A)Created by Morningstar Document Research.0B(http://documentresearch.morningstar.com/
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??P!NOTE ABOUT FORWARDLOOKING STATE NOTE ABOUT FORWARDLOOKING (1) NOTE ABOUT FORWARDLOOKING (3) NOTE ABOUT FORWARDLOOKING (4) NOTE ABOUT FORWARDLOOKING (5) NOTE ABOUT FORWARDLOOKING (6)Compliance policiesCompliance poli (1)!Resolution of potential conflic!Our common stock could be delis!The floating interest rate feat!When we are a debt or minority !Risks related to an investment !Provisions of our governing docProvisions of our (1)Provisions of our (2)Provisions of our (3)Income Statement
Balance SheetQuarterly Data
NO TITLEQuarterly Data (1)!Corporate Debt Portfolio OverviCorporate Debt Portfolio (1)Corporate Debt Portfolio (2)Portfolio CMR distributionPortfolio CMR d (1)!Portfolio composition by industPortfolio composition by (1)!Portfolio composition by geograPortfolio composition by (2)Portfolio composition by (3)Portfolio composition by (4)Portfolio composition by (5)Portfolio composition by (6)Portfolio composition by (7)Portfolio composition by (8)Portfolio composition by (9)!Item 7A Quantitative and QualitItem 7A Quantitative and (1)Item 7A Quantitative and (2)Item 7A Quantitative and (3)Item 7A Quantitative and (4)Item 7A Quantitative and (5)Balance Sheet (1)Income Statemen (1)Item 7A Quantitative and (6)Item 7A Quantitative and (7)Item 7A Quantitative and (8)Item 7A Quantitative and (9) Item 7A Quantitative and (10)NO TITLE (1) Item 7A Quantitative and (11) Item 7A Quantitative and (12) Item 7A Quantitative and (13) Item 7A Quantitative and (14) Item 7A Quantitative and (15) Item 7A Quantitative and (16) Item 7A Quantitative and (17) Item 7A Quantitative and (18) Item 7A Quantitative and (19) Item 7A Quantitative and (20)
Cash Flows!Deferred Credit Facility FinancDeferred Credit Facility (1)Deferred Credit Facility (2)Deferred Credit Facility (3)Deferred Credit Facility (4)!Note 4 Investment in GSC InvestNote 4 Investment in GSC (1)Note 4 Investment in GSC (2)!Note 8 Interest Rate Cap AgreemNote 8 Interest Rate Cap (1)Note 11 Earnings Per ShareNote 12 DividendNote 13 Financial HighlightsNote 13 Financial (1)NO TITLE (2)!Note 15 Selected Quarterly DataNote 15 Selected (1)U }$ }$}$ }$4
!SARATOGA INVESTMENT CORP.10K
05/29/2009%NOTE ABOUT FORWARDLOOKING STATEMENTS ?/'a history of generating stable earnings " and strong free cash flow;
?2*well constructed balance sheets, including+#an established tangible liquidation
value; ?/'reasonable debttocash flow multiples; ?,$industry leadership with competitive0(advantages and sustainable market shares"in attractive sectors; and ?3+capital structures that provide appropriate'terms and reasonable covenants.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/<5xl`TK^R[Od=PF0*8X>
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Balance SheetQuarterly Data
NO TITLEQuarterly Data (1)!Corporate Debt Portfolio OverviCorporate Debt Portfolio (1)Corporate Debt Portfolio (2)Portfolio CMR distributionPortfolio CMR d (1)!Portfolio composition by industPortfolio composition by (1)!Portfolio composition by geograPortfolio composition by (2)Portfolio composition by (3)Portfolio composition by (4)Portfolio composition by (5)Portfolio composition by (6)Portfolio composition by (7)Portfolio composition by (8)Portfolio composition by (9)!Item 7A Quantitative and QualitItem 7A Quantitative and (1)Item 7A Quantitative and (2)Item 7A Quantitative and (3)Item 7A Quantitative and (4)Item 7A Quantitative and (5)Balance Sheet (1)Income Statemen (1)Item 7A Quantitative and (6)Item 7A Quantitative and (7)Item 7A Quantitative and (8)Item 7A Quantitative and (9) Item 7A Quantitative and (10)NO TITLE (1) Item 7A Quantitative and (11) Item 7A Quantitative and (12) Item 7A Quantitative and (13) Item 7A Quantitative and (14) Item 7A Quantitative and (15) Item 7A Quantitative and (16) Item 7A Quantitative and (17) Item 7A Quantitative and (18) Item 7A Quantitative and (19) Item 7A Quantitative and (20)
Cash Flows!Deferred Credit Facility FinancDeferred Credit Facility (1)Deferred Credit Facility (2)Deferred Credit Facility (3)Deferred Credit Facility (4)!Note 4 Investment in GSC InvestNote 4 Investment in GSC (1)Note 4 Investment in GSC (2)!Note 8 Interest Rate Cap AgreemNote 8 Interest Rate Cap (1)Note 11 Earnings Per ShareNote 12 DividendNote 13 Financial HighlightsNote 13 Financial (1)NO TITLE (2)!Note 15 Selected Quarterly DataNote 15 Selected (1)U }$ }$}$ }$4
!SARATOGA INVESTMENT CORP.10K
05/29/2009%NOTE ABOUT FORWARDLOOKING STATEMENTS ?%bottomsup, companyspecific research
and analysis;
?,$capital preservation, low volatility.&and minimization of downside risk; and
?%investing with experienced management3+teams that hold meaningful equity ownershipin their businesses.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0Xxl`T`
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Balance SheetQuarterly Data
NO TITLEQuarterly Data (1)!Corporate Debt Portfolio OverviCorporate Debt Portfolio (1)Corporate Debt Portfolio (2)Portfolio CMR distributionPortfolio CMR d (1)!Portfolio composition by industPortfolio composition by (1)!Portfolio composition by geograPortfolio composition by (2)Portfolio composition by (3)Portfolio composition by (4)Portfolio composition by (5)Portfolio composition by (6)Portfolio composition by (7)Portfolio composition by (8)Portfolio composition by (9)!Item 7A Quantitative and QualitItem 7A Quantitative and (1)Item 7A Quantitative and (2)Item 7A Quantitative and (3)Item 7A Quantitative and (4)Item 7A Quantitative and (5)Balance Sheet (1)Income Statemen (1)Item 7A Quantitative and (6)Item 7A Quantitative and (7)Item 7A Quantitative and (8)Item 7A Quantitative and (9) Item 7A Quantitative and (10)NO TITLE (1) Item 7A Quantitative and (11) Item 7A Quantitative and (12) Item 7A Quantitative and (13) Item 7A Quantitative and (14) Item 7A Quantitative and (15) Item 7A Quantitative and (16) Item 7A Quantitative and (17) Item 7A Quantitative and (18) Item 7A Quantitative and (19) Item 7A Quantitative and (20)
Cash Flows!Deferred Credit Facility FinancDeferred Credit Facility (1)Deferred Credit Facility (2)Deferred Credit Facility (3)Deferred Credit Facility (4)!Note 4 Investment in GSC InvestNote 4 Investment in GSC (1)Note 4 Investment in GSC (2)!Note 8 Interest Rate Cap AgreemNote 8 Interest Rate Cap (1)Note 11 Earnings Per ShareNote 12 DividendNote 13 Financial HighlightsNote 13 Financial (1)NO TITLE (2)!Note 15 Selected Quarterly DataNote 15 Selected (1)U }$ }$}$ }8
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!SARATOGA INVESTMENT CORP.10K
05/29/2009%NOTE ABOUT FORWARDLOOKING STATEMENTS ?1)Business and Industry analysis ? a review 7 /of the company?s business position, competitive
.
&dynamics within its industry, cost and7/growth drivers and technological and geographic/'factors. Business and industry research

%often includes meetings with industry.&experts, consultants, other investors,"customers and competitors. ?4,Company analysis ? a review of the company?s0(historical financial performance, future/'projections, cash flow characteristics,2*balance sheet strength, liquidation value,.&legal, financial and accounting risks,,$contingent liabilities, market share&analysis and growth prospects. ?1)Structural/security analysis ? a thorough%legal document analysis including but1)not limited to an assessment of financial2*and negative covenants, events of default,2*enforceability of liens and voting rights.D0
lxl`TE:1(~0$uh !"$ ____________________________1!)Created by Morningstar Document Research.0"(http://documentresearch.morningstar.com/
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??P!NOTE ABOUT FORWARDLOOKING STATE NOTE ABOUT FORWARDLOOKING (1) NOTE ABOUT FORWARDLOOKING (2) NOTE ABOUT FORWARDLOOKING (3) NOTE ABOUT FORWARDLOOKING (4) NOTE ABOUT FORWARDLOOKING (6)Compliance policiesCompliance poli (1)!Resolution of potential conflic!Our common stock could be delis!The floating interest rate feat!When we are a debt or minority !Risks related to an investment !Provisions of our governing docProvisions of our (1)Provisions of our (2)Provisions of our (3)Income Statement
Balance SheetQuarterly Data
NO TITLEQuarterly Data (1)!Corporate Debt Portfolio OverviCorporate Debt Portfolio (1)Corporate Debt Portfolio (2)Portfolio CMR distributionPortfolio CMR d (1)!Portfolio composition by industPortfolio composition by (1)!Portfolio composition by geograPortfolio composition by (2)Portfolio composition by (3)Portfolio composition by (4)Portfolio composition by (5)Portfolio composition by (6)Portfolio composition by (7)Portfolio composition by (8)Portfolio composition by (9)!Item 7A Quantitative and QualitItem 7A Quantitative and (1)Item 7A Quantitative and (2)Item 7A Quantitative and (3)Item 7A Quantitative and (4)Item 7A Quantitative and (5)Balance Sheet (1)Income Statemen (1)Item 7A Quantitative and (6)Item 7A Quantitative and (7)Item 7A Quantitative and (8)Item 7A Quantitative and (9) Item 7A Quantitative and (10)NO TITLE (1) Item 7A Quantitative and (11) Item 7A Quantitative and (12) Item 7A Quantitative and (13) Item 7A Quantitative and (14) Item 7A Quantitative and (15) Item 7A Quantitative and (16) Item 7A Quantitative and (17) Item 7A Quantitative and (18) Item 7A Quantitative and (19) Item 7A Quantitative and (20)
Cash Flows!Deferred Credit Facility FinancDeferred Credit Facility (1)Deferred Credit Facility (2)Deferred Credit Facility (3)Deferred Credit Facility (4)!Note 4 Investment in GSC InvestNote 4 Investment in GSC (1)Note 4 Investment in GSC (2)!Note 8 Interest Rate Cap AgreemNote 8 Interest Rate Cap (1)Note 11 Earnings Per ShareNote 12 DividendNote 13 Financial HighlightsNote 13 Financial (1)NO TITLE (2)!Note 15 Selected Quarterly DataNote 15 Selected (1)U }$ }$}$ }I;
!SARATOGA INVESTMENT CORP.10K
05/29/2009%NOTE ABOUT FORWARDLOOKING STATEMENTS ?0(maintenance leverage covenants requiring 0 (a decreasing ratio of debt to cash flow;
?1)maintenance cash flow covenants requiring/'an increasing ratio of cash flow to the
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1sum of interest expense and capital expenditures;and ?.&debt incurrence prohibitions, limiting( a company?s ability to relever.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2xl`T=RF_=PF0*8X>
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Balance SheetQuarterly Data
NO TITLEQuarterly Data (1)!Corporate Debt Portfolio OverviCorporate Debt Portfolio (1)Corporate Debt Portfolio (2)Portfolio CMR distributionPortfolio CMR d (1)!Portfolio composition by industPortfolio composition by (1)!Portfolio composition by geograPortfolio composition by (2)Portfolio composition by (3)Portfolio composition by (4)Portfolio composition by (5)Portfolio composition by (6)Portfolio composition by (7)Portfolio composition by (8)Portfolio composition by (9)!Item 7A Quantitative and QualitItem 7A Quantitative and (1)Item 7A Quantitative and (2)Item 7A Quantitative and (3)Item 7A Quantitative and (4)Item 7A Quantitative and (5)Balance Sheet (1)Income Statemen (1)Item 7A Quantitative and (6)Item 7A Quantitative and (7)Item 7A Quantitative and (8)Item 7A Quantitative and (9) Item 7A Quantitative and (10)NO TITLE (1) Item 7A Quantitative and (11) Item 7A Quantitative and (12) Item 7A Quantitative and (13) Item 7A Quantitative and (14) Item 7A Quantitative and (15) Item 7A Quantitative and (16) Item 7A Quantitative and (17) Item 7A Quantitative and (18) Item 7A Quantitative and (19) Item 7A Quantitative and (20)
Cash Flows!Deferred Credit Facility FinancDeferred Credit Facility (1)Deferred Credit Facility (2)Deferred Credit Facility (3)Deferred Credit Facility (4)!Note 4 Investment in GSC InvestNote 4 Investment in GSC (1)Note 4 Investment in GSC (2)!Note 8 Interest Rate Cap AgreemNote 8 Interest Rate Cap (1)Note 11 Earnings Per ShareNote 12 DividendNote 13 Financial HighlightsNote 13 Financial (1)NO TITLE (2)!Note 15 Selected Quarterly DataNote 15 Selected (1)U }$ }$}$ }7
!SARATOGA INVESTMENT CORP.10K
05/29/2009%NOTE ABOUT FORWARDLOOKING STATEMENTS ?3+requiring a total return on our investments . &(including both interest and potential

%equity appreciation) that compensatesus for credit risk;
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'requiring companies to use a portion of%their excess cash flow to repay debt; ?,$selecting investments with covenants0(that incorporate call protection as part( of the investment structure; and ?.&selecting investments with affirmative2*and negative covenants, default penalties,5lien protection, change of control provisions6.and board rights, including either observation or participation rights.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/@yDxl`TM
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Balance SheetQuarterly Data
NO TITLEQuarterly Data (1)!Corporate Debt Portfolio OverviCorporate Debt Portfolio (1)Corporate Debt Portfolio (2)Portfolio CMR distributionPortfolio CMR d (1)!Portfolio composition by industPortfolio composition by (1)!Portfolio composition by geograPortfolio composition by (2)Portfolio composition by (3)Portfolio composition by (4)Portfolio composition by (5)Portfolio composition by (6)Portfolio composition by (7)Portfolio composition by (8)Portfolio composition by (9)!Item 7A Quantitative and QualitItem 7A Quantitative and (1)Item 7A Quantitative and (2)Item 7A Quantitative and (3)Item 7A Quantitative and (4)Item 7A Quantitative and (5)Balance Sheet (1)Income Statemen (1)Item 7A Quantitative and (6)Item 7A Quantitative and (7)Item 7A Quantitative and (8)Item 7A Quantitative and (9) Item 7A Quantitative and (10)NO TITLE (1) Item 7A Quantitative and (11) Item 7A Quantitative and (12) Item 7A Quantitative and (13) Item 7A Quantitative and (14) Item 7A Quantitative and (15) Item 7A Quantitative and (16) Item 7A Quantitative and (17) Item 7A Quantitative and (18) Item 7A Quantitative and (19) Item 7A Quantitative and (20)
Cash Flows!Deferred Credit Facility FinancDeferred Credit Facility (1)Deferred Credit Facility (2)Deferred Credit Facility (3)Deferred Credit Facility (4)!Note 4 Investment in GSC InvestNote 4 Investment in GSC (1)Note 4 Investment in GSC (2)!Note 8 Interest Rate Cap AgreemNote 8 Interest Rate Cap (1)Note 11 Earnings Per ShareNote 12 DividendNote 13 Financial HighlightsNote 13 Financial (1)NO TITLE (2)!Note 15 Selected Quarterly DataNote 15 Selected (1)U }$ }}$ }$4
!SARATOGA INVESTMENT CORP.10K
05/29/2009Compliance policies(a)3+is organized under the laws of, and has its 2 *principal place of business in, the United
States;(b)0(is not an investment company (other than
2
*a small business investment company wholly1)owned by the BDC) or a company that would0(be an investment company but for certain*"exclusions under the 1940 Act; and(c)*"satisfies either of the following:$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/47~rfwk]RF:=PF0*8X>
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Balance SheetQuarterly Data
NO TITLEQuarterly Data (1)!Corporate Debt Portfolio OverviCorporate Debt Portfolio (1)Corporate Debt Portfolio (2)Portfolio CMR distributionPortfolio CMR d (1)!Portfolio composition by industPortfolio composition by (1)!Portfolio composition by geograPortfolio composition by (2)Portfolio composition by (3)Portfolio composition by (4)Portfolio composition by (5)Portfolio composition by (6)Portfolio composition by (7)Portfolio composition by (8)Portfolio composition by (9)!Item 7A Quantitative and QualitItem 7A Quantitative and (1)Item 7A Quantitative and (2)Item 7A Quantitative and (3)Item 7A Quantitative and (4)Item 7A Quantitative and (5)Balance Sheet (1)Income Statemen (1)Item 7A Quantitative and (6)Item 7A Quantitative and (7)Item 7A Quantitative and (8)Item 7A Quantitative and (9) Item 7A Quantitative and (10)NO TITLE (1) Item 7A Quantitative and (11) Item 7A Quantitative and (12) Item 7A Quantitative and (13) Item 7A Quantitative and (14) Item 7A Quantitative and (15) Item 7A Quantitative and (16) Item 7A Quantitative and (17) Item 7A Quantitative and (18) Item 7A Quantitative and (19) Item 7A Quantitative and (20)
Cash Flows!Deferred Credit Facility FinancDeferred Credit Facility (1)Deferred Credit Facility (2)Deferred Credit Facility (3)Deferred Credit Facility (4)!Note 4 Investment in GSC InvestNote 4 Investment in GSC (1)Note 4 Investment in GSC (2)!Note 8 Interest Rate Cap AgreemNote 8 Interest Rate Cap (1)Note 11 Earnings Per ShareNote 12 DividendNote 13 Financial HighlightsNote 13 Financial (1)NO TITLE (2)!Note 15 Selected Quarterly DataNote 15 Selected (1)U }$ }U}$ }y<
,
!SARATOGA INVESTMENT CORP.10K
05/29/2009Compliance policies~
4,Securities of any eligible portfolio company which we control.
~
5Securities purchased in a private transaction4,from a U.S. issuer that is not an investment
/
'company or from an affiliated person of/'the issuer, or in transactions incident/'thereto, if the issuer is in bankruptcy/'and subject to reorganization or if the1)issuer, immediately prior to the purchase0(of its securities was unable to meet its5obligations as they came due without material2*assistance other than conventional lending"or financing arrangements.~
3+Securities of an eligible portfolio company:2purchased from any person in a private transaction7/if there is no ready market for such securities:2and we already own at least 60% of the outstanding1)equity of the eligible portfolio company.~
.&Securities received in exchange for or4,distributed on or with respect to securities7/described in (1) through (4) above, or pursuantD
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!"#$%&'()*+ / 'to the exercise of options, warrants or!!!+!#rights relating to such securities."#~
##/#'Cash, cash equivalents, U.S. Government$$$2$*securities or highquality debt securities%%%2%*maturing in one year or less from the time&&&&of investment.'($)____________________________1*)Created by Morningstar Document Research.0+(http://documentresearch.morningstar.com/VJ==PF0*8X>
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??P!NOTE ABOUT FORWARDLOOKING STATE NOTE ABOUT FORWARDLOOKING (1) NOTE ABOUT FORWARDLOOKING (2) NOTE ABOUT FORWARDLOOKING (3) NOTE ABOUT FORWARDLOOKING (4) NOTE ABOUT FORWARDLOOKING (5) NOTE ABOUT FORWARDLOOKING (6)Compliance policiesCompliance poli (1)!Our common stock could be delis!The floating interest rate feat!When we are a debt or minority !Risks related to an investment !Provisions of our governing docProvisions of our (1)Provisions of our (2)Provisions of our (3)Income Statement
Balance SheetQuarterly Data
NO TITLEQuarterly Data (1)!Corporate Debt Portfolio OverviCorporate Debt Portfolio (1)Corporate Debt Portfolio (2)Portfolio CMR distributionPortfolio CMR d (1)!Portfolio composition by industPortfolio composition by (1)!Portfolio composition by geograPortfolio composition by (2)Portfolio composition by (3)Portfolio composition by (4)Portfolio composition by (5)Portfolio composition by (6)Portfolio composition by (7)Portfolio composition by (8)Portfolio composition by (9)!Item 7A Quantitative and QualitItem 7A Quantitative and (1)Item 7A Quantitative and (2)Item 7A Quantitative and (3)Item 7A Quantitative and (4)Item 7A Quantitative and (5)Balance Sheet (1)Income Statemen (1)Item 7A Quantitative and (6)Item 7A Quantitative and (7)Item 7A Quantitative and (8)Item 7A Quantitative and (9) Item 7A Quantitative and (10)NO TITLE (1) Item 7A Quantitative and (11) Item 7A Quantitative and (12) Item 7A Quantitative and (13) Item 7A Quantitative and (14) Item 7A Quantitative and (15) Item 7A Quantitative and (16) Item 7A Quantitative and (17) Item 7A Quantitative and (18) Item 7A Quantitative and (19) Item 7A Quantitative and (20)
Cash Flows!Deferred Credit Facility FinancDeferred Credit Facility (1)Deferred Credit Facility (2)Deferred Credit Facility (3)Deferred Credit Facility (4)!Note 4 Investment in GSC InvestNote 4 Investment in GSC (1)Note 4 Investment in GSC (2)!Note 8 Interest Rate Cap AgreemNote 8 Interest Rate Cap (1)Note 11 Earnings Per ShareNote 12 DividendNote 13 Financial HighlightsNote 13 Financial (1)NO TITLE (2)!Note 15 Selected Quarterly DataNote 15 Selected (1)U }$ }U}$ }6
#
!SARATOGA INVESTMENT CORP.10K
05/29/2009g_Resolution of potential conflicts of interest; equitable allocation of investment opportunities~
5the investment guidelines and/or restrictions 2 *set forth in the applicable organizational
documents;~
1)the risk and return profile of the client
entity;~
0(the suitability/priority of a particular)!investment for the client entity;~
/'if applicable, the target position size0(of the investment for the client entity;~
2*the level of available cash for investment%with respect to the particular cliententity;~
2*the total amount of funds committed to theclient; and~
2*the age of the fund and the remaining term.&of a fund?s investment period, if any.Dl>2&a'}#m X!~r !"$ ____________________________1!)Created by Morningstar Document Research.0"(http://documentresearch.morningstar.com/
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??P!NOTE ABOUT FORWARDLOOKING STATE NOTE ABOUT FORWARDLOOKING (1) NOTE ABOUT FORWARDLOOKING (2) NOTE ABOUT FORWARDLOOKING (3) NOTE ABOUT FORWARDLOOKING (4) NOTE ABOUT FORWARDLOOKING (5) NOTE ABOUT FORWARDLOOKING (6)Compliance policiesCompliance poli (1)!Resolution of potential conflic!The floating interest rate feat!When we are a debt or minority !Risks related to an investment !Provisions of our governing docProvisions of our (1)Provisions of our (2)Provisions of our (3)Income Statement
Balance SheetQuarterly Data
NO TITLEQuarterly Data (1)!Corporate Debt Portfolio OverviCorporate Debt Portfolio (1)Corporate Debt Portfolio (2)Portfolio CMR distributionPortfolio CMR d (1)!Portfolio composition by industPortfolio composition by (1)!Portfolio composition by geograPortfolio composition by (2)Portfolio composition by (3)Portfolio composition by (4)Portfolio composition by (5)Portfolio composition by (6)Portfolio composition by (7)Portfolio composition by (8)Portfolio composition by (9)!Item 7A Quantitative and QualitItem 7A Quantitative and (1)Item 7A Quantitative and (2)Item 7A Quantitative and (3)Item 7A Quantitative and (4)Item 7A Quantitative and (5)Balance Sheet (1)Income Statemen (1)Item 7A Quantitative and (6)Item 7A Quantitative and (7)Item 7A Quantitative and (8)Item 7A Quantitative and (9) Item 7A Quantitative and (10)NO TITLE (1) Item 7A Quantitative and (11) Item 7A Quantitative and (12) Item 7A Quantitative and (13) Item 7A Quantitative and (14) Item 7A Quantitative and (15) Item 7A Quantitative and (16) Item 7A Quantitative and (17) Item 7A Quantitative and (18) Item 7A Quantitative and (19) Item 7A Quantitative and (20)
Cash Flows!Deferred Credit Facility FinancDeferred Credit Facility (1)Deferred Credit Facility (2)Deferred Credit Facility (3)Deferred Credit Facility (4)!Note 4 Investment in GSC InvestNote 4 Investment in GSC (1)Note 4 Investment in GSC (2)!Note 8 Interest Rate Cap AgreemNote 8 Interest Rate Cap (1)Note 11 Earnings Per ShareNote 12 DividendNote 13 Financial HighlightsNote 13 Financial (1)NO TITLE (2)!Note 15 Selected Quarterly DataNote 15 Selected (1)U }$ }$}$ }6
&
!SARATOGA INVESTMENT CORP.10K
05/29/2009kcOur common stock could be delisted from the New York Stock Exchange if our average market capitaliz ?1)A likelihood of greater volatility in the / 'net asset value and market price of our
common stock. ?%Diminished operating flexibility as a
.
&result of asset coverage or investment/'portfolio composition requirements that0(are more stringent than those imposed by
the 1940 Act. ?%The possibility that investments will/'have to be liquidated at less than full/'value or at inopportune times to comply1)with debt covenants or to pay interest or"dividends on the leverage. ?/'Increased operating expenses due to the0(cost of leverage, including issuance andservicing costs. ?1)Subordination to lenders? superior claims2*on our assets as a result of which lenders2*will be able to receive proceeds available1)in the case of our liquidation before anyD
l:."e(px"tmo !"#$% 5 proceeds are distributed to our shareholders.!"$#____________________________1$)Created by Morningstar Document Research.0%(http://documentresearch.morningstar.com/~dc=PF0*8X>
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??P!NOTE ABOUT FORWARDLOOKING STATE NOTE ABOUT FORWARDLOOKING (1) NOTE ABOUT FORWARDLOOKING (2) NOTE ABOUT FORWARDLOOKING (3) NOTE ABOUT FORWARDLOOKING (4) NOTE ABOUT FORWARDLOOKING (5) NOTE ABOUT FORWARDLOOKING (6)Compliance policiesCompliance poli (1)!Resolution of potential conflic!Our common stock could be delis!When we are a debt or minority !Risks related to an investment !Provisions of our governing docProvisions of our (1)Provisions of our (2)Provisions of our (3)Income Statement
Balance SheetQuarterly Data
NO TITLEQuarterly Data (1)!Corporate Debt Portfolio OverviCorporate Debt Portfolio (1)Corporate Debt Portfolio (2)Portfolio CMR distributionPortfolio CMR d (1)!Portfolio composition by industPortfolio composition by (1)!Portfolio composition by geograPortfolio composition by (2)Portfolio composition by (3)Portfolio composition by (4)Portfolio composition by (5)Portfolio composition by (6)Portfolio composition by (7)Portfolio composition by (8)Portfolio composition by (9)!Item 7A Quantitative and QualitItem 7A Quantitative and (1)Item 7A Quantitative and (2)Item 7A Quantitative and (3)Item 7A Quantitative and (4)Item 7A Quantitative and (5)Balance Sheet (1)Income Statemen (1)Item 7A Quantitative and (6)Item 7A Quantitative and (7)Item 7A Quantitative and (8)Item 7A Quantitative and (9) Item 7A Quantitative and (10)NO TITLE (1) Item 7A Quantitative and (11) Item 7A Quantitative and (12) Item 7A Quantitative and (13) Item 7A Quantitative and (14) Item 7A Quantitative and (15) Item 7A Quantitative and (16) Item 7A Quantitative and (17) Item 7A Quantitative and (18) Item 7A Quantitative and (19) Item 7A Quantitative and (20)
Cash Flows!Deferred Credit Facility FinancDeferred Credit Facility (1)Deferred Credit Facility (2)Deferred Credit Facility (3)Deferred Credit Facility (4)!Note 4 Investment in GSC InvestNote 4 Investment in GSC (1)Note 4 Investment in GSC (2)!Note 8 Interest Rate Cap AgreemNote 8 Interest Rate Cap (1)Note 11 Earnings Per ShareNote 12 DividendNote 13 Financial HighlightsNote 13 Financial (1)NO TITLE (2)!Note 15 Selected Quarterly DataNote 15 Selected (1)U }$ }$}$ }8
+
!SARATOGA INVESTMENT CORP.10K
05/29/2009kcThe floating interest rate features of any indebtedness incurred by us could adversely affect us if ?4,limited financial resources and an inability / 'to meet their obligations, which may be
3
+accompanied by a deterioration in the value0(of any collateral and a reduction in the1)likelihood of us realizing any guarantees
/
'we may have obtained in connection withour investment; ?%shorter operating histories, narrower/'product lines and smaller market shares4,than larger businesses, which tend to render,$them more vulnerable to competitors?.&actions and market conditions, as well&as general economic downturns; ?0(dependence on the management talents and0(efforts of a small group of persons; the5death, disability, resignation or termination5of one or more of which could have a material3+adverse impact on the company and, in turn,on us; ?/'less predictable operating results and,0(possibly, substantial additional capitalD
l:."bV^WN< !"#$%&'()* 1 )requirements to support their operations,!!!7!/finance expansion or maintain their competitive""""position.; and#$ $?$0$(difficulty accessing the capital markets%%%%%to meet future capital needs.&'$(____________________________1))Created by Morningstar Document Research.0*(http://documentresearch.morningstar.com/H
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??P!NOTE ABOUT FORWARDLOOKING STATE NOTE ABOUT FORWARDLOOKING (1) NOTE ABOUT FORWARDLOOKING (2) NOTE ABOUT FORWARDLOOKING (3) NOTE ABOUT FORWARDLOOKING (4) NOTE ABOUT FORWARDLOOKING (5) NOTE ABOUT FORWARDLOOKING (6)Compliance policiesCompliance poli (1)!Resolution of potential conflic!Our common stock could be delis!The floating interest rate feat!Risks related to an investment !Provisions of our governing docProvisions of our (1)Provisions of our (2)Provisions of our (3)Income Statement
Balance SheetQuarterly Data
NO TITLEQuarterly Data (1)!Corporate Debt Portfolio OverviCorporate Debt Portfolio (1)Corporate Debt Portfolio (2)Portfolio CMR distributionPortfolio CMR d (1)!Portfolio composition by industPortfolio composition by (1)!Portfolio composition by geograPortfolio composition by (2)Portfolio composition by (3)Portfolio composition by (4)Portfolio composition by (5)Portfolio composition by (6)Portfolio composition by (7)Portfolio composition by (8)Portfolio composition by (9)!Item 7A Quantitative and QualitItem 7A Quantitative and (1)Item 7A Quantitative and (2)Item 7A Quantitative and (3)Item 7A Quantitative and (4)Item 7A Quantitative and (5)Balance Sheet (1)Income Statemen (1)Item 7A Quantitative and (6)Item 7A Quantitative and (7)Item 7A Quantitative and (8)Item 7A Quantitative and (9) Item 7A Quantitative and (10)NO TITLE (1) Item 7A Quantitative and (11) Item 7A Quantitative and (12) Item 7A Quantitative and (13) Item 7A Quantitative and (14) Item 7A Quantitative and (15) Item 7A Quantitative and (16) Item 7A Quantitative and (17) Item 7A Quantitative and (18) Item 7A Quantitative and (19) Item 7A Quantitative and (20)
Cash Flows!Deferred Credit Facility FinancDeferred Credit Facility (1)Deferred Credit Facility (2)Deferred Credit Facility (3)Deferred Credit Facility (4)!Note 4 Investment in GSC InvestNote 4 Investment in GSC (1)Note 4 Investment in GSC (2)!Note 8 Interest Rate Cap AgreemNote 8 Interest Rate Cap (1)Note 11 Earnings Per ShareNote 12 DividendNote 13 Financial HighlightsNote 13 Financial (1)NO TITLE (2)!Note 15 Selected Quarterly DataNote 15 Selected (1)U }$ }$}$ }:
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!SARATOGA INVESTMENT CORP.10K
05/29/2009jbWhen we are a debt or minority equity investor in a portfolio company, we may not be in a position ?3+preferred securities may include provisions 2 *that permit the issuer, at its discretion,
2
*to defer distributions for a stated period/'without any adverse consequences to the3+issuer. If we own a preferred security that
.
&is deferring its distributions, we may5be required to report income for tax purposes1)even though we have not received any cash+#payments in respect of such income; ?%preferred securities are subordinated80with respect to corporate income and liquidation.&payments, and are therefore subject togreater risk than debt; ?1)preferred securities may be substantially/'less liquid than many other securities,4,such as common securities or U.S. governmentsecurities; and ?,$preferred security holders generally1)have no voting rights with respect to the7/issuing company, subject to limited exceptions.Df
l;/#aUI41~?3 !"# $!____________________________1")Created by Morningstar Document Research.0#(http://documentresearch.morningstar.com/<=PF0*8X>
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Balance SheetQuarterly Data
NO TITLEQuarterly Data (1)!Corporate Debt Portfolio OverviCorporate Debt Portfolio (1)Corporate Debt Portfolio (2)Portfolio CMR distributionPortfolio CMR d (1)!Portfolio composition by industPortfolio composition by (1)!Portfolio composition by geograPortfolio composition by (2)Portfolio composition by (3)Portfolio composition by (4)Portfolio composition by (5)Portfolio composition by (6)Portfolio composition by (7)Portfolio composition by (8)Portfolio composition by (9)!Item 7A Quantitative and QualitItem 7A Quantitative and (1)Item 7A Quantitative and (2)Item 7A Quantitative and (3)Item 7A Quantitative and (4)Item 7A Quantitative and (5)Balance Sheet (1)Income Statemen (1)Item 7A Quantitative and (6)Item 7A Quantitative and (7)Item 7A Quantitative and (8)Item 7A Quantitative and (9) Item 7A Quantitative and (10)NO TITLE (1) Item 7A Quantitative and (11) Item 7A Quantitative and (12) Item 7A Quantitative and (13) Item 7A Quantitative and (14) Item 7A Quantitative and (15) Item 7A Quantitative and (16) Item 7A Quantitative and (17) Item 7A Quantitative and (18) Item 7A Quantitative and (19) Item 7A Quantitative and (20)
Cash Flows!Deferred Credit Facility FinancDeferred Credit Facility (1)Deferred Credit Facility (2)Deferred Credit Facility (3)Deferred Credit Facility (4)!Note 4 Investment in GSC InvestNote 4 Investment in GSC (1)Note 4 Investment in GSC (2)!Note 8 Interest Rate Cap AgreemNote 8 Interest Rate Cap (1)Note 11 Earnings Per ShareNote 12 DividendNote 13 Financial HighlightsNote 13 Financial (1)NO TITLE (2)!Note 15 Selected Quarterly DataNote 15 Selected (1)U }$ }$}$ }6
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!SARATOGA INVESTMENT CORP.10K
05/29/20094,Risks related to an investment in our shares ?2*significant volatility in the market price 0 (and trading volume of securities of BDCs
/
'or other companies in our sector, which4,are not necessarily related to the operating'performance of these companies;
?4,changes in regulatory policies or tax rules,2*particularly with respect to RICs or BDCs; ?"loss of RIC qualification; ?0(changes in the value of our portfolio ofinvestments; ?1)any shortfall in revenue or net income or3+any increase in losses from levels expected,$by investors or securities analysts; ?%departure of our investment adviser?skey personnel; ?5operating performance of companies comparableto us;D lqeYMC/~rwf( !"#$%&'( ? 2 *general economic trends and other external!!!!factors; and"# #?#'#loss of a major funding source.$%$&____________________________1')Created by Morningstar Document Research.0((http://documentresearch.morningstar.com/Pi]
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??P!NOTE ABOUT FORWARDLOOKING STATE NOTE ABOUT FORWARDLOOKING (1) NOTE ABOUT FORWARDLOOKING (2) NOTE ABOUT FORWARDLOOKING (3) NOTE ABOUT FORWARDLOOKING (4) NOTE ABOUT FORWARDLOOKING (5) NOTE ABOUT FORWARDLOOKING (6)Compliance policiesCompliance poli (1)!Resolution of potential conflic!Our common stock could be delis!The floating interest rate feat!When we are a debt or minority !Risks related to an investment Provisions of our (1)Provisions of our (2)Provisions of our (3)Income Statement
Balance SheetQuarterly Data
NO TITLEQuarterly Data (1)!Corporate Debt Portfolio OverviCorporate Debt Portfolio (1)Corporate Debt Portfolio (2)Portfolio CMR distributionPortfolio CMR d (1)!Portfolio composition by industPortfolio composition by (1)!Portfolio composition by geograPortfolio composition by (2)Portfolio composition by (3)Portfolio composition by (4)Portfolio composition by (5)Portfolio composition by (6)Portfolio composition by (7)Portfolio composition by (8)Portfolio composition by (9)!Item 7A Quantitative and QualitItem 7A Quantitative and (1)Item 7A Quantitative and (2)Item 7A Quantitative and (3)Item 7A Quantitative and (4)Item 7A Quantitative and (5)Balance Sheet (1)Income Statemen (1)Item 7A Quantitative and (6)Item 7A Quantitative and (7)Item 7A Quantitative and (8)Item 7A Quantitative and (9) Item 7A Quantitative and (10)NO TITLE (1) Item 7A Quantitative and (11) Item 7A Quantitative and (12) Item 7A Quantitative and (13) Item 7A Quantitative and (14) Item 7A Quantitative and (15) Item 7A Quantitative and (16) Item 7A Quantitative and (17) Item 7A Quantitative and (18) Item 7A Quantitative and (19) Item 7A Quantitative and (20)
Cash Flows!Deferred Credit Facility FinancDeferred Credit Facility (1)Deferred Credit Facility (2)Deferred Credit Facility (3)Deferred Credit Facility (4)!Note 4 Investment in GSC InvestNote 4 Investment in GSC (1)Note 4 Investment in GSC (2)!Note 8 Interest Rate Cap AgreemNote 8 Interest Rate Cap (1)Note 11 Earnings Per ShareNote 12 DividendNote 13 Financial HighlightsNote 13 Financial (1)NO TITLE (2)!Note 15 Selected Quarterly DataNote 15 Selected (1)U }}$
!SARATOGA INVESTMENT CORP.10K
05/29/2009kcProvisions of our governing documents and the Maryland General Corporation Law could deter takeover
Price Range
Fiscal 2008
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Low
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Balance SheetQuarterly Data
NO TITLEQuarterly Data (1)!Corporate Debt Portfolio OverviCorporate Debt Portfolio (1)Corporate Debt Portfolio (2)Portfolio CMR distributionPortfolio CMR d (1)!Portfolio composition by industPortfolio composition by (1)!Portfolio composition by geograPortfolio composition by (2)Portfolio composition by (3)Portfolio composition by (4)Portfolio composition by (5)Portfolio composition by (6)Portfolio composition by (7)Portfolio composition by (8)Portfolio composition by (9)!Item 7A Quantitative and QualitItem 7A Quantitative and (1)Item 7A Quantitative and (2)Item 7A Quantitative and (3)Item 7A Quantitative and (4)Item 7A Quantitative and (5)Balance Sheet (1)Income Statemen (1)Item 7A Quantitative and (6)Item 7A Quantitative and (7)Item 7A Quantitative and (8)Item 7A Quantitative and (9) Item 7A Quantitative and (10)NO TITLE (1) Item 7A Quantitative and (11) Item 7A Quantitative and (12) Item 7A Quantitative and (13) Item 7A Quantitative and (14) Item 7A Quantitative and (15) Item 7A Quantitative and (16) Item 7A Quantitative and (17) Item 7A Quantitative and (18) Item 7A Quantitative and (19) Item 7A Quantitative and (20)
Cash Flows!Deferred Credit Facility FinancDeferred Credit Facility (1)Deferred Credit Facility (2)Deferred Credit Facility (3)Deferred Credit Facility (4)!Note 4 Investment in GSC InvestNote 4 Investment in GSC (1)Note 4 Investment in GSC (2)!Note 8 Interest Rate Cap AgreemNote 8 Interest Rate Cap (1)Note 11 Earnings Per ShareNote 12 DividendNote 13 Financial HighlightsNote 13 Financial (1)NO TITLE (2)!Note 15 Selected Quarterly DataNote 15 Selected (1)U }}$
!SARATOGA INVESTMENT CORP.10K
05/29/2009kcProvisions of our governing documents and the Maryland General Corporation Law could deter takeover
Fiscal 2009 NAV(1) High
Low
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Balance SheetQuarterly Data
NO TITLEQuarterly Data (1)!Corporate Debt Portfolio OverviCorporate Debt Portfolio (1)Corporate Debt Portfolio (2)Portfolio CMR distributionPortfolio CMR d (1)!Portfolio composition by industPortfolio composition by (1)!Portfolio composition by geograPortfolio composition by (2)Portfolio composition by (3)Portfolio composition by (4)Portfolio composition by (5)Portfolio composition by (6)Portfolio composition by (7)Portfolio composition by (8)Portfolio composition by (9)!Item 7A Quantitative and QualitItem 7A Quantitative and (1)Item 7A Quantitative and (2)Item 7A Quantitative and (3)Item 7A Quantitative and (4)Item 7A Quantitative and (5)Balance Sheet (1)Income Statemen (1)Item 7A Quantitative and (6)Item 7A Quantitative and (7)Item 7A Quantitative and (8)Item 7A Quantitative and (9) Item 7A Quantitative and (10)NO TITLE (1) Item 7A Quantitative and (11) Item 7A Quantitative and (12) Item 7A Quantitative and (13) Item 7A Quantitative and (14) Item 7A Quantitative and (15) Item 7A Quantitative and (16) Item 7A Quantitative and (17) Item 7A Quantitative and (18) Item 7A Quantitative and (19) Item 7A Quantitative and (20)
Cash Flows!Deferred Credit Facility FinancDeferred Credit Facility (1)Deferred Credit Facility (2)Deferred Credit Facility (3)Deferred Credit Facility (4)!Note 4 Investment in GSC InvestNote 4 Investment in GSC (1)Note 4 Investment in GSC (2)!Note 8 Interest Rate Cap AgreemNote 8 Interest Rate Cap (1)Note 11 Earnings Per ShareNote 12 DividendNote 13 Financial HighlightsNote 13 Financial (1)NO TITLE (2)!Note 15 Selected Quarterly DataNote 15 Selected (1)U }0}$ }0}$ }a}$
!SARATOGA INVESTMENT CORP.10K
05/29/2009kcProvisions of our governing documents and the Maryland General Corporation Law could deter takeover Amount
Date Declared
Record Date
Payment Date
per Share
May 21, 2007May 29, 2007June 6, 2007Q?August 14, 2007August 24, 2007August 31, 2007
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November 15, 2007
November 30, 2007
December 3, 2007
RQ?
December 28, 2007January 18, 2008January 28, 2008
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?February 20, 2008February 29, 2008March 10, 2008(\?0(Total Dividends Declared for Fiscal 2008?May 22, 2008May 30, 2008
June 13, 2008(\?August 19, 2008August 29, 2008September 15, 2008(\?December 8, 2008December 18, 2008December 29, 2008?0(Total Dividends Declared for Fiscal 2009{Gz?$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/BX:."Dku'n, =PF0*8X>
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Balance SheetQuarterly Data
NO TITLEQuarterly Data (1)!Corporate Debt Portfolio OverviCorporate Debt Portfolio (1)Corporate Debt Portfolio (2)Portfolio CMR distributionPortfolio CMR d (1)!Portfolio composition by industPortfolio composition by (1)!Portfolio composition by geograPortfolio composition by (2)Portfolio composition by (3)Portfolio composition by (4)Portfolio composition by (5)Portfolio composition by (6)Portfolio composition by (7)Portfolio composition by (8)Portfolio composition by (9)!Item 7A Quantitative and QualitItem 7A Quantitative and (1)Item 7A Quantitative and (2)Item 7A Quantitative and (3)Item 7A Quantitative and (4)Item 7A Quantitative and (5)Balance Sheet (1)Income Statemen (1)Item 7A Quantitative and (6)Item 7A Quantitative and (7)Item 7A Quantitative and (8)Item 7A Quantitative and (9) Item 7A Quantitative and (10)NO TITLE (1) Item 7A Quantitative and (11) Item 7A Quantitative and (12) Item 7A Quantitative and (13) Item 7A Quantitative and (14) Item 7A Quantitative and (15) Item 7A Quantitative and (16) Item 7A Quantitative and (17) Item 7A Quantitative and (18) Item 7A Quantitative and (19) Item 7A Quantitative and (20)
Cash Flows!Deferred Credit Facility FinancDeferred Credit Facility (1)Deferred Credit Facility (2)Deferred Credit Facility (3)Deferred Credit Facility (4)!Note 4 Investment in GSC InvestNote 4 Investment in GSC (1)Note 4 Investment in GSC (2)!Note 8 Interest Rate Cap AgreemNote 8 Interest Rate Cap (1)Note 11 Earnings Per ShareNote 12 DividendNote 13 Financial HighlightsNote 13 Financial (1)NO TITLE (2)!Note 15 Selected Quarterly DataNote 15 Selected (1)U }2}$ }U}$ } }
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!SARATOGA INVESTMENT CORP.10K
05/29/2009kcProvisions of our governing documents and the Maryland General Corporation Law could deter takeover
Total Number
Maximum Number
of Shares
(or Approximate
Purchased as
Dollar Value) of
Part of Publicly
Shares that May
Total Number
Average
Announced
Yet be Purchased of Shares
Price Paid
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Under the Plans orPeriod Purchased per Share
Program
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Balance SheetQuarterly Data
NO TITLEQuarterly Data (1)!Corporate Debt Portfolio OverviCorporate Debt Portfolio (1)Corporate Debt Portfolio (2)Portfolio CMR distributionPortfolio CMR d (1)!Portfolio composition by industPortfolio composition by (1)!Portfolio composition by geograPortfolio composition by (2)Portfolio composition by (3)Portfolio composition by (4)Portfolio composition by (5)Portfolio composition by (6)Portfolio composition by (7)Portfolio composition by (8)Portfolio composition by (9)!Item 7A Quantitative and QualitItem 7A Quantitative and (1)Item 7A Quantitative and (2)Item 7A Quantitative and (3)Item 7A Quantitative and (4)Item 7A Quantitative and (5)Balance Sheet (1)Income Statemen (1)Item 7A Quantitative and (6)Item 7A Quantitative and (7)Item 7A Quantitative and (8)Item 7A Quantitative and (9) Item 7A Quantitative and (10)NO TITLE (1) Item 7A Quantitative and (11) Item 7A Quantitative and (12) Item 7A Quantitative and (13) Item 7A Quantitative and (14) Item 7A Quantitative and (15) Item 7A Quantitative and (16) Item 7A Quantitative and (17) Item 7A Quantitative and (18) Item 7A Quantitative and (19) Item 7A Quantitative and (20)
Cash Flows!Deferred Credit Facility FinancDeferred Credit Facility (1)Deferred Credit Facility (2)Deferred Credit Facility (3)Deferred Credit Facility (4)!Note 4 Investment in GSC InvestNote 4 Investment in GSC (1)Note 4 Investment in GSC (2)!Note 8 Interest Rate Cap AgreemNote 8 Interest Rate Cap (1)Note 11 Earnings Per ShareNote 12 DividendNote 13 Financial HighlightsNote 13 Financial (1)NO TITLE (2)!Note 15 Selected Quarterly DataNote 15 Selected (1)U }$4}$ }
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!SARATOGA INVESTMENT CORP.10K
05/29/2009Income Statement
Year Ended
Year Ended
February 28, 2009
February 29, 2008
3+($ in thousands, except share and per sharenumbers)
Income Statement Data:
.&Interest and related portfolio income:Interest~
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"D'Management fee and other income~
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NO TITLEQuarterly Data (1)!Corporate Debt Portfolio OverviCorporate Debt Portfolio (1)Corporate Debt Portfolio (2)Portfolio CMR distributionPortfolio CMR d (1)!Portfolio composition by industPortfolio composition by (1)!Portfolio composition by geograPortfolio composition by (2)Portfolio composition by (3)Portfolio composition by (4)Portfolio composition by (5)Portfolio composition by (6)Portfolio composition by (7)Portfolio composition by (8)Portfolio composition by (9)!Item 7A Quantitative and QualitItem 7A Quantitative and (1)Item 7A Quantitative and (2)Item 7A Quantitative and (3)Item 7A Quantitative and (4)Item 7A Quantitative and (5)Balance Sheet (1)Income Statemen (1)Item 7A Quantitative and (6)Item 7A Quantitative and (7)Item 7A Quantitative and (8)Item 7A Quantitative and (9) Item 7A Quantitative and (10)NO TITLE (1) Item 7A Quantitative and (11) Item 7A Quantitative and (12) Item 7A Quantitative and (13) Item 7A Quantitative and (14) Item 7A Quantitative and (15) Item 7A Quantitative and (16) Item 7A Quantitative and (17) Item 7A Quantitative and (18) Item 7A Quantitative and (19) Item 7A Quantitative and (20)
Cash Flows!Deferred Credit Facility FinancDeferred Credit Facility (1)Deferred Credit Facility (2)Deferred Credit Facility (3)Deferred Credit Facility (4)!Note 4 Investment in GSC InvestNote 4 Investment in GSC (1)Note 4 Investment in GSC (2)!Note 8 Interest Rate Cap AgreemNote 8 Interest Rate Cap (1)Note 11 Earnings Per ShareNote 12 DividendNote 13 Financial HighlightsNote 13 Financial (1)NO TITLE (2)!Note 15 Selected Quarterly DataNote 15 Selected (1)U }U5}$ }
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!SARATOGA INVESTMENT CORP.10K
05/29/2009
Balance Sheet
Year Ended
Year Ended
February 28, 2009
February 29, 2008
3+($ in thousands, except share and per sharenumbers)
Per Share:
0(Earnings (loss) per common share ? basic(\ffffffand diluted(2)/'Net investment income per share ? basicQ?Gz?and diluted(2)3+Net realized and unrealized gain (loss) per(\p=
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Balance Sheet
NO TITLEQuarterly Data (1)!Corporate Debt Portfolio OverviCorporate Debt Portfolio (1)Corporate Debt Portfolio (2)Portfolio CMR distributionPortfolio CMR d (1)!Portfolio composition by industPortfolio composition by (1)!Portfolio composition by geograPortfolio composition by (2)Portfolio composition by (3)Portfolio composition by (4)Portfolio composition by (5)Portfolio composition by (6)Portfolio composition by (7)Portfolio composition by (8)Portfolio composition by (9)!Item 7A Quantitative and QualitItem 7A Quantitative and (1)Item 7A Quantitative and (2)Item 7A Quantitative and (3)Item 7A Quantitative and (4)Item 7A Quantitative and (5)Balance Sheet (1)Income Statemen (1)Item 7A Quantitative and (6)Item 7A Quantitative and (7)Item 7A Quantitative and (8)Item 7A Quantitative and (9) Item 7A Quantitative and (10)NO TITLE (1) Item 7A Quantitative and (11) Item 7A Quantitative and (12) Item 7A Quantitative and (13) Item 7A Quantitative and (14) Item 7A Quantitative and (15) Item 7A Quantitative and (16) Item 7A Quantitative and (17) Item 7A Quantitative and (18) Item 7A Quantitative and (19) Item 7A Quantitative and (20)
Cash Flows!Deferred Credit Facility FinancDeferred Credit Facility (1)Deferred Credit Facility (2)Deferred Credit Facility (3)Deferred Credit Facility (4)!Note 4 Investment in GSC InvestNote 4 Investment in GSC (1)Note 4 Investment in GSC (2)!Note 8 Interest Rate Cap AgreemNote 8 Interest Rate Cap (1)Note 11 Earnings Per ShareNote 12 DividendNote 13 Financial HighlightsNote 13 Financial (1)NO TITLE (2)!Note 15 Selected Quarterly DataNote 15 Selected (1)U }$4}$ }
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!!!!!!!!!!!!!!!!!SARATOGA INVESTMENT CORP.10K
05/29/2009Quarterly Data
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Qtr 4
Qtr 3
Qtr 2
Qtr 1
Qtr 4
Qtr 3
Qtr 2
Qtr 1 2
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~
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9 !resulting from operations.&Net investment income per common share?Gz?
zG?
(\?{Gz?Gz?RQ?q=
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\(\
\(\QοGzzG? +#common share at end of each quarter+#Dividends declared per common share
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Balance SheetQuarterly DataQuarterly Data (1)!Corporate Debt Portfolio OverviCorporate Debt Portfolio (1)Corporate Debt Portfolio (2)Portfolio CMR distributionPortfolio CMR d (1)!Portfolio composition by industPortfolio composition by (1)!Portfolio composition by geograPortfolio composition by (2)Portfolio composition by (3)Portfolio composition by (4)Portfolio composition by (5)Portfolio composition by (6)Portfolio composition by (7)Portfolio composition by (8)Portfolio composition by (9)!Item 7A Quantitative and QualitItem 7A Quantitative and (1)Item 7A Quantitative and (2)Item 7A Quantitative and (3)Item 7A Quantitative and (4)Item 7A Quantitative and (5)Balance Sheet (1)Income Statemen (1)Item 7A Quantitative and (6)Item 7A Quantitative and (7)Item 7A Quantitative and (8)Item 7A Quantitative and (9) Item 7A Quantitative and (10)NO TITLE (1) Item 7A Quantitative and (11) Item 7A Quantitative and (12) Item 7A Quantitative and (13) Item 7A Quantitative and (14) Item 7A Quantitative and (15) Item 7A Quantitative and (16) Item 7A Quantitative and (17) Item 7A Quantitative and (18) Item 7A Quantitative and (19) Item 7A Quantitative and (20)
Cash Flows!Deferred Credit Facility FinancDeferred Credit Facility (1)Deferred Credit Facility (2)Deferred Credit Facility (3)Deferred Credit Facility (4)!Note 4 Investment in GSC InvestNote 4 Investment in GSC (1)Note 4 Investment in GSC (2)!Note 8 Interest Rate Cap AgreemNote 8 Interest Rate Cap (1)Note 11 Earnings Per ShareNote 12 DividendNote 13 Financial HighlightsNote 13 Financial (1)NO TITLE (2)!Note 15 Selected Quarterly DataNote 15 Selected (1)U }U}$ }:
!SARATOGA INVESTMENT CORP.10K
05/29/2009NO TITLE~
8 0See note 6 in consolidated financial statements.
~
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%average common shares outstanding forthe year of 7,761,965.~
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Balance SheetQuarterly Data
NO TITLE!Corporate Debt Portfolio OverviCorporate Debt Portfolio (1)Corporate Debt Portfolio (2)Portfolio CMR distributionPortfolio CMR d (1)!Portfolio composition by industPortfolio composition by (1)!Portfolio composition by geograPortfolio composition by (2)Portfolio composition by (3)Portfolio composition by (4)Portfolio composition by (5)Portfolio composition by (6)Portfolio composition by (7)Portfolio composition by (8)Portfolio composition by (9)!Item 7A Quantitative and QualitItem 7A Quantitative and (1)Item 7A Quantitative and (2)Item 7A Quantitative and (3)Item 7A Quantitative and (4)Item 7A Quantitative and (5)Balance Sheet (1)Income Statemen (1)Item 7A Quantitative and (6)Item 7A Quantitative and (7)Item 7A Quantitative and (8)Item 7A Quantitative and (9) Item 7A Quantitative and (10)NO TITLE (1) Item 7A Quantitative and (11) Item 7A Quantitative and (12) Item 7A Quantitative and (13) Item 7A Quantitative and (14) Item 7A Quantitative and (15) Item 7A Quantitative and (16) Item 7A Quantitative and (17) Item 7A Quantitative and (18) Item 7A Quantitative and (19) Item 7A Quantitative and (20)
Cash Flows!Deferred Credit Facility FinancDeferred Credit Facility (1)Deferred Credit Facility (2)Deferred Credit Facility (3)Deferred Credit Facility (4)!Note 4 Investment in GSC InvestNote 4 Investment in GSC (1)Note 4 Investment in GSC (2)!Note 8 Interest Rate Cap AgreemNote 8 Interest Rate Cap (1)Note 11 Earnings Per ShareNote 12 DividendNote 13 Financial HighlightsNote 13 Financial (1)NO TITLE (2)!Note 15 Selected Quarterly DataNote 15 Selected (1)U }$ }$}$ }y<
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!SARATOGA INVESTMENT CORP.10K
05/29/2009Quarterly Data ?2*calculating our net asset value (including 0 (the cost and expenses of any independent
valuation firm); ?3+expenses incurred by our investment adviser
3
+payable to third parties, including agents,4,consultants or other advisers, in monitoring91our financial and legal affairs and in monitoring4,our investments and performing due diligence/'on our prospective portfolio companies; ?2*interest payable on debt, if any, incurred#to finance our investments; ?/'offerings of our common stock and othersecurities; ?0(investment advisory and management fees; ?administration fees; ?0(fees payable to third parties, including.&agents, consultants or other advisers,3+relating to, or associated with, evaluatingDX lwkxlYE9/>2 !"#$%&'()*+,./0123456789:;<=>? and making investments;!" "?"*""transfer agent and custodial fees;#$ $?$$registration fees;%& &?&&
listing fees;'( (?((taxes;)* *?*1*)independent directors? fees and expenses;+, ,?,0,(costs of preparing and filing reports or#other documents of the SEC;./ /?/!/the costs of any reports;01 1?1:12proxy statements or other notices to stockholders,222!2including printing costs;34 4?414)to the extent we are covered by any joint55515)insurance policies, our allocable portion66606(of the insurance premiums for such joint7777 policies;89 9?949,direct costs and expenses of administration,:::.:&including auditor and legal costs; and;< <?<0<(all other expenses incurred by us or our===6=.administrator in connection with administering>>>>
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Balance SheetQuarterly Data
NO TITLEQuarterly Data (1)Corporate Debt Portfolio (1)Corporate Debt Portfolio (2)Portfolio CMR distributionPortfolio CMR d (1)!Portfolio composition by industPortfolio composition by (1)!Portfolio composition by geograPortfolio composition by (2)Portfolio composition by (3)Portfolio composition by (4)Portfolio composition by (5)Portfolio composition by (6)Portfolio composition by (7)Portfolio composition by (8)Portfolio composition by (9)!Item 7A Quantitative and QualitItem 7A Quantitative and (1)Item 7A Quantitative and (2)Item 7A Quantitative and (3)Item 7A Quantitative and (4)Item 7A Quantitative and (5)Balance Sheet (1)Income Statemen (1)Item 7A Quantitative and (6)Item 7A Quantitative and (7)Item 7A Quantitative and (8)Item 7A Quantitative and (9) Item 7A Quantitative and (10)NO TITLE (1) Item 7A Quantitative and (11) Item 7A Quantitative and (12) Item 7A Quantitative and (13) Item 7A Quantitative and (14) Item 7A Quantitative and (15) Item 7A Quantitative and (16) Item 7A Quantitative and (17) Item 7A Quantitative and (18) Item 7A Quantitative and (19) Item 7A Quantitative and (20)
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!SARATOGA INVESTMENT CORP.10K
05/29/2009)!Corporate Debt Portfolio Overview At February 28, 2009 At February 29, 2008
($ in millions)Number of investments~
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Balance SheetQuarterly Data
NO TITLEQuarterly Data (1)!Corporate Debt Portfolio OverviCorporate Debt Portfolio (2)Portfolio CMR distributionPortfolio CMR d (1)!Portfolio composition by industPortfolio composition by (1)!Portfolio composition by geograPortfolio composition by (2)Portfolio composition by (3)Portfolio composition by (4)Portfolio composition by (5)Portfolio composition by (6)Portfolio composition by (7)Portfolio composition by (8)Portfolio composition by (9)!Item 7A Quantitative and QualitItem 7A Quantitative and (1)Item 7A Quantitative and (2)Item 7A Quantitative and (3)Item 7A Quantitative and (4)Item 7A Quantitative and (5)Balance Sheet (1)Income Statemen (1)Item 7A Quantitative and (6)Item 7A Quantitative and (7)Item 7A Quantitative and (8)Item 7A Quantitative and (9) Item 7A Quantitative and (10)NO TITLE (1) Item 7A Quantitative and (11) Item 7A Quantitative and (12) Item 7A Quantitative and (13) Item 7A Quantitative and (14) Item 7A Quantitative and (15) Item 7A Quantitative and (16) Item 7A Quantitative and (17) Item 7A Quantitative and (18) Item 7A Quantitative and (19) Item 7A Quantitative and (20)
Cash Flows!Deferred Credit Facility FinancDeferred Credit Facility (1)Deferred Credit Facility (2)Deferred Credit Facility (3)Deferred Credit Facility (4)!Note 4 Investment in GSC InvestNote 4 Investment in GSC (1)Note 4 Investment in GSC (2)!Note 8 Interest Rate Cap AgreemNote 8 Interest Rate Cap (1)Note 11 Earnings Per ShareNote 12 DividendNote 13 Financial HighlightsNote 13 Financial (1)NO TITLE (2)!Note 15 Selected Quarterly DataNote 15 Selected (1)U }+}$ } }$}$ }U}$}
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!SARATOGA INVESTMENT CORP.10K
05/29/2009)!Corporate Debt Portfolio Overview
At February 28, 2009
At February 29, 2008
Percentage of
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Balance SheetQuarterly Data
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NO TITLEQuarterly Data (1)!Corporate Debt Portfolio OverviCorporate Debt Portfolio (1)Corporate Debt Portfolio (2)Portfolio CMR d (1)!Portfolio composition by industPortfolio composition by (1)!Portfolio composition by geograPortfolio composition by (2)Portfolio composition by (3)Portfolio composition by (4)Portfolio composition by (5)Portfolio composition by (6)Portfolio composition by (7)Portfolio composition by (8)Portfolio composition by (9)!Item 7A Quantitative and QualitItem 7A Quantitative and (1)Item 7A Quantitative and (2)Item 7A Quantitative and (3)Item 7A Quantitative and (4)Item 7A Quantitative and (5)Balance Sheet (1)Income Statemen (1)Item 7A Quantitative and (6)Item 7A Quantitative and (7)Item 7A Quantitative and (8)Item 7A Quantitative and (9) Item 7A Quantitative and (10)NO TITLE (1) Item 7A Quantitative and (11) Item 7A Quantitative and (12) Item 7A Quantitative and (13) Item 7A Quantitative and (14) Item 7A Quantitative and (15) Item 7A Quantitative and (16) Item 7A Quantitative and (17) Item 7A Quantitative and (18) Item 7A Quantitative and (19) Item 7A Quantitative and (20)
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05/29/2009@8Portfolio composition by industry grouping at fair value
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05/29/2009@8Portfolio composition by industry grouping at fair value
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05/29/2009B:Portfolio composition by geographic location at fair value
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05/29/2009B:Portfolio composition by geographic location at fair value
+ #Fiscal year ended February 28, 2009
Net RealizedIssuer
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rClaire?s Stores, Inc.First Lien Term Loan~
~
b(
~
~Jason IncorporatedUnsecured Notes~
~
~
&$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4cWK?sD'k=PF0*8X>
@
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??P!NOTE ABOUT FORWARDLOOKING STATE NOTE ABOUT FORWARDLOOKING (1) NOTE ABOUT FORWARDLOOKING (2) NOTE ABOUT FORWARDLOOKING (3) NOTE ABOUT FORWARDLOOKING (4) NOTE ABOUT FORWARDLOOKING (5) NOTE ABOUT FORWARDLOOKING (6)Compliance policiesCompliance poli (1)!Resolution of potential conflic!Our common stock could be delis!The floating interest rate feat!When we are a debt or minority !Risks related to an investment !Provisions of our governing docProvisions of our (1)Provisions of our (2)Provisions of our (3)Income Statement
Balance SheetQuarterly Data
NO TITLEQuarterly Data (1)!Corporate Debt Portfolio OverviCorporate Debt Portfolio (1)Corporate Debt Portfolio (2)Portfolio CMR distributionPortfolio CMR d (1)!Portfolio composition by industPortfolio composition by (1)!Portfolio composition by geograPortfolio composition by (2)Portfolio composition by (3)Portfolio composition by (4)Portfolio composition by (6)Portfolio composition by (7)Portfolio composition by (8)Portfolio composition by (9)!Item 7A Quantitative and QualitItem 7A Quantitative and (1)Item 7A Quantitative and (2)Item 7A Quantitative and (3)Item 7A Quantitative and (4)Item 7A Quantitative and (5)Balance Sheet (1)Income Statemen (1)Item 7A Quantitative and (6)Item 7A Quantitative and (7)Item 7A Quantitative and (8)Item 7A Quantitative and (9) Item 7A Quantitative and (10)NO TITLE (1) Item 7A Quantitative and (11) Item 7A Quantitative and (12) Item 7A Quantitative and (13) Item 7A Quantitative and (14) Item 7A Quantitative and (15) Item 7A Quantitative and (16) Item 7A Quantitative and (17) Item 7A Quantitative and (18) Item 7A Quantitative and (19) Item 7A Quantitative and (20)
Cash Flows!Deferred Credit Facility FinancDeferred Credit Facility (1)Deferred Credit Facility (2)Deferred Credit Facility (3)Deferred Credit Facility (4)!Note 4 Investment in GSC InvestNote 4 Investment in GSC (1)Note 4 Investment in GSC (2)!Note 8 Interest Rate Cap AgreemNote 8 Interest Rate Cap (1)Note 11 Earnings Per ShareNote 12 DividendNote 13 Financial HighlightsNote 13 Financial (1)NO TITLE (2)!Note 15 Selected Quarterly DataNote 15 Selected (1)U }U}$ }}
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!SARATOGA INVESTMENT CORP.10K
05/29/2009B:Portfolio composition by geographic location at fair value
+ #Fiscal year ended February 29, 2008
Net RealizedIssuer
Asset TypeGross Proceeds
Cost
Gain/(Loss)
($ in thousands)
Sportcraft, LTD
Second Lien Term Loan
~
~
r
~
SILLC Holdings, LLCSenior Secured Notes~
d
~
:U
~
^McMillin Companies, LLCSenior Secured Notes~
3
~
/
~
$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.cWK?sD'mg=PF0*8X>
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??P!NOTE ABOUT FORWARDLOOKING STATE NOTE ABOUT FORWARDLOOKING (1) NOTE ABOUT FORWARDLOOKING (2) NOTE ABOUT FORWARDLOOKING (3) NOTE ABOUT FORWARDLOOKING (4) NOTE ABOUT FORWARDLOOKING (5) NOTE ABOUT FORWARDLOOKING (6)Compliance policiesCompliance poli (1)!Resolution of potential conflic!Our common stock could be delis!The floating interest rate feat!When we are a debt or minority !Risks related to an investment !Provisions of our governing docProvisions of our (1)Provisions of our (2)Provisions of our (3)Income Statement
Balance SheetQuarterly Data
NO TITLEQuarterly Data (1)!Corporate Debt Portfolio OverviCorporate Debt Portfolio (1)Corporate Debt Portfolio (2)Portfolio CMR distributionPortfolio CMR d (1)!Portfolio composition by industPortfolio composition by (1)!Portfolio composition by geograPortfolio composition by (2)Portfolio composition by (3)Portfolio composition by (4)Portfolio composition by (5)Portfolio composition by (7)Portfolio composition by (8)Portfolio composition by (9)!Item 7A Quantitative and QualitItem 7A Quantitative and (1)Item 7A Quantitative and (2)Item 7A Quantitative and (3)Item 7A Quantitative and (4)Item 7A Quantitative and (5)Balance Sheet (1)Income Statemen (1)Item 7A Quantitative and (6)Item 7A Quantitative and (7)Item 7A Quantitative and (8)Item 7A Quantitative and (9) Item 7A Quantitative and (10)NO TITLE (1) Item 7A Quantitative and (11) Item 7A Quantitative and (12) Item 7A Quantitative and (13) Item 7A Quantitative and (14) Item 7A Quantitative and (15) Item 7A Quantitative and (16) Item 7A Quantitative and (17) Item 7A Quantitative and (18) Item 7A Quantitative and (19) Item 7A Quantitative and (20)
Cash Flows!Deferred Credit Facility FinancDeferred Credit Facility (1)Deferred Credit Facility (2)Deferred Credit Facility (3)Deferred Credit Facility (4)!Note 4 Investment in GSC InvestNote 4 Investment in GSC (1)Note 4 Investment in GSC (2)!Note 8 Interest Rate Cap AgreemNote 8 Interest Rate Cap (1)Note 11 Earnings Per ShareNote 12 DividendNote 13 Financial HighlightsNote 13 Financial (1)NO TITLE (2)!Note 15 Selected Quarterly DataNote 15 Selected (1)U }U}$ }}
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!SARATOGA INVESTMENT CORP.10K
05/29/2009B:Portfolio composition by geographic location at fair value
+ #Fiscal year ended February 28, 2009
Total Unrealized
YTD Change inIssuer
Asset TypeCost
Fair Value
DepreciationUnrealized Depreciation
($ in thousands)
GSCIC CLO
+
#Other/Structured Finance Securities
~
F
~
]
~
҉
~
Jason IncorporatedUnsecured Notes~
~
Z
~
J~
Grant U.S. Holdings LLPSecond Lien Term Loan~
_
~
R%
~
b~
McMillin Companies, LLCUnsecured Notes~
q
~
6
~
~
Penton Media, Inc.First Lien Term Loan~
2:
~
b
~
2~
:Network CommunicationsUnsecured Notes~
jO
~
'
~
~
Terphane Holdings Corp.Senior Secured Notes~
~
:x
~
>~
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=PF0*8X>
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??P!NOTE ABOUT FORWARDLOOKING STATE NOTE ABOUT FORWARDLOOKING (1) NOTE ABOUT FORWARDLOOKING (2) NOTE ABOUT FORWARDLOOKING (3) NOTE ABOUT FORWARDLOOKING (4) NOTE ABOUT FORWARDLOOKING (5) NOTE ABOUT FORWARDLOOKING (6)Compliance policiesCompliance poli (1)!Resolution of potential conflic!Our common stock could be delis!The floating interest rate feat!When we are a debt or minority !Risks related to an investment !Provisions of our governing docProvisions of our (1)Provisions of our (2)Provisions of our (3)Income Statement
Balance SheetQuarterly Data
NO TITLEQuarterly Data (1)!Corporate Debt Portfolio OverviCorporate Debt Portfolio (1)Corporate Debt Portfolio (2)Portfolio CMR distributionPortfolio CMR d (1)!Portfolio composition by industPortfolio composition by (1)!Portfolio composition by geograPortfolio composition by (2)Portfolio composition by (3)Portfolio composition by (4)Portfolio composition by (5)Portfolio composition by (6)Portfolio composition by (8)Portfolio composition by (9)!Item 7A Quantitative and QualitItem 7A Quantitative and (1)Item 7A Quantitative and (2)Item 7A Quantitative and (3)Item 7A Quantitative and (4)Item 7A Quantitative and (5)Balance Sheet (1)Income Statemen (1)Item 7A Quantitative and (6)Item 7A Quantitative and (7)Item 7A Quantitative and (8)Item 7A Quantitative and (9) Item 7A Quantitative and (10)NO TITLE (1) Item 7A Quantitative and (11) Item 7A Quantitative and (12) Item 7A Quantitative and (13) Item 7A Quantitative and (14) Item 7A Quantitative and (15) Item 7A Quantitative and (16) Item 7A Quantitative and (17) Item 7A Quantitative and (18) Item 7A Quantitative and (19) Item 7A Quantitative and (20)
Cash Flows!Deferred Credit Facility FinancDeferred Credit Facility (1)Deferred Credit Facility (2)Deferred Credit Facility (3)Deferred Credit Facility (4)!Note 4 Investment in GSC InvestNote 4 Investment in GSC (1)Note 4 Investment in GSC (2)!Note 8 Interest Rate Cap AgreemNote 8 Interest Rate Cap (1)Note 11 Earnings Per ShareNote 12 DividendNote 13 Financial HighlightsNote 13 Financial (1)NO TITLE (2)!Note 15 Selected Quarterly DataNote 15 Selected (1)U }y#}$ }}
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!SARATOGA INVESTMENT CORP.10K
05/29/2009B:Portfolio composition by geographic location at fair value
+ #Fiscal year ended February 29, 2008
Total Unrealized
YTD Change inIssuer
Asset TypeCost
Fair Value
DepreciationUnrealized Depreciation
($ in thousands)
Eurofresh, Inc.
Unsecured Notes
~
k
~
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~
~
~
~
SILLC Holdings, LLCSecond Lien Term Loan~
Fe
~
<
~
~
%Atlantis Plastics Films, Inc.First Lien Term Loan~
re
~
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~
~
Bankruptcy ManagementSecond Lien Term Loan~
L
~
7
~
~
McMillin Companies LLCUnsecured Notes~
np
~
b\
~
~
Grant U.S. Holdings LLPSecond Lien Term Loan~
S
~
A
~
J~
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cWK?C+frgQ@(=PF0*8X>
@
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??P!NOTE ABOUT FORWARDLOOKING STATE NOTE ABOUT FORWARDLOOKING (1) NOTE ABOUT FORWARDLOOKING (2) NOTE ABOUT FORWARDLOOKING (3) NOTE ABOUT FORWARDLOOKING (4) NOTE ABOUT FORWARDLOOKING (5) NOTE ABOUT FORWARDLOOKING (6)Compliance policiesCompliance poli (1)!Resolution of potential conflic!Our common stock could be delis!The floating interest rate feat!When we are a debt or minority !Risks related to an investment !Provisions of our governing docProvisions of our (1)Provisions of our (2)Provisions of our (3)Income Statement
Balance SheetQuarterly Data
NO TITLEQuarterly Data (1)!Corporate Debt Portfolio OverviCorporate Debt Portfolio (1)Corporate Debt Portfolio (2)Portfolio CMR distributionPortfolio CMR d (1)!Portfolio composition by industPortfolio composition by (1)!Portfolio composition by geograPortfolio composition by (2)Portfolio composition by (3)Portfolio composition by (4)Portfolio composition by (5)Portfolio composition by (6)Portfolio composition by (7)Portfolio composition by (9)!Item 7A Quantitative and QualitItem 7A Quantitative and (1)Item 7A Quantitative and (2)Item 7A Quantitative and (3)Item 7A Quantitative and (4)Item 7A Quantitative and (5)Balance Sheet (1)Income Statemen (1)Item 7A Quantitative and (6)Item 7A Quantitative and (7)Item 7A Quantitative and (8)Item 7A Quantitative and (9) Item 7A Quantitative and (10)NO TITLE (1) Item 7A Quantitative and (11) Item 7A Quantitative and (12) Item 7A Quantitative and (13) Item 7A Quantitative and (14) Item 7A Quantitative and (15) Item 7A Quantitative and (16) Item 7A Quantitative and (17) Item 7A Quantitative and (18) Item 7A Quantitative and (19) Item 7A Quantitative and (20)
Cash Flows!Deferred Credit Facility FinancDeferred Credit Facility (1)Deferred Credit Facility (2)Deferred Credit Facility (3)Deferred Credit Facility (4)!Note 4 Investment in GSC InvestNote 4 Investment in GSC (1)Note 4 Investment in GSC (2)!Note 8 Interest Rate Cap AgreemNote 8 Interest Rate Cap (1)Note 11 Earnings Per ShareNote 12 DividendNote 13 Financial HighlightsNote 13 Financial (1)NO TITLE (2)!Note 15 Selected Quarterly DataNote 15 Selected (1)U }1}$ }
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!SARATOGA INVESTMENT CORP.10K
05/29/2009B:Portfolio composition by geographic location at fair value
At February 28, 2009
At February 29, 2008
Fair
Percent
Fair
Percent
Valueof Total
Value
of Total($ in thousands)
!
Cash and cash equivalents
~
Rc
~
%
~
333333?
%1)Cash and cash equivalents, securitization~
j?
~
@accountsFirst lien term loans~
z+@
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:Second lien term loans~
N@@@
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ffffff4@
~
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??P!NOTE ABOUT FORWARDLOOKING STATE NOTE ABOUT FORWARDLOOKING (1) NOTE ABOUT FORWARDLOOKING (2) NOTE ABOUT FORWARDLOOKING (3) NOTE ABOUT FORWARDLOOKING (4) NOTE ABOUT FORWARDLOOKING (5) NOTE ABOUT FORWARDLOOKING (6)Compliance policiesCompliance poli (1)!Resolution of potential conflic!Our common stock could be delis!The floating interest rate feat!When we are a debt or minority !Risks related to an investment !Provisions of our governing docProvisions of our (1)Provisions of our (2)Provisions of our (3)Income Statement
Balance SheetQuarterly Data
NO TITLEQuarterly Data (1)!Corporate Debt Portfolio OverviCorporate Debt Portfolio (1)Corporate Debt Portfolio (2)Portfolio CMR distributionPortfolio CMR d (1)!Portfolio composition by industPortfolio composition by (1)!Portfolio composition by geograPortfolio composition by (2)Portfolio composition by (3)Portfolio composition by (4)Portfolio composition by (5)Portfolio composition by (6)Portfolio composition by (7)Portfolio composition by (8)!Item 7A Quantitative and QualitItem 7A Quantitative and (1)Item 7A Quantitative and (2)Item 7A Quantitative and (3)Item 7A Quantitative and (4)Item 7A Quantitative and (5)Balance Sheet (1)Income Statemen (1)Item 7A Quantitative and (6)Item 7A Quantitative and (7)Item 7A Quantitative and (8)Item 7A Quantitative and (9) Item 7A Quantitative and (10)NO TITLE (1) Item 7A Quantitative and (11) Item 7A Quantitative and (12) Item 7A Quantitative and (13) Item 7A Quantitative and (14) Item 7A Quantitative and (15) Item 7A Quantitative and (16) Item 7A Quantitative and (17) Item 7A Quantitative and (18) Item 7A Quantitative and (19) Item 7A Quantitative and (20)
Cash Flows!Deferred Credit Facility FinancDeferred Credit Facility (1)Deferred Credit Facility (2)Deferred Credit Facility (3)Deferred Credit Facility (4)!Note 4 Investment in GSC InvestNote 4 Investment in GSC (1)Note 4 Investment in GSC (2)!Note 8 Interest Rate Cap AgreemNote 8 Interest Rate Cap (1)Note 11 Earnings Per ShareNote 12 DividendNote 13 Financial HighlightsNote 13 Financial (1)NO TITLE (2)!Note 15 Selected Quarterly DataNote 15 Selected (1)U }}$
!SARATOGA INVESTMENT CORP.10K
05/29/2009B:Portfolio composition by geographic location at fair value
Payment Due by Period
Less Than 1
13
35
More Than 5
TotalYear
Years
Years
Years
($ in thousands)
"
LongTerm Debt Obligations
~
Ι
~
Ι
$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/, cWK?C(=PF0*8X>
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??P!NOTE ABOUT FORWARDLOOKING STATE NOTE ABOUT FORWARDLOOKING (1) NOTE ABOUT FORWARDLOOKING (2) NOTE ABOUT FORWARDLOOKING (3) NOTE ABOUT FORWARDLOOKING (4) NOTE ABOUT FORWARDLOOKING (5) NOTE ABOUT FORWARDLOOKING (6)Compliance policiesCompliance poli (1)!Resolution of potential conflic!Our common stock could be delis!The floating interest rate feat!When we are a debt or minority !Risks related to an investment !Provisions of our governing docProvisions of our (1)Provisions of our (2)Provisions of our (3)Income Statement
Balance SheetQuarterly Data
NO TITLEQuarterly Data (1)!Corporate Debt Portfolio OverviCorporate Debt Portfolio (1)Corporate Debt Portfolio (2)Portfolio CMR distributionPortfolio CMR d (1)!Portfolio composition by industPortfolio composition by (1)!Portfolio composition by geograPortfolio composition by (2)Portfolio composition by (3)Portfolio composition by (4)Portfolio composition by (5)Portfolio composition by (6)Portfolio composition by (7)Portfolio composition by (8)Portfolio composition by (9)Item 7A Quantitative and (1)Item 7A Quantitative and (2)Item 7A Quantitative and (3)Item 7A Quantitative and (4)Item 7A Quantitative and (5)Balance Sheet (1)Income Statemen (1)Item 7A Quantitative and (6)Item 7A Quantitative and (7)Item 7A Quantitative and (8)Item 7A Quantitative and (9) Item 7A Quantitative and (10)NO TITLE (1) Item 7A Quantitative and (11) Item 7A Quantitative and (12) Item 7A Quantitative and (13) Item 7A Quantitative and (14) Item 7A Quantitative and (15) Item 7A Quantitative and (16) Item 7A Quantitative and (17) Item 7A Quantitative and (18) Item 7A Quantitative and (19) Item 7A Quantitative and (20)
Cash Flows!Deferred Credit Facility FinancDeferred Credit Facility (1)Deferred Credit Facility (2)Deferred Credit Facility (3)Deferred Credit Facility (4)!Note 4 Investment in GSC InvestNote 4 Investment in GSC (1)Note 4 Investment in GSC (2)!Note 8 Interest Rate Cap AgreemNote 8 Interest Rate Cap (1)Note 11 Earnings Per ShareNote 12 DividendNote 13 Financial HighlightsNote 13 Financial (1)NO TITLE (2)!Note 15 Selected Quarterly DataNote 15 Selected (1)U }2}$ }}$ } }$
!SARATOGA INVESTMENT CORP.10K
05/29/2009KCItem 7A. Quantitative and Qualitative Disclosures about Market Risk Percent of Total
Fair Value
Investments
($ in thousands)2*Market yield trend analysis and enterprise~
ĚF@ %
valuation.&Third party independent valuation firm~
B3L>@"Discounted cash flow model~
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?%Total fair valued investments~
B~
%$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/:3 ZNB6Z oG5hzR=PF0*8X>
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??P!NOTE ABOUT FORWARDLOOKING STATE NOTE ABOUT FORWARDLOOKING (1) NOTE ABOUT FORWARDLOOKING (2) NOTE ABOUT FORWARDLOOKING (3) NOTE ABOUT FORWARDLOOKING (4) NOTE ABOUT FORWARDLOOKING (5) NOTE ABOUT FORWARDLOOKING (6)Compliance policiesCompliance poli (1)!Resolution of potential conflic!Our common stock could be delis!The floating interest rate feat!When we are a debt or minority !Risks related to an investment !Provisions of our governing docProvisions of our (1)Provisions of our (2)Provisions of our (3)Income Statement
Balance SheetQuarterly Data
NO TITLEQuarterly Data (1)!Corporate Debt Portfolio OverviCorporate Debt Portfolio (1)Corporate Debt Portfolio (2)Portfolio CMR distributionPortfolio CMR d (1)!Portfolio composition by industPortfolio composition by (1)!Portfolio composition by geograPortfolio composition by (2)Portfolio composition by (3)Portfolio composition by (4)Portfolio composition by (5)Portfolio composition by (6)Portfolio composition by (7)Portfolio composition by (8)Portfolio composition by (9)!Item 7A Quantitative and QualitItem 7A Quantitative and (2)Item 7A Quantitative and (3)Item 7A Quantitative and (4)Item 7A Quantitative and (5)Balance Sheet (1)Income Statemen (1)Item 7A Quantitative and (6)Item 7A Quantitative and (7)Item 7A Quantitative and (8)Item 7A Quantitative and (9) Item 7A Quantitative and (10)NO TITLE (1) Item 7A Quantitative and (11) Item 7A Quantitative and (12) Item 7A Quantitative and (13) Item 7A Quantitative and (14) Item 7A Quantitative and (15) Item 7A Quantitative and (16) Item 7A Quantitative and (17) Item 7A Quantitative and (18) Item 7A Quantitative and (19) Item 7A Quantitative and (20)
Cash Flows!Deferred Credit Facility FinancDeferred Credit Facility (1)Deferred Credit Facility (2)Deferred Credit Facility (3)Deferred Credit Facility (4)!Note 4 Investment in GSC InvestNote 4 Investment in GSC (1)Note 4 Investment in GSC (2)!Note 8 Interest Rate Cap AgreemNote 8 Interest Rate Cap (1)Note 11 Earnings Per ShareNote 12 DividendNote 13 Financial HighlightsNote 13 Financial (1)NO TITLE (2)!Note 15 Selected Quarterly DataNote 15 Selected (1)U }I }$ }:
!SARATOGA INVESTMENT CORP.10K
05/29/2009KCItem 7A. Quantitative and Qualitative Disclosures about Market Risk Exhibit
Number
Description @3+Articles of Incorporation of GSC InvestmentCorp.(8)
@5Amended and Restated Bylaws of GSC InvestmentCorp.(9) ffffff@.&Specimen certificate of GSC Investment/'Corp.?s common stock, par value $0.0001
per share.(4) @5Registration Rights Agreement dated March 27,.&2007 between GSC Investment Corp., GSC4,CDO III L.L.C., GSCP (NJ) L.P. and the other#investors party thereto.(8) 333333@.&Form of Dividend Reinvestment Plan.(1) 333333$@0(Amended and Restated Limited Partnership/'Agreement of GSC Partners CDO Investors+#III, L.P. dated August 27, 2001.(2)DJlZNB6]1%Fg2& !"#$%&'()*+,./0123456789:;<=>? ffffff$@ 0 (Amended and Restated Limited Partnership!!2!*Agreement of GSC Partners CDO GP III, L.P.""""dated October 16, 2001.(2)#$ $@$$%Collateral Management Agreement dated%%/%'November 5, 2001 among GSC Partners CDO&&0&(Fund III, Limited and GSCP (NJ), L.P.(2)'( $@(1()Contribution and Exchange Agreement dated))2)*October 17, 2006 among GSC Investment LLC,**1*)GSC CDO III, L.L.C., GSCP (NJ), L.P., and+++%the other investors party thereto.(1), %@2*Amendment to the Contribution and Exchange..2.*Agreement dated as of March 20, 2007 among//0/(GSC Investment LLC, GSC CDO III, L.L.C.,0000(GSCP (NJ), L.P., and the other investors111party thereto.(11)23 333333%@363.Form of Regulations of American Stock Transfer444and Trust Company.(3)56 ffffff%@616)Indemnification Agreement dated March 20,7717)2007 between GSC Investment LLC and Peter8808(K. Barker, as director of GSC Investment999LLC.(8):; %@;1;)Indemnification Agreement dated March 20,<<2<*2007 between GSC Investment LLC and Robert==7=/F. Cummings, Jr., as director of GSC Investment>>>LLC.(8)?D
l`"0$6?qe
u(R@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_@ %@@1@)Indemnification Agreement dated March 20,AA3A+2007 between GSC Investment LLC and RichardBB0B(M. Hayden, as director of GSC InvestmentCCCLLC.(8)DE 333333$@E1E)Indemnification Agreement dated March 20,FF2F*2007 between GSC Investment LLC and ThomasGG2G*V. Inglesby, as director of GSC InvestmentHHHLLC.(8)IJ Q8$@J1J)Indemnification Agreement dated March 20,KK2K*2007 between GSC Investment LLC and StevenLL0L(M. Looney, as director of GSC InvestmentMMMLLC.(8)NO =
ףp=$@O1O)Indemnification Agreement dated March 20,PP3P+2007 between GSC Investment LLC and CharlesQQ5QS. Whitman III, as director of GSC InvestmentRRRLLC.(8)ST (\B$@T1T)Indemnification Agreement dated March 20,UU5U2007 between GSC Investment LLC and G. CabellVV/V'Williams, as director of GSC InvestmentWWWLLC.(8)XY HzG$@Y1Y)Indemnification Agreement dated March 20,ZZ3Z+2007 between GSC Investment LLC and Richard[[3[+T. Allorto, Jr., as Chief Financial Officer\\!\of GSC Investment LLC.(8)]^ L$@^1^)Indemnification Agreement dated March 20,__1_)2007 between GSC Investment LLC and DavidD
l^:b>sgxMAP`abcdefghijklmnopqrstuvwxyz{}~``1`)L. Goret, as Vice President and Secretaryaa!aof GSC Investment LLC.(8)bc RQ$@c1c)Indemnification Agreement dated March 20,dd3d+2007 between GSC Investment LLC and Michaelee3e+J. Monticciolo, as Chief Compliance Officerff!fof GSC Investment LLC.(8)gh ףp=
W$@h1h)Indemnification Agreement dated March 20,ii2i*2007 between GSC Investment LLC and Danieljj3j+I. Castro, Jr., as member of the investmentkk&kcommittee of GSCP (NJ), LP.(8)lm \(\$@m1m)Indemnification Agreement dated March 20,nn2n*2007 between GSC Investment LLC and Robertoo5oF. Cummings, Jr., as member of the investmentpp&pcommittee of GSCP (NJ), LP.(8)qr zGa$@r1r)Indemnification Agreement dated March 20,ss3s+2007 between GSC Investment LLC and Richardtt8t0M. Hayden, as member of the investment committeeuuuof GSCP (NJ), LP.(8)vw ffffff$@w1w)Indemnification Agreement dated March 20,xx2x*2007 between GSC Investment LLC and Thomasyy0y(V. Inglesby, as member of the investmentzz&zcommittee of GSCP (NJ), LP.(8){ Qk$@1)Indemnification Agreement dated March 20,}}2}*2007 between GSC Investment LLC and Thomas~~/~'J. Libassi, as member of the investment&committee of GSCP (NJ), LP.(8)Dq
lvjy<0@Q_x%I= q=
ףp$@1)Assignment and Assumption Agreement dated0(March 20, 2007 among GSCP (NJ), L.P. andGSC Investment LLC.(8) (\u$@4,Investment Advisory and Management Agreement3+dated March 21, 2007 between GSC Investment!LLC and GSCP (NJ) L.P.(8)$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/Uj!=PF0*8X>
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??P!NOTE ABOUT FORWARDLOOKING STATE NOTE ABOUT FORWARDLOOKING (1) NOTE ABOUT FORWARDLOOKING (2) NOTE ABOUT FORWARDLOOKING (3) NOTE ABOUT FORWARDLOOKING (4) NOTE ABOUT FORWARDLOOKING (5) NOTE ABOUT FORWARDLOOKING (6)Compliance policiesCompliance poli (1)!Resolution of potential conflic!Our common stock could be delis!The floating interest rate feat!When we are a debt or minority !Risks related to an investment !Provisions of our governing docProvisions of our (1)Provisions of our (2)Provisions of our (3)Income Statement
Balance SheetQuarterly Data
NO TITLEQuarterly Data (1)!Corporate Debt Portfolio OverviCorporate Debt Portfolio (1)Corporate Debt Portfolio (2)Portfolio CMR distributionPortfolio CMR d (1)!Portfolio composition by industPortfolio composition by (1)!Portfolio composition by geograPortfolio composition by (2)Portfolio composition by (3)Portfolio composition by (4)Portfolio composition by (5)Portfolio composition by (6)Portfolio composition by (7)Portfolio composition by (8)Portfolio composition by (9)!Item 7A Quantitative and QualitItem 7A Quantitative and (1)Item 7A Quantitative and (3)Item 7A Quantitative and (4)Item 7A Quantitative and (5)Balance Sheet (1)Income Statemen (1)Item 7A Quantitative and (6)Item 7A Quantitative and (7)Item 7A Quantitative and (8)Item 7A Quantitative and (9) Item 7A Quantitative and (10)NO TITLE (1) Item 7A Quantitative and (11) Item 7A Quantitative and (12) Item 7A Quantitative and (13) Item 7A Quantitative and (14) Item 7A Quantitative and (15) Item 7A Quantitative and (16) Item 7A Quantitative and (17) Item 7A Quantitative and (18) Item 7A Quantitative and (19) Item 7A Quantitative and (20)
Cash Flows!Deferred Credit Facility FinancDeferred Credit Facility (1)Deferred Credit Facility (2)Deferred Credit Facility (3)Deferred Credit Facility (4)!Note 4 Investment in GSC InvestNote 4 Investment in GSC (1)Note 4 Investment in GSC (2)!Note 8 Interest Rate Cap AgreemNote 8 Interest Rate Cap (1)Note 11 Earnings Per ShareNote 12 DividendNote 13 Financial HighlightsNote 13 Financial (1)NO TITLE (2)!Note 15 Selected Quarterly DataNote 15 Selected (1)U }I }$ }I;
y
!SARATOGA INVESTMENT CORP.10K
05/29/2009KCItem 7A. Quantitative and Qualitative Disclosures about Market Risk Exhibit
Number
Description {Gz$@0(Custodian Agreement dated March 21, 20070(between GSC Investment LLC and U.S. Bank
National Association.(8) $@0(Administration Agreement dated March 21,2*2007 between GSC Investment Corp. and GSCP(NJ) L.P.(8) Q$@3+Trademark License Agreement dated March 21,2*2007 between GSC Investment Corp. and GSCP(NJ) L.P.(8)
ףp=$@/'Notification of Fee Reimbursement datedMarch 21, 2007.(8) (\$@%Portfolio Acquisition Agreement dated3+March 23, 2007 between GSC Investment Corp.2*and GSC Partners CDO Fund III, Limited.(8) Gz$@3+Credit Agreement dated as of April 11, 200780among GSC Investment Funding LLC, GSC InvestmentD lZNB6`bkxB2 !"#$%&'()*+,./0123456789:;<=>? 9 1Corp., GSC (NJ), L.P., the financial institutions!!7!/from time to time party thereto, the commercial""5"paper lenders from time to time party thereto##1#)and Deutsche Bank AG, New York Branch.(5)$$$% $@%/%'Purchase and Sale Agreement between GSC&&3&+Investment Corp. and GSC Investment Funding''*'"LLC dated as of April 11, 2007.(5)((() Q$@)2)*Amendment No. 1 to Credit Agreement, dated**6*.as of May 1, 2007 among GSC Investment Funding++/+'LLC, Deutsche Bank AG, New York Branch,,,4,,GSC Investment Corp., and GSCP (NJ), L.P.(6). p=
ף$@.0.(Credit Agreement dated as of May 1, 2007//0/(among GSC Investment Funding II LLC, GSC0070/Investment Corp., GSC (NJ), L.P., the financial1151institutions from time to time party thereto,22.2&the commercial paper lenders from time33/3'to time party thereto and Deutsche Bank444AG, New York Branch.(6)5556 )\$@626*Purchase Sale Agreement dated as of May 1,77.7&2007 between GSC Investment Funding II88'8LLC and GSC Investment Corp.(6)999: Gz$@:/:'Purchase and Sale Agreement dated as of;;0;(May 1, 2007 between GSC Investment Corp.<<<%and GSC Partners CDO Fund Limited.(6)===> 33333$@>7>/Amendment to Investment Advisory and Management??0?(Agreement dated May 23, 2007 between GSCDClXE8K'6PSO@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_@@/@'Investment Corp. and GSCP (NJ), L.P.(7)AAAB Q$@B2B*Indemnification Agreement dated October 9,CC3C+2007 between GSC Investment Corp. and DavidDD4D,Goret, as member of the disclosure committeeEE#Eof GSC Investment Corp.(11)FFFG =
ףp$@G2G*Indemnification Agreement dated October 9,HH3H+2007 between GSC Investment Corp. and DavidII3I+Rice, as member of the disclosure committeeJJ#Jof GSC Investment Corp.(11)KKKL (\$@L/L'Agreement Terminating Fee ReimbursementMM5Mdated as of April 15, 2008 between GSCP (NJ),NN)N!L.P. and GSC Investment Corp.(10)OOOP Hz$@P2P*Amendment No. 3 to Credit Agreement, datedQQ1Q)as of August 8, 2008 among GSC InvestmentRR2R*Funding LLC and Deutsche Bank AG, New YorkSSS
Branch(12)TTTU $@U3U+Indemnification Agreement dated October 15,VV2V*2008 between GSC Investment Corp. and SethWW5WM, Katzenstein, as director of GSC InvestmentXXX Corp.(13)YYYZ R$@Z3Z+Indemnification Agreement dated October 15,[[2[*2008 between GSC Investment Corp. and Seth\\1\)M. Katzenstein as Chief Executive Officer]]1])and President of GSC Investment Corp.(13)^^^_ 333333,@_3_+Code of Ethics of the Company adopted underD
l=_;I
D:EyUe`abcdefghijklmnopqrstuvwx```Rule 17j1.(3)aaab 5@b!bList of Subsidiaries.(11)cccd ?@dd%Chief Executive Officer Certificationee1e)Pursuant to Rule 13a14 of the Securitiesff1f)Exchange Act of 1934, as adopted pursuantgg0g(to Section 302 of the SarbanesOxley Acthhhof 2002.iiij 333333?@jj%Chief Financial Officer Certificationkk1k)Pursuant to Rule 13a14 of the Securitiesll7l/Act of 1934, as adopted pursuant to Section 302mm*m"of the SarbanesOxley Act of 2002.nnno @@o3o+Chief Executive Officer and Chief Financialpp7p/Officer Certification pursuant to Section 1350,qq3q+Chapter 63 of Title 18, United States Code,rr1r)as adopted pursuant to Section 906 of thess#sSarbanesOxley Act of 2002.tu$v____________________________1w)Created by Morningstar Document Research.0x(http://documentresearch.morningstar.com/6gCZo"en!=PF0*8X>
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??P!NOTE ABOUT FORWARDLOOKING STATE NOTE ABOUT FORWARDLOOKING (1) NOTE ABOUT FORWARDLOOKING (2) NOTE ABOUT FORWARDLOOKING (3) NOTE ABOUT FORWARDLOOKING (4) NOTE ABOUT FORWARDLOOKING (5) NOTE ABOUT FORWARDLOOKING (6)Compliance policiesCompliance poli (1)!Resolution of potential conflic!Our common stock could be delis!The floating interest rate feat!When we are a debt or minority !Risks related to an investment !Provisions of our governing docProvisions of our (1)Provisions of our (2)Provisions of our (3)Income Statement
Balance SheetQuarterly Data
NO TITLEQuarterly Data (1)!Corporate Debt Portfolio OverviCorporate Debt Portfolio (1)Corporate Debt Portfolio (2)Portfolio CMR distributionPortfolio CMR d (1)!Portfolio composition by industPortfolio composition by (1)!Portfolio composition by geograPortfolio composition by (2)Portfolio composition by (3)Portfolio composition by (4)Portfolio composition by (5)Portfolio composition by (6)Portfolio composition by (7)Portfolio composition by (8)Portfolio composition by (9)!Item 7A Quantitative and QualitItem 7A Quantitative and (1)Item 7A Quantitative and (2)Item 7A Quantitative and (4)Item 7A Quantitative and (5)Balance Sheet (1)Income Statemen (1)Item 7A Quantitative and (6)Item 7A Quantitative and (7)Item 7A Quantitative and (8)Item 7A Quantitative and (9) Item 7A Quantitative and (10)NO TITLE (1) Item 7A Quantitative and (11) Item 7A Quantitative and (12) Item 7A Quantitative and (13) Item 7A Quantitative and (14) Item 7A Quantitative and (15) Item 7A Quantitative and (16) Item 7A Quantitative and (17) Item 7A Quantitative and (18) Item 7A Quantitative and (19) Item 7A Quantitative and (20)
Cash Flows!Deferred Credit Facility FinancDeferred Credit Facility (1)Deferred Credit Facility (2)Deferred Credit Facility (3)Deferred Credit Facility (4)!Note 4 Investment in GSC InvestNote 4 Investment in GSC (1)Note 4 Investment in GSC (2)!Note 8 Interest Rate Cap AgreemNote 8 Interest Rate Cap (1)Note 11 Earnings Per ShareNote 12 DividendNote 13 Financial HighlightsNote 13 Financial (1)NO TITLE (2)!Note 15 Selected Quarterly DataNote 15 Selected (1)U }U}$ }U5
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!SARATOGA INVESTMENT CORP.10K
05/29/2009KCItem 7A. Quantitative and Qualitative Disclosures about Market Risk~
. &Incorporated by reference to Amendment
2
*No. 2 to GSC Investment LLC?s Registration3+Statement on Form N2, File No. 333138051,"filed on January 12, 2007.
~
.&Incorporated by reference to Amendment2*No. 4 to GSC Investment LLC?s Registration3+Statement on Form N2, File No. 333138051,#filed on February 23, 2007.~
.&Incorporated by reference to Amendment4,No. 6 to GSC Investment Corp.?s Registration3+Statement on Form N2, File No. 333138051, filed on March 22, 2007.~
3+Incorporated by reference to GSC Investment2*Corp?s Registration Statement on Form 8A,/'File No. 00133376, filed on March 21,~
^~
3+Incorporated by reference to GSC Investment2*Corp.?s Form 8K, File No. 00133376 datedApril 11, 2007.DlZNB6x)E_x'h\ !"#$ !$"____________________________1#)Created by Morningstar Document Research.0$(http://documentresearch.morningstar.com/
P=PF0*8X>
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??P!NOTE ABOUT FORWARDLOOKING STATE NOTE ABOUT FORWARDLOOKING (1) NOTE ABOUT FORWARDLOOKING (2) NOTE ABOUT FORWARDLOOKING (3) NOTE ABOUT FORWARDLOOKING (4) NOTE ABOUT FORWARDLOOKING (5) NOTE ABOUT FORWARDLOOKING (6)Compliance policiesCompliance poli (1)!Resolution of potential conflic!Our common stock could be delis!The floating interest rate feat!When we are a debt or minority !Risks related to an investment !Provisions of our governing docProvisions of our (1)Provisions of our (2)Provisions of our (3)Income Statement
Balance SheetQuarterly Data
NO TITLEQuarterly Data (1)!Corporate Debt Portfolio OverviCorporate Debt Portfolio (1)Corporate Debt Portfolio (2)Portfolio CMR distributionPortfolio CMR d (1)!Portfolio composition by industPortfolio composition by (1)!Portfolio composition by geograPortfolio composition by (2)Portfolio composition by (3)Portfolio composition by (4)Portfolio composition by (5)Portfolio composition by (6)Portfolio composition by (7)Portfolio composition by (8)Portfolio composition by (9)!Item 7A Quantitative and QualitItem 7A Quantitative and (1)Item 7A Quantitative and (2)Item 7A Quantitative and (3)Item 7A Quantitative and (5)Balance Sheet (1)Income Statemen (1)Item 7A Quantitative and (6)Item 7A Quantitative and (7)Item 7A Quantitative and (8)Item 7A Quantitative and (9) Item 7A Quantitative and (10)NO TITLE (1) Item 7A Quantitative and (11) Item 7A Quantitative and (12) Item 7A Quantitative and (13) Item 7A Quantitative and (14) Item 7A Quantitative and (15) Item 7A Quantitative and (16) Item 7A Quantitative and (17) Item 7A Quantitative and (18) Item 7A Quantitative and (19) Item 7A Quantitative and (20)
Cash Flows!Deferred Credit Facility FinancDeferred Credit Facility (1)Deferred Credit Facility (2)Deferred Credit Facility (3)Deferred Credit Facility (4)!Note 4 Investment in GSC InvestNote 4 Investment in GSC (1)Note 4 Investment in GSC (2)!Note 8 Interest Rate Cap AgreemNote 8 Interest Rate Cap (1)Note 11 Earnings Per ShareNote 12 DividendNote 13 Financial HighlightsNote 13 Financial (1)NO TITLE (2)!Note 15 Selected Quarterly DataNote 15 Selected (1)U }U}$ }$4

!SARATOGA INVESTMENT CORP.10K
05/29/2009KCItem 7A. Quantitative and Qualitative Disclosures about Market Risk~
3 +Incorporated by reference to GSC Investment
2
*Corp.?s Form 8K, File No. 00133376 datedMay 1, 2007.~
3
+Incorporated by reference to GSC Investment3+Corp.?s Form 10K for the fiscal year ended.&February 28, 2007, file No. 00133376.~
3+Incorporated by reference to GSC Investment2*Corp.?s Form 10Q for the quarterly period/'ended May 31, 2007, File No. 00133376.~
3+Incorporated by reference to GSC Investment2*Corp.?s Form 8K, File No. 00133376 datedFebruary 19, 2008.~
3+Incorporated by reference to GSC Investment2*Corp.?s Form 8K, File No. 00133376 datedApril 15, 2008.~
3+Incorporated by reference to GSC Investment3+Corp.?s Form 10K for the fiscal year ended.&February 29, 2008, File No. 00133376.DlZNB6sC7MAWKvj; !"#$%&'()*+, ~
!!3!+Incorporated by reference to GSC Investment""2"*Corp.?s Form 8K, File No. 00133376 dated###August 8, 2008.$~
%%3%+Incorporated by reference to GSC Investment&&2&*Corp.?s Form 8K, File No. 00133376 dated'''October 15, 2008.()$*____________________________1+)Created by Morningstar Document Research.0,(http://documentresearch.morningstar.com/kU"wB6*=PF0*8X>
@,,++**
l +\
dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??P!NOTE ABOUT FORWARDLOOKING STATE NOTE ABOUT FORWARDLOOKING (1) NOTE ABOUT FORWARDLOOKING (2) NOTE ABOUT FORWARDLOOKING (3) NOTE ABOUT FORWARDLOOKING (4) NOTE ABOUT FORWARDLOOKING (5) NOTE ABOUT FORWARDLOOKING (6)Compliance policiesCompliance poli (1)!Resolution of potential conflic!Our common stock could be delis!The floating interest rate feat!When we are a debt or minority !Risks related to an investment !Provisions of our governing docProvisions of our (1)Provisions of our (2)Provisions of our (3)Income Statement
Balance SheetQuarterly Data
NO TITLEQuarterly Data (1)!Corporate Debt Portfolio OverviCorporate Debt Portfolio (1)Corporate Debt Portfolio (2)Portfolio CMR distributionPortfolio CMR d (1)!Portfolio composition by industPortfolio composition by (1)!Portfolio composition by geograPortfolio composition by (2)Portfolio composition by (3)Portfolio composition by (4)Portfolio composition by (5)Portfolio composition by (6)Portfolio composition by (7)Portfolio composition by (8)Portfolio composition by (9)!Item 7A Quantitative and QualitItem 7A Quantitative and (1)Item 7A Quantitative and (2)Item 7A Quantitative and (3)Item 7A Quantitative and (4)Balance Sheet (1)Income Statemen (1)Item 7A Quantitative and (6)Item 7A Quantitative and (7)Item 7A Quantitative and (8)Item 7A Quantitative and (9) Item 7A Quantitative and (10)NO TITLE (1) Item 7A Quantitative and (11) Item 7A Quantitative and (12) Item 7A Quantitative and (13) Item 7A Quantitative and (14) Item 7A Quantitative and (15) Item 7A Quantitative and (16) Item 7A Quantitative and (17) Item 7A Quantitative and (18) Item 7A Quantitative and (19) Item 7A Quantitative and (20)
Cash Flows!Deferred Credit Facility FinancDeferred Credit Facility (1)Deferred Credit Facility (2)Deferred Credit Facility (3)Deferred Credit Facility (4)!Note 4 Investment in GSC InvestNote 4 Investment in GSC (1)Note 4 Investment in GSC (2)!Note 8 Interest Rate Cap AgreemNote 8 Interest Rate Cap (1)Note 11 Earnings Per ShareNote 12 DividendNote 13 Financial HighlightsNote 13 Financial (1)NO TITLE (2)!Note 15 Selected Quarterly DataNote 15 Selected (1)U }:}$ }}$
+
!SARATOGA INVESTMENT CORP.10K
05/29/2009KCItem 7A. Quantitative and Qualitative Disclosures about Market Risk0 (Reports of Independent Registered Public F2
Accounting Firm6.Consolidated Balance Sheets as of February 28,F3"
2009 and February 29, 2008%Consolidated Statements of OperationsF41)for the years ended February 28, 2009 and1)February 29, 2008 and for the period from80May 12, 2006 (date of inception) to February 28,~
!^,$Consolidated Schedule of InvestmentsF50(as of February 28, 2009 and February 29,~
!b%Consolidated Statements of Changes inF133+Net Assets for the years ended February 28,52009 and February 29, 2008 and for the period0(from May 12, 2006 (date of inception) toFebruary 28, 2007%Consolidated Statements of Cash FlowsF14D lZNB6x
@**))((
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??P!NOTE ABOUT FORWARDLOOKING STATE NOTE ABOUT FORWARDLOOKING (1) NOTE ABOUT FORWARDLOOKING (2) NOTE ABOUT FORWARDLOOKING (3) NOTE ABOUT FORWARDLOOKING (4) NOTE ABOUT FORWARDLOOKING (5) NOTE ABOUT FORWARDLOOKING (6)Compliance policiesCompliance poli (1)!Resolution of potential conflic!Our common stock could be delis!The floating interest rate feat!When we are a debt or minority !Risks related to an investment !Provisions of our governing docProvisions of our (1)Provisions of our (2)Provisions of our (3)Income Statement
Balance SheetQuarterly Data
NO TITLEQuarterly Data (1)!Corporate Debt Portfolio OverviCorporate Debt Portfolio (1)Corporate Debt Portfolio (2)Portfolio CMR distributionPortfolio CMR d (1)!Portfolio composition by industPortfolio composition by (1)!Portfolio composition by geograPortfolio composition by (2)Portfolio composition by (3)Portfolio composition by (4)Portfolio composition by (5)Portfolio composition by (6)Portfolio composition by (7)Portfolio composition by (8)Portfolio composition by (9)!Item 7A Quantitative and QualitItem 7A Quantitative and (1)Item 7A Quantitative and (2)Item 7A Quantitative and (3)Item 7A Quantitative and (4)Item 7A Quantitative and (5)Income Statemen (1)Item 7A Quantitative and (6)Item 7A Quantitative and (7)Item 7A Quantitative and (8)Item 7A Quantitative and (9) Item 7A Quantitative and (10)NO TITLE (1) Item 7A Quantitative and (11) Item 7A Quantitative and (12) Item 7A Quantitative and (13) Item 7A Quantitative and (14) Item 7A Quantitative and (15) Item 7A Quantitative and (16) Item 7A Quantitative and (17) Item 7A Quantitative and (18) Item 7A Quantitative and (19) Item 7A Quantitative and (20)
Cash Flows!Deferred Credit Facility FinancDeferred Credit Facility (1)Deferred Credit Facility (2)Deferred Credit Facility (3)Deferred Credit Facility (4)!Note 4 Investment in GSC InvestNote 4 Investment in GSC (1)Note 4 Investment in GSC (2)!Note 8 Interest Rate Cap AgreemNote 8 Interest Rate Cap (1)Note 11 Earnings Per ShareNote 12 DividendNote 13 Financial HighlightsNote 13 Financial (1)NO TITLE (2)!Note 15 Selected Quarterly DataNote 15 Selected (1)U }I;}$ }}$ }}$
O
!SARATOGA INVESTMENT CORP.10K
05/29/2009
Balance Sheet
As of
February 28, 2009
February 29, 2008
ASSETS!
Investments at fair value
%Noncontrol/nonaffiliate investments~
~
փE"91(amortized cost of $137,020,449 and $162,888,724,
respectively)0(Control investments (cost of $29,905,194~
֑Y~
&and $30,000,000, respectively)1)Affiliate investments (cost of $0 and $0,~
~~
respectively)2*Total investments at fair value (amortized~
nY~
5).&cost of $166,925,643 and $192,888,724,
respectively)!Cash and cash equivalents~
~
xA1)Cash and cash equivalents, securitization~
fG~
yaccounts3+Outstanding interest rate cap at fair value~
fi~
5(cost of $131,000 and $131,000, respectively)Interest receivable~
t~
ʾDue from manager ?~
m9DlxlUR$I ! " # $ % & ' ( ) * + ,  . / 0 1 2 3 4 5 6 7 8 9 : ; < = > ? 1 )Deferred credit facility financing costs, ~
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~$, !net!"Management fee receivable""~
""""~
"
"#Other assets##~
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#f#$$$$$$$%%%%%%%%%&Total assets&~
&>'&&~
&&'''''''((((((((()LIABILITIES))))))))!*Revolving credit facility*~
*ƿ**~
*B5*$+Payable for unsettled trades++ +?+++~
+y+,Dividend payable,, ,?,,,~
,],%Management and incentive fees payable~
nү~
V9.%Accounts payable and accrued expenses..~
.*...~
.:+.1/)Interest and credit facility fees payable//~
/q///~
/N/0Due to manager00 0?000~
0011111112Total liabilities2~
222~
2R233333334444444445STOCKHOLDERS? EQUITY5555555516)Common stock, par value $.0001 per share,66~
6666~
667%100,000,000 common shares authorized,8%8,291,384 and 8,291,384 common shares,9$issued and outstanding, respectively&:Capital in excess of par value::~
:ws:::~
:Zq:0;(Accumulated undistributed net investment;;~
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;b;<income.=&Accumulated undistributed net realized==~
=W===~
=JVO=4>,gain/(loss) from investments and derivatives2?*Net unrealized depreciation on investments??~
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Balance SheetQuarterly Data
NO TITLEQuarterly Data (1)!Corporate Debt Portfolio OverviCorporate Debt Portfolio (1)Corporate Debt Portfolio (2)Portfolio CMR distributionPortfolio CMR d (1)!Portfolio composition by industPortfolio composition by (1)!Portfolio composition by geograPortfolio composition by (2)Portfolio composition by (3)Portfolio composition by (4)Portfolio composition by (5)Portfolio composition by (6)Portfolio composition by (7)Portfolio composition by (8)Portfolio composition by (9)!Item 7A Quantitative and QualitItem 7A Quantitative and (1)Item 7A Quantitative and (2)Item 7A Quantitative and (3)Item 7A Quantitative and (4)Item 7A Quantitative and (5)Balance Sheet (1)Item 7A Quantitative and (6)Item 7A Quantitative and (7)Item 7A Quantitative and (8)Item 7A Quantitative and (9) Item 7A Quantitative and (10)NO TITLE (1) Item 7A Quantitative and (11) Item 7A Quantitative and (12) Item 7A Quantitative and (13) Item 7A Quantitative and (14) Item 7A Quantitative and (15) Item 7A Quantitative and (16) Item 7A Quantitative and (17) Item 7A Quantitative and (18) Item 7A Quantitative and (19) Item 7A Quantitative and (20)
Cash Flows!Deferred Credit Facility FinancDeferred Credit Facility (1)Deferred Credit Facility (2)Deferred Credit Facility (3)Deferred Credit Facility (4)!Note 4 Investment in GSC InvestNote 4 Investment in GSC (1)Note 4 Investment in GSC (2)!Note 8 Interest Rate Cap AgreemNote 8 Interest Rate Cap (1)Note 11 Earnings Per ShareNote 12 DividendNote 13 Financial HighlightsNote 13 Financial (1)NO TITLE (2)!Note 15 Selected Quarterly DataNote 15 Selected (1)U }6}$ }y}$ }
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!SARATOGA INVESTMENT CORP.10K
05/29/2009Income Statement
For the period from
May 12, 2006
For the year endedFor the year ended
(date of inception)February 28, 2009February 29, 2008
to February 28, 2007
INVESTMENT INCOME
!Interest from investments
%NonControl/NonAffiliate investments~
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?expensesBase management fees~
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.////////// /
//10)NET INVESTMENT INCOME BEFORE INCOME TAXES00~
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1102(Income tax expense, including excise tax22~
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334NET INVESTMENT INCOME44~
4"K444~
4:44 4
~
46455555555 5
56666666666 6
66.7&REALIZED AND UNREALIZED GAIN (LOSS) ON777777777 7
778INVESTMENTS:19)Net realized gain/(loss) from investments999999999 9
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05/29/2009KCItem 7A. Quantitative and Qualitative Disclosures about Market Risk
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05/29/2009NO TITLE (a) 5 All of the Fund?s equity and debt investments
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Balance SheetQuarterly Data
NO TITLEQuarterly Data (1)!Corporate Debt Portfolio OverviCorporate Debt Portfolio (1)Corporate Debt Portfolio (2)Portfolio CMR distributionPortfolio CMR d (1)!Portfolio composition by industPortfolio composition by (1)!Portfolio composition by geograPortfolio composition by (2)Portfolio composition by (3)Portfolio composition by (4)Portfolio composition by (5)Portfolio composition by (6)Portfolio composition by (7)Portfolio composition by (8)Portfolio composition by (9)!Item 7A Quantitative and QualitItem 7A Quantitative and (1)Item 7A Quantitative and (2)Item 7A Quantitative and (3)Item 7A Quantitative and (4)Item 7A Quantitative and (5)Balance Sheet (1)Income Statemen (1)Item 7A Quantitative and (6)Item 7A Quantitative and (7)Item 7A Quantitative and (8)Item 7A Quantitative and (9) Item 7A Quantitative and (10)NO TITLE (1) Item 7A Quantitative and (12) Item 7A Quantitative and (13) Item 7A Quantitative and (14) Item 7A Quantitative and (15) Item 7A Quantitative and (16) Item 7A Quantitative and (17) Item 7A Quantitative and (18) Item 7A Quantitative and (19) Item 7A Quantitative and (20)
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05/29/2009KCItem 7A. Quantitative and Qualitative Disclosures about Market Risk
Interest
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!SARATOGA INVESTMENT CORP.10K
05/29/2009KCItem 7A. Quantitative and Qualitative Disclosures about Market Risk
Interest
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05/29/2009KCItem 7A. Quantitative and Qualitative Disclosures about Market Risk
Investment Interest
% of
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Rate/Maturity Principal
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Fair ValueEquity.&Noncontrol/Nonaffiliated investments
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05/29/2009KCItem 7A. Quantitative and Qualitative Disclosures about Market Risk
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05/29/2009KCItem 7A. Quantitative and Qualitative Disclosures about Market Risk
Investment Interest
% of
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Fair ValueEquity!Edgen Murray II, L.P. (d)Oil and GasSecond Lien Term Loan~
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05/29/2009KCItem 7A. Quantitative and Qualitative Disclosures about Market Risk
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05/29/2009KCItem 7A. Quantitative and Qualitative Disclosures about Market Risk (a) 5 All of the Fund?s equity and debt investments
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05/29/2009KCItem 7A. Quantitative and Qualitative Disclosures about Market Risk
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05/29/2009KCItem 7A. Quantitative and Qualitative Disclosures about Market Risk
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05/29/2009KCItem 7A. Quantitative and Qualitative Disclosures about Market Risk
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Cash Flows
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05/29/20090(Deferred Credit Facility Financing Costs ?3+Level 1 ? Valuations based on quoted prices . &in active markets for identical assets
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NO TITLEQuarterly Data (1)!Corporate Debt Portfolio OverviCorporate Debt Portfolio (1)Corporate Debt Portfolio (2)Portfolio CMR distributionPortfolio CMR d (1)!Portfolio composition by industPortfolio composition by (1)!Portfolio composition by geograPortfolio composition by (2)Portfolio composition by (3)Portfolio composition by (4)Portfolio composition by (5)Portfolio composition by (6)Portfolio composition by (7)Portfolio composition by (8)Portfolio composition by (9)!Item 7A Quantitative and QualitItem 7A Quantitative and (1)Item 7A Quantitative and (2)Item 7A Quantitative and (3)Item 7A Quantitative and (4)Item 7A Quantitative and (5)Balance Sheet (1)Income Statemen (1)Item 7A Quantitative and (6)Item 7A Quantitative and (7)Item 7A Quantitative and (8)Item 7A Quantitative and (9) Item 7A Quantitative and (10)NO TITLE (1) Item 7A Quantitative and (11) Item 7A Quantitative and (12) Item 7A Quantitative and (13) Item 7A Quantitative and (14) Item 7A Quantitative and (15) Item 7A Quantitative and (16) Item 7A Quantitative and (17) Item 7A Quantitative and (18) Item 7A Quantitative and (19) Item 7A Quantitative and (20)
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!SARATOGA INVESTMENT CORP.10K
05/29/2009Note 12. Dividend
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NO TITLEQuarterly Data (1)!Corporate Debt Portfolio OverviCorporate Debt Portfolio (1)Corporate Debt Portfolio (2)Portfolio CMR distributionPortfolio CMR d (1)!Portfolio composition by industPortfolio composition by (1)!Portfolio composition by geograPortfolio composition by (2)Portfolio composition by (3)Portfolio composition by (4)Portfolio composition by (5)Portfolio composition by (6)Portfolio composition by (7)Portfolio composition by (8)Portfolio composition by (9)!Item 7A Quantitative and QualitItem 7A Quantitative and (1)Item 7A Quantitative and (2)Item 7A Quantitative and (3)Item 7A Quantitative and (4)Item 7A Quantitative and (5)Balance Sheet (1)Income Statemen (1)Item 7A Quantitative and (6)Item 7A Quantitative and (7)Item 7A Quantitative and (8)Item 7A Quantitative and (9) Item 7A Quantitative and (10)NO TITLE (1) Item 7A Quantitative and (11) Item 7A Quantitative and (12) Item 7A Quantitative and (13) Item 7A Quantitative and (14) Item 7A Quantitative and (15) Item 7A Quantitative and (16) Item 7A Quantitative and (17) Item 7A Quantitative and (18) Item 7A Quantitative and (19) Item 7A Quantitative and (20)
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!SARATOGA INVESTMENT CORP.10K
05/29/2009%Note 13. Financial Highlights February 28, 2009 February 29, 2008
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05/29/2009%Note 13. Financial Highlights Ratio/Supplemental data: 1
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NO TITLEQuarterly Data (1)!Corporate Debt Portfolio OverviCorporate Debt Portfolio (1)Corporate Debt Portfolio (2)Portfolio CMR distributionPortfolio CMR d (1)!Portfolio composition by industPortfolio composition by (1)!Portfolio composition by geograPortfolio composition by (2)Portfolio composition by (3)Portfolio composition by (4)Portfolio composition by (5)Portfolio composition by (6)Portfolio composition by (7)Portfolio composition by (8)Portfolio composition by (9)!Item 7A Quantitative and QualitItem 7A Quantitative and (1)Item 7A Quantitative and (2)Item 7A Quantitative and (3)Item 7A Quantitative and (4)Item 7A Quantitative and (5)Balance Sheet (1)Income Statemen (1)Item 7A Quantitative and (6)Item 7A Quantitative and (7)Item 7A Quantitative and (8)Item 7A Quantitative and (9) Item 7A Quantitative and (10)NO TITLE (1) Item 7A Quantitative and (11) Item 7A Quantitative and (12) Item 7A Quantitative and (13) Item 7A Quantitative and (14) Item 7A Quantitative and (15) Item 7A Quantitative and (16) Item 7A Quantitative and (17) Item 7A Quantitative and (18) Item 7A Quantitative and (19) Item 7A Quantitative and (20)
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05/29/2009NO TITLE~
/ 'Net investment income excluding expense

%waiver and reimbursement equals $1.55<4and $1.08 per share for the years ended February 28,1)2009 and February 29, 2008, respectively.
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1)For the year ended February 28, 2009, the1)total return based on market value equals4,the decrease in market value at February 28,3+2009, of $9.05 per share over the price per3+share at February 29, 2008, of $11.04, plus0(the declared dividend of $0.39 per share3+for stockholders of record on May 30, 2008,0(the declared dividend of $0.39 per share0(for stockholders of record on August 29,0(2008, and the declared dividend of $0.25/'per share for stockholders of record on6.December 29, 2008, divided by the February 29,0(2008 price per share. For the year ended1)February 29, 2008, the total return based5on market value equals the decrease in market5value at February 29, 2008 of $3.96 per share0(over the IPO offering price per share at3+March 23, 2007 of $15.00, plus the declaredD l}qM_j0I`v% !"#$%&'()*+,./0123456789:;<=>? 4 ,dividend of $0.24 per share for stockholders!!8!0of record on May 29, 2007, the declared dividend""5"of $0.36 per share for stockholders of record##1#)on August 24, 2007, the declared dividend$$5$of $0.38 per share for stockholders of record%%3%+on November 30, 2007, the declared dividend&&5&of $0.18 per share for stockholders of record''6'.on January 28, 2008, and the declared dividend((5(of $0.39 per share for stockholders of record))6).on March 10, 2008, divided by the IPO offering**5*price per share. Total return based on market++ +value is not annualized.,~
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