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Filing Details

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1377936	Saratoga Investment Corp.	SAR	()	4

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1349483	L Christian Oberbeck	C/O Saratoga Investment Corp. 535 Madison Avenue New York NY 10022	Ceo And Director	Yes	Yes	Yes	No

Reported Non-Derivative Transactions

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Disposition	2018-05-23	39,815	$22.45	578,007	No	4	S	Direct
Common Stock	Disposition	2018-05-23	2,550	$22.46	217,774	No	4	S	Indirect	CLO Partners LLC
Common Stock	Disposition	2018-05-23	635	$22.45	120,380	No	4	S	Indirect	By Saratoga Investment Advisors, LLC
Common Stock	Acquisiton	2018-05-23	11,000	$22.45	589,007	No	4	P	Direct
Common Stock	Acquisiton	2018-05-23	29,061	$22.45	618,068	No	4	P	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	S	Direct
No	4	S	Indirect	CLO Partners LLC
No	4	S	Indirect	By Saratoga Investment Advisors, LLC
No	4	P	Direct
No	4	P	Direct

Footnotes

On May 23, 2018, Mr. Oberbeck sold a total of 43,000 shares of the Company's common stock beneficially owned by him through the following accounts: (i) held by Mr. Oberbeck in a taxable brokerage account, (ii) held by CLO Partners LLC, and (iii) held by Saratoga Investment Advisors, LLC. The total proceeds received for such sales amounted to $965,375.50. Also on May 23, 2018, Mr. Oberbeck purchased a total of 40,061 shares of the Company's common stock to be held in two Individual Retirement Accounts for a total cost of $899,369.45, resulting in a net decrease of 2,939 shares held by Mr. Oberbeck. Mr. Oberbeck has remitted to the Company a check in the amount of $25.50, representing the difference between the sale proceeds and purchase price of the shares that Mr. Oberbeck sold and then reacquired. Mr. Oberbeck's intent in entering into these transactions was solely to effect a change in the form of ownership of the shares with a minimal to zero change in net ownership.