Saratoga Investment Corp.
US ˙ NYSE ˙ US80349A2087

SecuritySAR / Saratoga Investment Corp.
InstitutionD.a. Davidson & Co.
Latest Disclosed Ownership18,303 shares
Latest Disclosed Value $ 400,307
D.a. Davidson & Co. reports 0.60% increase in ownership of SAR / Saratoga Investment Corp.

On May 5, 2026 - D.a. Davidson & Co. filed a 13F-HR form disclosing ownership of 18,303 shares of Saratoga Investment Corp. (US:SAR) valued at $400,287 USD as of March 31, 2026. The entity filed a previous 13F-HR on January 29, 2026 disclosing 18,194 shares of Saratoga Investment Corp.. This represents a change in shares of 0.60% during the quarter. The current value of the position is $410,170 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-05-05 2026-03-31 13F SARATOGA INVT COM NEW 80349A208 18,303 109 0.60 400 -4.53 0.0024
2026-01-29 2025-12-31 13F SARATOGA INVT COM NEW 80349A208 18,194 -13,258 -42.15 420 -45.37 0.0026
2025-10-22 2025-09-30 13F SARATOGA INVT COM NEW 80349A208 31,452 343 1.10 767 -0.52 0.0049
2025-07-30 2025-06-30 13F SARATOGA INVT COM NEW 80349A208 31,109 1,093 3.64 772 1.45 0.0054
2025-04-28 2025-03-31 13F SARATOGA INVT COM NEW 80349A208 30,016 87 0.29 760 6.29 0.0061
2025-01-31 2024-12-31 13F SARATOGA INVT COM NEW 80349A208 29,929 2,929 10.85 716 14.22 0.0058
2024-11-13 2024-09-30 13F SARATOGA INVT COM NEW 80349A208 27,000 -736 -2.65 626 -0.48 0.0052
2024-08-01 2024-06-30 13F SARATOGA INVT COM NEW 80349A208 27,736 664 2.45 630 0.16 0.0056
2024-05-13 2024-03-31 13F SARATOGA INVT COM NEW 80349A208 27,072 2,881 11.91 628 0.48 0.0057
2024-02-09 2023-12-31 13F SARATOGA INVT COM NEW 80349A208 24,191 1,024 4.42 626 5.04 0.0061
2023-11-08 2023-09-30 13F SARATOGA INVT COM NEW 80349A208 23,167 327 1.43 595 -3.41 0.0065
2023-08-11 2023-06-30 13F SARATOGA INVT COM NEW 80349A208 22,840 85 0.37 616 7.13 0.0065
2023-04-25 2023-03-31 13F SARATOGA INVT COM NEW 80349A208 22,755 2,537 12.55 575 11.65 0.0065
2023-02-03 2022-12-31 13F SARATOGA INVT COM NEW 80349A208 20,218 -1,100 -5.16 515 16.25 0.0061
2022-11-07 2022-09-30 13F SARATOGA INVT COM NEW 80349A208 21,318 74 0.35 443 -12.97 0.0058
2022-07-28 2022-06-30 13F SARATOGA INVT COM NEW 80349A208 21,244 65 0.31 509 -11.79 0.0064
2022-05-12 2022-03-31 13F SARATOGA INVT COM NEW 80349A208 21,179 108 0.51 577 -6.79 0.0063
2022-01-31 2021-12-31 13F SARATOGA INVT COM NEW 80349A208 21,071 4,000 23.43 619 26.07 0.0066
2021-11-15 2021-09-30 13F SARATOGA INVT COM NEW 80349A208 17,071 651 3.96 491 11.34 0.0057
2021-08-10 2021-06-30 13F SARATOGA INVT COM NEW 80349A208 16,420 316 1.96 441 8.09 0.0052
2021-05-07 2021-03-31 13F SARATOGA INVT COM NEW 80349A208 16,104 631 4.08 408 26.32 0.0052
2021-02-10 2020-12-31 13F SARATOGA INVT COM NEW 80349A208 15,473 -479 -3.00 323 20.52 0.0049
2020-11-02 2020-09-30 13F SARATOGA INVT COM NEW 80349A208 15,952 -558 -3.38 268 2.68 0.0047
2020-08-10 2020-06-30 13F SARATOGA INVT COM NEW 80349A208 16,510 1,000 6.45 261 45.81 0.0049
2020-05-05 2020-03-31 13F SARATOGA INVT COM NEW 80349A208 15,510 876 5.99 179 -50.96 0.0035
2020-02-14 2019-12-31 13F SARATOGA INVT COM NEW 80349A208 14,634 2,919 24.92 365 25.86 0.0059
2019-11-05 2019-09-30 13F SARATOGA INVT COM NEW 80349A208 11,715 11,715 290 0.0052
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.