Saratoga Investment Corp. (NYSE:SAR) is a closed-end, externally managed business development company that provides financing solutions to middle-market U.S. companies. The firm focuses on originating and acquiring secured debt investments, subordinated debt and equity interests, targeting established businesses across a range of industries. By partnering with management teams, Saratoga seeks to support growth initiatives, working capital needs and strategic acquisitions with flexible capital structures.
The company’s investment portfolio spans sectors such as manufacturing, business services, healthcare, and technology, as well as select real estate and communications infrastructure assets. Saratoga typically targets transactions in the $20 million to $75 million range, emphasizing senior secured positions that offer downside protection and attractive risk-adjusted returns. Its disciplined underwriting process combines detailed credit analysis with sector expertise to identify opportunities in both stable and cyclical markets.
Since its initial public offering in 2014, Saratoga Investment has pursued a strategy of active portfolio management and selective deal sourcing, leveraging the resources of its external advisor. The company maintains a diversified portfolio, aiming to mitigate concentration risk while capitalizing on dislocations in credit markets. By balancing current income with capital preservation, Saratoga seeks to deliver long-term value for shareholders through both yield generation and potential asset appreciation.
Externally managed by Saratoga Investment Advisors, LLC, the firm is guided by an experienced leadership team with deep backgrounds in investment banking, private credit and corporate finance. Under the oversight of its board of directors and led by Chairman Cary Kochman, Saratoga emphasizes governance, risk management and transparency. The management team’s collective expertise in structuring complex financings supports the company’s goal of being a flexible capital provider to middle-market companies nationwide.
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