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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington , D.C. 20549 □ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 ( d ) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended February 28 , 2021 □ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 ( d ) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from Maryland ( State or other jurisdiction of incorporation or organization ) Form 10 - K Title of each class Common Stock , par value $ 0.001 per share 6.25 % Notes due 2025 7.25 % Notes due 2025 to SARATOGA INVESTMENT CORP . ( Exact name of registrant as specified in its charter ) Commission File No. 814-00732 Large accelerated filer Non - accelerated filer 535 Madison Avenue New York , New York 10022 ( Address of principal executive offices ) 20-8700615 ( I.R.S. Employer Identification Number ) ( 212 ) 906-7800 ( Registrant's telephone number , including area code ) Securities registered pursuant to Section 12 ( b ) of the Act : Trading Symbol ( s ) Name of each exchange on which registered The New York Stock Exchange The New York Stock Exchange The New York Stock Exchange SAR SAF SAK Securities registered pursuant to Section 12 ( g ) of the Act : None Indicate by check mark if the registrant is a well - known seasoned issuer , as defined in Rule 405 of the Securities Act . Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15 ( d ) of the Act . Yes No Indicate by check mark whether the registrant ( 1 ) has filed all reports required to be filed by Section 13 or 15 ( d ) of the Securities Exchange Act of 1934 during the preceding 12 months ( or for such shorter period that the registrant was required to file such reports ) , and ( 2 ) has been subject to such filing requirements for the past 90 days : Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S - T ( § 232.405 of this chapter ) during the preceding 12 months ( or for such shorter period that the registrant was required to submit such files ) . Yes No Indicate by check mark whether the registrant is a large accelerated filer , an accelerated filer , a non - accelerated filer , a smaller reporting company , or an emer growth company . See the definitions of " large accelerated filer , ” “ accelerated filer ” , “ smaller reporting company " and " emerging growth company " in Rule 12b - 2 of the Exchange Act . Accelerated filer Smaller reporting company Emerging growth company ☐ If an emerging growth company , indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 ( a ) of the Exchange Act . Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404 ( b ) of the Sarbanes - Oxley Act ( 15 U.S.C. 7262 ( b ) ) by the registered public accounting firm that prepared or issued its audit report . Indicate by check mark whether the registrant is a shell company ( as defined in Rule 12b - 2 of the Exchange Act ) . Yes No " The aggregate market value of the voting and non - voting common stock held by non - affiliates of the registrant as of August 31 , 2020 was approximately $ 154.8 million based upon a closing price of $ 17.14 reported for such date by the New York Stock Exchange .