Slides
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Saratoga Investment Corp. Fiscal Third Quarter 2026 Shareholder Presentation January 8, 2026
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Continued Solid Performance in Q3 2026 Fiscal Third Quarter 2026 Highlights: Continued high quality portfolio and solid portfolio performance • Investment quality remains strong o 99.8% of loan investments with highest internal rating and one residual non-accrual (0.2% of fair value / 0.4% of cost) v industry average 3.2% o This remaining non-accrual investment has undergone successful restructurings with decisive action • Return on equity of 9.7% for LTM, beating industry average of 6.6% o Net realized gains and unrealized depreciation of $2.5 million in Q3, consisting of (i) net realized gains of $2.1 million on the sale of our Axiom investment equity position, and (ii) $1.0 million of escrow realized gain on our Identity investment, offset by (i) net unrealized depreciation of $0.2 million in our core non-CLO portfolio, including Pepper Palace and Zollege, and (ii) net unrealized depreciation of $0.4 million in the CLO, JV and our BB and BBB CLO debt investments. o Remaining total Pepper Palace fair value as of quarter-end is $2.0 million • Average ROE over the past twelve years of 10.1% exceeds industry average of 6.9% and is consistently positive and steady • Gross Unlevered IRR of 10.7% on total unrealized portfolio as of November 30, 2025 o Fair value of $1.016 billion is 1.7% below total cost of portfolio, with core non -CLO BDC portfolio 2.1% above cost o Gross Unlevered IRR of 14.9% on $1.34 billion of total realizations. Total investments originated by Saratoga are $2.4 billio n in 125 companies. Net originations this quarter include three new investments, remain on track for growing long-term assets under management • AUM of $1.016 billion, an increase of 2.1% since last quarter and 5.8% from last year, with $72.1 million in new originations partially offset by $54.9 million repayments • Three new investments, nine follow-ons and multiple BB and BBB CLO debt investments, partially offset by three full and three partial repayments, and one equity realization • Subsequent to quarter-end, there are four new portfolio company originations and multiple follow-ons closed or in closing of approximately $89.3 million Base of liquidity and capital remains strong, with significant levels of available cash • Quarter-end liquidity allows growth of AUM by 39%, with $169.6 million in cash Declared aggregate dividend of $0.75 per share for the quarter ended February 28, 2026; • Transitioned to monthly dividend payment schedule in March 2025 – increased quarterly dividend by $0.01 per share to $0.75 per share ($0.25 per share monthly payments). Also paid special dividend of $0.25 per share in December 2025. Key performance indicators for Q3 2026 and versus Q2 2026 • Adjusted NII of $9.8 million (up 7.8%), Adjusted NII per share of $0.61 (up 5.2%), Adjusted NII Yield of 9.5% (up 50bps), ROE of 13.5% (down 30bps), NAV of $413.2 million (up $2.7 million, or 0.7%) and NAV per share of $25.59 (down $0.02, or 0.1%) 2
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6.6% 0.9% 7.5% 8.5% 8.9% 8.5% 0.9% 14.8% 0.6% 10.1% 8.9% 6.6% 6.9% 9.3% 9.4% 9.0% 13.2% 11.5% 23.6% 5.0% 13.9% 7.2% 2.5% 7.5% 9.7% 10.1% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 Q3 LTM Average 12 Years Return on Equity BDC Industry Saratoga Saratoga Double Digit Long-Term ROE Substantially Ahead of the BDC Industry 3 Positive performance has led to SAR ROE beating the BDC industry nine of the past twelve years, with a 12-year average that is almost 1.5x the industry and consistently positive every year
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82.4% 90.5% 94.2% 98.3% 94.1% 96.8% 98.6% 99.0% 93.3% 98.5% 95.9% 98.1% 99.7% 99.8% 60% 80% 100% Performing Underperforming Expected Loss of Principal $95 $155 $206 $241 $284 $293 $343 $402 $486 $554 $818 $973 $1,139 $978 $1,016 $0 $200 $400 $600 $800 $1,000 $1,200 Investments at Fair Value ($ million) Consistent Long-Term Asset Growth and Strong Credit Quality Asset Base Expansion Trend Overall Credit Quality Remains Strong * Internal credit ratings exclude our investments in our Structured Finance Products and our equity positions. Fair value of AUM increased 2.1% since last quarter and decreased 5.8% year-over-year. Fair value of $1,016.0m at Q3 FY26 is 1.7% below cost, with the core non-CLO BDC portfolio 2.1% above cost. 99.8% of SAR loan investments hold our highest internal rating, unchanged from last quarter; one investment on non-accrual at quarter-end (0.2% of fair value and 0.4% of cost)* 4
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Q3 FY26: Strong Financial Foundation and Momentum Key Performance Metrics for the Fiscal Quarter 1) Adjusted for accrued capital gains incentive fee expense, reconciliation to GAAP net investment income, net investment income per share and net investment income yield included in our fiscal third quarter 2026 earnings release. For the quarter ended and as of ($ in millions except per share) November 30, 2024 August 31, 2025 November 30, 2025 Net investment income $12.4 $9.1 $9.8 Adjusted net investment income1 $12.4 $9.1 $9.8 Net investment income per share $0.90 $0.58 $0.61 Adjusted net investment income per share1 $0.90 $0.58 $0.61 Net investment income yield 13.3% 9.0% 9.5% Adjusted net investment income yield1 13.3% 9.0% 9.5% Return on Equity – Last Twelve Months 9.2% 9.1% 9.7% Fair value of investment portfolio $960.1 $995.3 $1,016.0 Total net assets $374.9 $410.5 $413.2 Investments in new/existing portfolio companies $84.4 $52.2 $72.1 Loan Investments held in “Performing” credit ratings 99.7% 99.7% 99.8% 5 $7,000 $10,500 $14,000 $7,000 $10,500 $14,000 $0.50 $0.75 $1.00 $0.50 $0.75 $1.00 8% 12% 16% 8% 12% 16% 5% 10% $850 $1,000 $1,150 $300 $350 $400 $0 $40 $80 98% 99% 100%
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$86.0 $97.0 $107.0$113.0 $122.6$125.1$127.3 $143.7 $304.3 $281.6 $298.2$299.9$304.2 $320.3$324.1 $342.6 $355.8 $345.2 $337.2$335.8 $347.0 $337.5 $362.1$359.6 $370.2$367.9$372.1$374.9 $392.7$396.4 $26.19 $24.94 $22.72 $21.08 $22.70 $22.06$21.97 $22.96 $23.62 $27.13 $25.11 $26.68 $26.84 $27.25 $28.70 $28.97 $29.17 $29.33 $28.69 $28.27$28.25 $29.18 $28.48$28.44 $27.42 $27.12 $26.85 $27.07$26.95 $25.86 $25.52$25.61$25.59 $21 $22 $23 $24 $25 $26 $27 $28 $29 $30 $80 $130 $180 $230 $280 $330 $380 Net Asset Value NAV per Share $413.2 $410.5 Long-Term NAV and NAV Per Share Growth With Recent Stabilization Net Asset Value and NAV per Share (FY 11 to Q3 FY26) NAV: 1% increase this quarter. 380% increase since Saratoga took over management. NAV/Share: Decrease of 2c this quarter. 16% increase since FY17 with increases 23 of the last 33 quarters. (in millions)
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$25.61 $0.61 $0.15 $(0.01) $(0.75) $(0.02) $25.59 NAV per Share as of Q2 FY26 GAAP NII for Q3 FY26 Net Realized Gains and Unrealized Depreciation on Investments Net Change in Defered Taxes on Unrealized Appreciation on Investments Monthly Q2 & Q3 FY26 Dividends with Record Dates in Q3 Net Dilution from ATM and DRIP NAV per Share as of Q3 FY26 $0.58 $0.02 $0.02 $0.03 $(0.03) $(0.01) $0.61 Adjusted NII per Share for Q2 FY26 Increase in non-CLO Net Interest Income Increase in CLO and BB Investments Interest Income Increase in Other Income Increase in Operating Expenses Decrease due to increased net share count from DRIP and ATM Adjusted NII per Share for Q3 FY26 Quarterly Reconciliation of NII and NAV per Share 1) Impacts are shown net of incentive fees Reconciliation of Quarterly Adjusted NII per Share (1) Reconciliation of Quarterly NAV per Share 7
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Dry Powder Remains Available Ability to grow AUM by 39% without any new external financing as of November 30, 2025 • SBIC III debentures are generally not available to support existing BDC or SBIC II investments 1) Total availability for all combined SBIC licenses limited to $350.0 million outstanding debentures. (As of November 30, 2025) Total Borrowing Capacity Outstanding Available Liquidity Remaining Maturity Period Call Period Fixed / Floating Rate Valley National Bank Credit Facility $85.0 million $32.5 million $52.5 million 3 Year - Floating Live Oak Credit Facility $75.0 million $37.5 million $37.5 million 2 Years - Floating SBA Debentures1 SBIC II $175.0 million $131.0 million - 5-7 years Now Fixed SBIC III $175.0 million $39.0 million $136.0 million 8-9 years Now Fixed Publicly-Traded Notes (at par value) SAT $105.5 million $105.5 million - 1.5 Years Now Fixed SAJ $46.0 million $46.0 million - 2 Years Now Fixed SAY $60.4 million $60.4 million - 2 Years Now Fixed SAZ $57.5 million $57.5 million - 2.5 Years Now Fixed Unsecured Notes $250.0 million $250.0 million - < 0.5 – 1.5 Years - Fixed Private Notes $15.0 million $15.0 million - 2.5 Years Now Fixed (at par value) Cash and Cash Equivalents $169.6 million $169.6 million $169.6 million - - - Total Available Liquidity (at quarter-end): $395.6 million 8
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First Lien 10.4% Second Lien 15.6% Structured Finance Securities 9.7% Common Equity 0.0% Unsecured Loan 10.9% First Lien 83.9% Second Lien 0.8% Structured Finance Securities 5.4% Common Equity 8.3% Unsecured Loan 1.6% Portfolio Composition and Yield Portfolio Composition – $1,016.0m (Based on Fair Values as of November 30, 2025) Portfolio Yield – 9.7% (Weighted Average Current Yield of Total Existing Portfolio) 9
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Yield of BDC Grew With Rising Rates – Currently Declining 1) Annual total yields on fair value of full portfolio. Excludes dividend income on preferred equity investments and other incom e. BDC, CLO related and Syndicated yields are annualized and calculated on fair value of interest earning assets. Weighted Average Current Yields 10.8%Annual Totals1 $ Millions 11.4%10.7%7.7%9.1%9.3%10.7%11.1%10.8%11.8%11.8% 11.1%14.0%13.4% 9.7%
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Southeast 20.8% Midwest 32.6%Northeast 15.5% Southwest 7.5% West 12.6% International 1.9% Other 9.1% Diversified Across Geography Investments Diversified Geographically 11
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Healthcare Services, 9.1% Structured Finance Securities, 7.6% Consumer Services, 5.8% HVAC Services and Sales, 5.2% Real Estate Services, 5.1% Restaurant, 4.9% Healthcare Software, 4.5% Research Software, 3.6% Custom Millwork Software, 3.4% Education Services, 3.2% Dental Practice Management, 3.2% Education Software, 3.1% Municipal Government Software, 3.0% Employee Collaboration Software, 2.8% Revenue Cycle Management & Related Services, 2.8% Talent Acquisition Software, 2.7% Financial Services, 2.6% Health/Fitness Franchisor, 2.4% Architecture & Engineering Software, 2.4% Direct Selling Software, 2.3% Insurance Software, 2.1% Mentoring Software, 2.0% Fire Inspection Business Software, 2.0% Corporate Education Software, 1.9% IT Services, 1.9% Marketing Orchestration Software, 1.8% Alternative Investment Management Software, 1.4% Veterinary Services, 1.3% Lead Management Software, 1.1% Supply Chain Planning Software, 1.1% Industrial Products, 0.8% HVAC Monitoring Devices, 0.8% Office Supplies, 0.5% Product Compliance Software, 0.4% Cyber Security, 0.4% Staffing Services, 0.2% Specialty Food Retailer, 0.2% Association Management Software, 0.2% Mental Healthcare Services, 0.0% Diversified Across Industry Investments across 41 distinct industries
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$562 $1,271 $3,276 $226 $12,368 -$5,878* $4,874 $42,877 $22 $13,398 $8,495 $154 $(42,029) $6,025 $45,640 -$50,000 -$40,000 -$30,000 -$20,000 -$10,000 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22** FY23 FY24 FY25*** FY26 LTM Q3 Total Since FY13 Net Realized Gains Help Protect Shareholder Capital Cumulative net realized gains reflect portfolio credit quality Table above reflects investments originated by Saratoga management (excludes Elyria legacy investment) *Reflects realized loss on My Alarm Center investment of $7.7m less $1.8m in other realized gains in FY18. **Reflects realized gains of $18.3m on various equity investments in FY22, offset by full $4.9m write -down of remaining My Alarm Center investment. *** Reflects realized loss of $15.1M on Zollege, $5.5M on Netreo, and $34.0M on Pepper Palace investment, offset by realized gains of $4.8M on Invita, $1.3m on Nauticon, and $.5.5m on Modern Campus investments in FY25. Net Realized Gains (all investments) $ in thousands 13
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Exercising Disciplined Investment Judgment 1) Calendar quarters, not fiscal, excludes investments in CLO BB and BBB securities 2) Excludes 24 loans underwritten using recurring revenue metrics. These recurring revenue loans would have significantly differ ent portfolio leverage statistics. 3) Pepper Palace leverage is excluded due to negative EBITDA. 4) 8 of the 37 deals closed in calendar year 2020 were liquidity draws related to COVID. SAR Debt Multiples/Deals Closed (2019-2025)(1) Portfolio leverage with non-recurring revenue underwriting is 5.05x(2)(3) Number of executed investments New Portfolio Companies 11 37 (4) 9 23 9 62 9 78 2 42 712 47 32 14 Multiples for SAR’s non- recurring revenue deals increased this quarter while industry averages moved closer to 6.0x Average Middle Market 6/30/2025 9/30/2025 All Senior 3.89x 3.73x 1st Lien/Mezz 5.06x 3.76x 1st Lien/2nd Lien 6.21x > 6.0x Unitranche 5.55x 5.46x 2 7 10 4 12 5 3 16 7 15 8 17 14 13 20 15 23 24 16 15 11 13 7 11 5 6 5 16 SAR Deals Closed
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Calendar(1) 2020 ∆ 2021 ∆ 2022 ∆ 2023 ∆ 2024 2025 Deals Sourced(2) 619 -8% 572 -20% 469 8% 506 -4% 484 61% 777 • ~42% of deal flow from private equity sponsors • ~58% of deals from private companies without institutional ownership • Saratoga maintains investment discipline which is demonstrated by passing on many deals that other firms close Term Sheets (excludes follow-ons) 32 109% 67 -32% 47 --17% 39 - -46% 21 276% 79 • ~85% of term sheets are currently issued for transactions involving a private equity sponsor • Selective in issuing term sheets based on credit quality Deals Executed (new and follow-on) 29 62% 47 32% 62 27% 78 -46% 42 -24% 32 • Includes follow-on investments which reliably augment portfolio growth • 2020 and 2021 deals executed exclude COVID related liquidity draws New portfolio companies 11 12 9 9 2 7 • Seven new portfolio companies during Calendar 2025 • Saratoga new portfolio company investments generally average ~1- 2% of deals reviewed Pipeline Remains Healthy But Reflects Market Slowdown 1) Calendar quarters, not fiscal quarters. 2) Excludes BB and BBB CLO investments New business opportunities impacted by market opportunities last twelve months and decreases largely offset by follow-on investments. Current pipeline strengthening as a result of recent business development initiatives 15
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Demonstrated Strong Track Record Realized Investments(1)(2)(3) (Gross Unlevered IRR%) Unrealized Investments(1)(2)(3)(4) (Gross Unlevered IRR%) 1) Track Record as of 11/30/2025 2) Graphs show invested dollars, partially realized investments still reflected fully in unrealized 3) Track record reflects the Zollege and Pepper Palace investments as fully unrealized as we still own the Companies 4) IRRs for unrealized investments include fair value and accrued interest as of 11/30/2025 (a) SBIC I, SBIC II and SBIC III investments represent all investments in the specific funds, including later follow -ons that might be invested in the BDC due to SBIC fund size limitations. BDC investments exclude investments existing when Saratoga management took over, corporate financing investments, investments in CLO BB and BBB debt securities and our investments in our CLO and JV. 16 16.8% 13.4% 13.3% 12.9% 14.9% 0% 4% 8% 12% 16% 20% SBIC I Investments(a) SBIC II Investments(a) SBIC III Investments(a) BDC Investments(a) Combined Weighted SBIC and BDC Investments(a) $561.1m $209.1m $475.2m $1,336.3m $90.9m 0.0% 13.0% 12.4% 6.8% 10.7% 0% 4% 8% 12% 16% SBIC I Investments SBIC II Investments SBIC III Investments BDC Investments(a) Combined Weighted SBIC and BDC Investments(a) $336.1m $1,062.4m $338.8m $387.5m
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$162.1m AUM $183.1m AUM $73.5m Cash $29.4m Cash $136.0m debentures undrawn $0 $50 $100 $150 $200 $250 $300 $350 $400 SBIC II SBIC III $ Millions 16% 18% SBIC II Debenture Repayments Commenced - SBIC III Availability (1)(2) 1) SBIC III cash available for new originations and follow-ons in existing license, with SBIC II cash only available for follow-ons 2) SBIC III has $136 million of available debentures based on the SBA family of funds limit 17
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$0.22 $0.27 $0.33 $0.36 $0.40 $0.41 $0.43 $0.44 $0.45 $0.46 $0.47 $0.48 $0.49 $0.50 $0.51 $0.52 $0.53 $0.54 $0.55 $0.56 $0.56 $0.00 $0.40 $0.41 $0.42 $0.43 $0.44 $0.52 $0.53 $0.53 $0.53 $0.54 $0.68 $0.69 $0.70 $0.71 $0.72 $0.73 $0.74 $0.74 $0.74 $0.74 $0.75 $0.75 $0.75 $0.75 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026** Q2 2026** Q3 2026** Q4 2026** Dividends Per Share* Long-Term Consistent Dividend Growth • Announced shift to monthly dividend payment structure starting March 2025 • Q4 FY26 dividend declared at $0.75 per share; to be paid in $0.25 per share monthly increments • Increased dividend by 1% over past year to $0.75 per share declared and paid for the quarter ended November 30, 2025 • Paid a $0.25 per share special dividend during the quarter ended November 30, 2025 • Established dividend policy to pay regular quarterly cash dividends to stockholders pursuant to dividend reinvestment plan (“DRIP”) in 2014 * Excludes special dividend of $0.20 per share paid on September 5, 2016, special dividend of $0.35 per share paid on Decembe r 19, 2024, and special dividend of $0.25 per share paid on December 18, 2025 ** Q1 2026 dividend commenced monthly dividends of $0.25 per share from March 2025 onwards 4% Dividend Increase Over Past Two Years 18
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-20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Hundreds LTM Total Return (%) (December 2024 to December 2025) SAR +11% v BDC Index -4% SAR US Equity SPBDCUT Index SAR LTM Total Return Beats the BDC Index – Top 6 BDC 19
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-50 0 50 100 150 200 MAIN-US FDUS-US PNNT-US GAIN-US HTGC-US CSWC-US CGBD-US SCM-US ARCC-US TRIN-US SAR-US BCSF-US TSLX-US MFIC-US GLAD-US RAND-US CCAP-US FSK-US OBDC-US BBDC-US PFX-US Median Average GBDC-US CION-US SLRC-US PFLT-US BXSL-US OCSL-US NMFC-US BCIC-US MRCC-US ICMB-US OFS-US OXSQ-US RWAY-US GSBD-US WHF-US TPVG-US TCPC-US HRZN-US PSEC-US GECC-US Total Return 5Y (%) -60 -40 -20 0 20 40 60 80 100 120 TRIN-US MAIN-US HTGC-US CSWC-US TSLX-US BXSL-US CCAP-US GAIN-US BCSF-US PNNT-US BBDC-US OBDC-US CION-US MFIC-US FDUS-US SLRC-US GBDC-US ARCC-US GLAD-US PFX-US Median RAND-US FSK-US SCM-US SAR-US Average CGBD-US GECC-US ICMB-US PFLT-US RWAY-US NMFC-US GSBD-US MRCC-US OXSQ-US OCSL-US TPVG-US BCIC-US WHF-US HRZN-US TCPC-US OFS-US PSEC-US Total Return 3Y (%) Strong Long-Term and LTM Performance BDC Total Return (%) Last 5 years: 90% (BDC Index 61%) Last 3 years: 32% (BDC Index 32%) Last 12 months: 11% (BDC Index -4%) 20 -40 -30 -20 -10 0 10 20 30 TRIN-US GAIN-US MAIN-US CSWC-US TSLX-US SAR-US HTGC-US ICMB-US SCM-US BBDC-US SLRC-US FDUS-US ARCC-US TPVG-US PNNT-US GBDC-US RWAY-US CION-US MFIC-US BXSL-US Average Median PFLT-US OBDC-US PFX-US OCSL-US BCSF-US NMFC-US GSBD-US HRZN-US BCIC-US RAND-US MRCC-US CCAP-US OXSQ-US FSK-US GLAD-US WHF-US CGBD-US TCPC-US GECC-US OFS-US PSEC-US Total Return 1Y (%)
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9.7% 6.6% 8.2% 6% 7% 8% 9% 10% SAR BDC Mean BDC Median LTM ROE 1.4% -4.2% 0.0% -5% -4% -3% -2% -1% 0% 1% 2% SAR BDC Mean BDC Median Year-Over-Year Dividend Growth 82.0% 98.6% 100.0% 50% 70% 90% 110% 130% SAR BDC Mean BDC Median Dividend Coverage 9.3% 10.7% 10.4% 8% 9% 10% 11% 12% SAR BDC Mean BDC Median LTM NII Yield 3.0% 2.6% 2.6% 1% 2% 3% 4% 5% SAR BDC Mean BDC Median LTM Operating Expense Ratio1 10.6% 11.3% 10.6% 9.0% 10.0% 11.0% 12.0% 13.0% SAR BDC Mean BDC Median Interest % on Portfolio -5.0% -3.3% -4.8% -6% -5% -4% -3% -2% -1% 0% SAR BDC Mean BDC Median LTM NAV Per Share Growth 149.4% 116.7% 122.0% 100% 115% 130% 145% 160% SAR BDC Mean BDC Median Regulatory Debt/Equity Solid Performance as Compared to the Industry Source: SNL Financial / Company Filings / Raymond James report as of 12/22/25 1) LTM Operating Expense Ratio defined as total operating expenses, net of interest and debt financing expenses and income and excise taxes, divided by average total assets. Total operating expenses divided by net assets is 22.3%. 21
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Establishing Competitive Edge vs. Other BDCs Outstanding performance characteristics ► Strong long-term dividend Increased quarterly dividend by 241% since program launched; Latest dividend declared of $0.75 per share for the quarter ended February 28, 2025, to be paid in monthly installments, up 1% over prior year, represents current dividend yield of 12.9%; significant management ownership of 10.8% ► Strong return on equity Long term ROE factors in both investment income and net gains/losses, averages 10.1% over the past twelve years versus industry average of 6.9% - most recent LTM ROE of 9.7% above current industry average of 6.6% ► Low-cost available liquidity Borrowing capacity still at hand through new SBIC III debentures, undrawn existing and new credit facility and cash – can grow current asset base by 39% as of quarter ended November 30, 2025, with most of it in cash or low-cost liquidity (SBIC III debentures) that will be accretive to earnings. ► Solid earnings per share and NII Yield Attractive and growing NII per share and NII yield generated from strong risk-adjusted portfolio returns and favorable capital structure ► Commitment to AUM expansion Fair value of AUM up 2.1% from last quarter - total portfolio fair value 1.7% below cost, with core non-CLO BDC portfolio fair value 2.1% above cost ► Well-positioned for changes in interest rates Approx. 98.7% of our loans have floating interest rates, with interest rates currently higher than all floors. Debt primarily at fixed rates and long-term, but with all our baby bonds currently callable. Investment grade rating reaffirmed recently as “BBB+”. ► Limited oil & gas exposure Will not be facing significant write-downs as a result of major direct exposure to energy/oil/gas investments ► Attractive risk profile 99.8% of credits are the highest quality, 83.9% of investments are first lien 22
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• Expand our asset base without sacrificing credit quality while benefitting from scale • Increase our capacity to source, analyze, close and manage our investments by adding to our management team and processes • Utilize benefits of fully deploying diverse and available financing to build scale and increase our AUM and net investment income/yield, enabling us to achieve growth in: ▫ Net Asset Value and Net Asset Value per Share ▫ Return on Equity ▫ Earnings per Share ▫ Stock Values Objectives for the Future 23
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Questions? 24
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Appendix 25
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$900.0 $1,000.0 $1,100.0 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 FMV Investment Portfolio (in millions) $340.0 $365.0 $390.0 $415.0 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 NAV (in millions) $25.00 $26.00 $27.00 $28.00 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 NAV Per Share Period FMV Investment Portfolio (in millions) Q3-24 1,114.0$ Q4-24 1,138.8$ Q1-25 1,095.6$ Q2-25 1,040.7$ Q3-25 960.1$ Q4-25 978.1$ Q1-26 968.3$ Q2-26 995.3$ Q3-26 1,016.0$ Period NAV (in millions) Q3-24 359.6$ Q4-24 370.2$ Q1-25 367.9$ Q2-25 372.1$ Q3-25 374.9$ Q4-25 392.7$ Q1-26 396.4$ Q2-26 410.5$ Q3-26 413.2$ Period NAV Per Share Q3-24 27.42$ Q4-24 27.12$ Q1-25 26.85$ Q2-25 27.07$ Q3-25 26.95$ Q4-25 25.86$ Q1-26 25.52$ Q2-26 25.61$ Q3-26 25.59$ KPIs – Balance Sheet – Q3 FY26 26
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Period NII Per Share Q3-24 1.01$ Q4-24 0.94$ Q1-25 1.05$ Q2-25 1.33$ Q3-25 0.90$ Q4-25 0.56$ Q1-26 0.66$ Q2-26 0.58$ Q3-26 0.61$ Period NII Yield Q3-24 14.6% Q4-24 14.0% Q1-25 15.5% Q2-25 19.7% Q3-25 13.3% Q4-25 8.4% Q1-26 10.3% Q2-26 9.0% Q3-26 9.5% Period Net Interest Margin (in millions) Q3-24 19.8$ Q4-24 20.3$ Q1-25 21.0$ Q2-25 25.9$ Q3-25 17.7$ Q4-25 13.3$ Q1-26 15.1$ Q2-26 13.1$ Q3-26 13.5$ KPIs – Income Statement – Q3 FY26 27 $0.50 $0.70 $0.90 $1.10 $1.30 $1.50 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Adjusted NII Per Share 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Adjusted NII Yield $13.0 $16.0 $19.0 $22.0 $25.0 $28.0 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Net Interest Margin Excluding CLO (in millions)
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$(0.50) $- $0.50 $1.00 $1.50 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 EPS 2.0% 4.0% 6.0% 8.0% 10.0% Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 LTM ROE Period EPS Q3-24 (0.31)$ Q4-24 0.39$ Q1-25 0.48$ Q2-25 0.97$ Q3-25 0.64$ Q4-25 (0.05)$ Q1-26 0.91$ Q2-26 0.84$ Q3-26 0.74$ Period LTM ROE Q3-24 6.6% Q4-24 2.5% Q1-25 4.4% Q2-25 5.8% Q3-25 9.2% Q4-25 7.5% Q1-26 9.3% Q2-26 9.1% Q3-26 9.7% KPIs – Income Statement – Q3 FY26 (continued) 28
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$11,904 $14,096 $17,309 $18,414 $19,460 $24,185 $30,236 $33,364 $38,127 $38,964 $52,456 $78,605 $78,963 $58,033 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 LTM Q3 Net Interest Margin KPIs - SAR Net Interest Margin Grew Significantly SAR LTM Net Interest Margin down 33% year-over-year following repayments and base rate reductions, but up over five times since taking over management 29
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0.4% 3.2% 2.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% SAR BDC Mean BDC Median Non-Accruals at Cost SAR Non-Accruals vs. BDC Industry SAR investments on non-accrual status have decreased to 0.4% of cost, while the BDC industry average remained at 3.2% of cost (8x higher than Saratoga) 30