Saratoga Investment Corp: Business Overview, Financials & Competitive Analysis

Saratoga Investment Corp Overview

Saratoga Investment Corp is a publicly traded specialty finance company that elected to be regulated as a business development company (BDC), providing customized financing solutions for middle market companies located in the United States. The company provides customized financing solutions to US middle-market businesses, investing primarily in senior and unitranche leveraged loans and mezzanine debt, and to a lesser extent equity for change of ownership transactions, strategic acquisitions, recapitalizations and growth initiatives.

Strategic Profile

The company specializes in leveraged and management buyouts, acquisition financings, growth financings, recapitalization, debt refinancing, and transitional financing transactions at the lower end of middle market companies. The fund primarily invests between $60 million and $75 million in companies having EBITDA of $2 million or greater and revenues between $10 million and $150 million, targeting annual revenues between $8 and $250 million.

Competitive Landscape

Saratoga competes with other BDCs and specialty finance companies in the middle-market lending space, including Trinity Capital, TriplePoint Venture Growth BDC, Sixth Street Specialty Lending, and WhiteHorse Finance. The company differentiates through its focus on lower middle-market companies and its experienced team with decades of investment history across multiple capital structures.

Industry Context

Saratoga Investment Corp operates in Specialty Finance / Business Development Company (BDC).

Key facts

Headquarters: New York, NY · Revenue: $32.6M (quarterly estimate, Q3 2026)