Slides
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Saratoga Investment Corp. Second Quarter 2027 Shareholder Presentation October 7, 2026
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Q2 FY27 Quarter Complicated with Positives and Headwinds Second Quarter 2027 Highlights: Continued high quality portfolio with some write-downs this quarter • Investment quality remains solid o 96.0% of loan investments with highest internal rating and two on non-accrual (0.0% of fair value / 1.3% of cost) v industry average 3.4% o Core non-CLO BDC portfolio only 1.6% below cost • LTM return on equity of (1.1)% for Q2 FY27, below industry LTM average of 2.2% o Net realized gains and unrealized losses of $14.4 million in Q2 FY27, consisting of (i) $15.4 million of net depreciation in the non-CLO core portfolio, of which $13.1 million was attributable to declines in Madison Logic, Exigo and Chronus, a $1.5 million reversal of previously recognized unrealized appreciation on the equity conversions of Gen4 and Modis, and additional marks reflecting numerous lower equity market multiples in certain equity positions and the impact of changes in market spreads across the portfolio, partially offset by $4.5 million of unrealized appreciation in our Zollege investment, (ii) a $1.1 million write down in the JV, and (iii) $2.1 million of net realized gains, primarily from the Gen4 and Modis Dental equity conversions o Pepper Palace and the CLO’s F Note remained at zero fair value and on non-accrual – both sold after quarter-end • Average ROE over the past twelve years of 9.2% exceeds industry average of 6.4% and is consistently positive and steady • Gross Unlevered IRR of 9.7% on total unrealized portfolio as of August 31, 2026 o Total portfolio fair value of $1.150 billion is 4.9% below total cost of portfolio o Gross Unlevered IRR of 14.9% on $1.41 billion of total realizations. Total investments originated by Saratoga are $2.66 billion in 134 companies. Net originations this quarter include two new non-software investments, continuing to grow assets under management in strong credits • Record AUM of $1.150 billion, an increase of 2.1% since last quarter and 15.6% from last year, with $76.1 million in new orig inations partially offset by $39.0 million repayments. • Two new non-software investments, nine follow-on investments, and four CLO BB/BBB debt investments, partially offset by two full repayments and equity realizations and four partial repayments, plus amortization. Base of liquidity and capital remains strong, with additional capital raised this quarter • Quarter-end liquidity of 211.0 million allows growth of AUM by 18% • $85 million 8.00% fixed-rate notes due August 2031 issued in August 2026 and used to repay $105.5 million 6.00% SAT baby bond in September 2026 Declared aggregate dividend of $0.75 per share for the quarter ended November 30, 2026; • Dividend paid in $0.25 per share monthly installments. Dividend stable at $0.75 per share, unchanged from prior year Q2. Key performance indicators for Q2 FY27 and versus Q1 FY27 • Adjusted NII per share of $0.46 (down from $0.47 per share), Adjusted NII Yield of 8.1% (up from 7.8%), LTM ROE of (1.1)% (do wn from 4.0%), NAV of $352.6 million (down $25.9 million, or 6.8%) and NAV per share of $22.15 (down $1.08, or 4.6%) 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% 4.3% 2.2% 6.4% 9.3% 9.4% 9.0% 13.2% 11.5% 23.6% 5.0% 13.9% 7.2% 2.5% 7.5% 9.1% -1.1% 9.2% -5.0% 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 FY 2027 Q2 LTM Average 12 Years Return on Equity BDC Industry Saratoga Saratoga 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%96.8%96.0% 60% 80% 100% FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Q2 FY27 Performing Underperforming Expected Loss of Principal $95 $155 $206 $241 $284 $293 $343 $402 $486 $554 $818 $973 $1,139 $978 $1,109$1,150 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Q2 FY27 Investments at Fair Value ($ million) Consistent Long-Term Asset Growth and Solid Credit Quality Asset Base Expansion Trend Overall Credit Quality Remains Solid * 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 increased 15.6% year-over-year. Fair value of $1,150.2m at Q2 FY27 is 4.9% below cost, with the core non-CLO BDC portfolio 1.6% below cost. 96.0% of our SAR loan investments hold our highest internal rating; two investments on non-accrual at quarter-end (0.0% of fair value / 1.3% of cost)* 4
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Q2 FY27: Strong Asset Growth with NII Pressure Key Performance Metrics for the Fiscal Quarter For the quarter ended and as of ($ in millions except per share) August 31, 2025 May 31, 2026 August 31, 2026 Net investment income $9.1 $7.6 $7.3 Adjusted net investment income1 $9.1 $7.6 $7.4 Net investment income per share $0.58 $0.47 $0.45 Adjusted net investment income per share1 $0.58 $0.47 $0.46 Net investment income yield 9.0% 7.8% 8.0% Adjusted net investment income yield1 9.0% 7.8% 8.1% Return on Equity – Last Twelve Months 9.1% 4.0% -1.1% Fair value of investment portfolio $995.3 $1,126.3 $1,150.2 Total net assets $410.5 $378.5 $352.6 Investments in new/existing portfolio companies $52.2 $79.2 $76.1 Loan Investments held in “Performing” credit ratings 99.7% 98.3% 96.0% 5 1) Adjusted for (i) accrued capital gains incentive fee expense and (ii) for the quarter ended August 31, 2026, double interest expense on new $85m SAX note prior to repayment of $105.5m institutional bond, reconciliation to GAAP net investment income, net investment income per sha re, and net investment income yield included in our fiscal second quarter 2027 earnings release $6,000 $8,000 $10,000 $6,500 $8,500 $10,500 $0.30 $0.50 $0.70 $0.30 $0.50 $0.70 7% 9% 11% 7% 9% 11% -5% 0% 5% 10% $900 $1,050 $1,200 $320 $370 $420 $0 $50 $100 92% 96% 100%
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$86.0 $97.0 $107.0$113.0 $122.6$125.1$127.3 $143.7 $180.9 $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 $410.5$413.2 $396.2 $378.5 $352.6 $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 $24.42 $23.23 $22.15 $21 $22 $23 $24 $25 $26 $27 $28 $29 $30 $80 $130 $180 $230 $280 $330 $380 Net Asset Value NAV per Share Long-Term NAV and NAV Per Share Growth With LTM Discrete Decline Net Asset Value and NAV per Share (FY11 to Q2 FY27) NAV: 7% decrease this quarter, including $8m share repurchases. 310% increase since Saratoga took over management. NAV/Share: 5% decrease this quarter. 1% increase since FY17 with increases 25 of the last 35 quarters. (in millions)
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$23.23 $0.45 $(0.90) $0.03 $(0.75) $0.09 $22.15 NAV per Share as of Q1 FY27 GAAP NII for Q2 FY27 Net Realized Gains and Unrealized Depreciation on Investments Net Change in Deferred Taxes on Unrealized Depreciation on Investments Monthly Q1 FY27 dividends with record dates in Q2 FY27 Accretion from decreased net count from DRIP, and share purchases NAV per Share as of Q2 FY27 $0.47 $0.01 $0.01 $(0.01) $(0.01) $(0.01) $0.46 Adjusted NII per Share for Q1 FY27 Increase in non-CLO Net Interest Income Increase in BB Interest Income Decrease in Other Income Increase in Base Management Fees Increase in Operating Expenses Adjusted NII per Share for Q2 FY27 Quarterly Reconciliation of NII and NAV per Share Reconciliation of Quarterly Adjusted NII per Share (1)(2) Reconciliation of Quarterly NAV per Share 7 1) Impacts are shown net of incentive fees 2) Zero impact due to decreased net share count from DRIP, and share repurchases
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Dry Powder Remains Available Ability to grow AUM by 18% without any new external financing as of August 31, 2026 (2) • SBIC III debentures are generally not available to support existing BDC or SBIC II investments 1) Total availability for all combined SBIC licenses currently limited to $259.0 million outstanding debentures. 2) An additional $46 million SBIC III debentures were drawn in September and SBA approved a $75m upsizing, resulting in $175 mil lion currently outstanding and $75m available liquidity 3) The available cash as of quarter-end was allocated to repay to the $105.5 million 6.00% 2027 million SAT public notes on Septemb er 18, 2026. The remainder of the repayment was financed with the green shoe of the 8.00% 2031 notes which closed on September 2, 2026. (As of August 31, 2026) 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 2 Years - Floating Live Oak Credit Facility $75.0 million $37.5 million $37.5 million 1 Year - Floating SBA Debentures1 SBIC II $84.0 million $84.0 million - 4-6 years Now Fixed SBIC III $250.0 million $129.0 million $121.0 million2 7-10 years Now Fixed Publicly-Traded Notes (at par value) SAT $105.5 million $105.5 million - < 1 Year Now Fixed SAJ $46.0 million $46.0 million - 1.25 Years Now Fixed SAY $60.4 million $60.4 million - 1.25 Years Now Fixed SAZ $57.5 million $57.5 million - 1.75 Years Now Fixed SAV $100.0 million $100.0 million - 4.5 Years 1.5 Years Fixed SAX $85.0 million $85.0 million 5 Years 2 Years Fixed Unsecured Notes $75.0 million $75.0 million - < 1 Year - Fixed Private Notes $90.0 million $90.0 million - 1.25 - 4 Years Now - 1.5 Years Fixed(at par value) Cash and Cash Equivalents $95.9 million $95.9 million -3 - - - Total Available Liquidity (at quarter-end): $211.0 million 8
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First Lien 10.5% Second Lien 12.0% Other / Structured Finance Securities 10.9% Common Equity 0.0% Unsecured Loan 11.4% First Lien 81.5% Second Lien 3.9% Other / Structured Finance Securities 6.1% Common Equity 7.1% Unsecured Loan 1.4% Portfolio Composition and Yield Portfolio Composition – $1,150.2m (Based on Fair Values as of August 31, 2026) Portfolio Yield – 9.9% (Weighted Average Current Yield of Total Existing Portfolio) 9
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20.2% 27.1% 18.6% 25.2% 16.4% 14.0% 21.2% 14.6% 11.4% 11.6% 8.9% 7.4% 8.0% 16.4% 11.6% 10.9% 11.9% 11.3% 10.6% 11.1% 11.0% 11.0% 11.2% 10.9% 9.8% 9.6% 9.5% 12.1% 12.6% 11.5% 10.4% 10.6% 6.2% 6.2% 7.6% 5.3% 5.9% $- $200 $400 $600 $800 $1,000 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Q2 FY27BDC CLO Syndicated Yield of BDC Rising Slightly Reflecting Market Changes 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% 9.6% 9.9%
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Southeast 24.4% Midwest 25.7%Northeast 16.5% Southwest 10.2% West 12.4% International 1.6% Other 9.2% Diversified Across Geography Investments Diversified Geographically 11
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Healthcare Services, 8.4% Structured Finance Securities, 7.8% Consumer Services, 5.8% Restaurant, 5.2% Real Estate Services, 4.6% HVAC Services and Sales, 4.3% Healthcare Software, 3.9% Education Services, 3.5% Dental Practice Management , 3.5% Surgical Benefits Management, 3.0% Research Software, 3.0% Municipal Government Software, 2.9% Employee Collaboration Software, 2.8% Financial Services, 2.8% Education Software, 2.8% Revenue Cycle Management & Related Services, 2.5% Talent Acquisition Software, 2.3% Pediatric and Orthodontic Dentistry, 2.2% Health/Fitness Franchisor, 2.1% Property Operations Management Software, 2.0% Architecture & Engineering Software, 2.0% Custom Millwork Software, 1.9% Fire Inspection Business Software, 1.9% Insurance Software, 1.8% Corporate Education Software, 1.8% Veterinary Services, 1.7% IT Services, 1.6% Mentoring Software, 1.4% Marketing Orchestration Software, 1.3% Specialty Food Retailer, 1.1% Volunteer Program Management Software, 1.1% Alternative Investment Management Software, 1.1% Supply Chain Planning Software, 1.0% Residential Remediation Services, 0.8% Industrial Products, 0.8% Direct Selling Software, 0.7% HVAC Monitoring Devices, 0.6% Product Compliance Software, 0.5% Office Supplies, 0.5% Cyber Security, 0.3% Physician Compensation Management Software, 0.3% Association Management Software, 0.2% Staffing Services, 0.1% Mental Healthcare Services, 0.0% Diversified Across Industry Investments across 44 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) $5,746 $2,207 $47,569 -$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 Q2FY27 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 23 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. 5) Limited market data available for the 2nd lien loan market. SAR Debt Multiples/Deals Closed (2020-2026)(1) Portfolio leverage with non-recurring revenue underwriting is 4.72x(2)(3) Number of executed investments New Portfolio Companies 12 47 11 37 (4) 9 78 2 42 7 32 99 62 44 14 Multiples for SAR’s non- recurring revenue deals decreased slightly this quarter with new investments at much lower leverage, overall portfolio remaining below industry levels now touching 6x Average Middle Market 3/31/2026 6/30/2026 All Senior 3.75x 3.78x 1st Lien/Mezz 5.48x 6.06x 1st Lien/2nd Lien 5.30x (5) Unitranche 5.48x 5.38x 12 5 3 16 7 15 8 17 14 13 20 15 23 24 16 15 11 13 7 11 5 6 5 16 18 14 12 SAR Deals Closed
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Calendar(1) 2021 ∆ 2022 ∆ 2023 ∆ 2024 2025 LTM Q3 2026 Deals Sourced(2) 572 -18% 469 8% 506 -4% 484 61% 777 -2% 761 • ~49% of deal flow from private equity sponsors • ~51% 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) 67 -30% 47 --17% 39 - -46% 21 276% 79 47% 116 • ~88% 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) 47 32% 62 26% 78 -46% 42 -24% 32 88% 60 • Includes follow-on investments which reliably augment portfolio growth • 2021 deals executed exclude COVID related liquidity draws New portfolio companies 12 9 9 2 7 13 • 13 new portfolio companies during Calendar LTM Q3 2026 • Saratoga new portfolio company investments generally average ~1- 2% of deals reviewed Pipeline Remains Healthy and Growing Reflecting Business Development Initiatives 1) Calendar quarters, not fiscal quarters. 2) Excludes BB and BBB CLO investments New business opportunities remain healthy and robust reflecting the result of recent business development initiatives 15
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0.0% 12.3% 11.5% 5.2% 9.7% 0% 4% 8% 12% 16% SBIC I Investments SBIC II Investments SBIC III Investments BDC Investments(a) Combined Weighted SBIC and BDC Investments(a) $492.1m $1,249.1m $363.9m $393.0m 16.9% 13.4% 13.9% 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) $561.8m $209.1m $486.3m $1,412.6m $155.3m 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 8/31/2026 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 8/31/2026 (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
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$167.1 $276.9 $121.0m debentures undrawn $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 SBIC II SBIC III $ Millions 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 $121 million of available debentures based on the new upsized and approved SBA family of funds limit 17 15% 24%
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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 $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** Q1 2027** Q2 2027** Q3 2027** Dividends Per Share* Long-Term Consistent Dividend Growth • Q3 FY27 dividend declared at $0.75 per share; to be paid in $0.25 per share monthly increments • Dividend stable at $0.75 per share from prior year declared and paid for the quarter ended August 31, 2026 • 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 18
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-20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 LTM Total Return (%) (September 2025 to September 2026) SAR -15.9% v BDC Index -5.8% SAR US Equity SPBDCUT Index SAR LTM Total Return Reflects Recent Weakness 19
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-60 -50 -40 -30 -20 -10 0 10 20 30 40 TRIN-US GAIN-US CSWC-US BBDC-US FDUS-US OCSL-US HTGC-US BXSL-US GSBD-US ARCC-US GBDC-US CGBD-US WHF-US PFX-US PSEC-US GLAD-US TPVG-US MAIN-US OBDC-US BCSF-US Average Median CION-US TSLX-US HRZN-US MFIC-US FSK-US SAR-US RAND-US SLRC-US PFLT-US NMFC-US OXSQ-US RWAY-US CCAP-US TCPC-US BCIC-US SCM-US PNNT-US GECC-US OFS-US ICMB-US Total Return 1Y (%) -50 -25 0 25 50 75 100 TRIN-US GAIN-US MAIN-US CSWC-US FDUS-US HTGC-US BBDC-US ARCC-US PFX-US RAND-US GLAD-US BXSL-US GBDC-US TSLX-US OBDC-US CGBD-US SLRC-US CION-US SAR-US BCSF-US Average Median GSBD-US MFIC-US PFLT-US GECC-US FSK-US OCSL-US PNNT-US WHF-US CCAP-US SCM-US NMFC-US RWAY-US OXSQ-US TPVG-US HRZN-US BCIC-US PSEC-US OFS-US TCPC-US ICMB-US Total Return 3Y (%) -60 -35 -10 15 40 65 90 115 140 TRIN-US MAIN-US FDUS-US GAIN-US HTGC-US CSWC-US ARCC-US CGBD-US BXSL-US BBDC-US GBDC-US TSLX-US BCSF-US OBDC-US GLAD-US MFIC-US CION-US Average PFX-US RAND-US Median SAR-US PNNT-US FSK-US SCM-US SLRC-US OCSL-US RWAY-US GSBD-US PFLT-US NMFC-US CCAP-US WHF-US OFS-US OXSQ-US TPVG-US GECC-US TCPC-US BCIC-US PSEC-US HRZN-US ICMB-US Total Return 5Y (%) Solid Long-Term Performance BDC Total Return (%) Last 5 years: 13% (BDC Index 14%) Last 3 years: 3% (BDC Index 1%) Last 12 months: -16% (BDC Index -13%) 20
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0.0% -15.8% -11.3% -20% -16% -12% -8% -4% 0% SAR BDC Mean BDC Median Year-Over-Year Dividend Growth 61.3% 103.2% 104.2% 25% 50% 75% 100% 125% SAR BDC Mean BDC Median Dividend Coverage 3.2% 2.5% 2.5% 1% 2% 3% 4% SAR BDC Mean BDC Median LTM Operating Expense Ratio1 -13.5% -5.3% -5.5% -16% -12% -8% -4% 0% SAR BDC Mean BDC Median LTM NAV Per Share Growth 173.1% 122.4% 121.7% 110% 140% 170% 200% SAR BDC Mean BDC Median Regulatory Debt/Equity -1.1% 2.2% 4.1% -2% 1% 3% 5% SAR BDC Mean BDC Median LTM ROE 8.5% 10.1% 10.0% 5% 6% 7% 8% 9% 10% 11% SAR BDC Mean BDC Median LTM NII Yield 10.6% 10.7% 10.5% 8.5% 9.0% 9.5% 10.0% 10.5% 11.0% SAR BDC Mean BDC Median Interest % on Portfolio Performance as Compared to the Industry Source: SNL Financial / Company Filings / Raymond James report as of 9/15/26 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 23.6%. 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 November 30, 2026, to be paid in monthly installments, unchanged from prior year, represents current dividend yield of 18.1%; significant management ownership of 11.5% ► Strong long-term return on equity Long term ROE factors in both investment income and net gains/losses, averages 9.2% over the past twelve years versus industry average of 6.4% - most recent LTM ROE of -1.1% below current industry mean of 2.2% due to discrete write-downs ► Low-cost available liquidity Borrowing capacity still at hand through new SBIC III debentures, undrawn credit facilities and cash – can grow current asset base by 18% as of quarter ended August 31, 2026 and including the approved SBIC III upsize, 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 Solid 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 4.9% below cost, with core non-CLO BDC portfolio fair value 1.6% below cost ► Well-positioned for changes in interest rates Approx. 99.0% 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 prior year baby bonds currently callable. Investment grade rating affirmed 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 96.0% of credits are the highest quality, 81.5% 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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$21.50 $23.50 $25.50 $27.50 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q4-26 Q1-27 Q2-27 NAV Per Share $340.0 $370.0 $400.0 $430.0 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q4-26 Q1-27 Q2-27 NAV (in millions) $950.0 $1,000.0 $1,050.0 $1,100.0 $1,150.0 $1,200.0 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q4-26 Q1-27 Q2-27 FMV Investment Portfolio (in millions) Period FMV Investment Portfolio (in millions) Q2-25 1,040.7$ Q3-25 960.1$ Q4-25 978.1$ Q1-26 968.3$ Q2-26 995.3$ Q3-26 1,016.0$ Q4-26 1,109.1$ Q1-27 1,126.3$ Q2-27 1,150.2$ Period NAV (in millions) Q2-25 372.1$ Q3-25 374.9$ Q4-25 392.7$ Q1-26 396.4$ Q2-26 410.5$ Q3-26 413.2$ Q4-26 396.2$ Q1-27 378.5$ Q2-27 352.6$ Period NAV Per Share Q2-25 27.07$ Q3-25 26.95$ Q4-25 25.86$ Q1-26 25.52$ Q2-26 25.61$ Q3-26 25.59$ Q4-26 24.42$ Q1-27 23.23$ Q2-27 22.15$ KPIs – Balance Sheet – Q2 FY27 26
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3.0% 8.0% 13.0% 18.0% 23.0% Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q4-26 Q1-27 Q2-27 Adjusted NII Yield $0.30 $0.60 $0.90 $1.20 $1.50 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q4-26 Q1-27 Q2-27 Adjusted NII Per Share Period Adjusted NII Per Share Q2-25 1.33$ Q3-25 0.90$ Q4-25 0.56$ Q1-26 0.66$ Q2-26 0.58$ Q3-26 0.61$ Q4-26 0.53$ Q1-27 0.47$ Q2-27 0.46$ Period Adjusted NII Yield Q2-25 19.7% Q3-25 13.3% Q4-25 8.4% Q1-26 10.3% Q2-26 9.0% Q3-26 9.5% Q4-26 8.4% Q1-27 7.8% Q2-27 8.1% Period Net Interest Margin (in millions) Q2-25 25.9$ Q3-25 17.7$ Q4-25 13.3$ Q1-26 15.1$ Q2-26 13.1$ Q3-26 13.5$ Q4-26 13.0$ Q1-27 13.4$ Q2-27 13.6$ $10.0 $15.0 $20.0 $25.0 $30.0 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q4-26 Q1-27 Q2-27 Net Interest Margin Excluding CLO (in millions) KPIs – Income Statement – Q2 FY27 27
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-2.0% 1.0% 4.0% 7.0% 10.0% Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q4-26 Q1-27 Q2-27 LTM ROE $(0.75) $(0.25) $0.25 $0.75 $1.25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q4-26 Q1-27 Q2-27 EPS Period EPS Q2-25 0.97$ Q3-25 0.64$ Q4-25 (0.05)$ Q1-26 0.91$ Q2-26 0.84$ Q3-26 0.74$ Q4-26 (0.16)$ Q1-27 (0.42)$ Q2-27 (0.41)$ Period LTM ROE Q2-25 5.8% Q3-25 9.2% Q4-25 7.5% Q1-26 9.3% Q2-26 9.1% Q3-26 9.7% Q4-26 9.1% Q1-27 4.0% Q2-27 -1.1% KPIs – Income Statement – Q2 FY27 (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 $58,518 $58,286 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 LTM Q2 Net Interest Margin KPIs - SAR Net Interest Margin SAR LTM Net Interest Margin down 4% year-over-year following spread compression, base rate reductions and capital structure refinancings, but up almost five times since taking over management 29
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1.3% 3.4% 3.1% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% SAR BDC Mean BDC Median Non-Accruals at Cost SAR Non-Accruals Significantly Lower than BDC Industry SAR investments on non-accrual status remain low at 1.3% of cost, well below the BDC industry average of 3.4% of cost (more than 2.5x higher than Saratoga) 30