Hiroshi Watanabe I have been covering Saratoga Investment Corp (NYSE:SAR) since March this year when I issued an article arguing that the risks are just too high for going long here. After SAR circulated its Q4, 2023 earnings deck, I wrote a follow-up article, where my overall investment stance did not change even though the underlying performance showed some signs of improvement. The reason for this was simple - the combination of one of the highest leverage profiles in the BDC space and a reliance on addi ...