Saratoga Investment Corp. Fiscal First Quarter 2025 Shareholder Presentation July 10, 2024 Steady Long-Term Growth and Performance in Q1 2025 Fiscal First Quarter 2025 Highlights: • Continued high quality portfolio and solid performance • Investment quality remains solid • 98.3% of loan investments with highest internal rating and three non-accruals (1.6% of fair value / 4.8% of cost) • Return on equity in Q1 of 7.2% and 4.4% for LTM, as compared to industry average of 10.1% • Net realized losses and unreal ...