Saratoga Investment Corp. is an externally managed, closed-end, non-diversified management investment company. The Company's investment objective is to generate current income and, to a lesser extent, capital appreciation from its investments. The Company's portfolio consists primarily of investments in leveraged loans (both first and second lien term loans) issued by middle market companies. The Company also purchases mezzanine debt and makes equity investments in middle market companies. As of February 28, 2015, the Company had investments in 34 portfolio companies. As of February 28, 2015, the Company's overall portfolio consisted of 7.6% of syndicated loans, 60.3% of first lien term loans, 14.8% of second lien term loans, 1.8 % of unsecured notes, 7.1% of subordinated notes of Saratoga Investment Corp. collateralized loan obligation (CLO) 2013-1, Ltd. (Saratoga CLO) and 8.4% of common equity. The Company is externally managed and advised by Saratoga Investment Advisors, LLC.