Saratoga Investment Corporation 8.50% Notes Due 2028

We are offering $50,000,000 in aggregate principal amount of 8.50% notes due 2028, which we refer to as the “Notes.” The Notes will mature on April 15, 2028. We will pay interest on the Notes on February 28, May 31, August 31 and November 30 of each year, beginning on May 31, 2023. We may redeem the Notes in whole or in part at any time or from time to time on or after April 14, 2025, at the redemption price of par, plus accrued interest, as set forth under the section titled “Description of the Notes — Optional Redemption” in this prospectus supplement. The Notes will be issued in minimum denominations of $25 and integral multiples of $25 in excess thereof.