Saratoga Investment Balance Sheet

Financials in millions USD. Fiscal year is March - February.

Millions USD. Fiscal year is Mar - Feb.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Nov '25 Nov 30, 2025	Feb '25 Feb 28, 2025	Feb '24 Feb 29, 2024	Feb '23 Feb 28, 2023	Feb '22 Feb 28, 2022	Feb '21 Feb 28, 2021
Cash & Equivalents	52.3	148.22	8.69	65.75	47.26	18.83
Cash & Short-Term Investments	52.3	148.22	8.69	65.75	47.26	18.83
Cash Growth	-64.57%	1605.06%	-86.78%	39.12%	151.00%	-23.46%
Accounts Receivable	9.17	7.79	10.64	8.52	5.46	4.26
Other Receivables	-	-	0.1	0.44	-	-
Receivables	9.17	7.79	10.74	8.96	5.46	4.26
Restricted Cash	117.26	56.51	31.81	30.33	5.61	11.09
Other Current Assets	-	-	-	-	0.09	2.72
Total Current Assets	178.73	212.52	51.25	105.04	58.42	36.89
Long-Term Investments	1,016	978.08	1,139	972.59	817.57	554.31
Other Long-Term Assets	2.28	0.95	1.16	0.53	0.25	0.95
Total Assets	1,197	1,192	1,191	1,078	876.24	592.15
Accounts Payable	2.15	1.68	1.34	1.46	0.8	1.75
Accrued Expenses	12.42	10.49	12.18	15.79	16.71	10.24
Short-Term Debt	70	72.49	54.88	32.5	12.5	-
Current Income Taxes Payable	-	-	-	-	2.82	-
Total Current Liabilities	84.57	84.66	68.4	49.76	32.83	11.99
Long-Term Debt	694.68	709.33	748.79	678.63	486.38	274.05
Long-Term Deferred Tax Liabilities	4.5	4.89	3.79	2.82	1.25	1.92
Total Liabilities	783.76	798.88	820.98	731.2	520.46	287.97
Common Stock	0.02	0.02	0.01	0.01	0.01	0.01
Additional Paid-In Capital	437.09	412.91	371.08	321.89	328.06	304.87
Retained Earnings	-23.9	-20.26	-0.87	25.05	27.71	-0.7
Shareholders' Equity	413.21	392.67	370.22	346.96	355.78	304.19
Total Liabilities & Equity	1,197	1,192	1,191	1,078	876.24	592.15
Total Debt	764.68	781.82	803.67	711.13	498.88	274.05
Net Cash (Debt)	-712.39	-633.6	-794.98	-645.38	-451.62	-255.22
Net Cash Per Share	-46.20	-45.54	-62.74	-53.95	-39.42	-22.81
Filing Date Shares Outstanding	16.18	15.36	13.7	11.86	12.12	11.2
Total Common Shares Outstanding	16.15	15.18	13.65	11.89	12.13	11.16
Working Capital	94.16	127.86	-17.15	55.28	25.59	24.9
Book Value Per Share	25.59	25.86	27.12	29.18	29.33	27.25
Tangible Book Value	413.21	392.67	370.22	346.96	355.78	304.19
Tangible Book Value Per Share	25.59	25.86	27.12	29.18	29.33	27.25

Source: S&P Global Market Intelligence. Standard template. Financial Sources.