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N-2/A EX-FILING FEES 0001377936 333-292765 N/A N/A 0001377936 1 2026-03-02 2026-03-02 0001377936 10 2026-03-02 2026-03-02 0001377936 11 2026-03-02 2026-03-02 0001377936 12 2026-03-02 2026-03-02 0001377936 13 2026-03-02 2026-03-02 0001377936 2 2026-03-02 2026-03-02 0001377936 3 2026-03-02 2026-03-02 0001377936 4 2026-03-02 2026-03-02 0001377936 5 2026-03-02 2026-03-02 0001377936 6 2026-03-02 2026-03-02 0001377936 7 2026-03-02 2026-03-02 0001377936 8 2026-03-02 2026-03-02 0001377936 9 2026-03-02 2026-03-02 0001377936 2026-03-02 2026-03-02 iso4217:USD xbrli:pure xbrli:shares

Ex-Filing Fees

CALCULATION OF FILING FEE TABLES

N-2

Saratoga Investment Corp.

Table 1: Newly Registered and Carry Forward Securities

                                                             
Line Item Type   Security Type   Security Class Title   Notes   Fee Calculation
or Carry Forward Rule		   Amount Registered   Proposed Maximum Offering
Price Per Unit		   Maximum Aggregate Offering Price   Fee Rate     Amount of Registration Fee   Carry Forward Form Type   Carry Forward File Number   Carry Forward Initial Effective Date   Filing Fee Previously Paid in Connection with
Unsold Securities
to be
Carried Forward
                                                             
Newly Registered Securities
Fees to be Paid   Equity   Common Stock, $0.001 par value    (1)   457(o)       $     $     0.0001381   $                 $  
Fees to be Paid   Equity   Preferred Stock    (2)   457(o)                   0.0001381                        
Fees to be Paid   Other   Subscription Rights    (3)   457(o)                   0.0001381                        
Fees to be Paid   Debt   Debt Securities    (4)   457(o)                   0.0001381                        
Fees to be Paid   Other   Warrants    (5)   457(o)                   0.0001381                        
Fees to be Paid   Unallocated (Universal) Shelf        (6)   457(o)               100,000,000.00   0.0001381     13,810.00                  
Fees Previously Paid   Unallocated (Universal) Shelf        (7)   457(o)               410,483,531.31   0.0001381     56,687.78                  
Carry Forward Securities
Carry Forward Securities   Equity   Common Stock, $0.001 par value    (8)   415(a)(6)                             N-2   333-269186   03/13/2023     0.00
Carry Forward Securities   Equity   Preferred Stock    (9)   415(a)(6)                             N-2   333-269186   03/13/2023     0.00
Carry Forward Securities   Other   Subscription Rights    (10)   415(a)(6)                             N-2   333-269186   03/13/2023     0.00
Carry Forward Securities   Debt   Debt Securities    (11)   415(a)(6)                             N-2   333-269186   03/13/2023     0.00
Carry Forward Securities   Other   Warrants    (12)   415(a)(6)                             N-2   333-269186   03/13/2023     0.00
Carry Forward Securities   Unallocated (Universal) Shelf        (13)   415(a)(6)       $     $ 239,516,468.69       $     N-2   333-269186   03/13/2023   $ 26,394.71
                                                             
Total Offering Amounts:   $ 750,000,000.00         70,497.78                  
Total Fees Previously Paid:               56,687.78                  
Total Fee Offsets:               0.00                  
Net Fee Due:             $ 13,810.00                  

__________________________________________
Offering Note(s)

(1) There is being registered hereunder an indeterminate number of shares of common stock, preferred stock, or warrants as may be sold, from time to time. Warrants represent rights to purchase common stock, preferred stock or debt securities. In no event will the aggregate offering price of all securities issued from time to time pursuant to this registration statement exceed $750,000,000.
(2) See Note 1 above.
(3) There is being registered hereunder an indeterminate number of subscription rights as may be sold, from time to time, representing rights to purchase common stock. In no event will the aggregate offering price of all securities issued from time to time pursuant to this registration statement exceed $750,000,000.
(4) There is being registered hereunder an indeterminate principal amount of debt securities as may be sold, from time to time. If any debt securities are issued at an original issue discount, then the offering price shall be in such greater principal amount as shall result in an aggregate price to investors not to exceed $750,000,000. In no event will the aggregate offering price of all securities issued from time to time pursuant to this registration statement exceed $750,000,000.
(5) See Note 1 above.
(6) Estimated pursuant to Rule 457 solely for the purposes of determining the registration fee. The proposed maximum offering price per security will be determined, from time to time, by Saratoga Investment Corp. (the “Registrant”) in connection with the sale by the Registrant of the securities registered under this Registration Statement on Form N-2 (File No. 333-292765) (the “Registration Statement”).
(7) The Registrant previously paid filing fees in the aggregate of $56,687.78 in connection with the filing of the Registration Statement on January 16, 2026.
(8) See Note 1 above.
(9) See Note 1 above.
(10) See Note 3 above.
(11) See Note 4 above.
(12) See Note 1 above.
(13) Pursuant to Rule 415(a)(6) under the Securities Act of 1933, as amended (the “Securities Act”), this registration statement includes $239,516,468.69 in aggregate principal offering price of unsold securities (the “Unsold Securities”) that were previously registered for sale under the Registrant’s Registration Statement on Form N-2 (File No. 333-269186) initially filed on January 11, 2023, and amended on February 21, 2023, and declared effective on March 13, 2023 (the “Prior Registration Statement”). The Registrant previously paid filing fees in the aggregate of $26,394.71 relating to the Unsold Securities. Pursuant to Rule 415(a)(6) under the Securities Act, the filing fees previously paid with respect to the Unsold Securities will continue to be applied to such Unsold Securities. Pursuant to Rule 415(a)(6) under the Securities Act, the offering of Unsold Securities under the Prior Registration Statement will be deemed terminated as of the date of effectiveness of this registration statement.