Exhibit 99.1

Saratoga Investment Corp.

Computation of Ratios of Earnings to Fixed Charges

	For the Six Months Ended August 31, 2014		For the Year Ended February 28, 2014		For the Year Ended February 28, 2013		For the Year Ended February 29, 2012		For the Year Ended February 28, 2011		For the Year Ended February 28, 2010
Earnings:
Net increase (decrease) in net assets resulting from operations	$	4,893,802	$	8,744,367	$	14,601,917	$	13,275,143	$	16,958,241	$	(10,462,560	)
Income tax expense, including excise tax		—		—		—		—		—		27,445
Total earnings before taxes	$	4,893,802	$	8,744,367	$	14,601,917	$	13,275,143	$	16,958,241	$	(10,435,115	)
Fixed Charges:
Interest Expense	$	3,597,103	$	6,083,891	$	2,540,413	$	1,297,985	$	2,611,839	$	4,096,041
Total fixed charges	$	3,597,103	$	6,083,891	$	2,540,413	$	1,297,985	$	2,611,839	$	4,096,041
Earnings available to cover fixed charges	$	8,490,905	$	14,828,258	$	17,142,330	$	14,573,128	$	19,570,080	$	(6,339,074	)
Ratio of earnings to fixed charges		2.4		2.4		6.7		11.2		7.5		(1.5	)