Trend Table for SAJ - Saratoga Investment Corp 8.00% Notes due 2027

Current Trend Strength: Weak or Absent

Date	Grade	ADX	Long Term	Intermediate Term	Short Term	% Chg
May 8	A	Weak or Absent	Up	Up	Flat	0.00%
May 7	A	Weak or Absent	Up	Up	Up	0.00%
May 6	A	Weak or Absent	Up	Up	Up	0.00%
May 3	A	Weak or Absent	Up	Up	Up	-0.12%
May 2	A	Weak or Absent	Up	Up	Up	-0.12%
May 1	A	Weak or Absent	Up	Up	Up	0.40%
Apr 30	A	Weak or Absent	Up	Flat	Flat	1.02%
Apr 29	A	Weak or Absent	Up	Flat	Flat	0.96%
Apr 26	B	Weak or Absent	Up	Flat	Flat	1.20%
Apr 25	A	Weak or Absent	Up	Flat	Flat	1.00%