Saratoga (SAR) is a small-cap business development company (“BDC”) with a big 12.4% dividend yield. And the shares just sold off hard (down ~10% year-to-date), now trading at a discounted 0.89x book value. Saratoga's 2.2x debt/equity is not as precarious as it may seem (thanks to significant loans backed by the SBIC), but it still could become problematic as non-transparent depreciation/write-downs continue. After comparing Saratoga to 40+ big-yield BDCs, we review the business, dividend, valuation, risks, and conclude with how it ranks among the top ideas in our “High Income NOW” portfolio.