Exhibit 23.2

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in Registration Statement (No. 333-227116) on Form N-2 of Saratoga Investment Corp. of our report dated May 5, 2021 with respect to the statement of assets and liabilities, including the schedule of investments, as of February 28, 2021, and the related statements of operations, changes in net assets, and cash flows for the year ended February 28, 2021, and the related notes to the financial statements of Saratoga Investment Corp. CLO 2013-1, Ltd. included in this Annual Report (Form 10-K) of Saratoga Investment Corp. for the year ended February 28, 2021.

/s/ CohnReznick LLP

Chicago, Illinois

May 5, 2021