Saratoga Investment Corp.'s SEC filings document public reporting for its NYSE-listed common stock and exchange-listed notes, including SAJ, the company's 8.00% Notes due 2027. Form 8-K reports disclose results of operations, material definitive agreements, senior unsecured note issuances, registration rights, credit arrangements involving Saratoga Investment Funding II LLC, shareholder voting matters, governance matters and capital-structure updates.
The filings also identify Saratoga's registered security classes, which include common stock and multiple note series with different coupons and maturities. Debt-related disclosures cover offering agreements, indenture-related matters, exchange-registration obligations and financing arrangements that affect the company's liability profile.
Saratoga Investment Corp. reported financial results for its fiscal year and fourth quarter ended February 28, 2026, highlighted by higher assets and returns but lower income. Assets under management reached $1.109 billion, up 13.4% year-over-year, while net asset value rose to $396.2 million, a 0.9% increase.
Return on equity improved to 9.1% versus 7.5% a year earlier and the BDC industry average of 4.3%. Full-year earnings per share were $2.31, up from $2.02, and total dividends reached $3.74 per share, including a $0.25 special dividend. Total investment income declined to $125.7 million from $148.9 million, and net investment income per share fell to $2.32 from $3.81, reflecting pressure from lower short-term rates and tighter spreads.
For the fourth quarter, Saratoga generated net originations of $101.1 million, supporting five new platforms and fifteen follow-on investments, and kept non-accruals low at 0.2% of fair value and 1.2% of cost. The company’s board also declared three monthly base dividends of $0.25 per share for the first quarter of fiscal 2027, totaling $0.75.
Saratoga Investment Corp. is a specialty finance company and business development company focused on senior and unitranche loans, mezzanine debt, and some equity in U.S. middle-market companies with EBITDA of $2–$50 million. As of February 28, 2026, it reported total assets of $1,139.3 million and investments in 49 portfolio companies, plus structured finance and joint venture positions.
The portfolio was 82.1% first lien term loans, 3.9% second lien, 1.5% unsecured loans, 4.9% structured finance securities and 7.6% equity interests, with a weighted average investment yield of about 9.6%. Total return based on market value was 1.54% versus 27.17% a year earlier, while total return based on NAV per share was 7.50% versus 10.11%.
The company is externally managed by Saratoga Investment Advisors, operates as a regulated investment company for tax purposes, uses SBA-licensed SBIC subsidiaries and a senior loan joint venture, and pays a base management fee of 1.75% of gross assets plus incentive fees, while distributing taxable income through quarterly dividends and a dividend reinvestment plan.
Saratoga Investment Corp. issued $25,000,000 of 7.25% Notes due 2029 in a private placement to an institutional investor. The notes pay 7.25% annual interest quarterly and mature on April 10, 2029, with an option for the company to extend maturity to October 10, 2029.
The company received approximately $24,275,000 in net proceeds, based on a 98.00% purchase price and about $225,000 of expenses, and plans to use the funds for general corporate purposes. The notes are unsecured, rank pari passu with other unsecured debt, are callable at par plus interest on or after April 10, 2027, and may be increased in additional private offerings up to an aggregate $50,000,000 by July 10, 2026.
The indenture includes asset coverage and dividend covenants tied to the Investment Company Act of 1940 and provides noteholders with a repayment option if specified management changes occur or if certain regulatory asset coverage requirements are breached.
Saratoga Investment Corp. filed a current report describing an update to its at-the-market common stock offering program. The company and its adviser entered into Amendment No. 5 to the equity distribution agreement with Lucid Capital Markets, Ladenburg Thalmann, Compass Point, and Raymond James.
The amendment, dated March 13, 2026, migrates the at-the-market offering program to Saratoga Investment Corp.’s effective shelf registration statement on Form N-2 (333-292765) from a prior Form N-2 shelf. Any shares of common stock sold under this program will be issued pursuant to the updated registration statement and related prospectus documents.
Saratoga Investment Corp. proposes an at-the-market offering to sell up to $300,000,000 aggregate offering price of common stock pursuant to an equity distribution agreement with agents. The prospectus supplement states $170.4 million remains available under the ATM Program as of the date hereof and, assuming sale of that remaining amount, the company anticipates net proceeds of approximately $167.5 million.
The offering will be conducted on the NYSE or through market makers at prevailing or negotiated prices, with agents paid commissions up to 1.5%. NAV per share was $25.59 as of November 30, 2025, and the per-share sales price, less commissions, will not be below NAV; Saratoga Investment Advisors may contribute proceeds to prevent sales below NAV. Net proceeds are intended for middle-market investments, possible reduction of borrowings and general corporate purposes.
Saratoga Investment Corp. amends its Form N-2 registration statement to update exhibits and related disclosures. This Pre-Effective Amendment No. 2 replaces only the cover page, the explanatory note and Part C (exhibits) while leaving the prospectus and financial statements unchanged and incorporated by reference.
The filing lists the Calculation of Filing Fee items totaling $443,760.31, shows approximate record holders for listed securities as of January 14, 2026 (common stock: 11 record holders; various notes: 1 each), and incorporates multiple indentures, note forms and distribution agreements by reference.
Saratoga Investment Corp. filed a Pre-Effective Amendment No. 1 to its Form N-2 registration statement to pay an additional registration fee and update exhibits, without changing the prospectus or financial statements. The amendment incorporates audited and unaudited financial statements by reference and amends Part C to list updated exhibits and agreements.
Saratoga Investment Corp. issued and sold $100.0 million of new 7.50% Notes due 2031 under a supplemental indenture with U.S. Bank Trust Company. These unsecured notes pay 7.50% annual interest quarterly starting May 31, 2026 and mature on February 6, 2031.
The notes can be redeemed at the company’s option at par plus accrued interest on or after February 6, 2028. Saratoga intends to use the approximately $96.4 million in net proceeds, together with available cash, to repay its 4.375% notes due 2026 at their February 28, 2026 maturity.
The notes rank pari passu with Saratoga’s other unsecured, unsubordinated debt, are effectively subordinated to secured borrowings, and are structurally subordinated to obligations of subsidiaries. The indenture includes leverage and reporting covenants tied to Investment Company Act provisions, with certain limitations and exceptions.