Saratoga Investment Corp. (SAJ) reported fiscal second-quarter 2027 results for the quarter ended August 31, 2026, including net investment income of $7.305 million and a loss per share of $0.41. Net investment income was $9.081 million and earnings per share were $0.84 in the year-earlier quarter.
Assets under management reached $1.150 billion, up 2.1% from the prior quarter and 15.6% from a year earlier. Originations of $76.1 million and repayments of $39.0 million produced $37.1 million of net originations. Adjusted net investment income was $0.46 per share, compared with $0.47 in the prior quarter.
Net asset value was $352.577 million, down 6.8% from the prior quarter; NAV per share was $22.15 versus $23.23. The company attributed 49% of the quarterly NAV decline to portfolio adjustments and 51% to excess dividend distributions and share repurchases. It repurchased 444,124 shares at an average $18.91 per share for approximately $8.4 million, contributing $0.09 per share of NAV accretion. The board declared $0.75 per share in aggregate dividends for fiscal Q3 2027, paid in three monthly $0.25 installments. Non-accrual investments were 0.0% of portfolio fair value and 1.3% of cost.
Saratoga Investment Corp. (SAJ) reported net investment income of $7.3 million for the three months ended August 31, 2026, versus $9.1 million a year earlier; total investment income was $31.2 million versus $30.6 million. Net assets decreased by $6.7 million from operations, compared with a $13.3 million increase in the prior-year quarter. The quarter included $16.5 million of net unrealized depreciation on investments, versus $3.7 million of appreciation.
For the six months ended August 31, 2026, net investment income was $14.9 million, compared with $19.2 million in 2025, and operations produced a $13.6 million decrease in net assets versus a $27.2 million increase. Net unrealized depreciation was $31.6 million, versus $4.7 million of appreciation in the prior-year period. At August 31, 2026, investments at fair value were $1.150 billion, net asset value was $22.15 per share, and cash and reserve-account balances totaled $95.9 million. At February 28, 2026, investments at fair value were $1.109 billion and net asset value was $24.42 per share.
Saratoga Investment Corp. completed an offering of $23,092,350 aggregate principal amount of its 8.00% Notes due 2031 on September 24, 2026, including the underwriters’ exercise of the overallotment option. After issuance, the outstanding aggregate principal amount of these notes was $120,842,350. The company received approximately $22,519,659.72 in net proceeds and intends to use them to repay a portion of indebtedness under its Valley National Bank special purpose vehicle financing credit facility.
The notes pay interest at 8.00% per year, quarterly beginning November 30, 2026, and mature August 31, 2031. The company may redeem them at par plus accrued and unpaid interest, in whole or in part, on or after August 26, 2028. They are direct unsecured obligations, rank equally with the company’s unsecured, unsubordinated indebtedness, and are effectively subordinated to secured debt and structurally subordinated to subsidiary obligations.
Saratoga Investment Corp. is conducting a primary shelf offering of additional unsecured notes. The company expects to use the net proceeds to repay a portion of its indebtedness under the Valley Credit Facility.
Saratoga Investment Corp. stockholders elected G. Cabell Williams and Henri J. Steenkamp to the board at the September 22, 2026 annual meeting, with terms running until the 2029 annual meeting or until successors are duly elected and qualified. Stockholders also approved Ernst & Young LLP’s selection as independent registered public accounting firm for the fiscal year ending February 28, 2026. As of July 27, 2026, 16,080,916 common shares were eligible to vote, and 11,352,552 were voted in person or by proxy.
Saratoga Investment Corp. (SAJ), a business development company focused on U.S. middle‑market lending, is offering additional 8.00% Notes due 2031 in a takedown from its Form N‑2 shelf. These new notes are a fungible further issuance of the 8.00% 2031 notes first issued on August 26, 2026 and September 2, 2026 and will share the same CUSIP, terms, and ranking.
The notes pay 8.00% fixed interest, with quarterly payments on February 28, May 31, August 31 and November 30, maturing on August 31, 2031, and are listed on the NYSE under the symbol “SAX”. They are unsecured, unsubordinated obligations ranking pari passu with Saratoga’s other unsecured notes and structurally and effectively subordinated to secured debt and all subsidiary obligations, including borrowings under the Live Oak and Valley credit facilities and $259.0 million of SBA‑guaranteed debentures.
Saratoga expects to use net proceeds to repay a portion of the Valley Credit Facility or redeem its 8.00% 2027 Notes, depending on the final proceeds. As of May 31, 2026, Saratoga reported $1.2 billion in total assets, a predominantly first‑lien loan portfolio with a 9.8% weighted‑average yield, and a reported asset coverage ratio of 162.6% under the 1940 Act.
Saratoga Investment Corp. (SAJ) announced a leadership transition in its finance and compliance functions. Henri J. Steenkamp will step down as Chief Financial Officer, Chief Compliance Officer, Treasurer and Secretary for health-related reasons effective October 31, 2026, and will remain on the Board, continue as CFO of the company’s SBIC subsidiaries, and serve as a consultant to support continuity.
The Board promoted Christine Ramdihal, currently Controller, to Chief Accounting Officer and Treasurer, and she will become the principal financial officer as of the effective date. Rochelle Kracoff, currently Assistant Chief Compliance Officer and Treasury Manager, was promoted to Chief Compliance Officer and Secretary. The company highlighted that these promotions reflect established succession planning and that Steenkamp did not express any disagreement regarding operations, policies or practices.
SARATOGA INVESTMENT CORP. had its 6.00% Notes due 2027 removed from listing and/or registration on the New York Stock Exchange LLC. The exchange states it has complied with its rules under 17 CFR 240.12d2-2(b), and the issuer has complied with the voluntary withdrawal requirements under 17 CFR 240.12d2-2(c).
SARATOGA INVESTMENT CORP. (SAR) reported that CEO and Director Christian L. Oberbeck, through CLO Partners LLC, disposed of 290 shares of common stock on September 9, 2026 in an "other" type transaction. A footnote states that Mr. Oberbeck transferred 290 shares to a Saratoga employee as compensation.
After this transfer, CLO Partners LLC held 18,477 shares of common stock indirectly for Mr. Oberbeck. Separate holding entries report that he also held 726,128 shares directly, 100,000 shares indirectly through CLO Partners Holdings LLC, 94,155 shares indirectly held by his children, and 2,110 shares indirectly held by his wife. No Rule 10b5-1 trading plan is reported.
Saratoga Investment Corp. (SAJ) entered into an Eighteenth Supplemental Indenture with U.S. Bank Trust Company to issue and sell $85.0 million of 8.00% Notes due 2031 in a public offering under its shelf registration.
The Notes bear interest at 8.00% per year, payable quarterly on February 28, May 31, August 31, and November 30, beginning November 30, 2026, and mature on August 31, 2031. They are redeemable at the company’s option at par plus accrued interest on or after August 26, 2028. Net proceeds of approximately $82,043,750, together with available cash, are intended to redeem in full the company’s outstanding 6.00% notes due 2027. The Notes are unsecured obligations ranking pari passu with Saratoga Investment Corp.’s other unsecured, unsubordinated indebtedness and are subject to covenants tied to asset coverage and reporting requirements under the Investment Company Act of 1940 and the Exchange Act.