Saratoga Investment expands credit facility to $110M

Q: Which banks act as agents under Saratoga Investment Corp. (SAJ)'s amended Valley Credit Facility?

Valley National Bank is the administrative agent. U.S. Bank Trust Company, National Association is the collateral agent and collateral administrator.

The amendment raises the healthcare and three-largest-obligor concentration limits to 35% of Aggregate ECA Value.

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)How Sentiment works

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Form Type

8-K

Rhea-AI Filing Summary

Saratoga Investment Corp. (SAJ) and its wholly owned financing subsidiary, Saratoga Investment Funding II LLC, amended the Valley Credit Facility on October 8, 2026. The amendment increases available borrowings from $85.0 million to $110.0 million.

During the first two years following the closing date, SIF II may request one or more commitment increases; the amount for those requests rises from $100.0 million to $135.0 million, subject to certain terms and conditions and a customary fee. The amendment caps the Advance Rate for Unitranche Loans at 70% and raises the healthcare concentration limit from 25.0% to 35.0% of Aggregate ECA Value and the limit for loans to the three largest Obligors from 30.0% to 35.0%. It also replaces Henri Steenkamp with Christine Ramdihal in the definition of “Key Person.”

8-K Event Classification

3 items: 1.01, 2.03, 9.01

3 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Available borrowings: From $85.0 million to $110.0 million Commitment increase request amount: From $100.0 million to $135.0 million Maximum Advance Rate: 70% +2 more

5 metrics

Available borrowings From $85.0 million to $110.0 million Change under the October 8, 2026 amendment

Commitment increase request amount From $100.0 million to $135.0 million SIF II may request one or more increases during the first two years following the closing date, subject to certain terms and conditions and a customary fee

Maximum Advance Rate 70% For Unitranche Loans

Healthcare concentration From 25.0% to 35.0% of Aggregate ECA Value Concentration of the Borrowing Base Value of all Collateral Loans in healthcare

Three-largest-Obligor concentration From 30.0% to 35.0% of Aggregate ECA Value Concentration of the Borrowing Base Value of Collateral Loans made to the three largest Obligors

Key Terms

Advance Rate, Unitranche Loans, Borrowing Base Value, Aggregate ECA Value, +1 more

5 terms

Advance Rate financial

"Advance Rate with respect to Unitranche Loans"

The advance rate is the percentage of an asset’s appraised or stated value that a lender is willing to loan against, commonly used for receivables, inventory, or property. For investors it shows how much immediate cash a company can raise from its assets — like the share of value a pawnbroker will lend you — and affects liquidity, borrowing capacity and perceived credit risk.

Unitranche Loans financial

"Advance Rate with respect to Unitranche Loans"

Unitranche loans combine what would normally be two layers of lending — one that gets paid first and one that is paid later — into a single loan with one interest rate and one set of documents. Think of it as putting a mortgage and a second loan into one envelope: it simplifies and speeds up borrowing while usually carrying a higher interest rate to compensate for added risk. Investors care because unitranche debt changes the balance of risk and return, recovery prospects if a borrower defaults, and how easily the debt can be traded or refinanced.

Borrowing Base Value financial

"Borrowing Base Value of all Collateral Loans"

Aggregate ECA Value financial

"35.0% of Aggregate ECA Value"

Key Person technical

"amends the definition of “Key Person”"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

Which banks act as agents under Saratoga Investment Corp. (SAJ)'s amended Valley Credit Facility?

Valley National Bank is the administrative agent. U.S. Bank Trust Company, National Association is the collateral agent and collateral administrator.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/09/2026 - 04:34 PM EDT Accepted by SEC EDGAR 10/09/2026 - 04:34 PM EDT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): October 8, 2026

SARATOGA INVESTMENT CORP.

(Exact Name of Registrant as Specified in Charter)

Maryland	814-00732	20-8700615
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

535 Madison Avenue New York, New York		10022
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code (212) 906-7800

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share	SAR	New York Stock Exchange
8.00% Notes due 2027	SAJ	New York Stock Exchange
8.125% Notes due 2027	SAY	New York Stock Exchange
8.50% Notes due 2028	SAZ	New York Stock Exchange
7.50% Notes due 2031	SAV	New York Stock Exchange
8.00% Notes due 2031	SAX	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01. Entry into a Material Definitive Agreement.

On October 8, 2026, Saratoga Investment Corp. (the “Company”) and its wholly owned financing subsidiary, Saratoga Investment Funding II LLC (“SIF II” or the “Borrower”), entered into the First Amendment to the Credit and Security Agreement (the “Amendment” and as amended by the Amendment, the “Credit Agreement”), by and among SIF II, as borrower, the Company, as collateral manager and as equityholder, the lenders parties thereto, Valley National Bank, as administrative agent, and U.S. Bank Trust Company, National Association, as collateral agent, and collateral administrator (the “Valley Credit Facility”). The Amendment, among other things: (i) increases the borrowings available under the Valley Credit Facility from $85.0 million to $110.0 million; (ii) increases the amount whereby SIF II, during the first two years following the closing date, is permitted to request one or more increases in the commitment amount from $100.0 million to $135.0 million, subject to certain terms and conditions and a customary fee; (iii) provides that the Advance Rate (as defined in the Credit Agreement) with respect to Unitranche Loans (as defined in the Credit Agreement) will not exceed 70%; (iv) increases the aggregate amount by which the total of the Borrowing Base Value of all Collateral Loans may be concentrated in the healthcare industry from 25.0% to 35.0% of Aggregate ECA Value (each as defined in the Credit Agreement); (v) increases the aggregate amount by which the total of the Borrowing Base Value of all Collateral Loans which are made to the three largest Obligors (as defined in the Credit Agreement) from 30.0% to 35.0% of Aggregate ECA Value; and (vi) amends the definition of “Key Person” to replace Henri Steenkamp with Christine Ramdihal.

The foregoing description is only a summary of the material provisions of the Amendment and is qualified in its entirety by reference to a copy of the Amendment, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference herein.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.		Description
10.1		First Amendment to Credit and Security Agreement, dated as of October 8, 2026, by and among Saratoga Investment Funding II, LLC, as borrower, Saratoga Investment Corp., as collateral manager and equityholder, the lenders parties thereto, Valley National Bank, as administrative agent, and U.S. Bank Trust Company, National Association, as collateral agent, and collateral administrator.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	SARATOGA INVESTMENT CORP.

Date: October 9, 2026	By:	/s/ Henri J. Steenkamp
	Name:	Henri J. Steenkamp
	Title:	Chief Financial Officer, Chief Compliance Officer, Treasurer and Secretary

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

5 documents

Agreements & Contracts

EX-10.1 FIRST AMENDMENT TO CREDIT AND SECURITY AGREEMENT, DATED AS OF OCTOBER 8, 2026, B 1.1 MB