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The SEC filings page for Saratoga Investment Corp. 8.00% Notes due 2027 (SAJ) provides access to regulatory documents filed by the issuer, Saratoga Investment Corp., that reference this NYSE-listed note issue. In several Form 8-K filings, the company lists the "8.00% Notes due 2027" with the trading symbol SAJ among its securities registered under Section 12(b) of the Securities Exchange Act of 1934, alongside common stock and other note series.
These filings cover a range of topics that matter to analysts of SAJ and other Saratoga Investment Corp. securities. One Form 8-K describes the entry into a Credit and Security Agreement known as the Valley Credit Agreement, involving Saratoga Investment Funding II LLC as borrower and Saratoga Investment Corp. as collateral manager and equityholder. The filing outlines the structure of a special purpose vehicle financing credit facility, borrowing base calculations, eligibility criteria for loans, interest terms, unused fees, financial covenants such as interest coverage and overcollateralization tests, and customary events of default.
The same filing reports the termination of an earlier credit and security agreement and related equity pledge agreement, noting that these agreements ended after all obligations, including principal, interest, and fees, were satisfied. Other Form 8-K filings referenced in the available data focus on the announcement of quarterly financial results via press releases furnished as exhibits and the submission of matters to a vote of security holders at an annual meeting, including director elections and auditor ratification.
On this page, users can review such Form 8-K reports and related exhibits as they pertain to Saratoga Investment Corp. and its securities, including SAJ. AI-powered tools on the platform can help summarize key points from lengthy filings, highlight sections related to financing arrangements, covenants, and shareholder actions, and make it easier to understand how these disclosures relate to the issuer’s note obligations.
Saratoga Investment Corp. is offering a new series of unsecured notes due 2031 and plans to use the proceeds and available cash to redeem in full its $175.0 million 4.375% notes due 2026. The new fixed-rate notes will pay interest quarterly and are expected to be listed on the NYSE under the symbol “SAV.”
The notes rank equally with Saratoga’s other unsecured unsubordinated debt and are effectively and structurally subordinated to secured borrowings and subsidiary-level obligations, including the Live Oak and Valley credit facilities and $170.0 million of SBA‑guaranteed debentures. The company highlights leverage, limited covenants, redemption risk and market liquidity as key risks for investors.
Saratoga Investment Corp. has issued and sold $50,000,000 of 7.25% Senior Unsecured Notes due May 1, 2030 in a private placement to an institutional purchaser. The Notes were priced at 99.117% of face value, generating approximately $48.5 million in net proceeds after about $1.5 million of fees and expenses, all payable by the company. The Notes bear interest at 7.25% per year, payable semi-annually on May 1 and November 1, starting May 1, 2026, and may be redeemed at par plus a make-whole premium before January 23, 2028 and at par thereafter.
The company intends to use the net proceeds to redeem its outstanding 4.375% Notes due 2026 and for general corporate purposes. The Notes are unsecured senior obligations ranking equally with other unsecured, unsubordinated debt and are effectively or structurally subordinated to secured debt and subsidiary obligations. Saratoga also entered into a Registration Rights Agreement requiring it to register an exchange offer for substantially identical registered notes and to complete that exchange offer no later than 365 days after initial issuance, or pay additional interest if it does not meet these obligations.
Saratoga Investment Corp., a business development company focused on U.S. middle‑market lending, has filed a shelf registration to offer up to $750,000,000 of common stock, preferred stock, subscription rights, debt securities and warrants. The company invests mainly in senior and unitranche leveraged loans and mezzanine debt that are typically below investment grade, aiming to generate current income and some capital appreciation.
As of November 30, 2025, net asset value was $25.59 per share, while the January 14, 2026 NYSE price was $23.43, an approximate 8.44% discount to NAV. Saratoga uses leverage and operates with a reduced asset coverage requirement of 150%, and its estimated total annual expenses are 21.76% of average net assets, reflecting significant management, incentive and interest costs. Proceeds from future offerings are expected to fund new middle‑market investments, repay borrowings and support general corporate purposes.
Saratoga Investment Corp. furnished an update announcing its financial results for the quarter ended November 30, 2025. The company released these results in a press release dated January 7, 2026, which is included as an exhibit to the report and incorporated by reference. The press release provides the detailed financial figures and commentary, while the report itself clarifies that this information is being furnished rather than filed for liability purposes under securities laws.
Saratoga Investment Corp., a business development company, reported results for the three and nine months ended November 30, 2025. For the quarter, total investment income was $31.6M compared with $35.9M a year earlier, and net investment income was $9.8M versus $12.4M, reflecting lower interest income and fees.
Despite softer income, quarterly net increase in net assets from operations rose to $12.0M from $8.8M, helped by net realized and unrealized gains on investments. Over nine months, net investment income was $29.0M, while net increase in net assets from operations reached $39.2M. Total investments at fair value were $1.02B and net assets were $413.2M, with net asset value per share of $25.59 versus $25.86 at the prior fiscal year-end.
Saratoga Investment Corp. CEO, director and 10% owner Christian Oberbeck reported a gift of 1,000 shares of common stock on 12/19/2025. The shares were gifted to his grandchild, who does not share his household. Following this transaction, he directly beneficially owns 657,285 shares of common stock and indirectly beneficially owns additional shares through his children, CLO Partners LLC, CLO Partners Holdings LLC, and his wife.
Saratoga Investment Corp. CEO, director and 10% owner Christian Oberbeck reported stock gifts to family members in a Form 4 dated 12/11/2025. He transferred 5,200 shares of common stock as a gift to children who do not share his household and 7,800 shares as a gift to children who share his household, both at a reported price of $0.00 per share.
After these transactions, Oberbeck holds 657,285 common shares directly. He also reports indirect beneficial ownership of 83,742 shares held by his children, 73,607 shares held by CLO Partners LLC, 100,000 shares held by CLO Partners Holdings LLC, and 1,872 shares held by his wife.
Saratoga Investment Corp. entered a new secured credit facility with Valley National Bank for up to $85.0 million, with the option during the first two years to request increases to an amount not to exceed $100.0 million, subject to terms and a customary fee. The facility matures on November 6, 2028 and requires a minimum drawn amount equal to the greater of $25.0 million or 38% of the facility amount in effect.
Borrowings bear interest at Term SOFR + 2.85% with a 1.00% SOFR floor. An unused fee applies at 0.75% when unused commitments exceed 62% of the total, otherwise 0.50%. Advances are governed by a borrowing base with advance rates on eligible loans ranging from 25% to 75%, and include interest coverage and overcollateralization tests.
The facility is secured by a first‑priority lien on substantially all assets of the borrowing subsidiary and an equity pledge by the Company. Related agreements include a loan sale/contribution arrangement and a limited guaranty, plus a springing guaranty that becomes effective on the tenth business day following a defined Rating Event if not cured. The Company also terminated its prior Encina facility after satisfying all obligations.
Saratoga Investment Corp. furnished a press release announcing its financial results for the quarter ended August 31, 2025. The press release is included as Exhibit 99.1 and provides details on the company’s operations and financial condition for that period. The information in this report, including Exhibit 99.1, is being furnished rather than filed under securities law and is only incorporated into other documents if specifically referenced.
Saratoga Investment Corp. (SAJ) reports consolidated quarterly disclosures describing its single reportable segment, portfolio composition and valuation practices. The company holds $57.8M of subordinated notes in the Saratoga CLO and has received cumulative distributions of $92.2M, management fees of $39.6M and incentive fees of $1.2M from that vehicle. The present value of projected future cash flows of those subordinated notes was approximately $0.1M using a 70.0% discount rate as of August 31, 2025.
The filing notes the SBIC subsidiary repaid SBA debentures and merged into the Company, unlocking undistributed capital and referencing the SBIC regulatory cap of $350.0M in outstanding debentures with at least $175.0M combined regulatory capital. SOFR reference rates are disclosed: 1M TERM SOFR 4.27% and 3M TERM SOFR 4.17%. The company details valuation hierarchy, level classifications, and use of an independent valuation firm and audit committee review for Level 3 assets.