Saratoga Investment Corp. SEC filings document the reporting and capital structure of a Maryland business development company focused on financing U.S. middle-market businesses. Its Form 8-K filings cover operating results, financial condition, material definitive agreements, debt offerings and updates to exchange-listed securities, including common stock and multiple NYSE-listed notes.
Proxy materials describe annual meeting procedures, shareholder voting matters and governance topics. The filing record also documents capital-structure disclosures, material-event reporting and formal references to registered securities such as SAR common stock and listed notes with maturities across 2027, 2028 and 2031.
Saratoga Investment Corp. (SAJ) entered into an underwriting agreement on August 18, 2026 to issue and sell $85,000,000 aggregate principal amount of 8.00% Notes due 2031. Underwriters also have an option, exercisable within 30 days of the final prospectus supplement, to purchase up to an additional $12,750,000 of these notes. The company intends to list the new notes on the New York Stock Exchange under the symbol “SAX”, with closing expected on August 26, 2026, subject to customary conditions.
On August 19, 2026, Saratoga Investment Corp. gave notice that it will redeem, in full, $105,500,000 aggregate principal amount of its 6.00% Notes due 2027 on September 18, 2026. The redemption price equals 100% of principal (or $25 per note) plus accrued and unpaid interest through, but excluding, the redemption date. Aggregate accrued interest payable will be $316,500, or $0.07500 per $25 note. The company states that the redemption will be funded using proceeds from the new notes offering and available cash, and that interest on the redeemed notes will cease to accrue after the redemption date.
SARATOGA INVESTMENT CORP. (symbol SAJ) reported that CEO and Director Christian L. Oberbeck caused an indirect disposition of 280 shares of common stock on August 18, 2026, coded as an "Other acquisition or disposition". According to a footnote, these 280 shares were transferred by CLO Partners LLC to a Saratoga employee as compensation. After this transfer, CLO Partners LLC held 18,767 shares indirectly attributed to Mr. Oberbeck, alongside other reported positions of 724,593 shares held directly, 100,000 shares indirectly via CLO Partners Holdings LLC, 92,855 shares held by children, and 2,081 shares held by his wife.
Saratoga Investment Corp. director Scott E. Zoellner filed an insider ownership report on Form 3. The report lists him as a director and not a ten percent owner, with no share transactions or holdings reported. Henri Steenkamp signs on Zoellner’s behalf under a July 21, 2026 power of attorney.
Saratoga Investment Corp. is calling its 2026 annual meeting for September 22, 2026 at 10:00 a.m. Eastern Time in New York. Stockholders of record at the close of business on July 27, 2026, when 16,080,916 shares of common stock were outstanding, may vote. Investors are being asked to elect G. Cabell Williams and Henri J. Steenkamp as directors until the 2029 annual meeting and to ratify Ernst & Young LLP as independent registered public accounting firm for the fiscal year ending February 28, 2027. The board unanimously recommends voting in favor of both proposals.
The six-member board includes four independent directors and uses a staggered three-class structure. Independent directors chair the Audit, Nominating and Corporate Governance, and Compensation Committees, which oversee financial reporting, valuations, governance, and pay. The company highlights insider trading, hedging and pledging restrictions, and an annual board and committee self-evaluation process. Saratoga Investment Advisors manages the portfolio and provides administrative services under annually renewed agreements.
Ownership is concentrated, with Chairman and CEO Christian L. Oberbeck beneficially owning 1,542,384 shares (9.6%), and all directors and executive officers as a group holding 1,709,025 shares (10.6%). Executive officers are compensated by the external adviser, not the company. Independent directors receive an annual retainer of $90,000 plus meeting fees; in fiscal 2026, individual cash compensation ranged from $135,500 to $148,000. For fiscal 2026, Ernst & Young LLP received $1,168,245 in audit fees and $1,346,565 in total fees, and the Audit Committee has recommended their reappointment.
Saratoga Investment Corp. CEO and director Christian L. Oberbeck reported an indirect disposition of 2,560 shares of common stock on July 22, 2026. Shares indirectly held through CLO Partners LLC were transferred to a Saratoga employee as compensation. After this, he reports 723,113 shares held directly, plus indirect positions including 19,047 shares via CLO Partners LLC, 100,000 via CLO Partners Holdings LLC, and additional family holdings.
Saratoga Investment Corp. reported fiscal first quarter 2027 results for the quarter ended May 31, 2026, showing pressure on earnings and net asset value. Assets under management rose 1.6% sequentially to $1.126 billion, driven by $31 million of net originations, including two new portfolio companies.
Total investment income was $30.8 million, with net investment income of $7.6 million, or $0.47 per share, down from $0.66 a year earlier. Earnings per share were a loss of $0.42, mainly from $15.2 million of net unrealized depreciation, which reduced NAV to $378.5 million, or $23.23 per share, versus $24.42 last quarter.
Credit metrics remained relatively strong, with non-accruals at 0.0% of fair value and 1.2% of cost and 98.3% of credits in the highest internal rating. The company declared base monthly dividends of $0.25 per share for each month of its second fiscal quarter 2027, totaling $0.75 per share and equating to a 14.0% yield based on a $21.42 share price.
Saratoga Investment Corp. reported a net decrease in net assets from operations of $6.9 million for the quarter ended May 31, 2026, compared with an increase of $13.9 million a year earlier. Total investment income was $30.8 million, slightly below the prior year’s $32.3 million, while operating expenses rose to $23.2 million. The key driver of the loss was a $15.2 million net unrealized depreciation on investments. Net investment income was $7.6 million, down from $10.1 million. Net assets declined to $378.5 million, and net asset value per share fell to $23.23 from $24.42 as of February 28, 2026.
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.