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. 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.
Saratoga Investment Corp. entered into an underwriting agreement to issue and sell $100,000,000 aggregate principal amount of its 7.50% Notes due 2031. The underwriters also have a 30-day option to buy up to an additional $15,000,000 of these notes.
The company plans to list the notes on the New York Stock Exchange under the symbol “SAV” within 30 days of the original issue date. Closing of the offering is expected on February 6, 2026, subject to customary closing conditions, and the agreement includes standard representations, covenants, and indemnification provisions.
Saratoga Investment Corp.'s CEO, director, and 10% owner Christian L. Oberbeck reported a gift of 1,000 shares of common stock on January 29, 2026. The filing states this was a gift to his grandchild who does not share his household, at a reported price of $0.00 per share.
After this transaction, he directly beneficially owned 664,983 common shares, with additional indirect holdings reported as 86,446 shares by his children, 71,607 shares by CLO Partners LLC, 100,000 shares by CLO Partners Holdings LLC, and 1,937 shares by his wife.
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, 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.