Saratoga Investment Corp. (SAR)

Saratoga Investment Corp. and its subsidiary Saratoga Investment Funding II LLC entered into a First Amendment to their Credit and Security Agreement with Valley National Bank. The amendment increases the available borrowings under the facility from $85 million to $110 million and raises the potential increase commitment from $100 million to $135 million during the first two years post-closing. Other changes include capping Unitranche Loan advance rates at 70%, increasing healthcare industry concentration limits to 35% of Aggregate ECA Value, raising single obligor concentration caps to 35%, and replacing Henri Steenkamp with Christine Ramdihal as a Key Person. Saratoga Investment Corp. operates in the alternative asset management sector, specifically focusing on private credit investments.

Saratoga Investment Corp. reported a fiscal second quarter net loss per share of $0.41 and adjusted net investment income of $0.46 per share for the period ended August 31, 2026. The company grew assets under management by 2.1% to $1.15 billion and generated $37.1 million in net originations. It also issued $120.8 million of 8.00% notes due 2031 following the exercise of an over-allotment option, using proceeds to redeem existing debt. The firm repurchased 444,124 shares, contributing $0.09 per share in NAV accretion. Saratoga Investment Corp. is a business development company that provides customized financing solutions to U.S. middle-market businesses.

Saratoga Investment Corp. issued an additional $23,092,350 in aggregate principal amount of its 8.00% Notes due 2031 (NYSE: SAX), bringing the total outstanding balance to $120,842,350. The transaction closed on September 24, 2026, yielding net proceeds of approximately $22,519,659.72 after deducting underwriting discounts and offering expenses. Saratoga intends to use these funds to repay a portion of its outstanding indebtedness under the Valley National Bank credit facility. The company operates in the alternative asset management industry, specifically focusing on private debt investments.

Saratoga Investment Corp. announced that Henri J. Steenkamp is stepping down as Chief Financial Officer, Chief Compliance Officer, Treasurer and Secretary for health-related reasons, effective October 31, 2026. He will remain on the Board of Directors and serve in a consulting capacity. Christine Ramdihal was promoted from Controller to Chief Accounting Officer and Treasurer, becoming the principal financial officer. Rochelle Kracoff was promoted from Assistant Chief Compliance Officer to Chief Compliance Officer and Secretary. James Soltesz was appointed as Investment Manager and Vice President of Capital Markets to support balance sheet management. Saratoga Investment Corp. is a specialty finance company and business development company that provides customized financing solutions, primarily in senior and unitranche leveraged loans and mezzanine debt, to U.S. middle-market businesses.

Saratoga Investment Corp. issued $85.0 million in aggregate principal amount of 8.00% Notes due 2031 on August 26, 2026. 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, with maturity on August 31, 2031. Net proceeds were approximately $82.0 million after deducting underwriting discounts and expenses. The company intends to use these funds to redeem its outstanding 6.00% notes due 2027 in full. Saratoga Investment Corp. operates as a business development company focused on providing debt financing to middle-market companies.