SARATOGA INVESTMENT CORP. Commitments Disclosure

Note 9. Commitments and Contingencies

 

Contractual Obligations

 

The following table shows our payment obligations for repayment of debt and other contractual obligations at February 28, 2026:

 

						Payment Due by Period
Long-Term Debt Obligations		Total				Less Than 1 Year				1 - 3 Years				3 - 5 Years				More Than 5 Years
		($ in thousands)
Live Oak credit facility			37,500				-				37,500				-				-
Valley Bank Credit Facility			32,500				-				32,500				-				-
SBA debentures			160,000				-				-				99,000				61,000
4.35% 2027 Notes			75,000				75,000				-				-				-
6.00% 2027 Notes			105,500				-				105,500				-				-
6.25% 2027 Notes			15,000				-				15,000				-				-
8.00% 2027 Notes			46,000				-				46,000				-				-
8.125% 2027 Notes			60,375				-				60,375				-				-
8.50% 2028 Notes			57,500				-				57,500				-				-
7.25% 2030 Notes			50,000				-				-				50,000
7.50% 2031 Notes			100,000				-				-				100,000
Total Long-Term Debt Obligations		$	739,375			$	75,000			$	354,375			$	249,000			$	61,000

Off-balance Sheet Arrangements

 

At February 28, 2026 and February 28, 2025, the Company’s off-balance sheet arrangements consisted of $153.1 million and $126.7 million, respectively, of unfunded commitments outstanding to provide debt financing to its portfolio companies or to fund limited partnership interests. Such commitments are generally up to the Company’s discretion to approve, or the satisfaction of certain financial and nonfinancial covenants and involve, to varying degrees, elements of credit risk in excess of the amount recognized in the Company’s consolidated statements of assets and liabilities and are not reflected in the Company’s consolidated statements of assets and liabilities.

 

A summary of the unfunded commitments outstanding as of February 28, 2026 and February 28, 2025 is shown in the table below (dollars in thousands):

 

		February 28, 2026				February 28, 2025
At Company’s discretion
ActiveProspect, Inc.		$	-			$	10,000
Angry Chickz, Inc.			4,000			$	-
Artemis Wax Corp.			7,500				23,500
Ascend Software, LLC			-				5,000
Better Impact USA, Inc.			5,000				-
C2 Educational Systems, Inc.			-				2,000
Davisware, LLC			-				1,000
Haystack Team Inc.			5,000				-
JDXpert			4,500				4,500
LFR Chicken LLC			10,000				10,000
Pepper Palace, Inc.			800				1,200
Procurement Partners, LLC			-				-
Saratoga Senior Loan Fund I JV, LLC			6,933				8,548
SAI Systems Health, LLC			4,000				-
Source 44 LLC			20,000				-
StockIQ Technologies, LLC			5,000				-
VetnCare MSO, LLC			-				10,000
Total		$	72,733			$	75,748
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required
Angry Chickz, Inc.		$	2,100			$	-
Axero Holdings, LLC - Revolver			500				500
Axiom Medical Consulting, LLC			-				1,500
Better Impact USA, Inc.			5,000				-
BQE Software, Inc.			250				2,250
Breezeway Homes, Inc.			4,000				-
Cloudpermit			8,500				5,000
Davisware, LLC			-				1,750
Exigo, LLC - Revolver			625				625
Gen4 Dental Partners Holdings, LLC			2,381				2,857
Granite Comfort, LP			-				11,637
Innergy, Inc.			1,500				5,000
Inspect Point Holdings, LLC			4,000				1,500
LFR Chicken LLC			25,000				-
Ludi, Inc. - Revolver			3,600				-
Modis Dental Partners OpCo, LLC			-				8,900
Pepper Palace, Inc. - Revolver			-				600
SAI Systems Health, LLC			1,474				-
SmartAC.com, Inc.			17,000				-
Source 44 LLC			500				-
Source 44 LLC - Revolver			2,000				-
StockIQ Technologies, LLC			400				-
Stretch Zone Franchising, LLC			-				1,500
VetnCare MSO, LLC			-				7,319
Zollege PBC			1,500				-
			80,330				50,938
Total		$	153,063			$	126,686

 

The Company believes its assets will provide adequate coverage to satisfy these unfunded commitments. As of February 28, 2026, the Company had cash and cash equivalents of $1.7 million, $52.5 million in available borrowings under the Valley Credit Facility, and $37.5 million in available borrowings under the Live Oak Credit Facility. The Company also has $99.0 million available SBA debentures that can be used for any commitments held in SBIC III LP.