Material Agreement, Financial Obligation (Form 8-K)

Item 1.01. Entry into a Material Definitive Agreement.

On October 8, 2026, Saratoga Investment Corp. (the "Company") and its wholly owned financing subsidiary, Saratoga Investment Funding II LLC ("SIF II" or the "Borrower"), entered into the First Amendment to the Credit and Security Agreement (the "Amendment" and as amended by the Amendment, the "Credit Agreement"), by and among SIF II, as borrower, the Company, as collateral manager and as equityholder, the lenders parties thereto, Valley National Bank, as administrative agent, and U.S. Bank Trust Company, National Association, as collateral agent, and collateral administrator (the "Valley Credit Facility"). The Amendment, among other things: (i) increases the borrowings available under the Valley Credit Facility from $85.0 million to $110.0 million; (ii) increases the amount whereby SIF II, during the first two years following the closing date, is permitted to request one or more increases in the commitment amount from $100.0 million to $135.0 million, subject to certain terms and conditions and a customary fee; (iii) provides that the Advance Rate (as defined in the Credit Agreement) with respect to Unitranche Loans (as defined in the Credit Agreement) will not exceed 70%; (iv) increases the aggregate amount by which the total of the Borrowing Base Value of all Collateral Loans may be concentrated in the healthcare industry from 25.0% to 35.0% of Aggregate ECA Value (each as defined in the Credit Agreement); (v) increases the aggregate amount by which the total of the Borrowing Base Value of all Collateral Loans which are made to the three largest Obligors (as defined in the Credit Agreement) from 30.0% to 35.0% of Aggregate ECA Value; and (vi) amends the definition of "Key Person" to replace Henri Steenkamp with Christine Ramdihal.

The foregoing description is only a summary of the material provisions of the Amendment and is qualified in its entirety by reference to a copy of the Amendment, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference herein.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.