SARATOGA INVESTMENT CORP.

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers. On September 16, 2026, Henri J. Steenkamp notified the Board of Directors (the “Board”) of Saratoga Investment Corp. (the “Company”) that he was stepping down as the Chief Financial Officer, Chief Compliance Officer, Treasurer and Secretary of the Company for health-related reasons, effective as of October 31, 2026 (the “Effective Date”). Mr. Steenkamp will continue to support the Company in a consulting capacity following the transition, providing continuity and institutional knowledge as the Company implements its expanded leadership structure. Mr. Steenkamp also will continue to serve as a member of the Board and the Chief Financial Officer of the Company’s small business investment company subsidiaries, where he will continue to contribute his long-standing knowledge of the Company’s business, investment platform, governance practices and strategic priorities. Mr. Steenkamp did not express any disagreement on any matter relating to the Company’s operations, policies or practices. On September 18, 2026, the Board promoted Christine Ramdihal, the Controller of the Company, to the positions of Chief Accounting Officer and Treasurer of the Company, effective as of the Effective Date. As of the Effective Date, Ms. Ramdihal will be the Company’s principal financial officer. There is no arrangement or understanding between Ms. Ramdihal and the Company and any other person or entity. There are no current or proposed transactions between the Company and Ms. Ramdihal or her immediate family members that would require disclosure under Item 404(a) of Regulation S-K. On September 18, 2026, the Board also promoted Rochelle Kracoff, the Assistant Chief Compliance Officer and Treasury Manager of the Company, to the positions of Chief Compliance Officer and Secretary of the Company, effective as of the Effective Date. There is no arrangement or understanding between Ms. Kracoff and the Company and any other person or entity. There are no current or proposed transactions between the Company and Ms. Kracoff or her immediate family members that would require disclosure under Item 404(a) of Regulation S-K. Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description ──────────────────────────────────────────────────────────────────────────────────────────────── 99.1 Press Release Issued by Saratoga Investment Corp. on September 18, 2026. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)