SEC 8-K filings with transcript text
Jul 7, 2026
2 ea029727501ex99-1.htm
Exhibit 99.1
Saratoga Investment Corp. Announces Fiscal First Quarter 2027 Financial Results
Reports Quarterly Asset Growth of 1.6% and Net Originations of $31 Million, Including Two New Portfolio Companies
Non-Accruals Decreased to 0.0% of Fair Value
and 1.2% of Cost
NEW YORK, July 7, 2026 – Saratoga Investment Corp. (NYSE: SAR) (“Saratoga Investment” or “the Company”), a business development company (“BDC”), today announced financial results for its fiscal first quarter 2027 ended May 31, 2026.
Summary Financial Information
The Company’s summarized financial information is as follows:
For the three months ended and as of
($ in thousands, except per share) May 31,
2026 February 28,
2026 May 31,
2025
Assets Under Management (AUM) 1,126,334 1,109,134 968,318
Net Asset Value (NAV) 378,455 396,156 396,369
NAV per share 23.23 24.42 25.52
Total Investment Income 30,777 31,123 32,319
Net Investment Income (NII) per share 0.47 0.48 0.66
Adjusted NII per share 0.47 0.53 0.66
Earnings per share (0.42) (0.16) 0.91
Dividends per share (record date) 0.75 1.00* 0.75
Return on Equity – last twelve months
4.0% 9.1% 9.3%
– annualized quarter (7.1)% (2.6)% 14.1%
Originations 79,151 135,139 50,086
Repayments 48,415 34,020 64,330
*Actual dividend of $1.00 per share, includes the additional special dividend of $0.25 per share declared during fiscal 2026 third quarter
Christian L. Oberbeck, Chairman and Chief Executive Officer of Saratoga Investment, commented, “In a quarter defined by sector-wide pressure across private credit, Saratoga’s last twelve months return on equity of 4.0% continued to beat the BDC industry average of 2.4%, even as we grew assets under management 1.6% to $1.126 billion on $31 million of net originations. Our core BDC portfolio valuations this quarter reflected portfolio company and market adjustments, and core BDC portfolio fair value remains within 0.2% of cost, continuing to demonstrate solid overall credit quality in a challenging and volatile macroeconomic environment.”
“Continuing our track record of strong dividend distributions, we recently announced a base monthly dividend of $0.25 per share, or $0.75 per share in aggregate for the second quarter of fiscal 2027. Our annualized second quarter dividend of $0.75 per share represents a 14.0% yield based on the stock price of $21.42 as of July 6, 2026, offering strong current income. Originations and AUM growth during the quarter contributed to adjusted NII of $0.47 per share, compared to $0.53 per share last quarter. Overall, our adjusted NII continues to reflect the impact of declining short-term interest rates and tight spreads on our largely floating rate asset base, as well as the full period impact of the recent changes to our capital structure.”
“During the quarter, deal activity remained robust reflecting the impact of our recent business development efforts, despite persistent sector headwinds and the cautious sentiment that has taken hold across the broader private credit sector. Market dynamics continued to be very competitive. While our portfolio saw multiple debt repayments in Q1, our origination activity more than offset those exits, resulting in net originations of $30.8 million for the quarter from $79.2 million in new originations in two new portfolio companies and ten follow-ons, and including $11.0 million in six BB and BBB CLO debt investments. Our strong reputation, differentiated market positioning, and the ongoing development of sponsor relationships continue to create attractive investment opportunities from high quality sponsors. We remain prudent and discerning in our underwriting approach, particularly in light of the current volatile and uncertain environment.”
“Saratoga’s overall performance is reflected in our key performance indicators this past quarter and year, including: (i) LTM ROE of 4.0% beating the BDC industry average of 2.4%, (ii) NAV decrease of $17.9 million, or 4.5%, to $378.5 million from the previous year, (iii) an increase in AUM of $17.2 million, or 1.6%, to $1.126 billion from the previous quarter, and $158.0 million, or 16.3%, from the previous year, (iv) adjusted NII of $0.47 versus $0.53 per share last quarter, (v) EPS of $(0.42) per share, down from $(0.16) in the previous quarter, and (vi) total dividends of $0.75 per share, unchanged from last quarter and last year.”
“Sequential quarter NAV per share is down by 4.9% from $24.42 per share to $23.23 per share. Of the $1.19 per share reduction this quarter, $0.93 was due to the unrealized depreciation on investments discussed below, including both credit and equity investments, and $0.28 was due to the under-earning of the dividend.”
“Our total $1.126 billion portfolio was marked down $15.2 million during the quarter, including net depreciation of $18.3 million in the non-CLO core portfolio, partially offset by a write-up of $
May 5, 2026
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Exhibit 99.1
Saratoga Investment Corp. Announces
2026 Fiscal Year and Fourth Quarter Financial Results
Reports 13.4% Increase in AUM and 0.9% Increase in NAV Year-Over-Year
Annual ROE of 9.1% Beats Previous Year ROE of 7.5% and the BDC Industry Average of 4.3%
Net Deployments of $101.1 Million for the Fourth Fiscal Quarter 2026, Supporting Five New Platforms and Fifteen Follow-Ons
Non-Accruals Remain Low at 0.2% of Fair Value
and 1.2% of Cost
NEW YORK, May 04, 2026 (GLOBE NEWSWIRE) -- Saratoga Investment Corp. (NYSE: SAR) (“Saratoga Investment” or “the Company”), a business development company (“BDC”), today announced financial results for its 2026 fiscal year and fourth quarter ended February 28, 2026.
Summary Financial Information
The Company’s summarized financial information is as follows:
For the years ended and as of
($ in thousands, except per share) February 28,
2026 February 28, 2025 February 29, 2024
Assets Under Management (AUM) 1,109,134 978,078 1,138,794
Net Asset Value (NAV) 396,156 392,666 370,224
NAV per share 24.42 25.86 27.12
Total Investment Income 125,713 148,855 143,720
Net Investment Income (NII) per share 2.32 3.81 4.49
Adjusted NII per share 2.37 3.81 4.10
Earnings per share 2.31 2.02 0.71
Dividends per share (record date) 3.74* 3.30** 2.82
Return on Equity – last twelve months
9.1% 7.5% 2.5%
Originations 309,502 168,077 246,101
Repayments 178,890 312,113 30,271
*Actual dividend of $3.74 per share, includes the additional special dividend of $0.25 per share declared during fiscal 2026 third quarter
**Actual dividend of $3.30 per share, includes the additional special dividend of $0.35 per share declared during fiscal 2025 third quarter
For the three months ended and as of
($ in thousands, except per share) February 28, 2026 November 30, 2025 February 28, 2025
Assets Under Management (AUM) 1,109,134 1,015,950 978,078
Net Asset Value (NAV) 396,156 413,207 392,666
NAV per share 24.42 25.59 25.86
Total Investment Income 31,123 31,646 31,295
Net Investment Income (NII) per share 0.48 0.61 0.56
Adjusted NII per share 0.53 0.61 0.56
Earnings per share (0.16) 0.74 (0.05)
Dividends per share (record date) 1.00* 1.09** 0.72
Return on Equity – last twelve months
9.1% 9.7% 7.5%
– annualized quarter (2.6)% 13.5% (0.7)%
Originations 135,139 72,122 41,802
Repayments 34,020 54,943 15,867
*Actual dividend of $1.00 per share, includes the additional special dividend of $0.25 per share declared during fiscal 2026 third quarter
**Actual dividend of $1.09 per share, includes the additional special dividend of $0.35 per share declared during fiscal 2025 third quarter
Christian L. Oberbeck, Chairman and Chief Executive Officer of Saratoga Investment, commented, “This quarter’s results reflect continued execution of our core objectives, highlighted by net positive originations including five new portfolio companies added during the quarter, sustained long-term AUM growth, and a strong annual return on equity of 9.1% beating both our prior year and the industry. Our core BDC portfolio delivered strong results with continued solid credit quality, demonstrating the durability of our portfolio in what has been a challenging and volatile macroeconomic backdrop.”
“Continuing our track record of strong dividend distributions, we recently announced a base monthly dividend of $0.25 per share, or $0.75 per share in aggregate for the first quarter of fiscal 2027. Our annualized first quarter dividend of $0.75 per share represents a 12.6% yield based on the stock price of $23.89 as of May 4, 2026, offering strong current income. Originations and AUM growth were strong during the quarter, contributing to adjusted NII of $0.53 per share, including the impact of a $1.7 million excise tax expense. Adjusted for this excise tax, NII was $0.61 per share, consistent with the prior quarter. Overall, our adjusted NII continues to reflect the impact of declining short-term interest rates and tightening spreads on our largely floating rate asset base.”
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“During the quarter, we saw a meaningful increase in deal activity, consistent with a pick-up in M&A volume despite persistent sector headwinds and the cautious sentiment that has taken hold across the broader private credit sector. Market dynamics continued to be very competitive. While our portfolio saw multiple debt repayments in Q4, our strong origination activity more than offset those exits, resulting in net originations of $101.1 million for the quarter from $135.1 million in new originations across five new investments and fifteen follow-ons. Our strong reputation, differentiated market positioning, and the ongoing development of sponsor relationships continue to create attractive investment opportunities from high quality sponsors. Investment activity continued post quarter-end, with one new portfolio company investment and multiple fol
Jan 7, 2026
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Exhibit 99.1
Saratoga Investment Corp. Announces Fiscal Third
Quarter 2026 Financial Results
Reports 5.2% Increase in NII Per Share and 0.7% Increase in NAV from Previous Quarter, with NAV Per Share Remaining Stable
Quarterly ROE of 13.5% Generates LTM ROE of 9.7% and Beats the BDC Industry Average of 6.6%
NEW YORK, Jan. 07, 2026 (GLOBE NEWSWIRE) -- (NYSE: SAR) (“Saratoga Investment” or “the Company”), a business development company (“BDC”), today announced financial results for its fiscal third quarter 2026 ended November 30, 2025.
Summary Financial Information
The Company’s summarized financial information is as follows:
For the three months ended and as of
($ in thousands, except per share) November 30,
2025 August 31,
2025 November 30,
2024
Assets Under Management (AUM) 1,015,950 995,295 960,093
Net Asset Value (NAV) 413,207 410,500 374,866
NAV per share 25.59 25.61 26.95
Total Investment Income 31,646 30,626 35,879
Net Investment Income (NII) per share 0.61 0.58 0.90
Adjusted NII per share 0.61 0.58 0.90
Earnings per share 0.74 0.84 0.64
Dividends per share (declared) 0.75* 0.75 0.74**
Return on Equity – last twelve months
9.7% 9.1% 9.2%
– annualized quarter 13.5% 13.8% 9.5%
Originations 72,122 52,222 84,490
Repayments 54,943 29,824 160,404
*Actual dividend of $1.00 per share, including the additional special dividend of $0.25 per share declared this fiscal 2026 third quarter in addition with the regular dividend
**Actual dividend of $1.09 per share, including the additional special dividend of $0.35 per share declared this fiscal 2025 third quarter in conjunction with the regular dividend
Christian L. Oberbeck, Chairman and Chief Executive Officer of Saratoga Investment, commented, “This quarter’s highlights include continued NAV growth from the previous quarter and year with stable NAV per share, an increase in NII of $0.03 per share from the previous quarter, a strong 13.5% return on equity beating the industry, net originations of $17.2 million including three new portfolio companies, and importantly, continued solid performance from the core BDC portfolio in a volatile macro environment.”
“Continuing our strong dividend distribution history, we announced a base dividend of $0.25 per share per month, or $0.75 per share in aggregate for the fourth quarter of fiscal 2026. Additionally, we declared and paid a special dividend of $0.25 per share in the third quarter, fulfilling our fiscal 2025 distribution requirements. Including this special distribution, total dividends declared in fiscal year 2026 are $3.25 per share. Our annualized fourth quarter dividend of $0.75 per share represents a 12.9% yield based on the stock price of $23.19 as of January 6, 2025, offering strong current income from an investment value standpoint. Though we did see an increase in adjusted NII of $0.03 per share from the previous quarter, our third quarter NII of $0.61 per share continues to reflect the impact of the past twelve-month trend of decreasing levels of short-term interest rates and spreads on Saratoga Investment’s largely floating rate assets, as well as continued high levels of repayments. Strong originations outpaced repayments during the third quarter, and the repayment of a $12 million baby bond resulted in our cash position decreasing to $169.6 million, though we still have significant cash available to be deployed accretively in investments or to repay existing debt.”
“During the quarter, we began to see an increase in M&A activity despite continued competitive market dynamics. While our portfolio again saw multiple debt repayments in Q3, we had strong new originations, resulting in net originations of $17.2 million for the quarter. We originated $72.1 million in three new investments and nine follow-ons, as well as closing on new investments in multiple BB and BBB structured credit securities. Our strong reputation and differentiated market positioning, combined with our ongoing development of sponsor relationships, continues to create attractive investment opportunities from high quality sponsors, which is continuing post quarter-end with four new portfolio company investments either closed or in closing in Q4 so far, which further improves our run rate earnings. We continue to remain prudent and discerning in terms of new commitments in the current volatile environment”
“Saratoga’s overall performance is reflected in our key performance indicators this past quarter, including: (i) Q3 ROE of 13.5% generating LTM ROE of 9.7%, beating the BDC industry average of 6.6%, (ii) deleveraging from 160.1% regulatory leverage last year to 168.4% this year, due in part to the NAV increase of $38.3 million during the last twelve months ($374.9 million to $413.2 million), (iii) NAV per share relatively stable at $25.59 per share versus $25.61 per share last quarter, (iv) an increase in
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