EX-99.1

2 ea030779301ex99-1.htm

PRESS RELEASE DATED OCTOBER 6, 2026 OF SARATOGA INVESTMENT CORP

Exhibit 99.1

Saratoga Investment Corp. Announces Fiscal Second Quarter 2027 Financial Results

Reports Quarterly Asset Growth of 2.1% and Net Originations of $37.1 Million, Including Two New Portfolio Companies

Non-Accruals Remain Low at 0.0% of Fair Value

and 1.3% of Cost

Repurchase of 444,124 Shares, Contributing $0.09 Per Share of NAV Accretion

NEW YORK, Oct. 06, 2026 (GLOBE NEWSWIRE) -- Saratoga Investment Corp. (NYSE: SAR) (“Saratoga Investment” or “the Company”), a business development company (“BDC”), today announced financial results for its fiscal second quarter 2027 ended August 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) August 31, 2026 May 31, 2026 August 31, 2025

Assets Under Management (AUM) 1,150,190 1,126,334 995,295

Net Asset Value (NAV) 352,577 378,455 410,500

NAV per share 22.15 23.23 25.61

Total Investment Income 31,169 30,777 30,626

Net Investment Income (NII) per share 0.45 0.47 0.58

Adjusted NII per share 0.46 0.47 0.58

Earnings per share (0.41) (0.42) 0.84

Dividends per share (record date) 0.75 0.75 0.75

Return on Equity – last twelve months

(1.1)% 4.0% 9.1%

– annualized quarter (7.3)% (7.1)% 13.8%

Originations 76,113 79,151 52,222

Repayments 39,048 48,415 29,824

Positive highlights during and subsequent to the quarter include:

●High-quality AUM growth of 2.1% sequentially, including two new non-software portfolio companies,

●Issuance of an $85.0 million SAX baby bond, which subsequent to quarter-end increased to $120.8 million through exercise of the green shoe and reopening of the issuance. This issuance allowed for refinancing of the $105.5 million SAT baby bond, reducing refinancing risk for next year. Opportunistically issued prior to Labor Day and subsequent increases in interest rates and competitive offerings,

●Repurchases of 444,124 shares at a discount to NAV resulting in a $0.09 per share NAV per share accretion,

●Took advantage of robust refinancing environment to reset CLO1 at $350 million at lower rates, three-year reinvestment period, future BDC management fees and significantly improved interest income,

●Significant Zollege investment appreciation, and

●Both Pepper Palace and the CLO F-Note have been sold post quarter-end, thereby eliminating all remaining non-accrual investments, and recently our Exigo red investment was also fully exited at $8.0 million, resulting in a -6.1% IRR over the life of the investment.

Headwinds during the quarter:

●Balance sheet refinancing resulting in additional interest expense from higher cost debt while spreads on assets not yet widening, although recent base rate increases will benefit interest income,

●NAV per share decline includes $0.82 per share specifically related to company performance in three distinct credits, and $0.30 per share related to dividend distributions exceeding net investment income, offset by $0.09 per share appreciation from share repurchases, and

●$13.3 million of $25.9 million NAV decline from accretive share repurchases (32%) and excess dividend distribution (19%) of previously undistributed earnings, which reduces the Company spillover obligation.

Christian L. Oberbeck, Chairman and Chief Executive Officer of Saratoga Investment, commented, “Our second-quarter results demonstrate the resilience of our platform despite the continued pressure affecting private credit markets. We grew assets under management by 2.1% to $1.150 billion, generating $37.1 million of net originations, while adjusted NII remained relatively stable at $0.46 per share including the cost of our recently refinanced capital structure. Although company-specific valuation adjustments, most previously highlighted in Q1, reduced NAV during the quarter, our core BDC portfolio ended the period only 1.6% below cost, and non-accrual investments represented 0.0% of total portfolio fair value and 1.3% of cost, with both the F-Note and Pepper Palace being sold after quarter-end. We believe these results reflect the underlying quality of the overall portfolio and our ability to continue deploying capital selectively in a volatile market.”

“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 third quarter of fiscal 2027. Our annualized third quarter dividend of $0.75 per share represents an 18.1% yield based on the stock price of $16.61 as of October 5, 2026, offering strong current income. Originations and AUM growth during the quarter contributed to adjusted NII of $0.46 per share, compared to $0.47 per share last quarter. The modest sequential decline reflected higher interest income from portfolio growth, including new originations and BB and BBB CLO debt investments, offset by

EX-99.1

2 ea029727501ex99-1.htm

PRESS RELEASE DATED JULY 7, 2026 OF SARATOGA INVESTMENT CORP

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 $

EX-99.1

2 ea028916801ex99-1.htm

PRESS RELEASE DATED MAY 5, 2026 OF SARATOGA INVESTMENT CORP

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.”

2

“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