Saratoga Investment Corp 8.00%
- Market Cap (Float-Adj) (Float-adjusted market cap computed by the low-float screener — matches the screener row. May differ from the standard cap (price × all shares outstanding) reported elsewhere.)
- $406.2M
- Price
- $25.26
- % Change (Daily % change from the live per-ticker quote feed.)
- +0.08%
- Volume
- 368
About
Saratoga Investment Corp. operates as a specialized financial institution, primarily allocating capital to U.S. mid-sized companies. Its core investment strategy involves providing financing through leveraged loans and mezzanine debt, a process undertaken either directly or by joining loan syndications. The company has opted for classification as a Business Development Company (BDC), adhering to the regulations set forth by the Investment Company Act of 1940. Its shares are publicly listed on the New York Stock Exchange, where they trade under the ticker symbol 'SAR'. Furthermore, Saratoga Investment Corp. possesses a subsidiary holding an SBIC license.
Quick stats
Shares outstanding16.1M
Computed float14.6M
Float / shares90.8%
Cash runway (months)0.1
Key info
SectorFinancial Services
IndustryAsset Management
CIK (Central Index Key — the unique ID the SEC assigns to every filer. Use it to look up the company's filings on EDGAR.)0001377936
AI Summary
AI-generated1/31
standardmixedearnings
Saratoga Investment Corp. Announces Fiscal Second Quarter 2027 Financial Results
Saratoga Investment reported fiscal Q2 2027 results with AUM up 2.1% sequentially to $1.150 billion and net originations of $37.1 million, while adjusted NII was $0.46 per share versus $0.58 a year ago.
NAV per share fell 4.6% to $22.15 and EPS was $(0.41), driven by $13.1 million of markdowns in Madison Logic, Exigo and Chronus plus dividends in excess of earnings.
Offsetting the declines, non-accruals were 0.0% of fair value, the company bought back 444,124 shares at $18.91 for ~$0.09-0.11 of NAV accretion, issued an $85 million (later $120.8 million) 8.00% SAX baby bond to refinance the $105.5 million SAT notes, and reset its $350 million CLO at lower rates.
The quarterly dividend was maintained at $0.75 per share, an 18.1% yield on the $16.61 October 5 stock price.
Red flags
- NAV per share down 4.6% sequentially and EPS negative at $(0.41)
- NII declining YoY due to higher interest expense from refinanced capital structure
- Dividend ($0.75/quarter) exceeds NII ($0.45-0.46/share), eroding NAV via over-distribution
- LTM ROE of (1.1%) below industry average of 2.2%
- Origination spreads 220 bps lower than repaid loans, compressing net interest margin