Saratoga Investment Corp 8.50%
- 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.)
- $406.5M
- Price
- $25.28
- % Change (Daily % change from the live per-ticker quote feed.)
- 0.00%
- Volume
- 373.2K
About
Operating as a publicly traded Business Development Company (BDC), Saratoga Investment Corp. (NYSE: SAR) specializes in offering bespoke financing solutions to U.S.-based middle-market businesses. The firm's seasoned investment professionals bring a substantial track record to bear, with their collective experience exceeding 200 years and over $4 billion in capital deployed into similar mid-sized enterprises.
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