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Saratoga Investment
Saratoga Investment (SAR) investor relations material
Saratoga Investment Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary8 Jan, 2026
Executive summary
Net asset value (NAV) grew to $413.2 million, up 10.2% year-over-year and 0.7% sequentially, with NAV per share stable at $25.59.
Adjusted net investment income (NII) per share increased 5.2% sequentially to $0.61, but declined year-over-year due to lower interest rates and repayments.
Return on equity (ROE) for the last twelve months was 9.7%, consistently outperforming the BDC industry average of 6.6%.
Portfolio quality remained high, with 99.8% of investments rated highest quality and only one non-accrual, well below the industry average.
Announced a $0.75 per share aggregate dividend for the quarter, with a special $0.25 per share dividend paid in December.
Financial highlights
Adjusted NII was $9.8 million, up 7.8% sequentially but down 21.3% year-over-year.
Portfolio fair value reached $1.016 billion, up 2.1% sequentially and 5.8% year-over-year, with 83.9% in first-lien debt.
Total investment income for the quarter was $31.6 million, down 11.8% year-over-year but up 3.3% sequentially.
Net originations were $17.2 million, with $72.1 million in new investments and nine follow-ons.
Weighted average shares outstanding increased to 16.1 million.
Outlook and guidance
Management expects continued long-term AUM growth, supported by a robust pipeline and prudent underwriting.
Four new portfolio company investments have closed or are closing in Q4, expected to further improve run-rate earnings.
Focus remains on prudent capital deployment and maintaining strong credit quality.
Dividend guidance for Q4 fiscal 2026 is $0.75 per share, representing a 12.9% yield.
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Next Saratoga Investment earnings date
Q4 20261 May, 2026
Saratoga Investment
Next Saratoga Investment earnings date
Q4 20261 May, 2026
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Frequently asked questions
Saratoga Investment Corp. is a business development company that provides middle market companies with a broad range of financial products and services, including new financing transactions and restructuring, recapitalization, transitional financing, leveraged buyout, term loan or senior debt financing. SIC provides growth, transition, or family capital to all industries. Saratoga Investment Corp. is based in New York, New York with an additional office in Florham Park, New Jersey.
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