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Investor Relations14 Oct 2025
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Saratoga Investment (SAR) investor relations material
Saratoga Investment Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary8 Oct, 2025
Executive summary
Net asset value (NAV) increased 3.6% sequentially to $410.5 million, with NAV per share at $25.61, and only one non-accrual investment representing 0.2% of fair value, reflecting strong portfolio quality and outperformance versus industry averages.
Return on equity (ROE) for the last twelve months was 9.1%, above the industry average of 7.3%, and the quarterly dividend was $0.75 per share, up 1% year-over-year, with a transition to monthly payments.
Adjusted net investment income (NII) per share was $0.58, down 56.4% year-over-year and 12.1% sequentially, reflecting lower rates, repayments, and non-recurring prior year income.
Portfolio fair value reached $995.3 million, diversified across 39 industries and geographies, with 84.3% in first lien loans and a weighted average current yield of 10.4%.
Dividend yield was 12.3%, and LTM total return was 22%, far exceeding the BDC index.
Financial highlights
Total investment income for the quarter was $30.6 million, down 28.8% year-over-year, mainly due to lower interest income and non-recurring items.
Adjusted NII was $9.1 million, down 50.1% year-over-year and 10.5% sequentially, with an adjusted NII yield of 9.0%.
Net realized gains for six months were $3.0 million, compared to net realized losses of $54.6 million in the prior year.
Portfolio fair value increased by $3.8 million during the quarter, with core non-CLO portfolio marked up by $3.9 million.
Weighted average interest rate on the core portfolio was 11.3%, down from 12.6% last year.
Outlook and guidance
Management expects to deploy significant available capital ($407 million) as deal flow improves, aiming to close the gap between NII and dividend.
Pipeline remains healthy, with $52.3 million in new originations and $12.8 million in repayments expected post quarter-end.
Management remains focused on disciplined growth, maintaining credit quality, and leveraging available financing to drive NAV, ROE, and EPS growth.
Explain NII sensitivity to SOFR and repayment timing
Outline capital deployment strategy given cash & capacity
Describe portfolio resilience and new origination focus
How to improve dividend coverage?
CLO debt investment strategy going forward?
Large competitors' impact on deal terms?
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Next Saratoga Investment earnings date
Q3 20268 Jan, 2026
Next Saratoga Investment earnings date
Q3 20268 Jan, 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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