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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Saratoga Investment
Saratoga Investment (SAR) investor relations material
Saratoga Investment Q2 2027 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2027 earnings summary7 Oct, 2026
Executive summary
AUM reached $1.150B, up 2.1% QoQ and 15.6% YoY, with $37.1M of net originations; adjusted NII was $0.46/share and NAV fell to $22.15/share.
Credit markdowns drove a $25.9M QoQ decline in net assets and negative LTM ROE; 96% of credits held the highest internal rating.
Pepper Palace and the CLO F-Note were sold after quarter-end, eliminating remaining non-accrual investments.
Priorities remain selective deployment, senior-secured first-lien lending, liquidity and NAV preservation amid competitive markets and macroeconomic uncertainty.
Financial highlights
Adjusted NII was $7.428M, or $0.46/share, versus $7.6M/$0.47 QoQ and $9.1M/$0.58 YoY; reported NII was $7.3M, or $0.45/share.
Total investment income was $31.2M, up 2.0% YoY; investment interest rose to $28.8M from $26.4M, while Q2 NII was $7.3M versus $9.1M.
Adjusted NII yield was 8.1%, up from 7.8% QoQ and down from 9.0% YoY; core BDC net interest margin rose to $13.6M from $13.4M QoQ.
NAV was $352.6M, down $25.9M or 6.8% QoQ; NAV/share fell $1.08, or 4.6%, to $22.15. NAV/share was $24.42 at February 28, 2026.
Q2 net loss from operations was $6.7M, or $0.41/share; net realized gains were $2.1M, mainly from Gen4 and Modis Dental equity conversions.
Outlook and guidance
Declared $0.75/share in aggregate dividends for the quarter ending November 30, 2026, payable in three monthly $0.25 installments; the board reviews the level at least quarterly.
Management expects earnings to improve as the portfolio grows, CLO management fees and interest income resume, and asset-side spreads adjust; no near-term radical market shift was forecast.
Quarter-end investment capacity of $211M could support 18% asset growth without external financing; deployment remains subject to high underwriting standards.
Strategic priorities include asset growth without sacrificing credit quality, stronger sourcing and management capacity, and deployment of available financing; base-rate increases are expected to benefit interest income.
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Latest events from Saratoga Investment
- Shareholders will vote on director elections and auditor ratification, with strong governance in place.SAR
Proxy filing - AUM rose 1.6% to $1.126B, but NAV/share dropped 4.9% amid portfolio markdowns.SARQ1 2027
- AUM up 13.4%, NAV up 0.9%, ROE at 9.1%, and credit quality remains strong.SARQ4 2026
- NAV and NII per share up sequentially; portfolio quality and liquidity remain strong.SARQ3 2026
- NAV and per-share value rose, NII declined, but credit quality and liquidity remain strong.SARQ2 2026
- NII and NAV per share rose, dividend yield held above 12.7%, and all watchlist credits were resolved.SARQ2 2025
- Adjusted NII per share rose 12% to $1.05, with strong dividend coverage and robust liquidity.SARQ1 2025
- NAV up 6.1% to $392.7M, monthly dividends initiated, portfolio quality remains strong.SARQ4 2025
- Adjusted NII $12.4M, 9.2% LTM ROE, strong portfolio quality, and special dividend paid.SARQ3 2025
Next Saratoga Investment earnings date
Q3 20277 Jan, 2027
Saratoga Investment
Next Saratoga Investment earnings date
Q3 20277 Jan, 2027
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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.