Saratoga Investment Corp. reports recurring developments as a business development company that provides customized financing to U.S. middle-market businesses. Its updates center on senior and unitranche leveraged loans, mezzanine debt, selective equity investments, portfolio originations, asset growth, net investment income, net asset value, return on equity and credit quality across its investment portfolio.
Company news also covers dividend declarations, including monthly payments tied to quarterly base dividends, conference-call scheduling, shareholder voting matters and capital-structure activity. Financing updates include debt securities and note issuances used within the BDC's broader funding structure.
Saratoga Investment (NYSE: SAR) reported fiscal second-quarter 2027 results, with assets under management rising sequentially to $1.150 billion for the quarter ended August 31, 2026. Investment income was $31.2 million, versus $30.8 million last quarter and $30.6 million a year earlier. Adjusted net investment income fell to $0.46 per share from $0.47 sequentially and $0.58 a year earlier; the loss was $0.41 per share.
Net asset value fell to $22.15 per share from $23.23 last quarter, reflecting investment depreciation and dividends exceeding earnings. Net originations totaled $37.1 million. Repurchases of 444,124 shares added $0.09 per share to net asset value. The SAX bond issuance reached $120.8 million after quarter-end and enabled refinancing of the $105.5 million SAT bond. Post-quarter sales of Pepper Palace and the CLO F-Note eliminated remaining non-accrual investments, which had stopped generating recognized interest.
Saratoga Investment (SAR) priced a $20.08 million offering of additional 8.00% unsecured notes due 2031 on September 23, 2026. Underwriters have an option to buy up to $3.0 million more in principal amount. The new notes will join the same series as notes issued in August and September; upon issuance, the series will have $117,830,325 in outstanding principal if the new option is not exercised.
The notes mature on August 31, 2031, and Saratoga may redeem them starting August 26, 2028. Interest is payable quarterly. The offering is expected to close on September 24, 2026, subject to customary closing conditions. Saratoga expects to use the net proceeds to repay part of its Valley National Bank financing facility.
Saratoga Investment Corp (SAR) has commenced a registered public offering of additional 8.00% Notes due 2031 on September 22, 2026.
The new Notes will have the same terms, rank equally in right of payment, and be fungible with the existing $85,000,000 and $12,750,000 aggregate principal amounts of 8.00% Notes due 2031 already outstanding, and are listed on the NYSE under the symbol SAX. Lucid Capital Markets and Oppenheimer & Co. are joint book-running managers. Net proceeds are expected to be used either to repay indebtedness under a Valley National Bank credit facility or to redeem 8.00% Notes due 2027, depending on proceeds raised.
Saratoga Investment Corp (SAR) announced that Henri Steenkamp will step down as Chief Financial Officer, Chief Compliance Officer, Treasurer and Secretary, effective October 31, 2026, for health-related reasons. He will remain on the Board of Directors, continue as CFO of the Company’s SBIC subsidiaries and serve in a consulting capacity to support continuity.
Effective the same date, Christine Ramdihal is promoted to Chief Accounting Officer and Treasurer and will serve as principal financial officer, Rochelle Kracoff becomes Chief Compliance Officer and Secretary, and James (Jim) Soltesz is appointed Investment Manager and Vice President of Capital Markets, expanding his role in balance sheet management. The Company describes these changes as part of its established succession planning and expects to maintain its disciplined approach to financial controls, compliance and risk management.
Saratoga Investment Corp. (SAR) will report financial results for its fiscal quarter ended August 31, 2026 on Tuesday, October 6, 2026, after market close. A conference call to discuss these Q2 2027 results will be held on Wednesday, October 7, 2026, at 10:00 a.m. Eastern Time.
The call will feature Chairman and CEO Christian L. Oberbeck, COO and Portfolio Manager David DeSantis, and CFO Henri J. Steenkamp. Investors can access a live webcast and the Q2 2027 presentation via the Events & Presentations section of Saratoga Investment’s investor relations website, with a replay available for a limited time. Phone participants must register via a provided link to receive dial-in details and are encouraged to connect 15 minutes early.
The company’s Form 10-Q for the fiscal quarter ended August 31, 2026 is expected to be filed with the SEC on October 6, 2026.
Saratoga Investment Corp (SAR) declared a base dividend of $0.75 per share for the third quarter of fiscal 2027, to be paid in three monthly installments of $0.25 per share for September, October and November 2026, unchanged from the prior quarter.
The record and payment dates are: September dividend – record October 6, payment October 22; October dividend – record November 5, payment November 24; November dividend – record December 3, payment December 22. Annualizing the $0.75 quarterly rate implies a 17.0% dividend yield based on a recent share price of $17.64 on September 4, 2026. For fiscal 2027 so far, nine monthly base dividends of $0.25 per share total $2.25. Historical total annual dividends were $3.25 in fiscal 2026 (including $0.25 special), $3.31 in 2025 (including $0.35 special), $2.86 in 2024 and $2.44 in 2023.
Shareholders may receive the dividend in cash or in stock under the dividend reinvestment plan, with shares issued at 95% of the 10-day average market price.
Saratoga Investment (NYSE:SAR) priced an underwritten public offering of $85 million aggregate principal amount of 8.00% unsecured notes due 2031. The offering is expected to close on August 26, 2026, with an over-allotment option for an additional $12.75 million of notes.
The notes, expected to list on the NYSE under the symbol "SAX" within 30 days of issuance, mature on August 31, 2031, and are callable at the company’s option on or after August 26, 2028. They pay 8.00% annual interest quarterly starting November 30, 2026. According to Saratoga Investment, net proceeds and available cash are expected to redeem its outstanding 6.00% notes due 2027. Egan-Jones Ratings Company assigned an investment grade private rating of BBB.
Saratoga Investment Corp. (NYSE: SAR) has commenced a registered public offering of unsecured notes (the “Notes”) and received a BBB investment grade rating from Egan-Jones Ratings Company, an NRSRO recognized by the NAIC and certified by ESMA.
The Notes are expected to list on the NYSE under the symbol “SAX” and begin trading within 30 days of the original issue date. According to Saratoga Investment, net proceeds are expected to be used to redeem its outstanding 6.00% and 8.00% Notes due 2027 and/or repay indebtedness under a Valley National Bank credit facility.
Saratoga Investment (NYSE:SAR) reported fiscal Q1 2027 results for the period ended May 31, 2026. Assets under management grew 1.6% sequentially to $1.126 billion on approximately $31 million of net originations, while NAV fell to $378.5 million and NAV per share to $23.23.
Total investment income was $30.8 million and adjusted NII was $7.6 million, or $0.47 per share. Earnings per share were $(0.42). The company declared base monthly dividends totaling $0.75 per share for fiscal Q2 2027, implying a 14.0% yield at a $21.42 share price.
Saratoga Investment (NYSE:SAR) will release fiscal first quarter 2027 results for the period ended May 31, 2026, on July 7, 2026, after market close. A conference call and webcast to discuss the results is scheduled for July 8, 2026, at 10:00 a.m. ET.