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Nov 30, 2025
Saratoga Investment Q3 2026 Earnings Report
Saratoga Investment Corp. reported a 5.2% increase in NII per share and a 0.7% increase in NAV from the previous quarter, with NAV per share remaining stable, and achieved a quarterly ROE of 13.5%.
Key Takeaways
Saratoga Investment Corp. announced strong fiscal third quarter 2026 financial results, highlighted by continued NAV growth, an increase in NII per share, and a robust 13.5% return on equity. The company also reported significant originations, outpacing repayments, and maintained a solid performance from its core BDC portfolio despite a volatile macro environment.
NAV per share remained relatively stable at $25.59, showing resilience from the previous quarter's $25.61.
Adjusted NII per share increased by $0.03 to $0.61, reflecting a 5.2% increase from the previous quarter.
The company achieved a strong quarterly Return on Equity (ROE) of 13.5%, surpassing the BDC industry average of 6.6%.
Assets Under Management (AUM) grew by 2.1% to $1.016 billion from the previous quarter, driven by $72.1 million in new originations.
Forward Guidance
Saratoga Investment Corp. anticipates continued growth and strong performance, driven by an increase in M&A activity and a robust pipeline of investment opportunities. The company expects to maintain its dividend distribution and prudently deploy capital while managing debt.
Positive Outlook
- Anticipates continued NAV growth and stable NAV per share.
- Strong new originations and a robust pipeline of investment opportunities, with four new portfolio company investments either closed or in closing in Q4.
- Continued solid performance from the core BDC portfolio in a volatile macro environment.
- Maintained a strong level of cash availability ($169.6 million) for accretive investments or debt repayment.
- Overall credit quality continued to improve, with 99.8% of credits rated in the highest category and only one investment remaining on non-accrual status.
Challenges Ahead
- Continued impact of decreasing levels of short-term interest rates and spreads on floating rate assets.
- High levels of repayments could affect interest income, although outpaced by originations this quarter.
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