SARATOGA INVESTMENT CORP. — Form 8-K
Filed July 7, 2026 · analyzed by the 8-K Agent
8-K
▼ Likely negative
significance 48/100
What the filing says
Saratoga Investment (BDC, $350.6M market cap) reported fiscal Q1 2027 (ended May 31, 2026): NAV per share fell 4.9% to $23.23 from $24.42; AUM grew 1.6% to $1.126B on $31M net originations (2 new portfolio companies, 10 follow-ons); LTM ROE declined to 4.0% from 9.3% YoY; adjusted NII fell 25% YoY to $0.47/share; portfolio marked down $15.2M (Pepper Palace written to zero, Exigo and Chronus impaired); 2 non-accruals representing 0% of fair value, 1.2% of cost; company issued $25M of 7.25% 2029 notes in April 2026; maintained $0.75/share quarterly dividend (14.0% yield at $21.42 stock price).
Why this rating
ROE collapse (4.0% vs 9.3%), NAV erosion, and portfolio impairments material to mid-size BDC, but offset by maintained dividend, solid liquidity ($150.8M undrawn), and manageable leverage. Sector-wide headwinds, not company-specific catastrophe.
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