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Saratoga Investment Corp (SAR)
NYSE:SAR
Earnings Data
Report Date
May 13, 2026After Close (Confirmed)
Period Ending
2026 (Q4)Consensus EPS Forecast
0.57Last Year’s EPS
0.56Same Quarter Last Year
Moderate Buy
Based on 2 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The earnings call highlighted strong balance sheet liquidity, NAV growth in aggregate, high-quality portfolio credit metrics, continued originations and disciplined underwriting, and continued dividend support. However, material year-over-year declines in NII and NII per share, yield compression from lower short-term rates and tighter spreads, elevated repayments impacting near-term earnings, and increased operating shares/expenses were notable headwinds. On balance, the company appears well positioned with significant dry powder and strong long-term performance metrics, offsetting near-term earnings pressure.Company Guidance
NAV Growth and Portfolio Fair Value
Quarter-end NAV of $413.2M, up 10.2% year-over-year (from $375M) and up 0.7% sequentially (from $410.5M). Total portfolio fair value was 1.7% above cost and the core non‑CLO portfolio was 2.1% above cost.
Strong Liquidity and Dry Powder
Approximately $395.6M of available liquidity at quarter-end (including $169.6M cash, $136M undrawn SBIC III debentures and $90M undrawn credit facilities), enabling potential asset growth of ~39% without external financing and significant optionality to deploy accretively.
Originations Outpaced Repayments
Net originations of $17.2M for the quarter (originations of $72.1M across 3 new investments and 9 follow-ons). Subsequent post-quarter activity included ~$89.3M of new originations (4 new portfolio companies and 6 follow-ons) offset by $30.5M of repayments.
Dividend Yield and Payout Consistency
Declared monthly base dividend of $0.25 per share ($0.75 per quarter), representing an annualized yield of ~12.9% based on the $23.19 stock price (Jan 6, 2026). Paid an additional $0.25 special dividend in December; board to evaluate dividend at least quarterly.
Credit Quality and Low Nonaccruals
Core credit quality high: 99.8% of credits rated in highest category, only one investment on nonaccrual (Pepper Palace) representing ~0.2% of fair value and 0.4% of cost. Nonaccrual rate of 0.4% of cost is ~8x lower than the BDC industry average of 3.2%.
Return Metrics and Long-Term Track Record
Latest 12-month return on equity of 9.7% (up from 9.2% prior year), above industry average of 6.6%. Long-term average ROE ~10.1% over 12 years vs industry ~6.9%. 12-month total return of 11% vs BDC index -4%.
Realized Gains and Markups
This quarter realized gains of $3.1M (YTD $6M) and the noncore CLO portfolio was marked up (including realized gains) by $2.9M during the quarter. Historical realized exit returns remain strong (~15% on exits).
Improved Net Interest Margin and Reduced Interest Expense
Net interest margin increased from $13.1M to $13.5M QoQ, driven primarily by a $0.5M decrease in interest expense following repayment of a $12M baby bond and refinancing actions that lowered spreads on facilities by ~150 bps.
Well‑positioned Balance Sheet and Capital Structure
AUM of $1.016B invested across 46 portfolio companies (83.9% first‑lien). Debt profile characterized as long‑dated with callable baby bonds and no short‑term BDC covenants; $65M senior facility repaid and replaced by an $85M facility with lower spread and extended maturity.
SAR Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
SAR Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Jan 07, 2026 | $22.59 | $22.94 | +1.55% |
Oct 07, 2025 | $22.35 | $21.30 | -4.71% |
Jul 08, 2025 | $23.25 | $22.59 | -2.88% |
May 07, 2025 | $22.46 | $20.68 | -7.94% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Saratoga Investment Corp (SAR) report earnings?
Saratoga Investment Corp (SAR) is schdueled to report earning on May 13, 2026, After Close (Confirmed).
What is Saratoga Investment Corp (SAR) earnings time?
Saratoga Investment Corp (SAR) earnings time is at May 13, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is SAR EPS forecast?
SAR EPS forecast for the fiscal quarter 2026 (Q4) is 0.57.