Saratoga Investment: Overview of Fiscal Q2 Earnings
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Oct 07 2025
0mins
Should l Buy SAR?
Source: Yahoo Finance
Fiscal Performance: Saratoga Investment Corp. reported a fiscal second-quarter net income of $13.3 million, translating to 84 cents per share, but adjusted earnings were lower at 58 cents per share.
Market Expectations: The company's results fell short of Wall Street expectations, with revenue of $30.6 million compared to the anticipated $32.4 million.
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Analyst Views on SAR
Wall Street analysts forecast SAR stock price to rise
2 Analyst Rating
1 Buy
1 Hold
0 Sell
Moderate Buy
Current: 22.880
Low
23.00
Averages
24.00
High
25.00
Current: 22.880
Low
23.00
Averages
24.00
High
25.00
About SAR
Saratoga Investment Corp. is a specialty finance company that provides customized financing solutions to United States middle-market businesses. The Company invests primarily in senior and unitranche leveraged loans and mezzanine debt, and, to a lesser extent, equity to provide financing for change of ownership transactions, strategic acquisitions, recapitalizations and growth initiatives in partnership with business owners, management teams and financial sponsors. Its investment’s objective is to create attractive risk-adjusted returns by generating current income and long-term capital appreciation from its debt and equity investments. The Company’s portfolio is comprised primarily of investments in leveraged loans issued by middle-market companies. It also invests in mezzanine debt and makes equity investments in middle-market companies. The Company’s investment activities are externally managed and advised by Saratoga Investment Advisors, LLC.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Interest Payment Structure: The notes will accrue interest at an annual rate of 7.50%, with payments starting on May 31, 2026, and occurring quarterly on February 28, May 31, August 31, and November 30, ensuring stable returns for investors.
- Underwriter Purchase Option: The company granted underwriters an option to purchase an additional $15 million of notes, a strategy that not only provides flexible financing options but also allows for potential expansion of the offering in response to strong market demand.
- Listing Plans: The notes are expected to be listed on the NYSE under the symbol “SAV” within 30 days of issuance, which will enhance the company's market visibility and provide liquidity for investors.
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- Interest Rate and Maturity: The new notes will mature in 2031 and can be redeemed in whole or in part at the company's option after February 6, 2028, providing flexible capital management options that help optimize the company's capital structure.
- Investment Rating: The company received a “BBB+” investment-grade rating from Egan-Jones Ratings Company, indicating strong creditworthiness, which may attract more investors and enhance market confidence.
- Underwriter Lineup: With Lucid Capital Markets and Oppenheimer & Co. serving as joint book-running managers, the offering is backed by a strong underwriting team, expected to facilitate the notes' listing on the New York Stock Exchange, thereby increasing the company's market visibility.
See More
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- Offering Launch: Saratoga Investment announced on Thursday the commencement of a registered public offering of unsecured notes, expected to be listed on the New York Stock Exchange within 30 days under the trading symbol 'SAV', providing new financing avenues for future growth.
- Credit Rating Upgrade: The company received a BBB+ independent investment grade rating from Egan-Jones, a nationally recognized statistical rating organization, which is likely to enhance investor confidence and potentially lower financing costs, thereby improving the company's competitive position in the market.
- Clear Use of Proceeds: Saratoga plans to use the net proceeds from this offering, combined with available cash, to fully redeem its outstanding 4.375% notes due in 2026, optimizing its capital structure and reducing interest expenses.
- Positive Market Environment: Amid rising M&A activity, Saratoga Investment reported $395.6 million in liquidity, indicating the company's capability for accretive investments in the current market landscape, further solidifying its position within the industry.
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