Saratoga Investment
Provides customized capital to private U.S. middle-market businesses through loans and selected equity investments.
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Profile
Provides customized financing to private U.S. middle-market businesses, mainly through senior and unitranche loans and mezzanine debt. An externally managed BDC, it also makes a smaller share of equity investments.
Finances private U.S. middle-market businesses with customized capital, principally through senior and unitranche leveraged loans and mezzanine debt, with a smaller equity component. Investments are made through direct lending and loan-syndicate participation, supporting ownership changes, acquisitions, recapitalizations, and growth initiatives.
Operating as a business development company, the issuer is externally managed by Saratoga Investment Advisors, which provides personnel, infrastructure, relationships, and experience. Its portfolio is primarily credit investments in U.S. middle-market companies. The business depends on the adviser, the BDC regulatory framework, and the availability and credit performance of private middle-market investments.
Company facts
Categories
Key statistics
Year to date −21.3% · Average volume (30d) 133.1K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Target |
|---|---|---|---|---|---|
| Jul 9, 2026 | Oppenheimer | Reiterate | Perform | $21 | |
| Oct 10, 2025 | Janney | Downgrade | Buy | Neutral | |
| Oct 10, 2025 | Janney Montgomery Scott | Downgrade | Buy | Neutral | |
| Jun 9, 2025 | Compass Point | Downgrade | Buy | Neutral | |
| Oct 10, 2024 | Ladenburg Thalmann | Downgrade | Buy | Neutral |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 7, 2026Q1 FY27 | $0.54 | $0.47 | −13.0% | $31.4M | $30.8M | −1.9% | −14.09% |
| May 5, 2026Q4 FY26 | $0.53 | $0.53 | 0.0% | $30.9M | $31.1M | +0.9% | −3.10% |
| Jan 7, 2026Q3 FY26 | $0.59 | $0.61 | +3.4% | $30.9M | $31.6M | +2.3% | +1.55% |
| Oct 7, 2025Q2 FY26 | $0.67 | $0.58 | −13.4% | $32.5M | $32.6M | +0.4% | −4.71% |
Financial highlights
| 12 quarters | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|
| Revenue | $17.5M | $29.3M | $27.8M | $27.3M | $14.9M | $30.8M | |
| Gross profit | $4.5M | $16.8M | $15.4M | $15.3M | $2.3M | $23.9M | |
| Operating income | $2.4M | $14.0M | $12.8M | $11.9M | −$750.4K | $22.6M | |
| Net income | −$676.8K | $13.9M | $13.3M | $12.0M | −$2.6M | −$5.9M | |
| Diluted EPS | −$0.05 | $0.91 | $0.84 | $0.74 | −$0.16 | −$0.42 | |
| Gross margin | 26.0% | 57.5% | 55.4% | 56.3% | 15.7% | 77.7% | |
| Operating margin | 13.5% | 47.9% | 46.3% | 43.8% | -5.0% | 73.4% |
Fiscal years (4-quarter sums)FY22 $77.5M · FY23 $69.9M · FY24 $69.5M · FY25 $94.2M · FY26 $99.2M
Balance sheet, May 31, 2026Cash & short-term investments $60.8M · Total debt $590.0M · Total assets $1.20B · Shareholders' equity $378.5M
Dividends
Last cut to $0.25 from $0.74 in Apr 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 5, 2026 | Aug 5 | Aug 25 | $0.25 | |
| Jul 6, 2026 | Jul 6 | Jul 23 | $0.25 | |
| Jun 4, 2026 | Jun 4 | Jun 23 | $0.25 | |
| May 5, 2026 | May 5 | May 21 | $0.25 | |
| Apr 7, 2026 | Apr 7 | Apr 23 | $0.25 | |
| Mar 3, 2026 | Mar 3 | Mar 19 | $0.25 | |
| Feb 4, 2026 | Feb 4 | Feb 23 | $0.25 | |
| Jan 6, 2026 | Jan 6 | Jan 22 | $0.25 |
Ownership
Shares outstanding 16.31M · Float 14.13M
This issuer lists more than one class and the share count spans them all, so a stake here reads as a share of the whole company, not of this class.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % of company | Form | Filed |
|---|---|---|---|---|
| Christian L. Oberbeck · director, officer: CEO and Director | 683.8K | 4.19% | Form 4 | Aug 19, 2026 |
| Lido Advisors, LLC | 181.5K | 1.11% | 13F | Aug 7, 2026 |
| Private Advisor Group, LLC | 146.7K | 0.90% | 13F | Jul 27, 2026 |
| Legal & General Group PLC | 141.2K | 0.87% | 13F | Aug 14, 2026 |
| Hennion & Walsh Asset Management, Inc. | 127.0K | 0.78% | 13F | Jul 8, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
View detailsPeers
- Main Street Capital
Lower-middle-market debt and equity capital provider
- Capital Southwest
Flexible middle-market lender with a first-lien focus
- Gladstone Investment
Debt-and-equity financier for lower-middle-market buyouts
- PennantPark Floating Rate Capital
Floating-rate senior lender to U.S. middle-market firms
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Saratoga Investment | $18.24 | 0.00% | $297.5M | 18.2 | 9.2 | 3.0 | +5.1% |
| Main Street Capital | $58.45 | −0.18% | $5.44B | 11.8 | 15.4 | 7.8 | −26.1% |
| Capital Southwest | $25.38 | −0.33% | $1.58B | 14.1 | 10.9 | 6.9 | −21.6% |
| Gladstone Investment | $16.40 | −0.06% | $654.3M | 3.9 | 18.0 | 6.2 | +10.2% |
| PennantPark Floating Rate Capital | $7.35 | −0.49% | $733.2M | 14.5 | 6.9 | 3.1 | +35.8% |
| Median | 12.9 | 13.2 | 6.5 | −5.7% |