Saratoga Investment 8.125% Notes due 2027 (SAY)
Listed unsecured notes financing a U.S. BDC's middle-market private-credit portfolio.
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Finances an externally managed BDC investing in senior, unitranche and mezzanine debt for private U.S. middle-market companies. Interest payments and principal depend on the issuer's investment income, portfolio credit quality, leverage, regulatory status and adviser-led management.
Funds a U.S.-oriented private-credit portfolio centered on senior and unitranche leveraged loans, with smaller mezzanine, equity and structured-finance positions. The capital supports ownership changes, strategic acquisitions, recapitalizations and growth initiatives at private middle-market companies. An external adviser originates, underwrites and monitors the investments.
Generates investment income chiefly from interest, supplemented by dividends, portfolio-related fees and changes in equity value. The issuer's capacity to service this unsecured debt depends on borrower credit performance, private-company valuations, leverage, BDC and regulated-investment-company requirements, SBA licenses and its adviser-led investment process. The notes are unsecured issuer obligations callable at the issuer's option.
Company facts
Categories
No analyst consensus on record.
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, May 31, 2026Cash & short-term investments $60.8M · Total debt $590.0M · Total assets $1.20B · Shareholders' equity $378.5M
- Revenue
- $30.8M
- Operating income
- $22.6M
- Net income
- −$5.9M
Raised for 2 straight years — most recently to $0.5078 from $0.4401 in May 2023. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 14, 2026 | Aug 14 | Aug 31 | $0.5078 | |
| May 15, 2026 | May 15 | Jun 1 | $0.5078 | |
| Feb 13, 2026 | Feb 13 | Mar 2 | $0.5078 | |
| Nov 14, 2025 | Nov 14 | Dec 1 | $0.5078 | |
| Aug 15, 2025 | Aug 15 | Sep 2 | $0.5078 | |
| May 15, 2025 | May 15 | Jun 2 | $0.5078 | |
| Feb 14, 2025 | Feb 14 | Feb 28 | $0.5078 | |
| Nov 15, 2024 | Nov 15 | Dec 2 | $0.5078 |
No ownership filings on record for this listing.
- Ares Capital
Dominant direct-lending rival across debt, mezzanine and equity capital.
- Main Street Capital
Core lower-middle-market rival for customized debt and equity capital.
- Hercules Capital
Specialty lending rival in technology and life-sciences growth capital.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Saratoga Investment 8.125% Notes due 2027 | $25.11 | +0.10% | $313.9M | 25.1 | 12.6 | 3.0 | −4.8% |
| Ares Capital | $20.03 | +0.02% | $14.37B | 14.8 | 10.4 | 6.2 | +32.6% |
| Main Street Capital | $58.03 | +0.31% | $5.38B | 11.7 | 15.2 | 7.7 | −26.1% |
| Hercules Capital | $17.77 | +0.31% | $3.31B | 8.9 | 9.2 | 5.7 | +86.7% |
| Median | 11.7 | 10.4 | 6.2 | +32.6% |