---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-23-035537"
form_type: "8-K"
ticker: "SAR"
cik: "0001377936"
company_name: "SARATOGA INVESTMENT CORP."
filed_at: "2023-05-02T23:59:59+00:00"
generated_at: "2026-06-16T03:06:41.190407+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Saratoga Investment Q4 FY2023: NII per share up 69% YoY, AUM up 19% to $972.6M, dividend raised to $0.69

## Summary
- NII per share $0.81; adjusted NII per share $0.98, up 85% from $0.53 in Q4 prior year.
- AUM $972.6M (+19% YoY); portfolio yield 12.1% on 89% floating-rate assets, up from 9.5%.
- Dividend $0.69 per share, up 30% from $0.53; over-earned by $0.29 per share quarterly.
- Raised $301.4M in long-term fixed-rate notes; received third SBIC license adding $175M debt capacity.
- Post-quarter originations $118.5M in 5 new companies; total liquidity $128.6M plus $148M undrawn from SBIC III.

## SEC filing metadata
- accession: 0001213900-23-035537
- form_type: 8-K
- ticker: SAR
- cik: 0001377936
- company_name: SARATOGA INVESTMENT CORP.
- filed_at: 2023-05-02T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1377936/000121390023035537/0001213900-23-035537-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1377936/000121390023035537/ea177866-8k_saratoga.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-23-035537
- JSON: https://secwatch.observer/filing/0001213900-23-035537.json
- Plain text: https://secwatch.observer/filing/0001213900-23-035537.txt

## Key facts
- Earnings Releases
  SARATOGA INVESTMENT CORP. reported financial results for the quarter and full year ended February 28, 2023.
  - Period: the quarter and full year ended February 28, 2023
  - Result: reported results
  source text: On May 2, 2023, Saratoga Investment Corp. issued a press release announcing its financial results for the quarter and full year ended February 28, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1377936/000121390023035537/0001213900-23-035537-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.