---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-25-002073"
form_type: "8-K"
ticker: "SAR"
cik: "0001377936"
company_name: "SARATOGA INVESTMENT CORP."
filed_at: "2025-01-08T23:59:59+00:00"
generated_at: "2026-05-28T06:26:56.978579+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Saratoga Investment Q3 FY2025: Adj NII $0.90, LTM ROE 9.2%, $84.5M originations, $0.35 special dividend

## Summary
- Adj NII per share $0.90 (excl. Knowland reversal) vs $0.89 prior quarter; GAAP EPS $0.64; NII yield 13.3%.
- Total investment income $35.9M, down 16.6% QoQ due to $7.9M non-recurring Knowland reversal in prior qtr.
- Originations $84.5M (two new platforms, eight follow-ons); repayments $160.4M (five full repayments).
- NAV per share $26.95, down from $27.07; total NAV $374.9M, up $2.8M QoQ.
- Declared $0.74 regular + $0.35 special dividend paid Dec 19; share repurchase plan extended to Jan 2026.

## SEC filing metadata
- accession: 0001213900-25-002073
- form_type: 8-K
- ticker: SAR
- cik: 0001377936
- company_name: SARATOGA INVESTMENT CORP.
- filed_at: 2025-01-08T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1377936/000121390025002073/0001213900-25-002073-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1377936/000121390025002073/ea0227174-8k_saratoga.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-25-002073
- JSON: https://secwatch.observer/filing/0001213900-25-002073.json
- Plain text: https://secwatch.observer/filing/0001213900-25-002073.txt

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