---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-25-040636"
form_type: "8-K"
ticker: "SAR"
cik: "0001377936"
company_name: "SARATOGA INVESTMENT CORP."
filed_at: "2025-05-07T23:59:59+00:00"
generated_at: "2026-05-22T07:23:44.014710+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Saratoga Investment FY2025 NAV per share $25.86, adjusted NII $3.81, dividend raised to $0.75/Q

## Summary
- FY2025 adjusted NII per share $3.81 vs $4.10 YoY; total NAV up $22.5M to $392.7M.
- NAV per share $25.86 (down 4.6% YoY from $27.12) due to share dilution; EPS $2.02 up from $0.71.
- Base dividend transitioned to monthly $0.25/share ($0.75/Q) vs $0.74/Q prior; FY2025 total $3.31 incl $0.35 special.
- Non-accruals only 0.3% of fair value; core non-CLO portfolio 1.6% above cost; 88.7% first lien.
- Subsequent to quarter-end, $45.5M originations in 2 new companies and 6 follow-ons; net investment increase $21M.

## SEC filing metadata
- accession: 0001213900-25-040636
- form_type: 8-K
- ticker: SAR
- cik: 0001377936
- company_name: SARATOGA INVESTMENT CORP.
- filed_at: 2025-05-07T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1377936/000121390025040636/0001213900-25-040636-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1377936/000121390025040636/ea0241212-8k_saratoga.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-25-040636
- JSON: https://secwatch.observer/filing/0001213900-25-040636.json
- Plain text: https://secwatch.observer/filing/0001213900-25-040636.txt

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