Saratoga Investment Q2 NAV up 3.6% to $410.5M; Zollege returns to accrual

SARATOGA INVESTMENT CORP.

2026-Q2 EPS reported $1.75

NAV $410.5M, NAV per share $25.61 (+0.4% QoQ); Q2 ROE 13.8%, LTM ROE 9.1% beats BDC avg 7.3%
Total investment income $30.6M, down 28.8% YoY due to non-recurrence of $7.9M Knowland interest and lower rates
Adjusted NII $0.58 per share, down from $0.66 last quarter and $1.33 YoY; base dividend $0.75 per share (12.3% yield)
Zollege returned to accrual; only one non-accrual (Pepper Palace) at 0.2% of fair value and 0.3% at cost
Originations $52.2M in three follow-ons and BB/BBB CLO investments; net originations $22.4M; subsequent closings $52.3M

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