---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-25-097029"
form_type: "8-K"
ticker: "SAR"
cik: "0001377936"
company_name: "SARATOGA INVESTMENT CORP."
filed_at: "2025-10-07T23:59:59+00:00"
generated_at: "2026-05-17T04:25:06.011104+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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

## SEC filing metadata
- accession: 0001213900-25-097029
- form_type: 8-K
- ticker: SAR
- cik: 0001377936
- company_name: SARATOGA INVESTMENT CORP.
- filed_at: 2025-10-07T23:59:59+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/1377936/000121390025097029/0001213900-25-097029-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1377936/000121390025097029/ea0260532-8k_saratoga.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-25-097029
- JSON: https://secwatch.observer/filing/0001213900-25-097029.json
- Plain text: https://secwatch.observer/filing/0001213900-25-097029.txt

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