---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-26-107199"
form_type: "8-K"
ticker: "SAR"
cik: "0001377936"
company_name: "SARATOGA INVESTMENT CORP."
filed_at: "2026-10-06T20:06:22+00:00"
generated_at: "2026-10-12T16:21:14.044841+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.78
calibrated_materiality_score: 0.78
confidence: "high"
source: SEC EDGAR
---

# Saratoga Investment Q2 FY27 NAV/share falls 4.6% to $22.15; adjusted NII $0.46, EPS $(0.41)

## Summary
- NAV per share $22.15 vs $23.23 last quarter and $25.61 a year ago; NAV fell $25.9M QoQ to $352.6M, with $13.1M of write-downs in Madison Logic, Exigo, and Chronus.
- Adjusted NII per share $0.46 vs $0.47 QoQ and $0.58 YoY; net investment income per share $0.45; GAAP EPS $(0.41) vs $(0.42) last quarter.
- Total investment income $31.2M, up 2.0% YoY; originations $76.1M vs repayments $39.0M, net originations $37.1M; AUM $1.150B, up 2.1% QoQ and 15.6% YoY.
- Declared base quarterly dividend of $0.75/share for fiscal Q3 2027 via three $0.25 monthly payments; annualized yield 18.1% based on $16.61 stock price as of Oct 5, 2026.
- Repurchased 444,124 shares at average $18.91 for ~$8.4M, adding ~$0.09/share to NAV; non-accruals 0.0% of fair value and 1.3% of cost.

## SEC filing metadata
- accession: 0001213900-26-107199
- form_type: 8-K
- ticker: SAR
- cik: 0001377936
- company_name: SARATOGA INVESTMENT CORP.
- filed_at: 2026-10-06T20:06:22+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.78
- calibrated_materiality_score: 0.78
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1377936/000121390026107199/0001213900-26-107199-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1377936/000121390026107199/ea0307793-8k_saratoga.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-26-107199
- JSON: https://secwatch.observer/filing/0001213900-26-107199.json
- Plain text: https://secwatch.observer/filing/0001213900-26-107199.txt

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