Saratoga Investment Corp 6.25%
New York Stock ExchangeCapital Structure
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
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in mil. unless spec.Company Description
- Sector
- Financial Services
- Industry
- Asset Management
- Address
- France
- IPO Date
- Aug 29, 2018
- Similar Companies
- Business
- Saratoga Investment Corp. (NYSE: SAR) is a publicly traded business development company (BDC) that provides customized financing solutions to middle-market companies in the United States. The company structures its investments primarily as debt and equity, including first and second lien loans, mezzanine debt, unitranche structures, co-investments, select high yield bonds, senior secured bonds, unsecured bonds, and preferred and common equity; it targets leveraged and management buyouts, acquisition financings, growth financings, recapitalizations, debt refinancing, and transitional financing transactions. Saratoga focuses on companies with EBITDA of $2 million or greater and revenues between $5 million and $250 million, investing typically $5 million to $75 million per company across industries such as aerospace, automotive aftermarket and services, business products and services, consumer products and services, education, environmental services, industrial services, financial services, food and beverage, healthcare products and services, logistics, distribution, manufacturing, restaurant and food services, software and technology services, specialty chemicals, media, and telecommunications. Founded in 2007 and headquartered at 535 Madison Avenue in New York, New York, with an additional office in Florham Park, New Jersey, the company manages an SBIC-licensed subsidiary, a $650 million collateralized loan obligation (CLO) fund, and co-manages a joint venture CLO fund; Saratoga also issues senior notes, including its 6.25% notes due 2025 traded under ticker SAF. Saratoga serves business owners, equity sponsors, fundless sponsors, family-owned businesses, and management teams seeking capital structures to execute growth plans. In recent developments, Saratoga Investment Corp. entered into a new $85 million senior secured revolving credit facility with Valley National Bank as sole lead arranger and administrative agent, together with three additional participating banks, in November 2025; this facility replaces the prior $65 million credit facility with Encina Lender Finance, LLC, increases borrowing capacity by $20 million, extends maturity to November 2028, reduces the applicable margin to 2.85%, and expands eligible assets for the borrowing base. The company reported strong portfolio activity in fiscal 2025 and early fiscal 2026, including net originations such as $36.2 million subsequent to Q2 2025 (with two new platform companies and follow-ons), $39.5 million anticipated net increase after Q3 2025 (three new portfolio companies and follow-ons), and $21.0 million net increase after Q4 2025 (two new portfolio companies and multiple follow-ons alongside repayments); restructurings of portfolio companies like Zollege and Pepper Palace were completed, with Zollege returning to accrual status and non-accrual investments reduced to 0.2% of portfolio fair value. Additionally, Saratoga announced a special dividend of $0.25 per share in December 2025 to fulfill fiscal 2025 distribution requirements and declared a $0.75 quarterly dividend for Q4 fiscal 2026 payable monthly, reflecting robust net asset value growth (up 6.1% annually and 4.7% sequentially in Q4 2025) and net investment income performance.
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