Saratoga Investment refinances debt, adds $158M in investments as NAV falls 9%

Filed July 7, 2026 · Period ending May 31, 2026 · Compared to 10-Q Jul 8, 2025 · ~1 min read

Key Changes

• high

  NAV per share declined from $25.52 to $23.23 (down 9.0%), driven by $15.2M in unrealized depreciation on portfolio investments and distributions exceeding net investment income.

  Notes: NAV per share verify on EDGAR →
• high

  Repaid $175M 4.375% 2026 Notes (lowest-cost debt) and issued $175M in new notes at 7.25%-7.50%, increasing weighted-average cost of debt; SBA debentures rose $43M to $213M.

  Notes: Debt repayment and issuance verify on EDGAR →
• high

  Net investment income fell 25% to $7.6M ($0.47/share) from $10.1M ($0.66/share), reducing dividend coverage as interest expense rose and investment income declined.

  Notes: Net investment income verify on EDGAR →