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Red Flags Detected

  • Nav Decline Of 4.9% In Single Quarter (new) — Sharp sequential NAV erosion driven by concentrated portfolio markdowns signals credit deterioration in the underlying portfolio.
  • Three Credits Account For $8.8m (58%) Of Core Portfolio Depreciation (new) — Pepper Palace written to zero, Exigo down $3.4M, and Chronus down $1.5M reflect company-specific performance problems, not just market moves.
  • Nii Declined 25% Yoy While Dividend Maintained At $0.75/Share (new) — Adjusted NII of $0.47/share under-earns the $0.75 dividend by $0.28/share, contributing to NAV erosion and raising sustainability questions.
NYSE: SAR SARATOGA INVESTMENT CORP. 8-K

Saratoga Investment NAV falls 4.9% on $15.2M portfolio markdowns; NII down 25% YoY

Filed July 7, 2026 · Period ending July 7, 2026 · ~1 min read

Key Changes

  • high

    NAV per share declined 4.9% to $23.23 from $24.42, driven by $15.2M in portfolio markdowns. Pepper Palace written to zero ($3.9M), Exigo down $3.4M, and Chronus down $1.5M due to company performance issues. Additional $6.0M in markdowns from market multiple adjustments on equity positions.

    Exhibit 99.1 verify on EDGAR →
  • high

    Adjusted NII fell 25.1% YoY to $7.6M ($0.47/share), primarily from higher interest expense on February 2026 refinancing that replaced $175M at 4.375% with $150M at 7.25%-7.5%. Earnings per share were negative $0.42 due to portfolio markdowns.

    Exhibit 99.1 verify on EDGAR →
  • medium

    AUM grew 1.6% QoQ to $1.126B on net originations of ~$31M. Deployed $79.2M in new investments (two new portfolio companies, ten follow-ons) and received $48.4M in repayments.

    Exhibit 99.1 verify on EDGAR →

2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.

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View original filing on SEC.gov

Source-verified from EDGAR · Narrative written by AI · Jul 9, 2026 · How we verify