# Saratoga Investment Corp. (SAR)

> Source: Nexqual · https://nexqual.com/SAR · data as of 2026-10-23 17:23 UTC · cite as "Nexqual, Saratoga Investment Corp. (SAR), nexqual.com/SAR" · informational, not investment advice.

**Price:** USD 13.43 (-3.10% today) · US market open, as of October 23, 2026 at 17:23 UTC; quotes may be delayed. Prev close 13.86 · day 13.39–13.88 · 52w 13.39–24.07 · market cap $209M · NYQ

## Key facts
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $446K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 2.71 on a 1–5 scale) (7 analysts), mean target USD 20 (range 18–23).
- Total return with dividends: 1Y -31.1% vs S&P 500 +14.4%; 5Y -15.2% vs S&P 500 +77.0%.
- Next earnings: 2027-01-06, EPS estimate USD 0.49, revenue estimate $32.2M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Net income | $45.7M | $24.7M | $8.9M | $28.1M | $36.6M | -$4.2M |
| EPS (diluted) | $3.99 | $2.06 | $0.71 | $2.02 | $2.31 | — |
| Cash + short-term investments | $47.3M | $65.7M | $8.7M | $148M | $1.7M | — |
| Total debt | — | $728M | $820K | $794M | $739M | — |
Fiscal years end Feb. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Aug 31, 2026)
P/B 0.6x · Earnings yield -2.00% · Dividend yield (paid, TTM) 22.39% · Net debt $822M · EV $1.03B
P/E at fiscal year-ends: Feb 2026 10.0x, Feb 2025 12.9x, Feb 2024 33.5x.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $446K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-10-08…2026-10-09 | Oberbeck Christian L | CEO and Director | 30,000 | $446K | 14.86 | Too little history (no open-market trades in 2024 or 2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.71 on a 1–5 scale), 7 analysts; mean target USD 20 (low 18, high 23).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-08 | B. Riley Securities | Target lowered | Neutral | $22 → $20 |
| 2026-07-09 | B. Riley Securities | Target lowered | Neutral | $23 → $22 |
| 2026-07-09 | Oppenheimer | Target lowered | Perform | $22 → $21 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -31.1% | -15.2% |
| S&P 500 (SPY) | +14.4% | +77.0% |
| Per year | -31.1% | -3.3% |
| Volatility (annualized) | 27.7% | 25.1% |
| Max drawdown | -39.4% (May 2026→Oct 2026) | -38.5% (Apr 2026→Oct 2026) |

## Peers (Asset Management)
BXSL (Blackstone Secured Lending Fund) USD 23.41 -2.09% · VCTR (Victory Capital Holdings, Inc. ) USD 106.65 -0.69% · PDI (PIMCO Dynamic Income Fund) USD 14.31 +0.06% · AMG (Affiliated Managers Group, Inc.) USD 387.98 -1.91% · SEIC (SEI Investments Company) USD 102.88 -1.55% · IVZ (Invesco Ltd) USD 28.22 -1.98%

## More
Full page: https://nexqual.com/SAR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in SAR's own 10-K filed 2026-05-05 (https://www.sec.gov/Archives/edgar/data/1377936/000121390026052176/ea0283348-10k_saratoga.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Saratoga Investment Advisors | "agreement with Saratoga Investment Advisors, our current investment adviser, are substantially similar to the terms of the investment" |
| Partner | Destiny Solutions | "the sale of the limited partner interests in our Modern Campus (fka Destiny Solutions Inc.) investment." |
| Partner | ExxonMobil (XOM) | "Exxon Mobil, General Motors and BP, in securities matters as a partner in Davis Polk's corporate department." |
| Partner | General Motors (GM) | "Exxon Mobil, General Motors and BP, in securities matters as a partner in Davis Polk's corporate department." |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-11-30) | $0.49 | $0.50 | -3.4% | $32.2M | 7 |
| Next quarter (ends 2027-02-28) | $0.49 | $0.48 | +1.5% | $32.7M | 7 |
| Current fiscal year (ends 2027-02-28) | $1.90 | $1.95 | -2.9% | $126.9M | 7 |
| Next fiscal year (ends 2028-02-29) | $2.09 | $2.04 | +2.5% | $134.4M | 7 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2027-02-19 (includes earnings 2027-01-06): ±20.2%; last 8 reports averaged ±6.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 47.0% | ±12.9% |
| 2027-02-19 | 119 | 36.6% | ±20.2% |