Q1 26 EPS
$0.91
BEAT +27.04%
Est. $0.72
Q1 26 Revenue
$32.3M
MISS 1.45%
Est. $32.8M
vs S&P Since Q1 26
-2.4%
TRAILING MARKET
SAY +15.2% vs S&P +17.5%
Market Reaction
Did SAY Beat Earnings? Q1 2026 Results
Saratoga Investment Corp. Posted a stronger-than-expected fiscal first quarter, with earnings per share of $0.91 beating the $0.72 consensus estimate by 27.04%, even as revenue of $32.32 million came in just 1.45% below the $32.79 million Wall Street… Read more Saratoga Investment Corp. Posted a stronger-than-expected fiscal first quarter, with earnings per share of $0.91 beating the $0.72 consensus estimate by 27.04%, even as revenue of $32.32 million came in just 1.45% below the $32.79 million Wall Street expected. The headline EPS recovery, swinging sharply from a $0.05 loss last quarter, was driven primarily by $2.90 million in net realized gains, including an equity realization in the Identity investment, alongside $943,977 in net unrealized appreciation. Total investment income grew 41.5% year over year in revenue terms, though lower base interest rates and a reduced asset base, with AUM declining to $968.30 million from $1.10 billion a year ago, continued to weigh on the broader income picture. NAV per share rose to $25.52, and the company ended the quarter with $430.30 million in total undrawn borrowing capacity. Looking ahead, management acknowledged ongoing macro headwinds from tariff uncertainty and muted M&A activity, while pointing to its substantial liquidity position as a foundation for disciplined long-term portfolio growth.
Key Takeaways
- • Full-period impact of Q4 originations drove sequential investment income increase
- • Net interest margin expanded from $13.7 million to $15.6 million sequentially
- • Interest expense decreased by $0.5 million from SBIC II debenture repayment and baby bond redemption
- • Non-recurrence of $2.4 million annual excise tax recognized last quarter boosted adjusted NII
- • $2.9 million of realized gains from equity realization and debt repayments
- • 99.7% of credits rated in highest internal category
- • 86.9% first lien debt portfolio composition
- • Weighted average current yield of 10.7% on the portfolio
SAY YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
“This quarter's highlights include a 17.9% increase in adjusted NII per share from the previous quarter, continued growth of NAV, a strong return on equity beating the industry, two new portfolio company investments and most importantly, a continued solid performance from the core BDC portfolio in a volatile macro environment.”
— Christian L. Oberbeck, Q1 2026 Earnings Press Release
SAY Earnings Trends
SAY vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
SAY EPS Trend
Earnings per share: estimate vs actual
SAY Revenue Trend
Quarterly revenue: estimate vs actual
SAY Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 27 | — | — | — | — | — |
| Q4 26 MISS FY | $0.55 | $-0.16 | -129.09% | $31.1M | +0.98% |
| FY Full Year | — | $2.31 | — | $125.7M | — |
| Q3 26 BEAT | $0.59 | $0.74 | +25.15% | $31.6M | +0.96% |
| Q2 26 BEAT | $0.68 | $0.84 | +23.99% | $30.6M | -5.44% |
| Q1 26 BEAT | $0.72 | $0.91 | +27.04% | $32.3M | -1.45% |