Q2 26 EPS
$0.84
BEAT +23.99%
Est. $0.68
Q2 26 Revenue
$30.6M
MISS 5.44%
Est. $32.4M
vs S&P Since Q2 26
-2.8%
TRAILING MARKET
SAY +6.2% vs S&P +9.0%
Market Reaction
Did SAY Beat Earnings? Q2 2026 Results
Saratoga Investment Corp. Fell short of Wall Street expectations in its fiscal second quarter, posting adjusted net investment income of $0.58 per share against analyst estimates of $0.65 and revenue of $30.63 million versus a consensus of $32.15 mil… Read more Saratoga Investment Corp. Fell short of Wall Street expectations in its fiscal second quarter, posting adjusted net investment income of $0.58 per share against analyst estimates of $0.65 and revenue of $30.63 million versus a consensus of $32.15 million, with shares sliding roughly 6% over the past three months in response to the earnings pressure. The primary culprit was a 28.8% year-over-year decline in total investment income, driven largely by the non-recurrence of $7.90 million in Knowland-related interest income recognized in the prior-year quarter, compounded by lower SOFR base rates and reduced AUM from outsized portfolio repayments. Yet the headline GAAP EPS of $0.84 told a more nuanced story, reflecting unrealized appreciation and realized gains that lifted NAV per share to $25.61 from $25.52 sequentially. Credit quality remained a relative bright spot, with 99.7% of credits in the top internal rating category and non-accruals at just 0.2% of fair value. Looking ahead, the company cited $52.30 million in post-quarter originations and $406.80 million in undrawn borrowing capacity as evidence that deployment momentum is building, while the board held its base quarterly dividend steady at $0.75 per share.
Key Takeaways
- • Net originations of $22.4 million during the quarter
- • Zollege investment returned to accrual status, reducing non-accrual to one investment at 0.2% of portfolio fair value
- • Core non-CLO portfolio marked up by $3.9 million
- • Quarterly annualized ROE of 13.8%, beating BDC industry average of 7.3%
- • NAV per share increased from $25.52 to $25.61 sequentially
- • 84.3% of portfolio in first lien term loans
- • 99.7% of credits rated in highest internal category
SAY YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
“This quarter's highlights include continued NAV and NAV per share growth from the previous quarter and year, a strong return on equity beating the industry, net originations of $22.4 million, and importantly, continued solid performance from the core BDC portfolio in a volatile macro environment, including the return of our Zollege investment to accrual status reducing our non-accrual investments to just one, representing only 0.2% of portfolio fair value.”
— Christian L. Oberbeck, Q2 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% |