Q3 26 EPS
$0.74
BEAT +25.15%
Est. $0.59
Q3 26 Revenue
$31.6M
BEAT +0.96%
Est. $31.3M
vs S&P Since Q3 26
-6.5%
TRAILING MARKET
SAY -0.1% vs S&P +6.4%
Market Reaction
Did SAY Beat Earnings? Q3 2026 Results
Saratoga Investment Corp. Beat analyst expectations in fiscal Q3 2026, posting earnings of $0.74 per share on total investment income of $31.65 million, with adjusted net investment income of $0.61 per share clearing the $0.59 consensus estimate. The… Read more Saratoga Investment Corp. Beat analyst expectations in fiscal Q3 2026, posting earnings of $0.74 per share on total investment income of $31.65 million, with adjusted net investment income of $0.61 per share clearing the $0.59 consensus estimate. The business development company navigated a challenging rate environment, as its weighted average portfolio interest rate slipped to 10.6% from 11.8% a year ago, pulling total investment income down 11.8% year-over-year, though the sequential recovery of 3.3% from the prior quarter signaled stabilizing momentum. A $500,000 reduction in interest expenses, following $17.00 million in baby bond repayments and the replacement of the Encina Credit Facility with a new $85.00 million Valley National Bank facility, helped cushion margins. AUM crossed $1.02 billion, up 5.8% year-over-year, and net originations of $17.20 million in the quarter were followed by approximately $89.30 million in post-quarter closings, against $30.50 million in repayments, reinforcing management's confidence in a declared Q4 base dividend of $0.75 per share, representing a 12.9% annualized yield.
Key Takeaways
- • Core BDC net interest margin increased from $13.1 million to $13.5 million driven by $0.5 million decrease in interest expenses from baby bond repayments
- • Net originations of $17.2 million from $72.1 million in new investments and nine follow-ons offset by $54.9 million in repayments
- • OID accelerations from specific repayments contributed to sequential investment income increase
- • 99.8% of credits rated in highest category with only one investment on non-accrual
- • Core non-CLO portfolio marked up by $2.9 million including realized gains
- • Weighted average current yield on portfolio of 9.7% based on fair values
SAY YoY Financials
Q3 2026 vs Q3 2025, source: SEC Filings
“This quarter's highlights include continued NAV growth from the previous quarter and year with stable NAV per share, an increase in NII of $0.03 per share from the previous quarter, a strong 13.5% return on equity beating the industry, net originations of $17.2 million including three new portfolio companies, and importantly, continued solid performance from the core BDC portfolio in a volatile macro environment.”
— Christian L. Oberbeck, Q3 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% |