Q1 27 EPS
$N/A
Q1 27 Revenue
N/A
vs S&P Since Q1 27
+0.2%
BEATING MARKET
SAY +0.1% vs S&P 0.0%
Market Reaction
Did SAY Beat Earnings? Q1 2027 Results
Saratoga Investment Corp. Closed out fiscal year 2026 on a cautious note, posting Q4 revenue of $31.12 million and a loss of $0.16 per share as $9.80 million in net realized and unrealized investment losses weighed on quarterly results, including $9.… Read more Saratoga Investment Corp. Closed out fiscal year 2026 on a cautious note, posting Q4 revenue of $31.12 million and a loss of $0.16 per share as $9.80 million in net realized and unrealized investment losses weighed on quarterly results, including $9.33 million of net unrealized portfolio depreciation. The quarter's stumble, however, masked a notably stronger full-year picture: annual EPS of $2.31 compared to $2.02 in fiscal 2025, lifted by a swing from $24.12 million in net investment losses to a modest gain, while AUM climbed 13.4% year-over-year to $1.11 billion on $135.14 million in new Q4 originations. Credit quality held firm, with 96.8% of credits in the highest internal rating category and non-accruals at just 0.2% of fair value. Analysts currently maintain a consensus hold on the stock, with questions circulating about dividend sustainability at a 122.95% payout ratio. Looking ahead, management acknowledged elevated uncertainty tied to tariff policy, geopolitical tensions, and AI-sector concerns, while pointing to continued pipeline strength and disciplined origination as the company navigates a complex credit environment heading into fiscal 2027.
Key Takeaways
- • AUM growth of 13.4% year-over-year to $1.109 billion
- • Annual ROE of 9.1% exceeding BDC industry average of 4.3%
- • Strong origination activity with $135.1 million in Q4 new investments across 5 new platforms and 15 follow-ons
- • Low non-accruals at 0.2% of fair value and 1.2% of cost
- • 82.1% of portfolio in first lien term loans
- • Weighted average portfolio yield of 9.6%
- • 96.8% of credits rated in highest internal category
SAY Forward Guidance & Outlook
Management described the macroeconomic environment heading into fiscal 2027 as complex, shaped by geopolitical tensions, evolving U.S. tariff policies, concerns about AI and software, and an uncertain interest rate environment creating elevated volatility and uncertainty on credit spreads across the private credit sector. The company noted that negative press and sentiment weighing on the public BDC market may not be commensurate with actual performance in the broader private credit market. Saratoga reported continued pipeline strength and improvement in M&A activity, with one new portfolio company investment and multiple follow-ons already closed post quarter-end. The company plans to continue growing its team and portfolio responsibly while maintaining disciplined underwriting.
SAY YoY Financials
Q1 2027 vs Q1 2026, source: SEC Filings
“This quarter's results reflect continued execution of our core objectives, highlighted by net positive originations including five new portfolio companies added during the quarter, sustained long-term AUM growth, and a strong annual return on equity of 9.1% beating both our prior year and the industry. Our core BDC portfolio delivered strong results with continued solid credit quality, demonstrating the durability of our portfolio in what has been a challenging and volatile macroeconomic backdrop.”
— Christian L. Oberbeck, Q1 2027 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% |