Saratoga Investment (SAR)
Provides customized capital to private U.S. middle-market businesses through loans and selected equity investments.
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Provides customized financing to private U.S. middle-market businesses, mainly through senior and unitranche loans and mezzanine debt. An externally managed BDC, it also makes a smaller share of equity investments.
Finances private U.S. middle-market businesses with customized capital, principally through senior and unitranche leveraged loans and mezzanine debt, with a smaller equity component. Investments are made through direct lending and loan-syndicate participation, supporting ownership changes, acquisitions, recapitalizations, and growth initiatives.
Operating as a business development company, the issuer is externally managed by Saratoga Investment Advisors, which provides personnel, infrastructure, relationships, and experience. Its portfolio is primarily credit investments in U.S. middle-market companies. The business depends on the adviser, the BDC regulatory framework, and the availability and credit performance of private middle-market investments.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Jul 9, 2026 | Oppenheimer | Reiterate | Rating: —Target: — | Target: $21 |
| Oct 10, 2025 | Janney | Downgrade | ||
| Oct 10, 2025 | Janney Montgomery Scott | Downgrade | ||
| Jun 9, 2025 | Compass Point | Downgrade | ||
| Oct 10, 2024 | Ladenburg Thalmann | Downgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, May 31, 2026Cash & short-term investments $60.8M · Total debt $590.0M · Total assets $1.20B · Shareholders' equity $378.5M
- Revenue
- $30.8M
- Operating income
- $22.6M
- Net income
- −$5.9M
HistoryDividendAnnual yieldUpcoming
| Institutions | 11.45% | 1.87M shares | |
|---|---|---|---|
| 65 holders · as of Jun 30, 2026 | |||
| Insiders | 4.46% | 727.0K shares | |
| 2 holders · as of Sep 10, 2026 | |||
| Other | 84.09% | 13.72M shares | |
| remainder | |||
16.31M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Christian L. OberbeckInsiderdirector, officer: CEO and Director | 4.19% | 683,460 | filed Sep 10, 2026 |
Lido Advisors, LLCInstitution | 1.11% | 181,518 | as of Jun 30, 2026 |
Private Advisor Group, LLCInstitution | 0.90% | 146,681 | as of Jun 30, 2026 |
Legal & General Group PLCInstitution | 0.87% | 141,229 | as of Jun 30, 2026 |
Hennion & Walsh Asset Management, Inc.Institution | 0.78% | 127,040 | as of Jun 30, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
- Main Street Capital
Lower-middle-market debt and equity capital provider
- Capital Southwest
Flexible middle-market lender with a first-lien focus
- Gladstone Investment
Debt-and-equity financier for lower-middle-market buyouts
- PennantPark Floating Rate Capital
Floating-rate senior lender to U.S. middle-market firms
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Saratoga Investment | $17.84 | +1.54% | $286.6M | 17.6 | 8.9 | 2.8 | +5.1% |
| Main Street Capital | $56.18 | −0.18% | $5.23B | 11.3 | 14.8 | 7.5 | −26.1% |
| Capital Southwest | $23.46 | +0.07% | $1.46B | 13.0 | 10.1 | 6.3 | +9.1% |
| Gladstone Investment | $15.84 | 0.00% | $630.8M | 3.8 | 16.9 | 6.0 | +10.2% |
| PennantPark Floating Rate Capital | $7.11 | +0.21% | $703.5M | 13.8 | 6.7 | 4.0 | +35.8% |
| Median | 12.1 | 12.4 | 6.1 | +9.6% |