SA
Saratoga Investment Corp
SAR—
Saratoga Investment Corp AI Insights
Informational only. Not investment advice.Snapshot
- Dividend yield ~12.6% (2.99/share TTM) with 129% payout ratio - paying more than earnings, unsustainable without NAV erosion[Dividends Paid Per Share TTM]
- Trading at 0.93x book value (25.65 BV/share) vs 9.8x P/E - market pricing in NAV decline or credit losses[Price to Book Ratio]
- Interest expense (49.7M TTM) nearly equals total revenue (52.1M) - net interest margin severely compressed[Interest Expense TTM]
Watch Triggers
- Dividends Paid Per Share TTM: Any reduction from $2.99/share — Dividend cut would confirm cash flow stress and likely trigger 15-25% price decline
- Net Asset Value / Book Value Per Share: Decline below $24.00 (6% drop from $25.65) — NAV erosion validates bear thesis of unsustainable capital return
- Interest Expense TTM: Exceeds Total Revenue TTM — Would indicate negative net interest income - existential for BDC model
Bull Case
Net margin of 74% TTM with ROE of 9.8% demonstrates core lending business profitability if interest rates stabilize
Net Margin TTMROE TTM
P/B of 0.93x offers margin of safety - buying $1 of assets for $0.93 if credit quality holds
Price to Book RatioBook Value Per Share
Bear Case
Negative FCF (-15.5M TTM) while paying 10.8M dividends = 26.3M annual equity destruction without asset sales
Free Cash Flow TTMCommon Stock Dividend Paid
Debt of 765M at 1.85x equity with interest expense at 95% of revenue - rate sensitivity extreme
Debt to EquityInterest Expense TTMTotal Debt
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
35%
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Forward Thesis
Dividend cut likely within 12 months as payout ratio of 129% depletes equity base
3-12mhigh
- FCF negative (-15.5M TTM) while paying 10.8M dividends
- Debt/equity at 1.85x limits refinancing flexibility
- Interest costs consuming 95% of revenue
Payout ratio 129% vs industry median 52%Free Cash Flow TTM: -15.5MNet margin 74% but cash flow negative
Valuation Context
Caveats
Public Strategies Rankings
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SAR Fundamentals
Finance and Insurance → Securities, Commodity Contracts, and Other Financial Investments and Related Activities
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$378.88M | — | ||
$1.09B | — | ||
9.7 | — | ||
$52.11M | +11.0% | — | |
$2.42 | -3.6% | — | |
0% | — | ||
74.0% | +1.4% | — | |
$-15.53M | — | ||
0.10 | +0.5% | — | |
Beta 5Y (Monthly) | unknown | — |
SAR Dividend History
69 dividends
2026
$0.750003/03/26$0.2500
02/04/26$0.2500
01/06/26$0.2500
2025
$3.240012/02/25$0.5000
11/04/25$0.2500
10/07/25$0.2500
09/05/25$0.2500
08/06/25$0.2500
07/08/25$0.2500
06/05/25$0.2500
05/06/25$0.2500
04/08/25$0.2500
03/06/25$0.7400
2024
$3.300012/04/24$1.0900
09/11/24$0.7400
06/13/24$0.7400
03/12/24$0.7300
2023
$2.820012/08/23$0.7200
09/13/23$0.7100
06/12/23$0.7000
03/15/23$0.6900
2022
$2.810012/14/22$0.6800
09/13/22$0.5400
06/13/22$0.5300
03/11/22$0.5300
01/03/22$0.5300
2021
$1.810009/13/21$0.5200
06/14/21$0.4400
04/07/21$0.4300
01/25/21$0.4200
2020
$1.370010/23/20$0.4100
07/24/20$0.4000
01/23/20$0.5600
2019
$1.650009/12/19$0.5600
06/12/19$0.5500
03/13/19$0.5400
2018
$2.060012/14/18$0.5300
09/14/18$0.5200
06/14/18$0.5100
03/13/18$0.5000
2017
$2.350012/14/17$0.4900
09/14/17$0.4800
06/13/17$0.4700
03/13/17$0.4600
01/27/17$0.4500
2016
$2.880010/27/16$0.4400
08/22/16$0.2000
07/27/16$0.4300
04/13/16$1.4100
01/28/16$0.4000
2015
$2.180010/29/15$0.3600
07/30/15$0.3300
05/21/15$1.0000
04/30/15$0.2700
01/29/15$0.2200
2014
$0.180010/30/14$0.1800
2013
$2.650011/08/13$2.6500
2012
$4.250011/16/12$4.2500
2011
$3.000011/22/11$3.0000
2010
$0.820011/17/10$0.8200
2009
$1.825011/23/09$1.8250
2008
$1.600012/16/08$0.2500
08/27/08$0.3900
05/28/08$0.3900
02/27/08$0.3900
01/16/08$0.1800
2007
$0.980011/28/07$0.3800
08/22/07$0.3600
05/24/07$0.2400
SAR Stock Splits
1 stock split
08/13/1010:1 split
SAR SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
01/07/26 | 11/30/25 | 10-Q | |
10/07/25 | 08/31/25 | 10-Q | |
07/08/25 | 05/31/25 | 10-Q | |
05/07/25 | 02/28/25 | 10-K | |
01/08/25 | 11/30/24 | 10-Q | |
10/08/24 | 08/31/24 | 10-Q | |
07/09/24 | 05/31/24 | 10-Q | |
05/06/24 | 02/29/24 | 10-K | |
01/09/24 | 11/30/23 | 10-Q | |
10/10/23 | 08/31/23 | 10-Q | |
07/10/23 | 05/31/23 | 10-Q | |
05/02/23 | 02/28/23 | 10-K | |
01/10/23 | 11/30/22 | 10-Q | |
10/04/22 | 08/31/22 | 10-Q | |
07/06/22 | 05/31/22 | 10-Q | |
05/04/22 | 02/28/22 | 10-K | |
01/05/22 | 11/30/21 | 10-Q | |
10/05/21 | 08/31/21 | 10-Q | |
07/07/21 | 05/31/21 | 10-Q | |
05/05/21 | 02/28/21 | 10-K | |
01/06/21 | 11/30/20 | 10-Q | |
10/07/20 | 08/31/20 | 10-Q | |
07/08/20 | 05/31/20 | 10-Q | |
05/06/20 | 02/29/20 | 10-K | |
01/08/20 | 11/30/19 | 10-Q | |
10/09/19 | 08/31/19 | 10-Q | |
07/10/19 | 05/31/19 | 10-Q | |
05/14/19 | 02/28/19 | 10-K | |
01/09/19 | 11/30/18 | 10-Q | |
10/10/18 | 08/31/18 | 10-Q | |
07/10/18 | 05/31/18 | 10-Q | |
05/14/18 | 02/28/18 | 10-K | |
01/10/18 | 11/30/17 | 10-Q | |
10/11/17 | 08/31/17 | 10-Q | |
07/12/17 | 05/31/17 | 10-Q | |
05/16/17 | 02/28/17 | 10-K | |
01/11/17 | 11/30/16 | 10-Q | |
10/12/16 | 08/31/16 | 10-Q | |
07/13/16 | 05/31/16 | 10-Q | |
05/17/16 | 02/29/16 | 10-K | |
01/13/16 | 11/30/15 | 10-Q | |
10/13/15 | 08/31/15 | 10-Q | |
07/14/15 | 05/31/15 | 10-Q | |
05/20/15 | 02/28/15 | 10-K | |
01/14/15 | 11/30/14 | 10-Q | |
10/14/14 | 08/31/14 | 10-Q | |
07/14/14 | 05/31/14 | 10-Q | |
05/27/14 | 02/28/14 | 10-K | |
01/14/14 | 11/30/13 | 10-Q | |
10/15/13 | 08/31/13 | 10-Q | |
07/15/13 | 05/31/13 | 10-Q | |
05/30/13 | 02/28/13 | 10-K | |
01/14/13 | 11/30/12 | 10-Q | |
10/15/12 | 08/31/12 | 10-Q | |
07/16/12 | 05/31/12 | 10-Q | |
05/23/12 | 02/29/12 | 10-K | |
01/12/12 | 11/30/11 | 10-Q | |
10/12/11 | 08/31/11 | 10-Q | |
07/13/11 | 05/31/11 | 10-Q | |
06/10/13 | 02/28/11 | 10-K/A | |
05/23/11 | 02/28/11 | 10-K | |
01/14/11 | 11/30/10 | 10-Q | |
10/15/10 | 08/31/10 | 10-Q | |
07/15/10 | 05/31/10 | 10-Q | |
05/28/10 | 02/28/10 | 10-K | |
01/14/10 | 11/30/09 | 10-Q | |
10/15/09 | 08/31/09 | 10-Q | |
07/13/09 | 05/31/09 | 10-Q | |
05/29/09 | 02/28/09 | 10-K | |
01/14/09 | 11/30/08 | 10-Q | |
10/15/08 | 08/30/08 | Unknown | -- |
07/15/08 | 05/30/08 | Unknown | -- |
05/23/08 | 02/29/08 | 10-K | |
01/11/08 | 11/30/07 | 10-Q | |
10/12/07 | 08/30/07 | Unknown | -- |
07/13/07 | 05/30/07 | Unknown | -- |