**Saratoga Investment Corp. Reports Financial Results for Q3 Fiscal Year 2026**
Saratoga Investment Corp., a business development company, released its financial results for the third quarter of fiscal year 2026, ended November 30, 2025. The company reported a total investment income of $31.6 million for the quarter, a decrease from $35.9 million in the same period of the previous fiscal year. Net investment income for the quarter was $9.8 million, or $0.74 per share, compared to $12.4 million, or $0.64 per share, for the three months ended November 30, 2024. The net increase in net assets resulting from operations was $12.0 million, compared to $8.8 million for the same period last year.
Compared to the previous fiscal year, Saratoga Investment Corp. experienced a decrease in total investment income for the nine-month period, reporting $94.6 million compared to $117.6 million. Interest income from investments decreased to $81.1 million from $104.4 million. Operating expenses totaled $65.6 million, a decrease from $72.6 million in the prior year. The company's net investment income for the nine-month period was $29.0 million, or $2.49 per share, compared to $45.0 million, or $2.09 per share, for the nine months ended November 30, 2024. The net increase in net assets resulting from operations was $39.2 million, compared to $28.8 million for the same period last year.
Key operational developments included the termination of the Encina Credit Agreement and the establishment of a new $85.0 million senior secured revolving credit facility with Valley National Bank. As of November 30, 2025, the company had $32.5 million in outstanding borrowings under the Valley Credit Facility and $37.5 million in outstanding borrowings under the Live Oak Credit Facility. The company's investment portfolio at fair value totaled $1.02 billion, consisting primarily of first lien term loans (83.9%) and equity interests (8.3%). One portfolio company was on non-accrual status, representing 0.2% of the portfolio's fair value.
Looking ahead, Saratoga Investment Corp. declared dividends for the quarter ending February 28, 2026, with a total of $0.75 per share to be paid in three monthly installments. The company's strategy remains focused on generating current income and long-term capital appreciation through investments in middle-market companies. As of January 7, 2026, the company had 16,184,058 common shares outstanding.
About SARATOGA INVESTMENT CORP.
Saratoga Investment Corp. is a specialty finance company providing customized debt and equity financing solutions to U.S. middle-market businesses. Its core activities include investing in senior and mezzanine loans, structured finance, and opportunistic assets. The company targets companies with stable earnings, strong management, and growth potential, offering strategic capital for acquisitions, recapitalizations, and expansion, primarily through direct lending and syndications.
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