SAR Saratoga Investment (SAR) Q2 FY27 earnings call
Portfolio growth and balance-sheet clean-up improved the credit and funding position, but earnings and NAV are lagging. Funding costs have repriced ahead of asset spreads, and NII is not covering the dividend. Management's thesis is that spreads, base rates and the CLO reset will lift earnings, and that markdowns were idiosyncratic. The CFO transition adds execution risk.
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SAR operating KPIs by quarter
| KPI | May 2026 Q1 FY27 | This call Aug 2026 Q2 FY27 | Change vs prior quarter |
|---|---|---|---|
| Assets under management (AUM) | $1.126BSaratoga Investment Corp's highlights this quarter include net positive originations of $31 million, including two new portfolio companies originated in the quarter, sustained long-term AUM growth, with AUM growing 1.6% during the quarter and reaching close to a record level of $1.126 billion.Source: earnings call transcript | $1.15BThis quarter had numerous highlights and subsequent to the quarter, including net positive originations of $37.1 million, including 2 new non-software portfolio companies originated in the quarter and sustained high-quality AUM growth with AUM growing 2.1% and during the quarter and reaching a record level of $1.15 billion.Source: earnings call transcript | +2.1% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.