Saratoga Investment Corp 800 (SAJ) delivered a solid QQ2 2026 performance with a continued NAV uptrend, resilient credit quality, and a robust liquidity position. The quarter featured an improved NAV of $410.5 million and NAV per share of $25.61, alongside ongoing revenue generation and disciplined expense management. Management underscored the portfolio’s defensible risk profile in a volatile macro environment, helped by high first-lien concentration (84.3%) and a reaccumulation of cash to deploy into accretive opportunities. A standout development was the return of Xalage to accrual status, reducing nonaccruals to 0.2% of portfolio fair value and signaling sustained credit quality headroom. The organization also communicated a constructive dividend framework, with a base dividend of $0.75 per share for 2026 (split into $0.25 monthly installments), yielding approximately 12.3% based on the Oct-2025 price. While near-term NII per share ($0.58) and trailing NII yield (9%) reflect the headwinds from lower-for-longer rates and ongoing repayments, SAJ maintains substantial liquidity (approximately $406.8 million in dry powder, including $201 million cash) and a flexible balance sheet to fund growth without outside equity capital. Looking forward, management remains cautiously optimistic about renewed deal flow and the ability to deploy capital in a way that supports NAV growth and dividend coverage, supported by a diversified portfolio, disciplined underwriting, and expanding sponsor relationships.