Saratoga Investment Corp (SAJ) Q3 2026 Earnings Report

Saratoga Investment Corp 800 (SAJ) reported Q3 2026 results reflecting a large revenue base but a fragile margin profile under a heavy leverage framework. Total revenue stood at $31.645B for the quarter, with a pre-tax loss of $204.7M driven by elevated interest and operating expenses against a sizeable asset base. Despite the top-line magnitude, the company presented a negative earnings trajectory at the pre-tax level, underscoring the impact of substantial financing costs in a rising-rate regime. The balance sheet highlights a stark capital structure: cash and cash equivalents of $21.70B, total assets of $428.54B, total liabilities of $522.53B, and negative stockholders’ equity of $(93.99)B. Short-term debt of $322.96B and net debt of $301.26B illustrate meaningful leverage and refinancing pressure. On the earnings side, GAAP earnings per share (EPS) is reported at $0.74, with a YoY EPS growth of 15.63% and QoQ growth of 4.23%, but the lack of reported net income and a negative pre-tax result complicate the interpretation of profitability. The quarter’s results imply substantial earnings volatility and notable balance-sheet risks, calling for close attention to debt relief progress, portfolio quality, and the ability to generate distributable earnings going forward. The absence of an accompanying transcript in the dataset limits visibility into management’s strategic roadmap; investors should seek management commentary on deleveraging plans, credit performance, and pipeline activity in the subsequent communications.