Saratoga Investment Corp
Inside Saratoga Investment Corp’s $1.1B private-credit portfolio — 136 holdings disclosed in SEC filings. The portfolio is 72% first-lien by fair value, concentrated in Healthcare Services (8%).
Jul 7 · SEC EDGAR
Credit Snapshot
How the market and the balance sheet read SAR as a credit: NAV per share is the Q1 FY2027 book value ($23.29) from its SEC quarterly filing — for a BDC, book value is NAV. Fair values underneath are the manager’s own estimates. Price as of 2026-08-26.
| Metric | Value | What healthy looks like |
|---|---|---|
| Price-to-NAV | 0.79x (discount) | Quality BDCs tend to trade near NAV; a deep discount often signals credit concern — or opportunity to investigate. |
| Dividend Yield (FY2026 paid) | 17.9% | A trailing all-in yield (full-year dividends paid, including any specials) — not a forward run-rate. BDC regular yields typically run 8–12%; treat an outlier as a question about dividend sustainability. |
| Dividend Coverage (GAAP NII) | 0.70x GAAP NII ÷ FY2026 distributions | Above 1.0x, the year’s distributions were earned by investment income; below 1.0x they exceeded it — watch for a cut or return-of-capital funding. GAAP NII, not the manager’s adjusted “core NII”. |
| NII Return on Equity | 9.3% GAAP NII on FY2026 FY-end NAV | What the portfolio EARNED on book value, before mark swings — steadier than mark-driven ROE. BDCs typically land high single digits to low teens; internally managed books keep more of it. |
| NAV Total Return | +0.3% FY2026: ΔNAV/share + distributions 3-yr ≈+4.1%/yr compound | NAV change plus distributions, per share — what the book earned independent of market sentiment. Sustained positive NAV total return means the credit book is creating value, not just distributing it back. |
| Leverage (Gross Debt/Equity) | 1.87x | Most BDCs run 0.8x–1.25x debt-to-equity; the regulatory ceiling is 2.0x. |
| Asset Coverage | 154% | A gross total-debt coverage read; the statutory ratio excludes SBA debentures, so an SBIC’s 10-K figure can differ. Healthy BDCs sit well above the 150% floor. |
| Top-5 Borrower Concentration | 27% of portfolio FV ≈ 80% of Q1 FY2027 NAV largest: ComForCare Health Care (8.0% of FV) | Measured against NAV, not just portfolio value: leverage means one borrower’s writedown hits book value harder than its portfolio share suggests. Diversified BDCs typically keep any single name to a low single-digit share of the portfolio. |
| Debt Marked Below 90 | 5.3% (1.7% below 80) of marked debt FV (100% coverage) | Loans marked below 90 cents on the dollar are the book’s watchlist; a growing tail often precedes non-accrual. |
| PIK Income Share | 0.7% of debt FV carries a PIK component 1st pct of 16 lower-MM peers | Interest paid “in kind” adds to the loan instead of paying cash; a rising PIK share is the classic early sign of borrower stress. |
| Floating-Rate Mix | 96% floating, mostly SOFR of rate-classified debt (90% coverage); the rest fixed | Floating-rate loans reprice with their benchmark (mostly SOFR), so a high floating share means portfolio income rises when the Fed hikes and falls when it cuts — the book’s rate sensitivity in one number. |
| Non-Accruals | — not yet parsed | 1–3% of debt fair value is normal; 5%+ is a warning sign. We don’t parse this yet — check the latest 10-Q. |
| Fee Structure — manager economics, from the same annual filing | ||
| Base Management Fee | $17.8M ≈1.56% of FY2026 FY-end total assets, our calculation — contractual fees accrue on average gross assets as filed, gross of any fee waivers | External BDC base fees typically run 1.0–1.75% of assets — charged on ASSETS, not equity, so leverage raises the fee bill on the same NAV. |
| Incentive Fee | — not tagged in the company’s XBRL filings; see the fee note in the 10-K | Income incentive fees typically take 17.5–20% of pre-fee investment income over a hurdle. A capital-gains fee in an up-mark year is not recurring income economics — watch the split. |
Portfolio Composition
Portfolio-wide breakdown by fair value across this BDC’s full Schedule of Investments. Source: SEC EDGAR (public). As of the 2026-07-07 filing.
Maturity Wall
Debt fair value by each loan’s stated maturity year (93% of debt FV carries a parsed maturity). The refinancing question: 13% of the maturity-dated book comes due by end-2027 — debt that must be repaid, refinanced, or extended. As of the 2026-07-07 filing.
| Maturing | Debt FV | % of dated debt |
|---|---|---|
| 2026 or earlier | $41M | 4.0% |
| 2027 | $94M | 9.3% |
| 2028 | $393M | 38.6% |
| 2029 | $186M | 18.3% |
| 2030 | $119M | 11.7% |
| 2031+ | $184M | 18.1% |
Quarter-over-quarter changes
Borrowers added to and dropped from the book between the 2026-05-05 and 2026-07-07 filings, and the largest weighted-mark moves on borrowers held across both. Aggregated to the borrower so a company’s exposure is counted once even when its loan tranches are re-cut quarter to quarter; entries and exits under $0.5M are omitted as parse noise.
New this quarter 10
- Artemis Wax Corp.- Consumer Services$65M
- Vitana Dso, Llc$25M
- Custom Millwork Software$22M
- Rewind Intermediate Inc.$9M
- Post 2024-1A D2R$3M
- Elm27 2024-3A D2R$3M
Exited 2
- Innergy, Inc.$40M
- C2 Education Systems, Inc.$636K
Biggest mark moves
- Artemis Wax Corp.↑ 101→150
- Archimedes Parent Llc↓ 76→37
- Maple Holdings Midco Limited↓ 117→90
- Exigo, Llc↓ 87→73
- Alpha Aesthetics Partners Opco, Llc↓ 91→83
- Chronus Llc↓ 100→94
Top Portfolio Holdings
| # | Company | Type | Sector | Coupon | Maturity | Fair Value | % of FV | % of Net Assets |
|---|---|---|---|---|---|---|---|---|
| 1 | ComForCare Health Care | 1L Sr Secured | Healthcare Services | (3M USD TERM SOFR+6.25%), 9.91% Cash, 12/31/2028 | Dec 2028 | $90M | 8.0% | 23.8% |
| 2 | Artemis Wax Corp.- Consumer Services | Debt | Delayed Draw Term Loan | (1M USD TERM SOFR+6.75%), 10.37% Cash, 5/20/2029 | May 2029 | $65M | 5.8% | 17.1% |
| 3 | Granite Comfort, LP | 1L Sr Secured | HVAC Services and Sales | (3M USD TERM SOFR+7.38%), 11.04% Cash, 5/16/2028 | May 2028 | $42M | 3.8% | 11.2% |
| 4 | LFR Chicken LLC2 reporting lines · First Lien Senior Secured + First Lien Term Loan Senior Secured | 1L Sr Secured | Restaurant | (1M USD TERM SOFR+4.50%), 8.12% Cash, 11/26/2030 | — | $40M | 3.5% | 10.4% |
| 5 | Buildout, Inc. | Debt | Real Estate Services | — | Sep 2028 | $38M | 3.4% | 9.9% |
| 6 | Procurement Partners, LLC | 1L Sr Secured | Healthcare Software | (3M USD TERM SOFR+5.50%), 9.16% Cash, 12/31/2028 | Dec 2028 | $35M | 3.1% | 9.3% |
| 7 | Employer Direct Healthcare, LLC (Lantern) | 2L / Mezz | Surgical Benefits Management | (3M USD TERM SOFR+7.25%), 10.91% Cash, 1/20/2031 | Jan 2031 | $35M | 3.1% | 9.2% |
| 8 | Ready Education | 1L Sr Secured | Education Software | (3M USD TERM SOFR+7.00%), 10.66% Cash, 8/5/2027 | Aug 2027 | $32M | 2.8% | 8.4% |
| 9 | Cloudpermit | 1L Sr Secured | Municipal Government Software | (3M USD TERM SOFR+5.75%), 9.41% Cash, 9/5/2029 | Sep 2029 | $31M | 2.8% | 8.3% |
| 10 | GDS Software Holdings, LLC | 1L Sr Secured | Financial Services | (3M USD TERM SOFR+7.00%), 10.66% Cash, 12/30/2028 | Dec 2028 | $29M | 2.5% | 7.5% |
| Full schedule — all 136 holdings, sortable and screenable → | ||||||||
% of net assets reads each position against stockholders’ equity as of Q1 FY2027 — on a levered book, a position is a larger share of the equity that absorbs losses than of portfolio fair value.
This page is the public file — the Ledge adds
Borrower cross-reference
Search any borrower, see every BDC exposed to it — Saratoga Investment Corp shares 3 borrowers with other managers we track.
Quarterly diffs
What entered and exited the book each quarter.
Book-structure risk
Senior-secured, floating-rate and PIK share — how the book is built.
Loan-Pricing Trend
Fair-value-weighted average credit spread and average mark across this BDC’s Schedule-of-Investments debt holdings, by filing quarter. Mark is fair value as a percent of par (100 = par). Spread is in basis points over each loan’s own benchmark, normalized from the filing’s as-reported units. Source: SEC EDGAR (public). Spreads have compressed from 731 to 649 bps over 10 quarters while marks held near 101.
| Quarter | Borrowers | Priced Positions | Wtd-Avg cash spread (bps) | Avg Mark (% of par) | Debt Fair Value |
|---|---|---|---|---|---|
| Q1 2025 | 41 | 57 | 718 | 99.9 | $950M |
| Q2 2025 | 50 | 65 | 707 | 101.5 | $951M |
| Q3 2025 | 54 | 67 | 686 | 102.0 | $972M |
| Q4 2025 | 62 | 79 | 655 | 102.4 | $996M |
| Q1 2026 | 65 | 81 | 649 | 101.8 | $1.1B |
| Q2 2026 | 72 | 87 | 649 | 103.5 | $1.1B |
6 quarters omitted — filing not parsed.
Marks reflect each BDC’s own fair-value estimates as reported to the SEC, not traded prices. Private-credit loans are predominantly Level 3 under ASC 820 — valued from unobservable inputs and determined in good faith by each BDC’s board, so figures are estimates as of the filing date and are not directly comparable across managers. Informational only; not investment advice or a valuation.
Questions this page answers
What does Saratoga Investment Corp invest in?
Saratoga Investment Corp's portfolio breaks down by total portfolio fair value into approximately 72% first-lien senior secured, 5% second-lien or mezzanine, 21% other or unclassified debt, and 2% equity or other, with its largest sector exposure in Healthcare Services (~8% of the holdings that disclose a sector) as of its 2026-07-07 SEC filing.
How large is Saratoga Investment Corp's portfolio?
Saratoga Investment Corp reported $1.1B in portfolio fair value across 136 holdings and 91 unique borrowers as of its 2026-07-07 SEC filing.
What do Saratoga Investment Corp's fixed-rate loans yield?
The fair-value-weighted average all-in coupon across Saratoga Investment Corp's fixed-rate income-producing holdings is approximately 11.6%, measured over the fixed-rate holdings representing 2% of portfolio fair value (floating-rate loans, quoted as a spread over a benchmark, are excluded) as of its 2026-07-07 SEC filing.
Where does this data come from?
This data is parsed by Oxford Ledge from Saratoga Investment Corp's Schedule of Investments in its SEC EDGAR filings. Fair values are the manager's own estimates as of the 2026-07-07 filing date.
About Saratoga Investment Corp
Saratoga Investment Corp (SAR) is a publicly traded Business Development Company (BDC) — essentially a publicly listed fund that lends money to mid-sized private companies. In plain English: BDCs raise money from public investors and lend it to businesses that are too small for Wall Street banks. To qualify for pass-through tax treatment, they distribute at least 90% of their taxable investment income to shareholders, which is why BDC yields are often 8–12%. Saratoga Investment Corp discloses its full loan portfolio through SEC filings.