Saratoga Investment
Saratoga Investment Corp. is a publicly traded specialty finance BDC that provides leveraged loans, mezzanine debt, equity, and structured CLO credit to U.S. lower-middle-market companies, partnering with private equity sponsors across diversified industries.
- Company typePublic
- Founded2007
- HeadquartersNew York, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Saratoga Investment does
Saratoga Investment Corp. is a publicly traded specialty finance Business Development Company (BDC) listed on the NYSE under the ticker SAR, founded in 2007 and headquartered in New York with an additional office in Dallas. The company provides customized capital solutions to U.S. lower-middle-market companies, delivering leveraged loans, mezzanine debt, equity investments, structured CLO credit strategies, and special situations financing. Saratoga operates primarily through sponsor-led transactions, maintaining relationships with 145+ Tier 1 private equity firms and sourcing from 500+ unique investment channels annually, and has invested in 120+ portfolio companies with cumulative deployment exceeding $2.4 billion since 2010.
The business model is a regulated BDC structure that earns revenue through interest income on its loan and debt portfolio, fees and structuring income on originations, dividend and capital-gain income on equity holdings, and ancillary CLO management fees. As of Q1 FY2027, the company manages approximately $1.126 billion in AUM with $378.5 million of net asset value, has $197 million of available investment capacity, and operates with 0.0% of portfolio fair value on non-accrual and 96.8% of credits in the firm's highest internal rating category. Capital is raised through a multi-tranche program of public and private senior unsecured notes (notably the SAV 7.50% 2031s and the 8.00% 2031s), an $85 million senior secured revolving credit facility with Valley National Bank, and equity issuance under the at-risk BDC framework.
Saratoga pays a $0.75 per share quarterly dividend (approximately $3.00 annualized, implying a 13.4%-15.8% indicated yield), reported $49.9 million of total investment income and $36.6 million of net income in FY2026, achieved a 9.1% ROE versus a 4.3% BDC industry average, and holds a BBB+ rating from Egan-Jones. The investment team is led by CEO Christian L. Oberbeck, COO David DeSantis, CFO/CCO/Treasurer/Secretary Henri J. Steenkamp, and CIO Michael J. Grisius, supported by seven Managing Directors averaging 15+ years of middle-market PE and private credit experience.
Saratoga Investment firmographics
Firmographics- Name
- Saratoga Investment
- Legal name
- Saratoga Investment Corp.
- Website
- https://saratogainvestmentcorp.com
- Company type
- Public
- Founded year
- 2007
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Saratoga Investment Corp. is a publicly traded specialty finance BDC that provides leveraged loans, mezzanine debt, equity, and structured CLO credit to U.S. lower-middle-market companies, partnering with private equity sponsors across diversified industries.
- Ownership category
- akta.pro rank
Saratoga Investment industry classification
Industry- Product category
- Business Development Company (Middle-Market Lending)
- NAICS
- Other Financial Vehicles (525990)
- SIC
- Miscellaneous Business Credit Institution (6159)
- akta.pro primary industry
- BDC / Public Vehicle Venture Debt Providers (FSANAIAC)
- akta.pro secondary industries
- Independent Venture Debt Funds / Platforms (FSANAIAB), Direct Lending — Venture Debt (FSAHAJAD), Mezzanine / Subordinated Debt (FSANADAC)
Keywords
Where Saratoga Investment is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Saratoga Investment business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Others
Revenue model
- Interest Income from Debt Investments: Saratoga generates interest income from its portfolio of leveraged loans and mezzanine debt investments in middle-market companies, which represents the primary revenue stream for the BDC.
- Dividend and Equity Investment Returns: Income generated from equity investments in portfolio companies including dividends, realized gains, and unrealized appreciation in portfolio value.
- Capital Gains from Portfolio Exits: Realized gains from exits of equity and debt investments in portfolio companies during recapitalizations and sales.
Go-to-market motion2 records
Distribution channels3 records
Marketing channels5 records
Saratoga Investment product offering
Product offeringCore offering
Saratoga Investment Corp. is a publicly traded Business Development Company (BDC) that provides customized financing solutions to U.S. middle-market companies. Its offerings include sector-based financing, private credit and structured capital, private equity investments, CLO credit strategies, and special situations/bespoke capital structures deployed through leveraged loans, mezzanine debt, and equity instruments to support growth, acquisitions, and recapitalizations.
Product overview
Saratoga Investment Corp. is a business development company (BDC) that provides customized financing solutions to middle-market businesses in the United States. The company operates as a unified platform offering multiple financing products including sector-based financing solutions, private credit and structured capital, private equity investments, CLO credit strategies, and special situations and bespoke capital structures. The core offerings include senior secured revolving credit facilities and various unsecured notes (including 8.125% notes due 2027, 7.50% notes due 2031 under symbol SAV, 8.00% notes due 2031, and 7.25% notes due 2029). The company deploys capital through leveraged loans, mezzanine debt, and equity instruments, focusing on growth, acquisitions, and recapitalizations.
Differentiator
Problem solved
Functional benefit
Quantifiable outcome
- 9.1% return on equity (FY2026), outperforming BDC industry average of 4.3%
- +4 more outcomes
Companies that use Saratoga Investment
Customer profileNamed customers2 records
Segments6 records
Ideal customer profiles1 record
Saratoga Investment technology and API
TechnologyAPI detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Saratoga Investment partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core and major.
- Oppenheimer & Co.coreOppenheimer & Co. served as joint book-running manager for $85 million 8.00% unsecured notes due 2031 offering. The notes proceeds were used to redeem outstanding 6.00% notes due 2027.
- Lucid Capital MarketscoreLucid Capital Markets served as joint book-running manager for $100 million 7.50% Notes due 2031 offering, with underwriters holding a 30-day option to purchase up to an additional $15 million of notes.
- Ladenburg Thalmann & Co.majorLadenburg Thalmann & Co. served as joint book-running manager for $52.5 million 8.125% unsecured notes due 2027 offering, with option for underwriters to purchase additional $7.875 million.
- B. Riley SecuritiesmajorB. Riley Securities served as joint book-running manager for $52.5 million 8.125% unsecured notes due 2027 offering.
Scale indicators13 records
Recent moves6 records
Expansion highlights5 records
Saratoga Investment competitors and assessment
Company assessmentMarket position
Competitive moat4 records
Key highlights7 records
Customer concentration
Saratoga Investment social profiles
Digital presenceSaratoga Investment compliance and trust
Trust signalCompliance3 records
Saratoga Investment financial estimates
Financial estimateRevenue estimate
Valuation estimate
Saratoga Investment leadership team
Management profileNumber of profiles
Profiles4 records
Saratoga Investment funding detail
Funding detailFunding overview
Funding rounds5 records
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Saratoga Investment M&A and investment
M&A and investmentM&A1 record
Investments7 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Saratoga Investment
What does Saratoga Investment do?
Saratoga Investment Corp. is a publicly traded Business Development Company (BDC) that provides customized financing solutions to U.S. middle-market companies. Its offerings include sector-based financing, private credit and structured capital, private equity investments, CLO credit strategies, and special situations/bespoke capital structures deployed through leveraged loans, mezzanine debt, and equity instruments to support growth, acquisitions, and recapitalizations.
Is Saratoga Investment a public or private company?
Saratoga Investment is a public company. It is classified as public and is currently operating.
When was Saratoga Investment founded?
Saratoga Investment was founded in 2007. It employs 11 to 50 people.
Where is Saratoga Investment based?
Saratoga Investment is headquartered in New York, United States, in the North America region.
How does Saratoga Investment make money?
Three revenue lines are on record. Interest Income from Debt Investments are the primary driver. The others are dividend and Equity Investment Returns and capital Gains from Portfolio Exits.
Does Saratoga Investment have an API?
No public API is recorded for Saratoga Investment.
What industry is Saratoga Investment in?
Saratoga Investment's product category is Business Development Company (Middle-Market Lending). Its primary akta.pro industry code is FSANAIAC, BDC / Public Vehicle Venture Debt Providers, with a secondary code of FSANAIAB, Independent Venture Debt Funds / Platforms. Its NAICS code is 525990 and its SIC code is 6159.