Saratoga Investment

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.

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

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

• Middle-market lending
• Business development company
• Private credit financing
• Mezzanine debt investments
• Leveraged loan financing

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others

Revenue model

1. 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.
2. Dividend and Equity Investment Returns: Income generated from equity investments in portfolio companies including dividends, realized gains, and unrealized appreciation in portfolio value.
3. 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

Core 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

Named customers2 records

Segments6 records

Ideal customer profiles1 record

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core and major.

• Oppenheimer & Co.coreChannel Partner/ Reseller/ Distributor · 18 August 2026Oppenheimer & 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 MarketscoreChannel Partner/ Reseller/ Distributor · 30 January 2026Lucid 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.majorChannel Partner/ Reseller/ Distributor · 5 December 2022Ladenburg 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 SecuritiesmajorChannel Partner/ Reseller/ Distributor · 5 December 2022B. 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

Market position

Competitive moat4 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/saratoga-investment-corp-

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds5 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments7 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Saratoga Investment