Overview: Saratoga Investment Corp (SAR) reports QQ3 2026 with an extraordinary top-line figure and a complex profitability backdrop. Reported revenue of 31.6455 billion USD for QQ3 2026 vastly exceeds SAR’s historical scale for a lower-middle-market asset manager, and the YoY growth metric shown in the data set implies an unprecedented surge (YoY revenue growth listed as 127,077.35% and QoQ 96,895.57%). The period also shows substantial operating and interest costs (operating expenses of 21.8592 billion and interest expense of 11.9116 billion) against the pre-tax line item of -0.2047 billion, with a stated EPS of 0.74 on 16.1086 million weighted shares. The accompanying net income figure is not provided in the data, raising questions about the bottom-line reporting or potential non-cash items or exceptional items embedded in the quarter.
Key takeaway: If the QQ3 2026 revenue figure is accurate, SAR would display an extraordinary top-line expansion but a near-term profitability challenge driven by a very large interest burden and elevated operating costs. The apparent disconnect between revenue scale and reported pre-tax loss warrants a careful verification of schedules, footnotes, and any extraordinary items in the 10-Q. Absent balance-sheet detail and cash-flow metrics in the provided data, the investment thesis relies on the trajectory of revenue generation drivers, the sustainability of leverage, and the health of the asset-book and fee-based earnings.
Outlook and caveats: The data set lacks formal forward guidance and balance-sheet disclosures, which constrains a fully confident view. Investors should seek the quarterly filing details to adjudicate any one-time items, changes in fair value, and the composition of revenue (fee-based vs interest income). In a sector driven by credit quality, portfolio mix, and funding costs, SAR’s ability to translate top-line growth into durable earnings will hinge on leverage management, realized yields, and cost control. The remainder of this analysis notes material insights from the numbers provided, highlights data integrity considerations, and lays out the investment factors and forward-looking considerations for SAR.