Saratoga Investment Corp (SAZ) Q3 2026 Earnings Report

Saratoga Investment Corp 850 (SAZ) delivered a striking top-line in QQ3 2026 with reported revenue of $31.645 billion, accompanied by an EPS of $0.74. However, pretax income was negative at $(204.678) million, and a substantial portion of the cost structure consisted of interest expense ($11.912 billion) and other expenses ($20.103 billion), signaling pronounced leverage and funding costs that dominated the quarter. The disconnect between a large revenue base and negative pretax profitability raises questions about margin sustainability and the composition of the earnings mix, warranting a detailed reconciliation in the 10-Q and potential one-time items.

Management commentary (where available) would be critical to understanding originations, portfolio health, and the trajectory of net income. In this dataset, transcript content is not provided, so quotes and thematic management insights from the earnings call are not included here. Given the magnitude of reported top-line and the heavy financing costs, investors should focus on where profit is created (or eroded) and on cash flow generation, dividend coverage, and capital deployment over the next few quarters.