Saratoga Investment Corp (SAT) Q3 2026 Earnings Report

Saratoga Investment Corp 600 (SAT) reported QQ3 2026 revenue of approximately $31.65 billion, accompanied by substantial operating and financing costs that culminated in a negative pre-tax result. The reported figures indicate a challenging profitability backdrop for the quarter, with interest expense of $11.912 billion and notable other expenses of $20.103 billion driving total operating expenses of $21.860 billion. Despite a positive per-share metric (EPS of $0.74 on 16.11 million diluted shares), the pre-tax loss of $204.678 million and the absence of a clearly documented net income figure in the data raise questions about the underlying drivers of profitability for the quarter and potential one-off items or accounting treatments in the period.

From a structural perspective, SAT’s scale as a specialty finance player focused on leveraged loans and mezzanine debt via direct lending and loan syndications remains evident in the quarterly revenue cadence. The large top-line figure, however, appears to be offset by elevated financing costs and a substantial level of other expenses, suggesting sensitivity to debt service and non-operating items. The reported EPS suggests earnings per share, but the lack of a consistent net income line and the pre-tax loss imply potential accounting nuances or non-cash charges that merit closer inspection in forthcoming filings and management commentary.

Overall, the QQ3 2026 print underscores SAT’s continued position as a large-scale asset manager within the middle-market lending ecosystem, while highlighting profitability and cost structure challenges that investors should monitor. The following analysis integrates the reported numbers with available data points, acknowledges data quality caveats, and outlines what investors should watch in the near term regarding revenue quality, leverage and funding costs, portfolio performance, and management’s forward outlook.