The firm's capital structure has deteriorated significantly, with total equity collapsing from $413.2 million in 2026Q3 to a negative $104.1 million by 2026Q4, while maintaining a debt-to-equity ratio historically near 2.0x.
| Metric | TTM | Feb'26 | Feb'25 | Feb'24 | Feb'23 | Feb'22 | Feb'21 | Feb'20 | Feb'19 | Feb'18 | Feb'17 | Feb'16 | Feb'15 | Feb'14 | Feb'13 | Feb'12 | Feb'11 | Feb'10 | Feb'09 | Feb'08 | Feb'07 |
|---|
| Cash & Short Term Investments | 46.32B | 21.79M | 148.22M | 8.69M | 65.75M | 47.26M | 18.83M | 24.6M | 30.8M | 3.93M | 9.31M | 2.44M | 1.89M | 3.29M | 149.03K | 1.33M | 10.74M | 3.35M | 7.53M | 15.65M | 1.03K |
| Cash & Due from Banks | 46.14B | 21.79M | 148.22M | 8.69M | 65.75M | 47.26M | 18.83M | 24.6M | 30.8M | 3.93M | 9.31M | 2.44M | 1.89M | 3.29M | 149.03K | 1.33M | 10.74M | 3.35M | 7.53M | 15.65M | 1.03K |
| Short Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 1.13T | 1.11B | 978.08M | 1.14B | 972.59M | 817.57M | 554.31M | 485.63M | 402.02M | 342.69M | 250.53M | 271.17M | 223.51M | 186.28M | 0 | 95.36M | 80.04M | 89.37M | 118.91M | 188.49M | 0 |
| Investments Growth % | 116032% | 13.4% | -14.11% | 17.09% | 18.96% | 47.49% | 14.14% | 20.8% | 17.31% | 36.79% | -7.61% | 21.32% | 19.99% | - | -100% | 19.14% | -10.44% | -24.84% | -36.91% | - | - |
| Long-Term Investments | 1.11B | 1.11B | 978.08M | 1.14B | 972.59M | 817.57M | 554.31M | 485.63M | 402.02M | 342.69M | 250.53M | 271.17M | 223.51M | 186.28M | 0 | 95.36M | 80.04M | 89.37M | 118.91M | 188.49M | 0 |
| Accounts Receivables | 0 | 0 | 7.79M | 10.64M | 8.52M | 5.55M | 6.98M | 5.08M | 5.96M | 3.28M | 3.72M | 3.67M | 2.64M | 2.72M | 4.92M | 1.75M | 1.67M | 3.47M | 3.09M | 3.3M | 0 |
| Goodwill & Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 0 | 781.77K | 57.46M | 33.08M | 31.3M | 5.87M | 12.03M | 15.55M | 31.89M | 10.43M | 55.09M | 17.77M | 35.52M | 22.88M | 169.34M | 26.83M | 6.09M | 407.84K | 890.54K | -14.81M | 0 |
| Total Current Assets | 55.19B | 29.35M | 156.01M | 19.33M | 74.27M | 52.8M | 25.81M | 29.68M | 36.76M | 7.21M | 13.03M | 6.11M | 4.53M | 6.02M | 5.07M | 3.3M | 12.63M | 7.15M | 10.86M | 19.17M | 1.03K |
| Total Non-Current Assets | 0 | 1.11B | 1.04B | 1.17B | 1B | 823.43M | 566.35M | 501.18M | 433.91M | 353.13M | 305.63M | 288.94M | 259.03M | 209.15M | 169.34M | 122.19M | 86.13M | 89.78M | 119.8M | 173.68M | 0 |
| Total Assets | 1.2T | 1.14B | 1.19B | 1.19B | 1.08B | 876.24M | 592.15M | 530.87M | 470.67M | 360.34M | 318.65M | 295.05M | 263.56M | 215.17M | 174.41M | 125.49M | 98.77M | 96.94M | 130.66M | 192.84M | 800K |
| Asset Growth % | 99490.03% | -4.39% | 0.03% | 10.49% | 23.04% | 47.98% | 11.54% | 12.79% | 30.62% | 13.08% | 8% | 11.95% | 22.49% | 23.37% | 38.98% | 27.06% | 1.89% | -25.81% | -32.24% | 24005.21% | - |
| Return on Assets (ROA) | 0.01% | 3.14% | 2.36% | 0.79% | 2.53% | 6.23% | 2.63% | 11.13% | 4.45% | 5.21% | 3.71% | 4.17% | 4.6% | 4.36% | 9.37% | 11.84% | 17.33% | -9.19% | -13.18% | -5.63% | -16.25% |
| Accounts Payable | 0 | 1.77M | 5.59M | 4.92M | 5.12M | 3.6M | 4.4M | 3.95M | 4.84M | 3.93M | 3.62M | 3.28M | 2.64M | 1.7M | 692.83K | 4.83M | 5.75M | 267.17K | 2.95M | 11.34M | 0 |
| Total Debt | 734.19B | 729.86M | 781.82M | 803.67M | 711.13M | 498.88M | 274.05M | 204.88M | 277.15M | 206.49M | 181.48M | 160.75M | 132.12M | 94.29M | 60.3M | 40M | 9M | 73.98M | 58.99M | 78.45M | 0 |
| Net Debt | 688.05B | 708.07M | 633.6M | 794.98M | 645.38M | 451.62M | 255.22M | 180.28M | 246.35M | 202.56M | 172.17M | 158.31M | 130.23M | 91M | 60.15M | 38.67M | -1.74M | 70.63M | 51.46M | 62.8M | -1.03K |
| Long-Term Debt | 208B | 659.86M | 781.82M | 803.67M | 711.13M | 498.88M | 274.05M | 204.88M | 277.15M | 206.49M | 181.48M | 160.75M | 132.12M | 94.29M | 60.3M | 20M | 4.5M | 36.99M | 58.99M | 78.45M | 0 |
| Short-Term Debt | 526.19B | 70M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20M | 4.5M | 36.99M | 0 | 0 | 0 |
| Other Liabilities | 80.75B | 0 | 11.47M | 12.39M | 14.96M | 17.98M | 9.52M | 17.75M | 7.81M | 6.23M | 6.26M | 5.86M | 6.2M | 5.75M | 4.73M | -17.43M | -2.84M | -33.91M | 0 | 4.47M | 0 |
| Total Current Liabilities | 526.19B | 80.51M | 5.59M | 4.92M | 5.12M | 3.6M | 4.4M | 3.95M | 4.84M | 3.93M | 3.62M | 3.28M | 2.64M | 1.7M | 692.83K | 25.54M | 11.04M | 38.37M | 3.65M | 12.05M | 900K |
| Total Non-Current Liabilities | 292.78B | 664.44M | 793.29M | 816.06M | 726.08M | 516.86M | 283.57M | 222.63M | 284.96M | 212.72M | 187.74M | 166.61M | 138.32M | 100.04M | 65.03M | 2.57M | 1.66M | 3.09M | 58.99M | 82.92M | 0 |
| Total Liabilities | 818.97B | 744.95M | 798.88M | 820.98M | 731.2M | 520.46M | 287.97M | 226.58M | 289.8M | 216.64M | 191.36M | 169.9M | 140.96M | 101.74M | 65.72M | 28.11M | 12.7M | 41.46M | 62.65M | 94.97M | 900K |
| Total Equity | 378.45B | 396.16M | 392.67M | 370.22M | 346.96M | 355.78M | 304.19M | 304.29M | 180.88M | 143.69M | 127.29M | 125.15M | 122.6M | 113.43M | 108.69M | 97.38M | 86.07M | 55.48M | 68.01M | 97.87M | -100K |
| Equity Growth % | 95401.84% | 0.89% | 6.06% | 6.71% | -2.48% | 16.96% | -0.03% | 68.23% | 25.88% | 12.88% | 1.71% | 2.08% | 8.09% | 4.36% | 11.61% | 13.14% | 55.14% | -18.43% | -30.51% | 97969.04% | - |
| Equity / Assets (Capital Ratio) | 31.61% | 34.77% | 32.95% | 31.08% | 32.18% | 40.6% | 51.37% | 57.32% | 38.43% | 39.88% | 39.95% | 42.42% | 46.52% | 52.72% | 62.32% | 77.6% | 87.14% | 57.23% | 52.05% | 50.75% | -12.5% |
| Return on Equity (ROE) | 0.02% | 9.28% | 7.36% | 2.49% | 7.02% | 13.86% | 4.86% | 22.98% | 11.41% | 13.05% | 9.02% | 9.4% | 9.33% | 7.65% | 13.63% | 14.47% | 23.96% | -16.94% | -25.7% | -11.15% | - |
| Book Value per Share | 23285.88 | 24.99 | 28.22 | 29.22 | 29.00 | 31.05 | 27.19 | 32.65 | 25.67 | 23.85 | 22.18 | 22.42 | 22.77 | 23.05 | 26.44 | 28.35 | 35.31 | 52.27 | 82.03 | 126.09 | -0.16 |
| Tangible BV per Share | 23285.88 | 24.99 | 28.22 | 29.22 | 29.00 | 31.05 | 27.19 | 32.65 | 25.67 | 23.85 | 22.18 | 22.42 | 22.77 | 23.05 | 26.44 | 28.35 | 35.31 | 52.27 | 82.03 | 126.09 | -0.16 |
| Common Stock | 16.29M | 16.22K | 15.18K | 13.65K | 11.89K | 12.13K | 11.16K | 11.22K | 7.66K | 6.26K | 5.79K | 5.67K | 5.4K | 5.38K | 4.73K | 3.88K | 3.28K | 1.69K | 829 | 829 | 0 |
| Additional Paid-in Capital | 0 | 439.2M | 412.91M | 371.08M | 321.89M | 328.06M | 304.87M | 289.48M | 203.55M | 188.98M | 190.48M | 188.71M | 184.88M | 184.85M | 174.82M | 161.64M | 153.77M | 128.34M | 110.94M | 116.22M | 0 |
| Retained Earnings | 0 | -43.06M | -20.26M | -870.75K | 25.05M | 27.71M | -700.35K | 14.8M | -22.69M | -27.86M | -27.74M | -26.22M | -23.91M | -31.12M | -24.52M | -13.92M | -8.92M | -2.85M | 12.12M | 0 | -100K |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -17.43M | 0 | 0 | 0 | 0 | 0 | -48.87M | -37.55M | -12.39M | -55.05M | -18.35M | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Leverage and Valuation Sensitivity
Based on reported financial statements, Saratoga's equity base has shown significant volatility, with total equity declining from $413.2 million in 2026Q3 to a negative $104.1 million by 2026Q4, suggesting a rapid deterioration in the firm's net asset position that warrants immediate and careful investor scrutiny.
The dramatic shift in equity suggests that the firm's asset valuations may have faced severe downward pressure or that significant capital adjustments occurred within the quarter. This trajectory indicates a weakening balance sheet profile that may limit the firm's future capacity to absorb credit losses within its lower-middle-market portfolio.
As reported in regulatory filings, Saratoga maintains a debt-to-equity ratio that has consistently hovered near 2.0x, reflecting a reliance on SBIC debentures and credit facilities to fund its investment activities, which inherently amplifies the firm's sensitivity to interest rate cycles and underlying borrower credit performance.
While this leverage is a standard feature of the BDC business model, the high debt-to-equity ratio leaves little room for error if portfolio assets experience widespread non-accruals. Investors should monitor whether the firm's interest coverage remains sufficient to support these debt obligations during periods of tightening credit conditions.
According to historical balance sheet data, Saratoga's current ratio has fluctuated wildly, ranging from a high of 27.93 in 2025Q4 to a precarious 0.08 in 2026Q4, indicating that the firm's ability to meet short-term obligations is highly dependent on the timing of asset liquidations and capital raises.
The extreme contraction in the current ratio suggests that liquidity management is a primary operational challenge for the firm. This volatility implies that the company may be forced to rely on external financing or asset sales to maintain liquidity, which could be dilutive or value-destructive in adverse market environments.
Based on the nature of BDC accounting, the firm's reliance on Level 3 inputs for portfolio valuation creates a non-obvious risk where the reported total assets of $1.2 billion may not reflect actual market value, potentially masking underlying credit deterioration or unrealized losses within the investment portfolio.
Because these assets lack observable market prices, the balance sheet is highly sensitive to management's internal valuation models. This creates a risk that the firm's net asset value could be subject to sudden, significant downward revisions if market conditions force a re-evaluation of the underlying loan and equity positions.
Quick answers to the most common questions about buying SAR stock.
As of 2026, Saratoga Investment Corp. (SAR) had total assets of $1.14B including $29.3M in current assets.
Saratoga Investment Corp. (SAR) carries total debt of $729.9M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Saratoga Investment Corp. (SAR) has total shareholders' equity (book value) of $396.2M ($24.99 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Saratoga Investment Corp. (SAR) reported a current ratio of 0.36x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.