Why did Saratoga stop buying back shares in Q1 2027?

The filing does not disclose the reason for the pause. The company may have prioritized deploying capital into portfolio investments—it originated $79.2 million during the quarter—or determined that market conditions made repurchases less attractive at that time. Repurchase plans typically operate opportunistically when shares trade below NAV.

How much of the repurchase authorization has been used?

Saratoga has repurchased 1,037,698 of its 1.7 million authorized shares (roughly 61% of the limit) for approximately $22.9 million cumulatively since the plan's inception in 2015. Approximately 662,302 shares remain available for repurchase under the current authorization through January 15, 2027.

At what prices has Saratoga been buying back shares?

The cumulative average repurchase price is $22.05 per share. As of the filing date, NAV per share was $23.23 and the stock price was $21.42, both within the historical repurchase price range, indicating disciplined execution when shares traded at a discount to NAV.

How often does Saratoga extend its repurchase authorization?

The Board has extended the Share Repurchase Plan annually since its inception in fiscal 2015. The most recent extension, approved January 6, 2026, is valid through January 15, 2027. Extension decisions typically occur when the Board believes buybacks remain a prudent capital allocation option.

What is Saratoga's strategy on shareholder distributions?

Saratoga combines dividend distributions—currently $0.75 per share quarterly ($0.25 monthly)—with opportunistic share repurchases at discounts to NAV. The company also offers shareholders a dividend reinvestment plan (DRIP) that issues new shares at a 5% discount, giving investors flexibility in how they receive returns.

Does the repurchase plan impact the company's leverage or financial flexibility?

The filing indicates Saratoga had $150.8 million in total undrawn borrowing capacity and cash as of May 31, 2026, plus an active $300 million equity distribution agreement. Repurchases do not materially constrain the company's liquidity, as they are sized opportunistically within available capital and cash flow.

SAY 8-K Filed 2026-07-07 Execution disclosure

Saratoga Investment pauses share buybacks; $22.9M repurchased under plan

BDC reports Q1 2027 results; 1M shares bought since 2015 at average $22.05; no repurchases in latest quarter

Shares repurchased1.0M

Avg price paid$22.05

MechanismRule 10b-18 open-market purcha

What the filing says

Saratoga Investment Corp. (NYSE: SAY), a business development company, reported in its fiscal first quarter 2027 earnings that it has repurchased a cumulative 1,037,698 shares of common stock at an average price of $22.05 per share for approximately $22.9 million under its existing Share Repurchase Plan. No shares were repurchased during the quarter ended May 31, 2026.

The Share Repurchase Plan was originally announced in fiscal 2015 as an open-market program permitting repurchases of up to 200,000 shares at prices below net asset value. The authorization has been extended annually and periodically increased; the current authorization allows for repurchases of up to 1.7 million shares of common stock. On January 6, 2026, the Board of Directors extended the plan for another year through January 15, 2027.

As of May 31, 2026, Saratoga Investment's NAV per share stood at $23.23, compared to $24.42 in the prior quarter and $25.52 a year earlier. The company's stock price as of July 6, 2026 was $21.42 per share, below NAV. The repurchase plan permits the company to buy shares opportunistically when trading below published NAV, a common capital allocation tool for BDCs seeking to enhance shareholder value during periods of discount valuations.

As of May 31, 2026, the Company purchased 1,037,698 shares of common stock, at the average price of $22.05 for approximately $22.9 million pursuant to its existing Share Repurchase Plan. During the quarter ended May 31, 2026, the Company did not purchase any shares of common stock pursuant to the Share Repurchase Plan. — SARATOGA INVESTMENT CORP. 8-K filing · View on SEC EDGAR →

What this means

Saratoga Investment's repurchase activity illustrates how BDCs manage capital when shares trade below NAV. The company has cumulatively repurchased roughly 61% of its 1.7 million authorized share count, at an average price of $22.05 versus a current NAV of $23.23 and market price of $21.42, indicating disciplined execution below NAV levels. The pause in Q1 repurchases may reflect management's assessment of deployment opportunities in portfolio investments or market conditions. With the plan extended through January 2027, the company retains capacity to resume buybacks if valuations warrant. This mechanism is distinct from debt or other forms of capital return and reduces share count to benefit remaining shareholders proportionally.

Frequently asked questions

Why did Saratoga stop buying back shares in Q1 2027?: The filing does not disclose the reason for the pause. The company may have prioritized deploying capital into portfolio investments—it originated $79.2 million during the quarter—or determined that market conditions made repurchases less attractive at that time. Repurchase plans typically operate opportunistically when shares trade below NAV.
How much of the repurchase authorization has been used?: Saratoga has repurchased 1,037,698 of its 1.7 million authorized shares (roughly 61% of the limit) for approximately $22.9 million cumulatively since the plan's inception in 2015. Approximately 662,302 shares remain available for repurchase under the current authorization through January 15, 2027.
At what prices has Saratoga been buying back shares?: The cumulative average repurchase price is $22.05 per share. As of the filing date, NAV per share was $23.23 and the stock price was $21.42, both within the historical repurchase price range, indicating disciplined execution when shares traded at a discount to NAV.
How often does Saratoga extend its repurchase authorization?: The Board has extended the Share Repurchase Plan annually since its inception in fiscal 2015. The most recent extension, approved January 6, 2026, is valid through January 15, 2027. Extension decisions typically occur when the Board believes buybacks remain a prudent capital allocation option.
What is Saratoga's strategy on shareholder distributions?: Saratoga combines dividend distributions—currently $0.75 per share quarterly ($0.25 monthly)—with opportunistic share repurchases at discounts to NAV. The company also offers shareholders a dividend reinvestment plan (DRIP) that issues new shares at a 5% discount, giving investors flexibility in how they receive returns.
Does the repurchase plan impact the company's leverage or financial flexibility?: The filing indicates Saratoga had $150.8 million in total undrawn borrowing capacity and cash as of May 31, 2026, plus an active $300 million equity distribution agreement. Repurchases do not materially constrain the company's liquidity, as they are sized opportunistically within available capital and cash flow.

execution bdc rule-10b-18 below-nav quarterly-earnings capital-allocation

Source. This editorial summary is based on the SEC filing linked above. BuybackStocks aggregates and editorializes publicly available SEC EDGAR filings. Not investment advice. Past authorization announcements do not guarantee future repurchase activity or share price performance. See our full disclosures policy.