The company's financial stability is under scrutiny following an unexplained shift in total assets to $389.6 billion in 2026Q4 and a current ratio that plummeted to 0.08, indicating potential liquidity constraints.
| Metric | 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 |
|---|
| Total Current Assets | 24.43B | 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 |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 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 |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Goodwill | 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 |
| Long-Term Investments | 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 |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 389.58B | 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 Turnover | 0.00x | 0.08x | 0.06x | 0.06x | 0.09x | 0.07x | 0.15x | 0.08x | 0.09x | 0.08x | 0.08x | 0.08x | 0.08x | 0.11x | 0.15x | 0.23x | -0.03x | 0.18x | 0.11x | - |
| Asset Growth % | 32595.56% | 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% | - |
| Total Current Liabilities | 293.33B | 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 |
| Accounts Payable | 5.68M | 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 |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 293.33B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20M | 4.5M | 36.99M | 0 | 0 | 0 |
| Deferred Revenue (Current) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | -12.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 900K |
| Current Ratio | 0.08x | 27.93x | 3.93x | 14.51x | 14.67x | 5.87x | 7.52x | 7.60x | 1.83x | 3.60x | 1.86x | 1.71x | 3.54x | 7.32x | 0.13x | 1.14x | 0.19x | 2.97x | 1.59x | 0.00x |
| Quick Ratio | 0.08x | 27.93x | 3.93x | 14.51x | 14.67x | 5.87x | 7.52x | 7.60x | 1.83x | 3.60x | 1.86x | 1.71x | 3.54x | 7.32x | 0.13x | 1.14x | 0.19x | 2.97x | 1.59x | 0.00x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 200.38B | 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 |
| Long-Term Debt | 725.65M | 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 |
| Capital Lease Obligations | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 493.7B | 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 Debt | 781.82M | 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 | 633.6M | 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 |
| Debt / Equity | 1.97x | 1.99x | 2.17x | 2.05x | 1.40x | 0.90x | 0.67x | 1.53x | 1.44x | 1.43x | 1.28x | 1.08x | 0.83x | 0.55x | 0.41x | 0.10x | 1.33x | 0.87x | 0.80x | - |
| Debt / EBITDA | 9.13x | 24.46x | 68.69x | 26.58x | 10.28x | 13.74x | 3.64x | 14.40x | 11.69x | 15.87x | 13.67x | 11.69x | 11.10x | 4.29x | 3.01x | 0.53x | - | 1.40x | - | - |
| Net Debt / EBITDA | 7.40x | 19.82x | 67.95x | 24.12x | 9.31x | 12.80x | 3.20x | 12.80x | 11.47x | 15.06x | 13.46x | 11.52x | 10.71x | 4.28x | 2.91x | -0.10x | - | 1.22x | - | - |
| Interest Coverage | 1.74x | 0.61x | 0.24x | 0.80x | 2.44x | 1.47x | 3.84x | 1.47x | 1.61x | 1.16x | 1.39x | 1.53x | 1.40x | 5.53x | 10.23x | 6.49x | -2.55x | 5.36x | -1.07x | - |
| Total Equity | 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 % | 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% | - |
| Book Value per Share | 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 |
| Total Shareholders' Equity | 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 |
| Common Stock | 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 |
| Retained Earnings | -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 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 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 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Portfolio Valuation and Leverage
As reported in recent quarterly filings, SAJ's total assets experienced a massive, unexplained shift from $1.2 billion in 2026Q3 to $389.6 billion in 2026Q4, suggesting significant volatility or potential reporting errors that complicate any assessment of the company's long-term financial trajectory and underlying business quality.
The extreme fluctuation in asset values over a single quarter warrants deep skepticism regarding the consistency of the company's financial reporting. Investors should monitor whether this shift represents a genuine change in investment strategy or a fundamental breakdown in the accuracy of the balance sheet data provided.
Based on the reported figures, SAJ maintains a debt-to-equity ratio that has fluctuated between 1.85 and 2.21 over the last ten quarters, which, according to financial statements, indicates a persistent reliance on leverage that may be sensitive to interest rate environments and credit market tightening.
While the company utilizes SBIC licenses to manage its cost of capital, the high debt load relative to equity suggests that any material decline in portfolio asset values could rapidly erode the net asset value. The consistency of this leverage profile appears to be a strategic necessity for the BDC model, yet it leaves little room for error in credit underwriting.
According to the latest balance sheet data, the current ratio plummeted from 9.12 in 2026Q3 to 0.08 in 2026Q4, signaling a potential liquidity crunch that may limit the company's ability to meet short-term obligations without relying on external financing or asset liquidations.
This sharp decline in liquidity coverage is a significant red flag that suggests the company's cash position is no longer sufficient to cover its immediate liabilities. Such a rapid deterioration in the current ratio warrants further investigation into the company's cash management practices and the maturity profile of its outstanding debt.
As indicated by the historical balance sheet data, SAJ has consistently reported negative retained earnings, with the deficit reaching $43.1 million in 2026Q4, which suggests that the company's cumulative operational performance has struggled to generate sufficient value to offset its dividend distributions and realized losses.
The persistent negative retained earnings highlight a structural challenge in maintaining shareholder equity through organic growth. This trend implies that the company may be effectively returning capital to shareholders that was not generated through sustainable earnings, which could threaten the long-term viability of its dividend policy.
Quick answers to the most common questions about buying SAJ stock.
As of 2026, Saratoga Investment Corp 8.00% (SAJ) had total assets of $389.58B including $24.43B in current assets.
Saratoga Investment Corp 8.00% (SAJ) carries total debt of $781.8M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Saratoga Investment Corp 8.00% (SAJ) 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 8.00% (SAJ) reported a current ratio of 0.08x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.