The CEO's first open-market purchase in the filing window, at a price below NAV ($14.89 vs NAV of $22.15), signals insider conviction in the portfolio's underlying value despite near-term NAV pressure. Monitor upcoming quarterly filings for NAV stabilization and continued AUM growth.
Price Chart
Executive Summary
CEO Christian Oberbeck purchased $223K of SAR stock on October 8, 2026, at $14.89 per share, following the company's fiscal Q2 2027 earnings release (Oct 6) and a credit facility amendment (Oct 9). The insider buy signals confidence despite a 6.8% sequential NAV decline and negative EPS, as the company grew AUM 2.1% and maintained a 0.0% non-accrual fair value rate.
Key Financial Metrics
Key Facts
- CEO Christian Oberbeck purchased 15,000 shares at $14.89 on October 8, 2026, for a total of $223,000.
- The purchase occurred 2 days after fiscal Q2 2027 earnings (Oct 6) and 1 day before a credit facility amendment (Oct 9).
- Fiscal Q2 2027: AUM grew 2.1% to $1.150B, net originations of $37.1M, non-accruals at 0.0% of fair value.
- NAV per share declined from $23.23 to $22.15 sequentially; EPS was ($0.41) vs $0.84 a year ago.
- Adjusted NII per share was $0.46, down from $0.47 last quarter and $0.58 a year ago.
- The company repurchased 444,124 shares at a discount to NAV, adding $0.09 per share of NAV accretion.
- Post-quarter, an $85M SAX baby bond was upsized to $120.8M, refinancing $105.5M in SAT bonds.
Financial Impact
CEO open-market purchase of $223K represents approximately 0.07% of market cap (based on $16.61 stock price on Oct 5, 2026, and ~16.0M shares outstanding).
Risk Factors
- NAV per share declined 6.8% sequentially and 13.5% year-over-year, driven by credit markdowns and excess dividends.
- Adjusted NII per share of $0.46 covers only 61% of the $0.75 quarterly dividend, requiring reliance on undistributed earnings.
- The company's return on equity was negative 7.3% annualized for the quarter.
Documents Analyzed
This report is based on 1 SEC document filed with EDGAR.
| Document | Accession Number |
|---|---|
| INSIDER-BUY Data (Synthetic) | 0001213900-26-108753 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 13d ago | Insider Buy | $15.07 $14.92 | ▼ −1.00% | ▲ +0.09% | $13.34 (−11.47%) |
Oct 9, 2026 16d ago | 8-K | $14.93 $15.07 | ▲ +0.94% | ▲ +0.95% | $13.34 (−10.64%) |
Oct 6, 2026 19d ago | 8-K | $14.91 $14.97 | ▼ −0.40% | ▼ −0.83% | $13.34 (+10.52%) |
Sep 23, 2026 4w ago | Press Release | $17.33 $17.11 | ▲ +1.27% | ▲ +1.81% | $13.34 (+23.02%) |
Sep 22, 2026 4w ago | Press Release | $17.46 $17.33 | ▼ −0.74% | ▼ −0.66% | $13.34 (−23.59%) |
Sep 18, 2026 5w ago | Press Release | $17.57 $17.75 | ▲ +1.02% | ▲ +1.04% | $13.34 (−24.07%) |
Sep 18, 2026 5w ago | 25-NSE | $17.64 $17.57 | ▼ −0.40% | ▼ −1.95% | $13.34 (−24.37%) |
Sep 17, 2026 5w ago | Press Release | $17.86 | awaiting T+1 | — | $13.34 (−25.30%) |
Aug 26, 2026 8w ago | 8-K | $18.42 $18.33 | ▼ −0.49% | ▼ −1.14% | $13.34 (−27.57%) |
Aug 19, 2026 9w ago | 8-K | $18.72 $18.43 | ▼ −1.55% | ▼ −1.96% | $13.34 (−28.74%) |
US Market Status
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