SAX — what changed in the latest 10-Q
A section-by-section comparison of SAX's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-10-06 vs the prior 10-Q · 2026-07-07
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +85 | −51 | ~40 | 241 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~5 | 5 |
| Controls & procedures | Text added/removed | 0 | 0 | ~1 | 1 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | Some risk factors updated | +2 | 0 | ~1 | 0 |
| Other information | No paragraph-level changes | 0 | 0 | 0 | 1 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-10-06
Fixed rate debt (% of interest earning portfolio)(3) $9.8(1.0)% $
Floating rate debt (weighted average current spread over SOFR)(3)(4) 6.5% 6.6%
(1)Excludes our investment in the subordinated notes of Saratoga CLO, and our investments in BBB and BB CLO debt securities.
(3)Excludes our investment in the subordinated notes of Saratoga CLO and equity interests, as well as the unsecured notes and equity interests in SLF JV, Class E-R Notes of the SLF 2022 and our investments in BB and BBB CLO debt securities.
(4)Calculation uses either 1-month or 3-month SOFR, depending on the contractual terms, and after factoring in any existing SOFR floors.
Text removed vs the prior filing · source: 10-Q · 2026-07-07
Fixed rate debt (weighted average current coupon)(3) 8.6% 9.1%
(1) Excludes our investment in the subordinated notes of Saratoga CLO, and our investments in BBB and BB CLO debt securities.
(2) Excludes our investment in the subordinated notes and F-2-R-3 Notes of Saratoga CLO, the unsecured notes and equity interests in the SLF JV, Class E-R Notes of the SLF 2022, and our investments in BB and BBB CLO debt securities.
(4) Calculation uses either 1-month or 3-month SOFR, depending on the contractual terms, and after factoring in any existing SOFR floors.
(5) Our investment in the subordinated notes of Saratoga CLO and Class F-R-3 Note tranche, the unsecured notes and equity interests in the SLF JV, Class E-R Notes tranche of the SLF 2022 and our investments in BB and BBB CLO debt securities are included in Structured Finance Securities industry.
Risk factors
Text added vs the prior filing · source: 10-Q · 2026-10-06
The early redemption feature in our outstanding 7.25% 2029 Notes increases our dependence on certain key individuals and could result in early repayment obligations at a time when we may not have sufficient cash, which could trigger cross defaults under our other indebtedness.
Our 7.25% 2029 Notes contain a provision that grants the holders the option to have the 7.25% 2029 Notes repaid prior to their stated maturity date if (i) we are no longer directly managed by Saratoga Investment Advisors or any of its affiliates, or if two or more of Christian L. Oberbeck, Michael J…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice