SARATOGA INVT CORP SAR
COM NEW · Common Stock · CUSIP 80349A208
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Shares outstanding: 16.3m as of 2026-07-06, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $22.32. Options: 5 managers hold calls ($2.5m notional), 2 hold puts ($566.7k).
Trends to Q2 2026
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 49 |
| Q4 2022 | 52 |
| Q1 2023 | 58 |
| Q2 2023 | 68 |
| Q3 2023 | 66 |
| Q4 2023 | 72 |
| Q1 2024 | 62 |
| Q2 2024 | 59 |
| Q3 2024 | 59 |
| Q4 2024 | 67 |
| Q1 2025 | 68 |
| Q2 2025 | 66 |
| Q3 2025 | 71 |
| Q4 2025 | 71 |
| Q1 2026 | 63 |
| Q2 2026 | 59 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2024 | 23 | 25 |
| Q4 2024 | 27 | 23 |
| Q1 2025 | 34 | 20 |
| Q2 2025 | 32 | 27 |
| Q3 2025 | 37 | 21 |
| Q4 2025 | 30 | 31 |
| Q1 2026 | 34 | 24 |
| Q2 2026 | 27 | 28 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2025 | $1.0m | $1.5m | 1.45 |
| Q4 2025 | $816.7k | $1.6m | 1.92 |
| Q1 2026 | $1.6m | $1.0m | 0.64 |
| Q2 2026 | $2.5m | $566.7k | 0.22 |
Biggest buyers
| Janney Montgomery Scott LLC | Added | +45.9k |
| INTERNATIONAL ASSETS INVESTMENT MANAGEMENT, LLC | Added | +33.6k |
| CITADEL ADVISORS LLC | Added | +27.2k |
| Cambridge Investment Research Advisors, Inc. | Added | +22.4k |
| Legal & General Group Plc | Added | +18.3k |
| Advisors Asset Management, Inc. | Added | +15.0k |
| XTX Topco Ltd | Added | +14.9k |
| MORGAN STANLEY | Added | +13.4k |
| Focus Financial Network, Inc. | Added | +4.0k |
| Focus Partners Wealth | Added | +3.7k |
Biggest sellers
| TWO SIGMA INVESTMENTS, LP | Reduced | -37.3k |
| BI Asset Management Fondsmaeglerselskab A/S | Reduced | -22.0k |
| PFG Advisors | Sold out | -21.7k |
| HRT FINANCIAL LP | Sold out | -21.5k |
| UBS Group AG | Reduced | -20.6k |
| Private Advisor Group, LLC | Reduced | -18.5k |
| Lido Advisors, LLC | Reduced | -17.6k |
| BANK OF AMERICA CORP /DE/ | Reduced | -15.4k |
| Hennion & Walsh Asset Management, Inc. | Reduced | -10.6k |
| HighTower Advisors, LLC | Sold out | -10.2k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $892.4k40.0k shares |
| JANE STREET GROUP, LLC | New | $649.2k29.1k shares |
| GROUP ONE TRADING LLC | New | $562.2k25.2k shares |
| CITADEL ADVISORS LLC | Reduced | $432.8k19.4k shares |
| SIMPLEX TRADING, LLC | New | $11.2k500 shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $341.3k15.3k shares |
| JANE STREET GROUP, LLC | New | $225.3k10.1k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Insider purchases and sales since 1 Apr 2026
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
None reported since 1 Apr 2026.
Holders, Q2 2026
| Manager | Shares | Change |
|---|---|---|
| Lido Advisors, LLC 0.01% of their portfolio | 181.5k $4.0m | Reduced -17.6k |
| Private Advisor Group, LLC 0.01% of their portfolio | 146.7k $3.3m | Reduced -18.5k |
| Legal & General Group Plc 0.00% of their portfolio | 141.2k $3.2m | Added +18.3k |
| Hennion & Walsh Asset Management, Inc. 0.08% of their portfolio | 127.0k $2.8m | Reduced -10.6k |
| Advisors Asset Management, Inc. 0.04% of their portfolio | 121.6k $2.7m | Added +15.0k |
| INTERNATIONAL ASSETS INVESTMENT MANAGEMENT, LLC 0.16% of their portfolio | 116.0k $2.6m | Added +33.6k |
| LPL Financial LLC 0.00% of their portfolio | 111.9k $2.5m | Reduced -2.1k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 85.1k $1.9m | Reduced -188 |
| Ethos Financial Group, LLC 0.08% of their portfolio | 56.5k $1.3m | Added +3.7k |
| Janney Montgomery Scott LLC 0.00% of their portfolio | 56.2k $1.3m | Added +45.9k |
| BlackRock, Inc. 0.00% of their portfolio | 53.3k $1.2m | Reduced -1.3k |
| CITADEL ADVISORS LLC 0.00% of their portfolio | 50.5k $1.1m | Added +27.2k |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 49.1k $1.1m | Added +689 |
| Wealthcare Advisory Partners LLC 0.02% of their portfolio | 49.1k $1.1m | Reduced -1.4k |
| Palogic Value Management, L.P. 0.37% of their portfolio | 46.7k $1.0m | Unchanged |
| Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio | 46.4k $1.0m | Added +22.4k |
| Next Level Private LLC 0.19% of their portfolio | 43.5k $971.1k | Unchanged |
| MORGAN STANLEY 0.00% of their portfolio | 41.7k $930.6k | Added +13.4k |
| JB CAPITAL PARTNERS LP 0.11% of their portfolio | 33.8k $737.2k | Unchanged |
| Focus Partners Wealth 0.00% of their portfolio | 31.4k $701.4k | Added +3.7k |
| Focus Financial Network, Inc. 0.02% of their portfolio | 25.2k $562.6k | Added +4.0k |
| XTX Topco Ltd 0.01% of their portfolio | 24.9k $556.4k | Added +14.9k |
| Cetera Investment Advisers 0.00% of their portfolio | 23.0k $513.1k | Added +700 |
| OSAIC HOLDINGS, INC. 0.00% of their portfolio | 22.7k $507.5k | Added +53 |
| GREENWOOD GEARHART LLC 0.02% of their portfolio | 21.5k $479.7k | Added +3.7k |
| Virtus Investment Advisers, LLC 0.11% of their portfolio | 20.8k $463.1k | Reduced -5.0k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 19.2k $429.0k | Added +1.3k |
| TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio | 17.4k $388.6k | Reduced -37.3k |
| D.A. DAVIDSON & CO. 0.00% of their portfolio | 14.9k $332.3k | Reduced -3.4k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 14.8k $329.8k | Reduced -3.3k |
| COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio | 11.1k $248.1k | Reduced -6.1k |
| DAVIDSON TRUST CO 0.10% of their portfolio | 11.0k $245.4k | Unchanged |
| WEDBUSH SECURITIES INC 0.01% of their portfolio | 10.2k $228.0k | Reduced -500 |
| Steward Partners Investment Advisory, LLC 0.00% of their portfolio | 9.9k $219.8k | Added +2.4k |
| VestGen Advisors, LLC 0.01% of their portfolio | 9.7k $216.8k | Reduced -9.5k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 9.6k $213.7k | Reduced -15.4k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 6.9k $154.3k | Reduced -92 |
| UBS Group AG 0.00% of their portfolio | 6.7k $148.7k | Reduced -20.6k |
| Register Financial Advisors LLC 0.04% of their portfolio | 6.0k $134.5k | Added +24 |
| BI Asset Management Fondsmaeglerselskab A/S 0.00% of their portfolio | 5.0k $111.0k | Reduced -22.0k |
| Triumph Capital Management 0.01% of their portfolio | 3.0k $65.8k | Added +1.2k |
| Aquatic Capital Management LLC 0.00% of their portfolio | 1.0k $22.6k | Reduced -4.7k |
| IFP Advisors, Inc 0.00% of their portfolio | 1.0k $22.3k | Unchanged |
| IFG Advisory, LLC 0.00% of their portfolio | 1.0k $22.3k | New |
| Integrated Wealth Concepts LLC 0.00% of their portfolio | 965 $21.5k | New |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 809 $18.0k | Added +125 |
| EVOLUTION WEALTH MANAGEMENT INC. 0.01% of their portfolio | 701 $15.6k | Unchanged |
| State of Alaska, Department of Revenue 0.00% of their portfolio | 630 $14.0k | Unchanged |
| PFS Partners, LLC 0.00% of their portfolio | 503 $11.2k | Unchanged |
| Russell Investments Group, Ltd. 0.00% of their portfolio | 285 $6.4k | Reduced -43 |
| Avion Wealth 0.00% of their portfolio | 218 $4.0k | Added +7 |
| NewEdge Advisors, LLC 0.00% of their portfolio | 100 $2.2k | New |
| Strategic Investment Solutions, Inc. /IL 0.00% of their portfolio | 100 $2.2k | Unchanged |
| MJT & Associates Financial Advisory Group, Inc. 0.00% of their portfolio | 94 $2.1k | Unchanged |
| West Financial Advisors, LLC 0.00% of their portfolio | 57 $1.3k | Added +1 |
| Larson Financial Group LLC 0.00% of their portfolio | 49 $1.1k | Unchanged |
| Quarry LP 0.00% of their portfolio | 20 $446 | New |
| Hurley Capital, LLC 0.00% of their portfolio | 15 $344 | Unchanged |
| Frazier Financial Advisors, LLC 0.00% of their portfolio | 10 $224 | New |