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May 31, 2022
Saratoga Investment Q1 2023 Earnings Report
Announced fiscal first quarter 2023 financial results.
Key Takeaways
Saratoga Investment Corp. reported financial results for its 2023 fiscal first quarter, which coincided with significant market volatility. The company focused on balance sheet and liquidity strength, raised $97.5 million of 6.00% baby bonds, and maintained a high credit quality portfolio. Originations totaled $97 million, with $10 million of repayments.
Raised $97.5 million of 6.00% baby bonds to strengthen capital structure and liquidity.
Originations in fiscal first quarter 2023 totaled $97 million, with $10 million of repayments.
Credit quality remained high, with 95.0% of credits rated in the highest category.
Declared a quarterly dividend of $0.53 per share for the quarter ended May 31, 2022.
Forward Guidance
Saratoga Investment is well positioned for potential future economic opportunities and challenges, with focus on balance sheet and liquidity strength. The company expects capital deployment to be accretive to earnings. They remain confident in their experienced management team, high underwriting standards and ability to steadily grow portfolio size and maintain quality and investment performance over the long-term.
Positive Outlook
- Expects capital deployment to be accretive to earnings.
- Believes portfolio is well structured for future market conditions and uncertainty.
- Should be a significant future beneficiary of the recent and continuing rising rates.
- Confident in experienced management team.
- Confident in high underwriting standards.
Challenges Ahead
- Significant market volatility resulting from global instability.
- Increasing inflation.
- Supply chain constraints.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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