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Nov 30, 2022
Saratoga Investment Q3 2023 Earnings Report
Saratoga Investment's financial results for the third quarter of 2023 fiscal year were announced, featuring an increase in adjusted net investment income per share.
Key Takeaways
Saratoga Investment Corp. reported financial results for its 2023 fiscal third quarter, with Net Investment Income (“NII”) per share notably up 30% over the prior quarter and up 84% over the year ago quarter, and Adjusted NII per share up 33% and 45%, respectively, over those same periods. The increase in earnings reflects the positive effects of rising rates on the Company’s asset and credit structure.
Adjusted Net Investment Income per share increased 33% sequentially.
Overall portfolio quality remained high with NAV per share remaining essentially flat over the prior quarter.
Adjusted Net Investment Income yield of 10.8% on portfolio reflects a robust 32% increase over the prior quarter’s 8.2%.
Company successfully raised more than $100 million in two baby bond offerings and received an important third SBIC license, while continuing to maintain its “BBB+” investment grade rating.
Forward Guidance
As Saratoga Investment navigates through this challenging environment, 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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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