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Nov 30, 2023
Saratoga Investment Q3 2024 Earnings Report
Announced financial results for fiscal third quarter 2024.
Key Takeaways
Saratoga Investment Corp. reported a solid financial performance for its fiscal third quarter 2024, marked by a substantial year-over-year increase in earnings driven by growth in Assets under Management (AUM), stable overall portfolio performance, and margin improvement from increasing rates on its largely floating rate assets.
Adjusted NII per share increased by 31% year-over-year, from $0.77 to $1.01.
Assets under management grew to $1.114 billion.
The quarterly dividend increased to $0.72 per share, up 6% from $0.68 in Q3 last year.
The company over-earned its dividend by 40% as compared to this quarter’s $1.01 per share adjusted NII.
Forward Guidance
Saratoga Investment remains confident in its experienced management team, high underwriting standards, and ability to steadily grow portfolio size and maintain quality and investment performance over the long-term, as they navigate through the current challenging and volatile environment.
Positive Outlook
- Experienced management team
- High underwriting standards
- Ability to steadily grow portfolio size
- Ability to maintain quality
- Ability to maintain investment performance over the long-term
Challenges Ahead
- Challenging environment
- Volatile environment
- Potential cuts in interest rates in 2024
- Markdown in a small number of specific credits
- Overall CLO portfolio markdown
Historical Earnings Impact
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Avg. Return Before/After Earnings
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