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Feb 28, 2023
Saratoga Investment Q4 2023 Earnings Report
Announced fiscal year-end and fourth quarter 2023 financial results, with adjusted NII per share up 27% over last year’s fourth quarter.
Key Takeaways
Saratoga Investment Corp. reported financial results for Q4 2023, featuring a 27% increase in adjusted NII per share compared to the same quarter last year. The company's performance was driven by higher margins on its portfolio and a strong flow of investment opportunities.
Adjusted NII per share increased by 27% sequentially in Q4.
Assets under management grew to more than $1.05 billion with net originations of approximately $109 million since year-end.
Dividend increased to 69c per share, up 30% from Q4 last year and over earned by 42% as compared to this quarter’s 98c per share adjusted NII.
Company issued $301.4 million in long-term, fixed-rate capital to support growth.
Saratoga Investment
Saratoga Investment
Forward Guidance
Saratoga Investment remains confident in its management team and underwriting standards, expecting to grow portfolio size and maintain investment performance.
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
- Prudent and discerning in terms of new commitments
- Pipeline remains robust with many actionable opportunities
- Credit quality for this quarter remained high at 96% of credits rated in our highest category, with one credit on non-accrual.
- Uncertainty of economic conditions