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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.
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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