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Feb 29, 2024
Saratoga Investment Q4 2024 Earnings Report
Saratoga Investment announced Q4 2024 financial results, with net investment income per share up 16% year-over-year and adjusted net investment income per share down 4% from last year's fourth quarter.
Key Takeaways
Saratoga Investment Corp. reported its Q4 2024 financial results, highlighting a substantial year-over-year increase in net investment income (NII) driven by growth in Assets under Management (AUM), strong portfolio performance, and margin improvement. The company's annualized fourth-quarter dividend is $0.73 per share, and the adjusted net investment income is $0.94 per share.
Net Investment Income (NII) per share increased by 16% compared to the same quarter last year.
Adjusted NII per share decreased by 4% compared to the same quarter last year.
Assets Under Management (AUM) reached $1.139 billion, a 17.1% increase from the previous year.
The company originated no new portfolio company investments, but had fourteen follow-on investments in existing portfolio companies.
Forward Guidance
Saratoga Investment remains confident in its management team, underwriting standards, and ability to grow portfolio size and maintain investment performance over the long term, while navigating the uncertainties in the current environment.
Positive Outlook
- Elevated margins on growing portfolio due to stabilized interest rates.
- Strong reputation and differentiated market positioning create attractive investment opportunities.
- Continued development of sponsor relationships.
- High-quality nature, resilience, and balance of the $1.139 billion portfolio.
- Experienced management team and high underwriting standards.
Challenges Ahead
- Uncertainties in the current economic environment.
- Volatile market conditions.
- Challenges encountered in two portfolio companies, Pepper Palace and Zollege.
- Potential impact of interest rate volatility on the business and portfolio companies.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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