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Saratoga Investment Corp. Announces Fiscal Third Quarter 2017 Financial Results

Increases Quarterly Dividend to $0.45 from $0.44 per share

NEW YORK, Jan. 11, 2017 /PRNewswire/ -- Saratoga Investment Corp. (NYSE: SAR) ("Saratoga Investment" or "the Company"), a business development company, today announced financial results for its 2017 fiscal third quarter.

Summary Financial Information

For the quarter ended November 30, 2016, Saratoga Investment's assets under management ("AUM") was $277.6 million, an increase of 1.7% from $272.8 million as of August 31, 2016, and a decrease of 2.3% from $284.0 million as of February 29, 2016. These changes include $30.1 million in acquisitions this quarter, offset by further repayments of $23.8 million during the third fiscal quarter of 2017 following significant repayments last quarter. Total repayments for this fiscal year increased to $94.7 million, generating a gross unlevered IRR of 20.6%. Saratoga Investment's portfolio has grown this quarter and remains strong, with a continued high level of investment quality in loan investments with 96.7% of our loans at our highest internal rating for this quarter.

The quarter ended November 30, 2016 continued to benefit from higher investment income - investment income increased to $8.4 million for the quarter ended November 30, 2016, up 21.7% from $6.9 million for the quarter ended November 30, 2015.

Net Asset Value ("NAV") increased $2.5 million from $125.1 million as of February 29, 2016 to $127.7 million as of November 30, 2016, and return on equity for the quarter ended November 30, 2016 was 4.9% annualized and 7.7% for the last twelve months. Excluding the $5.7 million realized and unrealized losses in our legacy investments Targus Group International and Elyria Foundry Company, LLC over the past twelve months, the return on equity for the last twelve months ended November 30, 2016 was 12.1%. Both Targus and Elyria are legacy investments that pre-date Saratoga's management of the Company.

The Company's summarized financial information is as follows:


For the
quarter ended
Nov 30, 2016

For the
quarter ended
Aug 31, 2016

For the
quarter ended
Nov 30, 2015


($ in thousands except per share)

AUM

277,570

272,804

241,038

NAV

127,680

128,563

127,273

Investment Income

8,442

8,448

6,936

Net Investment Income per share

$0.60

$0.45

$0.38

Adjusted Net Investment Income per share

0.53

0.53

0.42

Earnings per share

0.27

0.92

0.61

Return on equity - annualized quarter

4.9%

16.5%

10.8%

                            - last twelve months

7.7%

9.1%

11.9%

 

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