Saratoga Investment Corp. Announces Fiscal Year-End and Fourth Quarter 2024 Financial Results
Saratoga Investment’s annualized fourth quarter dividend of
Summary Financial Information
The Company’s summarized financial information is as follows:
For the year ended and as of |
For the year ended and as of |
For the year ended and as of |
|||||||||||||
($ thousands except per share) | |||||||||||||||
AUM | 1,138,794 | 972,590 | 817,567 | ||||||||||||
NAV | 370,224 | 346,958 | 355,781 | ||||||||||||
NAV per share | 27.12 | 29.18 | 29.33 | ||||||||||||
Investment Income | 143,720 | 99,104 | 70,741 | ||||||||||||
Net Investment Income per share | 4.49 | 2.94 | 1.74 | ||||||||||||
Adjusted Net Investment Income per share | 4.10 | 2.85 | 2.24 | ||||||||||||
Earnings per share | 0.71 | 2.06 | 3.99 | ||||||||||||
Dividends per share (record date) | 2.82 | 2.28 | 1.92 | ||||||||||||
Return on Equity – last twelve months | 2.5 | % | 7.2 | % | 13.9 | % | |||||||||
Originations | 246,101 | 365,250 | 458,075 | ||||||||||||
Repayments |
30,271 | 202,390 | 226,931 | ||||||||||||
|
For the three months ended and as of |
For the three months ended and as of |
For the three months ended and as of |
||||||||||||
($ in thousands except per share) | |||||||||||||||
AUM | 1,138,794 | 1,114,039 | 972,590 | ||||||||||||
NAV | 370,224 | 359,559 | 346,958 | ||||||||||||
NAV per share | 27.12 | 27.42 | 29.18 | ||||||||||||
Investment Income | 37,233 | 36,340 | 32,315 | ||||||||||||
Net Investment Income per share | 0.94 | 1.09 | 0.81 | ||||||||||||
Adjusted Net Investment Income per share | 0.94 | 1.01 | 0.98 | ||||||||||||
Earnings per share | 0.39 | (0.31 | ) | 1.62 | |||||||||||
Dividends per share (declared) | 0.73 | 0.72 | 0.69 | ||||||||||||
Return on Equity – last twelve months | 2.5 | % | 6.6 | % | 7.2 | % | |||||||||
– annualized quarter | 5.8 | % | (4.5 | %) | 22.5 | % | |||||||||
Originations | 43,217 | 35,612 | 40,036 | ||||||||||||
Repayments | 11,023 | 2,144 | 60,175 | ||||||||||||
“The rise in interest rates has stabilized this year, resulting in elevated margins on our growing portfolio relative to the past year, and market expectations for interest rate cuts have diminished with an apparent current environment of near-term rate stability. In addition, our strong reputation and differentiated market positioning, combined with our ongoing development of sponsor relationships, continues to create attractive investment opportunities from high quality sponsors at attractive pricing, terms and absolute rates, despite the recent constrained general volume of M&A,” said
“Saratoga’s solid overall performance is reflected in our continued strong key performance indicators this past year, including: (i) adjusted NII per share increases of 44% over the past year (
“We have made substantial progress in building our NAV this year to further support the substantial growth of our portfolio, raising more than
“Most importantly, at the foundation of our performance is the high-quality nature, resilience and balance of our
“We continue to remain prudent and discerning in terms of new commitments in the current volatile environment. Originations this year demonstrate that, despite an overall robust pipeline, there are periods when investments we review do not meet our high-quality credit and pricing standards, like this quarter where we originated no new portfolio company investments while benefitting from fourteen follow-on investments in existing portfolio companies we know well with strong business models and balance sheets. Originations this year totaled
“As we navigate through the uncertainties in our current environment, we remain confident in our experienced management team, high underwriting standards and ability to steadily grow portfolio size and maintain quality and investment performance over the long-term.”
Discussion of Financial Results for the Year and Quarter ended
As of
Saratoga Investment’s portfolio remains strong, with 85.7% of the portfolio in first liens, and a continued high level of investment quality in loan investments, with 98.1% of its loans this quarter at its highest internal rating. Saratoga Investment’s portfolio has an overall fair value that is 3.5% below its cost basis, with the fair value of its core non-CLO portfolio 1.7% below its cost basis. Since
For the year ended
As compared to the year and quarter ended
Total expenses for fiscal year 2024, excluding interest and debt financing expenses, base management fees and incentive fees, and income and excise taxes, increased from $8.0 million to $8.5 million as compared to fiscal year 2023. This represented 0.7% of average total assets on an annualized basis, down from 0.8% last year. For the quarters ended
Net investment income on a weighted average per share basis was
Net investment income yield as a percentage of average net asset value (“Net Investment Income Yield”) was 16.0% and 14.0% for the year and quarter ended
Return on equity (“ROE”) for the last twelve months ended February 29, 2024 was 2.5%, down from 7.2% for the comparable period last year. ROE on an annualized basis for the quarter ended
NAV was $370.2 million as of February 29, 2024, an increase of $23.2 million from $347.0 million as of February 28, 2023, and an increase of
NAV per share was $27.12 as of February 29, 2024, compared to $29.18 as of February 28, 2023, and $27.42 as of November 30, 2023.
Investment portfolio activity for the year ended February 29, 2024:
- Cost of investments made during the period: $246.1 million, including investments in eight new portfolio companies and sixty-five follow-ons.
- Principal repayments during the period: $30.2 million, including six repayments of existing investments, plus amortization.
Investment portfolio activity for the quarter ended
- Cost of investments made during the period:
$43.2 million , including zero investments in new portfolio companies and fourteen follow-ons. - Principal repayments during the period:
$11.0 million , including one partial repayment of an existing investment, plus amortization.
Additional Financial Information
For the fiscal quarter ended
For the fiscal year ended
Portfolio and Investment Activity
As of
As of
Portfolio Update:
On
Liquidity and Capital Resources
As of
With $30.0 million available under the credit facility and
On
On
Dividend
On
The Company previously declared in fiscal 2024 a quarterly dividend of
Shareholders have the option to receive payment of dividends in cash or receive shares of common stock, pursuant to the Company’s DRIP.
Share Repurchase Plan
In fiscal year 2015, the Company announced the approval of an open market share repurchase plan that allows it to repurchase up to 200,000 shares of its common stock at prices below its NAV as reported in its then most recently published financial statements. Since then, the Share Repurchase Plan has been extended annually, and the Company has periodically increased the amount of shares of common stock that may be purchased under the Share Repurchase Plan, most recently to 1.7 million shares of common stock. On
As of
2024 Fiscal Year and Fourth Quarter Conference Call/Webcast Information
When: | |
How: | Webcast: Interested parties may access a live webcast of the call and find the Q4 2024 presentation by going to the “Events & Presentations” section of Saratoga Investment Corp.’s investor relations website, Saratoga events and presentations). A replay of the webcast will also be available for a limited time at Saratoga events and presentations). |
Call: | To access the call by phone, please go to this link (Registration Link), and you will be provided with dial in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time. |
About
Forward Looking Statements
This press release contains historical information and forward-looking statements with respect to the business and investments of the Company, including, but not limited to, the statements about future events or our future performance or financial condition. Forward-looking statements can be identified by the use of forward looking words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or negative versions of those words, other comparable words or other statements that do not relate to historical or factual matters. The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including, but not limited to: changes in the markets in which we invest; changes in the financial, capital, and lending markets; an economic downturn and its impact on the ability of our portfolio companies to operate and the investment opportunities available to us; the impact of interest rate volatility on our business and our portfolio companies; the impact of supply chain constraints and labor shortages on our portfolio companies; and the elevated levels of inflation and its impact on our portfolio companies and the industries in which we invests, as well as those described from time to time in our filings with the
Any forward-looking statement speaks only as of the date on which it is made. The Company undertakes no duty to update any forward-looking statements made herein or on the webcast/conference call, whether as a result of new information, future developments or otherwise, except as required by law. Readers should not place undue reliance on any forward-looking statements and are encouraged to review the Company’s Annual Report on Form 10-Q for the fiscal year ended
Financials
Consolidated Statements of Assets and Liabilities | ||||||||
ASSETS | ||||||||
Investments at fair value | ||||||||
Non-control/Non-affiliate investments (amortized cost of |
$ | 1,019,774,616 | $ | 828,028,800 | ||||
Affiliate investments (amortized cost of |
27,749,137 | 28,305,871 | ||||||
Control investments (amortized cost of |
91,270,036 | 116,255,582 | ||||||
Total investments at fair value (amortized cost of |
1,138,793,789 | 972,590,253 | ||||||
Cash and cash equivalents | 8,692,846 | 65,746,494 | ||||||
Cash and cash equivalents, reserve accounts | 31,814,278 | 30,329,779 | ||||||
Interest receivable (net of reserve of |
10,298,998 | 8,159,951 | ||||||
Management fee receivable | 343,023 | 363,809 | ||||||
Other assets | 1,163,225 | 531,337 | ||||||
Current tax receivable | 99,676 | 436,551 | ||||||
Total assets | $ | 1,191,205,835 | $ | 1,078,158,174 | ||||
LIABILITIES | ||||||||
Revolving credit facility | $ | 35,000,000 | $ | 32,500,000 | ||||
Deferred debt financing costs, revolving credit facility | (882,122 | ) | (1,344,005 | ) | ||||
SBA debentures payable | 214,000,000 | 202,000,000 | ||||||
Deferred debt financing costs, SBA debentures payable | (5,779,892 | ) | (4,923,488 | ) | ||||
8.75% Notes Payable 2025 | 20,000,000 | - | ||||||
Discount on 8.75% notes payable 2025 | (112,894 | ) | - | |||||
Deferred debt financing costs, 8.75% notes payable 2025 | (4,777 | ) | - | |||||
7.00% Notes Payable 2025 | 12,000,000 | 12,000,000 | ||||||
Discount on 7.00% notes payable 2025 | (193,175 | ) | (304,946 | ) | ||||
Deferred debt financing costs, 7.00% notes payable 2025 | (24,210 | ) | (40,118 | ) | ||||
7.75% Notes Payable 2025 | 5,000,000 | 5,000,000 | ||||||
Deferred debt financing costs, 7.75% notes payable 2025 | (74,531 | ) | (129,528 | ) | ||||
4.375% Notes Payable 2026 | 175,000,000 | 175,000,000 | ||||||
Premium on 4.375% notes payable 2026 | 564,260 | 830,824 | ||||||
Deferred debt financing costs, 4.375% notes payable 2026 | (1,708,104 | ) | (2,552,924 | ) | ||||
4.35% Notes Payable 2027 | 75,000,000 | 75,000,000 | ||||||
Discount on 4.35% notes payable 2027 | (313,010 | ) | (408,932 | ) | ||||
Deferred debt financing costs, 4.35% notes payable 2027 | (1,033,178 | ) | (1,378,515 | ) | ||||
6.25% Notes Payable 2027 | 15,000,000 | 15,000,000 | ||||||
Deferred debt financing costs, 6.25% notes payable 2027 | (273,449 | ) | (344,949 | ) | ||||
6.00% Notes Payable 2027 | 105,500,000 | 105,500,000 | ||||||
Discount on 6.00% notes payable 2027 | (123,782 | ) | (159,334 | ) | ||||
Deferred debt financing costs, 6.00% notes payable 2027 | (2,224,403 | ) | (2,926,637 | ) | ||||
8.00% Notes Payable 2027 | 46,000,000 | 46,000,000 | ||||||
Deferred debt financing costs, 8.00% notes payable 2027 | (1,274,455 | ) | (1,622,376 | ) | ||||
8.125% Notes Payable 2027 | 60,375,000 | 60,375,000 | ||||||
Deferred debt financing costs, 8.125% notes payable 2027 | (1,563,594 | ) | (1,944,536 | ) | ||||
8.50% Notes Payable 2028 | 57,500,000 | - | ||||||
Deferred debt financing costs, 8.50% notes payable 2028 | (1,680,039 | ) | - | |||||
Base management and incentive fees payable | 8,147,217 | 12,114,878 | ||||||
Deferred tax liability | 3,791,150 | 2,816,572 | ||||||
Accounts payable and accrued expenses | 1,337,542 | 1,464,343 | ||||||
Interest and debt fees payable | 3,582,173 | 3,652,936 | ||||||
Directors fees payable | - | 14,932 | ||||||
Due to Manager | 450,000 | 10,935 | ||||||
Total liabilities | 820,981,727 | 731,200,132 | ||||||
Commitments and contingencies | ||||||||
NET ASSETS | ||||||||
Common stock, par value |
||||||||
authorized, 13,653,476 and 11,890,500 common shares issued and outstanding, respectively | 13,654 | 11,891 | ||||||
Capital in excess of par value | 371,081,199 | 321,893,806 | ||||||
Total distributable earnings (deficit) | (870,745 | ) | 25,052,345 | |||||
Total net assets | 370,224,108 | 346,958,042 | ||||||
Total liabilities and net assets | $ | 1,191,205,835 | $ | 1,078,158,174 | ||||
NET ASSET VALUE PER SHARE | $ | 27.12 | $ | 29.18 | ||||
Asset Coverage Ratio | 161.1 | % | 165.9 | % | ||||
Consolidated Statements of Operations | |||||||
For the three months ended | |||||||
INVESTMENT INCOME | |||||||
Interest from investments | |||||||
Interest income: | |||||||
Non-control/Non-affiliate investments | $ | 29,979,395 | $ | 23,079,577 | |||
Affiliate investments | 500,081 | 486,078 | |||||
Control investments | 2,193,359 | 1,871,444 | |||||
Payment-in-kind interest income: | |||||||
Non-control/Non-affiliate investments | 60,358 | 101,353 | |||||
Affiliate investments | 229,742 | 195,684 | |||||
Control investments | 272,344 | 126,728 | |||||
Total interest from investments | 33,235,279 | 25,860,864 | |||||
Interest from cash and cash equivalents | 647,460 | 1,133,079 | |||||
Management fee income | 816,265 | 818,578 | |||||
Dividend income(*): | |||||||
Non-control/Non-affiliate investments | - | 1,770,514 | |||||
Affiliate investments | - | - | |||||
Control investments | 1,231,865 | - | |||||
Total dividend from investments | 1,231,865 | 1,770,514 | |||||
Structuring and advisory fee income | 363,394 | 771,750 | |||||
Other income | 939,110 | 1,960,333 | |||||
Total investment income | 37,233,373 | 32,315,118 | |||||
OPERATING EXPENSES | |||||||
Interest and debt financing expenses | 12,551,258 | 10,255,051 | |||||
Base management fees | 4,950,190 | 4,258,971 | |||||
Incentive management fees expense (benefit) | 3,197,026 | 4,840,202 | |||||
Professional fees | 359,740 | 468,238 | |||||
Administrator expenses | 1,075,000 | 818,750 | |||||
Insurance | 77,519 | 80,760 | |||||
Directors fees and expenses | 70,500 | 60,000 | |||||
General and administrative | 283,673 | 836,609 | |||||
Income tax expense (benefit) | 54,119 | (20,469 | ) | ||||
Excise tax expense (benefit) | 1,829,837 | 1,067,532 | |||||
Total operating expenses | 24,448,862 | 22,665,644 | |||||
NET INVESTMENT INCOME | 12,784,511 | 9,649,474 | |||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | |||||||
Net realized gain (loss) from investments: | |||||||
Non-control/Non-affiliate investments | 2,327 | 80,683 | |||||
Net realized gain (loss) from investments | 2,327 | 80,683 | |||||
Net change in unrealized appreciation (depreciation) on investments: | |||||||
Non-control/Non-affiliate investments | (8,833,640 | ) | 7,099,245 | ||||
Affiliate investments | (251,934 | ) | (3,287,169 | ) | |||
Control investments | 1,920,961 | 6,737,905 | |||||
Net change in unrealized appreciation (depreciation) on investments | (7,164,613 | ) | 10,549,981 | ||||
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments | (315,473 | ) | (697,380 | ) | |||
Net realized and unrealized gain (loss) on investments | (7,477,759 | ) | 9,933,284 | ||||
Realized losses on extinguishment of debt | - | (382,274 | ) | ||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 5,306,752 | $ | 19,200,484 | |||
WEIGHTED AVERAGE - BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE | $ | 0.39 | $ | 1.62 | |||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC AND DILUTED | 13,621,138 | 11,882,686 | |||||
* Certain prior period amounts have been reclassified to conform to current year presentation. |
Consolidated Statements of Operations | |||||||||||
For the year ended | |||||||||||
INVESTMENT INCOME | |||||||||||
Interest from investments | |||||||||||
Interest income: | |||||||||||
Non-control/Non-affiliate investments | $ | 113,521,652 | $ | 72,677,237 | $ | 46,369,544 | |||||
Affiliate investments | 3,299,816 | 4,773,527 | 3,308,471 | ||||||||
Control investments | 8,507,909 | 6,602,594 | 7,345,691 | ||||||||
Payment-in-kind interest income: | |||||||||||
Non-control/Non-affiliate investments | 766,697 | 359,910 | 1,150,695 | ||||||||
Affiliate investments | 874,226 | 416,711 | - | ||||||||
Control investments | 814,925 | 386,889 | 327,171 | ||||||||
Total interest from investments | 127,785,225 | 85,216,868 | 58,501,572 | ||||||||
Interest from cash and cash equivalents | 2,512,416 | 1,368,489 | 3,584 | ||||||||
Management fee income | 3,270,232 | 3,269,820 | 3,262,591 | ||||||||
Dividend income(*): | |||||||||||
Non-control/Non-affiliate investments | 621,398 | 2,104,355 | 1,379,182 | ||||||||
Affiliate investments | - | 615,917 | 546,609 | ||||||||
Control investments | 5,911,564 | - | - | ||||||||
Total dividend from investments | 6,532,962 | 2,720,272 | 1,925,791 | ||||||||
Structuring and advisory fee income | 2,149,751 | 3,585,061 | 4,307,647 | ||||||||
Other income | 1,469,320 | 2,943,610 | 2,739,372 | ||||||||
Total investment income | 143,719,906 | 99,104,120 | 70,740,557 | ||||||||
OPERATING EXPENSES | |||||||||||
Interest and debt financing expenses | 49,179,899 | 33,498,489 | 19,880,693 | ||||||||
Base management fees | 19,212,337 | 16,423,960 | 11,901,729 | ||||||||
Incentive management fees expense (benefit) | 8,025,468 | 5,057,117 | 11,794,208 | ||||||||
Professional fees | 1,767,015 | 1,812,259 | 1,378,134 | ||||||||
Administrator expenses | 3,872,917 | 3,160,417 | 2,906,250 | ||||||||
Insurance | 322,323 | 347,483 | 348,671 | ||||||||
Directors fees and expenses | 351,297 | 360,000 | 335,596 | ||||||||
General and administrative | 2,241,579 | 2,328,672 | 1,661,932 | ||||||||
Income tax expense (benefit) | 42,926 | (152,956 | ) | (39,649 | ) | ||||||
Excise tax expense (benefit) | 1,829,837 | 1,067,532 | 630,183 | ||||||||
Total operating expenses | 86,845,598 | 63,902,973 | 50,797,747 | ||||||||
NET INVESTMENT INCOME | 56,874,308 | 35,201,147 | 19,942,810 | ||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | |||||||||||
Net realized gain (loss) from investments: | |||||||||||
Non-control/Non-affiliate investments | 153,583 | 7,446,596 | 6,209,737 | ||||||||
Affiliate investments | - | - | 7,328,457 | ||||||||
Control investments | - | - | (139,867 | ) | |||||||
Net realized gain (loss) from investments | 153,583 | 7,446,596 | 13,398,327 | ||||||||
Income tax (provision) benefit from realized gain on investments | - | 548,568 | (2,886,444 | ) | |||||||
Net change in unrealized appreciation (depreciation) on investments: | |||||||||||
Non-control/Non-affiliate investments | (24,167,727 | ) | (5,330,880 | ) | 14,775,190 | ||||||
Affiliate investments | (1,541,829 | ) | 574,354 | (26,836 | ) | ||||||
Control investments | (21,381,288 | ) | (10,461,606 | ) | 2,271,639 | ||||||
Net change in unrealized appreciation (depreciation) on investments | (47,090,844 | ) | (15,218,132 | ) | 17,019,993 | ||||||
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments | (893,166 | ) | (1,715,333 | ) | 694,908 | ||||||
Net realized and unrealized gain (loss) on investments | (47,830,427 | ) | (8,938,301 | ) | 28,226,784 | ||||||
Realized losses on extinguishment of debt | (110,056 | ) | (1,587,083 | ) | (2,434,410 | ) | |||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 8,933,825 | $ | 24,675,763 | $ | 45,735,184 | |||||
WEIGHTED AVERAGE - BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE | $ | 0.71 | $ | 2.06 | $ | 3.99 | |||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC AND DILUTED | 12,670,939 | 11,963,533 | 11,456,631 | ||||||||
* Certain prior period amounts have been reclassified to conform to current year presentation. | |||||||||||
Supplemental Information Regarding Adjusted Net Investment Income, Adjusted Net Investment Income Yield and Adjusted Net Investment Income per Share
On a supplemental basis,
For the Years Ended |
|||||||||
Net Investment Income | $ | 56,874,308 | $ | 35,201,147 | $ | 19,942,810 | |||
Changes in accrued capital gains incentive fee expense/ (reversal) | (4,957,306 | ) | (1,782,095 | ) | 5,485,024 | ||||
Interest expense on 2025 SAF Notes during call period | - | - | 274,439 | ||||||
Interest expense on 2025 SAK Notes during the period | - | 655,305 | - | ||||||
Adjusted net investment income | $ | 51,917,002 | $ | 34,074,357 | $ | 25,702,273 | |||
Net investment income yield | 16.0 | % | 10.2 | % | 6.1 | % | |||
Changes in accrued capital gains incentive fee expense/ (reversal) | (1.4 | %) | (0.5 | %) | 1.6 | % | |||
Interest expense on 2025 SAF Notes during call period | - | - | 0.1 | % | |||||
Interest expense on 2025 SAK Notes during the period | - | 0.2 | % | - | |||||
Adjusted net investment income yield (1) | 14.6 | % | 9.9 | % | 7.8 | % | |||
Net investment income per share | $ | 4.49 | $ | 2.94 | $ | 1.74 | |||
Changes in accrued capital gains incentive fee expense/ (reversal) | (0.39 | ) | (0.15 | ) | 0.48 | ||||
Interest expense on 2025 SAF Notes during call period | - | - | 0.02 | ||||||
Interest expense on 2025 SAK Notes during the period | - | 0.06 | - | ||||||
Adjusted net investment income per share (2) | $ | 4.10 | $ | 2.85 | $ | 2.24 |
(1) Adjusted net investment income is calculated as adjusted net investment income divided by average net asset value.
(2) Adjusted net investment income per share is calculated as adjusted net investment income divided by weighted average common shares outstanding.
For the Quarters Ended | |||||||
Net Investment Income | $ | 12,784,511 | $ | 9,649,474 | |||
Changes in accrued capital gains incentive fee expense/ (reversal) | - | 1,941,604 | |||||
Adjusted net investment income | $ | 12,784,511 | $ | 11,591,078 | |||
Net investment income yield | 14.0 | % | 11.5 | % | |||
Changes in accrued capital gains incentive fee expense/ (reversal) | - | 2.1 | % | ||||
Adjusted net investment income yield (1) | 14.0 | % | 13.6 | % | |||
Net investment income per share | $ | 0.94 | $ | 0.81 | |||
Changes in accrued capital gains incentive fee expense/ (reversal) | - | 0.17 | |||||
Adjusted net investment income per share (2) | $ | 0.94 | $ | 0.98 |
(1) Adjusted net investment income yield is calculated as adjusted net investment income divided by average net asset value.
(2) Adjusted net investment income per share is calculated as adjusted net investment income divided by weighted average common shares outstanding.
Contact:
212-906-7800
212-836-9611
Source: Saratoga Investment Corp