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SARATOGA INVESTMENT CORP.

(SAR)
  Report
Delayed Nyse  -  11:20 2022-09-28 am EDT
21.59 USD   +2.37%
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Saratoga Investment : Q1 2023 SARATOGA EARNINGS PRESENTATION

07/06/2022 | 04:14pm EDT

Saratoga Investment Corp.

Fiscal First Quarter 2023 Shareholder Presentation

July 7, 2022

Continued Growth and Strong Long-Term Performance

Fiscal First Quarter 2023 Highlights:

  • Continued high quality portfolio and strong performance
    • Investment quality remains strong
      • 95.0% of loan investments with highest internal rating and only one non-accrual
    • Return on equity of 6.9% for LTM
      • Net realized gains and unrealized depreciation of $9.2 million for Q1, includes $8.6 million unrealized depreciation reflecting broadly syndicated loan volatility and lack of trading liquidity in CLO and JV investments
    • Gross Unlevered IRR of 12.0% on total unrealized portfolio as of May 31, 2022
      • Fair value of $894.5 million is 1.4% above total cost of portfolio
      • Gross Unlevered IRR of 16.3% on $768.7 million of total realizations
  • Consistent strong long-term originations contribute to growing assets under management
    • AUM up 9% since year-end and up 32% year-over-year, with originations of $97.2 million in Q1, resulting from strong pipeline and healthy success in term sheets and deals executed
  • Base of liquidity and capital remains strong
    • Quarter-endpro forma liquidity allows growth of AUM by 14% and is mostly long-term
      • $102 million is cash, or $58 million on a pro forma basis including the pending repayment of "SAK" baby bond
      • New $97.5 million 6.0% 2027 baby bond issued on April 27, 2022 with "SAT" ticker
      • $43.125 million in aggregate principal amount of "SAK" Notes to be redeemed on July 14, 2022
  • Declared dividend of $0.53 per share for the quarter ended May 31, 2022, paid on June 29, 2022
  • Key performance indicators for Q1 - Adjusted NII of $6.4 million, Adjusted NII per share of 53c, LTM ROE of 6.9% and NAV per share of $28.69

2

Continued Asset Growth and Strong Credit Quality

Asset Base Expansion Trend

Overall Credit Quality Remains Strong

$1,000

100%

$900

$895

98.5%

$800

99.0%

95.0%

$818

98.6%

93.3%

$700

96.8%

$600

98.3%

98.3%

$500

$554

80%

94.2%

$400

$486

$402

90.5%

$300

82.4%

$343

$200

$284

$293

$206

$241

$100

$95

$155

60%

$0

Investments at Fair Value ($ million)

Performing Underperforming Expected Loss of Principal

Fair value of AUM increased 9% since last quarter and 32% year- over-year

Fair value of $895m at Q1 FY23 is

1.4% above cost

95.0% of our SAR loan investments hold our highest internal rating, down from 98.5% last quarter; one investment on non-accrual at quarter-end*

* Excludes our investment in our CLO and our equity positions

3

Q1 FY23: Strong Financial Foundation and Momentum

Key Performance Metrics for the Fiscal Quarter

For the quarter ended

May 31, 2021

Feb 28, 2022

May 31, 2022

and as of

($ in millions except per share)

Net investment income

$2,556

$5,797

$7,976

Adjusted net investment income*

$6,254

$6,354

$6,432

Net investment income per share

$0.23

$0.48

$0.66

Adjusted net investment income per share*

$0.56

$0.53

$0.53

Net investment income yield

3.3%

6.6%

9.1%

Adjusted net investment income yield*

8.0%

7.3%

7.3%

Return on Equity - Last Twelve Months

19.4%

13.9%

6.9%

Fair value of investment portfolio

$677.8

$817.6

$894.5

Total net assets

$320.3

$355.8

$345.2

Investments in new/existing portfolio

$119.2

$164.3

$97.2

companies

Loan Investments held in "Performing" credit

93.0%

98.5%

95.0%

ratings

$10,000

$0

$6,500

$6,000

$0.70

$0.00

$0.70

$0.00 13%

0%

13%

0%

20%

0% $1,000

$0

$400

$300

$200

$0

100%

90%

*Adjusted for accrued capital gains incentive fee expense and interest expense on SAK baby

bond during the period that SAT baby bond was issued and outstanding prior to repayment

4

of SAK, reconciliation to GAAP net investment income, net investment income per share and

net investment income yield included in our fiscal first quarter 2023 earnings release.

Long-Term Accretive NAV and NAV Per Share Growth

Net Asset Value and NAV per Share

(FY11 to Q1FY23)

NAV: 3% decrease this quarter. 301% increase since Saratoga took over management.

NAV/Share: 2% decrease this quarter. Unchanged year-over-year. 31% increase since

FY17 with increases 17 of the last 20 quarters.

(in millions)

$355.8

$30

$342.6

$345.2

$29

$330

$324.1

$29.17

$29.33

$304.3

$320.3

$28.69

$304.2

$28.97

$28

$298.2$299.9

$28.70

$282.2

$281.6

$280

$27.13

$27

$26.68

$27.25

$26.84

$26

$230

$26.19

$224.3

$180.9$186.8

$25.30

$25.11

$25

$24.94

$180

$24

$24.06

$24.47

$143.7

$23.62

$23

$22.72

$125.1$127.3

$130

$122.6

$22.96

$107.0$113.0

$22

$97.0

$21.08

$22.70

$22.06

$86.0

$21.97

$80

$21

Net Asset Value

NAV per Share

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Saratoga Investment Corporation published this content on 06 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 July 2022 20:13:06 UTC.


© Publicnow 2022
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Sales 2023 80,8 M - -
Net income 2023 15,7 M - -
Net Debt 2023 - - -
P/E ratio 2023 16,2x
Yield 2023 10,1%
Capitalization 252 M 252 M -
Capi. / Sales 2023 3,11x
Capi. / Sales 2024 2,85x
Nbr of Employees -
Free-Float 71,6%
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Chris Long Oberbeck Chairman & Chief Executive Officer
Henri Johann Steenkamp CFO, Secretary, Treasurer & Director
Rochelle Kracoff Assistant Chief Compliance Officer
Mike Grisius Chief Investment Officer
Steven M. Looney Independent Director
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