Saratoga Investment reported fiscal first quarter 2027 results for the period ended May 31, 2026, with assets under management of $1.126 billion and net asset value of $378.5 million. The company posted net investment income of $7.6 million (NII per share $0.47) and a net loss from operations of $6.9 million (EPS $(0.42)). Saratoga Investment declared a base quarterly dividend totaling $0.75 per share for the second quarter of fiscal 2027.

Financial Highlights

  • Total investments at fair value: $1,126.3 million; Total assets: $1,197.4 million as of May 31, 2026.
  • Net Asset Value (NAV): $378.5 million; NAV per share: $23.23 (down from $24.42 at prior quarter).
  • Total investment income: $30.8 million for the quarter (Q1 FY2026: $32.3 million).
  • Net investment income (NII): $7.6 million; NII per share: $0.47; Adjusted NII per share: $0.47.
  • Net results including realized and unrealized losses: net decrease in net assets from operations of $6.9 million; diluted earnings (loss) per share: $(0.42).

Business Highlights

  • Assets under management (AUM) grew 1.6% sequentially to $1.126 billion and 16.3% year-over-year from $968.3 million.
  • Originations totaled $79.2 million in the quarter, producing net originations of $30.8 million after $48.4 million of principal repayments; two new portfolio companies and ten follow-ons added.
  • Portfolio composition remained primarily first-lien loans at 81.7% of investments; portfolio comprised of ~50 portfolio companies, one CLO, one JV, and 30 BB/BBB CLO debt investments.
  • Portfolio markdowns: total portfolio fair value decreased by $15.2 million this quarter, driven by $18.3 million net depreciation in the non-CLO core portfolio (notably write-offs and markdowns on specific credits) partially offset by write-ups in JV and CLO debt holdings.
  • Liquidity and capital: quarter-end cash and equivalents $60.8 million; undrawn borrowing capacity and cash totaled $150.8 million, with additional undrawn SBA debentures and ATM equity capacity available.

Original SEC Filing:

This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.