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Saratoga Investment Corp. reported a net increase in net assets resulting from operations of $13.3 million, or $0.84 per share, for the three months ended August 31, 2025, compared to $13.3 million, or $0.97 per share, for the same period in 2024. Total investment income decreased by 28.8% to $30.6 million, primarily due to a decrease in interest income from investments. Operating expenses decreased by 13.2% to $21.5 million, mainly driven by lower interest and debt financing expenses and incentive management fees.

For the six months ended August 31, 2025, the company's net increase in net assets resulting from operations was $27.2 million, or $1.75 per share, compared to $19.9 million, or $1.45 per share, for the six months ended August 31, 2024. Total investment income decreased by 22.9% to $62.9 million, while operating expenses decreased by 11.0% to $43.7 million. The company attributed the decrease in interest income to the non-recurrence of interest income related to a prior investment and a decrease in the weighted average current yield on investments.

As of August 31, 2025, Saratoga Investment Corp.'s investment portfolio at fair value totaled $995.3 million, spread across 44 portfolio companies and 39 industries. First lien term loans comprised 84.3% of the portfolio, with a weighted average current yield of 11.0%. The company had $32.5 million outstanding under its Encina Credit Facility and $37.5 million outstanding under its Live Oak Credit Facility. The company's asset coverage ratio was 166.6%.

During the six months ended August 31, 2025, the company sold 688,237 shares of common stock under its ATM program for gross proceeds of $17.8 million, resulting in net proceeds of $17.8 million after transaction costs. The company also declared dividends totaling $1.99 per share. As of August 31, 2025, the company had $96.2 million in unfunded commitments to portfolio companies.

Subsequent to the end of the reporting period, on September 24, 2025, Saratoga Investment Corp. completed the first refinancing of the Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. and purchased $10.0 million of the SLF 2022-1 Class E Notes tranche at par. The company also declared dividends for the quarter ending November 30, 2025, totaling $0.75 per share, payable in monthly installments.

About SARATOGA INVESTMENT CORP.

Saratoga Investment Corp. is a specialty finance company providing customized debt and equity financing solutions to U.S. middle-market businesses. Its core activities include investing in senior and mezzanine loans, structured finance, and opportunistic assets. The company targets companies with stable earnings, strong management, and growth potential, offering strategic capital for acquisitions, recapitalizations, and expansion, primarily through direct lending and syndications.

This description was generated via AI from an annual report. Updated 8 months ago.

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