Saratoga Investment Corp. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended November 30, 2017
January 10, 2018 at 04:23 pm EST
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Saratoga Investment Corp. reported unaudited consolidated earnings results for the third quarter and nine months ended November 30, 2017. For the quarter, the company has posted total interest income of $8,890,808 against $7,455,829 a year ago. Net investment income was $3,015,511 against $3,418,874 a year ago. Net increase in net assets resulting from operations was $4,262,990 against $1,573,776 a year ago. Weighted average basic and diluted earnings per common share were $0.71 against $0.27 a year ago. Adjusted net investment income was $3,264,538 against $3,050,449 a year ago. Adjusted net investment income per share was $0.54 against $0.53 a year ago. Return on equity – last twelve months was 10.2%.
For the nine months, the company has posted total interest income of $25,818,427 against $22,040,461 a year ago. Net investment income was $9,411,011 against $8,561,204 a year ago. Net increase in net assets resulting from operations was $12,146,936 against $10,132,981 a year ago. Weighted average basic and diluted earnings per common share were $2.04 against $1.77 a year ago. Adjusted net investment income was $9,889,014 against $8,695,141 a year ago. Adjusted net investment income per share was $1.66 against $1.52 a year ago. Net asset value was $138.8 million as of November 30, 2017, an increase of $5.3 million.
Saratoga Investment Corp. is a specialty finance company that provides customized financing solutions to United States middle-market businesses. The Companyâs investment objective is to create attractive risk-adjusted returns by generating current income and long-term capital appreciation from its debt and equity investments. The Company invests primarily in senior and unitranche leveraged loans and mezzanine debt, and, to a lesser extent, equity to provide financing for change of ownership transactions, strategic acquisitions, recapitalizations and growth initiatives in partnership with business owners, management teams and financial sponsors. Its portfolio is comprised primarily of investments in leveraged loans issued by middle-market companies. It also invests in mezzanine debt and makes equity investments in middle-market companies. The Company is externally managed and advised by the investment adviser, Saratoga Investment Advisors, LLC (Saratoga Investment Advisors).