NEW YORK, July 14, 2015 – Saratoga Investment Corp. (NYSE:SAR) (“Saratoga Investment” or “the Company”), a business development company, today announced financial results for its 2016 fiscal first quarter.
Summary Financial Information:
- Net investment income on a weighted average per share basis of $0.33 for the quarter ended May 31, 2015. Adjusted for the incentive fee accrual related to net unrealized capital gains, the net investment income on a weighted per share basis was $0.53, an increase of $0.13, or 33% from the quarter ended May 31, 2014.
- Net investment income of $1.8 million for the quarter ended May 31, 2015. Adjusted for the incentive fee accrual related to net unrealized capital gains, the net investment income was $2.9 million, an increase of $0.7 million, or 33% from the quarter ended May 31, 2014.
- Net investment income yield as percentage of average net asset value (“Net Investment Income Yield”) was 5.8% for the quarter ended May 31, 2015. Adjusted for the incentive fee accrual related to net unrealized capital gains, the Net Investment Income Yield was 9.3%, an increase of 180 bps from the quarter ended May 31, 2014.
- Return on equity for the quarter ended May 31, 2015 was 24.0%.
- Earnings per share for the quarter ended May 31, 2015 was $1.36, an increase of $1.03 or 312% from the quarter ended May 31, 2014.
- Net asset value (“NAV”) was $123.5 million as of May 31, 2015, an $8.3 million increase from an NAV of $115.2 million as of May 31, 2014.
- NAV per share was $22.75 as of May 31, 2015, compared to $21.41 as of May 31, 2014.
- Investment portfolio activity for the quarter ended May 31, 2015:
- Cost of investments made during the period: $23.2 million
- Principal repayments during the period: $7.3 million