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<\/p>\nNEW YORK,\u00a0Oct. 09, 2019\u00a0(GLOBE NEWSWIRE) —\u00a0Saratoga Investment Corp.\u00a0(NYSE:SAR) (\u201cSaratoga Investment\u201d or \u201cthe Company\u201d), a business development company, today announced financial results for its 2020 fiscal second quarter.<\/p>\n
Summary Financial Information<\/p>\n
The Company\u2019s summarized financial information is as follows:<\/p>\n
<\/p>\n
\u201cThe second fiscal quarter of 2020 has been important for us with many significant accomplishments\u201d, said\u00a0Christian L. Oberbeck, Chairman and Chief Executive Officer of\u00a0Saratoga Investment. \u201c1) We received approval for a second SBIC license, providing us access to up to\u00a0$175 million\u00a0in additional long-term, low-cost capital in the form of SBA debentures to further enable us to support our core small business constituency; 2) Our second quarter performance metrics were also exceptionally strong with LTM return on equity of 14.3% and an increase in NAV per share of\u00a0$0.41 to $24.47. Our adjusted NII per share of\u00a0$0.68, taking into account our newly issued ATM shares, still over-earned our current\u00a0$0.56\u00a0dividend per share, which was recently increased for the twentieth sequential quarter; 3) Our continued strong price and volume stock market performance enabled us to issue\u00a0$34.1 million\u00a0of equity accretively under our existing ATM program in Q2, importantly providing initial equity capitalization for this new second SBIC license; 4) Asset quality and growth were strong this quarter, with\u00a0$2.6 million\u00a0of net realized and unrealized gains on investments, and AUM growing by 19% to\u00a0$486.9 million; and 5) with our new second SBIC license our dry powder has expanded significantly, providing us the ability to grow our AUM by a further 50% utilizing the current liquidity and committed credit facilities at our disposal.\u201d<\/p>\n
Michael J. Grisius, President and Chief Investment Officer, added, \u201cThis fiscal quarter has again demonstrated our ability to build AUM without sacrificing quality, as our investments grew by 19% from last quarter, while those rated in our highest category remained at 99%. We always emphasize that quarterly portfolio growth can be lumpy and is dependent on various factors, including a robust pipeline, credit quality of deal pipeline, and the level of repayments \u2013 this past quarter we benefitted from all three. We\u2019ve accomplished this amid macroeconomic conditions and lending dynamics in the lower middle market that continue to provide headwinds, with LIBOR again decreasing this quarter. We also continue to bring new platform investments into the portfolio, with four more investments in new companies added this quarter, and two more since quarter-end. We remain confident that our experienced origination team, exceptional underwriting standards and tested investment strategy and focus will continue to steadily grow portfolio size and maintain quality over the long-term.\u201d<\/p>\n
As of\u00a0August 31, 2019,\u00a0Saratoga Investment\u00a0increased its assets under management (\u201cAUM\u201d) to\u00a0$486.9 million, an increase of 18.9% from\u00a0$409.5 million\u00a0as of\u00a0May 31, 2019, and an increase of 23.9% from\u00a0$392.9 million\u00a0as of\u00a0August 31, 2018. The increase this quarter consists of originations of\u00a0$93.2 million, partially offset by repayments and amortizations of\u00a0$19.0 million. Including realized and unrealized gains, Saratoga Investment\u2019s portfolio has grown significantly this quarter and remains strong, with a continued high level of investment quality in loan investments, with 99.0% of its loans this quarter at its highest internal rating. Included in this quarter\u2019s originations are also four investments in new portfolio companies. Since\u00a0Saratoga Investment\u00a0took over the management of the BDC,\u00a0$392.5 million\u00a0of repayments and sales of investments originated by\u00a0Saratoga Investment\u00a0have generated a gross unlevered IRR of 14.0%.<\/p>\n
For the three months ended\u00a0August 31, 2019, total investment income of\u00a0$13.9 million\u00a0increased by\u00a0$2.5 million, or 21.8%, compared to\u00a0$11.4 million\u00a0for the three months ended\u00a0August 31, 2018, and by 8.9% on a quarter-on-quarter basis from\u00a0$12.8 million\u00a0for the\u00a0three months ended\u00a0May 31, 2019. This increased investment income was generated from an investment base that has grown by 23.9% since last year and by 18.9% from last quarter. In addition, these increases were achieved despite a decrease in interest earned on CLO equity and the weighted average current coupon on non-CLO BDC investments decreasing to 10.5% this quarter from 11.1% last year and 10.8% last quarter. Much of the decrease in the current coupon is due to the reductions in LIBOR over these periods. The impact of the AUM increase is also only partially reflected in this quarter\u2019s results.<\/p>\n
As compared to the three months ended\u00a0August 31, 2018, the investment income increase of\u00a0$2.5 million\u00a0was offset by: (i) increased debt and financing expenses, as the growth in AUM this year was partially financed from increased SBA debentures and the\u00a0$60.0 million\u00a0baby bond issuance last year; and (ii) increased base and incentive management fees generated from the management of this larger pool of investments. Total expenses, excluding interest and debt financing expenses, base management fees, incentive fees and income tax benefit, increased from\u00a0$1.3 million\u00a0for the three months ended\u00a0August 31, 2018, to\u00a0$1.4 million\u00a0for the three months ended\u00a0August 31, 2019.<\/p>\n
Net investment income on a weighted average per share basis was\u00a0$0.59\u00a0for the three months ended\u00a0August 31, 2019. Adjusted for the incentive fee accrual related to net unrealized capital gains, the net investment income on a weighted average per share basis was\u00a0$0.68. This compares to adjusted net investment income per share of\u00a0$0.60\u00a0for the three months ended\u00a0May 31, 2019, and\u00a0$0.69\u00a0for the three months ended\u00a0August 31, 2018. During these periods, weighted average common shares outstanding increased from 6.9 million shares for the three months ended\u00a0August 31, 2018, to 7.7 million shares and 8.3 million shares for the three months ended\u00a0May 31, 2019, and\u00a0August 31, 2019, respectively. These share increases primarily reflect the secondary equity offering of 1.15 million shares on\u00a0July 13, 2018, and the 1.4 million shares issued this quarter pursuant to the At-the-Market (\u201cATM\u201d) equity offering program, both of which were accretive to net asset value (\u201cNAV\u201d) per share.<\/p>\n
Net investment income yield as a percentage of average NAV (\u201cNet Investment Income Yield\u201d) was 9.6% for the three months ended\u00a0August 31, 2019. Adjusted for the incentive fee accrual related to net unrealized capital gains, the Net Investment Income Yield was 11.0%. In comparison, adjusted Net Investment Income Yield was 10.1% and 11.9% for the three months ended\u00a0May 31, 2019, and\u00a0August 31, 2018, respectively.<\/p>\n
NAV was\u00a0$224.3 million\u00a0as of\u00a0August 31, 2019, an increase of\u00a0$43.3 million\u00a0from\u00a0$180.9 million\u00a0as of\u00a0February 28, 2019, and an increase of\u00a0$51.7 million\u00a0from\u00a0$172.7 million\u00a0as of\u00a0August 31, 2018.<\/p>\n
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NAV per share was\u00a0$24.47\u00a0as of\u00a0August 31, 2019, compared to\u00a0$24.06\u00a0as of\u00a0May 31, 2019,\u00a0$23.62\u00a0as of\u00a0February 28, 2019, and\u00a0$23.16\u00a0as of\u00a0August 31, 2018.<\/p>\n
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<\/p>\n
Return on equity for the last twelve months ended August 31, 2019 was 14.3%, compared to 11.6% for the comparable period last year.<\/p>\n
Earnings per share for the three months ended\u00a0August 31, 2019, was\u00a0$0.91, compared to earnings per share of\u00a0$0.99\u00a0for the three months ended\u00a0May 31, 2019, and\u00a0$0.45\u00a0for the three months ended\u00a0August 31, 2018.<\/p>\n
Investment portfolio activity for the three months ended\u00a0August 31, 2019:<\/p>\n
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<\/p>\n
Additional Financial Information<\/p>\n
For the fiscal quarter ended\u00a0August 31, 2019,\u00a0Saratoga Investment\u00a0reported net investment income of\u00a0$5.0 million, or\u00a0$0.59\u00a0on a weighted average per share basis, and a net realized and unrealized gain on investments of\u00a0$2.6 million, or\u00a0$0.31\u00a0on a weighted average per share basis, resulting in a net increase in net assets from operations of\u00a0$7.6 million, or\u00a0$0.91\u00a0on a weighted average per share basis. The\u00a0$2.6 million\u00a0net gain on investments was comprised of\u00a0$1.9 million\u00a0in net realized gain on investments and\u00a0$1.5 million\u00a0in net unrealized appreciation on investments, offset slightly by\u00a0$0.7 million\u00a0of net deferred tax expense on unrealized gains in Saratoga Investment\u2019s blocker subsidiaries.<\/p>\n
The\u00a0$1.9 million\u00a0net realized gain reflects (i) a\u00a0$1.3 million\u00a0gain from the realization of the Company\u2019s Fancy Chap investment during the quarter, as well as (ii) a\u00a0$0.6 million\u00a0gain on the Company\u2019s Censis Technologies investment resulting from the receipt of a dividend recap in excess of the investment’s cost basis.<\/p>\n
The\u00a0$1.5 million\u00a0net unrealized appreciation primarily reflects (i)\u00a0$1.3 million\u00a0unrealized appreciation on the Company\u2019s Censis Technologies investment, (ii)\u00a0$1.9 million\u00a0unrealized appreciation on the Company\u2019s Easy Ice investment, (iii)\u00a0$1.3 million\u00a0unrealized appreciation on the Company\u2019s\u00a0Netreo Holdings\u00a0investment, (iv)\u00a0$0.6 million\u00a0unrealized appreciation on the Company\u2019s Grey Heller investment, and (v) numerous smaller unrealized appreciations across the portfolio on various investments. This was offset primarily by (i)\u00a0$1.2 million\u00a0reversal of previously recognized appreciation following the realization of the Company\u2019s Fancy Chap investment, and (ii)\u00a0$2.7 million\u00a0unrealized depreciation on the Company\u2019s CLO equity investment, reflecting both the equity distribution received during the quarter as well as an increase in the discount rate used to fair value the equity.<\/p>\n
This is compared to the fiscal quarter ended\u00a0August 31, 2018, with net investment income of\u00a0$5.1 million, or\u00a0$0.74\u00a0on a weighted average per share basis, and a net realized and unrealized loss on investments of\u00a0$2.0 million, or\u00a0$0.29\u00a0on a weighted average per share basis, resulting in a net increase in net assets from operations of\u00a0$3.1 million, or\u00a0$0.45\u00a0on a weighted average per share basis. The\u00a0$2.0 million\u00a0net loss on investments consisted of\u00a0$2.2 million\u00a0in net unrealized depreciation on investments, offset by\u00a0$0.2 million\u00a0in net deferred tax benefit on unrealized losses in Saratoga Investment\u2019s blocker subsidiaries.<\/p>\n
Adjusted for the incentive fee accrual related to net unrealized capital gains, the net investment income was\u00a0$5.6 million\u00a0and\u00a0$4.8 million\u00a0for the three months ended\u00a0August 31, 2019\u00a0and 2018, respectively \u2013 an increase of\u00a0$0.9 million\u00a0year-over-year, or 18.3%.<\/p>\n
Total expenses, excluding interest and debt financing expenses, base management fees and incentive management fees, increased from\u00a0$0.9 million\u00a0for the three months ended\u00a0August 31, 2018, to\u00a0$1.0 million\u00a0for the three months ended\u00a0August 31, 2019, increasing from 0.9% to 1.0% of average total assets.<\/p>\n
Portfolio and Investment Activity<\/p>\n
As of\u00a0August 31, 2019, the fair value of Saratoga Investment\u2019s portfolio was\u00a0$486.9 million\u00a0(excluding\u00a0$24.1 million\u00a0in cash and cash equivalents), principally invested in 36 portfolio companies and one collateralized loan obligation fund (\u201cCLO\u201d). The overall portfolio composition consisted of 62.5% of first lien term loans, 20.5% of second lien term loans, 0.4% of unsecured term loans, 7.4% of subordinated notes in a CLO and 9.2% of common equity.<\/p>\n
For the fiscal quarter ended\u00a0August 31, 2019,\u00a0Saratoga Investment\u00a0invested\u00a0$93.2 million\u00a0in new or existing portfolio companies and had\u00a0$19.0 million\u00a0in aggregate amount of exits and repayments, resulting in net investments of\u00a0$74.2 million\u00a0for the quarter.<\/p>\n
As of\u00a0August 31, 2019, the weighted average current yield on Saratoga Investment\u2019s portfolio for the twelve months ended was 10.1%, which was comprised of a weighted average current yield of 10.3% on first lien term loans, 11.6% on second lien term loans, 0.0% on unsecured term loans, 14.7% on CLO subordinated notes and 2.6% on equity interests.<\/p>\n
Liquidity and Capital Resources<\/p>\n
As of\u00a0August 31, 2019,\u00a0Saratoga Investment\u00a0had no outstanding borrowings under its $45\u00a0million senior secured revolving credit facility with Madison Capital Funding\u00a0LLC. At the same time,\u00a0Saratoga Investment\u00a0had\u00a0$150.0 million\u00a0SBA debentures outstanding,\u00a0$134.5 million\u00a0of baby bonds (fair value of\u00a0$138.6 million) issued and an aggregate of\u00a0$24.1 million\u00a0in cash and cash equivalents.<\/p>\n
On\u00a0August 14, 2019, Saratoga Investment\u2019s application for a second SBIC license was approved. The new license will provide up to\u00a0$175 million\u00a0in additional long-term capital in the form of SBA debentures.<\/p>\n
With\u00a0$45.0 million\u00a0available under the credit facility, the\u00a0$24.1 million\u00a0of cash and cash equivalents and\u00a0$175.0 million\u00a0in undrawn SBA debentures from the new second SBIC license,\u00a0Saratoga Investment\u00a0has a total of\u00a0$244.1 million\u00a0of undrawn borrowing capacity and cash and cash equivalents available as of\u00a0August 31, 2019. This allows\u00a0Saratoga Investment\u00a0to grow current AUM by 50% without any new external financing. The net proceeds from the DRIP and ATM equity programs totaled\u00a0$34.3 million\u00a0of equity issuances for the three months ended\u00a0August 31, 2019.\u00a0Saratoga Investment\u00a0also has the ability to issue additional equity or baby bonds through the existing shelf registration statement.<\/p>\n
On\u00a0March 16, 2017,\u00a0Saratoga Investment\u00a0entered into an equity distribution agreement with\u00a0Ladenburg Thalmann & Co. Inc., through which Saratoga may offer for sale, from time-to-time, up to\u00a0$30.0 million\u00a0of its common stock through an ATM offering. Subsequent to this,\u00a0BB&T Capital Markets\u00a0and\u00a0B. Riley FBR, Inc\u00a0were also added to the agreement. On\u00a0July 11, 2019, the amount of common stock to be offered through this offering was increased to\u00a0$70.0 million, and on\u00a0October 8, 2019, the amount of common stock to be offered through this offering was increased to\u00a0$130.0 million. As of\u00a0August 31, 2019, the Company sold 1,942,786 shares for gross proceeds of\u00a0$47.1 million\u00a0at an average price of\u00a0$24.25\u00a0for aggregate net proceeds of\u00a0$46.5 million\u00a0(net of transaction costs).<\/p>\n
Dividend<\/p>\n
On\u00a0August 27, 2019,\u00a0Saratoga Investment\u00a0announced a dividend of\u00a0$0.56\u00a0per share for the fiscal quarter ended\u00a0August 31, 2019, payable on\u00a0September 26, 2019, to all stockholders of record at the close of business on\u00a0September 13, 2019. This increase is the twentieth sequential increase to the Company\u2019s quarterly dividends. On\u00a0May 28, 2019,\u00a0Saratoga Investment\u00a0announced a dividend of\u00a0$0.55\u00a0per share for the fiscal quarter ended\u00a0May 31, 2019, payable on\u00a0June 27, 2019, to all stockholders of record at the close of business on\u00a0June 13, 2019. Total dividends declared for the fiscal years ended\u00a0February 28, 2019, and 2018, were\u00a0$2.10\u00a0per share and\u00a0$1.94\u00a0per share, respectively.<\/p>\n
Shareholders have the option to receive payment of the dividend in cash or receive shares of common stock, pursuant to the Company\u2019s DRIP.<\/p>\n
Share Repurchase Plan<\/p>\n
In fiscal year 2015, the Company announced the approval of an open market share repurchase plan that allows it to repurchase up to 200,000 shares of its common stock at prices below its NAV as reported in its then most recently published financial statements. During fiscal year 2017, the share repurchase plan was increased to 600,000 shares of common stock, and during fiscal years 2018 and 2019, this share repurchase plan was extended for another year at the same level of approval, currently through\u00a0January 2020. As of\u00a0August 31, 2019, the Company purchased 218,491 shares of common stock, at the average price of\u00a0$16.87\u00a0for approximately\u00a0$3.7 million\u00a0pursuant to this repurchase plan.<\/p>\n
Saratoga Investment\u00a0made no purchases of common stock in the open market during the three months ended\u00a0August 31, 2019.<\/p>\n
2020 Fiscal Second Quarter Conference Call\/Webcast Information<\/p>\n
When:<\/strong>\u00a0Thursday, October 10, 2019,\u00a010:00 a.m. Eastern Time\u00a0(ET)<\/p>\n About Saratoga Investment Corp.<\/p>\n Saratoga Investment\u00a0is a specialty finance company that provides customized financing solutions to U.S. middle-market businesses. 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.\u00a0 Saratoga Investment\u2019s objective is to create attractive risk-adjusted returns by generating current income and long-term capital appreciation from its debt and equity investments.\u00a0\u00a0Saratoga Investment\u00a0has elected to be regulated as a business development company under the Investment Company Act of 1940 and is externally-managed by\u00a0Saratoga Investment Advisors, LLC, an\u00a0SEC-registered investment advisor focusing on credit-driven strategies.\u00a0\u00a0Saratoga Investment\u00a0owns two SBIC-licensed subsidiaries and manages a\u00a0$500 million\u00a0collateralized loan obligation (\u201cCLO\u201d) fund.\u00a0 It also owns 100% of the Class F-R-2, G-R-2 and subordinated notes of the CLO.\u00a0 The Company\u2019s diverse funding sources, combined with a permanent capital base, enable\u00a0Saratoga Investment\u00a0to provide a broad range of financing solutions.<\/p>\n Forward Looking Statements<\/p>\n This press release contains certain forward-looking statements.\u00a0These forward-looking statements are subject to risks and uncertainties and other factors enumerated in this press release and the filings\u00a0Saratoga Investment makes with the\u00a0SEC.\u00a0Saratoga Investment\u00a0undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.<\/p>\n Financials<\/p>\n Saratoga Investment Corp. Saratoga Investment Corp. Saratoga Investment Corp. Supplemental Information Regarding Adjusted Net Investment Income, Adjusted Net Investment Income Yield and Adjusted Net Investment Income per share<\/p>\n On a supplemental basis,\u00a0Saratoga Investment\u00a0provides information relating to adjusted net investment income, adjusted net investment income yield and adjusted net investment income per share, which are non-GAAP measures. These measures are provided in addition to, but not as a substitute for, net investment income, net investment income yield and net investment income per share. Adjusted net investment income represents net investment income excluding any capital gains incentive fee expense or reversal attributable to unrealized gains. The management agreement with the Company\u2019s advisor provides that a capital gains incentive fee is determined and paid annually with respect to cumulative realized capital gains (but not unrealized capital gains) to the extent such realized capital gains exceed realized and unrealized losses for such year. In addition,\u00a0Saratoga Investment\u00a0accrues, but does not pay, a capital gains incentive fee in connection with any unrealized capital appreciation, as appropriate. As such,\u00a0Saratoga Investment\u00a0believes that adjusted net investment income, adjusted net investment income yield and adjusted net investment income per share is a useful indicator of operations exclusive of any capital gains incentive fee expense or reversal attributable to unrealized gains. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. The following table provides a reconciliation of net investment income to adjusted net investment income, net investment income yield to adjusted net investment income yield and net investment income per share to adjusted net investment income per share for the three and six months ended\u00a0August 31, 2019\u00a0and\u00a0August 31, 2018.<\/p>\n NEW YORK,\u00a0Oct. 09, 2019\u00a0(GLOBE NEWSWIRE) —\u00a0Saratoga Investment Corp.\u00a0(NYSE:SAR) (\u201cSaratoga Investment\u201d or \u201cthe Company\u201d), a business development company, today announced financial results for its 2020 fiscal second quarter. Summary Financial Information The Company\u2019s summarized financial information is as follows: \u201cThe second fiscal quarter of 2020 has been important for us with many significant accomplishments\u201d, said\u00a0Christian L. 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\nConsolidated Statements of Assets and Liabilities<\/p>\n![\"Screen](\"http:\/\/henristeenkamp.com\/wp-content\/uploads\/henristeenkamp-com\/sites\/2613\/Screen-Shot-2020-03-04-at-1.58.18-PM.png\")
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\nConsolidated Statements of Operations
\n(unaudited)<\/p>\n![\"Screen](\"http:\/\/henristeenkamp.com\/wp-content\/uploads\/henristeenkamp-com\/sites\/2613\/Screen-Shot-2020-03-04-at-2.01.02-PM.png\")
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\nConsolidated Statements of Operations
\n(unaudited)<\/p>\n![\"Screen](\"http:\/\/henristeenkamp.com\/wp-content\/uploads\/henristeenkamp-com\/sites\/2613\/Screen-Shot-2020-03-04-at-2.03.58-PM.png\")
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