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Thu, 07 Jan 2021 13:15:00 +0000	Saratoga Investment Corp. to Host Earnings Call NEW YORK, NY / ACCESSWIRE / January 7, 2021 / Saratoga Investment Corp.
Wed, 06 Jan 2021 22:15:10 +0000	Saratoga Investment (SAR) Beats Q3 Earnings and Revenue Estimates Saratoga Investment (SAR) delivered earnings and revenue surprises of 4.17% and 13.29%, respectively, for the quarter ended November 2020. Do the numbers hold clues to what lies ahead for the stock?
Wed, 06 Jan 2021 21:19:40 +0000	Recap: Saratoga Investment Q3 Earnings Shares of Saratoga Investment (NYSE:SAR) fell 0.65% after the company reported Q3 results.Quarterly Results Earnings per share were down 18.03% over the past year to $0.50, which beat the estimate of $0.47.Revenue of $14,283,000 rose by 0.61% from the same period last year, which beat the estimate of $13,470,000.Outlook Saratoga Investment hasn't issued any earnings guidance for the time being.View more earnings on SARRevenue guidance hasn't been issued by the company for now.Technicals Company's 52-week high was at $28.7052-week low: $5.94Price action over last quarter: Up 14.35%Company Description Saratoga Investment Corp is a specialty finance company, which invests primarily in leveraged loans and mezzanine debt issued by private middle-market companies in the United States. Its investment objective is to generate current income and, to a lesser extent, capital appreciation from its investments. Its portfolio comprises investments in leveraged loans, which are generally senior debt instruments that rank ahead of subordinated debt of the portfolio company issued by middle-market companies. In addition, it also purchases mezzanine debt, which is unsecured and subordinated to senior debt of the portfolio company and makes equity investments in middle-market companies.See more from Benzinga * Click here for options trades from Benzinga * A Look Into Saratoga Investment's Price Over Earnings * Earnings Scheduled For January 6, 2021(C) 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Wed, 06 Jan 2021 21:00:00 +0000	Saratoga Investment Corp. Announces Fiscal Third Quarter 2021 Financial Results and Increases Dividend by $0.01 to $0.42 per Share for the Quarter Ending November 30, 2020 NEW YORK, Jan. 06, 2021 (GLOBE NEWSWIRE) -- Saratoga Investment Corp. (NYSE:SAR) (“Saratoga Investment” or “the Company”), a business development company (“BDC”), today announced financial results for its 2021 fiscal third quarter. Summary Financial Information The Company’s summarized financial information is as follows:  For the quarter ended and as of Nov 30, 2020For the quarter ended and as of Aug 31, 2020For the quarter ended and as of Nov 30, 2019   ($ in thousands except per share) AUM 546,944 508,117 487,031  NAV 299,853 298,177 282,180  NAV per share 26.84 26.68 25.30  Investment Income 14,283 13,856 14,196  Net Investment Income per share 0.40 0.48 0.46  Adjusted Net Investment Income per share 0.50 0.49 0.61  Earnings per share 0.57 1.95 1.37  Dividends per share (declared) 0.42 0.41 0.56  Return on Equity– last twelve months11.0%14.3%17.6%  – annualized quarter8.5%30.1%21.7% Originations 51,320 31,709 40,766  Repayments 18,296 23,282 51,230        “During the past nine challenging months, we and our portfolio companies have managed through substantial economic headwinds and uncertainties and we continue to believe that Saratoga remains well positioned to face potential future economic challenges,” said Christian L. Oberbeck, Chairman and Chief Executive Officer of Saratoga Investment. “Our third quarter results highlight the strength of our financial position and portfolio performance. Our quarterly metrics include LTM return on equity of 11.0%, adjusted NII per share of $0.50 per share, adjusted LTM NII yield of 8.0% and NAV per share growth of 16c per share, which is our eleventh quarterly increase in the last thirteen quarters. Significant economic uncertainty presented by the COVID-19 pandemic remains, and, as a result, balance sheet strength, liquidity and NAV preservation continues to be paramount, both for our portfolio companies and ourselves. Our current capital structure at quarter-end was strong, with $300 million of equity supporting $108 million of long-term covenant-free non-SBIC debt and $176 million of long-term covenant free SBIC debentures. Our quarter-end regulatory leverage of 377% substantially exceeds our 150% requirement, and in addition to our undrawn Madison revolving credit facility, we have $34 million of quarter-end cash to support our existing portfolio companies, and $149 million of available SBIC II facilities which can be used to finance new opportunities, all of which are expected to be highly accretive to earnings. Reflecting our current strong portfolio performance, the Board of Directors decided to increase our quarterly dividends by a further $0.01 per share and declare a $0.42 per share dividend for the quarter ended November 30, 2020.”“Portfolio management continues to be critically important, and we are highly discerning in the current environment. Fortunately, we continued to bring new platform investments into the portfolio, with investments in three new companies added this quarter, in addition to the success we continue to have with follow-ons in existing borrowers with strong business models and balance sheets, all totaling $51.3 million invested in the fiscal quarter. We have also started seeing increased repayment activity, with two realizations occurring this quarter. Our credit quality remained at a high level at quarter-end and increased slightly from last quarter, with 93% of credits rated in our highest category and $6.0 million unrealized appreciation recognized in the quarter, putting our portfolio in a strong position from which to face the continued volatility and uncertainty ahead. With 75% of our investments at quarter-end in first lien debt and generally supported by strong enterprise values and balance sheets in industries that have historically performed well in stressed situations, we believe our portfolio is well structured for these uncertain times. We remain confident in our experienced management team, high underwriting standards and time-tested investment strategy. We believe our resources are sufficient to weather the economic challenges ahead, and that our team will be able to continue to steadily grow portfolio size and maintain quality and investment performance over the long-term.”Discussion of Financial Results for the Quarter ended November 30, 2020:As of November 30, 2020, Saratoga Investment’s assets under management (“AUM”) was $546.9 million, an increase of 12.3% from $487.0 million as of November 30, 2019, and an increase of 7.6% from $508.1 million as of August 31, 2020. The increase this past quarter consists of $51.3 million in originations, offset by $18.3 million of repayments and amortizations, as well as $6.0 million in unrealized appreciation, reflecting the impact of changes to market spreads, EBITDA multiples and/or revised portfolio company performance on the quarter-end valuations.  Saratoga Investment’s portfolio remains strong, with 74.5% of the portfolio in first liens, and a continued high level of investment quality in loan investments, with 92.8% of its loans this quarter at its highest internal rating. This quarter’s originations include three investments in new platforms, and five follow-ons in existing portfolio companies. Since Saratoga Investment took over the management of the BDC, $523.4 million of repayments and sales of investments originated by Saratoga Investment have generated a gross unlevered IRR of 16.6%.For the three months ended November 30, 2020, total investment income of $14.3 million was up $0.1 million from $14.2 for the three months ended November 30, 2019. This quarter’s investment income was generated from an investment base that has grown by 12.3% since last year. All of this quarter’s originations occurred in the second half of the quarter, with repayments mostly in the first month of the quarter. In addition, the asset growth was offset by lower interest rates, with the weighted average current coupon on non-CLO BDC investments decreasing from 10.1% to 9.5% (based on cost) year-over-year. In addition, this quarter’s investment income was up 3.1% on a quarter-on-quarter basis from $13.9 million for the quarter ended August 31, 2020, primarily due to the growing investment base and the full-period impact of originations closed last quarter.As compared to the three months ended November 30, 2019, net investment income decreased due to (i) increased base management fees, professional fees and administrator expenses generated from the management of this larger pool of investments, and (ii) the non-recurrence of a deferred income tax benefit recognized last year. This decrease was partially offset by decreased interest and debt financing expenses, reflecting the repayment of the $74.5 million baby bond last year.Net investment income on a weighted average per share basis was $0.40 for the quarter ended November 30, 2020. Adjusted for the incentive fee accrual related to net capital gains, the net investment income on a weighted average per share basis was $0.50. This compares to adjusted net investment income per share of $0.49 for the quarter ended August 31, 2020, and $0.61 for the quarter ended November 30, 2019. During these periods, weighted average common shares outstanding increased from 10.0 million shares for the three months ended November 30, 2019, to 11.2 million shares for both the three months ended August 31, 2020, and November 30, 2020.Net investment income yield as a percentage of average net asset value (“Net Investment Income Yield”) was 6.0% for the quarter ended November 30, 2020. Adjusted for the incentive fee accrual related to net capital gains, the Net Investment Income Yield was 7.4%. In comparison, adjusted Net Investment Income Yield was 7.6% and 9.7% for the quarters ended August 31, 2020, and November 30, 2019, respectively.Net Asset Value (“NAV”) was $299.9 million as of November 30, 2020, an increase of $1.7 million from $298.2 million as of August 31, 2020, and an increase of $17.7 million from $282.2 million as of November 30, 2019. * For the three months ended November 30, 2020, $4.5 million of net investment income and $6.0 million of net unrealized appreciation were earned, offset by $3.9 million federal tax paid on net capital gains realized in fiscal 2020, $0.2 million deferred tax expense on net unrealized gains in Saratoga Investment’s blocker subsidiaries and $4.6 million of dividends declared. In addition, $0.8 million of stock dividend distributions were made through the Company’s dividend reinvestment plan (“DRIP”), and 50,000 shares were purchased for $0.9 million pursuant to the share repurchase plan, all in this quarter.NAV per share was $26.84 as of November 30, 2020, compared to $26.68 as of August 31, 2020, $27.13 as of February 29, 2020, and $25.30 as of November 30, 2019. * For the three months ended November 30, 2020, NAV per share increased by $0.16 per share, reflecting the $0.40 per share net investment income and $0.54 per share unrealized appreciation on investments, offset by $0.35 per share tax expense impact on net capital gains realized in fiscal 2020, the second quarter dividend of $0.41 per share declared during this quarter and $0.02 deferred tax expense on net unrealized appreciation in Saratoga Investment’s blocker subsidiaries. The benefit of repurchasing shares below NAV pursuant to the share repurchase plan was offset by the DRIP shares issued during the quarter.Return on equity for the last twelve months ended November 30, 2020, was 11.0%, down from 17.6% for the comparable period last year.Earnings per share for the quarter ended November 30, 2020, was $0.57, compared to $1.95 for the quarter ended August 31, 2020, and earnings per share of $1.37 for the quarter ended November 30, 2019.Investment portfolio activity for the quarter ended November 30, 2020: * Cost of investments made during the period: $51.3 million, including investments in three new portfolio companies. * Principal repayments during the period: $18.3 million.Additional Financial InformationFor the fiscal quarter ended November 30, 2020, Saratoga Investment reported net investment income of $4.5 million, or $0.40 on a weighted average per share basis, and a net realized and unrealized gain on investments of $1.9 million, or $0.17 on a weighted average per share basis, resulting in a net increase in net assets from operations of $6.4 million, or $0.57 on a weighted average per share basis. The $1.9 million net gain on investments was comprised of $6.0 million in net unrealized appreciation on investments, offset by $3.9 million in income tax provision from realized gain on investment and $0.2 million of net change in provision for deferred taxes on unrealized appreciation on investments. The $6.0 million unrealized appreciation reflects a 1.2% increase in the total value of the portfolio, primarily related to improvements in market spreads, EBITDA multiples and/or revised portfolio company performance – therefore, more than two thirds of the reduction in the value of the overall portfolio in the first quarter has been reversed since May 31, 2020. This is compared to the fiscal quarter ended November 30, 2019, with net investment income of $4.6 million, or $0.46 on a weighted average per share basis, and a net realized and unrealized gain on investments of $9.1 million, or $0.91 on a weighted average per share basis, resulting in a net increase in net assets from operations of $13.7 million, or $1.37 on a weighted average per share basis.Adjusted for the incentive fee accrual related to net capital gains, the net investment income was $5.5 million and $6.1 million for the quarters ended November 30, 2020, and November 30, 2019, respectively – a decrease of $0.6 million year-over-year, or 10.0%.Total expenses, excluding interest and debt financing expenses, base management fees, incentive management fees and income tax benefit, increased from $1.5 million for the quarter ended November 30, 2019 to $1.6 million for the same period ended November 30, 2020. This represented 1.1% of average total assets, also unchanged from last year.Portfolio and Investment Activity As of November 30, 2020, the fair value of Saratoga Investment’s portfolio was $546.9 million (excluding $33.9 million in cash and cash equivalents), principally invested in 42 portfolio companies and one collateralized loan obligation fund (“CLO”). The overall portfolio composition consisted of 74.5% of first lien term loans, 9.2% of second lien term loans, 4.9% of unsecured term loans, 5.7% of subordinated notes in a CLO and 5.7% of common equity.For the fiscal quarter ended November 30, 2020, Saratoga Investment invested $51.3 million in three new and five existing portfolio companies and had $18.3 million in aggregate amount of exits and repayments, resulting in net investments of $33.0 million for the quarter. As of November 30, 2020, the weighted average current yield on Saratoga Investment’s portfolio based on current fair values was 9.4%, which was comprised of a weighted average current yield of 9.5% on first lien term loans, 11.5% on second lien term loans, 4.4% on unsecured term loans, 17.6% on CLO subordinated notes and 0.0% on equity interests.Liquidity and Capital Resources As of November 30, 2020, Saratoga Investment had no outstanding borrowings under its $45 million senior secured revolving credit facility with Madison Capital Funding LLC. At the same time, Saratoga Investment had $150.0 million SBA debentures outstanding in its SBIC I license, $26.0 million SBA debentures outstanding in its SBIC II license, $108.1 million of baby bonds issued, including two listed issuances of 60.0 million and $43.1 million, respectively, and one unlisted issuance of $5.0 million, and an aggregate of $33.9 million in cash and cash equivalents.With $45.0 million available under the credit facility and the $33.9 million of cash and cash equivalents as of November 30, 2020, Saratoga Investment has a total of $78.9 million of undrawn borrowing capacity and cash and cash equivalents for new investments or to support its existing portfolio companies. In addition, Saratoga Investment has $149.0 million in undrawn SBA debentures from the most recently approved SBIC II license to finance new SBIC-eligible portfolio companies. It should be noted that, depending on portfolio company performance, availability under the Madison credit facility might be reduced. In addition, certain follow-on investments in SBIC I and the BDC will not qualify for SBIC II funding. As of quarter-end, Saratoga Investment had $30.1 million of committed undrawn lending commitments and $18.8 million of discretionary funding commitments.On March 16, 2017, Saratoga Investment entered into an equity distribution agreement with Ladenburg Thalmann & Co. Inc., through which Saratoga may offer for sale, from time-to-time, up to $30.0 million of its common stock through an ATM offering. Subsequent to this, BB&T Capital Markets and B. Riley FBR, Inc. were also added to the agreement. On July 11, 2019, the amount of common stock to be offered through this offering was increased to $70.0 million, and on October 8, 2019, the amount of common stock to be offered through this offering was further increased to $130.0 million. As of November 30, 2020, the Company sold 3,992,018 shares for gross proceeds of $97.1 million at an average price of $24.77 for aggregate net proceeds of $95.9 million (net of transaction costs). During the nine months ended November 30, 2020, there was no activity related to the ATM offering.On September 14, 2020, the Company entered into a fifth amendment to the Credit Facility with Madison Capital Funding LLC to, among other things: * extend the commitment termination date of the Credit Facility from September 17, 2020 to September 17, 2021, with no change to the maturity date of September 17, 2025. * provide for the transition away from the LIBOR Rate in the market, and * expand the definition of Eligible Loan Asset to allow investments with certain recurring revenue features to qualify as Collateral and be included in the borrowing baseDividendSaratoga Investment has raised its dividend for the past five years. In light of the dramatic uncertainties currently present in the economy, and to ensure we retain liquidity to not only support our current portfolio companies during these challenged times, but to also create new, important relationships through the provision of critically crucial liquidity in new situations, Saratoga Investment’s Board of Directors (the “Board of Directors”) deferred its dividend for the final quarter of fiscal 2020.Furthermore, while many BDCs have spillover obligations from prior years, representing taxable income from past obligations yet to be distributed, Saratoga Investment has historically managed its distributions conservatively so it is current with all spillover obligations, other than those related to our Easy Ice long-term net capital gains. This therefore means that Saratoga Investment is not obligated to pay current dividends related to historical earnings and enabling preservation of precious liquidity in this challenging market environment.Taking all of this into account, including Saratoga Investment’s recent baby bond issuances and substantially improved position, and the current performance of its portfolio, the Board of Directors paid a $0.40 per share dividend for the quarter ended May 31, 2020 and a $0.41 per share dividend for the quarter ended August 31, 2020. Furthermore, the Board of Directors declared a $0.42 per share dividend for this quarter ended November 30, 2020, increasing last quarter’s dividend by $0.01 per share. The Board of Directors will continue to assess this on at least a quarterly basis as better visibility is gained on the economy and business performance. An important consideration for this decision arises from Saratoga Investment’s historically conservative management of its RIC compliance obligations, such that it has no ordinary income spillover obligations and therefore substantial spillover flexibility and consequent liquidity.The Board of Directors declared this quarter’s dividend on January 5, 2021, and is payable on February 10, 2021, to common stockholders of record on January 26, 2021. Stockholders have the option to receive payment of the dividend in cash, or receive shares of common stock pursuant to the Company’s DRIP.Total dividends declared thus far for fiscal year 2021 is $1.23 per share. In fiscal year 2020, the Company declared a quarterly dividend of $0.56 per share for the quarter ended November 30, 2019, $0.56 per share for the quarter ended August 31, 2019, $0.55 per share for the quarter ended May 31, 2019, and $0.54 per share for the quarter ended February 28, 2019. Total dividends declared for the fiscal years ended February 28, 2019, and 2018, were $2.06 per share and $1.90 per share, respectively.Share Repurchase PlanIn 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 through 2021, this share repurchase plan was extended for another year at the same level of approval, currently through January 15, 2022. On May 4, 2020, the Board of Directors increased the share repurchase plan to 1.3 million shares of common stock. During the three months ended November 30, 2020, the Company purchased 50,000 shares of common stock, at the average price of $18.28 for approximately $0.9 million pursuant to this repurchase plan. These share repurchases during the quarter offset the 45,706 shares issued as part of the DRIP shares issued in November 2020. During the nine months ended November 30, 2020, the Company purchased 140,321 shares of common stock, at the average price of $17.56 for approximately $2.5 million pursuant to the Share Repurchase Plan.2021 Fiscal Third Quarter Conference Call/Webcast InformationWhen:Thursday, January 7, 2021, 10:00 a.m. Eastern Time (ET)    Call:Interested parties may participate by dialing (877) 312-9208 (U.S. and Canada) or (678) 224-7872 (outside U.S. and Canada)      A replay of the call will be available from 1:00 p.m. ET on Thursday, January 7, 2021 through 1:00 p.m. ET on Thursday, January 14, 2021 by dialing (855) 859-2056 (U.S. and Canada) or (404) 537-3406 (outside U.S. and Canada), passcode for both replay numbers: 6679522.    Webcast:Interested parties may access a simultaneous webcast of the call and find the Q3 2021 presentation by going to the “Events & Presentations” section of Saratoga Investment Corp.’s investor relations website, http://ir.saratogainvestmentcorp.com/events-presentations    About Saratoga Investment Corp.Saratoga Investment is 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. Saratoga Investment’s objective is to create attractive risk-adjusted returns by generating current income and long-term capital appreciation from its debt and equity investments. Saratoga Investment has elected to be regulated as a business development company under the Investment Company Act of 1940 and is externally-managed by Saratoga Investment Advisors, LLC, an SEC-registered investment advisor focusing on credit-driven strategies. Saratoga Investment owns two SBIC-licensed subsidiaries and manages a $500 million collateralized loan obligation (“CLO”) fund. It also owns 100% of the Class F-R-2, G-R-2 and subordinated notes of the CLO. The Company’s diverse funding sources, combined with a permanent capital base, enable Saratoga Investment to provide a broad range of financing solutions. Forward Looking Statements Statements included herein contain certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future events or our future performance or financial condition. Forward-looking statements can be identified by the use of forward looking words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or negative versions of those words, other comparable words or other statements that do not relate to historical or factual matters. The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including but not limited to the impact of the COVID-19 pandemic and the pandemic's impact on the U.S. and global economy, as well as those described from time-to-time in our filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made. Saratoga Investment Corp. undertakes no duty to update any forward-looking statements made herein or on the webcast/conference call, whether as a result of new information, future developments or otherwise, except as required by law. FinancialsSaratoga Investment Corp. Consolidated Statements of Assets and Liabilities       November 30, 2020 February 29, 2020   (unaudited)    ASSETS    Investments at fair value    Non-control/Non-affiliate investments (amortized cost of $463,588,455 and $418,006,725, respectively)$456,552,179  $420,442,928  Affiliate investments (amortized cost of $28,338,471 and $23,998,917, respectively) 21,403,802   18,485,854  Control investments (amortized cost of $65,055,003 and $44,293,619, respectively) 68,987,521   46,703,192  Total investments at fair value (amortized cost of $556,981,929 and $486,299,261, respectively) 546,943,502   485,631,974  Cash and cash equivalents 21,060,224   24,598,905  Cash and cash equivalents, reserve accounts 12,836,663   14,851,447  Interest receivable (net of reserve of $1,982,033 and $1,238,049, respectively) 4,192,177   4,810,456  Management fee receivable 284,256   272,207  Other assets 740,361   701,007  Total assets$586,057,183  $530,865,996       LIABILITIES    Revolving credit facility$-  $-  Deferred debt financing costs, revolving credit facility (674,638)  (512,628) SBA debentures payable 176,000,000   150,000,000  Deferred debt financing costs, SBA debentures payable (2,725,309)  (2,561,495) 6.25% Notes Payable 2025 60,000,000   60,000,000  Deferred debt financing costs, 6.25% notes payable 2025 (1,766,709)  (2,046,735) 7.25% Notes Payable 2025 43,125,000   -  Deferred debt financing costs, 7.25% notes payable 2025 (1,480,977)  -  7.75% Notes Payable 2025 5,000,000   -  Deferred debt financing costs, 7.75% notes payable 2025 (252,746)  -  Base management and incentive fees payable 4,775,801   15,800,097  Deferred tax liability 1,434,505   1,347,363  Accounts payable and accrued expenses 1,514,585   1,713,157  Interest and debt fees payable 931,938   2,234,042  Directors fees payable 44,500   61,500  Due to manager 278,343   543,842  Total liabilities 286,204,293   226,579,143       NET ASSETS    Common stock, par value $0.001, 100,000,000 common shares    authorized, 11,170,028 and 11,217,545 common shares issued and outstanding, respectively 11,170   11,218  Capital in excess of par value 288,590,554   289,476,991  Total distributable earnings 11,251,166   14,798,644  Total net assets 299,852,890   304,286,853  Total liabilities and net assets$586,057,183  $530,865,996  NET ASSET VALUE PER SHARE$26.84  $27.13       Asset Coverage Ratio 377.3%  607.1%       Saratoga Investment Corp. Consolidated Statements of Operations (unaudited)       For the three months ended  November 30, 2020 November 30, 2019 INVESTMENT INCOME    Interest from investments    Interest income:    Non-control/Non-affiliate investments$10,422,586  $9,749,294  Affiliate investments 418,418   356,958  Control investments 1,654,359   1,300,923  Payment-in-kind interest income:    Non-control/Non-affiliate investments 214,422   198,984  Affiliate investments 49,333   42,397  Control investments 44,896   1,250,824  Total interest from investments 12,804,014   12,899,380  Interest from cash and cash equivalents 770   119,539  Management fee income 623,817   629,671  Structuring and advisory fee income* 545,354   511,500  Other income* 308,802   35,665  Total investment income 14,282,757   14,195,755       OPERATING EXPENSES    Interest and debt financing expenses 3,559,870   3,896,968  Base management fees 2,324,564   2,146,214  Incentive management fees expense (benefit) 2,295,000   3,102,139  Professional fees 502,979   401,010  Administrator expenses 693,750   556,250  Insurance 67,010   63,936  Directors fees and expenses 60,000   60,000  General & administrative 278,734   395,024  Income tax expense (benefit) 29,748   (1,001,089) Total operating expenses 9,811,655   9,620,452  NET INVESTMENT INCOME 4,471,102   4,575,303       REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS    Net realized gain (loss) from investments:    Non-control/Non-affiliate investments 1,798   10,739,678  Net realized gain (loss) from investments 1,798   10,739,678  Income tax (provision) benefit from realized gain on investments (3,895,354)  -  Net change in unrealized appreciation (depreciation) on investments:    Non-control/Non-affiliate investments 4,348,888   (4,322,305) Affiliate investments 385,414   (41,295) Control investments 1,264,528   3,827,449  Net change in unrealized appreciation (depreciation) on investments 5,998,830   (536,151) Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments (210,057)  (1,061,608) Net realized and unrealized gain (loss) on investments 1,895,217   9,141,919  NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS$6,366,319  $13,717,222       WEIGHTED AVERAGE - BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE$0.57  $1.37       WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC AND DILUTED 11,169,817   10,036,086       * Certain prior period amounts have been reclassified to conform to current period presentation.          Saratoga Investment Corp. Consolidated Statements of Operations (unaudited)       For the nine months ended  November 30, 2020 November 30, 2019 INVESTMENT INCOME    Interest from investments    Interest income:    Non-control/Non-affiliate investments$30,585,868  $26,862,643  Affiliate investments 1,204,840   873,816  Control investments 4,037,915   4,627,395  Payment-in-kind interest income:    Non-control/Non-affiliate investments 1,125,306   530,728  Affiliate investments 143,574   123,812  Control investments 117,449   3,226,060  Total interest from investments 37,214,952   36,244,454  Interest from cash and cash equivalents 14,176   316,691  Management fee income 1,883,825   1,888,932  Structuring and advisory fee income* 1,798,660   1,875,225  Other income* 523,862   509,850  Total investment income 41,435,475   40,835,152       OPERATING EXPENSES    Interest and debt financing expenses 9,452,193   11,628,266  Base management fees 6,694,144   5,955,623  Incentive management fees expense (benefit) 1,966,367   7,300,794  Professional fees 1,257,420   1,181,010  Administrator expenses 1,852,083   1,575,000  Insurance 202,463   193,174  Directors fees and expenses 195,000   217,500  General & administrative 963,372   1,036,498  Income tax expense (benefit) 28,304   (1,464,878) Total operating expenses 22,611,346   27,622,987  NET INVESTMENT INCOME 18,824,129   13,212,165       REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS    Net realized gain (loss) from investments:    Non-control/Non-affiliate investments 22,207   12,609,767  Net realized gain (loss) from investments 22,207   12,609,767  Income tax (provision) benefit from realized gain on investments (3,895,354)  -  Net change in unrealized appreciation (depreciation) on investments:    Non-control/Non-affiliate investments (9,472,477)  (1,563,573) Affiliate investments (1,421,606)  859,953  Control investments 1,522,945   5,614,471  Net change in unrealized appreciation (depreciation) on investments (9,371,138)  4,910,851  Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments (58,838)  (1,786,801) Net realized and unrealized gain (loss) on investments (13,303,123)  15,733,817  NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS$5,521,006  $28,945,982       WEIGHTED AVERAGE - BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE$0.49  $3.33       WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC AND DILUTED 11,198,287   8,702,190       * Certain prior period amounts have been reclassified to conform to current period presentation.         Supplemental Information Regarding Adjusted Net Investment Income, Adjusted Net Investment Income Yield and Adjusted Net Investment Income per shareOn a supplemental basis, Saratoga Investment provides 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 realized and unrealized gains. The management agreement with the Company’s 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, Saratoga Investment accrues, but does not pay, a capital gains incentive fee in connection with any unrealized capital appreciation, as appropriate. All capital gains incentive fees are presented within net investment income within the Consolidated Statements of Operations, but the associated realized and unrealized gains and losses that these incentive fees relate to, are excluded. As such, Saratoga Investment believes 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 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 November 30, 2020, and November 30, 2019. For the three months ended November 30 For the nine months ended November 30   2020   2019   2020   2019              Net Investment Income$4,471,102  $4,575,303  $18,824,129  $13,212,165  Changes in accrued capital gains incentive fee expense/reversal 1,058,955   1,566,202   (2,035,048)  3,197,010  Adjusted net investment income$5,530,057  $6,141,505  $16,789,081  $16,409,175           Net investment income yield 6.0%  7.2%  8.5%  8.1% Changes in accrued capital gains incentive fee expense/reversal 1.4%  2.5%  (0.9%)  1.9% Adjusted net investment income yield (1) 7.4%  9.7%  7.6%  10.0%   Net investment income per share$ 0.40  $ 0.46  $ 1.68  $ 1.52  Changes in accrued capital gains incentive fee expense/reversal$ 0.10  $ 0.15  ($ 0.18) $ 0.37  Adjusted net investment income per share (2)$ 0.50  $ 0.61  $ 1.50  $ 1.89  (1) Adjusted net investment income yield is calculated as adjusted net investment income divided by average net asset value. (2) Adjusted net investment income per share is calculated as adjusted net investment income divided by weighted average common shares outstanding.Contact: Henri Steenkamp Saratoga Investment Corp. 212-906-7800
Wed, 06 Jan 2021 15:08:42 +0000	A Look Into Saratoga Investment's Price Over Earnings In the current market session, Saratoga Investment Inc. (NYSE: SAR) is trading at $20.68, after a 0.1% gain. However, over the past month, the stock fell by 3.82%, and in the past year, by 20.73%. Shareholders might be interested in knowing whether the stock is undervalued, even if the company is performing up to par in the current session. The stock is currently above from its 52 week low by 248.15%. Assuming that all other factors are held constant, this could present itself as an opportunity for investors trying to diversify their portfolio with Capital Markets stocks, and capitalize on the lower share price observed over the year. The P/E ratio measures the current share price to the company's earnings per share. It is used by long-term investors to analyze the company's current performance against its past earnings, historical data and aggregate market data for the industry or the indices, such as S&P 500. A higher P/E indicates that investors expect the company to perform better in the future, and the stock is probably overvalued, but not necessarily. It also shows that investors are willing to pay a higher share price currently, because they expect the company to perform better in the upcoming quarters. This leads investors to also remain optimistic about rising dividends in the future. View more earnings on SARDepending on the particular phase of a business cycle, some industries will perform better than others. Saratoga Investment Inc. has a lower P/E than the aggregate P/E of 21.35 of the Capital Markets industry. Ideally, one might believe that the stock might perform worse than its peers, but it's also probable that the stock is undervalued. P/E ratio is not always a great indicator of the company's performance. Depending on the earnings makeup of a company, investors can become unable to attain key insights from trailing earnings.See more from Benzinga * Click here for options trades from Benzinga * Earnings Scheduled For January 6, 2021 * How Likely Is Saratoga Investment To Cut Their Dividend?(C) 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Tue, 05 Jan 2021 15:30:50 +0000	How Likely Is Saratoga Investment To Cut Their Dividend? In today's dividend safety check, Benzinga Insights looks into Saratoga Investment (NYSE:SAR) to see if its 9.3% dividend yield is safe as the company is releasing its earnings on January 6, 2021 after the bell. To better understand this, we will be looking into the earnings-to-dividend payout ratio and whether the company's dividend has recently been cut.Saratoga Investment's Payout Ratio A dividend's affordability can be measured by its payout ratio, which is equal to dividends per share divided by earnings per share. Saratoga Investment has a relatively high payout ratio of 83.67%. When a company's payout ratio is near (or above) 100%, that company's earnings are probably insufficient to cover its dividend, and the company may need to borrow money or cut the dividend to stay solvent.Has Saratoga Investment Cut Its Dividend in the Recent Past? Generally, past behavior is not highly predictive of the future. However, companies that have recent histories of dividend cuts have less incentive to appease income investors than companies with historically consistent or rising dividends. Saratoga Investment recently cut its dividend in 2021. This indicates the company's management may be willing to do so again in the future to solve budgetary issues.How Safe Is Saratoga Investment's Dividend Overall? Saratoga Investment has failed two of our dividend safety tests. It has a high payout ratio but has three recent cases of dividend cuts. With all of this in mind, it is not very likely that Saratoga Investment will cut its dividend next quarter.Looking for more help identifying reliable investments? Check out Benzinga's Breakout Opportunity Letter.See more from Benzinga * Click here for options trades from Benzinga * Earnings Preview: Saratoga Investment(C) 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Tue, 05 Jan 2021 15:19:39 +0000	Earnings Preview: Saratoga Investment Saratoga Investment (NYSE:SAR) will be releasing its next round of earnings this Wednesday, January 06. For all of the relevant information, here is your guide for Wednesday's Q3 earnings announcement.Net Income, Earnings, And Earnings Per Share Earnings and EPS are useful metrics of profitability. Total earnings also known as net income is equal to total revenue minus total expenses. Dividing net income by the total number of shares outstanding yields EPS.Earnings And Revenue Saratoga Investment EPS will likely be near $0.47 while revenue will be around $13.47 million, according to analysts. Saratoga Investment reported a profit of $0.61 per share when it published results during the same quarter last year. Sales in that period totaled $14.20 million.Why Analyst Estimates And Earnings Surprises Are Important Analysts who cover this company will publish forward-looking estimates of its revenue and EPS each quarter. Averaging together every EPS and revenue prediction that each analyst makes about a company in a quarter yields the "consensus estimates." A company posting earnings or revenue above or below the consensus estimate is known as an "earnings surprise" and may move the stock by a considerable margin.View more earnings on SARThe Wall Street estimate would represent a 22.95% decline in the company's earnings. Revenue would have fallen 5.11% from the same quarter last year. Here is how the company's reported EPS has stacked up against analyst estimates in the past:Quarter Q2 2020 Q1 2020 Q4 2020 Q3 2020 EPS Estimate 0.26 -1.38 1.46 0.58 EPS Actual 0.49 0.51 0.61 0.61 Revenue Estimate 12.90 M 13.37 M 14.65 M 13.99 M Revenue Actual 13.86 M 13.30 M 17.61 M 14.20 M Stock Performance Shares of Saratoga Investment were trading at $20.44 as of January 04. Over the last 52-week period, shares are down 17.71%. Given that these returns are generally negative, long-term shareholders are probably unhappy going into this earnings release.Do not be surprised to see the stock move on comments made during its conference call. Saratoga Investment is scheduled to hold the call at 10:00:00 ET and can be accessed here.See more from Benzinga * Click here for options trades from Benzinga * Earnings Preview: Simply Good Foods * Earnings Preview: RPM International(C) 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Wed, 30 Dec 2020 17:30:05 +0000	Analysts Estimate Saratoga Investment (SAR) to Report a Decline in Earnings: What to Look Out for Saratoga Investment (SAR) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Thu, 17 Dec 2020 13:30:00 +0000	Saratoga Investment Corp. to Report Fiscal Third Quarter 2021 Financial Results and Hold Conference Call NEW YORK, Dec. 17, 2020 (GLOBE NEWSWIRE) -- Saratoga Investment Corp. (NYSE:SAR), a business development company, will report its financial results for the fiscal quarter ended November 30, 2020 on January 6, 2021, after market close. A conference call to discuss the financial results will be held on January 7, 2021. Details for the conference call are provided below. Who:Christian L. Oberbeck, Chairman and Chief Executive Officer  Michael J. Grisius, Chief Investment Officer  Henri J. Steenkamp, Chief Financial Officer, Chief Compliance Officer, Treasurer and Secretary    When:         Thursday, January 7, 2021          10:00 a.m. Eastern Time (ET)    How:         Call: Interested parties may participate by dialing (877) 312-9208 (U.S. and Canada) or (678) 224-7872 (outside U.S. and Canada).     A replay of the call will be available from 1:00 p.m. ET on Thursday, January 7, 2020 through 1:00 p.m. ET on Thursday, January14, 2020 by dialing (855) 859-2056 (U.S. and Canada) or (404) 537-3406 (outside U.S. and Canada), passcode for both replay numbers: 6679522.     Webcast: Interested parties may access a simultaneous webcast of the call and find the Q3 2021 presentation by going to the “Events & Presentations” section of Saratoga Investment Corp.’s investor relations website, http://ir.saratogainvestmentcorp.com/events-presentations    Information:Saratoga Investment Corp.’s Form 10-Q for the fiscal quarter ended November 30, 2020 will be filed on January 6, 2021 with the Securities and Exchange Commission. About Saratoga Investment Corp. Saratoga Investment is 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.  Saratoga Investment’s objective is to create attractive risk-adjusted returns by generating current income and long-term capital appreciation from its debt and equity investments.  Saratoga Investment has elected to be regulated as a business development company under the Investment Company Act of 1940 and is externally-managed by Saratoga Investment Advisors, LLC, an SEC-registered investment advisor focusing on credit-driven strategies.  Saratoga Investment owns two SBIC-licensed subsidiaries and manages a $500 million collateralized loan obligation (“CLO”) fund.  It also owns 100% of the Class F-R-2, G-R-2 and subordinated notes of the CLO.  The Company’s diverse funding sources, combined with a permanent capital base, enable Saratoga Investment to provide a broad range of financing solutions.Contact: Henri Steenkamp Saratoga Investment Corp. 212-906-7800Roland Tomforde Broadgate Consultants 212-232-2222
Thu, 17 Dec 2020 08:16:59 +0000	What You Need To Know About Saratoga Investment Corp.'s (NYSE:SAR) Investor Composition The big shareholder groups in Saratoga Investment Corp. ( NYSE:SAR ) have power over the company. Institutions often...
Mon, 30 Nov 2020 23:30:04 +0000	Is Saratoga Investment Corp (SAR) Going to Burn These Hedge Funds? Most investors tend to think that hedge funds and other asset managers are worthless, as they cannot beat even simple index fund portfolios. In fact, most people expect hedge funds to compete with and outperform the bull market that we have witnessed in recent years. However, hedge funds are generally partially hedged and aim at […]
Thu, 22 Oct 2020 12:35:12 +0000	3 SBIC & Commercial Finance Stocks to Gain Amid Lower Rates, Slowdown 3 SBIC & Commercial Finance Stocks to Gain Amid Lower Rates, Slowdown
Sun, 18 Oct 2020 14:59:02 +0000	Be Sure To Check Out Saratoga Investment Corp. (NYSE:SAR) Before It Goes Ex-Dividend It looks like Saratoga Investment Corp. (NYSE:SAR) is about to go ex-dividend in the next 4 days. Investors can...
Sat, 10 Oct 2020 14:09:27 +0000	Saratoga Investment Corp. Beat Analyst Estimates: See What The Consensus Is Forecasting For This Year Saratoga Investment Corp. (NYSE:SAR) defied analyst predictions to release its quarterly results, which were ahead of...
Fri, 09 Oct 2020 12:44:12 +0000	Saratoga Investment (SAR) Jumps: Stock Rises 5.5% Saratoga Investment (SAR) saw a big move last session, as its shares jumped nearly 6% on the day, amid huge volumes.
Thu, 08 Oct 2020 20:30:13 +0000	Saratoga Investment Corp (SAR) Q2 2021 Earnings Call Transcript SAR earnings call for the period ending August 31, 2020.
Wed, 07 Oct 2020 21:15:09 +0000	Saratoga Investment (SAR) Tops Q2 Earnings and Revenue Estimates Saratoga Investment (SAR) delivered earnings and revenue surprises of 4.26% and 7.04%, respectively, for the quarter ended August 2020. Do the numbers hold clues to what lies ahead for the stock?
Wed, 07 Oct 2020 20:44:57 +0000	Recap: Saratoga Investment Q2 Earnings Shares of Saratoga Investment (NYSE:SAR) moved higher by 6.67% after the company reported Q2 results.Quarterly Results Earnings per share decreased 27.94% over the past year to $0.49, which beat the estimate of $0.26.Revenue of $13,856,000 decreased by 0.23% year over year, which beat the estimate of $12,900,000.Looking Ahead Earnings guidance hasn't been issued by the company for now.View more earnings on SARSaratoga Investment hasn't issued any revenue guidance for the time being.Recent Stock Performance 52-week high: $28.7052-week low: $5.94Price action over last quarter: Up 10.04%Company Overview Saratoga Investment Corp is a specialty finance company, which invests primarily in leveraged loans and mezzanine debt issued by private middle-market companies in the United States. Its investment objective is to generate current income and, to a lesser extent, capital appreciation from its investments. Its portfolio comprises investments in leveraged loans, which are generally senior debt instruments that rank ahead of subordinated debt of the portfolio company issued by middle-market companies. In addition, it also purchases mezzanine debt, which is unsecured and subordinated to senior debt of the portfolio company and makes equity investments in middle-market companies.See more from Benzinga * Options Trades For This Crazy Market: Get Benzinga Options to Follow High-Conviction Trade Ideas * Earnings Scheduled For October 7, 2020 * A Look Into Saratoga Investment's Price Over Earnings(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Wed, 07 Oct 2020 20:00:00 +0000	Saratoga Investment Corp. Announces Fiscal Second Quarter 2021 Financial Results and Increases Dividend to $0.41 per Share for the Quarter Ending August 31, 2020 NEW YORK, Oct. 07, 2020 (GLOBE NEWSWIRE) -- Saratoga Investment Corp. (NYSE:SAR) (“Saratoga Investment” or “the Company”), a business development company (“BDC”), today announced financial results for its 2021 fiscal second quarter.Summary Financial Information The Company’s summarized financial information is as follows: For the quarter ended and as of Aug 31, 2020For the quarter ended and as of May 31, 2020For the quarter ended and as of Aug 31, 2019   ($ in thousands except per share)  AUM508,117 482,947 486,880   NAV298,177 281,631 224,337   NAV per share26.68 25.11 24.47   Investment Income13,856 13,297 13,888   Net Investment Income per share0.48 0.80 0.59   Adjusted Net Investment Income per share0.49 0.51 0.68   Earnings per share1.95 (2.02)0.91   Dividends per share (declared)0.41 0.40 0.56   Return on Equity – last twelve months14.3%9.9%14.3%                              – annualized quarter30.1%(30.9)%14.7%  Originations31,709 38,999 93,194   Repayments23,282 9,350 19,004   “Following two volatile and challenging quarters, we continue to believe that Saratoga remains in a strong position and well positioned to face potential future economic challenges related to COVID-19,” said Christian L. Oberbeck, Chairman and Chief Executive Officer of Saratoga Investment. “We believe our performance for the fiscal second quarter 2021 reflected the market’s economic difficulties, and importantly, highlighted the strength of our financial position and portfolio. Our quarterly metrics include LTM return on equity of 14.3%, adjusted NII per share of $0.49 per share and adjusted NII yield of 7.6%. There still remains significant uncertainty presented by the COVID-19 pandemic to the economy and particularly small businesses, and so balance sheet strength, liquidity and NAV preservation continues to be paramount, both for our portfolio companies and ourselves. Our current capital structure at quarter-end was strong, with $298 million of equity supporting $108 million of long-term covenant-free non-SBIC debt. Our quarter-end regulatory leverage of 376% substantially exceeds our 150% requirement, following the new long-term debt we issued this quarter, and in addition to our Madison revolving credit facility we have $65 million of quarter-end cash to support our existing portfolio companies, and $155 million of available SBIC II facilities which can be used to finance new opportunities, all of which will be highly accretive to earnings.”“Reflecting our current strong portfolio performance, the Board of Directors decided to increase our quarterly dividends by $0.01 per share and declare a $0.41 per share dividend for the quarter ended August 31, 2020. We will continue to assess the amount of our dividends on at least a quarterly basis as we gain better visibility on the economy and our business performance. We have historically conservatively managed our RIC compliance obligations, such that we had no ordinary income spillover obligations going into the pandemic and therefore substantial spillover flexibility and consequent liquidity. Payment of this dividend further preserves our spillover liquidity position.”Michael J. Grisius, President and Chief Investment Officer, added, “Portfolio management continues to be critically important. In terms of new investments, we have become much more discerning in the current environment. Despite this, we continued to bring new platform investments into the portfolio, with two investments in new companies added this quarter, in addition to the success we continue to have with follow-ons in existing borrowers with strong business models and balance sheets, totaling $31.7 million invested in the fiscal quarter. We believe the quality of our asset base remains high, with our end of August valuations reflecting quarter-end market spreads and individual COVID-19 impacts, resulting in a recovery of over half of the first quarter’s reduction in fair value. This translated into a $16.6 million unrealized appreciation booked this quarter. Our credit quality remained at a high level at quarter-end and increased from last quarter, with over 92% of credits rated in our highest category, putting our portfolio in a strong position from which to face the continued volatility and uncertainty ahead. With 77% of our investments at year-end in first lien debt and generally supported by strong enterprise values and balance sheets in industries that have historically performed well in stressed situations, we remain confident thus far in the durability of our portfolio in these uncertain times. We remain confident in our experienced management team, high underwriting standards and time-tested investment strategy and believe we have the resources to weather the economic challenges ahead, and that our team will be able to continue to steadily grow portfolio size and maintain quality over the long-term.”Discussion of Financial Results for the Quarter ended August 31, 2020:As of August 31, 2020, Saratoga Investment’s assets under management (“AUM”) was $508.1 million, an increase of 4.4% from $486.9 million as of August 31, 2019, and an increase of 5.2% from $482.9 million as of May 31, 2020. The increase this past quarter consists of $31.7 million in originations, offset by $23.3 million of repayments and amortizations, as well as $16.6 million in net realized and unrealized appreciation, reflecting the impact of changes to market spreads, EBITDA multiples and/or revised portfolio company performance on the quarter-end valuations. Saratoga Investment’s portfolio remains strong, with 76.7% of the portfolio in first liens, and a continued high level of investment quality in loan investments, with 92.1% of its loans this quarter at its highest internal rating. This quarter’s originations include two investments in new platforms, and three follow-ons in existing portfolio companies. Since Saratoga Investment took over the management of the BDC, $505.9 million of repayments and sales of investments originated by Saratoga Investment have generated a gross unlevered IRR of 16.6%.For the three months ended August 31, 2020, total investment income of $13.9 million remained unchanged when compared to the three months ended August 31, 2019. This quarter’s investment income was generated from an investment base that has grown by 4.4% since last year. This asset growth was offset by lower interest rates, with the weighted average current coupon on non-CLO BDC investments decreasing from 10.4% to 9.9% year-over-year. In addition, this quarter’s investment income was up 4.2% on a quarter-on-quarter basis from $13.3 million for the quarter ended May 31, 2020, primarily due to the growing investment base and the full-period impact of originations closed last quarter.As compared to the three months ended August 31, 2019, net investment income decreased due to (i) increased base management fees generated from the management of this larger pool of investments, and (ii) the non-recurrence of an income tax benefit recognized last quarter, offset by decreased interest and debt financing expenses reflecting the repayment of the $74.5 million baby bond last year. Total expenses, excluding interest and debt financing expenses, base management fees and incentive fees and income tax benefit, remained unchanged at $1.4 million for the three months ended August 31, 2019, and August 31, 2020.Net investment income on a weighted average per share basis was $0.48 for the quarter ended August 31, 2020. Adjusted for the incentive fee accrual related to net capital gains, the net investment income on a weighted average per share basis was $0.49. This compares to adjusted net investment income per share of $0.51 for the quarter ended May 31, 2020, and $0.68 for the quarter ended August 31, 2019. During these periods, weighted average common shares outstanding increased from 8.3 million shares for the three months ended August 31, 2019, to 11.2 million shares for both the three months ended May 31, 2020, and August 31, 2020.Net investment income yield as a percentage of average net asset value (“Net Investment Income Yield”) was 7.4% for the quarter ended August 31, 2020. Adjusted for the incentive fee accrual related to net capital gains, the Net Investment Income Yield was 7.6%. In comparison, adjusted Net Investment Income Yield was 7.9% and 11.0% for the quarters ended May 31, 2020, and August 31, 2019, respectively.Net Asset Value (“NAV”) was $298.2 million as of August 31, 2020, an increase of $16.6 million from $281.6 million as of May 31, 2020, and an increase of $73.9 million from $224.3 million as of August 31, 2019. * For the three months ended August 31, 2020, $5.3 million of net investment income, $0.01 million in net realized gain from investments and $16.6 million of net unrealized depreciation were earned, offset by $0.1 million deferred tax expense on net unrealized gains in Saratoga Investment’s blocker subsidiaries and $4.5 million of dividends declared. In addition, $0.8 million of stock dividend distributions were made through the Company’s dividend reinvestment plan (“DRIP”), and 90,321 shares were purchased for $1.6 million pursuant to the share repurchase plan, all in this quarter. NAV per share was $26.68 as of August 31, 2020, compared to $25.11 as of May 31, 2020, $27.13 as of February 29, 2020, and $24.47 as of August 31, 2019. * For the three months ended August 31, 2020, NAV per share increased by $1.57 per share, reflecting the $1.47 per share net realized and unrealized gain on investments and $0.48 per share net investment income, offset by the first quarter dividend of $0.40 per share declared in this quarter. There was a $0.02 net accretion to NAV per share resulting from repurchasing shares below NAV pursuant to the share repurchase plan, offset by the DRIP shares issued during the quarter. Return on equity for the last twelve months ended August 31, 2020, was 14.3%, unchanged from 14.3% for the comparable period last year.Earnings per share for the quarter ended August 31, 2020, was $1.95, compared to loss per share of ($2.02) for the quarter ended May 31, 2020, and earnings per share of $0.91 for the quarter ended August 31, 2019.Investment portfolio activity for the quarter ended August 31, 2020: * Cost of investments made during the period: $31.7 million, including investments in two new portfolio companies. * Principal repayments during the period: $23.3 million.Additional Financial InformationFor the fiscal quarter ended August 31, 2020, Saratoga Investment reported net investment income of $5.3 million, or $0.48 on a weighted average per share basis, and a net realized and unrealized gain on investments of $16.5 million, or $1.47 on a weighted average per share basis, resulting in a net increase in net assets from operations of $21.8 million, or $1.95 on a weighted average per share basis. The $16.5 million net gain on investments was comprised of $16.6 million in net unrealized appreciation on investments and $0.01 million in net realized gain on investments, offset by $0.1 million of net change in provision for deferred taxes on unrealized appreciation on investments. The $16.6 million unrealized appreciation reflects a 3.6% increase in the total value of the portfolio, primarily related to improvements in market spreads, EBITDA multiples and/or revised portfolio company performance – therefore, more than half of the reduction in the total value of the portfolio in the first quarter was reversed this quarter. This is compared to the fiscal quarter ended August 31, 2019, with net investment income of $5.0 million, or $0.59 on a weighted average per share basis, and a net realized and unrealized gain on investments of $2.6 million, or $0.31 on a weighted average per share basis, resulting in a net increase in net assets from operations of $7.6 million, or $0.91 on a weighted average per share basis.Adjusted for the incentive fee accrual related to net capital gains, the net investment income was $5.5 million and $5.6 million for the quarters ended August 31, 2020, and August 31, 2019, respectively – a decrease of $0.1 million year-over-year, or 2.5%.Total expenses, excluding interest and debt financing expenses, base management fees and incentive management fees and income tax benefit, remained unchanged at $1.4 million for the quarters ended August 31, 2019 and August 31, 2020. This represented 1.1% of average total assets, also unchanged from last year.Portfolio and Investment Activity As of August 31, 2020, the fair value of Saratoga Investment’s portfolio was $508.1 million (excluding $65.4 million in cash and cash equivalents), principally invested in 40 portfolio companies and one collateralized loan obligation fund (“CLO”). The overall portfolio composition consisted of 76.7% of first lien term loans, 9.9% of second lien term loans, 1.3% of unsecured term loans, 6.1% of subordinated notes in a CLO and 6.0% of common equity.For the fiscal quarter ended August 31, 2020, Saratoga Investment invested $31.7 million in two new and three existing portfolio companies and had $23.3 million in aggregate amount of exits and repayments, resulting in net investments of $8.4 million for the quarter.As of August 31, 2020, the weighted average current yield on Saratoga Investment’s portfolio based on current fair values was 9.6%, which was comprised of a weighted average current yield of 9.7% on first lien term loans, 11.4% on second lien term loans, 5.9% on unsecured term loans, 16.4% on CLO subordinated notes and 0.0% on equity interests.Liquidity and Capital Resources As of August 31, 2020, Saratoga Investment had no outstanding borrowings under its $45 million senior secured revolving credit facility with Madison Capital Funding LLC. At the same time, Saratoga Investment had $150.0 million SBA debentures in its SBIC I license outstanding, $20.0 million in SBA debentures in its SBIC II license outstanding, $108.1 million of baby bonds issued, including two listed issuances of 60.0 million and $43.1 million, respectively, and one unlisted issuance of $5.0 million, and an aggregate of $65.4 million in cash and cash equivalents.With $45.0 million available under the credit facility and the $65.4 million of cash and cash equivalents as of August 31, 2020, Saratoga Investment has a total of $110.4 million of undrawn borrowing capacity and cash and cash equivalents for new investments or to support its existing portfolio companies. In addition, Saratoga Investment has $155.0 million in undrawn SBA debentures from the most recently approved SBIC II license to finance new SBIC-eligible portfolio companies. It should be noted that, depending on portfolio company performance, availability under the Madison credit facility might be reduced. In addition, certain follow-on investments in SBIC I and the BDC will not qualify for SBIC II funding. As of quarter-end, Saratoga Investment had $11.1 million of committed undrawn lending commitments and $33.8 million of discretionary funding commitments.On June 24, 2020, the Company issued $37.5 million in aggregate principal amount of 7.25% fixed-rate notes due 2025 (the “7.25% 2025 Notes”) for net proceeds of $36.3 million after deducting underwriting commissions of approximately $1.2 million. Offering costs incurred were approximately $0.3 million. The Company also granted the underwriters an option to purchase up to an additional $5.625 million in aggregate principal amount of Notes within 30 days, which they fully exercised on July 6, 2020, for additional net proceeds of $5.4 million after deducting additional underwriting commissions of approximately $0.2 million. Interest on the 7.25% 2025 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 7.25% per year, beginning August 31, 2020. The 7.25% 2025 Notes mature on June 30, 2025, and commencing June 24, 2022, may be redeemed in whole or in part at any time or from time-to-time at our option. The net proceeds from the offering were used for general corporate purposes in accordance with the Company’s investment objective and strategies. The 7.25% 2025 Notes are listed on the New York Stock Exchange under the trading symbol “SAK” with a par value of $25.00 per share. The Company has received an investment grade private rating of “BBB” from Egan-Jones Ratings Company, an independent, unaffiliated rating agency.On July 9, 2020, the Company issued $5.0 million aggregate principal amount of 7.75% fixed-rate Notes due in 2025 (the “7.75% Notes 2025”) for net proceeds of $4.8 million after deducting underwriting commissions of approximately $0.2 million. Offering costs incurred were approximately $0.1 million. Interest on the 7.75% Notes 2025 is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 7.75% per year, beginning August 31, 2020. The 7.75% Notes 2025 mature on July 9, 2025 and may be redeemed in whole or in part at any time or from time to time at our option. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. The 7.75% 2025 Notes are unlisted and with a par value of $25.00 per share.On March 16, 2017, Saratoga Investment entered into an equity distribution agreement with Ladenburg Thalmann & Co. Inc., through which Saratoga may offer for sale, from time-to-time, up to $30.0 million of its common stock through an ATM offering. Subsequent to this, BB&T Capital Markets and B. Riley FBR, Inc. were also added to the agreement. On July 11, 2019, the amount of common stock to be offered through this offering was increased to $70.0 million, and on October 8, 2019, the amount of common stock to be offered through this offering was further increased to $130.0 million. As of August 31, 2020, the Company sold 3,992,018 shares for gross proceeds of $97.1 million at an average price of $24.77 for aggregate net proceeds of $95.9 million (net of transaction costs). During the three months ended August 31, 2020, there was no activity related to the ATM offering.On September 14, 2020, the Company entered into a fifth amendment to the Credit Facility with Madison Capital Funding LLC to, among other things: * extend the commitment termination date of the Credit Facility from September 17, 2020 to September 17, 2021, with no change to the maturity date of September 17, 2025. * provide for the transition away from the LIBOR Rate in the market, and * expand the definition of Eligible Loan Asset to allow investments with certain recurring revenue features to qualify as Collateral and be included in the borrowing base. DividendSaratoga Investment has raised its dividend for the past five years. In light of the dramatic uncertainties currently present in the economy, and to ensure we retain liquidity to not only support our current portfolio companies during these challenged times, but to also create new, important relationships through the provision of critically crucial liquidity in new situations, Saratoga Investment’s Board of Directors (the “Board of Directors”) deferred its dividend for the final quarter of fiscal 2020.Furthermore, while many BDCs have spillover obligations from prior years, representing taxable income from past obligations yet to be distributed, Saratoga Investment has historically managed its distributions conservatively so it is current with all spillover obligations, other than those related to our Easy Ice long-term net capital gains. This therefore means that Saratoga Investment is not obligated to pay current dividends related to historical earnings and enabling preservation of precious liquidity in this challenging market environment.Taking all of this into account, including Saratoga Investment’s recent baby bond issuances and substantially improved position, and the current performance of its portfolio, the Board of Directors paid a $0.40 per share dividend for the quarter ended May 31, 2020. Furthermore, the Board of Directors declared a $0.41 per share dividend for the quarter ended August 31, 2020, increasing last quarter’s dividend by $0.01 per share. The Board of Directors will continue to assess this on at least a quarterly basis as better visibility is gained on the economy and business performance. An important consideration for this decision arises from Saratoga Investment’s historically conservative management of its RIC compliance obligations, such that it has no ordinary income spillover obligations and therefore substantial spillover flexibility and consequent liquidity.The Board of Directors declared this quarter’s dividend on October 7, 2020, and is payable on November 10, 2020, to common stockholders of record on October 26, 2020. Stockholders have the option to receive payment of the dividend in cash, or receive shares of common stock pursuant to the Company’s DRIP.Total dividends declared thus far for fiscal year 2021 is $0.81 per share. In fiscal year 2020, the Company declared a quarterly dividend of $0.56 per share for the quarter ended November 30, 2019, $0.56 per share for the quarter ended August 31, 2019, $0.55 per share for the quarter ended May 31, 2019, and $0.54 per share for the quarter ended February 28, 2019. Total dividends declared for the fiscal years ended February 28, 2019, and 2018, were $2.06 per share and $1.90 per share, respectively.Share Repurchase PlanIn 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, 2019 and 2020, this share repurchase plan was extended for another year at the same level of approval, currently through January 15, 2021. On May 4, 2020, the Board of Directors increased the share repurchase plan to 1.3 million shares of common stock. During the three months ended August 31, 2020, the Company purchased 90,321 shares of common stock, at the average price of $17.17 for approximately $1.6 million pursuant to this repurchase plan.These share repurchases during the quarter more than offset the 47,098 shares issued as part of the DRIP shares issued in October 2020.2021 Fiscal Second Quarter Conference Call/Webcast InformationWhen:Thursday, October 8, 2020, 10:00 a.m. Eastern Time (ET)    Call: Interested parties may participate by dialing (877) 312-9208 (U.S. and Canada) or (678) 224-7872 (outside U.S. and Canada)     A replay of the call will be available from 1:00 p.m. ET on Thursday, October 8, 2020, through 1:00 p.m. ET on Thursday, October 15, 2020, by dialing (855) 859-2056 (U.S. and Canada) or (404) 537-3406 (outside U.S. and Canada), passcode for both replay numbers: 4292268    Webcast:Interested parties may access a simultaneous webcast of the call and find the Q2 2021 presentation by going to the “Events & Presentations” section of Saratoga Investment Corp.’s investor relations website, http://ir.saratogainvestmentcorp.com/events-presentations About Saratoga Investment Corp. Saratoga Investment is 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. Saratoga Investment’s objective is to create attractive risk-adjusted returns by generating current income and long-term capital appreciation from its debt and equity investments. Saratoga Investment has elected to be regulated as a business development company under the Investment Company Act of 1940 and is externally-managed by Saratoga Investment Advisors, LLC, an SEC-registered investment advisor focusing on credit-driven strategies. Saratoga Investment owns two SBIC-licensed subsidiaries and manages a $500 million collateralized loan obligation (“CLO”) fund. It also owns 100% of the Class F-R-2, G-R-2 and subordinated notes of the CLO. The Company’s diverse funding sources, combined with a permanent capital base, enable Saratoga Investment to provide a broad range of financing solutions.Forward Looking StatementsStatements included herein contain certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future events or our future performance or financial condition. Forward-looking statements can be identified by the use of forward looking words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or negative versions of those words, other comparable words or other statements that do not relate to historical or factual matters. The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including but not limited to the impact of the COVID-19 pandemic and the pandemic's impact on the U.S. and global economy, as well as those described from time-to-time in our filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made. Saratoga Investment Corp. undertakes no duty to update any forward-looking statements made herein or on the webcast/conference call, whether as a result of new information, future developments or otherwise, except as required by law. FinancialsSaratoga Investment Corp. Consolidated Statements of Assets and Liabilities         August 31, 2020 February 29, 2020   (unaudited)   ASSETS     Investments at fair value     Non-control/Non-affiliate investments (amortized cost of $452,233,107 and $418,006,725, respectively) $440,847,945  $420,442,928  Affiliate investments (amortized cost of $26,051,719 and $23,998,917, respectively)  18,731,636   18,485,854  Control investments (amortized cost of $45,869,421 and $44,293,619, respectively)  48,537,411   46,703,192  Total investments at fair value (amortized cost of $524,154,247 and $486,299,261, respectively)  508,116,992   485,631,974  Cash and cash equivalents  39,052,320   24,598,905  Cash and cash equivalents, reserve accounts  26,342,863   14,851,447  Interest receivable (net of reserve of $1,729,764 and $1,238,049, respectively)  4,396,518   4,810,456  Management fee receivable  284,122   272,207  Other assets  619,543   701,007  Total assets $578,812,358  $530,865,996        LIABILITIES     Revolving credit facility $-  $-  Deferred debt financing costs, revolving credit facility  (466,094)  (512,628) SBA debentures payable  170,000,000   150,000,000  Deferred debt financing costs, SBA debentures payable  (2,729,422)  (2,561,495) 6.25% Notes Payable 2025  60,000,000   60,000,000  Deferred debt financing costs, 6.25% notes payable 2025  (1,859,372)  (2,046,735) 7.25% Notes Payable 2025  43,125,000   -  Deferred debt financing costs, 7.25% notes payable 2025  (1,561,533)  -  7.75% Notes Payable 2025  5,000,000   -  Deferred debt financing costs, 7.75% notes payable 2025  (266,420)  -  Base management and incentive fees payable  3,738,729   15,800,097  Deferred tax liability  1,194,700   1,347,363  Accounts payable and accrued expenses  1,816,618   1,713,157  Interest and debt fees payable  2,287,313   2,234,042  Directors fees payable  59,500   61,500  Due to manager  295,981   543,842  Total liabilities  280,635,000   226,579,143              NET ASSETS     Common stock, par value $0.001, 100,000,000 common shares     authorized, 11,174,322 and 11,217,545 common shares issued and outstanding, respectively 11,174   11,218  Capital in excess of par value  288,699,868   289,476,991  Total distributable earnings  9,466,316   14,798,644  Total net assets  298,177,358   304,286,853  Total liabilities and net assets $578,812,358  $530,865,996  NET ASSET VALUE PER SHARE $26.68  $27.13        Asset Coverage Ratio  375.8%  607.1% Saratoga Investment Corp.  Consolidated Statements of Operations  (unaudited)         For the three months ended   August 31, 2020 August 31, 2019  INVESTMENT INCOME     Interest from investments     Interest income:     Non-control/Non-affiliate investments$10,207,720  $8,585,609   Affiliate investments 388,052   267,533   Control investments 1,249,972   1,678,326   Payment-in-kind interest income: -   -   Non-control/Non-affiliate investments 328,938   179,847   Affiliate investments 48,018   41,265   Control investments 37,771   989,367   Total interest from investments 12,260,471   11,741,947   Interest from cash and cash equivalents 1,610   145,793   Management fee income 625,436   629,745   Structuring and advisory fee income* 940,000   1,047,350   Other income* 28,060   323,378   Total investment income 13,855,577   13,888,213         OPERATING EXPENSES     Interest and debt financing expenses 3,328,447   3,866,722   Base management fees 2,209,052   1,997,240   Incentive management fees expense (benefit) 1,529,677   2,085,486   Professional fees 367,553   384,874   Administrator expenses 602,083   518,750   Insurance 67,727   64,619   Directors fees and expenses 75,000   97,500   General & administrative 333,824   382,873   Income tax expense (benefit) 7,501   (465,925)  Total operating expenses 8,520,864   8,932,139   NET INVESTMENT INCOME 5,334,713   4,956,074         REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS     Net realized gain (loss) from investments:     Non-control/Non-affiliate investments 11,929   1,870,089   Net realized gain (loss) from investments 11,929   1,870,089   Net change in unrealized appreciation (depreciation) on investments:     Non-control/Non-affiliate investments 10,601,529   365,541   Affiliate investments 637,232   731,304   Control investments 5,341,640   361,027   Net change in unrealized appreciation (depreciation) on investments 16,580,401   1,457,872   Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments (116,521)  (704,263)  Net realized and unrealized gain (loss) on investments 16,475,809   2,623,698   NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS$21,810,522  $7,579,772         WEIGHTED AVERAGE - BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE$1.95  $0.91         WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC AND DILUTED 11,207,142   8,333,570               * Certain prior period amounts have been reclassified to conform to current period presentation.    Saratoga Investment Corp. Consolidated Statements of Operations (unaudited)       For the six months ended  August 31, 2020 August 31, 2019 INVESTMENT INCOME    Interest from investments    Interest income:    Non-control/Non-affiliate investments$20,163,282  $17,113,349  Affiliate investments 786,422   516,858  Control investments 2,383,556   3,326,472  Payment-in-kind interest income: -   -  Non-control/Non-affiliate investments 910,884   331,744  Affiliate investments 94,241   81,415  Control investments 72,553   1,975,236  Total interest from investments 24,410,938   23,345,074  Interest from cash and cash equivalents 13,406   197,152  Management fee income 1,260,008   1,259,261  Structuring and advisory fee income* 1,253,306   1,363,725  Other income* 215,060   474,185  Total investment income 27,152,718   26,639,397       OPERATING EXPENSES    Interest and debt financing expenses 5,892,323   7,731,298  Base management fees 4,369,580   3,809,409  Incentive management fees expense (benefit) (328,633)  4,198,655  Professional fees 754,441   780,000  Administrator expenses 1,158,333   1,018,750  Insurance 135,453   129,238  Directors fees and expenses 135,000   157,500  General & administrative 684,638   641,474  Income tax expense (benefit) (1,444)  (463,789) Total operating expenses 12,799,691   18,002,535  NET INVESTMENT INCOME 14,353,027   8,636,862       REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS    Net realized gain (loss) from investments:    Non-control/Non-affiliate investments 20,409   1,870,089  Net realized gain (loss) from investments 20,409   1,870,089  Net change in unrealized appreciation (depreciation) on investments:    Non-control/Non-affiliate investments (13,821,365)  2,758,732  Affiliate investments (1,807,020)  901,248  Control investments 258,417   1,787,022  Net change in unrealized appreciation (depreciation) on investments (15,369,968)  5,447,002  Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments 151,219   (725,193) Net realized and unrealized gain (loss) on investments (15,198,340)  6,591,898  NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS$(845,313) $15,228,760       WEIGHTED AVERAGE - BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE$(0.08) $1.89       WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC AND DILUTED 11,212,315   8,041,365            * Certain prior period amounts have been reclassified to conform to current period presentation.   Supplemental Information Regarding Adjusted Net Investment Income, Adjusted Net Investment Income Yield and Adjusted Net Investment Income per share On a supplemental basis, Saratoga Investment provides 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 realized and unrealized gains. The management agreement with the Company’s 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, Saratoga Investment accrues, but does not pay, a capital gains incentive fee in connection with any unrealized capital appreciation, as appropriate. All capital gains incentive fees are presented within net investment income within the Consolidated Statements of Operations, but the associated realized and unrealized gains and losses that these incentive fees relate to, are excluded. As such, Saratoga Investment believes 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 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 August 31, 2020, and August 31, 2019. For the three months ended August 31 For the six months ended August 31   2020   2019   2020 2019           Net Investment Income$5,334,713  $4,956,074  $14,353,027 $8,636,862  Changes in accrued capital gains incentive fee expense/reversal 156,235   676,801   (3,094,003)  1,630,809  Adjusted net investment income$5,490,948  $5,632,875  $11,259,024  $10,267,671           Net investment income yield 7.4%  9.6%  9.7%  8.8% Changes in accrued capital gains incentive fee expense/reversal 0.2%  1.4%  (2.1%)  1.6% Adjusted net investment income yield (1) 7.6%  11.0%  7.6%  10.4%                  Net investment income per share$0.48  $0.59  $1.28  $1.07  Changes in accrued capital gains incentive fee expense/reversal$0.01  $0.09  ($0.28) $0.21  Adjusted net investment income per share (2)$0.49  $0.68  $1.00  $1.28  (1)   Adjusted net investment income yield is calculated as adjusted net investment income divided by average net asset value.(2)   Adjusted net investment income per share is calculated as adjusted net investment income divided by weighted average common shares outstanding. Contact: Henri Steenkamp Saratoga Investment Corp. 212-906-7800 Roland Tomforde Broadgate Consultants 212-232-2222
Tue, 06 Oct 2020 14:12:03 +0000	A Preview Of Saratoga Investment's Earnings On Wednesday, October 07, Saratoga Investment (NYSE: SAR) will report its last quarter's earnings. Here is Benzinga's preview of the company's release.Earnings and Revenue Saratoga Investment EPS will likely be near $0.26 while revenue will be around $12.90 million, according to analysts. In the same quarter last year, Saratoga Investment announced EPS of $0.68 on revenue of $13.89 million. The Wall Street consensus estimate for earnings would represent a 61.76% decrease for the company. Revenue would be down 7.11% on a year-over-year basis. In comparison to analyst estimates in the past, here is how the company's reported EPS stacks up:Quarter Q1 2020 Q4 2020 Q3 2020 Q2 2019 EPS Estimate -1.38 1.46 0.58 0.61 EPS Actual 0.51 0.61 0.61 0.68 Revenue Estimate 13.37 M 14.65 M 13.99 M 12.80 M Revenue Actual 13.30 M 17.61 M 14.20 M 13.89 M Stock Performance Over the last 52-week period, shares are down 28.23%. Given that these returns are generally negative, long-term shareholders won't be happy going into this earnings release.View more earnings on SARDo not be surprised to see the stock move on comments made during its conference call. Saratoga Investment is scheduled to hold the call at 10:00:00 ET and can be accessed here: https://edge.media-server.com/mmc/p/jiz2bt6iSee more from Benzinga * Options Trades For This Crazy Market: Get Benzinga Options to Follow High-Conviction Trade Ideas * A Preview Of Lamb Weston Holdings's Earnings * EXFO Earnings Preview(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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