NYSE$SAR
Saratoga Investment Corp · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Announced fiscal year-end and fourth quarter 2023 financial results, with adjusted NII per share up 27% over last year’s fourth quarter.
Saratoga Investment Corp. reported financial results for Q4 2023, featuring a 27% increase in adjusted NII per share compared to the same quarter last year. The company's performance was driven by higher margins on its portfolio and a strong flow of investment opportunities.
- Adjusted NII per share increased by 27% sequentially in Q4.
- Assets under management grew to more than $1.05 billion with net originations of approximately $109 million since year-end.
- Dividend increased to 69c per share, up 30% from Q4 last year and over earned by 42% as compared to this quarter’s 98c per share adjusted NII.
- Company issued $301.4 million in long-term, fixed-rate capital to support growth.
Headline financials
Revenue & EPS history
Saratoga Investment · Revenue · Quarterly
$32.3M
Forward guidance
Saratoga Investment remains confident in its management team and underwriting standards, expecting to grow portfolio size and maintain investment performance.
Tailwinds
- Experienced management team
- High underwriting standards
- Ability to steadily grow portfolio size
- Ability to maintain quality
- Ability to maintain investment performance over the long-term
Headwinds
- Challenging environment
- Prudent and discerning in terms of new commitments
- Pipeline remains robust with many actionable opportunities
- Credit quality for this quarter remained high at 96% of credits rated in our highest category, with one credit on non-accrual.
- Uncertainty of economic conditions
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q4 2023
-0.2%
Avg return
Earnings day
-1.5%
Avg return
5 days after
+0.6%
Avg return
30 days after
50%
10 / 20 earnings
Positive
+3.9%
Q2 2023
Best reaction
-7.7%
Q4 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2027 | — | — | — | |
| Q4 2026 | -1.3% | -5.9% | -4.5% | |
| Q3 2026 | +0.9% | +1.9% | +3.9% | |
| Q2 2026 | -4.3% | -11.6% | -10.5% | |
| Q1 2026 | +1.4% | +0.4% | +1.6% | |
| Q4 2025 | -7.7% | -2.3% | -1.1% | |
| Q3 2025 | +0.7% | +0.7% | +5.0% | |
| Q2 2025 | -0.3% | +2.4% | +4.8% | |
| Q1 2025 | +0.3% | +2.9% | -1.9% | |
| Q4 2024 | -0.1% | -1.9% | +2.0% | |
| Q3 2024 | +0.2% | -9.8% | -12.2% | |
| Q2 2024 | -1.4% | -1.7% | +1.2% | |
| Q1 2024 | +0.3% | -3.4% | -3.2% | |
| Q4 2023 | -0.1% | -0.2% | +17.5% | |
| Q3 2023 | +0.0% | +2.3% | +0.9% | |
| Q2 2023 | +3.9% | +1.0% | +7.1% | |
| Q1 2023 | -0.3% | -1.9% | -0.9% | |
| Q4 2022 | +2.3% | +0.7% | +3.2% | |
| Q3 2021 | -0.2% | -4.3% | -4.8% | |
| Q2 2022 | +1.7% | +1.3% | +0.8% | |
| Q4 2021 | +0.3% | -1.3% | +3.4% |
Discussion
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