Saratoga Investment Corp. Files 10-K for Fiscal Year Ended Feb 29, 2024

TL;DR

<b>Saratoga Investment Corp. has filed its 10-K report for the fiscal year ending February 29, 2024, detailing its financial status and corporate information.</b>

AI Summary

SARATOGA INVESTMENT CORP. (SAV) filed a Annual Report (10-K) with the SEC on May 6, 2024. Saratoga Investment Corp. filed its annual report (10-K) for the fiscal year ended February 29, 2024. The company is incorporated in Maryland and has its principal executive offices in New York, NY. Common stock is traded on the New York Stock Exchange under the symbol SAR. The company has several series of notes due in 2027, including 6.00%, 8.00%, 8.125%, and 8.50% interest rates. Saratoga Investment Corp. is not a well-known seasoned issuer and is classified as a non-accelerated filer.

Why It Matters

For investors and stakeholders tracking SARATOGA INVESTMENT CORP., this filing contains several important signals. This filing provides a comprehensive overview of Saratoga Investment Corp.'s financial performance and position for the fiscal year, which is crucial for investors to assess the company's health and future prospects. The detailed information on outstanding debt instruments (notes due 2027) is important for understanding the company's leverage and interest rate exposure.

Risk Assessment

Risk Level: low — SARATOGA INVESTMENT CORP. shows low risk based on this filing. The filing is a standard 10-K report, indicating routine disclosure rather than immediate significant events, and the company is classified as a non-accelerated filer, suggesting a lower level of market scrutiny.

Analyst Insight

Investors should review the full 10-K filing to understand Saratoga Investment Corp.'s financial performance, debt structure, and risk factors for the fiscal year ended February 29, 2024.

Key Numbers

• 2024-02-29 — Fiscal Year End (Fiscal year ended date)
• 2024-05-06 — Filing Date (Date the 10-K was filed)
• 6.00% — Note Interest Rate (Interest rate for 6.00% Notes due 2027)
• 8.00% — Note Interest Rate (Interest rate for 8.00% Notes due 2027)
• 8.125% — Note Interest Rate (Interest rate for 8.125% Notes due 2027)
• 8.50% — Note Interest Rate (Interest rate for 8.50% Notes due 2027)
• 2027 — Note Maturity Year (Maturity year for several note series)

Key Players & Entities

• SARATOGA INVESTMENT CORP. (company) — Filer name
• New York Stock Exchange (company) — Exchange where common stock is registered
• SAR (company) — Trading symbol for Common Stock
• SAT (company) — Trading symbol for 6.00% Notes due 2027
• SAJ (company) — Trading symbol for 8.00% Notes due 2027
• SAY (company) — Trading symbol for 8.125% Notes due 2027
• SAZ (company) — Trading symbol for 8.50% Notes due 2027
• Maryland (regulator) — State of incorporation

FAQ

Risk Factors

• Form Type [low — regulatory]: The filing is a Form 10-K, indicating it's an annual report required by the SEC.
• Filer Status [low — regulatory]: Saratoga Investment Corp. is a non-accelerated filer, not a large accelerated or accelerated filer.
• Well-Known Seasoned Issuer [low — regulatory]: The company is not a well-known seasoned issuer.

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share SAR The New York Stock Exchan
• $25.85 — 2 million based upon a closing price of $25.85 reported for such date by the New York
• $2 million — and amortization ("EBITDA") of between $2 million and $50 million, both through direct le
• $50 m — on ("EBITDA") of between $2 million and $50 million, both through direct lending and
• $1,191.2 million — bruary 29, 2024, we had total assets of $1,191.2 million and investments in 55 portfolio compani
• $9.5 million — ratoga CLO"), which had a fair value of $9.5 million as of February 29, 2024, investments in
• $8.9 m — f February 29, 2024 had a fair value of $8.9 million, and investments in the Saratoga
• $25.2 million — f February 29, 2024 had a fair value of $25.2 million. The overall portfolio composition as o
• $640.8 million — , at February 29, 2024, was composed of $640.8 million in aggregate principal amount of predom
• $175.0 million — ense from the SBA, which provides up to $175.0 million in additional long-term capital in the
• $325.0 million — atoga's SBA relationship increased from $325.0 million to $350.0 million of committed capital.
• $350.0 million — onship increased from $325.0 million to $350.0 million of committed capital. For two or more S
• $350.0 million — utstanding SBA debentures cannot exceed $350.0 million. Our wholly owned SBIC Subsidiaries are
• $50.0 million — e committed to provide up to a combined $50.0 million of financing to SLF JV through cash con
• $43.75 million — ntributions, with the Company providing $43.75 million and TJHA providing $6.25 million, resul

Filing Documents

• ea0202624-10k_saratoga.htm (10-K) — 8429KB
• ea020262401ex19_saratoga.htm (EX-19) — 53KB
• ea020262401ex21_saratoga.htm (EX-21) — 4KB
• ea020262401ex23-1_saratoga.htm (EX-23.1) — 3KB
• ea020262401ex23-2_saratoga.htm (EX-23.2) — 2KB
• ea020262401ex31-1_saratoga.htm (EX-31.1) — 10KB
• ea020262401ex31-2_saratoga.htm (EX-31.2) — 10KB
• ea020262401ex32-1_saratoga.htm (EX-32.1) — 4KB
• ea020262401ex32-2_saratoga.htm (EX-32.2) — 4KB
• ea020262401ex97-1_saratoga.htm (EX-97.1) — 35KB
• image_001.jpg (GRAPHIC) — 6KB
• image_002.jpg (GRAPHIC) — 117KB
• fin_001.jpg (GRAPHIC) — 4KB
• ex23-2_001.jpg (GRAPHIC) — 13KB
• 0001213900-24-040080.txt (&nbsp;) — 26046KB
• sar-20240229.xsd (EX-101.SCH) — 214KB
• sar-20240229_cal.xml (EX-101.CAL) — 63KB
• sar-20240229_def.xml (EX-101.DEF) — 691KB
• sar-20240229_lab.xml (EX-101.LAB) — 1241KB
• sar-20240229_pre.xml (EX-101.PRE) — 712KB
• ea0202624-10k_saratoga_htm.xml (XML) — 4995KB

Signatures

Signatures 128 iii PART I

BUSINESS

ITEM 1. BUSINESS General We are a specialty finance company that provides customized financing solutions to U.S middle-market businesses. Our investment objective is to create attractive risk-adjusted returns by generating current income and long-term capital appreciation from our investments. We primarily invest in senior and unitranche leveraged loans and mezzanine debt and, to a lesser extent, equity issued by private U.S. middle-market companies, which we define as companies having annual earnings before interest, taxes, depreciation and amortization ("EBITDA") of between $2 million and $50 million, both through direct lending and through participation in loan syndicates. Our investments generally provide financing for change of ownership transactions, strategic acquisitions, recapitalizations, and growth initiatives in partnership with business owners, management teams and financial sponsors. Our investment activities are externally managed and advised by Saratoga Investment Advisors, LLC, a New York-based investment firm affiliated with Saratoga Partners, a middle-market private equity investment firm. Our portfolio is comprised primarily of investments in leveraged loans issued by middle-market companies. Leveraged loans are generally senior debt instruments that rank ahead of subordinated debt with below investment grade or "junk" ratings or, if not rated, would be rated below investment grade or "junk" and, as a result, carry a higher risk of default. Leveraged loans also have the benefit of security interests on the assets of the portfolio company, which may rank ahead of, or be junior to, other security interests. Term loans are loans that do not allow the borrowers to repay all or a portion of the loans prior to maturity and then re-borrow such repaid amounts under the loan again. We also invest in mezzanine debt and make equity investments in middle-market companies. Mezzanine debt is typically unsecured and subordinated to senior debt of the portf

View Full Filing

View this 10-K filing on SEC EDGAR