Saratoga Investment Corp. Files 10-Q for Period Ended November 30, 2023

TL;DR

<b>Saratoga Investment Corp. has filed its quarterly report for the period ending November 30, 2023, providing an update on its financial status and operations.</b>

AI Summary

SARATOGA INVESTMENT CORP. (SAV) filed a Quarterly Report (10-Q) with the SEC on January 9, 2024. Saratoga Investment Corp. filed a 10-Q report for the quarterly period ended November 30, 2023. The company is registered in Maryland and its fiscal year ends on February 28. Its principal executive offices are located at 535 Madison Avenue, New York, NY 10022. Saratoga Investment Corp. is listed on the New York Stock Exchange under the ticker symbol SAR. The filing indicates the company is a non-accelerated filer and a smaller reporting company.

Why It Matters

For investors and stakeholders tracking SARATOGA INVESTMENT CORP., this filing contains several important signals. This 10-Q filing provides investors with crucial, up-to-date financial information and operational details for Saratoga Investment Corp., enabling informed investment decisions. As a non-accelerated filer and smaller reporting company, this filing offers a specific look into the company's financial health and compliance status within regulatory frameworks.

Risk Assessment

Risk Level: low — SARATOGA INVESTMENT CORP. shows low risk based on this filing. The filing is a standard 10-Q report, indicating routine disclosure rather than significant new events or risks.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Saratoga Investment Corp.'s performance and outlook.

Key Numbers

• 20231130 — Quarterly Period End Date (Form 10-Q)
• 20240109 — Filing Date (Form 10-Q)
• 814-00732 — Commission File Number (SEC Filing)
• 0001377936 — Central Index Key (Company Identifier)

Key Players & Entities

• SARATOGA INVESTMENT CORP. (company) — Registrant name
• New York Stock Exchange (company) — Exchange where common stock is traded
• Maryland (jurisdiction) — State of incorporation
• 20231130 (date) — Quarterly period ended
• 20240109 (date) — Filing date
• 535 Madison Avenue (address) — Principal executive offices street
• New York (location) — Principal executive offices city
• SAR (ticker) — Trading symbol for Common Stock

Forward-Looking Statements

• Saratoga Investment Corp. will continue to maintain timely SEC filings. (SARATOGA INVESTMENT CORP.) — high confidence, target: next 12 months

FAQ

Industry Context

Saratoga Investment Corp. operates as a business development company (BDC), investing in debt and equity of middle-market companies.

Regulatory Implications

The company is subject to regulations under the Securities Exchange Act of 1934, requiring regular filings like this 10-Q.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and asset valuation.
2. Review the Management's Discussion and Analysis for insights into investment strategy and portfolio performance.
3. Check for any new disclosures regarding debt, equity, or operational risks.

Key Dates

• 2023-11-30: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-01-09: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the 10-Q filing for the period ended November 30, 2023, following previous filings required by the SEC.

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share SAR The New York Stock Exchan

Filing Documents

• f10q1123_saratoga.htm (10-Q) — 9969KB
• f10q1123ex31-1_saratoga.htm (EX-31.1) — 7KB
• f10q1123ex31-2_saratoga.htm (EX-31.2) — 7KB
• f10q1123ex32-1_saratoga.htm (EX-32.1) — 4KB
• f10q1123ex32-2_saratoga.htm (EX-32.2) — 4KB
• 0001213900-24-002282.txt (&nbsp;) — 49566KB
• sar-20231130.xsd (EX-101.SCH) — 295KB
• sar-20231130_cal.xml (EX-101.CAL) — 51KB
• sar-20231130_def.xml (EX-101.DEF) — 848KB
• sar-20231130_lab.xml (EX-101.LAB) — 1603KB
• sar-20231130_pre.xml (EX-101.PRE) — 910KB
• f10q1123_saratoga_htm.xml (XML) — 15172KB

Notes to Consolidated Financial Statements as of November 30, 2023 (unaudited)

Notes to Consolidated Financial Statements as of November 30, 2023 (unaudited) 27 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 109 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 150 Item 4.

Controls and Procedures

Controls and Procedures 151 PART II. OTHER INFORMATION 152 Item 1.

Legal Proceedings

Legal Proceedings 152 Item 1A.

Risk Factors

Risk Factors 152 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchase of Equity Securities 153 Item 3. Defaults Upon Senior Securities 153 Item 4. Mine Safety Disclosures 153 Item 5. Other Information 153 Item 6. Exhibits 154

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Consolidated Financial Statements

Item 1. Consolidated Financial Statements Saratoga Investment Corp. Consolidated Statements of Assets and Liabilities November 30, 2023 February 28, 2023 (unaudited) ASSETS Investments at fair value Non-control/Non-affiliate investments (amortized cost of $ 983,711,569 and $ 819,966,208 , respectively) $ 976,440,074 $ 828,028,800 Affiliate investments (amortized cost of $ 45,834,741 and $ 25,722,320 , respectively) 47,128,397 28,305,871 Control investments (amortized cost of $ 118,317,634 and $ 120,800,829 , respectively) 90,470,138 116,255,582 Total investments at fair value (amortized cost of $ 1,147,863,944 and $ 966,489,357 , respectively) 1,114,038,609 972,590,253 Cash and cash equivalents 21,386,880 65,746,494 Cash and cash equivalents, reserve accounts 25,639,619 30,329,779 Interest receivable (net of reserve of $ 6,951,408 and $ 2,217,300 , respectively) 9,235,919 8,159,951 Management fee receivable 364,032 363,809 Other assets 932,383 531,337 Current tax receivable 99,676 436,551 Total assets $ 1,171,697,118 $ 1,078,158,174 LIABILITIES Revolving credit facility $ 35,000,000 $ 32,500,000 Deferred debt financing costs, revolving credit facility ( 996,961 ) ( 1,344,005 ) SBA debentures payable 205,000,000 202,000,000 Deferred debt financing costs, SBA debentures payable ( 5,789,246 ) ( 4,923,488 ) 8.75% Notes Payable 2024 20,000,000 - Discount on 8.75% notes payable 2024 ( 251,521 ) - Deferred debt financing costs, 8.75% notes payable 2024 ( 10,576 ) - 7.00% Notes Payable 2025 12,000,000 12,000,000 Discount on 7.00 % notes payable 2025 ( 222,781 ) ( 304,946 ) Deferred debt financing costs, 7.00 % notes payable 2025 ( 28,165 ) ( 40,118 ) 7.75% Notes Payable 2025 5,000,000 5,000,000 Deferred debt financing costs, 7.75 % notes payable 2025 ( 88,206 ) ( 129,528 ) 4.375% Notes Payable 2026 175,000,000 175,000,000 Premium on 4.375 % notes payable 2026 641

View Full Filing

View this 10-Q filing on SEC EDGAR