- Saratoga Investment (NYSE:SAR) starts 1M-share stock buyback and plans to use proceeds to make investments in middle-market companies.
- SAR +0.4% in after-hours trading.
- More on earnings:
- Q1 adjusted net investment income per share 64 cents compared with 60 cents in the prior quarter and 50 cents a year ago.
- Q1 NAV per share $23.06 compared with $21.69 Y/Y.
- "In the current rising rate environment, we believe we are well-structured, with 81% of our interest earning investments having floating-rate interest rates and through their LIBOR floors, and all of our debt at quarter-end being fixed-rate," says Chairman and CEO Christian L. Oberbeck.
- Assets under management up 0.2% to $343.4M at May 31, 2018 vs. $342.7M as of Feb. 28, 2018. The increase reflects originations of $35.2M, offset by repayments and amortizations of $36.5M that were primarily non-accrual or lower yielding syndicated investments.
- Return on equity for the last 12 months as of May 31 was 10.7% vs 15.7% as of Feb. 28.
- Previously: Saratoga Investment beats by $0.09, beats on total investment income (July 10)
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Original article