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Record Assets, No Non-Accruals: Saratoga Investment Triumphs
8 Oct
Summary
- Record assets under management reached $1.15 billion.
- Company eliminated non-accrual investments after sales.
- Net asset value declined due to specific credit markdowns.
Saratoga Investment Corp. announced record assets under management, reaching $1.15 billion as of August 31, 2026. This milestone was achieved alongside the successful resolution of all non-accrual investments following the post-quarter sale of certain assets. Management noted that the decrease in net asset value was concentrated in three specific credit issues and excessive dividend payouts.
The company maintained a strong concentration in first lien senior secured debt. It is strategically shifting its investment pipeline towards non-software industries. Saratoga Investment also bolstered its financial stability by extending its debt maturity profile through new fixed-rate note issuances.
The collateralized loan obligation was refinanced, enhancing the company's financial structure. COO David DeSantis highlighted the effectiveness of new business development initiatives, with a significant portion of recent platform companies originating from new relationships.
CEO Christian Oberbeck underscored the advantages of the SBIC program, noting its long-term, fixed-rate, and covenant-free debt structure. The company is strategically reducing refinancing risk by issuing new debt to replace upcoming maturities.
