SARATOGA INVESTMENT CORP. SAR
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,
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| SG&A | $2.2M | $1.9M | $2.2M | $2.3M | $1.7M | $1.4M | — |
| Total operating expenses | $88.9M | $95.9M | $86.8M | $63.9M | $50.8M | $34.5M | — |
| Pre-tax income | $36.7M | $28.5M | $9.0M | $24.8M | $45.8M | $14.8M | — |
| Income tax | $138.2K | $412.0K | $42.9K | $153.0K | $39.6K | $667 | — |
| Net income | $36.6M | $28.1M | $8.9M | $24.7M | $45.7M | $14.8M | — |
| EPS, basic | 2.31 | 2.02 | 0.71 | 2.06 | 3.99 | 1.32 | — |
| EPS, diluted | 2.31 | 2.02 | 0.71 | 2.06 | 3.99 | 1.32 | — |
| Shares, diluted (wtd. avg.) | $15.9M | $13.9M | $12.7M | $12.0M | $11.5M | $11.2M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.7M | $148.2M | $8.7M | $96.1M | $52.9M | $29.9M | $39.5M |
| Total assets | $1.14B | $1.19B | $1.19B | $1.08B | $876.2M | — | — |
| Long-term debt | $739.4M | $793.9M | — | $728.4M | — | — | — |
| Total liabilities | $743.1M | $798.9M | $821.0M | $731.2M | $520.5M | — | — |
| Retained earnings | -$43.1M | -$20.3M | -$870.7K | $25.1M | $27.7M | — | — |
| Total equity | $396.2M | $392.7M | $370.2M | $347.0M | $355.8M | $304.2M | $304.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$88.0M | $197.5M | -$157.2M | -$130.4M | -$203.1M | -$62.3M | — |
| Financing cash flow | -$94.9M | -$33.3M | $101.6M | $173.6M | $226.1M | $52.8M | — |
| Dividends paid | $52.4M | $40.7M | $32.1M | $22.7M | $18.2M | $11.3M | — |
| Buybacks | $54.3K | — | $2.2M | $10.8M | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001213900-26-052176.