Saratoga Investment Corp (NYSE:SAR) stock rose 0.11% (As on January 11, 11:34:13 AM UTC-4, Source: Google Finance) after the company in the third quarter of FY 23 has reported NII of $9.9 million, or $0.83 on a weighted average per share basis, and net realized and unrealized losses on investments of $3.9 million, or $0.32 on a weighted average per share basis, resulting in a net increase in net assets from operations of $6.0 million, or $0.51 on a weighted average per share basis. The $3.9 million net loss on investments was comprised of $0.7 million in net realized loss on investments, $3.2 million in net unrealized depreciation on investments, and $0.4 million of deferred tax expense on unrealized appreciation on investments, offset by $0.5 million income tax benefit from realized gain on investments. As of November 30, 2022, the fair value of Saratoga Investment’s portfolio was $982.0 million (excluding $47.0 million in cash and cash equivalents), principally invested in 50 portfolio companies and one collateralized loan obligation fund (the “CLO”) and one joint venture fund (the “JV”). The overall portfolio composition consisted of 81.9% of first lien term loans, 2.4% of second lien term loans, 2.1% of unsecured term loans, 4.0% of subordinated notes in CLOs and 9.6% of common equity.

For the fiscal quarter ended November 30, 2022, Saratoga Investment invested $87.6 million in eighteen follow-on investments in existing portfolio companies and had $56.9 million in aggregate amount of five repayments plus amortizations, resulting in net originations of $30.7 million for the quarter.

Additionally, the company has declared a quarterly dividend of $0.68 per share for the fiscal quarter ended November 30, 2022, paid on January 4, 2023, to all stockholders of record at the close of business on December 15, 2022.

As of November 30, 2022, Saratoga Investment’s assets under management (“AUM”) was $982.0 million, an increase of 48.4% from $661.8 million as of November 30, 2021, and an increase of 2.9% from $954.7 million as of August 31, 2022. The quarterly increase consists of $87.6 million in originations, offset by $57.3 million of repayments and amortizations, reflecting both continued strong pace of originations as well as the ongoing lumpy nature of repayments. For the quarter ended November 30, 2022, total investment income of $26.3 million increased by $9.8 million, or 59.1%, when compared to $16.5 million for the quarter ended November 30, 2021.