Saratoga Investment Corp. reported an increase in net assets from operations of $6.7 million, or $3.27 per share, in the quarter ending August 31, 2010. The increase was due to both investment income and unrealized gains in its investment portfolio.
Saratoga Investment Corp. reported net investment income of $2.5 million, or $1.21 per share, in the recently ended quarter. The company also reported a net gain on investments of $4.2 million, or $2.06 per share, for the quarter due to unrealized appreciation in parts of its investment portfolio. Saratoga Investment Corp. ended the quarter with a net asset value of $29.71 per share.
Saratoga Investment Corp. also disclosed updated details on the company’s existing investment portfolio as of the end of the quarter. The total value of the investment portfolio was $94.4 million with positions in twenty-five portfolio companies. The company also has an investment in a fund that purchases collateralized loan obligations.
The investments in the portfolio were distributed among various tiers of credit as follows:
First lien term loans: 14.8%
Second lien term loans: 20.6%
Senior secured notes: 30.9%
Unsecured notes: 4.4%
Subordinated notes: 24.2%
Saratoga Investment Corp. reported that the company made no new investments in any portfolio companies during the quarter, and did not exit any existing positions.
For more information on the company, go to www.saratogainvestmentcorp.com
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