investments 33,741,003 (39,926,231)
Net change in provision for
deferred taxes on unrealized
(appreciation) depreciation on
investments (747,063) (577,693)
Net realized and unrealized gain
(loss) on investments (16,205,039) (40,352,668)
----------- -----------
Realized losses on
extinguishment of debt - (110,056)
----------- -----------
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM
OPERATIONS $ 28,763,019 $ 3,627,073
=========== ===========
WEIGHTED AVERAGE - BASIC AND
DILUTED EARNINGS (LOSS) PER
COMMON SHARE $ 2.09 $ 0.29
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING - BASIC AND
DILUTED 13,733,008 12,355,815
* Certain prior period amounts
have been reclassified to
conform to current period
presentation.
Supplemental Information Regarding Adjusted Net Investment Income, Adjusted Net Investment Income Yield and Adjusted Net Investment Income per Share
On a supplemental basis, Saratoga Investment provides information relating to adjusted net investment income, adjusted net investment income yield and adjusted net investment income per share, which are non-GAAP measures. These measures are provided in addition to, but not as a substitute for, net investment income, net investment income yield and net investment income per share. Adjusted net investment income represents net investment income excluding any capital gains incentive fee expense or reversal attributable to realized and unrealized gains. The management agreement with the Company's advisor provides that a capital gains incentive fee is determined and paid annually with respect to cumulative realized capital gains (but not unrealized capital gains) to the extent such realized capital gains exceed realized and unrealized losses for such year. In addition, Saratoga Investment accrues, but does not pay, a capital gains incentive fee in connection with any unrealized capital appreciation, as appropriate. All capital gains incentive fees are presented within net investment income within the Consolidated Statements of Operations, but the associated realized and unrealized gains and losses that these incentive fees relate to, are excluded. As such, Saratoga Investment believes that adjusted net investment income, adjusted net investment income yield and adjusted net investment income per share is a useful indicator of operations exclusive of any capital gains incentive fee expense or reversal attributable to gains. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. The following table provides a reconciliation of net investment income to adjusted net investment income, net investment income yield to adjusted net investment income yield and net investment income per share to adjusted net investment income per share for the three and nine months ended November 30, 2024 and November 30, 2023.
For the Three Months Ended
---------------------------------------------------------
November 30, 2024 November 30, 2023
------------------------ -------------------------------
Net Investment
Income $ 12,435,655 $ 14,166,063
Changes in
accrued
capital gains
incentive fee
expense/
(reversal) - (1,039,033)
Adjusted net
investment
income $ 12,435,655 $ 13,127,030
Net investment
income yield 13.3% 15.7 %
Changes in
accrued capital
gains incentive
fee expense/
(reversal) - (1.1)%
Adjusted net
investment
income yield
(1) 13.3% 14.6 %
Net investment
income per
share $ 0.90 $ 1.09
Changes in
accrued
capital gains
incentive fee
expense/
(reversal) - (0.08)
Adjusted net
investment
income per
share (2) $ 0.90 $ 1.01
(1) Adjusted net investment income yield is calculated as adjusted net investment income divided by average net asset value.
(2) Adjusted net investment income per share is calculated as adjusted net investment income divided by weighted average common shares outstanding.
For the Nine Months Ended
---------------------------------------------------------
November 30, 2024 November 30, 2023
------------------------ -------------------------------
Net Investment
Income $ 44,968,058 $ 44,089,797
Changes in
accrued
capital gains
incentive fee
expense/
(reversal) - (4,957,306)
Adjusted net
investment
income $ 44,968,058 $ 39,132,491
Net investment
income yield 16.2% 16.7 %
Changes in
accrued capital
gains incentive
fee expense/
(reversal) - (1.7)%
Adjusted net
investment
income yield
(3) 16.2% 15.0 %
Net investment
income per
share $ 3.27 $ 3.57
Changes in
accrued
capital gains
incentive fee
expense/
(reversal) - (0.40)
Adjusted net
investment
income per
share (4) $ 3.27 $ 3.17
(3) Adjusted net investment income yield is calculated as adjusted net investment income divided by average net asset value.
(4) Adjusted net investment income per share is calculated as adjusted net investment income divided by weighted average common shares outstanding.
(END) Dow Jones Newswires
January 08, 2025 16:05 ET (21:05 GMT)
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