Saratoga Investment Corp (NYSE:SAR) Q2 2023 Earnings Conference Call October 5, 2022 10:00 AM ET

Company Participants

Henri Steenkamp - Chief Financial and Compliance Officer

Christian Oberbeck - Chairman and Chief Executive Officer

Michael Grisius - Chief Investment Officer

Conference Call Participants

Robert Dodd - Raymond James

Casey Alexander - Compass Point

Mickey Schleien - Ladenburg Thalmann

Erik Zwick - Hovde Group

Operator

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Saratoga Investment Corp.’s Fiscal Second Quarter 2023 Financial Results Conference Call. Please note that today’s conference is being recorded. [Operator Instructions] At this time, I would like to turn the call over to Saratoga Investment Corp.’s Chief Financial and Compliance Officer, Mr. Henri Steenkamp. Please go ahead.

Henri Steenkamp

Thank you. I would like to welcome everyone to Saratoga Investment Corp.’s fiscal second quarter 2023 earnings conference call. Today’s conference call includes forward-looking statements and projections. We ask you to refer to our most recent filings with the SEC for important factors that could cause actual results to differ materially from these forward-looking statements and projections. We do not undertake to update our forward-looking statements unless required to do so by law. Today, we will be referencing a presentation during our call. You can find our fiscal second quarter 2023 shareholder presentation in the Events and Presentations section of our Investor Relations website. A link to our IR page is in the earnings press release distributed last night. A replay of this conference call will also be available. Please refer to our earnings press release for details.

I would now like to turn the call over to our Chairman and Chief Executive Officer, Christian Oberbeck, who will be making a few introductory remarks.

Christian Oberbeck

Thank you, Henri and welcome everyone. While the significant broader market volatility continued this fiscal second quarter, we remain focused on balance sheet and liquidity strength while identifying further opportunities and growing our asset base and high-quality credits. We believe Saratoga continues to be well positioned for potential future economic opportunities and challenges in this volatile environment.

Our existing portfolio companies are generally performing well with our overall fair value add costs and our current business development pipeline robust with positive metrics in term sheets issued and deals executed. Our AUM grew significantly this quarter to $955 million as we originated $141 million in new platforms or follow-on investments offset by $75 million of repayments. We continue to successfully bring new platform investments into the portfolio with 6 added this fiscal quarter and all of our originations were made while maintaining the extremely high credit bar we set for all investments.