Saratoga Investment Corp (NYSE:SAR) Q1 2023 Earnings Conference Call July 7, 2022 10:00 AM ET
Company Participants
Christian Oberbeck - Chairman, CEO & President
Henri Steenkamp - CFO, Chief Compliance Officer, Treasurer and Secretary
Michael Grisius - Chief Investment Officer
Conference Call Participants
Robert Dodd - Raymond James
Operator
Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Saratoga Investments Corp's Fiscal First Quarter 2023 Financial Results Conference Call. Please note that today's call is being recorded. During today's presentation, [Technical Difficulty] will be in a listen-only mode. Following management's prepared remarks, we will open the line for questions.
At this time, I'd like to turn the call over to Saratoga Investment Corp's Chief Financial and Compliance Officer, Mr. Henri Steenkamp. Sir, please go ahead.
Henri Steenkamp
Thank you. I would like to welcome everyone to Saratoga Investment Corp's fiscal first 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 first 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. As this fiscal quarter coincided with the onset of significant broader market volatility, we continue to focus on balance sheet and liquidity strengths, while identifying further opportunities and growing our asset base in high-quality credits. We believe Saratoga continues to be well-positioned for potential future economic opportunities and challenges.
Our existing portfolio companies are generally performing well with our overall fair value 1.4% above its cost and our current business development pipeline robust, with positive metrics in term sheets issued and deals executed. Our AUM grew significantly this quarter to $895 million, as we originated $97 million in new platforms or follow-on investments offset by $10 million of repayments. We continue to bring new platform investments into the portfolio with two added this fiscal quarter and all of our originations were made while maintaining the extremely high credit bar we set for all investments.