The following is a summary of the Saratoga Investment Corp (SAR) Q2 2025 Earnings Call Transcript:

Financial Performance:

• Revenue was discussed as substantially over earning record level dividends, supporting NAV increase and portfolio growth.

• Net asset value (NAV) per share was reported as up, continuing a trend of increases.

• Adjusted net investment income (NII) per share is up 38.3% year over year, reflecting strong earnings power.

• The total portfolio fair value slightly exceeded cost, with a noteworthy increase in the core non-CLO portfolio.

Business Progress:

• Successful full repayments and restructuring led to resolving previous non-performing investments such as Noland and Netreo.

• Significant new originations subsequent to quarter's end suggest positive movement in investment strategy.

• Implementation of management changes and capital structure improvements as part of ongoing portfolio management.

• Maintained high investment credit quality with a robust pipeline for potential future investments.

Opportunities:

• Continued development of sponsor relationships creating stable investment opportunities despite overall market volatility.

• Positioned to capitalize on potential market expansions in M&A given current investment pipeline and financial stability.

Risks:

• Acknowledged potential challenges related to shifts in short-term interest rates affecting earnings and investment costs.

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