Saratoga Investment (NYSE: SAR) reported Q1 EPS of $0.64, $0.09 better than the analyst estimate of $0.55.

\"We are pleased with the strength of our first fiscal quarter of 2019 which continues to drive industry leading performance metrics across the board," said Christian L. Oberbeck, Chairman and Chief Executive Officer of Saratoga Investment. "Adjusted NII per share is $0.64, thirteen cents above our current $0.51 dividend; adjusted NII Yield is 11.1%; LTM ROE is 14.9%, almost 600 basis points above the BDC industry mean; and NAV per share is $23.06, up $1.37 from the same period last year. While overall NAV increased to $144.8 million, representing a 13.5% increase over the same period last year. Last month, we increased our dividend for the fifteenth consecutive quarter, a $0.01 increase to $0.51 per share. Importantly, we continue to out-earn our dividend payments – by 18% currently based on the last twelve months earnings. In the current rising rate environment, we believe we are well-structured, with 81% of our interest earning investments having floating-rate interest rates and through their LIBOR floors, and all of our debt at quarter-end being fixed-rate."

Michael J. Grisius, President and Chief Investment Officer, added, "This fiscal quarter has again demonstrated the important, positive impact on performance of our relentless focus on identifying and underwriting high quality credits, which we\'ve been able to accomplish despite persistent market challenges. The number of portfolio investments rated in our highest category rose to 99%, and we were able to move capital from non-accrual or low-yielding investments to higher-yielding, performing credits from which we will benefit in the future. In addition, this quarter we also invested in three new portfolio companies, and subsequent to quarter-end, also closed deals in a further three new portfolio companies, bringing our total investments for the past two months to six new platforms while continuing to also grow through smaller follow-ons. By combining a robust pipeline with flexible sources of liquidity, we have been able to compensate for quarterly repayments that can be lumpy and unpredictable. We remain confident that we can continue to improve the size and quality of our AUM steadily over the long-term."

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