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What were the key takeaways from Saratoga Investment’s earnings call?

- **AUM Growth & Resilience**: $1.126B AUM (+1.6% QoQ), core portfolio fair value 0.2% below cost, 98.3% credits in top category. 
- **ROE Leadership**: 4% vs. 2.4% industry average, 10-year average 10.1%. 
- **Dividend Sustainability**: $0.75/Q1 dividend maintained with 14% yield, despite adjusted NII down 11% QoQ. 
- **Spread Recovery**: Early signs of widening in 550-600bps originations vs. 600+bps repayments. 
- **Risk Management**: 1.2% non-accruals vs. 3.7% industry, active engagement on Exigo (72.8% recovery probability). 
- **Liquidity Flexibility**: $197M capital to grow AUM 17%, $61M cash for accretive deployment.

**【CEO Summary Section】**
- **Net Positive Originations**: $31 million, including two new portfolio companies, driving AUM growth to $1.126 billion (1.6% QoQ). 
- **Long-Term ROE Leadership**: 4% vs. industry average of 2.4%, with 10-year average of 10.1%.
- **Dividend Sustainability**: $0.75/Q1 dividend (14% yield) maintained, despite adjusted NII of $0.47/share.
- **Portfolio Resilience**: Core BDC portfolio fair value 0.2% below cost, with 98.3% of credits in highest credit category.
- **Challenges**: Adjusted NII down 11% QoQ due to lower rates and tighter spreads; $15.2M portfolio markdowns driven by market multiples and spreads.

**【CFO Financial Commentary】**
- **Financial Metrics**: GAAP net income $12.3M, adjusted NII $7.6M (-25.1% YoY), NAV $378.5M (-4.5% QoQ). 
- **Liquidity**: $197M available capital ($61M cash, $46M SBIC, $90M credit facilities). 
- **Debt Structure**: 81.7% first lien debt; $25M 7.25% private note issued to optimize net interest margin. 
- **Expense Management**: Non-interest expenses $2.7M (0.9% of assets), stable vs. prior quarters.

**【COO Investment Update】**
- **Deal Flow Growth**: 107 term sheets over 12 months, 21 from new relationships; $79M Q1 originations (2 new platforms, 10 follow-ons). 
- **Credit Quality**: 89% first lien loans, 37% LTV, 0.9% portfolio fair value below cost. 
- **Software Shift**: Reduced software deal flow; 2026 originations focused on lower-middle market with stronger covenant protection. 
- **Risk Management**: 1.2% non-accruals vs. industry 3.7%; active engagement on Exigo (red watchlist) and Chronus (slower growth). 
- **Leverage Strategy**: FILO positions (19% of first lien) used to enhance yield while maintaining capital protection.

**【Q&A Highlights】**
- **Spread Dynamics**: New originations at 550-600bps vs. 600+bps repayments; early signs of spread widening. 
- **Dividend Coverage**: $1.75 spillover per share as of Q1; plans to close NII/dividend gap via pipeline growth and spread normalization. 
- **Leverage Balancing**: $197M dry powder to grow AUM 17% without external financing; cautious on leverage despite industry underperformance. 
- **Exigo Risk**: 72.8% debt recovery probability; active restructuring discussions. 
- **Share Repurchases**: Open to repurchases if stock price deviates from NAV, with $61M cash for accretive deployment.

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Saratoga Investment (SAR) Financials Overview

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