NEW YORK, Aug. 29, 2022 (GLOBE NEWSWIRE) — Saratoga Investment Corp. (NYSE: SAR) (“Saratoga Investment” or “the Company”), a business development company, today announced that its Board of Directors has declared a quarterly dividend of $0.54 per share for the second quarter. ended August 31, 2022, payable September 29, 2022 to all shareholders of record at the close of business September 14, 2022.
“Our continued strong track record, superior portfolio performance, healthy credit profile, robust deal pipeline and continued asset growth are key attributes of our ability to deliver consistent financial performance and support a attractive and growing quarterly dividend payout program,” said Christian L. Oberbeck, President and CEO of Saratoga Investment. “This dividend strategy is consistent with our goal of producing the best risk-adjusted accretive returns for our shareholders over the long term.”
This is the second dividend declared in fiscal 2023, following the previously declared quarterly dividend of $0.53 per share for the quarter ended May 31, 2022. The Company previously declared in fiscal 2022 a quarterly dividend of $0.53 per share for the two quarters ended in February. November 28, 2022 and November 30, 2021, $0.52 per share for the quarter ended August 31, 2021, $0.44 per share for the quarter ended May 31, 2021 and $0.43 per share for the quarter ended May 28 February 2021. During fiscal 2021, the Company declared a quarterly dividend of $0.42 per share for the quarter ended November 30, 2020, $0.41 per share for the quarter ended August 31, 2020 and of $0.40 per share for the quarter ended May 31, 2020.
Shareholders will have the option of receiving the dividend payment in cash or receiving common shares in accordance with the Company’s dividend reinvestment (“DRR”) plan. Saratoga Investment shareholders who hold their shares through a broker must advise their brokers prior to the record date if they prefer to receive this dividend, and future dividends, in common shares. The number of Common Shares to be delivered will be determined by dividing the aggregate dollar amount by 95% of the average market price per share at the close of business for the ten (10) trading days immediately preceding (and including) the payment date.
About Saratoga Investments
Saratoga Investment is a specialty finance firm that provides customized financing solutions to middle market US companies. The Company invests primarily in senior and unitranche leveraged loans and mezzanine debt, and to a lesser extent in equity to fund change of ownership transactions, strategic acquisitions, recapitalizations and capitalization initiatives. growth in partnership with business owners, management teams and financial sponsors. Saratoga Investment’s objective is to create attractive risk-adjusted returns by generating current income and long-term capital appreciation from its debt and equity investments. Saratoga Investment has elected to be regulated as a business development company under the Investment Companies Act of 1940 and is externally managed by Saratoga Investment Advisors, LLC, an SEC-registered investment adviser who focuses on credit driven strategies. Saratoga Investment has two SBIC-licensed subsidiaries and operates a $650 million Secured Loan Obligation (“CLO”) and Joint Venture (“JV”) fund. It also owns 52% of the Class F and 100% of the subordinated notes of the CLO, as well as 87.5% of the unsecured loans and the participations of the members of the JV. The Company’s diverse sources of funding, combined with a permanent capital base, enable Saratoga Investment to provide a wide range of financing solutions.
The statements included herein contain certain “forward-looking statements” within the meaning of the federal securities laws, which relate to future events or our future performance or financial condition. Forward-looking statements can be identified by the use of forward-looking words such as “outlook”, “believe”, “expect”, “potential”, “continue”, “may”, “will”, “should”, “look for”. “, “approximately”, “predicts”, “intends”, “plans”, “estimates”, “anticipates” or negative versions of these words, other comparable words or other statements which do not not relate to historical or factual matters. Forward-looking statements are based on our beliefs, assumptions and expectations regarding future events and our future performance, taking into account all information currently available to us. These statements are not guarantees of future events, performance, conditions or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements due to a number of factors, including, but not limited to, the impact of the COVID-19 pandemic and the impact of the pandemic on the U.S. and global economy, as well as those described from time to time in our filings with the SEC. Any forward-looking statement speaks only as of the date on which it is made. Saratoga Investment Corp. assumes no obligation to update any forward-looking statements made herein, whether as a result of new information, future developments or otherwise, except as required by law.
Contact: Henri Steenkamp
Saratoga Investment Corp.