Saratoga Investment Corp. Increases Quarterly Dividend by $0.08 to $0.52 per Share for the Quarter Ended August 31, 2021

<< Back

Aug 26, 2021

Saratoga Investment Corp. Increases Quarterly Dividend by $0.08 to $0.52 per Share for the Quarter Ended August 31, 2021

NEW YORK, Aug. 26, 2021 (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 $0.52 per share for the fiscal quarter ended August 31, 2021, payable on September 28, 2021, to all stockholders of record at the close of business on September 14, 2021. This is an increase of $0.08 per share from $0.44 per share last quarter.

“We are very pleased that our strong track record and portfolio performance, healthy credit profile, robust deal pipeline, and ongoing asset growth continue to generate strong, consistent financial performance in support of a program of paying and increasing quarterly dividends,” said Christian L. Oberbeck, Chairman and Chief Executive Officer of Saratoga Investment. “This positive performance across all metrics has allowed us to increase our dividend this quarter by $0.08, or 18%, to $0.52 per share. In concluding on this level of increase, we also took into consideration our current and projected level of spillover and ensuring we manage that appropriately. Our dividend strategy is consistent with our overall approach to managing risk conservatively, while pursuing long-term growth and credit quality. We will continue to evaluate dividend payments on a quarterly basis taking into account portfolio and investment performance, along with the prospects for continued economic recovery and growth.”

This is the third dividend declared in fiscal year 2022. The Company previously declared a quarterly dividend of $0.44 per share for the quarter ended May 31, 2021 and $0.43 per share for the quarter ended February 28, 2021. During fiscal year 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 $0.40 per share for the quarter ended May 31, 2020.

Shareholders will have the option to receive payment of the dividend in cash or receive shares of common stock pursuant to the Company’s dividend reinvestment plan (“DRIP”). Saratoga Investment shareholders who hold their shares with a broker must affirmatively instruct their brokers prior to the record date if they prefer to receive this dividend, and future dividends, in common stock.  The number of shares of common stock to be delivered shall be determined by dividing the total dollar amount by 95% of the average of the market prices per share at the close of trading on the ten (10) trading days immediately preceding (and including) the payment date.

About Saratoga Investment

Saratoga Investment is a specialty finance company that provides customized financing solutions to U.S. middle-market businesses. The Company invests primarily in senior and unitranche leveraged loans and mezzanine debt, and, to a lesser extent, equity to provide financing for change of ownership transactions, strategic acquisitions, recapitalizations and growth initiatives 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 Company Act of 1940 and is externally-managed by Saratoga Investment Advisors, LLC, an SEC-registered investment advisor focusing on credit-driven strategies.  Saratoga Investment owns two SBIC-licensed subsidiaries and manages a $650 million collateralized loan obligation (“CLO”) fund.  It also owns 52% of the Class F and 100% of the subordinated notes of the CLO.  The Company’s diverse funding sources, combined with a permanent capital base, enable Saratoga Investment to provide a broad range of financing solutions.

Forward Looking Statements

Statements included herein contain certain “forward-looking statements” within the meaning of the federal securities laws, including statements with regard to the Company’s Notes offering and the anticipated use of the net proceeds of the offering. Forward-looking statements can be identified by the use of forward looking words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or negative versions of those words, other comparable words or other statements that do not relate to historical or factual matters. The forward-looking statements are based on our beliefs, assumptions and expectations of future events and our future performance, taking into account all information currently available to us. These statements are not guarantees of future events, performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including but not limited to the impact of the COVID-19 pandemic and the pandemic’s impact 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. undertakes no duty 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.

Primary Logo

Source: Saratoga Investment Corp