Saratoga Investment Corp. Announces Quarterly Dividend of $0.74 per Share for the Fiscal Second Quarter Ending August 31, 2024
Saratoga Investment Corp. (NYSE:SAR) has declared a quarterly dividend of $0.74 per share for the fiscal second quarter ending August 31, 2024. This represents a 4.2% increase compared to the same quarter last year. The dividend is payable on September 26, 2024, to stockholders of record as of September 11, 2024. CEO Christian L. Oberbeck highlighted the company's diversified asset portfolio and strong dividend yield of 13.0% based on the recent stock price of $22.75. The dividend increase reflects a 37% growth over the past two years. Saratoga Investment, a business development company, focuses on providing financing solutions to U.S. middle-market businesses and has diverse funding sources, including SBIC-licensed subsidiaries and CLO funds.
Saratoga Investment Corp. (NYSE:SAR) ha dichiarato un dividendo trimestrale di $0,74 per azione per il secondo trimestre fiscale che si conclude il 31 agosto 2024. Questo rappresenta un incremento del 4,2% rispetto allo stesso trimestre dello scorso anno. Il dividendo sarà pagabile il 26 settembre 2024, agli azionisti registrati al 11 settembre 2024. Il CEO Christian L. Oberbeck ha messo in evidenza il portafoglio di attivi diversificato dell'azienda e un forte rendimento del dividendo del 13,0% basato sul recente prezzo del titolo di $22,75. L’aumento del dividendo riflette una crescita del 37% negli ultimi due anni. Saratoga Investment, una società di sviluppo commerciale, si concentra sull'offerta di soluzioni di finanziamento per aziende di mercato intermedio negli Stati Uniti e dispone di fonti di finanziamento diversificate, tra cui sussidiarie con licenza SBIC e fondi CLO.
Saratoga Investment Corp. (NYSE:SAR) ha declarado un dividendo trimestral de $0.74 por acción para el segundo trimestre fiscal que finaliza el 31 de agosto de 2024. Esto representa un incremento del 4.2% en comparación con el mismo trimestre del año pasado. El dividendo se pagará el 26 de septiembre de 2024, a los accionistas registrados hasta el 11 de septiembre de 2024. El CEO Christian L. Oberbeck destacó el portafolio de activos diversificado de la compañía y un fuerte rendimiento del dividendo del 13.0% basado en el precio reciente de la acción de $22.75. El aumento del dividendo refleja un crecimiento del 37% en los últimos dos años. Saratoga Investment, una empresa de desarrollo comercial, se enfoca en proporcionar soluciones de financiamiento a empresas del mercado intermedio de EE. UU. y tiene diversas fuentes de financiamiento, incluidas filiales con licencia SBIC y fondos CLO.
Saratoga Investment Corp. (NYSE:SAR)은 2024년 8월 31일에 종료되는 회계 제2분기 동안 주당 $0.74의 분기 배당금을 선언했습니다. 이는 지난해 같은 분기 대비 4.2% 증가한 수치입니다. 배당금은 2024년 9월 26일에 지급되며, 2024년 9월 11일 기준 주주에게 지급됩니다. CEO Christian L. Oberbeck는 회사의 다양한 자산 포트폴리오와 최근 주가 $22.75에 따른 강력한 배당 수익률 13.0%를 강조했습니다. 배당금 증가치는 지난 2년간 37% 성장을 반영합니다. Saratoga Investment는 미국 중견 기업에 자금 솔루션을 제공하는 비즈니스 개발 회사로, SBIC 라이센스를 보유한 자회사 및 CLO 펀드를 포함한 다양한 자금 조달원을 보유하고 있습니다.
Saratoga Investment Corp. (NYSE:SAR) a déclaré un dividende trimestriel de 0,74 $ par action pour le deuxième trimestre fiscal se terminant le 31 août 2024. Cela représente une augmentation de 4,2% par rapport au même trimestre de l'année dernière. Le dividende sera versé le 26 septembre 2024 aux actionnaires enregistrés au 11 septembre 2024. Le PDG Christian L. Oberbeck a souligné le portefeuille d'actifs diversifié de l'entreprise et un fort rendement du dividende de 13,0% basé sur le prix récent de l'action de 22,75 $. L'augmentation du dividende reflète une croissance de 37% au cours des deux dernières années. Saratoga Investment, une société de développement commercial, se concentre sur la fourniture de solutions de financement aux entreprises du marché intermédiaire aux États-Unis et dispose de sources de financement diversifiées, y compris des filiales agréées SBIC et des fonds CLO.
Saratoga Investment Corp. (NYSE:SAR) hat eine vierteljährliche Dividende von $0,74 pro Aktie für das im 2. Quartal endende Geschäftsjahr am 31. August 2024 erklärt. Dies stellt einen Anstieg von 4,2% im Vergleich zum vierten Quartal des Vorjahres dar. Die Dividende wird am 26. September 2024 an Aktionäre ausgezahlt, die am 11. September 2024 im Aktienregister stehen. CEO Christian L. Oberbeck hob das diversifizierte Anlageportfolio des Unternehmens und eine starke Dividendenrendite von 13,0% basierend auf dem aktuellen Aktienkurs von $22,75 hervor. Die Erhöhung der Dividende spiegelt ein Wachstum von 37% in den letzten zwei Jahren wider. Saratoga Investment, ein Unternehmen für Geschäftsentwicklung, konzentriert sich darauf, Finanzierungslösungen für US-Mittelstandsunternehmen bereitzustellen, und hat vielfältige Finanzierungsquellen, einschließlich SBIC-lizenzierter Tochtergesellschaften und CLO-Fonds.
- Quarterly dividend increased by 4.2% year-over-year to $0.74 per share
- 37% dividend growth over the past two years
- Strong dividend yield of 13.0% based on recent stock price
- Diversified asset portfolio contributing to solid investment performance
- Over-earning of dividend, potentially increasing Net Asset Value
- Potential risk of interest rate cuts affecting future earnings
Insights
The announcement of Saratoga Investment Corp.'s quarterly dividend increase to
However, investors should note that while the high yield is appealing, it may also indicate market concerns about the sustainability of such payouts. The company's ability to over-earn its dividend provides a cushion against potential interest rate cuts, but also raises questions about capital allocation strategies. Are there better uses for this excess cash, such as reinvestment or debt reduction?
The diversified asset portfolio and solid investment performance are positive factors, but the cautious stance on new commitments suggests potential challenges in finding attractive investment opportunities. Investors should monitor the company's ability to maintain this dividend level in the face of changing market conditions.
Saratoga Investment's dividend increase aligns with its position as a Business Development Company (BDC) in the middle-market lending space. The
The company's CLO and JV CLO investments add complexity to its portfolio but also provide diversification. These structured products can offer higher yields but come with their own risks, especially in changing credit environments. Investors should understand how these assets might perform under various economic scenarios.
The surrender of an SBIC license after repaying debentures is noteworthy. While it might indicate successful deployment and return of capital, it could also impact future growth opportunities. The market will be watching how Saratoga deploys capital going forward, especially given management's stated prudence in new commitments.
This Dividend Represents an Increase of Approximately
NEW YORK, Aug. 22, 2024 (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
“The highly diversified nature of our asset portfolio, the solid overall performance of our investments during the recent stable interest rate environment, and the current over-earning of our dividend has allowed us to maintain a strong dividend for the quarter, with industry leading dividend yield and dividend coverage,” said Christian L. Oberbeck, Chairman and Chief Executive Officer of Saratoga Investment. “Saratoga’s second quarter dividend of
This is the second dividend declared in fiscal year 2025.
Historical Dividend Distributions
| Period (Fiscal Year ends Feb 28) | Dividend Per Share | |||
| Fiscal Q2 2025 | $ | 0.74 | ||
| Fiscal Q1 2025 | $ | 0.74 | ||
| Year-to-Date Fiscal 2025 (including pending dividend) | $ | 1.48 | ||
| Fiscal Q4 2024 | $ | 0.73 | ||
| Fiscal Q3 2024 | $ | 0.72 | ||
| Fiscal Q2 2024 | $ | 0.71 | ||
| Fiscal Q1 2023 | $ | 0.70 | ||
| Full Year Fiscal 2024 | $ | 2.86 | ||
| Fiscal Q4 2023 | $ | 0.69 | ||
| Fiscal Q3 2023 | $ | 0.68 | ||
| Fiscal Q2 2023 | $ | 0.54 | ||
| Fiscal Q1 2023 | $ | 0.53 | ||
| Full Year Fiscal 2023 | $ | 2.44 | ||
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
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 Corp. owns two active SBIC-licensed subsidiaries, having surrendered its first license after repaying all debentures for that fund following the end of its investment period and subsequent wind-down. Furthermore, it manages a
Forward Looking Statements
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,” “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: changes in the markets in which the Company invests; changes in the financial, capital, and lending markets; a rising interest rate environment and its impact on the Company’s business and its portfolio companies; regulatory changes; tax treatments; an economic downturn and its impact on the ability of our portfolio companies to operate and the investment opportunities available to the Company; the impact of supply chain constraints and labor shortages on our portfolio companies; and the elevated levels of inflation and its impact on our portfolio companies and the industries in which we invest; and 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.
Contacts:
Saratoga Investment Corporation
535 Madison Avenue, 4th Floor
New York, NY 10022
Henri Steenkamp
Chief Financial Officer
Saratoga Investment Corp.
212-906-7800
Lena Cati
The Equity Group Inc.
212-836-9611 / lcati@equityny.com
Val Ferraro
The Equity Group Inc.
212-836-9633 / vferraro@equityny.com
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