Saratoga Investment Corp. Increases Quarterly Dividend by $0.01, or 1.4%, to $0.72 per Share for the Fiscal Third Quarter Ended November 30, 2023
- The announcement of a quarterly dividend increase by Saratoga Investment Corp. reflects the company's strong financial performance and growth in its portfolio. The increase from $0.71 to $0.72 per share for the fiscal third quarter ended November 30, 2023, demonstrates a 15th consecutive quarterly dividend increase, reflecting a positive trend for investors. Christian L. Oberbeck, Chairman and Chief Executive Officer of Saratoga Investment, emphasized the company's record earnings and the approximately 6% year-over-year increase in the dividend, providing shareholders with an 11.5% dividend yield and a 17.2% earnings yield based on the recent stock price.
- None.
Contact: Henri Steenkamp
Saratoga Investment Corp.
212-906-7800
NEW YORK, Nov. 15, 2023 (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
“We continue to benefit from the absolute level of interest rates on our largely floating rate assets, which when combined with the recent growth of our overall portfolio, its high-quality nature and resilient performance and our largely fixed rate liabilities, have resulted in record earnings,” said Christian L. Oberbeck, Chairman and Chief Executive Officer of Saratoga Investment. “Saratoga’s third quarter dividend of 72c per share reflects an approximately
This is the third dividend declared in fiscal year 2024. The Company previously declared a quarterly dividend of
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 owns three SBIC-licensed subsidiaries and 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.
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