Saratoga Investment Corp. Increases Quarterly Dividend by $0.01 to $0.53 per Share for the Fiscal Third Quarter Ended November 30, 2021
November 30 2021 - 8:30AM
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 $0.53 per
share for the fiscal third quarter ended November 30, 2021, payable
on January 19, 2022, to all stockholders of record at the close of
business on January 4, 2022. This is an increase of $0.01 per share
from $0.52 per share last quarter.
“Our continued strong track record, superior portfolio
performance, healthy credit profile, robust deal pipeline, and
ongoing asset growth are key attributes of our ability to deliver
consistent financial performance and support a program of paying
attractive and increasing quarterly dividends,” said Christian L.
Oberbeck, Chairman and Chief Executive Officer of Saratoga
Investment. “This dividend strategy is consistent with our
objective of producing the best risk-adjusted, accretive returns
for our shareholders over the long-term.”
This is the fourth dividend declared in fiscal year 2022. The
Company previously declared a quarterly dividend of $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 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 InvestmentSaratoga 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
StatementsStatements 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
SteenkampSaratoga Investment Corp.212-906-7800
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