Saratoga Investment Corp. Declares Quarterly Dividend of $0.53 per Share for the Fiscal First Quarter Ended May 31, 2022
26 May 2022 - 8:50PM
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 first quarter ended May 31, 2022, payable on
June 29, 2022, to all stockholders of record at the close of
business on June 14, 2022.
“Our continued strong track record and 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
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 first dividend declared in fiscal
year 2023. The Company previously declared in fiscal 2022 a
quarterly dividend of $0.53 per share for both the quarters ended
February 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
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”)
and a joint venture (“JV”) fund. It also owns 52% of the Class F
and 100% of the subordinated notes of the CLO, and 87.5% of both
the unsecured loans and membership interests of the JV. 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.
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