Saratoga Investment Corp. Declares $0.74 Quarterly Dividend
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Saratoga Investment Corp. Declares Quarterly Dividend of $0.74 per Share
This Dividend Represents an Increase of Approximately 4.2%
Saratoga Investment Corp. (NYSE:SAR), a prominent business development company, has declared a quarterly dividend of $0.74 per share for the fiscal second quarter. This marks a notable increase of 4.2% compared to the previous fiscal year. The dividend is scheduled for payment, ensuring substantial benefits for shareholders.
Strong Dividend Performance
According to Christian L. Oberbeck, Chairman and Chief Executive Officer of Saratoga Investment, the recent performance and stability of their asset portfolio have allowed for this significant dividend increase. He stated that the firm's ability to maintain a strong dividend reflects its industry-leading yield and coverage, enhancing shareholder value and showcasing robust financial management.
Dividend Historical Context
This quarterly dividend is the second declared in the current fiscal year. Over the past two years, Saratoga has successfully increased its dividend by approximately 37%. This current dividend rate indicates an annualized yield of 13.0%, calculated from the recent stock price. The consistent performance in delivering dividends underlines the company’s commitment to providing attractive returns for investors.
Payment Options for Shareholders
Shareholders have the option of receiving their dividends in cash or as common stock through the Company’s dividend reinvestment plan (DRIP). This flexibility allows investors to make choices that align with their investment strategies. Shareholders must inform their brokers of their preferences to ensure their choices are honored before the record date.
About Saratoga Investment Corp.
Saratoga Investment Corp. is a specialty finance organization that delivers customized financing solutions to middle-market businesses across the U.S. Its investment strategy primarily involves senior and unitranche leveraged loans and mezzanine debt. The company focuses on fostering growth through strategic acquisitions, recapitalizations, and partnerships with management teams and financial sponsors.
Commitment to Financial Growth
The company aims to generate attractive risk-adjusted returns through a combination of debt and equity investments. Its structure as a business development company under the Investment Company Act of 1940, paired with management from Saratoga Investment Advisors, enables it to focus on credit-driven strategies. The diverse nature of its investment portfolio further enhances the potential for long-term capital appreciation.
Funding Structure and Management
Saratoga maintains a robust funding base, with the management of a $650 million collateralized loan obligation (CLO) fund and a joint venture fund with substantial investments. The company holds significant stakes in both the CLO and the joint venture, illustrating its diverse funding sources and management strategy.
Contact Information
For further inquiries, Saratoga Investment Corporation can be reached at their office: 535 Madison Avenue, 4th Floor, New York, NY 10022. Key contacts include: Henri Steenkamp, Chief Financial Officer at 212-906-7800 and Lena Cati from The Equity Group Inc. at 212-836-9611.
Frequently Asked Questions
What is the amount of the declared dividend?
Saratoga Investment Corp. has declared a quarterly dividend of $0.74 per share.
When will the dividend be paid?
The dividend is scheduled to be paid to shareholders on a specific date following the record date.
What percentage increase does the new dividend reflect?
The new dividend represents a 4.2% increase compared to the same quarter of the previous fiscal year.
Can shareholders choose how to receive their dividends?
Yes, shareholders can opt to receive their dividends in cash or as shares of common stock through the dividend reinvestment plan.
What investment strategies does Saratoga Investment Corp. pursue?
Saratoga focuses on providing financing through senior and unitranche leveraged loans, mezzanine debt, and equity to middle-market businesses, targeting growth and attractive returns.
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