Saratoga Investment Corp. Declares Dividend of $0.75 Per Share for the Third Quarter of Fiscal 2027; Paid in Monthly Dividends of $0.25 Per Share
NEW YORK, Sept. 09, 2026 (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 base quarterly dividend of $0.75 per share in aggregate for the third quarter of fiscal 2027, paid in three monthly dividends as follows:
| Month | Amount per Share | Record Date | Payment Date |
| September 2026 | $0.25 | October 6, 2026 | October 22, 2026 |
| October 2026 | $0.25 | November 5, 2026 | November 24, 2026 |
| November 2026 | $0.25 | December 3, 2026 | December 22, 2026 |
“Our board of directors approved an aggregated dividend for the third quarter of fiscal 2027 of $0.75 per share, paid in monthly dividends of $0.25 per share per month, unchanged from the prior quarter. Annualizing this dividend rate implies a 17.0% dividend yield based on Saratoga’s recent stock price of $17.64 per share on September 4, 2026. Our board of directors is pleased to continue delivering attractive and consistent dividends to our shareholders in this challenging macro environment while carefully considering current and expected earnings levels, portfolio dynamics and our spillover position,” said Christian L. Oberbeck, Chairman and Chief Executive Officer of Saratoga Investment.
This is the third group of dividends declared for fiscal year 2027.
Historical Dividend Distributions
| Period (Fiscal Year ends Feb) | Base Dividend Per Share | Special Dividend Per Share | Total Dividend Per Share |
| Fiscal Q3 2027 (November 2026) | $0.25 | - | $0.25 |
| Fiscal Q3 2027 (October 2026) | $0.25 | - | $0.25 |
| Fiscal Q3 2027 (September 2026) | $0.25 | - | $0.25 |
| Fiscal Q2 2027 (August 2026) | $0.25 | - | $0.25 |
| Fiscal Q2 2027 (July 2026) | $0.25 | - | $0.25 |
| Fiscal Q2 2027 (June 2026) | $0.25 | - | $0.25 |
| Fiscal Q1 2027 (May 2026) | $0.25 | - | $0.25 |
| Fiscal Q1 2027 (April 2026) | $0.25 | - | $0.25 |
| Fiscal Q1 2027 (March 2026) | $0.25 | - | $0.25 |
| Total Declared in Quarters 1, 2 and 3 of Fiscal Year 2027 | $2.25 | - | $2.25 |
| Full Year Fiscal 2026 | $3.00 | $0.25 | $3.25 |
| Full Year Fiscal 2025 | $2.96 | $0.35 | $3.31 |
| Full Year Fiscal 2024 | $2.86 | - | $2.86 |
| Full Year Fiscal 2023 | $2.44 | - | $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 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 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 $350 million collateralized loan obligation (“CLO”) fund that has recently repriced and reset its reinvestment period and co-manages a joint venture (“JV”) fund that owns a $400 million collateralized loan obligation (“JV CLO”) fund. It also owns 52% of the Class F and 100% of the subordinated notes of the CLO, 87.5% of both the unsecured loans and membership interests of the JV and 87.5% of the Class E-R notes of the JV 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 Statements
This press release contains historical information and forward-looking statements with respect to the business and investments of the Company, including, but not limited to, the statements about 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 our future performance, taking into account all information currently available to us. These statements are not guarantees of future 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 we invest; changes in the financial, capital, and lending markets; an economic downturn or a recession and its impact on the ability of our portfolio companies to operate and the investment opportunities available to us; the impact of interest rate volatility on our business and our portfolio companies; the uncertainty associated with the imposition of tariffs and trade barriers and changes in trade policy and its impact on our portfolio companies and the global economy; 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 invests, as well as those described from time to time in our filings with the Securities and Exchange Commission.
Any forward-looking statement speaks only as of the date on which it is made. The Company undertakes no duty to update any forward-looking statements made herein or on the webcast/conference call, whether as a result of new information, future developments or otherwise, except as required by law. Readers should not place undue reliance on any forward-looking statements and are encouraged to review the Company’s Annual Report on Form 10-K for the fiscal year ended February 28, 2025 and subsequent filings, including the “Risk Factors” sections therein, with the Securities and Exchange Commission for a more complete discussion of the risks and other factors that could affect any forward-looking statements.
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 / lena.cati@theequitygroup.com
Val Ferraro
The Equity Group Inc.
212-836-9633 / val.ferraro@theequitygroup.com
