SAR - Saratoga Investment Corp. Increases Quarterly Dividend by $0.01 or 1.4% to $0.74 per Share for the Fiscal First Quarter Ended May 31 2024 | Benzinga
Contact: Henri Steenkamp
Saratoga Investment Corp.
212-906-7800
NEW YORK, May 23, 2024 (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 $0.74 per share for the fiscal first quarter ended May 31, 2024, an increase of $0.01 from $0.73 per share in the prior fiscal fourth quarter, and the seventeenth quarterly dividend increase in a row. This is the first dividend for fiscal year 2025, after total dividends for fiscal year 2024 of $2.85 per share was an increase of 16.8% over the prior year. This first quarter dividend is payable on June 27, 2024, to all stockholders of record at the close of business on June 13, 2024.
"The past year's consistent overall portfolio growth in well-selected industry segments, combined with the current interest rate environment, provides healthy earnings growth that allows for continued dividend increases," said Christian L. Oberbeck, Chairman and Chief Executive Officer of Saratoga Investment. "Saratoga's first quarter dividend of $0.74 per share reflects an approximately 6% increase year-over-year and a 40% increase over the past two years. Annualizing this dividend rate implies a 12.7% dividend yield based on Saratoga's recent stock price of $23.22 per share on May 22, 2024. Our current substantial overearning of the dividend by 29%, or 20c per share as compared to last quarter's $0.94 per share adjusted NII, reflects an earnings yield of 16.2%, and increases Net Asset ...