NEW YORK, March 31, 2016 – The Board of Directors at Saratoga Investment Corp. (NYSE:SAR) has declared a quarterly dividend of $0.41 per share for the fiscal quarter ended February 29, 2016, payable on April 27, 2016 to all stockholders of record at the close of business on April 15, 2016. 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.
The Company also further exercised its share repurchase plan during this quarter. In fiscal year 2015, the Company announced the approval of an open market share repurchase plan that allows it to repurchase up to 200,000 shares of its common stock at prices below its NAV as reported in its then most recently published financial statements. Last quarter, this share repurchase plan was extended for another year, and increased to 400,000 shares through October 2016. As of March 30, 2016, Saratoga repurchased 37,920 shares at a weighted average price of $14.10 per share under this plan.
“In light of the volatility and challenges facing the BDC market, we are very pleased to continue paying an increasing and healthy quarterly dividend,” said Christian L. Oberbeck, Chairman and Chief Executive Officer of Saratoga Investment. “Our ability to over-earn our dividend results from the stable and growing income yield generated from our prudently increasing and high quality portfolio. During this past quarter, we have repurchased 37,920 shares demonstrating our commitment to building shareholder value while maintaining adequate capital to leverage market opportunities.”
Mike Grisius, President and Chief Investment Officer, said, “Our financial performance rests on a new deal pipeline that remains productive despite market tightening. We enjoy strategic flexibility in how we source and deploy capital and feel well positioned to face current market conditions.” During the last four quarters, the Company has paid quarterly dividends of $0.27 per share for the quarter ended February 28, 2015, $0.33 per share for the quarter ended May 31, 2015, $0.36 per share for the quarter ended August 31, 2015, $0.40 per share for the quarter ended November 30, 2015, and a special dividend of $1.00 per share in June 2015.
For more information, visit the Saratoga Investment Corp website.