SAR Saratoga Investment Corp

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 $0.74 per share for the fiscal fourth quarter ending February 28, 2025. The dividend is payable on March 25, 2025, to all stockholders of record at the close of business on March 6, 2025.

In addition, its Board of Directors also transitioned Saratoga Investment’s dividend payment schedule from quarterly to monthly beginning with the month ended March 31, 2025. As part of that transition, it increased its quarterly dividend by $0.01 per share to $0.75 per share in aggregate for the first quarter of fiscal 2026, declaring the following three monthly $0.25 per share dividends for the quarter ended May 31, 2025:

Month	Amount per Share	Record Date	Payment Date
March 2025	$0.25	April 8, 2025	April 24, 2025
April 2025	$0.25	May 6, 2025	May 22, 2025
May 2025	$0.25	June 5, 2025	June 24, 2025

“As a result of the strong overall performance of our diversified portfolio during the fiscal year, our board of directors approved a quarterly dividend of $0.74 per share for the quarter ended February 28, 2025, and increased our aggregated dividend for the first quarter of fiscal 2026 to $0.75 per share, representing an increase of $0.01 per share, or 1.4%, from the previous four quarters. Annualizing this dividend rate implies an industry leading 11.8% dividend yield based on Saratoga’s recent stock price of $25.39 per share on February 14, 2025. And we are also pleased to announce that we are changing the frequency of our dividend payments from quarterly to monthly. This decision is based on the Company's strong liquidity, stable asset quality and successful long-term origination track record. Our board of directors is pleased to continue delivering attractive returns to our shareholders via solid and consistent base dividends,” said Christian L. Oberbeck, Chairman and Chief Executive Officer of Saratoga Investment.

This is the fourth dividend declared in fiscal year 2025, with the new monthly dividends being the first dividends declared for fiscal year 2026.

Historical Dividend Distributions

Period (Fiscal Year ends Feb)		BaseDividend PerShare				SpecialDividend PerShare				TotalDividend PerShare
Fiscal Q1 2026 (May 2025)		$	0.25				-			$	0.25
Fiscal Q1 2026 (April 2025)		$	0.25				-			$	0.25
Fiscal Q1 2026 (March 2025)		$	0.25				-			$	0.25
Full Year Fiscal 2026		$	0.75				-			$	0.75
Fiscal Q4 2025		$	0.74				-			$	0.74
Fiscal Q3 2025		$	0.74			$	0.35			$	1.09
Fiscal Q2 2025		$	0.74				-			$	0.74
Fiscal Q1 2025		$	0.74				-			$	0.74
Full Year Fiscal 2025		$	2.96			$	0.35			$	3.31
Fiscal Q4 2024		$	0.73				-			$	0.73
Fiscal Q3 2024		$	0.72				-			$	0.72
Fiscal Q2 2024		$	0.71				-			$	0.71
Fiscal Q1 2024		$	0.70				-			$	0.70
Full Year Fiscal 2024		$	2.86				-			$	2.86
Fiscal Q4 2023		$	0.69				-			$	0.69
Fiscal Q3 2023		$	0.68				-			$	0.68
Fiscal Q2 2023		$	0.54				-			$	0.54
Fiscal Q1 2023		$	0.53				-			$	0.53
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 InvestmentSaratoga 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 $650 million collateralized loan obligation (“CLO”) fund 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 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 StatementsStatements included herein contain certain “forward-looking statements” within the meaning of the federal securities laws, which relate to 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 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: changes in the markets in which the Company invests; changes in the financial, capital, and lending markets; a rising interest rate environment and its impact on the Company’s business and its portfolio companies; regulatory changes; tax treatments; an economic downturn and its impact on the ability of our portfolio companies to operate and the investment opportunities available to the Company; 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 invest; and 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.

Contacts:Saratoga Investment Corporation535 Madison Avenue, 4th FloorNew York, NY 10022

Henri SteenkampChief Financial OfficerSaratoga Investment Corp.212-906-7800

Lena CatiThe Equity Group Inc.212-836-9611 / lcati@equityny.com

Val FerraroThe Equity Group Inc.212-836-9633 / vferraro@equityny.com