NEW YORK, Dec. 11, 2025 (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 fourth quarter of fiscal 2026, paid in three monthly dividends as follows:

Month	Amount per Share		Record Date	Payment Date
December 2025	$	0.25	January 6, 2026	January 22, 2026
January 2026	$	0.25	February 4, 2026	February 23, 2026
February 2026	$	0.25	March 3, 2026	March 19, 2026

“Our board of directors approved an unchanged aggregated dividend for the fourth quarter of fiscal 2026 of $0.75 per share, paid in monthly dividends of $0.25 per share per month. Annualizing this dividend rate implies a 13.1% dividend yield based on Saratoga’s recent stock price of $22.86 per share on December 9, 2025. Our board of directors is pleased to continue delivering attractive returns to our shareholders via solid and consistent dividends,” said Christian L. Oberbeck, Chairman and Chief Executive Officer of Saratoga Investment.

This is the fourth group of dividends declared for fiscal year 2026, in addition to the special dividend declared last month.

Historical Dividend Distributions

Period (Fiscal Year ends Feb)	Base Dividend Per Share		Special Dividend Per Share		Total Dividend Per Share
Fiscal Q4 2026 (February 2026)	$	0.25		-	$	0.25
Fiscal Q4 2026 (January 2026)	$	0.25		-	$	0.25
Fiscal Q4 2026 (December 2025)	$	0.25		-	$	0.25
Fiscal Q3 2026 (November 2025)	$	0.25	$	0.25	$	0.50
Fiscal Q3 2026 (October 2025)	$	0.25		-	$	0.25
Fiscal Q3 2026 (September 2025)	$	0.25		-	$	0.25
Fiscal Q2 2026 (August 2025)	$	0.25		-	$	0.25
Fiscal Q2 2026 (July 2025)	$	0.25		-	$	0.25
Fiscal Q2 2026 (June 2025)	$	0.25		-	$	0.25
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	$	*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 $450 million collateralized loan obligation (“CLO”) fund that is in wind-down 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 ER 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 / lcati@equityny.com

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