Key Highlights

  • Saratoga's $0.25 monthly dividend for September 2026 has an October 6 record and ex-dividend date and is payable October 22.
  • The Board declared $0.75 per share in aggregate for fiscal third quarter 2027, paid as three monthly dividends of $0.25.
  • Fiscal first-quarter net investment income was $0.47 per share versus $0.66, and net asset value per share was $23.23.
  • Non-accruals were 0.0% of fair value and 1.2% of cost, and assets under management were $1.126 billion.

Saratoga Investment Corp.'s (NYSE:SAR) $0.25 monthly dividend yields 18.20% and sits beside fiscal first-quarter net investment income of $0.47 per share. The Board declared it in September as part of $0.75 per share for fiscal third quarter 2027, unchanged from the prior quarter. The company's release states that annualizing the rate implies a 17.0% yield on a $17.64 share price on September 4, 2026.

Dividend Program and Shareholder Returns

Saratoga's Board declared a base quarterly dividend of $0.75 per share in aggregate for the third quarter of fiscal 2027, paid in three monthly dividends. The September 2026 dividend of $0.25 has an October 6 record date and is payable October 22. The October dividend of $0.25 has a November 5 record date and is payable November 24. The November dividend of $0.25 has a December 3 record date and is payable December 22.

The company's fiscal year ends in February. The fiscal second quarter dividends of $0.25 each for June, July and August 2026 were paid July 23, August 25 and September 23. Shareholders who hold through a broker must instruct the broker before the record date to receive dividends in common stock, which is valued at 95% of the average market price over the ten trading days before the payment date.

About the Company

Saratoga Investment is a business development company based in New York. It holds interests in portfolio companies, a CLO and a joint venture. It reported assets under management of $1.126 billion at May 31, 2026, up from $968.3 million a year earlier.

Financial Performance Behind the Payout

For the fiscal first quarter ended May 31, 2026, Saratoga reported total investment income of $30.8 million versus $32.3 million a year earlier and $31.1 million at February 28. Net investment income was $7.6 million, or $0.47 per share, versus $0.66 a year earlier. Adjusted net investment income per share was $0.47 versus $0.53 in the prior quarter.

Net asset value was $378.5 million, or $23.23 per share, versus $24.42 at February 28 and $25.52 a year earlier. Earnings per share were negative $0.42 versus negative $0.16 in the prior quarter, which the company attributed mainly to $15.2 million of net unrealized depreciation. Net originations were $31 million, and total dividends were $0.75 per share, unchanged from the prior quarter.

Financing and Officer Changes Beside the Monthly Dividend

Saratoga issued $85,000,000 of 8.00% Notes due 2031 on August 26, 2026, and $12,750,000 more on September 2 when the underwriters exercised their option. On September 17 it announced an offering of additional 8.00% Notes due 2031, and on September 18 it redeemed in full $105,500,000 of its 6.00% Notes due 2027.

The company also announced that its Chief Financial Officer will step down effective October 31, 2026. The Controller was promoted to Chief Accounting Officer and Treasurer and will serve as principal financial officer, and the Assistant Chief Compliance Officer was promoted to Chief Compliance Officer and Secretary.

Outlook

Saratoga's September release states a base dividend of $0.75 per share in aggregate for fiscal third quarter 2027, with $0.25 for each of September, October and November. Fiscal first-quarter net investment income was $0.47 per share, and the 10-Q reports non-accruals at two investments. Net investment income, net asset value and the notes transactions are the measures reported.