“As a result of the strong overall performance of our portfolio during the fiscal second and third quarters, the board of directors approved a dividend of $0.74 per share, equivalent to the highest in our history, while maintaining industry leading dividend coverage and yield. Annualizing this dividend rate implies a 12.7% dividend yield based on Saratoga’s recent stock price of $23.31 per share on November 5, 2024” said Christian L. Oberbeck, Chairman and Chief Executive Officer of Saratoga Investment.
Mr. Oberbeck continued, “Additionally, we are pleased to declare an additional special distribution of $0.35 per share, which was driven by the substantial overearning of our dividend during the previous fiscal year. By distributing this dividend at this stage, we have fulfilled our fiscal 2024 spillover requirements, with new spillover starting to build commencing March 1, 2024, generated from our quarterly earnings. We believe the diligent execution of our strategy, and the highly diversified nature and solid performance of our portfolio has allowed us to continue delivering attractive returns to our shareholders via solid and consistent base dividends, further enhanced with this special distribution. This dividend strategy provides a cushion against potential adverse events, including the possible effects of further cuts in interest rates.”
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