Saratoga Investment Corp. Declares Dividend of $0.75 Per Share for the Fourth Quarter of Fiscal 2026; Paid in Monthly Dividends of $0.25 Per Share
Saratoga Investment (NYSE:SAR) declared a base quarterly dividend of $0.75 per share for fiscal Q4 2026, paid as three monthly dividends of $0.25 per share on Jan 22, Feb 23 and Mar 19, 2026 (record dates Jan 6, Feb 4, Mar 3).
Sentiment and the balance of points
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Rhea-AI Summary
Saratoga Investment (NYSE:SAR) declared a base quarterly dividend of $0.75 per share for fiscal Q4 2026, paid as three monthly dividends of $0.25 per share on Jan 22, Feb 23 and Mar 19, 2026 (record dates Jan 6, Feb 4, Mar 3).
The company said annualizing the rate implies a 13.1% dividend yield based on a $22.86 share price on Dec 9, 2025. Shareholders may elect cash or participate in the DRIP, which price shares at 95% of a 10-day average before each payment date.
Positive
- Quarterly dividend declared: $0.75 per share aggregated
- Monthly payments: $0.25 per month (Dec 2025–Feb 2026)
- Implied annualized yield of 13.1% (based on $22.86 price)
- DRIP available for shareholders choosing stock instead of cash
Negative
- DRIP pricing at 95% may cause share dilution for holders
- $450 million CLO fund is in wind-down (reduces recurring assets)
Details
News Market Reaction – SAR
On Dec 11, the day this news came out, SAR closed 0.09% above the previous close.
Data tracked by StockTitan Argus for the Dec 11 session.
Key Figures
- Q4 FY26 base dividend
- $0.75 per share
- Aggregate dividend for fiscal Q4 2026
- Monthly dividend
- $0.25 per share
- Paid Dec 2025, Jan 2026, Feb 2026
- Indicated dividend yield
- 13.1%
- Based on $22.86 share price on Dec 9, 2025
- Reference share price
- $22.86
- Stock price used to quote dividend yield (Dec 9, 2025)
- FY2026 total dividend
- $3.25 per share
- Full year fiscal 2026 (base $3.00 + special $0.25)
- FY2025 total dividend
- $3.31 per share
- Full year fiscal 2025 (base $2.96 + special $0.35)
- CLO fund size
- $450 million
- Collateralized loan obligation fund in wind-down
- JV CLO fund size
- $400 million
- Joint venture collateralized loan obligation fund
Historical Context
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Special $0.25 dividend fulfilling FY25 distribution needs.
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$85M Valley National Bank facility replaces smaller, costlier line.
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Q2 FY26 results with lower adjusted NII despite strong ROE and NAV.
-
Announcement of timing for Q2 FY26 results and conference call.
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Q3 FY26 $0.75 dividend declared, paid in $0.25 monthly installments.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
dividend reinvestment plan financial
DRIP financial
collateralized loan obligation financial
CLO financial
mezzanine debt financial
unitranche financial
business development company regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
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
| 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
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
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
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
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