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Saratoga Investment Corp. Increases Quarterly Dividend to $0.52 per Share Represents the 16th Sequential Quarterly Dividend Increase

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NEW YORK, Aug. 28, 2018 (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 an increased quarterly dividend of $0.52 per share for the fiscal quarter ended August 31, 2018, payable on September 27, 2018, to all stockholders of record at the close of business on September 17, 2018.

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This increase is the sixteenth sequential increase to the Company's quarterly dividends.  The Company paid a quarterly dividend of $0.51 per share for the quarter ended May 31, 2018 as well as regularly throughout fiscal year 2018, including $0.47 per share for the quarter ended May 31, 2017, $0.48 per share for the quarter ended August 31, 2017, $0.49 per share for the quarter ended November 30, 2017 and $0.50 per share for the quarter ended February 28, 2018. These steady increases represent total dividends declared of $1.94 per share for the previous fiscal period ending February 28, 2018, and $1.03 per share declared since year-end.

"Our growing, high credit quality asset base continues to generate strong investment income and increased net asset value over time," said Christian L. Oberbeck, Chairman and Chief Executive Officer of Saratoga Investment. "This has enabled us to pay a steadily growing quarterly dividend for four straight years, an accomplishment that sets us apart from our BDC competition. This achievement highlights Saratoga Investment's foundational strengths – a high quality management team, ample liquidity and access to capital, disciplined credit analysis and a robust investment pipeline."

Reflecting its strong financial performance, Saratoga Investment has increased regular quarterly dividends each of the past sixteen quarters from $0.18 per share for the third quarter of fiscal 2015 to $0.52 per share for this second quarter of fiscal 2019.

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 Corp.
Saratoga Investment Corp. 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 Corp.'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 Corp. 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 an SBIC-licensed subsidiary and manages a $300 million collateralized loan obligation ("CLO") fund.  It also owns 100% of the subordinated notes of the CLO.  The Company's diverse funding sources, combined with a permanent capital base, enable Saratoga Investment Corp. to provide a broad range of financing solutions.

Forward Looking Statements
This press release contains certain forward-looking statements. These forward-looking statements are subject to risks and uncertainties and other factors enumerated in this press release and the filings Saratoga Investment Corp. makes with the SEC. Saratoga Investment Corp. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact: Henri Steenkamp
Saratoga Investment Corp.
212-906-7800

Roland Tomforde
Broadgate Consultants
212-232-2222

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