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Saratoga Investment Corp. Announces Special Dividend of $0.25 Per Share Fulfilling Its Fiscal 2025 Distribution Requirements

1. Saratoga Investment declared a $0.25 special cash dividend. 2. Total cash distribution per share is $0.50 for December 2025. 3. Company aims to return capital, reflecting strong spillover income. 4. Shareholders can choose cash or stock for dividend payments. 5. Management continues focus on delivering consistent returns.

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Why Bullish?

The declaration of a special dividend indicates financial strength, similar to past instances where special dividends led to positive price movements, boosting shareholder confidence.

How important is it?

Significant cash distributions are likely to attract new investors and increase stock demand, making it a high-impact event.

Why Short Term?

The immediate dividend announcement will likely influence investor sentiment and share price short-term as investors react to cash distributions.

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JPMABTBLK
November 12, 2025 08:30 ET  | Source: Saratoga Investment Corp Total Dividend Declarations in the Fiscal 2026 Third Quarter Amount to $1.00 Per Share NEW YORK, Nov. 12, 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 special cash distribution of $0.25 per share. The special dividend will be paid on December 18, 2025, to shareholders of record as of December 2, 2025. These dates coincide with the previously announced $0.25 per share monthly regular dividend scheduled for payment on the same date. As a result, shareholders of record on December 2, 2025 will receive a total cash distribution of $0.50 per share, paid on December 18, 2025. This special dividend is intended to fulfill our final Fiscal Year 2025 spillover income distribution requirements. Christian L. Oberbeck, Chairman and Chief Executive Officer of Saratoga Investment, commented, “For the second year in a row, we are pleased to reward our shareholders with a year-end special dividend, which reflects both the strong level of spillover income generated in fiscal year 2025, and our commitment to returning capital efficiently. By aligning the special dividend with our regular monthly dividend, we are delivering enhanced value to our shareholders at calendar year-end, while also maintaining a cushion against potential adverse events, including the possible effects of further interest rate cuts. New spillover has started to build commencing March 1, 2025, 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 these special distributions.” Similarly to our regular dividend, shareholders will have the option to receive payment of the special 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. Period (Fiscal Year ends Feb) Base Dividend Per ShareSpecial Dividend Per ShareTotal Dividend Per ShareFiscal Q3 2026 (Nov. 2025)$0.25$0.25$0.50Fiscal Q3 2026 (Oct. 2025)$0.25-$0.25Fiscal Q3 2026 (Sep. 2025)$0.25-$0.25Fiscal Q2 2026 (Aug. 2025)$0.25-$0.25Fiscal Q2 2026 (Jul. 2025)$0.25-$0.25Fiscal Q2 2026 (Jun. 2025)$0.25-$0.25Fiscal Q1 2026 (May 2025)$0.25-$0.25Fiscal Q1 2026 (Apr. 2025)$0.25-$0.25Fiscal Q1 2026 (Mar. 2025)$0.25-$0.25Year-to-Date Fiscal 2026(including pending dividends)$2.25$0.25$2.50Fiscal Q4 2025$0.74-$0.74Fiscal Q3 2025$0.74$0.35$1.09Fiscal Q2 2025$0.74-$0.74Fiscal Q1 2025$0.74-$0.74Full Year Fiscal 2025$2.96$0.35$3.31Fiscal Q4 2024$0.73-$0.73Fiscal Q3 2024$0.72-$0.72Fiscal Q2 2024$0.71-$0.71Fiscal Q1 2023$0.70-$0.70Full Year Fiscal 2024$2.86-$2.86Fiscal Q4 2023$0.69-$0.69Fiscal Q3 2023$0.68-$0.68Fiscal Q2 2023$0.54-$0.54Fiscal Q1 2023$0.53-$0.53Full Year Fiscal 2023$2.44-$2.44 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 $650 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 E 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 Corporation535 Madison Avenue, 4th FloorNew York, NY 10022 Henri SteenkampChief Financial OfficerSaratoga Investment Corp.212-906-7800                                                              Lena CatiThe Equity Group Inc.212-836-9611 / lcati@equityny.com Val FerraroThe Equity Group Inc.212-836-9633 / vferraro@equityny.com

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