Saratoga Investment Corp. Increases Quarterly Dividend to $0.51 per Share

Represents the 15th Sequential Quarterly Dividend Increase

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 $0.51 per share for the fiscal quarter ended May 31, 2018, payable on June 27, 2018, to all stockholders of record at the close of business on June 15, 2018.

This increase is the fifteenth sequential increase to the Company’s quarterly dividends. The Company paid quarterly dividends 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, with this new dividend of $0.51 per share being the first dividend of fiscal 2019.

“The steady growth of our quarterly dividend is indicative of our growing, high credit quality asset base generating strong investment income and increased net asset value over time,” said Christian L. Oberbeck, Chairman and Chief Executive Officer of Saratoga Investment. “Our record of increased quarterly dividends distinguishes us from our competition in the BDC industry. Our achievements draw on the many strengths of the Saratoga Investment platform, including our high quality management team, ample liquidity, disciplined credit analysis and a robust investment pipeline.”

Strong financial performance has enabled Saratoga Investment to increase regular quarterly dividends each of the past fifteen quarters from $0.18 per share for the third quarter of fiscal 2015 to $0.51 per share for this first 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.

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.

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