On Wednesday, Saratoga Investment (NYSE:SAR) Corp. held its 2024 Annual Meeting of Stockholders, where shareholders voted to re-elect Christian L. Oberbeck as a director of the company. Oberbeck will serve until the 2027 Annual Meeting or until a successor is elected and qualified.
The election was the sole agenda item at the meeting, which saw a turnout of over 7 million shares from a total of nearly 13.8 million eligible shares as of the record date, July 29, 2024. Oberbeck, who has been at the helm of the company's board, secured his position with 6,366,788 votes in favor, while 890,916 votes were withheld. There were no broker non-votes reported.
Saratoga Investment Corp ., headquartered at 535 Madison Avenue, New York, NY, is a publicly-traded company with various classes of securities, including common stock and several series of notes, listed on the New York Stock Exchange under the symbols SAR, SAT, SAJ, SAY, and SAZ.
It is important to note that the information provided in this article is based on a press release statement. The re-election of Oberbeck underscores the confidence of the shareholders in his leadership as the company continues to navigate the financial markets.
In other recent news, Saratoga Investment Corp reported substantial fiscal second quarter results, including a significant year-over-year increase in adjusted net investment income (NII), which rose 38.3% to $18.2 million. The company has also announced an annualized dividend of $0.74 per share. In addition, Saratoga maintains a robust liquidity position, with $385.5 million available for potential investments.
The financial services provider has successfully resolved non-accrual investments and continues to grow its portfolio. Despite a $34 million realized loss this quarter due to Pepper Palace restructuring, the company's long-term performance remains strong, with a total return of 699% since management took over in 2010.
Recent developments also include the company's cautious optimism about future economic opportunities, with a focus on balance sheet strength and net asset value (NAV) preservation. Saratoga is also ramping up its new SBIC III license with $136 million available to support U.S. small businesses. These updates underline Saratoga Investment Corp's commitment to navigate current challenges and position itself for future growth.
InvestingPro Insights
Saratoga Investment Corp.'s recent shareholder meeting, which resulted in the re-election of Christian L. Oberbeck as director, reflects the company's stability in leadership. This stability is further underscored by InvestingPro data, which reveals that SAR has maintained dividend payments for 18 consecutive years and has raised its dividend for 3 consecutive years. These facts, highlighted as InvestingPro Tips, demonstrate the company's commitment to shareholder returns.
The company's financial health appears robust, with a market capitalization of $331.22 million and a P/E ratio of 15.29, suggesting a reasonable valuation relative to earnings. Moreover, SAR boasts an impressive dividend yield of 12.34%, which aligns with the InvestingPro Tip indicating that the company "pays a significant dividend to shareholders."
For investors seeking more comprehensive insights, InvestingPro offers 5 additional tips about Saratoga Investment Corp., providing a deeper understanding of the company's financial position and market performance.
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