Business
Newtek Business Services Corp. Reports Full Year 2019 Financial Results
Net Investment Income (Loss) Improved Year Over Year by 27.5% on a per Share Basis for the Full Year 2019 BOCA RATON, Fla., March 04, 2020 (GLOBE NEWSWIRE) --
About this update from Newtekone, Inc.
[{"type":"text","content":"Net Investment Income (Loss) Improved Year Over Year by 27.5% on a per Share Basis for the Full Year 2019\nBOCA RATON, Fla., March 04, 2020 (GLOBE NEWSWIRE) -- Newtek Business Services Corp. (“Newtek” or the “Company”) (Nasdaq: NEWT), an internally managed business development company (“BDC”), announced today its financial and operating results for the year ended December 31, 2019. \n Full Year 2019 Highlights Total investment income of $59.3 million for the year ended December 31, 2019; an increase of 19.8% over total investment income of $49.5 million for the year ended December 31, 2018.Net asset value (“NAV”) on December 31, 2019 of $322.2 million, or $15.70 per share; an increase of 3.4%, on a per share basis, over NAV of $15.19 per share at December 31, 2018.Net investment loss of $(5.6) million, or $(0.29) per share, for the year ended December 31, 2019, an improvement of 27.5%, on a per share basis, over a net investment loss of $(7.5) million, or $(0.40) per share, for the year ended December 31, 2018.Adjusted net investment income (“ANII”)1 of $45.0 million, or $2.33 per share, for the year ended December 31, 2019; an increase of 20.1%, on a per share basis, compared to ANII of $36.4 million, or $1.94 per share, for the year ended December 31, 2018.Debt-to-equity ratio of 1.36x at December 31, 2019.At December 31, 2019, proforma debt-to-equity ratio was 1.27x as a result of the settlement of government-guaranteed portions of SBA 7(a) loans sold prior to December 31, 2019, settling subsequent to the balance sheet date.Total investment portfolio increased by 21.8% to $659.0 million at December 31, 2019, from $541.1 million at December 31, 2018.On October 4, 2019, the Company closed its tenth and largest small business loan securitization, with the sale of $118,920,000 of Unguaranteed SBA 7(a) Loan-Backed Notes, Series 2019-1, consisting of $93,540,000 of Class A Notes and $25,380,000 Class B Notes (collectively, the “Notes”), rated “A” and “BBB-”, respectively, by S&P Global Ratings.The Company closed its public offering of $63.3 million in aggregate principal amount of 5.75% Notes Due 2024 (“Notes,” Nasdaq “NEWTL”), including the exercise of the overallotment of $8.25 million. 2019 Dividend Payments and 2020 Dividend Forecast The Company paid a fourth quarter 2019 cash dividend of $0.71 per share on December 30, 2019, w...