Business
Newtek Business Services Corp. Reports Second Quarter 2020 Financial Results
Company Achieves Record Performance Across Several Key Metrics BOCA RATON, Fla., Aug. 05, 2020 (GLOBE NEWSWIRE) -- Newtek Business Services Corp. (“Newtek” or
About this update from Newtekone, Inc.
[{"type":"text","content":"Company Achieves Record Performance Across Several Key Metrics\nBOCA RATON, Fla., Aug. 05, 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 three and six months ended June 30, 2020. \n Second Quarter 2020 Financial Highlights Total investment income of $46.7 million for the three months ended June 30, 2020; an increase of 230% over total investment income of $14.1 million for the three months ended June 30, 2019.Net investment income increased to $29.7 million, or $1.42 per share, for the three months ended June 30, 2020 compared to a net investment income (loss) of $(1.1) million, or $(0.06) per share, for the three months ended June 30, 2019.Adjusted net investment income (“ANII”)1 of $28.5 million, or $1.37 per share, for the three months ended June 30, 2020; an increase of 140.4% compared to ANII of $11.0 million, or $0.57 per share, for the three months ended June 30, 2019.Net asset value (“NAV”) of $327.4 million, or $15.66 per share, at June 30, 2020; an increase of 4.4% over NAV of $15.00 per share at March 31, 2020, and an increase of 2.2% over NAV of $15.33 per share at June 30, 2019.Debt-to-equity ratio of 1.20x at June 30, 2020 compared to debt-to-equity ratio of 1.44x at March 31, 2020.Total investment portfolio increased by 13.1% to $648.4 million at June 30, 2020, from $573.5 million at June 30, 2019. Financial Highlights - Six Months Ended June 30, 2020 Total investment income of $62.5 million for the six months ended June 30, 2020; an increase of 123.9% over total investment income of $27.9 million for the six months ended June 30, 2019.Net investment income increased to $29.5 million, or $1.42 per share, for the six months ended June 30, 2020 compared to a net investment income (loss) of $(2.1) million, or $(0.11) per share, for the six months ended June 30, 2019.ANII of $32.8 million, or $1.58 per share, for the six months ended June 30, 2020; an increase of 56.4% on a per share basis over ANII of $19.3 million, or $1.01 per share, for the six months ended June 30, 2019. 2020 Dividend Payments & Declarations The Company paid a second quarter 2020 cash dividend of $0.56 per share on July 31, 2020 to shareholders of record as of July 15, 2020, ...