Business
Newtek Business Services Corp. Reports Third Quarter 2020 Financial Results
BOCA RATON, Fla., Nov. 04, 2020 (GLOBE NEWSWIRE) -- Newtek Business Services Corp. (“Newtek” or the “Company”) (Nasdaq: NEWT), an internally managed business
About this update from Newtekone, Inc.
[{"type":"text","content":"BOCA RATON, Fla., Nov. 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 three and nine months ended September 30, 2020.\n Third Quarter 2020 Highlights Net investment income of $1.7 million, or $0.08 per share, for the three months ended September 30, 2020 compared to net investment loss of $(0.53) million, or $(0.03) per share, for the three months ended September 30, 2019.Adjusted net investment income (“ANII”)1 of $0.95 million, or $0.04 per share, for the three months ended September 30, 2020.Net asset value (“NAV”) of $324.4 million, or $15.13 per share, at September 30, 2020; a decrease of 3.6%, on a per share basis, compared to NAV of $15.70 per share at December 31, 2019.Debt-to-equity ratio of 1.21x at September 30, 2020.Total investment income of $14.9 million for the three months ended September 30, 2020; a decrease of 6.9% compared to total investment income of $16.0 million for the three months ended September 30, 2019.Total investment portfolio increased by 4.4% to $637.6 million at September 30, 2020, from $610.9 million at September 30, 2019. Financial Highlights - Nine Months Ended September 30, 2020 Net investment income of $31.1 million, or $1.49 per share, for the nine months ended September 30, 2020, compared to net investment loss of $(2.6) million, or $(0.14) per share, for the nine months ended September 30, 2019.ANII of $33.8 million, or $1.61 per share, for the nine months ended September 30, 2020; a decrease of 2.4% on a per share basis compared to ANII of $31.5 million, or $1.65 per share, for the nine months ended September 30, 2019.Total investment income of $77.4 million for the nine months ended September 30, 2020; an increase of 76.2% over total investment income of $43.9 million for the nine months ended September 30, 2019. 2020 Dividend Payments and 2021 Dividend Guidance The Company paid a third quarter 2020 cash dividend of $0.58 per share on September 30, 2020 to shareholders of record as of September 21, 2020.The Company revised its 2020 annual dividend forecast to a range of $1.90 per share to $2.20 per share, tightened from the previous range of $1.80 per share to $2.30 per share2. The Company paid a 2019 annual divi...