Business
Newtek Business Services Corp. Reports Third Quarter 2022 Financial Results
Record SBA 7(a) Loan Fundings of $223.0 Million Increased by 36.0% in the Third Quarter of 2022 Over the Same Period Last Year Raised Full Year 2022 SBA 7(a)
About this update from Newtekone, Inc.
[{"type":"text","content":"Record SBA 7(a) Loan Fundings of $223.0 Million Increased by 36.0% in the Third Quarter of 2022 Over the Same Period Last Year Raised Full Year 2022 SBA 7(a) Loan Funding Guidance to Approximately $775 Million BOCA RATON, Fla., Nov. 07, 2022 (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 three and nine months ended September 30, 2022. Third Quarter 2022 Financial Highlights Total investment income of $23.6 million for the three months ended September 30, 2022; an increase of 90.0% compared to total investment income of $12.4 million for the three months ended September 30, 2021.Net investment income (loss) of $0.2 million, or $0.01 per share, for the three months ended September 30, 2022, which represents a 103.3% increase, on a per share basis, compared to net investment income (loss) of $(6.7) million, or $(0.30) per share, for the three months ended September 30, 2021.Adjusted net investment income (\"ANII\")1 of $15.0 million, or $0.62 per share, for the three months ended September 30, 2022; an increase of 10.7%, on a per share basis, compared to ANII of $12.6 million, or $0.56 per share, for the three months ended September 30, 2021.Debt-to-equity ratio of 1.41x at September 30, 2022; proforma debt-to-equity ratio was 1.26x after taking into account the sales of government-guaranteed portions of SBA 7(a) loans prior to September 30, 2022, which sales settled subsequent to the balance sheet date.Total investment portfolio increased by 10.3% to $785.6 million at September 30, 2022, from $712.5 million at September 30, 2021.Net asset value (“NAV”) of $391.8 million, or $16.04 per share, at September 30, 2022 compared to NAV of $16.23 per share at September 30, 2021. Financial Highlights For the Nine Months Ended September 30, 2022 Total investment income of $63.2 million for the nine months ended September 30, 2022; a decrease of (24.5)% over total investment income of $83.7 million for the nine months ended September 30, 2021 which included $50.0 million of fee income from the Paycheck Protection Program (\"PPP\"), which, as previously disclosed, is not recurring.Net investment income (loss) of $(1.1) million, or $(0.04) per share, for the nine months ended Septem...