Newtek Business Services Corp. Declares a Fourth Quarter 2022 Distribution of $0.70 per Share

Rhea-AI Summary

Newtek Business Services Corp. (NASDAQ: NEWT) announced a fourth quarter 2022 cash distribution of $0.70 per share, payable on December 30, 2022, to shareholders of record as of December 20, 2022. The Board aims to maintain a dividend policy targeting 90-100% of the company's 2022 taxable income, including a spillover dividend from retained earnings. Newtek offers a variety of business solutions for small and medium-sized businesses across the U.S., including lending, technology, eCommerce, and insurance solutions.

Positive

• Declaration of a fourth quarter 2022 cash distribution of $0.70 per share.
• Commitment to a dividend policy aiming for 90-100% distribution of 2022 taxable income.
• Diverse product offerings in business and financial solutions for SMBs.

Negative

• None.

BOCA RATON, Fla., Nov. 17, 2022 (GLOBE NEWSWIRE) -- Newtek Business Services Corp., (NASDAQ: NEWT), an internally managed business development company (“BDC”), today announced that its Board of Directors declared a fourth quarter 2022 cash distribution of $0.70 per share¹, payable on December 30, 2022 to shareholders of record as of December 20, 2022.

¹Note regarding Dividend Payments: The Company's Board of Directors expects to maintain a dividend policy with the objective of distributing 90 – 100% of the Company’s 2022 taxable income. This distribution includes a spillover dividend of the Company’s retained earnings. The determination of the tax attributes of the Company's distributions is made annually as of the end of the Company's fiscal year based upon its taxable income for the full year and distributions paid for the full year.

Newtek Business Services Corp., Your Business Solutions Company^®, is an internally managed BDC, which along with its controlled portfolio companies, provides a wide range of business and financial solutions under the Newtek^® brand to the small- and medium-sized business (“SMB”) market. Since 1999, Newtek has provided state-of-the-art, cost-efficient products and services and efficient business strategies to SMB relationships across all 50 states to help them grow their sales, control their expenses and reduce their risk.

Newtek’s and its portfolio companies’ products and services include: Business Lending, SBA Lending Solutions, Electronic Payment Processing, Technology Solutions (Cloud Computing, Data Backup, Storage and Retrieval, IT Consulting), eCommerce, Accounts Receivable Financing & Inventory Financing, Insurance Solutions, Web Services, and Payroll and Benefits Solutions.

Newtek^® and Your Business Solutions Company^® are registered trademarks of Newtek Business Services Corp.

Note Regarding Forward Looking Statements

This press release contains certain forward-looking statements. Words such as “believes,” “intends,” “expects,” “projects,” “anticipates,” “forecasts,” “goal” and “future” or similar expressions are intended to identify forward-looking statements. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the plans, intentions and expectations reflected in or suggested by the forward-looking statements. Such risks and uncertainties include, among others, include our ability to close the pending acquisition of the National Bank of New York City (the “Transaction”), obtain required regulatory approvals for the pending Transaction, the timing of the closing of the Transaction, the timing of the Company’s discontinuance from regulation as a BDC under the 1940 Act, projections concerning or considering the pending Transaction, the timing of our ability to originate new investments, achieve certain margins and levels of profitability, the availability of additional capital and the ability to maintain certain debt to asset ratios, intensified competition, operating problems and their impact on revenues and profit margins, anticipated future business strategies and financial performance, anticipated future number of customers, business prospects, legislative developments and similar matters. Risk factors, cautionary statements and other conditions, which could cause Newtek’s actual results to differ from management’s current expectations, are contained in Newtek’s filings with the Securities and Exchange Commission and available through http://www.sec.gov/. Newtek cautions you that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected or implied in these statements.

SOURCE: Newtek Business Services Corp.

Investor Relations & Public Relations
Contact: Jayne Cavuoto
Telephone: (212) 273-8179 / jcavuoto@newtekone.com 

FAQ

What is the cash distribution amount by Newtek Business Services Corp for Q4 2022?

Newtek Business Services Corp has declared a cash distribution of $0.70 per share for Q4 2022.

When will Newtek pay its fourth quarter cash distribution?

The fourth quarter cash distribution will be paid on December 30, 2022.

What is the record date for Newtek's Q4 2022 distribution?

The record date for the distribution is December 20, 2022.

What is Newtek's dividend policy for 2022?

Newtek aims to distribute 90-100% of its 2022 taxable income as dividends.

What services does Newtek Business Services Corp provide?

Newtek provides various business solutions including lending, technology services, eCommerce, and insurance for small and medium-sized businesses.