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Newtek Your Business Solutions Company ™ Newtek Business Services Corp. Reports First Quarter 2021 Financial Results May 11 , 2021 Company Revises Its 2021 Annual Dividend Forecast Upwards to a Range of $ 3.00 per Share to $ 3.30 per Share BOCA RATON , Fla . , May 11 , 2021 ( 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 months ended March 31 , 2021 . First Quarter 2021 Financial Highlights • Net investment income of $ 15.2 million , or $ 0.68 per share , for the three months ended March 31 , 2021 ; a $ 0.69 per share increase compared to net investment loss of $ ( 0.3 ) million , or $ ( 0.01 ) per share , for the three months ended March 31 , 2020 . • Adjusted net investment income ( " ANII " ) ¹ of $ 23.5 million , or $ 1.05 per share , for the three months ended March 31 , 2021 ; an increase of 400.0 % , on a per share basis , compared to ANII of $ 4.3 million , or $ 0.21 per share , for the three months ended March 31 , 2020 . • Total investment income of $ 34.7 million for the three months ended March 31 , 2021 ; an increase of 119.5 % over total investment income of $ 15.8 million for the three months ended March 31 , 2020 . • Debt - to - equity ratio of 1.27x at March 31 , 2021 ; proforma debt - to - equity ratio was 1.23x after taking into account the sales of government - guaranteed portions of SBA 7 ( a ) loans prior to March 31 , 2021 , which sales settled subsequent to the balance sheet date . • Total investment portfolio increased by 9.6 % to $ 726.1 million at March 31 , 2021 , from $ 662.4 million at March 31 , 2020 . • Net asset value ( " NAV " ) of $ 366.9 million , or $ 16.28 per share , at March 31 , 2021 ; an increase of 5.4 % , on a per share basis , compared to NAV of $ 15.45 per share at December 31 , 2020 . • The Company closed on a $ 115 million public offering of 5.50 % Notes due 2026 , which trade on the Nasdaq Global Market under the symbol " NEWTZ . " • Newtek Business Lending , LLC ( " NBL " ) , Newtek's wholly owned portfolio company that originates and funds SBA 504 loans , closed a $ 100 million credit facility with Deutsche Bank AG . Subsequent First Quarter 2021 Highlights • In April 2021 , the Company signed a joint - venture agreement with a leading U.S. - based middle - market investment firm with over $ 1.0 billion is assets under management . The intended purpose of the joint venture is to originate commercial loans to middle - market companies as well as small businesses . • The Company is currently negotiating an additional joint - venture agreement with a global investment management firm with over $ 500 billion in assets under management . 2021 Dividend Payments & Forecast • The Company paid a first quarter 2021 cash dividend of $ 0.50 per share on March 31 , 2021 to shareholders of record as of March 22 , 2021 . • The Company's board of directors declared a second quarter 2021 cash dividend of $ 0.70 per share2 payable on June 30 , 2021 to shareholders of record as of June 15 , 2021 . • The second quarter 2021 dividend represent a 25 % increase over the second quarter 2020 dividend of $ 0.56 per share , and a 52.2 % increase over the second quarter 2019 dividend of $ 0.46 per share . . With the payment of the second quarter 2021 dividend , the Company will have paid $ 1.20 per share in dividends for the first and second quarters of 2021 , which would represent a 20 % increase over dividends paid for the first and second quarters of 2020 . • The Company revised its 2021 annual dividend forecast upwards to a range of $ 3.00 per share to $ 3.30 per share2 ; an increase from the previous range of $ 2.40 per share to $ 2.90 per share . The midpoint of the 2021 annual dividend forecast range would represent a 53.7 % increase over the 2020 annual dividend . Lending Highlights