Newtek Declares Third Quarter 2017 Dividend of $0.44 per Share
Increases 2017 Annual Cash Dividend Forecast to $1.64 per Share; an Approximate 7.2% Increase Over the 2016 Annual Dividend
Lake Success, N.Y. - August 21, 2017 - Newtek Business Services Corp. (“Newtek” or the “Company”), (NASDAQ: NEWT), an internally managed business development company ("BDC"), today announced that its Board of Directors declared a third quarter 2017 cash dividend(1) of $0.44 per share, payable on September 29, 2017 to shareholders of record as of September 22, 2017. In addition, the Company increased its 2017 annual cash dividend forecast by $0.07 per share, to $1.64(2) per share, which represents an approximate 7.2% increase over the 2016 annual cash dividend of $1.53 per share and an approximate 4.5% increase over the Company’s previous 2017 annual dividend forecast of $1.57 per share.
Barry Sloane, Chairman, President and Chief Executive Officer commented, “We are pleased to announce the Board’s declaration of our third quarter 2017 cash dividend of $0.44 per share, and the increase in our 2017 annual dividend forecast to $1.64 per share. We believe our business model continues to perform with growth in our loan originations and a robust pipeline of potential portfolio company investment targets at its forefront.”
Note regarding Dividend Payments: The Company's Board of Directors expects to maintain a dividend policy with the objective of making quarterly distributions in an amount that approximates 90 - 100% of the Company's annual taxable income. 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.
(1)
The dividend will be paid in cash, or shares of the Company's Common Stock through participation in the Company's dividend reinvestment program (“DRIP”), at the election of shareholders.
(2)
Amount and timing of dividends, if any, remain subject to the discretion of the Company’s Board of Directors.
