Newtek Business Solutions ( NASDAQ: NEWT ) saw its Q3 adjusted net investment income miss the average Street consensus Monday but still rose from a year earlier.
The business development company raised its 2022 guidance for SBA 7(a) loan funding to ~$775M, which would represent a 38.2% rise over $560.5M of those loans funded in 2021. It also forecasts closing ~$150M of SBA 504 loans for 2022, implying a 66.5% increase over 2021's figure.
Q3 adjusted net investment income of $0.62 per share, falling short of the $0.68 consensus, climbed from $0.56 in the year-ago quarter.
Total investment income of $23.6M, topping the average analyst estimate of $21.1M, rose from $12.4M for the three months ended Sept. 30, 2021.
Net asset value was $16.04 a share in Q3, down from $16.23 a share in Q3 2021.
Newtek Small Business Finance funded a record $223.0M of SBA 7(a) loans in Q3, a 36.0% increase over the $163.9M of SBA 7(a) loans funded for Q3 of last year.
Newtek Business Lending closed $101.0 million of SBA 504 loans year-to-date through October 31, an increase of 22.6% over $82.4M of SBA 504 loans closed during the same period in 2021.
Conference call on November 8 at 8:30 a.m. ET.
Earlier, Newtek Business NII of $0.01 per share, TII of $23.6M .
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Newtek Business Q3 adjusted NII climbs from a year ago, but falls short of consensus