Company: NEWTP
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001628280-25-050582
Chunk: 28

Company: NewtekOne, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 28
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, at FV (amortized cost of $0 and $52,751, respectively)— 53,895 Other assets— 1,737 Total assets$— $61,732 Securitization notes payable$— $25,322 Other liabilities— 867 Total liabilities— 26,189 Net assets— 35,543 Total liabilities and net assets$— $61,732 Selected Statements of Operations Information (Unaudited)Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Interest and other income$1,181 $1,202 $3,825 $3,766 Total expenses1,194 442 1,737 1,374 Net investment (loss) income(13)760 2,088 2,392 Unrealized (depreciation) appreciation on investments(1,118)417 (5,085)(652)Net (decrease) increase in net assets resulting from operations$(1,131)$1,177 $(2,997)$1,740 

TSO JV: On August 5, 2022, NCL and TSO II Booster Aggregator, L.P. (“TSO II”) entered into a joint venture, TSO JV, and began making investments in ALP loans during the fourth quarter of 2022. NCL and TSO II each committed to contribute an equal share of equity funding to the TSO JV and each have equal voting rights on all material matters. On July 23, 2024, TSO JV closed a securitization backed by ALP loans, selling $137.2 million of Class A Notes and $17.2 million of Class B Notes (collectively, the “TSO Notes”) issued by NALP Business Loan Trust 2024-1. The TSO Notes were backed by $190.5 million of collateral, consisting of Company originated ALP loans. The Class A and Class B Notes received Morningstar DBRS ratings of “A (sf)” and “BBB (high) (sf),” respectively. TSO JV ceased investing in new ALP loans in July 2023. The following tables show certain summarized financial information for TSO JV:Selected Statements of Assets and Liabilities Information (Unaudited)September 30, 2025December 31, 2024Cash$701 $1