Company: NEWTP
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001628280-25-050582
Chunk: 237

Company: NewtekOne, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 8
Chunk 237
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 NCL JV partners. On August 25, 2025, the Class A Noteholders were re-paid in full, the assets owned by the NCL Business Loan Trust 2022-1 were distributed to NCL JV and the NCL Business Loan Trust 2022-1 was subsequently terminated. On August 27, 2025, NALH entered into an interest purchase agreement with TCP to acquire TCP’s 50% ownership interest in NCL JV for $15.75 million, resulting in NALH owning 100% of NCL JV. Since the assets acquired did not meet the definition of a business under ASC 805-10-55, the transaction was accounted for as an asset acquisition under ASC 805-50. On September 30, 2025, NALH caused the dissolution of NCL JV.

F-26

The following tables show certain summarized financial information for NCL JV:Selected Statements of Assets and Liabilities Information (Unaudited)September 30, 2025December 31, 2024Cash$— $587 Restricted cash— 5,513 Loans, 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