Company: NEWTP
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001628280-25-050582
Chunk: 238

Company: NewtekOne, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 8
Chunk 238
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, 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 $1,780 Restricted cash15,251 18,399 Loans, at FV (amortized cost of $153,915 and $173,654, respectively)169,693 183,084 Other assets2,799 2,457 Total assets$188,444 $205,720 Securitization notes payable$109,182 $137,569 Dividends payable850 — Other liabilities421 427 Total liabilities110,453 137,996 Net assets77,991 67,724 Total net assets$188,444 $205,720 

F-27

Selected Statements of Operations Information (Unaudited)Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Interest and other income$5,187 $5,722 $16,047 $12,405 Total expenses2,383 3,114 7,577 6,678 Net investment income2,804 2,608 8,470 5,727 Unrealized (depreciation) appreciation on investments(2,757)2,114 6,347 6,392 Realized loss on derivative transactions— (1,436)— (391)Unrealized gain on derivative