Company: NEWTP
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001587987-25-000084
Chunk: 207

Company: NewtekOne, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 207
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(2,131)Net increase (decrease) in net assets resulting from operations$2,237 $(1,230)

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)March 31, 2025December 31, 2024Cash$2,547 $1,780 Restricted cash5,025 18,399 Loans, at FV (amortized cost of $172,037 and $173,654, respectively)191,105 183,084 Other assets2,750 5,112 Total assets$201,427 $208,375 Securitization notes payable$121,082 $140,224 Dividends Payable2,500 — Other liabilities359 427 Total liabilities123,941 140,651 Net assets77,486 67,724 Total net assets$201,427 $208,375 

F-19

Selected Statements of Operations Information (Unaudited)Three Months Ended March 31,20252024Interest and other income$5,298 $2,343 Total expenses2,673 1,464 Net investment income2,625 879 Unrealized appreciation on investments9,637 872 Realized gain on derivative