Company: NEWTP
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001587987-25-000141
Chunk: 233

Company: NewtekOne, Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 8
Chunk 233
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,148 $164,004 $71,558 $85,179 

The Company’s Investments in Joint Ventures (JV) and Other Non-Control InvestmentsNCL JV: On May 20, 2019, the Company and its joint venture partner launched NCL JV to provide ALP loans (formerly referred to as non-conforming conventional commercial and industrial term loans) to U.S. middle-market companies and small businesses. NCL JV is a 50/50 joint venture between NCL, a wholly-owned subsidiary of the Company, and Conventional Lending TCP Holding, LLC, a wholly-owned, indirect subsidiary of BlackRock TCP Capital Corp. (Nasdaq: TCPC). NCL JV ceased funding new ALP loans during 2020. On January 28, 2022, NCL JV closed a securitization with the sale of $56.3 million of Class A Notes, NCL Business Loan Trust 2022-1, Business Loan-Backed Notes, Series 2022-1, secured by a segregated asset pool consisting primarily of NCL JV’s portfolio of ALP loans secured by liens on commercial or residential mortgaged properties, originated by NCL JV and NBL. The Notes were rated “A” (sf) by DBRS Morningstar. The Notes were priced at a yield of 3.209%. The proceeds of the securitization were used, in part, to repay NCL JV’s credit facility and return capital to the NCL JV partners. In July 2025, NCL JV notified the trustee of the NCL Business Loan Trust 2022-1 that the NCL Business Loan Trust 2022-1 would be terminated in August 2025 as a result of the Class A Noteholders being re-paid in full.The following tables show certain summarized financial information for NCL JV:Selected Statements of Assets and Liabilities Information (Unaudited)June 30, 2025December 31, 2024Cash$554 $587 Restricted cash9,413 5,513 Loans, at FV (amortized cost of $32,562 and $52,751, respectively)29,740 53,895 Other assets1,059 1,737 Total assets$40,766 $61,732 Securitization notes payable$7,678 $25,322 Other liabilities115 867 Total liabilities