Company: NEWTP
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001587987-25-000084
Chunk: 206

Company: NewtekOne, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 206
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, 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. 

F-18

The following tables show certain summarized financial information for NCL JV:Selected Statements of Assets and Liabilities Information (Unaudited)March 31, 2025December 31, 2024Cash$498 $587 Restricted cash6,968 5,513 Loans, at FV (amortized cost of $47,432 and $52,751, respectively)49,781 53,895 Other assets977 1,737 Total assets$58,224 $61,732 Securitization notes payable$20,369 $25,322 Other liabilities950 867 Total liabilities21,319 26,189 Net assets36,906 35,543 Total liabilities and net assets$58,225 $61,732 Selected Statements of Operations Information (Unaudited)Three Months Ended March 31,20252024Interest and other income$1,342 $1,373 Total expenses310 472 Net investment income1,032 901 Unrealized (depreciation) appreciation on investments1,205