Company: NEWTP
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001587987-25-000141
Chunk: 234

Company: NewtekOne, Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 8
Chunk 234
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7,793 26,189 Net assets32,973 35,543 Total liabilities and net assets$40,766 $61,732 

F-25

Selected Statements of Operations Information (Unaudited)Three Months Ended June 30,Six Months Ended June 30,2025202420252024Interest and other income$1,302 $1,191 $2,644 $2,564 Total expenses233 459 543 931 Net investment income1,069 732 2,101 1,633 Unrealized (depreciation) appreciation on investments(5,171)1,063 (3,966)(1,069)Net (decrease) increase in net assets resulting from operations$(4,102)$1,795 $(1,865)$564 

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)June 30, 2025December 31, 2024Cash$1,023 $1,780 Restricted cash10,153 18,399 Loans, at FV (amortized cost of $165,159 and $173,654, respectively)183,694 183,084 Other assets3,193 5,112 Total assets$