Company: NEWTP
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001587987-25-000084
Chunk: 93

Company: NewtekOne, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 93
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 2024CostFair ValueCostFair ValueJoint ventures and other non-control investments, at fair value$54,493 $69,242 $44,039 $57,678 Debt securities available-for-sale, at fair value14,117 14,127 23,934 23,916 Federal Home Loan Bank and Federal Reserve Bank stock3,862 3,862 3,585 3,585 Total investments$72,472 $87,231 $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. 

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