Company: NEWTP
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001628280-25-050582
Chunk: 236

Company: NewtekOne, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 8
Chunk 236
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 2025Carrying ValueMaximum Exposure to LossTotal Assets in VIEAssetsLiabilitiesTransfer of loans - sale treatmentRetained interests$76,701 $— $76,701 $212,509 

NOTE 4—INVESTMENTS:Investments consisted of the following at:September 30, 2025December 31, 2024CostFair ValueCostFair ValueResiduals in securitizations, at fair value (NOTE 3)$32,481 $76,701 $— $— Joint ventures and other non-control investments, at fair value36,692 51,390 44,039 57,678 Debt securities available-for-sale, at fair value18,004 18,009 23,934 23,916 Federal Home Loan Bank and Federal Reserve Bank stock4,064 4,064 3,585 3,585 Total investments$91,241 $150,164 $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 (“TCP”), 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