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BORROWINGS (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of long-term debt instruments
At December 31, 2023 and December 31, 2022, the Company had borrowings composed of the following:
December 31, 2023December 31, 2022
CommitmentsBorrowings OutstandingWeighted Average Interest RateCommitmentsBorrowings OutstandingWeighted Average Interest Rate
Bank Lines of Credit:
Capital One line of credit - guaranteed1
$— $— — %$150,000 $10,500 6.75 %
Capital One line of credit - unguaranteed1
— — — %— 45,385 7.75 %
Webster NMS Note2
54,871 36,628 7.94 %— — — 
SPV I Capital One Facility2
60,000 16,080 8.20 %— — — 
SPV II Deutsche Bank Facility2
50,000 6,799 10.04 %— — — 
SPV III One Florida Bank Facility2
30,000 257 9.50 %— — — 
FHLB Advances113,891 23,184 2.13 %— — — 
Notes issued by Parent Company:
2024 Notes2
38,250 38,124 5.75 %38,250 37,903 5.75 %
2025 5.00% Notes2
30,000 29,563 5.00 %30,000 29,306 5.00 %
2025 8.125% Notes2,3
50,000 49,433 8.13 %— — — %
2026 Notes2
115,000 113,564 5.50 %115,000 112,846 5.50 %
  2028 Notes2,4
40,000 38,378 8.00 %— — — %
Notes payable - related parties— — — %50,000 24,250 6.72 %
Notes payable - Securitization Trusts2,5
296,223 292,112 7.84 %283,143 279,136 6.19 %
Total$878,235 $644,122 7.04 %$666,393 $539,326 6.11 %
(1) Total combined commitments of the guaranteed and unguaranteed lines of credit were $150.0 million at December 31, 2022. The Capital One line of credit was paid off and terminated in October of 2023.
(2) Net of deferred financing costs.
(3) On January 23, 2023 the Company completed a private placement offering of $50.0 million aggregate principal amount of 8.125% notes due 2025, payable semiannually on February 1 and August 1 each year, commencing on August 1, 2023. The Notes will mature on February 1, 2025.
(4) On August 31, 2023, the Company completed a registered offering of $40.0 million in aggregate principal amount of its 8.00% 2028 Notes payable quarterly on March 1, June 1, September 1 and December 1 of each year, commencing on December 1, 2023. The 2028 Notes trade on the Nasdaq Global Market under the trading symbol “NEWTI.”
(5) At December 31, 2023 and 2022, the net assets of the consolidated Trusts totaled $14.8 million and $14.1 million, respectively.
Outstanding borrowings that are presented net of deferred financing costs, which include the bank lines of credit, the 2024, 2025, 2026, and 2028 Notes, and the Notes payable - Securitization Trusts consisted of the following:
December 31, 2023December 31, 2022
Principal balanceUnamortized deferred financing costs
Net carrying amount1
Principal balanceUnamortized deferred financing costsNet carrying amount
Bank Lines of Credit:
Webster NMS Note36,881 (253)36,628 — — — 
SPV I Capital One Facility16,300 (220)16,080 — — — 
SPV II Deutsche Bank Facility6,900 (101)6,799 — — — 
SPV III One Florida Bank Facility375 (118)257 — — — 
Notes issued by Parent Company:
2024 Notes38,250 (126)38,124 38,250 (347)37,903 
2025 5.00% Notes
30,000 (437)29,563 30,000 (694)29,306 
2025 8.125% Notes
50,000 (567)49,433 — — — 
2026 Notes115,000 (1,436)113,564 115,000 (2,154)112,846 
2028 Notes40,000 (1,622)38,378 — — — 
Notes Payable - Securitization Trusts
296,223 (4,111)292,112 283,143 (4,007)279,136 
(1) Net of deferred financing costs. Negative borrowings outstanding are the result of the facilities being paid down to zero principal balance as of December 31, 2023 while the associated deferred financing costs remain.
Schedule of carrying values and estimated fair values of debt instruments
The fair values of the fixed rate 2028 Notes, 2026 Notes and 2024 Notes are based on the closing public share price on the date of measurement as included in the chart below.
December 31, 2023December 31, 2022
Closing Price
Fair Value
Closing Price
Fair Value
2028 Notes
$25.04 $40,070 
n/a
n/a
2026 Notes
23.75 109,250 24.83 114,218 
2024 Notes
24.99 38,235 24.80 37,944 
Schedule of maturities of long-term debt
Total expected principal repayments on the Company’s borrowings for the next five fiscal years and thereafter are as follows:
Year Ending December 31,
Borrowings
2024$53,109 
2025104,701 
2026117,094 
202741,985 
202840,000 
Thereafter296,223 
$653,112