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INVESTMENTS (Tables)
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Investment holdings, schedule of investments
Investments consisted of the following at:
March 31, 2024December 31, 2023
CostFair ValueCostFair Value
Debt securities available-for-sale, at fair value
$28,319 $28,127 $32,372 $32,171 
Federal Home Loan Bank and Federal Reserve Bank stock
3,773 3,773 3,635 3,635 
Non-controlled investments
772 728 796 728 
Joint ventures, at fair value
45,108 48,247 37,864 40,859 
Total investments$77,972 $80,875 $74,667 $77,393 
The following tables shows the Company’s loan portfolio by industry for loans held for investment, at fair value and loans held for investment, at amortized cost:
Loans Held for Investment, at Fair Value
March 31, 2024December 31, 2023
CostFair ValueCostFair Value
Food Services and Drinking Places$41,147 $41,361 $43,779 $43,955 
Specialty Trade Contractors39,276 34,659 40,193 35,451 
Professional, Scientific, and Technical Services34,584 33,734 36,248 35,377 
Ambulatory Health Care Services26,757 25,373 27,291 26,633 
Amusement, Gambling, and Recreation Industries18,923 20,281 21,289 22,839 
Administrative and Support Services20,521 18,847 21,319 19,521 
Merchant Wholesalers, Durable Goods19,815 18,476 21,873 21,152 
Repair and Maintenance15,513 16,584 15,886 17,005 
Merchant Wholesalers, Nondurable Goods13,841 13,662 15,623 15,573 
Personal and Laundry Services12,612 13,320 12,867 13,584 
Fabricated Metal Product Manufacturing11,825 12,608 12,439 13,205 
Truck Transportation15,138 11,156 15,590 12,113 
Construction of Buildings9,715 9,810 9,868 9,890 
Accommodation9,213 9,668 9,259 10,162 
Social Assistance8,730 9,547 8,857 9,721 
Food Manufacturing10,160 8,573 10,233 8,714 
Motor Vehicle and Parts Dealers8,055 8,358 9,046 9,382 
Transportation Equipment Manufacturing7,619 7,974 7,687 7,999 
Support Activities for Mining7,942 7,290 8,455 7,754 
Food and Beverage Stores6,750 7,058 7,026 7,306 
Rental and Leasing Services6,657 7,054 6,764 7,178 
Nursing and Residential Care Facilities6,126 6,581 6,182 6,709 
Building Material and Garden Equipment and Supplies Dealers5,876 5,750 7,384 6,781 
Educational Services5,148 5,356 5,368 5,636 
Other95,638 89,848 102,037 96,161 
Total$457,581 $442,928 $482,563 $469,801 
Investment company, nonconsolidated subsidiary, summarized financial information
The following tables show certain summarized financial information for NCL JV:
Selected Statement of Assets and Liabilities Information (Unaudited)
March 31, 2024December 31, 2023
Cash$677 $612 
Restricted cash4,145 3,298 
Investments in loans, at fair value (amortized cost of $62,158 and $70,083, respectively)
62,158 70,083 
Other Assets1,612 1,614 
Total assets68,592 75,607 
Securitization notes payable$33,799 $38,805 
Other liabilities885 905 
Total liabilities34,684 39,710 
Net assets33,908 35,897 
Total liabilities and net assets$68,592 $75,607 

Selected Statements of Operations Information (Unaudited)
Three Months Ended March 31,
20242023
Interest and other income$1,373 $1,644 
Total expenses472 659 
Net investment income901 985 
Unrealized (depreciation) appreciation on investments(2,131)712 
Net (decrease) increase in net assets resulting from operations$(1,230)$1,697 
The following tables show certain summarized financial information for TSO JV:
Selected Statement of Assets and Liabilities Information (Unaudited)
March 31, 2024December 31, 2023
Cash$1,728 $4,401 
Restricted cash4,356 1,183 
Investments in loans, at fair value (amortized cost of $93,945 and $66,689, respectively)
93,945 66,689 
Other assets1,542 1,374 
Total assets$101,571 $73,647 
Bank notes payable$40,986 $29,636 
Other liabilities591 1,092 
Total liabilities41,577 30,728 
Net assets59,994 42,919 
Total net assets$101,571 $73,647 

Selected Statements of Operations Information (Unaudited)
Three Months Ended March 31,
20242023
Interest and other income$2,343 $615 
Total expenses1,464 550 
Net investment income879 65 
Unrealized appreciation (depreciation) on investments872 (513)
Realized loss on investments— (16)
Realized gain on derivative transactions265 275 
Unrealized gain (loss) on derivative transactions574 (436)
Net increase (decrease) in net assets resulting from operations$2,590 $(625)
Investments in and advances to affiliates Transactions related to our joint ventures and non-controlled investments for the three months ended March 31, 2024 and 2023 were as follows:
CompanyFair Value at December 31, 2023Purchases (Cost)Principal ReceivedReturn of InvestmentNet Realized Gains/(Losses)Net Unrealized Gains/(Losses)Fair Value at March 31, 2024Dividend Income
Joint Ventures
Newtek Conventional Lending, LLC$19,400 $— $— $— $— $(1,150)$18,250 $379 
Newtek TSO II Conventional Credit Partners, LP21,459 7,243 — — — 1,295 29,997 — 
Total Joint Ventures$40,859 $7,243 $— $— $— $145 $48,247 $379 
Non-Control Investments
EMCAP Loan Holdings, LLC$368 $— $— $(24)$— $24 $368 $7 
Biller Genie Software, LLC360 — — — — — 360 — 
Total Non-Control Investments$728 $— $— $(24)$— $24 $728 $7 
Total Affiliate Investments$41,587 $7,243 $— $(24)$— $169 $48,975 $386 

CompanyFair Value at December 31, 2022Purchases (Cost)Principal ReceivedReturn of InvestmentNet Realized Gains/(Losses)Net Unrealized Gains/(Losses)Fair Value at March 31, 2023Dividend Income
Joint Ventures
Newtek Conventional Lending, LLC$16,587 $— $— $— $— $2,313 $18,900 $484 
Newtek TSO II Conventional Credit Partners, LP6,435 — — — — (313)6,122 — 
Total Joint Ventures$23,022 $— $— $— $— $2,000 $25,022 $484 
Non-Control Investments
EMCAP Loan Holdings, LLC$1,000 $— $— $— $— $— $1,000 $20 
Biller Genie Software, LLC360 — — — — — 360 — 
Total Non-Control Investments$1,360 $— $— $— $— $— $1,360 $20 
Total Affiliate Investments$24,382 $— $— $— $— $2,000 $26,382 $504 
The following table summarizes the amounts due to and due from affiliated companies as of March 31, 2024 and December 31, 2023:

March 31, 2024December 31, 2023
Due to affiliated companies1
$172 $158 
Due from affiliated companies2
53 7 
Total due to/due from affiliated companies
$119 $151 
1 Included within Other Assets
2 Included within Accounts payable, accrued expenses, and other Liabilities
The following table summarizes the income earned from our joint ventures for the periods ended March 31, 2024 and 2023:

Three Months Ended March 31,
20242023
Servicing income
$348 $252 
In the normal course of business, Newtek Bank holds FDIC insured deposits from certain of the Company’s officers, directors and their associated companies. The following table summarizes the amounts due of deposits from related parties and their affiliated companies as of March 31, 2024 and December 31, 2023:

March 31, 2024December 31, 2023
FDIC insured deposits
$4,316 $4,388 
Non-FDIC insured deposits
1,178 1,167 
Total deposits from related parties and their affiliated companies
$5,494 $5,555 
Schedule of available-for-sale securities
The following tables summarize the amortized cost and fair value of available-for-sale securities by major type as of March 31, 2024 and December 31, 2023:

March 31, 2024December 31, 2023
Amortized CostUnrealized GainsUnrealized LossesFair ValueAmortized CostUnrealized GainsUnrealized LossesFair Value
U.S. Treasury notes$25,319 $— $87 $25,232 $29,372 $— $67 $29,305 
Government agency debentures3,000 —1052,895 3,000 —1342,866 
Total available for sale securities$28,319 $— $192 $28,127 $32,372 $— $201 $32,171 
Debt securities, unrealized losses
The following tables summarize the gross unrealized losses and fair value of available-for-sale securities by length of time each major security type has been in a continuous unrealized loss position:

March 31, 2024
Less Than 12 Months12 Months or MoreTotal
Fair ValueUnrealized LossesFair ValueUnrealized LossesNumber of Holdings Fair ValueUnrealized Losses
U.S. Treasury notes$25,232 $(87)$— $— 1 $25,232 $(87)
Government agency debentures2,895 (105)— — 2 2,895 (105)
Total$28,127 $(192)$— $— $3 $28,127 $(192)

December 31, 2023
Less Than 12 Months12 Months or MoreTotal
Fair ValueUnrealized LossesFair ValueUnrealized LossesNumber of Holdings Fair ValueUnrealized Losses
U.S. Treasury notes$29,305 $67 $— $— 1 $29,305 $67 
Government agency debentures2,866 134 — — 2 2,867 134 
Total$32,171 $201 $— $— $3 $32,172 $201 
Available-for-sale maturity and other information
The following table summarizes the amortized cost and fair value of available-for-sale securities by contractual maturity:

March 31, 2024At December 31, 2023
Amortized CostFair ValueAmortized CostFair Value
Maturing within 1 year$16,713 $16,588 $32,372 $32,171 
After 1 year through 5 years11,606 11,539 — — 
Total available for sale securities$28,319 $28,127 $32,372 $32,171 
The following table summarizes Newtek Bank’s available-for-sale securities pledged for deposits, borrowings, and other purposes:

March 31, 2024December 31, 2023
Pledged for deposits$— $— 
Pledged for borrowings and other28,127 30,730 
Total available for sale securities pledged$28,127 $30,730