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BORROWINGS (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of long-term debt instruments
At September 30, 2024 and December 31, 2023, the Company had borrowings composed of the following:
September 30, 2024December 31, 2023
CommitmentsBorrowings OutstandingWeighted Average Interest RateCommitmentsBorrowings OutstandingWeighted Average Interest Rate
Bank Lines of Credit1:
Webster NMS Note$54,871 $33,666 7.30 %$54,871 $36,628 7.94 %
SPV I Capital One Facility60,000 7,561 8.01 %60,000 16,080 8.20 %
SPV II Deutsche Bank Facility50,000 328 9.98 %50,000 6,799 10.04 %
SPV III One Florida Bank Facility30,000 (104)9.00 %30,000 257 9.50 %
FHLB Advances2
106,507 15,800 2.23 %113,891 23,184 2.13 %
Notes issued by Parent Company1:
2024 Notes3
— — — %38,250 38,124 5.75 %
2025 5.00% Notes
30,000 29,825 5.00 %30,000 29,563 5.00 %
2025 8.125% Notes
50,000 49,825 8.13 %50,000 49,433 8.13 %
2026 Notes115,000 114,102 5.50 %115,000 113,564 5.50 %
  2028 Notes40,000 38,639 8.00 %40,000 38,378 8.00 %
  2029 8.50% Notes
71,875 69,500 8.50 %— — — %
2029 8.625% Notes
75,000 72,525 8.63 %— — — %
Notes payable - Securitization Trusts4
227,301 224,167 7.79 %296,223 292,112 7.84 %
Total$910,554 $655,834 7.33 %$878,235 $644,122 7.04 %
1 Net of deferred financing costs. Negative borrowings outstanding are the result of the facilities being paid down to zero principal balance as of September 30, 2024 while the associated deferred financing costs remain
2 At September 30, 2024 and December 31, 2023, the carrying amount of Newtek Bank’s FHLB borrowings includes a $0.1 million and $0.2 million purchase accounting adjustment, respectively.
3 On August 1, 2024, the 2024 Notes matured.
4 At September 30, 2024 and December 31, 2023, the net assets of the consolidated Trusts totaled $13.9 million and $14.8 million, respectively.
Outstanding borrowings that are presented net of deferred financing costs, which include the bank lines of credit, the 2024, 2025, 2026, 2028, and 2029 Notes, and the Notes payable - Securitization Trusts, consisted of the following:
September 30, 2024December 31, 2023
Principal balanceUnamortized deferred financing costs
Net carrying amount1
Principal balanceUnamortized deferred financing costs
Net carrying amount1
Bank Lines of Credit:
Webster NMS Note$33,890 $(224)$33,666 $36,881 $(253)$36,628 
SPV I Capital One Facility7,600 (39)7,561 16,300 (220)16,080 
SPV II Deutsche Bank Facility346 (18)328 6,900 (101)6,799 
SPV III One Florida Bank Facility— (104)(104)375 (118)257 
Notes issued by Parent Company:
2024 Notes— — — 38,250 (126)38,124 
2025 5.00% Notes
30,000 (175)29,825 30,000 (437)29,563 
2025 8.125% Notes
50,000 (175)49,825 50,000 (567)49,433 
2026 Notes115,000 (898)114,102 115,000 (1,436)113,564 
2028 Notes40,000 (1,361)38,639 40,000 (1,622)38,378 
2029 8.50% Notes
71,875 (2,375)69,500 — — — 
2029 8.625% Notes
75,000 (2,475)72,525 — — — 
Notes Payable - Securitization Trusts
227,301 (3,134)224,167 296,223 (4,111)292,112 
1 Net of deferred financing costs.
Schedule of carrying values and estimated fair values of debt instruments
The fair values of the 2029 Notes, 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.
September 30, 2024December 31, 2023
Closing Price
Fair Value
Closing Price
Fair Value
2029 8.625% Notes
$25.10 $75,300 $— $— 
2029 8.50% Notes
25.10 72,163 — — 
2028 Notes
25.34 40,544 25.04 40,070 
2026 Notes
24.61 113,206 23.75 109,250 
2024 Notes
— — 24.99 38,235 
Schedule of debt interest expense
Total interest expense including unused line fees and amortization of deferred financing costs related to borrowings for the three and nine months ended September 30, 2024 and 2023 were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Total interest expense$12,976 $13,447 $38,923 $38,933