BOCA RATON, Fla., July 24, 2024 (GLOBE NEWSWIRE) -- NewtekOne, Inc. (the “Company”) (NASDAQ: NEWT), announced today that its joint venture, Newtek-TSO II Conventional Credit Partners, LP (“Newtek-TSO”), has closed a securitization backed by alternative business loans, selling $137,170,000 of Class A Notes and $17,150,000 of Class B Notes (collectively, the “Notes”) issued by NALP Business Loan Trust 2024-1. The Notes are backed by $190,520,000 of collateral, consisting of $159,770,000 of Company originated alternative loan program (“ALP”) loans and $30,750,000 prefunding account to acquire additional ALP loans originated by the Company in May 2024. The Class A and Class B Notes received Morningstar DBRS ratings of “A (sf)” and “BBB (high) (sf)”, respectively. The Notes had an 81.0% advance rate. Newtek-TSO received in excess of $370 million in requests for approximately $154 million of Notes. The Class A Notes were priced at a yield of 6.585%, and the Class B Notes were priced at a yield of 7.835%, for a combined weighted average yield of 6.724% on the Notes. This securitization transaction represents the second term asset-backed securitization closed by a Company joint venture and secured by ALP loans - loans which do not conform to the requirements of the Small Business Administration (“SBA”) 7(a) loan program. Historically, the Company has issued fifteen rated securitizations, two of which were with joint ventures and backed by ALP loans. All of the Company’s prior securitizations have maintained their investment-grade ratings or been upgraded. For additional detail on this alternative business loan backed securitization, please use the following link NALP Business Loan Trust 2024-1.