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New words:
accrete, accreted, ACL, adjudication, Admin, affordable, AFS, AI, ALCO, alleged, allocatable, ALM, ALP, anniversary, Appendix, appetite, arbitration, architecture, Artificial, automobile, beta, bid, Bloomberg, Brickell, BSA, cancellable, caption, CDI, Century, chance, chart, CISSP, Clawback, clearance, CODM, collaboratively, composed, configuration, constitutionality, count, CTO, curve, DCF, debenture, decay, deed, deepening, DEMARIA, demographic, derecognized, disaggregated, discharge, Discover, discovery, disseminated, dissemination, diverge, DTA, East, Elavon, embedded, empowered, enjoined, EPS, ERM, ERP, ESPP, ETRAN, EVE, evenly, expedient, Explanatory, explicitly, extracted, feasible, FHC, FinCEN, finite, Fiserv, Flagstar, foreseeable, frank, freight, FV, GDP, grew, grown, Hartford, HFI, HFS, holistic, hybrid, ICFR, IFCR, imprecise, inbound, indeterminate, instant, instantaneously, intelligence, intercompany, internationally, IPE, Israel, ITGC, JPMorgan, labeled, LCM, leasehold, LGD, LHI, lifetime, linked, logical, maker, manual, matrix, modernize, modest, modestly, morale, multimillion, multiplied, municipal, NII, nonaccrual, noninterest, notional, NPV, NYNBC, optimal, output, overdue, panic, pattern, PCD, PD, pecuniary, perception, perpetrate, plaintiff, play, pose, posture, precision, preliminarily, pretax, principle, Prioritization, prioritize, prioritizing, promise, promised, punitive, reassessed, reassessment, reconcile, reconciling, recoverability, regression, reprice, repricing, Republic, reside, retrospective, retrospectively, revaluation, rollforward, rollout, root, rural, scott, sentiment, shape, sister, SOX, static, Station, straight, straightforward, sunsetting, Super, Supreme, taxpayer, TCPC, TDR, theoretical, theoretically, thirteen, thirteenth, thousand, tighten, tightening, troubled, twofold, unconditionally, unmitigated, unproved, unproven, unsatisfied, unspecified, unsubstantiated, unsupported, untimely, unusual, vie, vintage, visibility, weak, widen, widening, Worldpay, wrongdoing
Removed:
Absent, accelerate, accessing, accordion, add, administering, ADR, advisory, affirmatively, agree, Amalgamated, answered, automatically, Avoidance, awarded, background, belief, BSP, car, cast, CDC, closure, compelling, conclusion, confirmation, conforming, contest, contrary, corroborate, covenant, decommissioning, deduct, deferment, deficit, dental, designate, devote, differential, disagreement, disregarded, distributable, distributing, diversify, divided, dry, easing, EMCAP, encouraged, exceeding, excise, expanded, Exponential, factor, family, feature, flag, forfeiture, gasoline, gave, hardship, heretofore, hesitant, indemnify, independently, intend, interbank, intraday, involuntary, IPM, IRS, leger, lent, letter, load, London, lowered, LSP, main, medium, merit, Michael, Nassau, NBSH, nondeductible, NPS, obtainable, organize, passive, permitting, Peter, polluting, prefer, preference, privately, producing, prohibited, proven, ran, reached, recommended, reform, reinvested, renegotiate, renew, repurchased, resale, reverse, revising, revolver, risky, Schwartz, sharply, simulate, sixteen, slower, sovereign, spent, stage, strategize, subtracting, supervising, taxed, tracing, track, transferability, trillion, unpublished, unrestricted, unsustainable, utilization, vigorously, voted, waiver, weighting, Whitestone, Wilshire, withstood
Financial report summary
?Risks
- We know of no other publicly-held company that sponsors and operates Capcos as a part of its business. As such, there are, to our knowledge, no other companies against which investors may compare our Capco business and its operations, results of operations and financial and accounting structures.
- Our common stock price may be volatile and may decrease substantially.
- Future issuances of our common stock or other securities, including preferred shares, may dilute the per share book value of our common stock or have other adverse consequences to our common shareholders.
Management Discussion
- ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
- The statements in this Annual Report may contain forward-looking statements relating to such matters as anticipated future financial performance, business prospects, legislative developments and similar matters. We note that a variety of factors could cause our actual results to differ materially from the anticipated results expressed in the forward-looking statements such as intensified competition and/or operating problems in our operating business projects and their impact on revenues and profit margins or additional factors as described under “Risk Factors” above.
- As of January 6, 2023, we are a financial holding company that, together with our consolidated subsidiaries, provides a wide range of business and financial solutions under the NewtekOne® brand to the independent business owner market. Effective January 6, 2023, following authorization by our shareholders, we withdrew our previous election to be regulated as a BDC under the 1940 Act. Prior to such time, we operated as a BDC under the 1940 Act. Contemporaneously with withdrawing our election to be regulated as a BDC, on January 6, 2023, we completed the Acquisition of NBNYC, a national bank regulated and supervised by the OCC, pursuant to which we acquired from NBNYC’s shareholders all of the issued and outstanding stock of NBNYC. NBNYC has been renamed Newtek Bank and has become our wholly owned bank subsidiary. In connection with the completion of the Acquisition, we contributed to Newtek Bank $31 million of cash and two of our subsidiaries, NBL and SBL (subsequently, NBL was merged into SBL). As a result of the Acquisition, we are now a financial holding company subject to the regulation and supervision of the Federal Reserve and the Federal Reserve Bank of Atlanta. We no longer qualify as a RIC under Subchapter M of the Code for federal income tax purposes and will no longer qualify for accounting treatment as an investment company. As a result, in addition to Newtek Bank and its consolidated subsidiary SBL, the following former portfolio companies and subsidiaries are now consolidated non-bank subsidiaries in our financial statements: NSBF; NMS; Mobil Money; NBC; PMT; NIA; TAM; Holdco 6; NCL; NTS and POS. In addition, as a result of commitments made to the Federal Reserve, we will divest or otherwise terminate the activities conducted by NTS, which includes SIDCO and EWS after a December 31, 2023 merger, within two years of becoming a financial holding company, subject to any extension of the two-year period. See “Item 1A. Risk Factors – Risks Related to Operating as a Financial Holding Company – We are subject to extensive regulation and supervision as a financial holding company, which may adversely affect our business.”