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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
    
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023

OR

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____to_____
Commission file number: 814-01035
NEWTEKONE, INC.
(Exact name of registrant as specified in its charter)
 
Maryland46-3755188
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
4800 T Rex Avenue, Suite 120, Boca Raton, Florida
33431
(Address of principal executive offices)(Zip Code)
(212356-9500
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.02 per shareNEWTNasdaq Global Market LLC
5.75% Notes due 2024NEWTLNasdaq Global Market LLC
5.50% Notes due 2026NEWTZNasdaq Global Market LLC
8.00% Notes due 2028
NEWTI
Nasdaq Global Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.



Large accelerated fileroAccelerated Filerx
Non-accelerated fileroSmaller reporting companyo
Emerging growth companyo
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial or accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x
As of November 8, 2023, there were 24,648,181 shares outstanding of the registrant’s Common Stock, par value $0.02 per share.




TABLE OF CONTENTS
 
 Page
Item 1.
Item 2.
Item 3.
Item 4.
PART II - OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.



Defined Terms

We have used “we,” “us,” “our,” “our company,” and “the Company” to refer to NewtekOne, Inc. and its subsidiaries in this report. We also have used several other terms in this report, which are explained or defined below:
Terms
1940 ActInvestment Company Act of 1940, as amended
2016-1 TrustNewtek Small Business Loan Trust, Series 2016-1, terminated in December 2021
2017-1 TrustNewtek Small Business Loan Trust, Series 2017-1, terminated in February 2023
2018-1 TrustNewtek Small Business Loan Trust, Series 2018-1
2019-1 TrustNewtek Small Business Loan Trust, Series 2019-1
2021-1 TrustNewtek Small Business Loan Trust, Series 2021-1
2022-1 TrustNewtek Small Business Loan Trust, Series 2022-1
2023-1 TrustNewtek Small Business Loan Trust, Series 2023-1
2022 Notes7.50% Notes due 2022, redeemed in August 2019
2024 Notes5.75% Notes due 2024
2025 6.85% Notes6.85% Notes due 2025, redeemed in May 2022
2025 5.00% Notes5.00% Notes due 2025
2025 8.125% Notes8.125% Notes due 2025
2025 NotesCollectively, the 2025 6.85% Notes, the 2025 5.00% Notes and the 8.125% Notes due 2025
2026 Notes5.50% Notes due 2026
2028 Notes
8.00% Notes due 2028
ABLAsset based lending
ACLAllowance for credit losses
AcquisitionThe Company’s Acquisition of NBNYC, pursuant to which the Company acquired from the NBNYC shareholders all of the issued and outstanding stock of NBNYC
ASCAccounting Standards Codification, as issued by the FASB
ASUAccounting Standards Updates, as issued by the FASB
2020 ATM Equity Distribution AgreementEquity Distribution Agreement, dated June 25, 2020 by and among the Company and the placement agents, as amended on July 20, 2022
BDCBusiness Development Company under the 1940 Act
BoardThe Company's board of directors
Capital OneCapital One Bank, National Association
C&IConventional commercial and industrial loans
CodeInternal Revenue Code of 1986, as amended
CREConventional commercial real estate lending
Deutsche BankDeutsche Bank AG
DIFDeposit Insurance Fund of the FDIC
DRIPThe Company's dividend reinvestment plan
EBITDAEarnings before interest, taxes, depreciation and amortization
2015 Stock Incentive PlanThe Company's 2015 Stock Incentive Plan
2023 Stock Incentive PlanThe Company’s 2023 Stock Incentive Plan
ESPP
Employee Stock Purchase Program
Exchange ActSecurities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
Federal ReserveBoard of Governors of the Federal Reserve System
FDICFederal Deposit Insurance Corporation
FV
Fair Value
HFI
Held for investment
HFS
Held for sale
LIBORLondon Interbank Offered Rate
4


LCM
Lower of amortized cost basis or fair value
NAVNet Asset Value
NBNYCNational Bank of New York City, which has been renamed Newtek Bank, National Association
OCCOffice of the Comptroller of the Currency
PCD
Purchased Financial Assets with Credit Deterioration
PLPPreferred Lenders Program, as authorized by the SBA
PPPPaycheck Protection Program
RICRegulated investment company under the Code
S&PStandard and Poor's
SBAUnited States Small Business Administration
SECU.S. Securities and Exchange Commission
SMBSmall-and-medium sized businesses
SPV I Capital One FacilityRevolving Credit and Security Agreement between NBL SPV I, LLC, a wholly-owned subsidiary of Holdco 6, and Capital One
SPV II Deutsche Bank FacilityRevolving Credit and Security Agreement between NBL SPV II, LLC, a wholly-owned subsidiary of Holdco 6, and Deutsche Bank
SPV III One Florida Bank FacilityRevolving Credit and Security Agreement between NBL SPV III, LLC, a wholly-owned subsidiary of Holdco 6, and One Florida Bank
Stock Purchase Agreement Stock Purchase Agreement dated August 2, 2021, between the Company, NBNYC and certain NBNYC shareholders to acquire all of the issued and outstanding stock of NBNYC, as amended through December 12, 2022
TrusteeU.S. Bank, National Association
TSO IITSO II Booster Aggregator, L.P.
U.S. GAAP or GAAPGenerally accepted accounting principles in the United States
WebsterWebster Bank, N.A.
Subsidiaries and Joint Ventures
NSBFNewtek Small Business Finance, LLC, a consolidated subsidiary
NBLNewtek Business Lending, LLC, a wholly-owned subsidiary of Newtek Bank; NBL was merged into SBL on May 2, 2023
NCLNewtek Commercial Lending, Inc, a consolidated subsidiary
NCL JVNewtek Conventional Lending, LLC, a 50% owned joint venture
Newtek BankNewtek Bank, National Association
Holdco 6
Newtek Business Services Holdco 6, Inc., a consolidated subsidiary
TSO JV
Newtek-TSO II Conventional Credit Partners, LP, a 50% owned joint venture
NMSNewtek Merchant Solutions, LLC (formerly Universal Processing Services of Wisconsin LLC), a consolidated subsidiary
Mobil MoneyMobil Money, LLC, a consolidated subsidiary
NTSNewtek Technology Solutions, Inc., a consolidated subsidiary
SIDCOSIDCO, LLC dba Cloud Nine Services, a subsidiary of NTS
EWSExcel WebSolutions, LLC, a consolidated subsidiary
NBCCDS Business Services, Inc. dba Newtek Business Credit Solutions, a consolidated subsidiary
SBLSmall Business Lending, LLC, a wholly owned subsidiary of Newtek Bank
NPS or PMTPMTWorks Payroll, LLC dba Newtek Payroll and Benefits Solutions, a consolidated subsidiary
NIANewtek Insurance Agency, LLC, a consolidated subsidiary
TAMTitanium Asset Management LLC, a consolidated subsidiary
EMCAPEMCAP Loan Holdings, LLC
POS
POS on Cloud, LLC, dba Newtek Payment Systems, a 59.8% consolidated subsidiary
5




Explanatory Note:

On January 6, 2023, the Company completed the Acquisition of NBNYC, a national bank regulated and supervised by the OCC. In addition, on January 6, 2023, the Company filed with the SEC a Form N-54C, Notification of Withdrawal of Election to be Subject to the 1940 Act, and has ceased to be a BDC effective as of January 6, 2023. As a result of the foregoing, the Company is now a financial holding company, no longer qualifies as a regulated investment company (RIC) for federal income tax purposes, and no longer qualifies for accounting treatment as an investment company. As a result, comparisons to periods prior to March 30, 2023 include adjustments made to reconcile prior investment company accounting to the current financial holding company accounting requirements. (See NOTE 1—DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION)
6




NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In Thousands, except for Per Share Data)
September 30, 2023December 31, 2022
ASSETSFinancial Holding Company (Unaudited)
Investment Company
Cash and due from banks$15,610 $53,692 
Restricted cash70,737 71,914 
Interest bearing deposits in banks137,346  
Total cash and cash equivalents223,693 125,606 
Debt securities available-for-sale, at fair value33,138  
Loans held for sale, at fair value70,467 19,171 
Loans held for sale, at LCM48,450  
Loans held for investment, at fair value492,987 505,268 
Loans held for investment, at amortized cost, net of deferred fees and costs280,934  
Allowance for credit losses(8,209) 
Loans held for investment, at amortized cost, net272,725  
Federal Home Loan Bank and Federal Reserve Bank stock3,657  
Settlement receivable63,957  
Joint ventures, at fair value (cost of $37,865 and $23,314), respectively
40,713 23,022 
Controlled investments (cost of $0 and $131,495), respectively
 259,217 
Non-control investments (cost of $1,360 and $1,360), respectively
1,360 1,360 
Goodwill and intangibles27,157  
Right of use assets5,991 6,484 
Deferred tax asset, net8,656  
Servicing assets36,774 30,268 
Other assets50,688 28,506 
Total assets$1,380,413 $998,902 
LIABILITIES AND SHAREHOLDERS’ EQUITY
 Liabilities:
Deposits:
Noninterest-bearing$20,316 $ 
Interest-bearing412,243  
Total deposits432,559  
Borrowings648,700 539,326 
Dividends payable4,769  
Lease liabilities7,343 7,973 
Deferred tax liabilities, net 19,194 
Due to participants21,235 35,627 
Accounts payable, accrued expenses and other liabilities38,784 21,424 
Total liabilities1,153,390 623,544 
Shareholders' Equity:
Preferred stock (par value $0.02 per share; authorized 20 shares, 20 and 20 shares issued and outstanding, respectively)
19,738 — 
Common stock (par value $0.02 per share; authorized 200,000 shares, 24,645 and 24,609 shares issued and outstanding, respectively)
491 492 
Additional paid-in capital192,711 354,243 
Retained earnings14,267 20,623 
Accumulated other comprehensive loss, net of income taxes(184) 
7



Total shareholders' equity227,023 375,358 
Total liabilities and shareholders' equity$1,380,413 $998,902 
8
See accompanying notes to consolidated financial statements.


NEWTEKONE, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In Thousands, except for Per Share Data)
Three Months Ended September 30,Nine Months Ended September 30,
2023
Financial Holding Company
2022
Investment Company
2023
Financial Holding Company
2022
Investment Company
Interest income
Debt securities available-for-sale$436 $ $1,083 $ 
Loans and fees on loans23,232 8,804 60,341 23,915 
Interest from affiliates 753  2,087 
Other interest earning assets3,068  6,580  
Total interest income26,736 9,557 68,004 26,002 
Interest expense
Deposits5,212  10,738  
Notes and securitizations11,005 5,488 28,806 14,433 
Bank and FHLB borrowings2,442 1,331 10,127 2,695 
Notes payable related party 98  284 
Total interest expense18,659 6,917 49,671 17,412 
Net interest income8,077 2,640 18,333 8,590 
Provision for credit losses3,446  7,339  
Net interest income after provision for credit losses4,631 2,640 10,994 8,590 
Noninterest income
Dividend income388 7,224 1,397 20,051 
Loan servicing asset revaluation(1,951)(1,624)(1,566)(3,964)
Servicing income, net of amortization4,602 3,575 13,304 9,931 
Net gains on sales of loans12,718 14,767 32,452 49,953 
Net gain (loss) on loans under the fair value option2,809 (3,908)12,588 (12,415)
Technology and IT support income5,499  18,667  
Electronic payment processing income11,192  32,196  
Other noninterest income7,643 5,264 23,075 9,381 
Total noninterest income42,900 25,298 132,113 72,937 
Noninterest expense
Salaries and employee benefits expense15,300 4,772 53,837 14,380 
Technology services expense2,738  10,007  
Electronic payment processing expense4,817  14,159  
Professional services expense3,170 1,509 9,766 4,322 
Other loan origination and maintenance expense3,405 8,296 9,791 21,900 
Depreciation and amortization812 58 2,517 181 
Loss on extinguishment of debt   417 
Other general and administrative costs4,303 1,823 13,814 5,619 
Total noninterest expense34,545 16,458 113,891 46,819 
Net income before taxes12,986 11,480 29,216 34,708 
Income tax expense3,011 118 671 175 
Net income9,975 11,362 28,545 34,533 
Dividends to preferred shareholders(400) (1,049) 
Net income available to common shareholders$9,575 $11,362 $27,496 $34,533 
Earnings per common share:
Basic$0.38 $0.47 $1.10 $1.43 
Diluted$0.38 $0.47 $1.10 $1.43 
9
See accompanying notes to consolidated financial statements.


NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(In Thousands, except for Per Share Data)
Three Months Ended September 30,Nine Months Ended September 30,
2023
Financial Holding Company
2022
Investment Company
2023
Financial Holding Company
2022
Investment Company
Net income$9,975 $11,362 $28,545 $34,533 
Other comprehensive loss before tax:
Net unrealized loss on debt securities available-for-sale during the period(79) (281) 
Other comprehensive loss before tax(79) (281) 
Income tax benefit98  97  
Other comprehensive income (loss), net of tax19  (184) 
Comprehensive income$9,994 $11,362 $28,361 $34,533 
10
See accompanying notes to consolidated financial statements.


NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)
(In Thousands, except for Per Share Data)
 Common stock  Preferred stock  Addition-al paid-in capital  Accumul-ated other comprehe-nsive income (loss) Retained earnings  Total equity
 Shares  Amount  Shares  Amount
Balance at June 30, 202324,614 $491 20 $19,738 $192,114 $(203)$9,075 $221,215 
DRIP shares issued6 — — — 71 — — 71 
Stock-based compensation expense, net of forfeitures— — — — 592 — — 592 
Dividends declared related to RSA, net of accrued dividends forfeited2 — — — 20 — (20) 
Purchase of vested stock for employee payroll tax withholding(4)— — — (86)— — (86)
Restricted stock awards, net of forfeitures27 — — — — — — — 
Dividends declared common shares ($0.18/share)
— — — — — — (4,363)(4,363)
Dividends declared preferred shares ($12.27/share)
— — — — — — (400)(400)
Net income (loss)— — — — — — 9,975 9,975 
Other comprehensive loss, net of tax— — — — — 19 — 19 
Balance at September 30, 202324,645 $491 20 $19,738 $192,711 $(184)$14,267 $227,023 
11
See accompanying notes to consolidated financial statements.


NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)
(In Thousands, except for Per Share Data)
Common stockAdditional paid-in-capitalAccumulated undistributed earningsTotal equity
SharesAmount
Balance at June 30, 202224,187 $483 $368,934 $25,118 $394,535 
DRIP shares issued20 1 320 — 321 
Stock-based compensation expense— — 553 — 553 
Dividends Declared related to RSA— — 221 (221) 
Purchase of vested stock for employee payroll tax withholding— — (50)— (50)
Issuance of common stock, net of offering costs36 1 725 — 726 
Restricted stock awards182 — — — — 
Dividends declared common shares ($0.75/share)
— — — (15,648)(15,648)
Net increase resulting from operations:
Net investment income— — — 205 205 
Net realized gain on investments— — — 14,767 14,767 
Net unrealized depreciation on investments— — — (3,610)(3,610)
Balance at September 30, 202224,425 $485 $370,703 $20,611 $391,799 




















12
See accompanying notes to consolidated financial statements.



NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)
(In Thousands, except for Per Share Data)
 Common stock  Preferred stock  Addition-al paid-in capital  Accumul-ated other comprehe-nsive income (loss) Accumul-ated undistrib-uted earnings  Retained earnings  Total equity
 Shares  Amount  Shares  Amount
Balance at December 31, 202224,609 $492  $ $354,243 $ $20,623 $ $375,358 
Conversion from BDC to Bank Holding Company Adjustments:
Change in presentation— — — — 20,624 — (20,623)— 1 
Removal of fair value adjustments— — — — (138,043)— — — (138,043)
Consolidation of controlled investments— — — 245 (65,215)— — — (64,970)
Reassessment of deferred tax assets and liabilities— — — — 19,266 — — — 19,266 
DRIP shares issued16 — — — 217 — — — 217 
Stock-based compensation expense, net of forfeitures— — — — 2,015 — — — 2,015 
Dividends declared related to RSA, net of accrued dividends forfeited9 — — — 137 — — (137) 
Purchase of vested stock for employee payroll tax withholding(16)(1)— — (533)— — — (534)
Restricted stock awards, net of forfeitures27 — — — — — — — — 
Issuance of Preferred stock— — 20 20,000 — — — — 20,000 
Preferred stock issuance costs— — — (507)— — — — (507)
Dividends declared common shares ($0.18/share)
— — — — — — — (13,092)(13,092)
Dividends declared preferred shares ($12.27/share)
— — — — — — — (1,049)(1,049)
Net income (loss)— — — — — — — 28,545 28,545 
Other comprehensive loss, net of tax— — — — — (184)— — (184)
Balance at September 30, 202324,645 $491 20 $19,738 $192,711 $(184)$ $14,267 $227,023 




13
See accompanying notes to consolidated financial statements.



NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)
(In Thousands, except for Per Share Data)
Common stockAdditional paid-in-capitalAccumulated undistributed earningsTotal equity
SharesAmount
Balance at December 31, 202124,159 $483 $367,663 $35,741 $403,887 
DRIP shares issued50 1 918 — 919 
Stock-based compensation expense— — 1,801 — 1,801 
Dividends Declared related to RSA9 — 422 (422) 
Purchase of vested stock for employee payroll tax withholding(30)— (826)— (826)
Issuance of common stock, net of offering costs36 1 725 — 726 
Restricted stock awards201 — — — — 
Dividends declared common shares— — — (49,241)(49,241)
Net increase resulting from operations:— — — — — 
Net investment loss— — — (1,076)(1,076)
Net realized gain on investments— — — 50,398 50,398 
Net unrealized depreciation on investments— — — (14,789)(14,789)
Balance at September 30, 202224,425 $485 $370,703 $20,611 $391,799 
14
See accompanying notes to consolidated financial statements.


NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In Thousands)
Nine Months Ended September 30,
20232022
Cash flows from operating activities:
Financial Holding Company
Investment Company
Net income$28,545 $34,533 
Adjustments to reconcile net income to net cash used in operating activities:
Net unrealized appreciation on joint ventures(3,141) 
Net unrealized appreciation on controlled investments (1,582)
Net (gain) loss on loans accounted for under the fair value option(12,588)12,415 
Net unrealized depreciation on servicing assets1,566 3,964 
Net unrealized appreciation on derivative transactions(54)(183)
Net gains on sales of loans(32,452)(49,953)
Net accretion of premium/discount(1,970) 
Loss on extinguishment of debt 417 
Amortization of deferred financing costs3,028 1,891 
Provision for credit losses7,339  
Lower of cost or market adjustment on loans held for sale139  
Stock compensation expense2,029  
Deferred income tax (benefit) expense(8,934)175 
Depreciation and amortization2,517 181 
Proceeds from sale of loans held for sale533,117 534,378 
Purchase of loans held for sale from affiliate(5,279) 
Purchase of loans held for sale (602)
Funding of loans held for sale(532,993)(586,858)
Funding of controlled investments (26,558)
Funding of non-control/affiliate investment (360)
Principal received on loans held for sale8,204 65,551 
Principal received from controlled investments 5,869 
Return of investment from controlled investments 9,741 
Contributions to joint ventures(14,550) 
Other, net(481)2,174 
Changes in operating assets and liabilities:
Settlement receivable(63,957)(27,097)
Capitalized servicing asset(140) 
Due to/from related parties(391)3,807 
Other assets7,461 1,340 
Dividends payable4,769  
Due to participants(14,392)(111,565)
Accounts payable, accrued expenses and other liabilities(24,082)723 
Other, net 6 
Net cash used in operating activities(116,690)(127,593)
Cash flows from investing activities:
Net decrease in loans held for investment, at fair value12,259 
Net increase in loans held for investment, at cost(115,968) 
Purchase of fixed assets(293)(11)
Net increase in Federal Home Loan and Federal Reserve Bank stock(2,133) 
15
See accompanying notes to consolidated financial statements.


NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In Thousands)
Nine Months Ended September 30,
20232022
Purchases of available-for-sale securities(28,134) 
Acquisitions, net of cash acquired11,252  
Net cash used in investing activities(123,017)(11)
Cash flows from financing activities:
Net (paydowns) borrowings on bank notes payable(105,700)17,500 
Net increase in deposits295,544  
Repayment of Federal Home Loan Bank advances(4,336) 
Proceeds from common shares sold, net of offering costs 726 
Proceeds from preferred stock, net of offering costs19,493  
Net repayments under related party line of credit (11,300)
Proceeds from 2025 5.00% Notes
 30,000 
Proceeds from 2025 8.125% Notes
50,000  
Proceeds from 2028 8.00% Notes
40,000  
Redemption of 2025 6.85% Notes
 (15,000)
Payments on Notes Payable - Securitization Trusts(68,918)(63,707)
Issuance of Notes Payable - Securitization Trusts103,860 116,210 
Dividends paid, net of dividend reinvestment plan(9,378)(48,319)
Payments of deferred financing costs(4,556)(2,405)
Purchase of vested stock for employee payroll tax withholding(521)(829)
Net cash provided by financing activities315,488 22,876 
Net increase (decrease) in cash and restricted cash75,781 (104,728)
Cash and restricted cash—beginning of period (Note 2)125,606 186,860 
Consolidation of cash from controlled investments22,306 
Cash and restricted cash—end of period (Note 2)$