as a result , previously consolidated subsidiaries are now recorded as investments in controlled portfolio companies , at fair value . nsbf is a consolidated subsidiary and originates loans under the sba 's 7 ( a ) loan program . our common shares are currently listed on the nasdaq global market under the symbol “ newt ” . nsbf has been granted plp status and originates , sells and services sba 7 ( a ) loans and is authorized to place sba guarantees on loans without seeking prior sba review and approval . being a national lender with plp status allows nsbf to expedite the origination of loans since nsbf is not required to present applications to the sba for concurrent review and approval . the loss of plp status would adversely impact our marketing efforts and ultimately our loan origination volume which would negatively impact our results of operations . 79 as a bdc , our investment objective is to generate both current income and capital appreciation primarily through loans originated by our business finance ecosystem and our equity investments in certain portfolio companies that we control . we target our debt investments , which are principally made through our business finance ecosystem under the sba 7 ( a ) program , to produce a coupon rate of prime plus 2.75 % which enables us to generate rapid sales of guaranteed portions of sba 7 ( a ) loans in the secondary market . we typically structure our debt investments with the maximum seniority and collateral along with personal guarantees from portfolio company owners , in many cases collateralized by other assets including real estate . in most cases , our debt investment will be collateralized by a first lien on the assets of the portfolio company and a first or second lien on assets of guarantors , in both cases primarily real estate . all sba loans are made with personal guarantees from any owner ( s ) of 20 % or more of the portfolio company 's equity . the amount of new debt investments , particularly sba 7 ( a ) loans that we originate , will directly impact future investment income . in addition , future amounts of unrealized appreciation or depreciation on our investments , as well as the amount of realized gains or losses , will also fluctuate depending upon economic conditions and the performance of our investment portfolio . the changes in realized gains and losses and unrealized appreciation or depreciation could have a material impact on our operating results . we typically structure our debt investments to include non-financial covenants that seek to minimize our risk of capital loss such as lien protection and prohibitions against change of control . our debt investments have strong protections , including default penalties , information rights and , in some cases , board observation rights and affirmative , negative and financial covenants . debt investments in portfolio companies , including the controlled portfolio companies , have historically and are expected to continue to comprise the majority of our overall investments in number and dollar volume . while the vast majority of our investments have been structured as debt , we have in the past and expect in the future to make selective equity investments primarily as either strategic investments to enhance the integrated operating platform or , to a lesser degree , under the capco programs . for investments in our controlled portfolio companies , we focus more on tailoring them to the long term growth needs of the companies than to return . our objectives with these companies is to foster the development of the businesses as a part of the integrated operational platform of serving the smb market , so we may reduce the burden on these companies to enable them to grow faster than they would otherwise and as another means of supporting their development . we regularly engage in discussions with third parties with respect to various potential transactions . we may acquire an investment or a portfolio of investments or an entire company or sell a portion of our portfolio on an opportunistic basis . we , our subsidiaries , or our affiliates may also agree to manage certain other funds that invest in debt , equity or provide other financing or services to companies in a variety of industries for which we may earn management or other fees for our services . we may also invest in the equity of these funds , along with other third parties , from which we would seek to earn a return and or future incentive allocations . some of these transactions could be material to our business . consummation of any such transaction will be subject to completion of due diligence , finalization of key business and financial terms ( including price ) and negotiation of final definitive documentation as well as a number of other factors and conditions including , without limitation , the approval of our board of directors and required regulatory or third-party consents and , in certain cases , the approval of our shareholders . accordingly , there can be no assurance that any such transaction would be consummated . any of these transactions or funds may require significant management resources either during the transaction phase or on an ongoing basis depending on the terms of the transaction . revenues we generate revenue in the form of interest , dividend , servicing and other fee income on debt and equity investments . our debt investments typically have terms of 10 to 25 years and bear interest at prime plus a margin . in some instances , we receive payments on our debt investments based on scheduled amortization of the outstanding balances . in addition , we receive repayments of some of our debt investments prior to their scheduled maturity date . the frequency or volume of these repayments fluctuates significantly from period to period . story_separator_special_tag notes payable - related parties in june 2015 , the company entered into the related party rloc with certain controlled portfolio companies . maximum borrowings under the related party rloc were $ 38,000,000. in june 2017 , the related party rloc was amended to increase maximum borrowings to $ 50,000,000. the outstanding balance had an interest rate equal to 1 month libor ( with a floor of 0.50 % ) plus 6.0 % or at a rate equal to the greater of the prime rate or 3.5 % plus 5.0 % . in november 2018 , the related party rloc was amended to reduce the interest rate to the lesser of 1 month libor plus 2.5 % or the prime rate plus 1.5 % . at december 31 , 2019 , the related party rloc interest rate was 4.71 % . the related party rloc has a maturity date of november 8 , 2023. outstanding borrowings due to nms at december 31 , 2019 were $ 12,163,000 . securitization transactions since 2010 , nsbf has engaged in securitizations of the unguaranteed portions of its sba 7 ( a ) loans . in the securitization , it uses a special purpose entity ( the “ trust ” ) which is considered a variable interest entity . applying the consolidation requirements for vies under the accounting rules in asc topic 860 , transfers and servicing , and asc topic 810 , consolidation , which became effective january 1 , 2010 , the company determined that as the primary beneficiary of the securitization vehicle , based on its power to direct activities through its role as servicer for the trust and its obligation to absorb losses and right to receive benefits , it needed to consolidate the trusts . nsbf therefore consolidated the entity using the carrying amounts of the trust 's assets and liabilities . nsbf reflects the assets in sba unguaranteed non-affiliate investments and reflects the associated financing in notes payable - securitization trusts on the consolidated statements of assets and liabilities . in november 2016 , nsbf completed its seventh securitization which resulted in the transfer of $ 56,073,000 of unguaranteed portions of sba loans to the 2016-1 trust . the 2016-1 trust in turn issued securitization notes for the par amount of $ 53,444,000 , consisting of $ 43,632,000 class a notes and $ 9,812,000 of class b notes , against the assets in a private placement . the class a and class b notes received an “ a ” and “ bbb+ ” rating by s & p , respectively , and the final maturity date of the notes is february 2042. the class a and class b notes bear interest at a rate of 1 month libor plus 3.0 % and 4.25 % , respectively . in december 2017 , nsbf completed its eighth securitization which resulted in the transfer of $ 76,188,000 of unguaranteed portions of sba loans to the 2017-1 trust . the 2017-1 trust in turn issued securitization notes for the par amount of $ 75,426,000 , consisting of $ 58,111,000 class a notes and $ 17,315,000 of class b notes , against the assets in a private placement . the class a and class b notes received an “ a ” and “ bbb- ” rating by s & p , respectively , and the final maturity date of the notes is february 2043. the class a and class b notes bear interest at a rate of 1 month libor plus 2.0 % and 3.0 % , respectively . in october 2018 , the 2013-1 trust was terminated as a result of nsbf purchasing the 2013-1 trust assets , with the 2013-1 trust 's noteholders receiving the redemption price . certain of the 2013-1 trust 's assets were subsequently transferred to the 2018-1 trust . in november 2018 , nsbf completed its ninth securitization which resulted in the transfer of $ 108,551,000 of unguaranteed portions of sba loans to the 2018-1 trust . the 2018-1 trust in turn issued securitization notes for the par amount of $ 108,551,000 , consisting of $ 82,876,000 class a notes and $ 25,675,000 of class b notes , against the assets in a private placement . the class a and class b notes received an “ a ” and “ bbb- ” rating by s & p , respectively , and the final maturity date of the notes is february 2044. in march 2019 , the 2010-1 trust was terminated as a result of nsbf purchasing the 2010-1 trust assets , with the 2010-1 trust 's noteholders receiving the redemption price . in july 2019 , the 2014-1 trust was terminated as a result of nsbf purchasing the 2014-1 trust assets , with the 2014-1 trust 's noteholders receiving the redemption price . 90 in october 2019 , nsbf completed its tenth securitization which resulted in the transfer of $ 118,920,000 of unguaranteed portions of sba loans to the 2019-1 trust , the 2019-1 trust in turn issued securitization notes for the par amount of $ 118,920,000 , consisting of $ 93,540,000 of class a notes and $ 25,380,000 class b notes , against the assets in a private placement . the class a and class b notes received an “ a ” and “ bbb- ” rating by s & p , respectively , and the final maturity date of the notes is december 2044. the class a and class b notes bear interest at a rate of libor plus 1.83 % across both classes . cash flows and liquidity as of december 31 , 2019 , the company 's unused sources of liquidity consisted of $ 40,639,000 available through the capital one facility ; $ 21,206,000 available through notes payable with related parties ; and $ 1,762,000 in unrestricted cash . restricted cash of $ 31,445,000 as of december 31 , 2019 is primarily held by nsbf . the majority , or $ 30,692,000 of

debt offerings in july 2019 , the company and the trustee entered into the fourth supplemental indenture to the base indenture between the company and the trustee , relating to the company 's issuance , offer and sale of $ 55,000,000 aggregate principal amount of 5.75 % notes due 2024. the company granted an overallotment option of up to $ 8,250,000 in aggregate principal amount of the 2024 notes . the sale of the 2024 notes generated proceeds of approximately $ 53,186,000 , net of underwriter 's fees and expenses . in july 20189 the underwriters exercised their option to purchase $ 8,250,000 in aggregate principal amount of 2024 notes for an additional $ 8,003,000 in net proceeds . the 2024 notes are the company 's direct unsecured obligations and rank : ( i ) pari passu with the company 's other outstanding and future unsecured indebtedness ; ( ii ) senior to any of the company 's future indebtedness that expressly provides it is subordinated to the 2024 notes ; ( iii ) effectively subordinated to all the company 's existing and future secured indebtedness ( including indebtedness that is initially unsecured to which the company subsequently grants security ) , to the extent of the value of the assets securing such indebtedness ; and ( iv ) structurally subordinated to all existing and future indebtedness and other obligations of any of the company 's subsidiaries . the 2024 notes will mature on august 1 , 2024 and may be redeemed in whole or in part at the company 's option at any time or from time to time on or after august 1 , 2021 , at a redemption price of 100 % of the outstanding principal amount thereof plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to but not including the date fixed for redemption . the 2024 notes bear interest at a rate of 5.75 % per year payable quarterly on february 1 , may 1 , august 1 , and november 1 of each year , commencing on november 1 , 2019 , and trade on the nasdaq global market under the trading symbol “ newtl.


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```debt offerings in july 2019 , the company and the trustee entered into the fourth supplemental indenture to the base indenture between the company and the trustee , relating to the company 's issuance , offer and sale of $ 55,000,000 aggregate principal amount of 5.75 % notes due 2024. the company granted an overallotment option of up to $ 8,250,000 in aggregate principal amount of the 2024 notes . the sale of the 2024 notes generated proceeds of approximately $ 53,186,000 , net of underwriter 's fees and expenses . in july 20189 the underwriters exercised their option to purchase $ 8,250,000 in aggregate principal amount of 2024 notes for an additional $ 8,003,000 in net proceeds . the 2024 notes are the company 's direct unsecured obligations and rank : ( i ) pari passu with the company 's other outstanding and future unsecured indebtedness ; ( ii ) senior to any of the company 's future indebtedness that expressly provides it is subordinated to the 2024 notes ; ( iii ) effectively subordinated to all the company 's existing and future secured indebtedness ( including indebtedness that is initially unsecured to which the company subsequently grants security ) , to the extent of the value of the assets securing such indebtedness ; and ( iv ) structurally subordinated to all existing and future indebtedness and other obligations of any of the company 's subsidiaries . the 2024 notes will mature on august 1 , 2024 and may be redeemed in whole or in part at the company 's option at any time or from time to time on or after august 1 , 2021 , at a redemption price of 100 % of the outstanding principal amount thereof plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to but not including the date fixed for redemption . the 2024 notes bear interest at a rate of 5.75 % per year payable quarterly on february 1 , may 1 , august 1 , and november 1 of each year , commencing on november 1 , 2019 , and trade on the nasdaq global market under the trading symbol “ newtl.
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 Suspicious Activity Report : as a result , previously consolidated subsidiaries are now recorded as investments in controlled portfolio companies , at fair value . nsbf is a consolidated subsidiary and originates loans under the sba 's 7 ( a ) loan program . our common shares are currently listed on the nasdaq global market under the symbol “ newt ” . nsbf has been granted plp status and originates , sells and services sba 7 ( a ) loans and is authorized to place sba guarantees on loans without seeking prior sba review and approval . being a national lender with plp status allows nsbf to expedite the origination of loans since nsbf is not required to present applications to the sba for concurrent review and approval . the loss of plp status would adversely impact our marketing efforts and ultimately our loan origination volume which would negatively impact our results of operations . 79 as a bdc , our investment objective is to generate both current income and capital appreciation primarily through loans originated by our business finance ecosystem and our equity investments in certain portfolio companies that we control . we target our debt investments , which are principally made through our business finance ecosystem under the sba 7 ( a ) program , to produce a coupon rate of prime plus 2.75 % which enables us to generate rapid sales of guaranteed portions of sba 7 ( a ) loans in the secondary market . we typically structure our debt investments with the maximum seniority and collateral along with personal guarantees from portfolio company owners , in many cases collateralized by other assets including real estate . in most cases , our debt investment will be collateralized by a first lien on the assets of the portfolio company and a first or second lien on assets of guarantors , in both cases primarily real estate . all sba loans are made with personal guarantees from any owner ( s ) of 20 % or more of the portfolio company 's equity . the amount of new debt investments , particularly sba 7 ( a ) loans that we originate , will directly impact future investment income . in addition , future amounts of unrealized appreciation or depreciation on our investments , as well as the amount of realized gains or losses , will also fluctuate depending upon economic conditions and the performance of our investment portfolio . the changes in realized gains and losses and unrealized appreciation or depreciation could have a material impact on our operating results . we typically structure our debt investments to include non-financial covenants that seek to minimize our risk of capital loss such as lien protection and prohibitions against change of control . our debt investments have strong protections , including default penalties , information rights and , in some cases , board observation rights and affirmative , negative and financial covenants . debt investments in portfolio companies , including the controlled portfolio companies , have historically and are expected to continue to comprise the majority of our overall investments in number and dollar volume . while the vast majority of our investments have been structured as debt , we have in the past and expect in the future to make selective equity investments primarily as either strategic investments to enhance the integrated operating platform or , to a lesser degree , under the capco programs . for investments in our controlled portfolio companies , we focus more on tailoring them to the long term growth needs of the companies than to return . our objectives with these companies is to foster the development of the businesses as a part of the integrated operational platform of serving the smb market , so we may reduce the burden on these companies to enable them to grow faster than they would otherwise and as another means of supporting their development . we regularly engage in discussions with third parties with respect to various potential transactions . we may acquire an investment or a portfolio of investments or an entire company or sell a portion of our portfolio on an opportunistic basis . we , our subsidiaries , or our affiliates may also agree to manage certain other funds that invest in debt , equity or provide other financing or services to companies in a variety of industries for which we may earn management or other fees for our services . we may also invest in the equity of these funds , along with other third parties , from which we would seek to earn a return and or future incentive allocations . some of these transactions could be material to our business . consummation of any such transaction will be subject to completion of due diligence , finalization of key business and financial terms ( including price ) and negotiation of final definitive documentation as well as a number of other factors and conditions including , without limitation , the approval of our board of directors and required regulatory or third-party consents and , in certain cases , the approval of our shareholders . accordingly , there can be no assurance that any such transaction would be consummated . any of these transactions or funds may require significant management resources either during the transaction phase or on an ongoing basis depending on the terms of the transaction . revenues we generate revenue in the form of interest , dividend , servicing and other fee income on debt and equity investments . our debt investments typically have terms of 10 to 25 years and bear interest at prime plus a margin . in some instances , we receive payments on our debt investments based on scheduled amortization of the outstanding balances . in addition , we receive repayments of some of our debt investments prior to their scheduled maturity date . the frequency or volume of these repayments fluctuates significantly from period to period . story_separator_special_tag notes payable - related parties in june 2015 , the company entered into the related party rloc with certain controlled portfolio companies . maximum borrowings under the related party rloc were $ 38,000,000. in june 2017 , the related party rloc was amended to increase maximum borrowings to $ 50,000,000. the outstanding balance had an interest rate equal to 1 month libor ( with a floor of 0.50 % ) plus 6.0 % or at a rate equal to the greater of the prime rate or 3.5 % plus 5.0 % . in november 2018 , the related party rloc was amended to reduce the interest rate to the lesser of 1 month libor plus 2.5 % or the prime rate plus 1.5 % . at december 31 , 2019 , the related party rloc interest rate was 4.71 % . the related party rloc has a maturity date of november 8 , 2023. outstanding borrowings due to nms at december 31 , 2019 were $ 12,163,000 . securitization transactions since 2010 , nsbf has engaged in securitizations of the unguaranteed portions of its sba 7 ( a ) loans . in the securitization , it uses a special purpose entity ( the “ trust ” ) which is considered a variable interest entity . applying the consolidation requirements for vies under the accounting rules in asc topic 860 , transfers and servicing , and asc topic 810 , consolidation , which became effective january 1 , 2010 , the company determined that as the primary beneficiary of the securitization vehicle , based on its power to direct activities through its role as servicer for the trust and its obligation to absorb losses and right to receive benefits , it needed to consolidate the trusts . nsbf therefore consolidated the entity using the carrying amounts of the trust 's assets and liabilities . nsbf reflects the assets in sba unguaranteed non-affiliate investments and reflects the associated financing in notes payable - securitization trusts on the consolidated statements of assets and liabilities . in november 2016 , nsbf completed its seventh securitization which resulted in the transfer of $ 56,073,000 of unguaranteed portions of sba loans to the 2016-1 trust . the 2016-1 trust in turn issued securitization notes for the par amount of $ 53,444,000 , consisting of $ 43,632,000 class a notes and $ 9,812,000 of class b notes , against the assets in a private placement . the class a and class b notes received an “ a ” and “ bbb+ ” rating by s & p , respectively , and the final maturity date of the notes is february 2042. the class a and class b notes bear interest at a rate of 1 month libor plus 3.0 % and 4.25 % , respectively . in december 2017 , nsbf completed its eighth securitization which resulted in the transfer of $ 76,188,000 of unguaranteed portions of sba loans to the 2017-1 trust . the 2017-1 trust in turn issued securitization notes for the par amount of $ 75,426,000 , consisting of $ 58,111,000 class a notes and $ 17,315,000 of class b notes , against the assets in a private placement . the class a and class b notes received an “ a ” and “ bbb- ” rating by s & p , respectively , and the final maturity date of the notes is february 2043. the class a and class b notes bear interest at a rate of 1 month libor plus 2.0 % and 3.0 % , respectively . in october 2018 , the 2013-1 trust was terminated as a result of nsbf purchasing the 2013-1 trust assets , with the 2013-1 trust 's noteholders receiving the redemption price . certain of the 2013-1 trust 's assets were subsequently transferred to the 2018-1 trust . in november 2018 , nsbf completed its ninth securitization which resulted in the transfer of $ 108,551,000 of unguaranteed portions of sba loans to the 2018-1 trust . the 2018-1 trust in turn issued securitization notes for the par amount of $ 108,551,000 , consisting of $ 82,876,000 class a notes and $ 25,675,000 of class b notes , against the assets in a private placement . the class a and class b notes received an “ a ” and “ bbb- ” rating by s & p , respectively , and the final maturity date of the notes is february 2044. in march 2019 , the 2010-1 trust was terminated as a result of nsbf purchasing the 2010-1 trust assets , with the 2010-1 trust 's noteholders receiving the redemption price . in july 2019 , the 2014-1 trust was terminated as a result of nsbf purchasing the 2014-1 trust assets , with the 2014-1 trust 's noteholders receiving the redemption price . 90 in october 2019 , nsbf completed its tenth securitization which resulted in the transfer of $ 118,920,000 of unguaranteed portions of sba loans to the 2019-1 trust , the 2019-1 trust in turn issued securitization notes for the par amount of $ 118,920,000 , consisting of $ 93,540,000 of class a notes and $ 25,380,000 class b notes , against the assets in a private placement . the class a and class b notes received an “ a ” and “ bbb- ” rating by s & p , respectively , and the final maturity date of the notes is december 2044. the class a and class b notes bear interest at a rate of libor plus 1.83 % across both classes . cash flows and liquidity as of december 31 , 2019 , the company 's unused sources of liquidity consisted of $ 40,639,000 available through the capital one facility ; $ 21,206,000 available through notes payable with related parties ; and $ 1,762,000 in unrestricted cash . restricted cash of $ 31,445,000 as of december 31 , 2019 is primarily held by nsbf . the majority , or $ 30,692,000 of

