Secondary market – Kent Tribune Sat, 19 Nov 2022 15:15:19 +0000 en-US hourly 1 Secondary market – Kent Tribune 32 32 Mortgage rates today, November 19 and rate forecasts for next week Sat, 19 Nov 2022 15:15:19 +0000

Today’s Mortgage and Refinance Rates

Average mortgage rates have barely budged since last Thursday’s exceptional drop.

I’m surprised mortgage rates haven’t risen yet, which may be a sign of my limited predictive powers. But I suspect those rates are more likely to rise than fall in the days and weeks ahead. Still, the next seven days could be quiet for mortgage rates. Just read on for an overview.

Current mortgage and refinance rates

Program Mortgage rate APR* To change
30-year fixed conventional 6.873% 6.903% -0.05%
15-year fixed conventional 5.903% 5.933% -0.06%
20-year fixed conventional 6.747% 6.792% -0.03%
10-year fixed conventional 6.497% 6.603% +0.12%
30-year fixed FHA 6.409% 7.188% +0.02%
15-year fixed FHA 6.084% 6.613% -0.03%
30-year fixed PV 6.216% 6.446% -0.06%
15-year fixed VA 6.282% 6.642% -0.09%
Pricing is provided by our partner network and may not reflect the market. Your rate may be different. Click here for a personalized quote. See our rate assumptions here.

Should you lock in a mortgage rate today?

Don’t lock in on a day when mortgage rates look set to drop. My recommendations (below) are intended to provide longer-term suggestions on the general direction of these rates. Thus, they do not change daily to reflect fleeting sentiments in volatile markets.

With mortgage rates near a two-month low — after falling from a nearly two-decade high — they’re attractive right now. And, if you haven’t locked in your rate yet, you might want to consider doing so now. Of course, these rates could drop further. But I think that’s less likely than them moving up.

So my personal rate lock recommendations remain:

  • TO BLOCK if closing seven days
  • TO BLOCK if closing 15 days
  • TO BLOCK if closing 30 days
  • TO BLOCK if closing 45 days
  • TO BLOCK if closing 60 days

However, with so much uncertainty right now, your instincts could easily turn out to be as good as mine, or even better. So let your instincts and your own risk tolerance guide you.

What’s Moving Current Mortgage Rates

Last Thursday’s extraordinary drop in mortgage rates was triggered by a single event. And that was the release of the October Consumer Price Index report, which suggested that inflation was starting to subside.

For me and many economists and analysts, the markets reacted with an irrational level of euphoria. Mortgage rates would likely have fallen moderately on the news anyway. Investors hate inflation.

But the markets seemed to think that a single month’s “glimmers of hope” (in the words of the New York Times) would prompt the Federal Reserve to revise its current rate hike policy. Indeed, some even seemed to believe that the Fed would “pivot,” meaning it would soon turn around and start cutting rates again.

It would never happen. And, since the CPI report, a parade of Fed officials have made public statements saying as much. Meanwhile, many financial media commentators have reinforced this message.

The Fed and Mortgage Rates

And yet, mortgage rates have barely budged from their two-month low set last Thursday. Investors seem to cover their ears chanting la-la-la.

All week I expected mortgage rates to rise as investors finally get the message. But that hasn’t happened – at least not yet.

I would be less surprised than I was. Markets are at least as subject to herd instincts as they are to the wisdom of crowds.

And investors may be right to hold on. Other major inflation reports are due on December 1 (Personal Consumption Expenditure (PCE)) and December 13 (November CPI). And, if they show that last Thursday’s CPI report wasn’t just a flash in the pan, mortgage rates could stay low or even fall further.

Next Wednesday we expect the minutes from the Fed’s monetary policy group, the Federal Open Market Committee (FOMC). These are likely to show that the Fed is determined to stick to its rate hike guns.

But the FOMC will meet again next month and issue a report and hold a press conference on December 14. It is almost certain that the Fed will raise rates again that day. But whether it’s a 50 basis point (0.5%) increase or another 75 basis point (0.75%) increase will depend on the consistency and relevance of these reports on inflation.

We will also have a “dot plot” (a graphical representation of where each FOMC member expects rates to be in the coming months) on that day. And expect that to have a huge influence on mortgage rates.

Better news to come?

Yesterday, in his weekly e-newsletter for The New York Times, economist Paul Krugman made a compelling case for returning to low interest rates soon enough. Under the title “Why Interest Rates Won’t (Likely) Stay High”, he explored the conditions that push rates up or down and concluded:

What all of this suggests to me is that the era of cheap money is not, in fact, over. Within a few years, we will likely return to a situation where too many savings chase after too few investment opportunities, and interest rates return to their old lows.

A few years must seem like a long time if you feel that you are currently excluded from the housing market. But it’s good to know that there is (probably) light at the end of the tunnel. So keep saving for your down payment! Your time will come.

Economic reports next week

Thanksgiving makes next week odd for economic reports. Almost all significant landings this Wednesday. I say “significant”, but none of them are likely to move mortgage rates unless they contain surprisingly good or bad data.

  • Wednesday — November Consumer Sentiment Index and S&P Purchasing Managers Indexes for the services and manufacturing sectors. Plus October data for new home sales, durable goods orders and core capital goods orders. Additionally, the first unemployment claims for the week ending November 19
  • Thursday — Markets closed for Thanksgiving Day

Next week’s economic reports could extend our current pause in mortgage rate volatility. But, of course, geopolitical factors could still trigger a storm. And the markets may well take their collective fingers out of their ears.

Mortgage interest rate forecast for next week

We could have another quiet week next week with mortgage rates barely budging. But you can never be sure.

How your mortgage interest rate is determined

Mortgage and refinance rates are typically determined by prices in a secondary market (similar to stock or bond markets) where mortgage-backed securities are traded.

And it depends heavily on the economy. Thus, mortgage rates tend to be high when things are going well and low when the economy is struggling. But inflation rates can undermine these trends.

Your part

But you play an important role in determining your own mortgage rate in five ways. And you can affect it significantly by:

  1. Shop around for your best mortgage rate – They vary widely from lender to lender
  2. Boost your credit score – Even a small bump can make a big difference to your rate and payments
  3. Save the biggest down payment possible – Lenders like you to have real skin in this game
  4. Keep your other borrowings small — The lower your other monthly commitments, the higher the mortgage you can afford
  5. Choose your mortgage carefully – Are you better off with a conventional, conforming, FHA, VA, USDA, jumbo or other loan?

Time spent getting these ducks in a row can earn you lower rates.

Remember it’s not just a mortgage rate

Be sure to factor in all of your homeownership costs when calculating how much mortgage you can afford. So focus on your “PITI”. It’s your Pprincipal (repays the amount you borrowed), IInterest (the price of the loan), (the property) Jaxes, and (owners) Iinsurance. Our mortgage loan calculator can help you.

Depending on your type of mortgage and the amount of your down payment, you may also need to pay for mortgage insurance. And that can easily hit three figures every month.

But there are other potential costs. So you will have to pay homeowners association dues if you choose to live somewhere with an HOA. And, wherever you live, you should expect repair and maintenance costs. There is no owner to call when things go wrong!

Finally, you will have a hard time forgetting closing costs. You can see those reflected in the annual percentage rate (APR) that lenders will quote you. Because it spreads them effectively over the term of your loan, making it higher than your normal mortgage rate.

But you may be able to get help with those closing costs. and your down payment, especially if you are a first-time buyer. Lily:

Down payment assistance programs in every state for 2021

Mortgage Rate Methodology

Mortgage reports receive daily rates based on selected criteria from multiple lending partners. We arrive at an average rate and APR for each loan type to display in our chart. Because we average a range of prices, it gives you a better idea of ​​what you might find in the market. In addition, we average the rates for the same loan types. For example, fixed FHA with fixed FHA. The result is a good overview of the daily rates and their development over time.

CalPERS gives its staff more investment power Tue, 15 Nov 2022 19:35:34 +0000

In private equity, the revised policy increases the size of powers delegated to staff for funds, personalized investment accounts, co-investments and secondary purchases. CIO can now commit $4 billion to a personalized investment account, up from $1.9 billion previously; $3 billion to a fund, up from $1 billion previously; $3 billion for secondary market purchases versus $1.7 billion; and $1.5 billion for a co-investment, up from $600 million previously. The investment committee added a new category, secondary sales, with limits of $6 billion for the CIO, $4 billion for the deputy CIO and $2 billion for the chief investment officer.

The investment policy also increases the size of its overall commitment to a single general partner to 15%, from 10% of its total net committed capital to private equity. Any exceptions must be approved by the Investment Committee. In 2014, the committee increased the exceptions approved, bringing the total amount to 15% for three managers, Blackstone, Carlyle Group and Apollo Global Management. CalPERS had $72.3 billion in real assets and $48.8 billion in private equity as of September 30.

Staff will keep the committee “informed” of its investments and get feedback from the committee, Ms Musicco said.

“We don’t want anyone to be surprised at what we’re doing, and we need the full support of the board for some of the needle-moving transactions we’re considering,” Ms. Musicco added.

She said more details would be provided behind closed doors.

Separately, Ms. Musicco announced that CalPERS has hired Drew Hambly as the new Chief Investment Officer and Head of Corporate Governance for the CalPERS Global Equity Team. Mr. Hambly was Executive Director of Global Stewardship for Morgan Stanley Investment Management. Simiso Nzimachief investment officer of global equities had served as chief investment officer and head of corporate governance until his promotion in October 2021. MSIM did not immediately provide information on a replacement.

Also on Monday, the investment committee approved its first report on diversity in investment management mandated by a new California law signed by Governor Gavin Newsom in October 2021 to promote the inclusion of more women and of minority-owned fund managers in asset management. industry. CalPERS committed or invested $481 million with seven emerging managers and $3.2 billion with 12 diverse managers in the first six months of 2022, according to the report. The two categories included investments made directly and through funds of funds, according to the report.

Housing market forecast: forecasts for the next 5 years Sat, 12 Nov 2022 17:34:13 +0000

It’s been a wild ride in real estate over the past few years. After a scorching market characterized by bidding wars, low interest rates and high prices, mortgage rates hit a 20-year high, leading to a slowdown in buying activity and mortgage prices. ‘purchase. Yet with inventory still low, home prices remain high in many parts of the United States

There are many predictions about how the housing market will develop in 2023. But what about further? After all, buying a home often requires long-term planning. We asked several residential real estate experts to peer into their crystal ball and give us a five-year forecast of the housing market. I’m watching you, 2027.

The current housing market

But first, a snapshot of the residential real estate scene, as of fall 2022.

Home sale price: The median selling price of existing homes rose 8.4% from a year ago to $384,800, according to September 2022 data from the National Association of Realtors (NAR). For new homes, the current national average selling price is $470,600, up about 14% from a year ago, says Danushka Nanayakkara-Skillington, assistant vice president, National Association of Homebuilders (NAHB) forecasts and analysis.

Inventory: Although higher than it was in January 2022, housing supply remains historically low, says NAR Chief Economist and Senior Vice President for Research Lawrence Yun. The inventory of unsold existing homes was at a 3.2 month supply in September 2022.

Days on the market: With inventory still tight, homes continue to sell quickly. In September 2022, the median days on market for homes sold ranged from 13 to 23, depending on price, according to September NAR data. In a more typical market, it’s 45 days, Yun says.

Houses sold: Fewer existing homes are selling nationwide. According to September NAR data, in 2022 the total seasonally adjusted figure fell from 6.49 million in January to 4.71 million in September. Meanwhile, sales of new single-family homes in July 2022 were at a seasonally-adjusted annual rate of 511,000, or 29.6% lower than in July 2021, according to the US Census Bureau and the Department of Housing and Urban Development.

30-year mortgage rates: According to Freddie Mac, the current average 30-year fixed mortgage rate was 7.08%, the highest in 20 years.

The new house begins: According to Nanayakkara-Skillington, the seasonally adjusted annual rate of new single-family home starts is 892,000, down 18.5% from a year ago.

Predictions for mortgage rates and types

Mortgage interest rates could continue to rise for a few weeks or months, Yun said, adding that seven percent appears to be the level for the rest of this year and most of next year. Within two years, the rate should return to five and a half or six percent, he adds. Nanayakkara-Skillington agrees, predicting rates will drop to around 6% by mid-2024.

Because rates are high, Yun predicts greater interest in adjustable rate mortgages (ARMs) through next year. However, after that, he predicts that 90% of Americans will return to the traditional route of 30-year fixed mortgages. Greg McBride, CFA, Bankrate’s chief financial analyst, agrees, saying the 30-year fixed-rate mortgage will remain the dominant product. “It provides the certainty that borrowers want, lenders can sell them to investors, and there’s a vibrant secondary market of global investors willing to buy them,” he says.

Home Price Forecasts

Yun predicts zero or minor changes in purchase price tags nationwide next year, with increases or decreases of around 5%. The only exception is California, he says, where the market could see a 10% drop: “Because it’s so expensive, California is always the most vulnerable to changes in interest rates. Overall, in five years, he expects prices to have appreciated a total of 15-25%.

McBride has a similar perspective. He predicts that house prices will see an average annual appreciation in the lower to mid single digits over the next five years. This rate of appreciation, he says, is consistent with the long-term average of house prices increasing by a rate that is one percentage point above the rate of inflation.

Will the real estate market collapse?

Although he showed bubble-like properties, Yun does not expect the residential real estate market to burst violently. Although he predicts sales will bottom out next year, with just 5.3 million units sold, he expects a gradual increase thereafter, up to 6 million annual units by 2027. Despite higher mortgage rates, house prices are still higher than they were a year ago, he adds. Even if they drop 5% (or 10% in California) next year, it’s not about to collapse, which is characterized by a one-third drop. “A 30% reduction will not happen because there is not enough inventory,” he explains. “A crash occurs with oversupply.” He thinks the housing shortage will continue this year, with supply balancing out within five years.

Will it become a buyer’s market?

Yun expects the seller’s market to continue, while housing stock remains low. Within five years, however, he predicts a balanced market, where neither buyer nor seller dominates. Instead, the bargaining power between the parties will be more equal and will depend on the individual case.

Caroline Feeney, editor of HomeLight, believes that the abandonment of the seller’s market has already begun. According to a recent survey conducted by the company, only 51% of HomeLight agents described their current local market as a seller’s market. She also expects a balanced market within a few years.

Where and what type of houses will be built?

As hybrid work schedules become the norm and commuting is no longer as relevant, Yun predicts the suburban market will continue to be strong. Meanwhile, 55% of top HomeLight agents believe the markets that have warmed the fastest during the pandemic (including Austin, Phoenix and Boise) are likely to be the first to cool down and experience the biggest declines during a market correction, says Feeney. Yun expects growth in areas with growing populations, namely the Carolinas, Florida, Texas and Tennessee. In support of his prediction, 50% of new single-family construction is in the South, Nanayakkara-Skillington notes.

The number of single-family homes under construction has fallen over the past four months. By contrast, the number of multi-family homes being built has increased in recent years, Feeney says, who attributes the growth in part to their lower prices – apartments tend to be cheaper than single-family homes – and to pressure exerted on municipalities to address shortages and provide more affordable housing. Still, with high mortgage rates and inflationary prices for building materials, Nanayakkara-Skillington expects growth in the multifamily market to stabilize within a few years, with the number of new housing starts declining by 8% in 2023 and an additional 5% in 2024.

Tips for saving for a home

Since buying a home is such a big purchase, starting to save five years in advance makes perfect sense. Here are some strategies for getting your finances in shape for down payments – you want to be able to cut the usual 20%, to avoid the added cost of mortgage insurance – and of course for mortgage pre-approvals.

1. Think about making money

Of course, you work for love, not for money. But money is important too. Find the right way to ask your employer for a raise or be prepared to look for other opportunities – it’s usually the quickest path to a meaningful raise. Sixty percent of workers who changed jobs in the past year earned more money in their new roles, even after taking into account the rapid pace of inflation, according to a recent Pew Research Center study.

2. Reduce your debt

Being able to buy a home isn’t just about growing your bank account. It’s equally important to focus on paying off the amount you owe on credit cards, student loans, and car payments. By lowering your debt-to-income ratio (DTI), you’ll be in a better position to qualify for a mortgage down the line.

3. Keep in mind the hidden costs of buying a home

The purchase price is the big expense, but buying a home has other less obvious expenses. You will also need to be prepared to pay closing costs – lender fees, property taxes, appraisal fees, and various other administrative and professional fees. These add up quickly. In 2021, the average closing cost was $6,905, according to ClosingCorp.

Because you’ll be spending several thousand dollars on closing costs, it’s imperative to stay in a home long enough to break even (let alone make a profit). If you buy a house and sell it a year or two later, you’re probably not going to come out on top. Five years is the usual duration.

4. Focus on local, not national markets

Yes, many publications (including ours) are full of generalizations about “the housing market”. But real estate markets are hyper-localized, varying widely not just from region to region, but from state to state, and even within states. Costs, prices and requirements will be very different in Pensacola than in Palm Beach, for example. When thinking about budgeting for a home, keep broader national trends in mind, but it’s more helpful to focus on housing market conditions in the city and even the specific neighborhood you’re looking to rent. buy or move. Try to target the most affordable, where your housing dollars will yield the most.


Forward-looking statements

The matters discussed in this report, as well as in future oral and written
statements by management of Newtek Business Services Corp., that are
forward-looking statements are based on current management expectations that
involve substantial risks and uncertainties which could cause actual results to
differ materially from the results expressed in, or implied by, these
forward-looking statements. Forward-looking statements relate to future events
or our future financial performance. We generally identify forward-looking
statements by terminology such as "may," "will," "should," "expects," "plans,"
"anticipates," "could," "intends," "target," "projects," "contemplates,"
"believes," "estimates," "predicts," "potential" or "continue" or the negative
of these terms or other similar expressions. Important assumptions include our
ability to originate new investments, achieve certain margins and levels of
profitability, the availability of additional capital, and the ability to
maintain certain debt to asset ratios. In light of these and other
uncertainties, including the impact of the COVID-19 pandemic, the inclusion of a
projection or forward-looking statement in this report should not be regarded as
a representation by us that our plans or objectives will be achieved. The
forward-looking statements contained in this report include statements as to:
•our future operating results;
•our business prospects and the prospects of our prospective portfolio
companies, including our and their ability to achieve our respective objectives
as a result of the ongoing COVID-19 pandemic, changes in base interest rates,
rising inflation, significant market volatility, and supply chain disruptions;
•the impact of investments that we expect to make;
•our informal relationships with third parties;
•the dependence of our future success on the general economy and its impact on
the industries in which we invest;
•our ability to access debt markets and equity markets;
•our ability to consummate the transactions contemplated by the Stock Purchase
•our receipt of certain Regulatory Approvals to operate as a bank holding
company and acquire NBNYC;
•our management's ability to operate as a bank holding company;
•our intended operations and structure as a bank holding company;
•our tax and accounting treatment as a C Corporation if we convert to a bank
holding company;
•the decrease in our dividend payout due to no longer operating as a BDC and RIC
if we discontinue our election as a BDC and the transaction with NBNYC is
•our expected financings and investments;
•our regulatory structure and tax status;
•our ability to operate as a BDC and a RIC;
•the timing of the discontinuance of our election to be a BDC and our status as
a RIC;
•NSBF's ability to maintain its license and PLP status under the SBA 7(a)
•NSBF's ability to sell the guaranteed portions of SBA 7(a) loans at premiums;
•the adequacy of our cash resources and working capital;
•the timing of cash flows, if any, from the operations of our portfolio
•the impact of inflation on our business prospects and the prospects of our
portfolio companies;
•the timing, form and amount of any dividend distributions;
•the impact of fluctuations in interest rates on our business including as a
result of the decommissioning of LIBOR and implementation of alternatives to
•the impact of inflation, rising interest rates and the risk of recession on our
business prospects and the prospects of our portfolio companies;
•the impact of the ongoing war between Russia and Ukraine and general
uncertainty surrounding the political stability of the United States, the United
Kingdom, the European Union and China;
•the valuation of any investments in portfolio companies, particularly those
having no liquid trading market; and
•our ability to recover unrealized losses;
•NSBF's ability to issue SBA 7(a) guaranteed loans;
•the effect of legal, tax and regulatory changes, including the recently
announced Inflation Reduction Act of 2022;
•the ability of our SBA 7(a) borrowers to pay principal and interest, including
after any deferment period granted by NSBF; and
•the ability to enter into and/or maintain joint ventures or other financing

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The following discussion should be read in conjunction with our condensed
consolidated financial statements and related notes and other financial
information appearing elsewhere in this report. In addition to historical
information, the following discussion and other parts of this report contain
forward-looking information that involves risks and uncertainties. Our actual
results could differ materially from those anticipated by such forward-looking
information due to the factors discussed under Item 1A-"Risk Factors" of Part II
of this quarterly report on Form 10-Q and the Company's Quarterly Reports on
Form 10-Q for the quarters ended March 31, 2022 and June 30, 2022, filed with
the SEC on May 9, 2022, and August 8, 2022, respectively, Item 1A-"Risk Factors"
of our Annual Report on Form 10-K for the year ended December 31, 2021, filed
with the SEC on March 1, 2022, and under "Forward-Looking Statements" of this
Item 2.

Executive Overview

We are a leading national non-bank lender and own and control certain portfolio
companies under the Newtek® brand (our "controlled portfolio companies," as
defined below) that provide a wide range of business and financial solutions to
SMBs. Newtek's and its portfolio companies' business and financial solutions
include: Business Lending, including origination of SBA 7(a), SBA 504, and
non-conforming (non SBA) conventional loans, as well as PPP loans in the second
and third quarters of 2020, as well as the first quarter of 2021, Electronic
Payment Processing, Managed Technology Solutions (Cloud Computing), Technology
Consulting, eCommerce, Accounts Receivable and Inventory Financing, personal and
commercial Insurance Services, Web Services, Data Backup, Storage and Retrieval,
and Payroll and Benefits Solutions to SMB accounts nationwide across all
industries. We believe that we have an established and reliable platform that is
not limited by client size, industry type, or location. As a result, we believe
we have a strong and diversified client base across every state in the United
States and across a variety of different industries. In addition, we have
developed a financial and technology enabled business model that allows us and
our controlled portfolio companies to acquire and process our SMB clients in a
very cost effective manner. This capability is supported in large part by
NewTracker®, our patented prospect management technology software, which is
similar to, but we believe better suited for our needs than, the system
popularized by We believe that this technology and business
model distinguishes us from our competitors.

On August 2, 2021, the Company entered into the Stock Purchase Agreement to
acquire all of the issued and outstanding stock of NBNYC (the Acquisition). This
Acquisition is part of a plan to reposition the Company as a bank holding
company that intends to elect financial holding company status, and is subject
to Regulatory Approvals. In connection with this plan, on June 1, 2022, the
Company held a special meeting of shareholders, at which the Company's
shareholders approved a proposal to authorize the Company's Board of Directors
to discontinue the Company's election to be regulated under the Investment
Company Act of 1940, subject to Regulatory Approvals and other conditions
described in the proxy statement filed with the SEC on May 2, 2022. Subsequent
to the approval of this proposal, which was required under the 1940 Act, the
Company may choose to discontinue its election as a BDC; however, the Company's
Board of Directors will not seek to discontinue the Company's election as a BDC
until after the Company receives the required Regulatory Approvals and after
certain of the Acquisition closing conditions are met. The final decision on the
timing of the Company's discontinuance from regulation as a BDC will be made by
the Board of Directors based on such factors deemed appropriate by the Board of
Directors, including the then current status of the Acquisition and discussions
with applicable regulatory authorities; the Company currently intends to
maintain its status as a BDC and RIC in the near term. The consideration payable
by the Company at closing of the Acquisition will be $20.0 million in cash,
subject to certain adjustments. In addition, the Stock Purchase Agreement
contemplates that, as of the closing and subject to Regulatory Approvals, NBNYC
will dividend to the NBNYC selling shareholders ("Sellers") both NBNYC's owned
property in Flushing, New York and cash in the amount equal to the excess, if
any, of NBNYC's tangible common equity as of the closing date over $20.0
million. The Stock Purchase Agreement contains certain customary representations
and warranties made by each party. The Company and the Sellers have the right to
terminate the Stock Purchase Agreement under certain circumstances, including if
the purchase has not occurred on or prior to January 3, 2023 or if the requisite
applications and Regulatory Approvals have been denied. We anticipate receiving
the required Regulatory Approvals during the fourth quarter of 2022. If the
Stock Purchase Agreement is terminated in certain circumstances specified
therein, the Company may be required to pay NBNYC a fee of $0.2 million.

Following the closing of the Acquisition, the Company intends to operate as a
bank holding company, subject to certain Regulatory Approvals. Specifically, the
Company intends to contribute certain of its wholly-owned lending portfolio
companies to NBNYC, and to provide centralized lending operations through NBNYC.
The Company intends to further develop the Company's current patented
technology, which the Company anticipates will complement its proposed banking
offerings, subject to Regulatory Approvals. The Company also intends to retain
its current board of directors and management, as supplemental by additional
personnel with banking experience. However, there can be no assurances that the
Company will close the Acquisition, receive the required Regulatory Approvals,
or that the Company will be able to successfully operate as a bank holding

If the Company obtains the required Regulatory Approvals and subsequently
discontinues its election to be treated as a BDC and converts to a bank holding
company, the Company will no longer be subject to the 1940 Act, and the Company
would lose its ability to be taxed on a pass-through basis as a RIC.
Additionally, as a bank holding company, the Company would be
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subject to regulation and supervision that may be different from its current
regulation and supervision, and would be required to comply with accounting and
financial reporting requirements that may be different from its current
reporting requirements. Moreover, converting to a bank holding company may make
it more difficult for the Company to be acquired. For information on the risks
of converting to a bank holding company, see "Item 1A. Risk Factors - Risk
Related to Converting to a Financial Holding Company" in the Company's Annual
Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on
March 1, 2022.

We consolidate the following wholly owned subsidiaries:

Newtek Small Business Finance, LLC
Newtek Asset Backed Securities, LLC
CCC Real Estate Holdings, LLC
The Whitestone Group, LLC
Wilshire DC Partners, LLC
Wilshire Holdings I, Inc.1
Wilshire Louisiana BIDCO, LLC
Wilshire Louisiana Partners II, LLC
Wilshire Louisiana Partners III, LLC
Wilshire Louisiana Partners IV, LLC
Wilshire New York Advisers II, LLC
Wilshire New York Partners III, LLC
Wilshire Partners, LLC
Exponential Business Development Co., Inc.1
Newtek Commercial Lending, Inc.1
Newtek LSP Holdco, LLC
Newtek Business Services Holdco 1, Inc.1 (surviving entity of January 2021 merger with
Newtek Business Services Holdco 2, Inc.)

Newtek Business Services Holdco 3, Inc.1
Newtek Business Services Holdco 4, Inc.1
Newtek Business Services Holdco 5, Inc.1 (formerly Banc-Serv Acquisition, Inc.)
Newtek Business Services Holdco 6, Inc.1

(1) Taxable subsidiaries

We are an internally-managed, closed-end, non-diversified investment company
that has elected to be regulated as a BDC under the 1940 Act. In addition, for
U.S. federal income tax purposes, we have elected to be treated as a RIC under
the Code beginning with our 2015 tax year. As a BDC and a RIC, we are also
subject to certain constraints, including limitations imposed by the 1940 Act
and the Code. 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.
However, as part of our plan to reposition ourself as a bank holding company
that intends to elect financial holding company status, if we discontinue the
Company's election as a business development company under the 1940 Act, we will
no longer be subject to the investment restrictions under the 1940 Act, and no
longer qualify as a RIC under the Code. See "Item 1A. Risk Factors - Risks
Related to Converting to a Financial Holding Company" in the Company's Annual
Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on
March 1, 2022.

Our common stock is currently listed on the Nasdaq Global Market under the symbol “NEWT”.

NSBF, a nationally licensed SBA lender under the federal Section 7(a) loan
program, 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.

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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

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 2.25% to 3.00% 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 what we
believe are 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. We may enter into new joint
venture partnerships to create additional third-party capital to originate
loans. 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.

On March 27, 2020, the CARES Act was signed into law in response to the COVID-19
pandemic and established the PPP. NSBF participated in the PPP and funded the
balance of its PPP loans in July 2021. Income earned in connection with the PPP
should not be viewed as recurring.

Economic Developments and COVID-19

We have observed and continue to observe supply chain interruptions, significant
labor and resource shortages, commodity inflation, rising interest rates,
economic sanctions as a result of the ongoing war between Russia and Ukraine and
elements of economic and financial market instability in the United States, the
United Kingdom, the European Union and China. One or more of these factors may
contribute to increased market volatility, may have long term effects in the
United States and worldwide financial markets, and may cause economic
uncertainties or deterioration in the United States and worldwide. Additionally,
in the event that the U.S. economy enters into a protracted recession, it is
possible that the results of some of the companies similar to those in which we
invest could experience deterioration, which could ultimately lead to difficulty
in meeting debt service requirements and an increase in defaults. While we are
not seeing signs of an overall, broad deterioration in our portfolio company
results at this time, there can be no assurance that the performance of certain
of our portfolio companies will not be negatively impacted by economic
conditions, which could have a negative impact on our future results.

————————————————– ——————————


Over two years after COVID-19 was recognized as a pandemic by the World Health
Organization, its continued persistence in the United States and worldwide and
the magnitude of the economic impact of the outbreak continue to create an
uncertain environment in which we and our portfolio companies operate. The
preventative measures taken to contain or mitigate the spread of COVID-19 have
caused, and may in the future cause, business shutdowns, cancellations of events
and other travel disruptions. We continue to closely monitor our portfolio
companies; however, we are unable to predict the duration of any business and
supply-chain disruptions and resource shortages, the extent to which COVID-19 or
economic conditions will negatively affect our portfolio companies' operating
results or the impact that such disruptions may have on our results of
operations and financial condition.

Common stock price range

Our common stock is traded on the Nasdaq Global Market under the symbol "NEWT."
High and low prices for the common stock over the previous two years are set
forth below, based on the highest and lowest intraday sales price per share
during that period.

                                                                                                Premium of High          Premium of Low Sales
                                               Price Range                     NAV1           Sales Price to NAV2           Price to NAV2
                                        High                  Low

Third Quarter                          $20.50               $16.73            $15.41                  33%                         9%
Fourth Quarter                         $19.82               $16.24            $15.70                  26%                         3%

First Quarter                          $28.63               $18.77            $16.28                  76%                        15%
Second Quarter                         $38.78               $26.41            $16.38                  137%                       61%
Third Quarter                          $36.41               $24.07            $16.23                  124%                       48%
Fourth Quarter                         $32.38               $25.63            $16.72                  94%                        53%

First Quarter                          $28.70               $24.00            $16.49                  74%                        46%
Second Quarter                         $27.18               $17.65            $16.31                  67%                         8%
Third Quarter                          $23.11               $15.65            $16.04                  44%                        (2)%

(1) Net asset value per share is determined as of the last day in the relevant
quarter and therefore may not reflect the net asset value per share on the date
of the high and low sales prices. The values reflect net asset value per share
and are based on outstanding shares at the end of each period.

(2) Calculated as the respective higher or lower selling price divided by the net asset value and subtracting 1.


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. Our portfolio
activity also reflects the proceeds of sales of securities. We receive servicing
income related to the guaranteed portions of SBA investments which we originate
and sell into the secondary market. These recurring fees are earned daily and
recorded when earned. In addition, we may generate revenue in the form of
packaging, prepayment, legal and late fees. We record such fees related to loans
as other income. Dividends are recorded as dividend income on an accrual basis
to the extent that such amounts are payable by the portfolio company and are
expected to be collected. Dividend income is recorded at the time dividends are
declared. Distributions of earnings from portfolio companies are evaluated to
determine if the distribution is income, return of capital or realized gain. In
addition, under
  Table of Contents
the PPP that began in the second quarter of 2020 and concluded during the third
quarter of 2021, the SBA reimbursed the Company for originating loans and such
SBA reimbursements are included as interest income on PPP loans. Income earned
in connection with the PPP should not be viewed as recurring. NSBF funded the
balance of its PPP loans by the end of July 2021. NSBF has redeployed resources
used to generate PPP loans to the origination of SBA 7(a) loans.
We recognize realized gains or losses on investments based on the difference
between the net proceeds from the disposition and the cost basis of the
investment without regard to unrealized gains or losses previously recognized.
We record current period changes in fair value of investments and assets that
are measured at fair value as a component of the net change in unrealized
appreciation (depreciation) on investments or servicing assets, as appropriate,
in the consolidated statements of operations.


Our primary operating expenses are salaries and benefits, interest expense,
origination and servicing and other general and administrative costs, such as
professional fees, marketing, referral fees, servicing costs and rent. Since we
are an internally-managed BDC with no outside adviser or management company, the
BDC incurs all the related costs to operate the Company.


The Company is a guarantor on the Receivable and Inventory Facility at NBC.
Maximum borrowings under the Receivable and Inventory Facility are $12.0 million
and will be reduced until the facility matures in May 2023. At September 30,
2022, total principal owed by NBC was $10.3 million. In addition, the Company
deposited $0.75 million to collateralize the guarantee. At September 30, 2022,
the Company determined that it is not probable that payments would be required
to be made under the guarantee.

The Company is a guarantor on the NBL Capital One Facility, NBL Deutsche Bank
Facility and NBL One Florida Bank Facility. Maximum borrowings under the NBL
Capital One Facility are $75.0 million with an accordion feature to increase
maximum borrowings to $150.0 million. The lenders' commitments terminate in
November 2022, with all amounts due under the NBL Capital One Facility maturing
in November 2023. Maximum borrowings under the NBL Deutsche Bank facility $100.0
million with a maturity date in March 2023. Maximum borrowings under the NBL One
Florida Bank facility are $20.0 million with a maturity date in September 2024.
At September 30, 2022, total principal owed by NBL under these facilities was
$37.1 million. At September 30, 2022, the Company determined that it is not
probable that payments would be required to be made under these guarantees.

The Company is a guarantor on the Webster Facility, a term loan facility between
NMS with Webster Bank with an aggregate principal amount up to $50.0 million.
The Webster Facility matures in November 2023. At September 30, 2022, total
principal outstanding was $21.9 million. At September 30, 2022, the Company
determined that it is not probable that payments would be required to be made
under the guarantee.

The Company’s Non-Conforming Conventional Commercial Loan Program

NCL: We established a 50/50 joint venture, NCL, between Newtek Commercial
Lending, Inc., a wholly-owned subsidiary of Newtek, and Conventional Lending TCP
Holding, LLC, a wholly-owned, indirect subsidiary of BlackRock TCP Capital
Corp. (Nasdaq:TCPC). NCL provided non-conforming conventional commercial and
industrial term loans to U.S. middle-market companies and small businesses. NCL
ceased funding new loans during 2020. On January 28, 2022, NCL closed a
conventional commercial loan securitization with the sale of $56.3 million Class
A Notes, NCL Business Loan Trust 2022-1, Business Loan-Backed Notes, Series
2022-1, secured by a segregated asset pool consisting primarily of NCL's
portfolio of conventional commercial business loans, including loans secured by
liens on commercial or residential mortgaged properties, originated by NCL and
NBL. The Notes were rated "A" (sf) by DBRS Morningstar. The Notes were priced at
a yield of 3.209%. The proceeds of the securitization were used, in part, to
repay the Deutsche Bank credit facility and return capital to the NCL partners.
Refer to NOTE 3-INVESTMENTS for selected financial information and a schedule of
investments of NCL as of September 30, 2022.

Newtek-TSO JV: On August 5, 2022, Newtek Commercial Lending, Inc. and TSO II
Booster Aggregator, L.P. ("TSO II") entered into a joint venture, Newtek-TSO JV,
governed by the Amended and Restated Limited Partnership Agreement for the
Newtek-TSO JV. Newtek Commercial Lending, Inc. and TSO II each committed to
contribute an equal share of equity funding to the Newtek-TSO JV and each will
have equal voting rights on all material matters. The Newtek-TSO JV intends to
deploy capital over the course of time with additional leverage supported by a
warehouse line of credit. The intended purpose of the Newtek-TSO JV will be to
invest in non-conforming conventional commercial and industrial term loans made
to middle-market companies as well as small businesses. It is anticipated that
Newtek-TSO JV will begin making investments during the fourth
  Table of Contents
quarter of 2022.

Unfunded Commitments

At September 30, 2022, the Company had $15.3 million of unfunded commitments in
connection with its SBA 7(a) non-affiliate investments related to portions of
loans originated which are partially funded. The Company will fund these
commitments from the same sources it uses to fund its other investment

Quality and composition of loan portfolio assets

The following tables set forth distributions of the cost basis of the Company's
SBA 7(a) loan portfolio at September 30, 2022 and December 31, 2021,
respectively, in thousands. The tables include loans in which NSBF owns 100% as
a result of NSBF originating the loan and subsequently repurchasing the
guaranteed portion from the SBA. The total of 100% NSBF-owned loans at September
30, 2022 and December 31, 2021 is $11.8 million and $18.5 million, respectively.

Breakdown by type of business

From September 30, 2022

          Business Type             # of Loans        Balance       Average 

Balance % of balance

    Existing Business                2,655          $ 404,591      $           152             80.5  %
    Business Acquisition               377             68,662                  207             13.7  %
    Start-Up Business                  314             29,147                   96              5.8  %
    Total                            3,346          $ 502,400      $           150            100.0  %

    As of December 31, 2021
          Business Type             # of Loans        Balance       Average

Balance % of balance

    Existing Business                2,162          $ 349,999      $           162             81.1  %
    Business Acquisition               333             59,794                  207             13.8  %
    Start-Up Business                  266             22,176                   96              5.1  %
    Total                            2,761          $ 431,970      $           156            100.0  %

Breakdown by borrower’s credit score

       September 30, 2022
           Credit Score          # of Loans        Balance       Average Balance      % of Balance
       500 to 550                    11          $   3,060      $           278              0.6  %
       551 to 600                    55             13,825                  251              2.8  %
       601 to 650                   285             55,539                  195             11.1  %
       651 to 700                   869            137,158                  158             27.3  %
       701 to 750                 1,188            170,497                  144             33.9  %
       751 to 800                   822            110,135                  134             21.9  %
       801 to 850                   114             12,141                  106              2.4  %

       Not available                  2                 44                   22              0.0  %
       Total                      3,346          $ 502,400      $           150            100.0  %


————————————————– ——————————

  Table of Contents

       December 31, 2021
           Credit Score          # of Loans        Balance       Average Balance      % of Balance
       500 to 550                    15          $   3,562      $           237              0.8  %
       551 to 600                    59             15,322                  260              3.6  %
       601 to 650                   299             59,139                  198             13.7  %
       651 to 700                   754            118,150                  157             27.4  %
       701 to 750                   914            140,720                  154             32.6  %
       751 to 800                   632             85,479                  135             19.8  %
       801 to 850                    86              9,548                  111              2.2  %
       Not available                  2                 49                   25              0.0  %
       Total                      2,761          $ 431,970      $           179            100.0  %

Breakdown by type of primary guarantee

September 30, 2022

         Collateral Type               # of Loans        Balance       Average Balance      % of Balance
Commercial Real Estate                  1,048          $ 224,586      $           214             44.8  %
Machinery and Equipment                   482             85,054                  176             16.9  %
Residential Real Estate                   965             81,898                   85             16.3  %
Accts Receivable and Inventory            420             75,769                  180             15.1  %
Other                                     100             26,313                  263              5.2  %
Unsecured                                 282              5,718                   20              1.1  %
Furniture and Fixtures                     36              2,210                   61              0.4  %
Liquid Assets                              13                851                   65              0.2  %
Total                                   3,346          $ 502,400      $           150            100.0  %

December 31, 2021
           Collateral Type                     # of Loans             Balance            Average Balance              % of Balance
Commercial Real Estate                           1,016             $   228,381          $           225                          53.0  %
Machinery and Equipment                            430                  73,433                      171                          17.0  %
Accounts Receivable and Inventory                  312                  50,692                      162                          11.7  %
Residential Real Estate                            707                  47,240                       67                          10.9  %
Other                                               93                  26,509                      285                           6.1  %
Unsecured                                          161                   2,984                       19                           0.7  %
Furniture and Fixtures                              28                   1,797                       64                           0.4  %
Liquid Assets                                       14                     936                       67                           0.2  %
Total                                            2,761             $   431,970          $           156                         100.0  %


————————————————– ——————————


Breakdown by days late

     September 30, 2022
       Delinquency Status         # of Loans        Balance       Average Balance      % of Balance

        Current                    3,098          $ 431,347      $           139             85.8  %
        31 to 60 days                 42             12,195                    -              2.4  %
        61 to 90 days                  -                  -                    -                -  %
        91 days or greater             -                  -                    -                -  %
     Non-accrual                     206             58,858                  286             11.8  %
     Total                         3,346          $ 502,400      $           150            100.0  %

     December 31, 2021
       Delinquency Status         # of Loans        Balance       Average Balance      % of Balance
        Current                    2,512            365,198      $           145             84.6  %
        31 to 60 days                 59             12,646                  214              2.9  %
        61 to 90 days                  -                  -                    -                -  %
        91 days or greater             -                  -                    -                -  %
     Non-accrual                     190             54,126                  285             12.5  %
     Total                         2,761          $ 431,970      $           156            100.0  %

© Edgar Online, source Previews

How Reddit Became One of the World’s Largest NFT Marketplaces in Just Four Months Sat, 05 Nov 2022 11:02:30 +0000

Brian Nguyen describes himself as a “whale,” a cryptocurrency term used to describe collectors of high-value non-fungible tokens (NFTs). “I’m interested in buying the expensive, higher-tier ones,” said Nguyen, a Los Angeles-based venture capital adviser.

But lately, the 28-year-old hasn’t focused on popular, pre-made NFT collections like Bored Ape Yacht Club or CryptoPunks. He bought Reddit Collectible Avatars, a new NFT initiative from the social community platform.

Despite only being four months old, Reddit’s NFT marketplace, called Vaults, has already grown to a $10.5 million marketplace. And with 2.3 million Reddit Avatar owners, the platform’s number of active users has surpassed those of OpenSea, which bills itself as the largest NFT marketplace. Reddit’s collectible avatars, variations of the website’s iconic mascot, Snoo, are designed by artists active in the platform’s comic book and digital art sub-communities. With a price range of $10 to $100, they are generally accessible and can be purchased by credit card. But the avatars quickly sold out, fetching high prices on the secondary market.

Nguyen estimates he’s spent over $100,000 on Reddit avatars so far, mostly through purchases on OpenSea. He’s particularly interested in a collection of Reddit avatars called Midas Touch, and has already purchased five of the golden avatars for $15,000 each.

NFTs give users social power within their communities

Reddit avatars are used as profile pictures for Reddit users, giving the images a glowing effect when commenting in forums. “People don’t know who you are when you post on Reddit, but an expensive NFT gives you more credentials,” Nguyen said. Besides viewing them as a long-term investment, he calls avatars a “social flex,” akin to driving an expensive Ferrari or Lamborghini. And in terms of instant recognition, Nguyen said an avatar profile picture is the equivalent of being granted a verified blue tick on Twitter.

With Twitter’s verification system being changed under new CEO Elon Musk, the social media platform could take inspiration from Reddit Avatars and adopt something similar in the future, according to professor Andrea Baronchelli. at City University London studying crypto and NFT space. “It’s a new tool, very flexible. It’s perfect for community engagement,” he said.

Reddit NFTs are simply known as collectible avatars. Courtesy of Reddit.

Reddit chose to store its NFTs on a blockchain called Polygon because of its low cost and sustainability commitments, according to a press release. “The system is simple and effective,” Baronchelli said. “And the fact that there are low fees is very appealing.” Using credit cards as payment further simplifies the process, Baronchelli said, because it ties the abstract concept of blockchain to something used daily in reality. “Simplicity is the crucial thing,” he said.

According to Merav Ozair, blockchain expert and professor of financial technology at Rutgers Business School, an important part of Reddit’s surprising success in NFT is the platform’s community. The majority of NFT and blockchain users discuss their activity on platforms like Reddit, in addition to Telegram and Discord. “That’s where you’ll find them,” Ozair said. “Reddit is creating something for the community itself.”

Although Reddit isn’t as widely used as social media sites like Twitter or Instagram, Ozair said the Avatar concept could eventually move to those platforms, especially since they’ve already shown interest. In January, Twitter announced that NFTs could be used as profile pictures for members of the Twitter Blue subscription service, while Instagram in August began testing “Digital Collectibles” and allowing a handful of creators to share NFTs on the platform. “Now, after Reddit, maybe they have a business model on how to do that,” Ozair said.

Despite the popularity of its NFTs, Reddit refuses to use crypto terminology

Another factor in Reddit’s success has been the push towards avatars by various companies, as a way to incorporate NFTs. “It’s a theme I see everywhere. Creating an avatar is what everyone is talking about right now: JPMorgan, Microsoft, big fashion designers,” Ozair said. In February, JPMorgan became the first bank to enter the metaverse, creating a lounge in the world based on the Decentraland blockchain where people can attend as digital avatars. In October, Microsoft announced “Mesh avatars” for Microsoft Teams, where meeting attendees are replaced with digital versions of themselves. And in 2021, Gucci teamed up with social media app Zepeto to create 3D avatars that can be dressed in Gucci outfits.

NFT avatars are particularly useful when it comes to social media, as they can be used as a form of authentication, according to Ozair. “Because it’s one of a kind, if I own it, I’m the only one who owns it and no one else can claim it’s them. It has great power.

Red and White Reddit Logo
Reddit’s mascot “Snoo”, which his avatars are based on. (Photo Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images)

One notable aspect of Reddit’s new initiative is the absence of the term “NFT” or any other cryptocurrency jargon. “They’ve taken a good path when it comes to branding,” said Arun Sundararajan, an NYU professor specializing in digital technologies. “There’s kind of a mixed association in people’s minds about NFTs right now.” In recent months, crypto and NFTs have been associated with scams and severe financial downturns.

Getting away from that kind of terminology also made the process less scary for consumers, Sundararajan said. “Reddit holds the user’s hand, which makes it feel like a more natural goal than anything in the blockchain world.” After the advent of the internet, user-generated websites like WordPress and social media platforms emerged after realizing that the majority of the population needed an easier form of entry, Sundararajan said. “Its success was partly because people didn’t want to deal with uncertain technological details.”

While NFTs have been surprisingly difficult for users to access, Reddit has simplified the process by using understandable terminology, integrating its new marketplace into a familiar platform, and not upsetting or intimidating consumers with the technology. real behind his avatars, Sundararajan said. “I think a lot of Web3 companies haven’t learned that yet.”

How Reddit Became One of the World's Largest NFT Marketplaces in Just Four Months

LSU/Alabama game sold out – Tickets available on secondary market Wed, 02 Nov 2022 11:05:29 +0000

This Saturday, November 5 will take place the highly anticipated big game between #6 Alabama and #15 LSU. The game will take place in Baton Rouge at Tigers Stadium.

The game will be televised to national audiences on ESPN at 6:00 p.m. We were rolling on Facebook when we saw the LSU Football Facebook Page announce that the game is now sold out.

This got us thinking, can you still buy tickets for the game? The answer is yes. Places like Live Seats, Stub Hub and other secondary ticket outlets currently have plenty of seats for sale.

Getty Images/Ingram Edition

Getty Images/Ingram Edition

For example, we saw on Stub hub that if you want to sit on the lower level of the stadium, you’ll have to be prepared to pay $300 to $600 for each ticket. So, for two people to go to the game and sit at the fifty-yard line, it would cost you over $1,200! That’s before you even pay to park, buy food and drink, and pay for gas to get to and from the game.

The moral of this story is that you will have to get your wallet out and get ready to pay. Now we’ve found more affordable tickets to the game, but get ready to sit with Jesus. Upper deck tickets cost around $150 to $275 per ticket. It’s a little better but you’ll be very high in the stands.

Florida vs. LSU

Marianna Massey, Getty Images

So there you go, are you going to Baton Rouge and shelling out the cash or are you just going to get some friends together and watch it at home? Either way, support the Tigers because if they win, they take first place in SEC West!

9 signs your retirement is on the right track Sat, 29 Oct 2022 11:19:32 +0000
goodluz /

Nearly three-quarters – 73% – of American workers surveyed say they are “fairly confident” that they will have enough money to live comfortably in retirement. This includes 28% who are “very confident” that they are on the right path to retirement, according to the 2022 Retirement Confidence Survey conducted by Employee Benefit Research Institute (EBRI) and Greenwald Research.

Meanwhile, a third of workers and 24% of retirees surveyed are less confident they are on the right track due to the COVID-19 pandemic, according to the same survey. More than 2,600 adults, aged 25 and over, were surveyed to arrive at the results.

No matter which group you land in, staying on top of your retirement planning and progress is essential to ensure you have enough money for a comfortable retirement.

Wondering if your retirement planning is going as it should? Here are signs that your retirement is on the right track.

1. You save enough for retirement

man calculating his savings
Prostock-studio /

If you plan to work until age 65, you’ll need to produce 20 to 30 years of income throughout retirement, says Tom Martin, a certified wealth management professional at Vaylark Financial Services, a financial planning firm in Hartford. , Connecticut.

“If you need $75,000 a year to survive today, you’ll probably need $1.5 million to survive to age 85 or $2.25 million to survive to age 95. says Martin. He tells Money Talks News that if someone’s Social Security has to pay $24,000 a year, that could be $500,000 of the $1.5 million needed to cover costs until age 85.

If you have a funding shortfall, Martin suggests increasing retirement account contributions, cutting expenses, and/or scrambling to earn more.

“If you’re behind on your retirement goals in your 50s, you might want to give serious thought to not claiming Social Security until age 70,” says Martin. “By not claiming social security [until age 70]you can work into your 60s without worrying about reduced Social Security benefits and increased Social Security payments. »

2. You have automated retirement savings

An elderly couple take advantage of their retirement savings
Ruslan Gouzov /

If you’ve automated your retirement savings and set them up to grow each year, you’re probably well on your way to preparing for retirement, says Andrew Rosen, certified financial planner and president of Diversified LLC, a financial planning with offices in Delaware, Pennsylvania and Alabama.

“By automating your savings, you are prioritizing saving for your retirement,” Rosen told Money Talks News. “Adding an automatic increase ensures that you’ll adjust this savings amount each year for inflation. It’s still important to check how you’re saving, but automation takes the guesswork out of saving for retirement and makes it a habit.

To stay on track for retirement, Rosen suggests increasing automated contributions to your retirement accounts by 1-2% each year or 25% of any annual increase received.

3. Most or all of your debt will be paid off

Woman with cut out credit card
pathdoc /

Will you no longer have a mortgage, credit card debt, car loan or student loan when you retire? If so, that’s a positive sign that this important part of your retirement is on the right track.

On the other hand, retiring with debt means you’ll have monthly payments that eat into your income. You may even need to work part-time or withdraw additional funds from your retirement account.

“To go into debt in retirement, you need income to pay for it,” says Martin. “That extra income can erode your Social Security benefits, whether through taxes or reduced benefits.”

4. You plan for anticipated retirement costs

Senior couple with financial advisor
Sirtravelalot /

The amount your retirement will cost you will vary greatly depending on your retirement lifestyle.

“Find out how much it will cost you annually for food, lodging, transportation and entertainment,” says Martin. “Also be sure to price any retirement activities such as travel, golf or boating and factor in inflation.”

“Normally, inflation is not really a concern. However, when it gets out of control like it is today, everything can cost a lot more and that hurts retirees,” adds Martin. “Although we cannot predict periods of excessive inflation, it is important to consider minimum inflation each year.”

To track inflationary trends, Martin recommends visiting the US Bureau of Labor Statistics or looking at economic data and forecasting site Trading Economics.

5. You have financial skills

Woman with financial advisor
Odua Images /

If you have a budget and track how much you’re spending, saving and earning and are ready to look at your debt and come up with a plan to reduce that number, you’re already financially savvy to some degree, according to Rosen.

“Financial literacy is a key part of retirement planning, and the sooner you start to feel comfortable with your finances, the better prepared you’ll be for retirement,” says Rosen.

“By frequently checking and monitoring your progress with your budget, savings, retirement account, debt, and financial plan, you’ll notice if something is wrong,” he adds. Rosen suggests reassessing both short-term and long-term financial goals after major life changes, such as moving, having a child, or getting divorced.

Rosen says these frequent check-ins are important to keeping your retirement on track. They give you the opportunity to catch and correct current problems and ensure that your finances don’t go in the wrong direction.

Want to boost your financial literacy skills? Visit and FDIC’s Money Smart to learn about saving, earning, investing, budgeting, spending, borrowing and more.

And, of course, by signing up to the Money Talks News newsletter, you’ll get the latest retirement news and advice delivered to your inbox.

6. You have a sufficient emergency fund

Emergency fund
Ariya J /

Having a fully funded emergency account is another sign that you’re on the right path to retirement. This money is essential to enable you to weather any financial storm, such as job loss or medical crisis, without going into debt or dipping into your retirement accounts.

“Not only will you need an emergency fund, but also a cash fund where you will have access to your money,” says Rosen. “If you make it a habit of having access to cash that is available but not intended for everyday use, you will be better prepared to manage your financial situation in retirement.”

If you don’t have an emergency fund yet, check out: “9 Tips for Starting an Emergency Fund Today”.

7. You review retirement account statements

Man working on taxes
Syda Productions /

Never looking at your retirement account statements is a “recipe for disaster,” says Chris McMahon, president and CEO of Aquinas Wealth Advisors, a financial planning firm in Pittsburgh, Pennsylvania. Still, some people go years, even decades, without checking their retirement account statements, he told Money Talks News.

“Often these statements will provide additional guidance such as performance relative to the market or level of risk relative to most people your age,” he explains. “In short, these quarterly reminders can have a huge positive impact on where you might end up in retirement. In the quest for a safe and comfortable retirement, your plan statement is worth gold.

“If your account contains a lot more stocks than average, you may be taking on more risk than you think,” McMahon adds. “Be sure to check the performance breakdown of the individual holdings in your account shown on your statement. If one of your holdings is performing significantly worse than the others, this could be a red flag to consider replacing that holding.

8. You plan your future taxes

Woman doing taxes on laptop
Antonio Guillem /

To stay on track for your retirement, be sure to anticipate future tax increases.

“Federal income taxes are expected to rise at the end of 2026,” Martin says. “If you are in the 24% tax bracket today, you will be in the 28% tax bracket in 2026.”

Roth conversions can be a way to avoid future tax increases. By transferring money from a Traditional IRA to a Roth IRA, you will pay taxes on the money at today’s rates. Then the money in a Roth account grows tax-free and can be withdrawn tax-free in retirement.

“The more taxes you have to pay, the more aggressive retirees will have to be with withdrawals from retirement accounts,” Martin notes. “That, in turn, will cause more Social Security to be taxed, which will increase the likelihood of running out of money.”

9. Retirement worries don’t disturb your sleep.

Happy sleeping woman
Andrey_Popov /

If you’re confident enough in your retirement plans to fall asleep when your head hits the pillow, that’s a sign your retirement is probably on the right track, according to McMahon. Listening to your inner voice gives you insight into the steps you may still need to take to plan for retirement.

If you’re wondering if you’re okay, have enough money, or need to rely on your kids after you retire, it’s your inner self that’s pushing you to address the issue, McMahon says.

“Often people who realize they can fail just ignore the problem,” he adds. “They rationalize, hijack and divert conversations away from any real conversation about preparing for retirement.”

However, those on the right track tend to review and refine their plans regularly. They are happy to discuss the subject and are open to suggestions on methods to improve their chances of having a fulfilling retirement.

Sharps container market size will surpass US$790 billion by Wed, 26 Oct 2022 10:46:50 +0000

Pune, Oct. 26, 2022 (GLOBE NEWSWIRE) — According to a new market research report titled “sharps container market By Product Type (Multipurpose Containers, Patient Room Containers, Phlebotomy Containers), By Use (Single Use Containers, Reusable Containers), By Waste Type (Sharps Waste, Infectious Waste) – Global Outlook & Forecast 2022-2030 published by Growth Plus Reports, the sharps container market is expected to grow at a pace CAGR of 4.38% from 2021 to reach 790 billion US dollars by 2030.

Download PDF Brochure of Sharps Containers Market Size – Impact of COVID-19 and Global Analysis with Strategic Developments on:

Market factors

The global sharps container market is booming owing to the increased demand for proper management of biomedical waste. The WHO (World Health Organization) and other regulatory authorities provide uniform recommendations for the disposal of medical waste. Every healthcare professional and pharmaceutical company follows these guidelines. Additionally, increasing healthcare expenditures, demand for syringes and needles, and rapid adoption of technology in the healthcare industry are propelling the high expansion of the container market.

Excerpts from ‘by type of product’

Multi-purpose containers, patient room containers, and phlebotomy containers are the three product categories under which the sharps container market is classified. The multi-purpose container segment holds the largest market share. The wide availability of multi-purpose containers of different sizes and shapes has increased the demand. Versatile containers also provide ample volume for waste disposal, medical personnel safety and environmental friendliness. The need for proper disposal in hospitals and clinics is likely to increase over the forecast period, driving solid growth in the patient room container market. Likewise, a higher CAGR is expected from the phlebotomy container segment as it is widely used in clinical laboratories, diagnostic facilities, and pharmaceutical companies to dispose of blood samples, hypodermic and intravenous needles.

Excerpts from by use’

The Global Sharps Containers Market is segmented into:

  • Disposable
  • Reusable containers

The reusable sector holds the majority of the market share. Their popularity is growing due to their ability to save money over time by not needing to be replaced as frequently as single-use containers. Healthcare workers have a higher level of safety when using reusable containers, as there is less risk of accidental needlestick injuries.

Speak to our analyst to understand the impact of COVID-19 on your business:

Excerpts from ‘Type of waste’

According to the type of waste, the market is divided into:

  • sharp waste
  • infectious waste

The market was dominated by sharp scrap. The sharps waste segment dominates the market and is produced in substantial quantities worldwide. Increase in surgical and clinical procedures requiring extensive use of needles, catheters, syringes, and cannulas are also contributing to the growth of the industry.

Excerpts from “By region”

Sharps Containers Market has been segmented into:

  • North America
  • Europe
  • Asia Pacific
  • Rest of the world

North America dominates the market for sharps containers. Indeed, there are strict regulations for the disposal of biological waste and laws increasing the use of disposal containers in healthcare facilities. In addition, a state-of-the-art infrastructure would promote the expansion of the market in this region. Additionally, more diagnoses of blood-borne diseases in the area are increasing the need for sharp containers for proper disposal. The Asia-Pacific region is expected to grow as healthcare spending increases in the public and commercial sectors, especially in China, India and Japan.

Excerpts from “Competitive Landscape”

Some prominent players operating in the sharps container market are:

  • EnviroTain, LLC
  • MAUSER Group
  • Daniel Health Group
  • Thermo Fisher Scientific Inc.
  • GPC Medical Ltd.
  • Stericycle, Inc.
  • Henry Schein, Inc.
  • Bondtech Corporation
  • Bemis Manufacturing Company
  • Medtronic plc.
  • Becton, Dickinson and company


    1. Market ecosystem
    2. Schedule under study
      1. Historical years – 2020
      2. Base year – 2021
      3. Planned years – 2022 to 2030
    3. Currency used in the report
    1. Research approach
    2. Data collection methodology
    3. Information source
      1. Secondary sources
      2. Primary sources
    4. Market estimation approach
      1. From bottom to top
      2. From top to bottom
    5. Market Forecast Model
    6. Limits and assumptions
    1. Current market trends (COVID-19 outlook)
    2. Key players and competitive positioning (2021)
    1. Drivers
    2. Constraints
    3. Opportunities
    1. Multipurpose containers
    2. Patient room containers
    3. Phlebotomy containers
    1. Single-use containers
    2. Reusable containers
    1. sharp waste
    2. infectious waste


  • Fueled by free analyst hours and expert interviews with every report
  • Comprehensive quantitative and qualitative information at segment and sub-segment level
  • Trends and perspectives of the impact of Covid 19
  • Granular information at global/regional/country level
  • In-depth insights into market dynamics (drivers, restraints, opportunities) and business environment
  • Global coverage of the competitive landscape
  • Winning imperatives
  • Comprehensive coverage of “strategic developments” recorded by major market players


  • Distributor Landscape Assessment
  • Pricing Information
  • Customer evaluation
  • Analysis of investments and initiatives
  • ‘Company Profile’ of key players

Directly purchase a premium copy of the Sharps Containers Market Growth Report (2022-2030) at:

About Us:

Growth Plus Reports is part of GRG Health, a global healthcare knowledge services company. We are proud members of the EPhMRA (European Pharmaceutical Marketing Research Association).

The Growth Plus portfolio of services leverages our core capabilities in secondary and primary research, market modeling and forecasting, benchmarking, analysis and strategy formulation to help clients create scalable solutions and breakthroughs that set them up for future growth and success.

We have been recognized by the prestigious CEO Magazine as “The Most Innovative Market Research Company in the Healthcare Market of 2020.

		Investing in the bond market: Learn with ETMarkets: What are the advantages of investing in bonds?
		Sat, 22 Oct 2022 06:48:00 +0000

										Bonds in the fixed income category are gaining popularity with retail investors due to their excellent characteristics.  It comes with a host of benefits.

Here we will discuss some of the benefits that may entice you to include bonds in your portfolio.

Main advantages of investing in bonds

• Lower initial investment
You can start investing in bonds with a minimum amount as low as Rs 1000/- (face value). You can increase the amount in multiples of face value. There is no limit to the maximum amount of investment in bonds.

• Better yields
Bonds are known to offer better returns than bank FDs and other investment instruments. Some bonds offer yields in the range of 7 to 14%. AAA-rated bonds also offer yields in the range of 6-9% per year.

• Predictable and stable income
You enjoy predictable income. Also, you can get stable returns if the bond is held to maturity. As a bondholder, you receive periodic interest payments payable monthly, quarterly, semi-annually or annually depending on the terms of the bonds.

• High liquidity
Bonds offer high liquidity compared to FDs as they help you buy or sell them with great ease in the secondary market. It is known to offer the advantage of selling bonds without a substantial change in price.

• Risk-reward ratio
Bonds still have a favorable payout ratio compared to other asset classes. It enjoys a higher return compared to term deposits with almost the same risk while it is much safer than stocks with equivalent compound returns.

• Capital protection
In a volatile stock market, capital protection is a major concern, especially for risk-averse individuals. Bonds are known to provide capital protection, safety and liquidity in all circumstances. Within the same category, government bonds and AAA-rated bonds are considered the safest and the degree of safety decreases with lower ratings.

• Portfolio diversification
Bonds can help you diversify your portfolio and balance the risk/reward ratio associated with different assets. It can also prove to be a great addition to your investment portfolio.

• Tax benefit
A few specific types of bonds can help reduce your tax burden. Tax savings bonds enjoy special privileges under Section 80CCF of the Income Tax Act. Investing in tax-exempt bonds helps you earn tax-free income.

The risk/reward ratio of bonds is much more favorable than that of other asset classes.

It enjoys the advantage of giving higher returns like stocks and being safe like fixed deposits while being liquid at all times. Therefore, part of your portfolio should always include bonds.

(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Has Burgundy reached a peak? Wed, 19 Oct 2022 10:40:14 +0000

The rise of Burgundy in the secondary market has been very notable in recent years, being the best performing region and registering significantly higher trading volumes. But as economic storms brew, is consolidation on the way?

Matthew O’Connell, CEO of LiveTrade, Bordeaux Index’s online trading platform, said the beverage trade that the history of Burgundy has been – and remains – centered mainly on the high end of the market, the 20-30 “blue chips” which are attracting a growing number of ultra-rich collectors.

The company’s strong results in the first half of the year were partly driven by demand for these super rare Burgundies, which rose by +26% in price, well above the impressive 10% in the secondary market. global,” O’Connell points out. .

“In fact, buying has widened slightly within this group: where the price increases were particularly pronounced at Leroy and Rousseau towards the end of 2021, we saw certain cuvées from Dujac and Mugnier, for example, also really outperform in 2022,” he said. said.

Some producers have established “a kind of cult,” he noted, pointing to Arnoux-Lachaux and Jean-Yves Bizot.

“The demand for these is narrower than for the broader blue chip universe, but fierce enough on its own,” he said.

Meanwhile, white Burgundy has been through a particularly strong period, with Bordeaux Index data showing that Coche Dury, Leflaive, Raveneau and Ramonet have seen particularly remarkable price appreciation.

“The multiple new ‘short’ vintages are attracting market attention,” he added. “While on the one hand it doesn’t make a huge difference to the overall stock of these wines on the market (given there are 20-25 vintages on the market), there is now a clear expectation of a long-term dwindling supply of Burgundy and people sat up and took note of that.

Some of the best performing names on the market in 2022 include Arnoux Lachaux Nuits St Georges Poisets 2009, which has seen an astonishing 152% increase in 2022 year to date, followed by Leflaive Chevalier Montrachet 2010, up 87% , ahead of De Vogue Musigny 2005 (+56%) and Meo Camuzet Cros Parantoux 2017 (+51%). The momentum largely persisted in Q3 with particularly marked interest around the 2019 and 2020 vintages of the big names in the secondary market.

As O’Connell points out, it’s natural to see a period of consolidation after such impressive growth – after all, Burgundy has been on an upward trajectory since 2015 – but that may not be what we’re seeing this time around. -this.

“Upward price movements can often be followed by periods of stability as the market adjusts to new price levels, before potentially resuming gains,” he said, pointing to the price consolidation of 2019 after the substantial gains of 2018.

“However, that’s not what we’re seeing in the market right now – demand remains very strong and the current GBP weakness will likely act as a tailwind,” he said.

It’s still likely to inspire the very wealthy to start looking elsewhere, in other regions if one of them peaks.

However, O’Connell insists that hasn’t happened here, especially among the top 20-30 names. “Indeed, we believe the opposite is true – one of the main reasons Burgundy prices continue to rise is the inability to substitute very high Burgundy for other regions,” he explained. “Collectors who buy these names don’t want to look elsewhere.”

He notes the thought that as you move down the Burgundian spectrum, this “worship interest” diminishes and substitution becomes more of an issue.

“In this context, Oregon and New Zealand are the two regions most likely to benefit,” he said.