Item 1.01. Entry Into a Material Definitive Agreement.

On April 23, 2021, a wholly-owned affiliate of Newtek Business Services Corp. ("Newtek"), Newtek Commercial Lending, Inc., and Capital Finance Opportunities 2101C, LP ("CFO"), entered into a joint venture, Newtek Conventional Lending II, LLC (the "JV"), governed by the Limited Liability Company Agreement for the JV. Newtek and CFO each committed to contribute an equal share of equity funding to the JV and each will have equal voting rights on all material matters. The 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 JV will be to originate commercial loans to middle-market companies as well as small businesses.

The foregoing description of the joint venture agreement is not complete and is qualified in its entirety by reference to the full text of such agreement, which will be filed as an exhibit to the Company's next Quarterly Report on Form 10-Q.

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