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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended March 31, 2026

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

For the transition period from _____to_____

Commission file number: 814-01035

NEWTEKONE, INC.

(Exact name of registrant as specified in its charter)


Maryland						46-3755188
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

4800 T Rex Avenue, Suite 120, Boca Raton, Florida						33431
(Address of principal executive offices)						(Zip Code)

(212) 356-9500

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.02 per share

NEWT

Nasdaq Global Market LLC

8.00% Notes due 2028

NEWTI

Nasdaq Global Market LLC

8.50% Notes due 2029

NEWTG

Nasdaq Global Market LLC

8.625% Notes due 2029

NEWTH

Nasdaq Global Market LLC

8.50% Notes due 2031

NEWTO

Nasdaq Global Market LLC

Depositary Shares, each representing a 1/40th interest in a share of 8.500% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B

NEWTP

Nasdaq Global Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated Filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial or accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

As of May 7, 2026, there were 28,858,921 shares outstanding of the registrant’s Common Stock, par value $0.02 per share.

TABLE OF CONTENTS


		Page

	Defined Terms	4
PART I - FINANCIAL INFORMATION

Item 1.	Financial Statements:

	Consolidated Statements of Financial Condition as of March 31, 2026 (Unaudited) and December 31, 2025	7

	Consolidated Statements of Income for the three mont hs ended March 31, 2026 and 202 5 (Unaudited)	9

	Consolidated Statements of Comprehensive Income for the three months ended March 31, 2026 and 202 5 (Unaudited)	10

	Consolidated Statements of Changes in Shareholders’ Equity for the three months ended March 31, 2026 and 2025 ((Unaudited)	11

	Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (Unaudited)	13

	Notes to Consolidated Financial Statements (Unaudited)	15

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	61

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	89

Item 4.	Controls and Procedures	92

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings	93

Item 1A.	Risk Factors	93

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	93

Item 3.	Defaults Upon Senior Securities	93

Item 4.	Mine Safety Disclosures	93

Item 5.	Other Information	93

Item 6.	Exhibits	94

	Signatures	95

Table of Contents

Defined Terms

We have used “we,” “us,” “our,” “our company,” and “the Company” to refer to NewtekOne, Inc. and its subsidiaries in this report. We also have used several other terms in this report, which are explained or defined below:


Terms
1940 Act			Investment Company Act of 1940, as amended



2021-1 Trust			Newtek Small Business Loan Trust, Series 2021-1
2022-1 Trust			Newtek Small Business Loan Trust, Series 2022-1
2023-1 Trust			Newtek Small Business Loan Trust, Series 2023-1
2025-1 Trust			NALP Business Loan Trust, Series 2025-1
2026-1 Trust			NALP Business Loan Trust, Series 2026-1
Unconsolidated Trusts			Collectively, the 2025-1 Trust and 2026-1 Trust
2024 Notes			5.75% Notes due 2024, matured August 1, 2024
2025 5.00% Notes			5.00% Notes due 2025, matured March 31, 2025
2025 8.125% Notes			8.125% Notes due 2025, exchanged for 2027 Notes
2025 Notes			Collectively, the 2025 5.00% Notes and 2025 8.125% Notes
2026 Notes			5.50% Notes due 2026, matured February 1, 2026
2027 Notes			8.125% Notes due 2027
2028 Notes			8.00% Notes due 2028
2029 8.50% Notes			8.50% Notes due 2029
2029 8.625% Notes			8.625% Notes due 2029
2029 Notes			Collectively, the 2029 8.50% Notes and 2029 8.625% Notes
2030 Notes			8.375% Notes due 2030
2031 Notes			8.50% Notes due 2031
2033 Notes			8.375% Notes due 2033
ABL			Asset based lending
ACL			Allowance for credit losses
Acquisition			The Company’s Acquisition of NBNYC, pursuant to which the Company acquired from the NBNYC shareholders all of the issued and outstanding stock of NBNYC
ALP			Alternative Lending Program
ASC			Accounting Standards Codification, as issued by the FASB
ASU			Accounting Standards Updates, as issued by the FASB
Original ATM Equity Distribution Agreement			The Original ATM Equity Distribution Agreement, dated November 17, 2023, by and among the Company and the placement agents
Amended and Restated Equity Distribution Agreement			The Amended and Restated Equity Distribution Agreement, dated June 6, 2025, by and among the Company and the placement agents
BDC			Business Development Company under the 1940 Act
BHCA			Bank Holding Company Act of 1956
Board			The Company's board of directors
Capital One			Capital One Bank, National Association
C&I			Conventional commercial and industrial loans
C&I LA			Long amortizing C&I loans, also known as ALP loans
Code			Internal Revenue Code of 1986, as amended
CODM			Chief Operating Decision Maker
CRE			Commercial real estate
Deutsche Bank			Deutsche Bank AG

EBITDA			Earnings before interest, taxes, depreciation and amortization
ESPP			Employee Stock Purchase Plan
Exchange Act			Securities Exchange Act of 1934, as amended
FASB			Financial Accounting Standards Board
Federal Reserve			Board of Governors of the Federal Reserve System

Table of Contents


FDIC			Federal Deposit Insurance Corporation
FV			Fair Value
HFI			Held for investment
HFS			Held for sale
LCM			Lower of amortized cost basis or fair value
LTV			Loan-to-Value
NAV			Net Asset Value
NBNYC			National Bank of New York City, renamed Newtek Bank, National Association
NOO			Non-owner occupied
OCC			Office of the Comptroller of the Currency
PCD			Purchased Financial Assets with Credit Deterioration
PLP			Preferred Lenders Program, as authorized by the SBA
RIC			Regulated investment company under the Code
S&P			Standard and Poor's
SBA			United States Small Business Administration
SEC			U.S. Securities and Exchange Commission
SMB			Small-and-medium sized businesses; revenue from $1.0 million to $100.0 million
SOFR			Secured Overnight Financing Rate
Trustee			U.S. Bank, National Association
TSO II			TSO II Booster Aggregator, L.P.
U.S. GAAP or GAAP			Generally accepted accounting principles in the United States
VIE			Variable Interest Entity
Webster			Webster Bank, N.A.
Bank borrowings			Collectively, the below facilities:
NMS Goldman Facility			Revolving Credit and Guaranty Agreement between NMS and its wholly-owned subsidiary, Mobil Money, LLC, together with NBSH Holding, LLC, the direct sole member of NMS
SPV I Capital One Facility			Revolving Credit and Security Agreement between NBL SPV I, LLC, a wholly-owned subsidiary of NALH, and Capital One (terminated March 25, 2026)
SPV II Deutsche Bank Facility			Revolving Credit and Security Agreement between NBL SPV II, LLC, a wholly-owned subsidiary of NALH, and Deutsche Bank
SPV III One Florida Bank Facility			Revolving Credit and Security Agreement between NBL SPV III, LLC, a wholly-owned subsidiary of NALH, and One Florida Bank
Consolidated Subsidiaries, Joint Ventures and Other Investments
NSBF			Newtek Small Business Finance, LLC
NCL			Newtek Commercial Lending, Inc., a former wholly-owned subsidiary of NewtekOne Inc., merged into NALH on May 13, 2025
Newtek Bank			Newtek Bank, National Association
NALH or Newtek ALP Holdings			Newtek Business Services Holdco 6, Inc.
NMS			Newtek Merchant Solutions, LLC, a wholly-owned subsidiary of NBC
Mobil Money			Mobil Money, LLC, a wholly-owned subsidiary of NMS
NTS			Newtek Technology Solutions, Inc., a former wholly-owned subsidiary of the Company, sold to IPM on January 2, 2025
NBC			CDS Business Services, Inc. dba Newtek Business Credit Solutions
SBL			Small Business Lending, LLC, a wholly-owned subsidiary of Newtek Bank
PMT			PMTWorks Payroll, LLC, dba Newtek Payroll and Benefits Solutions
NIA			Newtek Insurance Agency, LLC
TAM			Titanium Asset Management, LLC

POS			POS on Cloud, LLC, dba Newtek Payment Systems, a 95.49% owned consolidated subsidiary

NCL JV			Newtek Conventional Lending, LLC, a former 50% owned joint venture, 100% Company owned as of August 27, 2025 and dissolved on September 30, 2025

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TSO JV			Newtek-TSO II Conventional Credit Partners, LP, a 50% owned joint venture
IPM			Intelligent Protection Management Corp., formerly Paltalk, Inc.
IPM Preferred Stock			4.0 million shares of IPM Series A Non-Voting Common Equivalent Stock

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PART I—FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.


NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (In Thousands, except for Per Share Data)

	March 31, 2026		December 31, 2025
	(Unaudited)
ASSETS
Cash and due from banks	$	5,222	$	4,196
Restricted cash (amounts related to VIEs of $6.3 million and $6.3 million, respectively)	22,195		26,477
Interest bearing deposits in banks	375,599		279,618
Total cash and cash equivalents	403,016		310,291
Debt securities available-for-sale, at fair value	15,843		16,829
Loans held for sale, at fair value	769,225		971,837
Loans held for sale, at LCM	20,395		26,532
Loans held for investment, at fair value (amounts related to VIEs of $187.0 million and $198.4 million, respectively)	264,011		281,198
Loans held for investment, at amortized cost, net of deferred fees and costs	988,269		896,689
Allowance for credit losses	(46,721)		(45,226)
Loans held for investment, at amortized cost, net	941,548		851,463
Federal Home Loan Bank and Federal Reserve Bank stock	4,572		4,234
Settlement receivable	51,512		438
Residuals in securitizations, at fair value	197,501		76,701
Joint ventures and other investments, at fair value (cost of $36,294 and $36,692), respectively	43,213		47,719
Goodwill and intangibles	14,561		14,597
Right of use assets	2,683		2,790
Deferred tax asset, net	6,270		—
Servicing assets, at fair value	13,622		15,358
Servicing assets, at LCM	41,698		29,564
Other assets	97,097		95,268

Total assets	$	2,886,767	$	2,744,819

F-7

See accompanying notes to consolidated financial statements.

Table of Contents


NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (In Thousands, except for Per Share Data)

	March 31, 2026		December 31, 2025
	(Unaudited)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Deposits:
Noninterest-bearing	$	71,629	$	53,873
Interest-bearing	1,787,244		1,364,535
Total deposits	1,858,873		1,418,408
Borrowings (including borrowings of VIEs of $113.9 million and $127.1 million, respectively)	550,471		819,888

Lease liabilities	2,760		2,874
Deferred tax liabilities, net	—		10,728
Due to participants	27,455		52,389
Accounts payable, accrued expenses and other liabilities	42,517		42,962
Liabilities directly associated with assets held for sale	—		—
Total liabilities	2,482,076		2,347,249

Commitment and contingencies (Note 13)
Shareholders' Equity:

Series B Preferred stock (par value $0.02 per share; 54 authorized, 50 issued and outstanding)	48,181		48,181
Common stock (par value $0.02 per share; 199,980 authorized, 28,846 and 28,658 issued and outstanding, respectively)	577		573
Retained earnings	101,838		94,990
Additional paid-in capital	254,101		253,830
Accumulated other comprehensive loss, net of income taxes	(6)		(4)
Total shareholders' equity	404,691		397,570
Total liabilities and shareholders' equity	$	2,886,767	$	2,744,819

F-8

See accompanying notes to consolidated financial statements.

Table of Contents


NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In Thousands, except for Per Share Data)

	Three Months Ended March 31,
	2026		2025
Interest income
Debt securities available-for-sale	$	216	$	276
Loans and fees on loans	37,702		34,483

Other interest earning assets	8,323		3,131
Total interest income	46,241		37,890
Interest expense
Deposits	15,270		9,845
Notes and securitizations	9,402		10,974
Bank and FHLB borrowings	4,343		3,138

Total interest expense	29,015		23,957
Net interest income	17,226		13,933
Provision for credit losses	9,608		13,505
Net interest income after provision for credit losses	7,618		428
Noninterest income
Dividend income	450		1,686
Net loss on loan servicing assets	(6,197)		(3,652)
Servicing income	6,385		5,525
Net gains on sales of loans	26,682		12,961
Net gain on residuals in securitizations	56,144		—
Net (loss) gain on loans under the fair value option	(49,578)		18,077

Electronic payment processing income	10,404		10,609
Other noninterest income	9,441		7,192
Total noninterest income	53,731		52,398
Noninterest expense
Salaries and employee benefits expense	23,096		21,316

Electronic payment processing expense	4,121		4,447
Professional services expense	2,603		3,435
Other loan origination and maintenance expense	6,227		4,417
Technology expense	2,953		2,728


Other general and administrative costs	5,263		4,834
Total noninterest expense	44,263		41,177
Net income before taxes	17,086		11,649
Income tax expense	3,685		2,282
Net income	13,401		9,367
Dividends to preferred shareholders	(1,063)		(400)
Net income available to common shareholders	$	12,338	$	8,967
Earnings per Common Share:
Basic	$	0.43	$	0.36
Diluted	$	0.43	$	0.35

F-9

See accompanying notes to consolidated financial statements.

Table of Contents


NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(In Thousands)

	Three Months Ended March 31,
	2026		2025

Net income	$	13,401	$	9,367
Other comprehensive income (loss) before tax:
Net unrealized (loss) gain on debt securities available-for-sale during the period	(2)		28
Other comprehensive (loss) income before tax	(2)		28
Income tax expense (benefit)	—		(2)
Other comprehensive (loss) income net of tax	(2)		30
Comprehensive income	$	13,399	$	9,397

F-10

See accompanying notes to consolidated financial statements.

Table of Contents


NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)
(In Thousands, except for Per Share Data)

	Series B Preferred stock		Common stock			Retained earnings			Additional paid-in capital		Accumulated other comprehensive income (loss), net of income taxes		Total shareholders' equity
		Shares	Amount		Shares			Amount
Balance at December 31, 2025		50	48,181		28,658	$	573		$	94,990	$	253,830	$	(4)	$	397,570
Stock-based compensation expense, net of forfeitures		—	—		—	—			—		557		—		557
Dividends declared related to RSA, net of accrued dividends forfeited		—	—		7	—			(77)		77		—		—
Purchase of vested stock for employee payroll tax withholding		—	—		(30)	(1)			—		(432)		—		(433)
Restricted stock awards, net of forfeitures		—	—		204	5			—		(8)		—		(3)
ESPP issuances		—	—		7	—			—		77		—		77






Dividends declared common shares ($0.19/share)		—	—		—	—			(5,413)		—		—		(5,413)
Dividends declared preferred shares ($21.25/share)		—	—		—	—			(1,063)		—		—		(1,063)
Net income		—	—		—	—			13,401		—		—		13,401
Other comprehensive loss, net of tax		—	—		—	—			—		—		(2)		(2)
Balance at March 31, 2026		50	$	48,181	28,846	$	577		$	101,838	$	254,101	$	(6)	$	404,691

F-11

See accompanying notes to consolidated financial statements.

Table of Contents


NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)
(In Thousands, except for Per Share Data)

	Series A Preferred stock			Common stock			Retained earnings		Additional paid-in capital		Accumulated other comprehensive income (loss), net of income taxes		Total shareholders' equity
	Shares	Amount		Shares	Amount
Balance at December 31, 2024	20	$	19,738	26,291	$	526	$	57,773	$	218,266	$	(21)	$	296,282
Stock-based compensation expense, net of forfeitures	—	—		—	—		—		1,828		—		1,828
Dividends declared related to RSA, net of accrued dividends forfeited	—	—		35	1		(367)		366		—		—
Purchase of vested stock for employee payroll tax withholding	—	—		(3)	—		—		(46)		—		(46)
Restricted stock awards, net of forfeitures	—	—		15	—		—		—		—		—
ESPP issuances	—	—		4	—		—		54		—		54


Dividends declared common shares ($0.19/share)	—	—		—	—		(4,835)		—		—		(4,835)
Dividends declared preferred shares ($20.00/share)	—	—		—	—		(400)		—		—		(400)
Net income	—	—		—	—		9,367		—		—		9,367
Other comprehensive income, net of tax	—	—		—	—		—		—		30		30
Balance at March 31, 2025	20	$	19,738	26,342	$	527	$	61,538	$	220,468	$	9	$	302,280

F-12

See accompanying notes to consolidated financial statements.

Table of Contents


NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In Thousands)
	Three Months Ended March 31,
	2026		2025
Cash flows from operating activities:
Net income	$	13,401	$	9,367
Adjustments to reconcile net income to net cash used in operating activities:
Net unrealized depreciation (appreciation) on joint ventures and other investments	2,523		(1,110)
Net gain (loss) on loans accounted for under the fair value option	49,578		(18,077)
Net gain on residuals in securitizations	(56,144)		—
Net loss on loan servicing assets	6,197		3,652
Net unrealized (appreciation) depreciation on warrants and derivative transactions	(249)		1,724

Net gain on sales of loans	(26,682)		(12,961)
Net accretion of premium/discount on debt securities available-for-sale and loans	400		(905)

Amortization of deferred financing costs and deferred loan fees and costs	1,420		983
Provision for credit losses	9,608		13,505
Lower of cost or market adjustment on loans held for sale	(24)		—
Bad debt expense, net of recoveries	(107)		85
Stock compensation expense	565		1,834
Deferred income tax (benefit) expense	(16,996)		2,791

Depreciation and amortization	36		146
Proceeds from sale of loans held for sale	118,869		142,933
Purchase of loans held for sale	(22,179)		—

Funding of loans held for sale	(267,951)		(247,439)

Principal received on loans held for sale	4,707		2,797

Other, net	(186)		(266)
Changes in operating assets and liabilities:
Settlement receivable	(51,074)		46,376




Other assets	(3,856)		(19,170)



Due to participants	(24,934)		14,049
Accounts payable, accrued expenses and other liabilities	5,618		(1,018)

Net cash used in operating activities	(257,460)		(60,704)

Cash flows from investing activities:
Principal received on loans held for investment, at fair value	15,119		18,607

Repurchases of loans held for investment, at fair value	(2,987)		(905)
Net increase in loans held for investment, at cost	(100,083)		(110,671)
Proceeds from sales of Biller Genie and Newtek Technology Solutions, Inc.	1,983		4,000


Return of capital from joint ventures and other investments	—		14
Purchase of fixed assets	(89)		(37)
Sales of Federal Home Loan Bank and Federal Reserve Bank stock	23		158
Purchases of Federal Home Loan Bank and Federal Reserve Bank stock	(361)		(435)
Purchases of available-for-sale securities	(8,367)		(1,976)

Maturities of available-for-sale securities	9,500		12,000

Net cash used in investing activities	(85,262)		(79,245)

F-13

See accompanying notes to consolidated financial statements.

Table of Contents


NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In Thousands)
	Three Months Ended March 31,
	2026		2025
Cash flows from financing activities:
Borrowing on bank notes payable	9,852		129,000
Repayment on bank notes payable	(193,973)		(43,822)
Net increase (decrease) in deposits	439,462		(7,001)
Repayment of Federal Home Loan Bank advances	(561)		(3,500)




Proceeds from 2033 8.375% Notes	15,000		—
Maturity of 2026 5.50% Notes	(87,123)		—




Maturity of 2025 5.00% Notes	—		(30,000)



Proceeds from 2030 Notes	—		30,000

Payments on Notes Payable - Securitization Trusts	(13,287)		(16,027)
Proceeds related to residuals in securitizations	273,074		—

Dividends paid, net of dividend reinvestment plan	(6,476)		(5,233)
Payments of deferred financing costs	(158)		(710)
Proceeds from common stock issued under ESPP, net of discount	70		48

Purchase of vested stock for employee payroll tax withholding	(433)		(46)



Net cash provided by financing activities	435,447		52,709
Net increase (decrease) in cash and restricted cash	92,725		(87,240)
Cash and restricted cash—beginning of period (NOTE 2)	310,291		381,374

Cash and restricted cash—end of period (NOTE 2)	$	403,016	$	294,134

Non-cash operating, investing and financing activities:
Foreclosed real estate acquired	$	3,703	$	705
Dividends declared but not paid during the period	$	—	$	5,235
IPM stock acquired	$	—	$	8,200
IPM earn-out	$	—	$	2,268




Supplemental disclosure of cash flow information:
Interest paid	$	29,775	$	24,788
Income taxes paid	$	232	$	4

F-14

See accompanying notes to consolidated financial statements.

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NEWTEKONE, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 1—DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION:

The Company is a financial holding company that is a leading provider of business and financial solutions to independent business owners (SMBs) and provides SMBs with the following Newtek® branded business and financial solutions: Newtek Banking, Newtek Lending, Newtek Payments, Newtek Insurance and Newtek Payroll.

NewtekOne reports on a consolidated basis the financial condition and results of operations for the following consolidated subsidiaries: Newtek Bank; NSBF; NMS (and its subsidiary Mobil Money); NBC; PMT; NIA; TAM; POS; and NALH.

Except as otherwise noted, all financial information included in the tables in the following footnotes is stated in thousands, except per share data.

The accompanying notes to the consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed on March 10, 2026 (the “2025 Form 10-K”). The unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. GAAP and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X and, therefore, do not include all information and footnotes necessary for a fair presentation of the consolidated financial statements in accordance with U.S. GAAP. In the opinion of management, the consolidated financial statements reflect all adjustments and reclassifications that are necessary for the fair presentation of financial results as of and for the periods presented. The annualized results of operations for the three months ended March 31, 2026, are not necessarily indicative of the results of operations that may be expected for the entire fiscal year. The December 31, 2025 consolidated statements of financial condition has been derived from the audited financial statements as of that date. All intercompany balances and transactions have been eliminated in consolidation.

Consolidation

The consolidated financial statements include the accounts of NewtekOne, its subsidiaries and certain VIEs. Significant intercompany balances and transactions have been eliminated. The Company consolidates a subsidiary if the Company has a controlling financial interest in the entity as a result of holding a majority of the voting rights. VIEs are consolidated if NewtekOne has the power to direct the activities of the VIE that significantly impact financial performance and has the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE (i.e., NewtekOne is the primary beneficiary). The determination of whether the Company is the primary beneficiary of a VIE is reassessed on an ongoing basis. Investments in companies which are not VIEs, but in which the Company has more than minor influence over the operating and financial policies, are accounted for using the equity method of accounting. Investments in VIEs where NewtekOne is not the primary beneficiary of a VIE are accounted for using the equity method of accounting. The maximum potential exposure to losses relative to investments in VIEs is generally limited to the investment balance. Refer to NOTE 3—SECURITIZATIONS AND VARIABLE INTEREST ENTITIES.

Reclassifications

Certain prior period amounts, which are normal and reoccurring in nature, to the extent comparable, have been reclassified to conform to the current period presentation.

The previous net presentation of cash flows from investing and financing activities within the consolidated statements of cash flows has been revised to reflect a gross presentation of repayments and borrowings, principal received on and repurchases of loans held for investment, purchases and redemptions of Federal Home Loan Bank stock and Federal Reserve Bank stock, contributions and return of capital on joint venture investments, as well as purchases, sales and maturities of available-for-sale securities for all comparative periods.

These reclassifications did not result in any changes to previously reported net income, shareholder’s equity or net cash used in investing or financing activities.

F-15

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NOTE 2—SIGNIFICANT ACCOUNTING POLICIES:

A more detailed description of our accounting policies is included in the Company’s 2025 Form 10-K, which accounting policies remain significantly unchanged. There have been no other significant changes to our accounting policies, or the estimates made pursuant to those policies as described in our 2025 Form 10-K.

Cash and due from banks

The Company considers all highly liquid instruments with maturities of three months or less when purchased to be cash equivalents. Invested cash is held exclusively at financial institutions of high credit quality. As of March 31, 2026, cash deposits in excess of insured amounts totaled $119.5 million. The Company has not experienced any losses with respect to cash balances in excess of insured amounts and management does not believe there was a significant concentration of risk with respect to cash balances as of March 31, 2026.

Restricted cash

Restricted cash includes amounts due on SBA loan-related remittances to third parties, cash reserves established as part of agreements with the SBA, cash reserves associated with consolidated securitization transactions, and cash margin as collateral for derivative instruments.

Interest bearing deposits in banks

The Company’s interest bearing deposits in banks reflects cash held at other financial institutions that earn interest.

The following table provides a reconciliation of cash, restricted cash, and interest bearing deposits in banks as of March 31, 2026 and 2025 and December 31, 2025:


	March 31, 2026		March 31, 2025		December 31, 2025
Cash and due from banks	$	5,222	$	10,201	$	4,196
Restricted cash	22,195		24,151		26,477
Interest bearing deposits in banks	375,599		259,782		279,618
Total cash and cash equivalents	$	403,016	$	294,134	$	310,291


	March 31, 2026		March 31, 2025		December 31, 2025
Cash held at Federal Reserve Bank1	$	374,400	$	259,343	$	277,828
Cash held at other financial institutions	28,616		34,791		32,463
Total cash and cash equivalents	$	403,016	$	294,134	$	310,291

1 Subject to changes in the Federal Funds rate set by the Federal Open Market Committee

Allowance for Credit Losses – Loans HFI at amortized cost

Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“CECL”) approach requires an estimate of the credit losses expected over the life of a loan (or pool of loans). The allowance for credit losses is a valuation account that is deducted from the loans’ amortized cost basis to present the net, lifetime amount expected to be collected on the loans. Loan losses are charged off against the allowance when management believes a loan balance is uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off.

The allowance is comprised of reserves measured on a collective (pool) basis based on a lifetime loss-rate model when similar risk characteristics exist. Loans that do not share risk characteristics are evaluated on an individual basis, which generally includes larger non-accruing loans.

The discounted cash flow (“DCF”) method is used to estimate expected credit losses for all loan portfolio segments measured on a collective (pool) basis. For each loan segment, cash flow projections are generated at the instrument level wherein payment expectations are adjusted for estimated prepayment speeds, probability of default, and loss given default. The modeling of prepayment speeds is based on a combination of historical internal data and peer data.

F-16

Table of Contents

Regression analysis of historical internal and peer data is used to determine suitable loss drivers to utilize when modeling lifetime probability of default. This analysis also determines how expected probability of default and loss given default will react to forecasted levels of the loss drivers. For all loan pools utilizing the DCF method, management utilizes various economic indicators such as changes in unemployment rates, gross domestic product, real estate values, and other relevant factors as loss drivers. For all DCF models, management has determined that due to historic volatility in economic data, four quarters currently represents a reasonable and supportable forecast period, followed by a four-quarter reversion to historical mean levels for each of the various economic indicators.

The combination of adjustments for credit expectations (default and loss) and timing expectations (prepayment, curtailment, and time to recovery) produces an expected cash flow stream at the instrument level. Specific instrument effective yields are calculated, net of the impacts of prepayment assumptions, and the instrument expected cash flows are then discounted at that effective yield to produce an instrument-level Net Present Value (“NPV”). An allowance is established for the difference between the instrument’s NPV and amortized cost basis.

The allowance evaluation also considers various qualitative factors, such as: (i) changes to lending policies, underwriting standards and/or management personnel performing such functions, (ii) delinquency and other credit quality trends, (iii) credit risk concentrations, if any, (iv) changes to the nature of the Company's business impacting the loan portfolio, and (v) other external factors, that may include, but are not limited to, results of internal loan reviews, stress testing, examinations by bank regulatory agencies, or other events such as a natural disaster. Significant management judgment is required at each point in the measurement process.

Arriving at an appropriate level of allowance involves a high degree of judgment. The determination of the adequacy of the allowance and provisioning for estimated losses is evaluated regularly based on review of loans, with particular emphasis on non-performing and other loans that management believes warrant special consideration. While management uses available information to recognize losses on loans, changing economic conditions and the economic prospects of the borrowers may necessitate future additions or reductions to the allowance. Management estimates the allowance balance using relevant available information, from internal and external sources, related to past events, current conditions, and reasonable and supportable forecasts. The Company’s historical credit loss experience provides the basis for the estimation of expected credit losses, supplemented with peer loss information, and results in expected probabilities of default and expected losses given default. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as changes in environmental conditions, such as changes in unemployment rates, production metrics, property values, or other relevant factors.

Expected losses are applied to loans grouped in portfolio segments, which are pools of loans aggregated based on type of borrower and collateral, generally based upon federal call report segmentation. Portfolio segments have been combined or sub-segmented as needed to ensure loans of similar risk profiles are appropriately pooled. These portfolio segments are as follows:

CRE: The CRE portfolio is comprised of loans to borrowers on small offices, owner-occupied commercial buildings, industrial/warehouse properties, income producing/investor real estate properties, and multi-family loans secured by first mortgages. The Company’s underwriting standards generally target a loan-to-value ratio of 75%, depending on the type of collateral, and requires debt service coverage of a minimum of 1.2 times.

C&I: The C&I portfolio consists of loans made for general business purposes consisting of short-term working capital loans, equipment loans and unsecured business lines.

SBA 7(a): The SBA 7(a) portfolio includes loans originated under the federal Section 7(a) loan program (the “SBA 7(a) Program”), i.e., SBA 7(a) loans. The SBA is an independent government agency that facilitates one of the nation’s largest sources of SMB financing by providing credit guarantees for its loan programs. SBA 7(a) loans are partially guaranteed by the SBA, with SBA guarantees typically ranging between 50% and 90% of the principal and interest due. Under the SBA 7(a) Program, a bank or other lender licensed by the SBA may underwrite loans between $5.0 thousand and $5.0 million for a variety of general business purposes based on the SBA 7(a) Program requirements. The Company applies the zero loss expectation exemption under CECL to the guaranteed portion of the SBA 7(a) loans. The unguaranteed portion of the SBA 7(a) loans that are held on balance sheet at amortized cost are subject to an ACL. In the context of CECL, these SBA 7(a) loans are held at Newtek Bank.

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Individually Evaluated Loans. Loans that do not share risk characteristics with existing pools are evaluated on an individual basis. Management defines these loans as nonaccrual loans with exposure above $100 thousand. In the first quarter of 2025, management began evaluating the remaining PCD loans individually, regardless of accrual status. For loans that are individually evaluated and collateral dependent, financial loans where management has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and management expects repayment of the financial asset to be provided substantially through the sale of the collateral, the ACL is measured based on the difference between the fair value of the collateral and the amortized cost basis of the asset as of the measurement date. When repayment is expected to be from the operation of the collateral or going concern, the specific credit loss reserve is calculated as the amount by which the amortized cost basis of the financial asset exceeds the NPV from the operation of the collateral. When repayment is expected to be from the sale of the collateral, the specific credit loss reserve is calculated as the amount by which the amortized costs basis of the financial asset exceeds the fair value of the underlying collateral less estimated cost to sell. The allowance may be zero if the fair value of the collateral at the measurement date exceeds the amortized cost basis of the financial asset.

Accrued Interest. Upon the Acquisition and adoption of CECL, the Company made the following elections regarding accrued interest receivable: (1) presented accrued interest receivable balances separately within other assets balance sheet line item; (2) excluded interest receivable that is included in amortized cost of financing receivables from related disclosures requirements and (3) continued our policy to write off accrued interest receivable by reversing interest income. For loans, write off typically occurs upon becoming over 90 to 120 days past due. Generally, accrued interest is reversed when a loan is placed on non-accrual or is written-off. Current year accrued interest is reversed through interest income while accrued interest from prior years is written-off through the ACL. Historically, the Company has not experienced uncollectible accrued interest receivable on investment securities.

Allowance for off-balance sheet credit exposures. The exposure is a component of other liabilities in the consolidated balance sheet and represents the estimate for probable credit losses inherent in unfunded commitments to extend credit. Unfunded commitments to extend credit include unused portions of lines of credit and standby and commercial letters of credit. The process used to determine the allowance for these exposures is consistent with the process for determining the allowance for loans, as adjusted for estimated funding probabilities or loan equivalency factors. A charge (credit) to provision for credit losses on the consolidated statements of income is made to account for the change in the allowance on off-balance sheet exposures between reporting periods.

Allowance for Credit Losses – Available-for Sale (“AFS”) Debt Securities

The impairment model for AFS debt securities differs from the CECL approach utilized for financial instruments measured at amortized cost because AFS debt securities are measured at fair value. For AFS debt securities in an unrealized loss position, Newtek Bank first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For debt securities AFS that do not meet the aforementioned criteria, in making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, adverse conditions specifically related to the security, failure of the issuer of the debt security to make scheduled interest or principal payments, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. The cash flows should be estimated using information relevant to the collectability of the security, including information about past events, current conditions and reasonable and supportable forecasts. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income.

Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance when management believes the AFS security is uncollectible or when either of the criteria regarding intent or requirement to sell is met. As of March 31, 2026 and 2025, the Company determined that the unrealized loss positions in the AFS securities were not the result of credit losses, and therefore, an allowance for credit losses was not recorded.

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Settlement Receivable

Settlement receivable represents amounts due from third parties for guaranteed portions of SBA 7(a) loans which have been sold at period-end but have not yet settled. The guaranteed portion of SBA 7(a) loan principal balances that have been sold but not yet settled as of March 31, 2026 and December 31, 2025, was $46.8 million and $0.4 million, respectively. The settlement receivable also includes $4.7 million and $41.0 thousand of premiums, which have been recognized in Net Gains on Sales of Loans as of March 31, 2026 and December 31, 2025, respectively.

Variable Interest Entities

A variable interest entity (“VIE”) is an entity in which equity investors lack the characteristics of a controlling financial interest, do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support, or substantially all of the activities of the entity are conducted on behalf of an investor with disproportionally few voting rights. VIEs are consolidated by the primary beneficiary, which is the party who has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and who has an obligation to absorb losses of the VIE or a right to receive benefits from the VIE that could potentially be significant to the VIE. The Company determines whether it is the primary beneficiary of a VIE upon initial involvement with a VIE and reassesses whether it is the primary beneficiary of a VIE on an ongoing basis. The determination of whether an entity is a VIE and whether the Company is the primary beneficiary of a VIE is based upon the facts and circumstances for the VIE and requires significant judgments such as whether the Company’s interest in a VIE is a variable interest, whether the Company controls the activities that most significantly impact the economic performance of the VIE, and whether the Company has the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the VIE. A VIE is consolidated if management determines the Company, is the primary beneficiary.

Residuals in Securitizations, at Fair Value

The residuals in securitizations, at fair value, arise from the NALP Business Loan Trust 2025-1 and 2026-1 ALP securitizations that the Company closed on April 23, 2025 and January 21, 2026, respectively. Residuals in securitizations were $197.5 million and $76.7 million as of March 31, 2026 and December 31, 2025, respectively. Both the 2025-1 and 2026-1 Trusts (collectively “the Unconsolidated Trusts”) meet the definition of a VIE. The Company holds a variable interest in the VIE, however, the Company is not considered the primary beneficiary of the VIE, because the power over the activities that have the most significant impact on the economic performance of the Unconsolidated Trusts is held by the owners of the Class C Notes issued by the respective Unconsolidated Trust, and therefore, the Company is not required to consolidate the Unconsolidated Trusts. The Company’s beneficial interest in the Unconsolidated Trusts is evidenced by NALH’s sole ownership of the Ownership Certificates and its beneficial interest in the credit risk of the securitized ALP Loans. As the Sponsor (NALH) is a wholly owned subsidiary of the Company, the Company effectively owns 100% of the equity interest in the Unconsolidated Trusts. Refer to NOTE 3—SECURITIZATIONS AND VARIABLE INTEREST ENTITIES in the accompanying notes to the consolidated financial statements for additional information.

Derivative Instruments

The Company uses derivative instruments primarily to economically manage the fair value variability of fixed rate assets and liabilities caused by interest rate fluctuations. Derivative instruments consist of interest rate futures and are held at fair value on the balance sheet. Collateral posted with our futures counterparties is segregated in the Company’s books and records. Interest rate futures are centrally cleared by the Chicago Mercantile Exchange (“CME”) through a futures commission merchant. Interest rate futures that are governed by an ISDA agreement provide for bilateral collateral pledging based on the counterparties’ market value. The counterparties have the right to re-pledge the collateral posted but have the obligation to return the pledged collateral, or, if the Company agrees, substantially the same collateral as the market value of the interest rate futures change.

The Company is required to post initial margin and daily variation margin for interest rate futures that are centrally cleared by CME. CME determines the fair value of our centrally cleared futures, including daily variation margin. Effective January 3, 2017, CME amended its rulebooks to legally characterize daily variation margin payments for centrally cleared interest rate futures as settlement rather than collateral. As a result of this rule change, variation margin pledged on the Company’s centrally cleared interest rate futures is settled against the realized results of these futures.

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Income Taxes

Deferred tax assets and liabilities are computed based upon the differences between the financial statement and income tax basis of assets and liabilities using the enacted tax rates in effect for the year in which those temporary differences are expected to be realized or settled. If available evidence suggests that it is more likely than not that some portion or all of the deferred tax assets will not be realized, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized. See NOTE 17—INCOME TAXES.

Our income tax expense, deferred tax assets and liabilities, and reserves for unrecognized tax benefits reflect management’s best assessment of estimated current and future taxes to be paid. We are subject to income taxes in the United States and its political subdivisions. Significant judgments and estimates are required in determining the consolidated income tax expense.

The Company’s U.S. federal and state income tax returns prior to fiscal year 2022 are generally closed, and management continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. Interest and penalties assessed by tax jurisdictions for income tax matters are presented as income tax expense on the consolidated statements of income.

Recently Adopted Accounting Pronouncements

Debt—Debt with Conversion and Other Options (Subtopic 470-20) Induced Conversions of Convertible Debt Instruments (ASU 2024-04): In November 2024, the FASB issued ASU 2024-04, which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as induced conversions rather than as debt extinguishments. This update is effective for annual periods beginning after December 15, 2025, including interim periods within those fiscal years, though early adoption is permitted. The Company adopted this guidance as of January 1, 2026 and the adoption of the standard did not have a material impact on its consolidated financial statements.

Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets: In July 2025, the FASB issued ASU No. 2025-05, which provides a practical expedient when estimating expected credit losses on current accounts receivable and/or current contract assets arising from Transactions under Topic 606, including those assets acquired in a transaction accounted for under Topic 805, Business Combinations. The amendments require that an entity may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. ASU 2025-05 is effective for the Company’s annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. ASU 2025-05 is required to be applied prospectively. The Company adopted this guidance as of January 1, 2026 and the adoption of the standard did not have a material impact on its consolidated financial statements.

New Accounting Standards

Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (ASU 2024-03): In November 2024, the FASB issued ASU 2024-03, and in January 2025, the FASB issued ASU 2025-01, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures: Clarifying the Effective Date (ASU 2025-01). ASU 2024-03 requires public business entities to disclose, on an annual and interim basis, disaggregated information about certain income statement expense line items in the notes to the financial statements. Public business entities are required to apply the guidance prospectively and may elect to apply it retrospectively. ASU 2024-03, as clarified by ASU 2025-01, is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is in the process of evaluating the impact of adopting this standard and, at this time, does not anticipate it will have a material impact on its consolidated financial statements.

Business Combinations (Topic 805) and Consolidation (Topic 810)—Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity (ASU 2025-03): In May 2025, the FASB issued ASU No. 2025-03, which revises current guidance for determining the accounting acquirer for a transaction effected primarily by exchanging equity interests in which the legal acquiree is a variable interest entity that meets the definition of a business. The amendments require that an entity consider the same factors that are currently required for determining which entity is the accounting acquirer in other acquisition transactions. ASU 2025-03 is effective for the Company’s annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, with early adoption permitted. ASU 2025-03 is required to be applied prospectively. The Company is evaluating adoption timing and the impact ASU 2025-03 will have on its financial statements and related disclosures.

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Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606)—Clarifications to Share-Based Consideration Payable to a Customer(ASU 2025-04): In May 2025, the FASB issued ASU 2025-04, to reduce diversity in practice and improve the decision usefulness and operability of the guidance for share-based consideration payable to a customer in conjunction with selling goods or services. This update is effective for annual reporting periods (including interim reporting periods within annual reporting periods) beginning after December 15, 2026, though early adoption is permitted. The Company has not engaged in providing share-based compensation to a customer and does not presently anticipate doing so.

Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. In September 2025, the FASB issued ASU No. 2025-06, which modernizes the accounting for internal-use software costs under ASC 350-40 by aligning it with current development practices, especially agile and iterative methods. It clarifies when to begin capitalizing costs, improves operability across different development approaches, and enhances disclosure requirements. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, and for interim periods within those annual reporting periods, with early adoption permitted. The Company is evaluating adoption timing and the impact ASU 2025-06 will have on its consolidated financial statements and, at this time, does not anticipate it will have a material impact.

Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract. In September 2025, the FASB issued ASU No. 2025-07, which refines the scope of derivative accounting under Topic 815 and clarifies the treatment of share-based noncash consideration under ASC 606. This update is effective for annual periods beginning after December 15, 2025, including interim periods within those annual periods, with early adoption permitted. Entities may apply the amendments prospectively to new contracts or retrospectively with a cumulative-effect adjustment. The Company is evaluating adoption timing and the impact ASU 2025-07 will have on its consolidated financial statements and, at this time, does not anticipate it will have a material impact.

Financial Instruments—Credit Losses (Topic 326): Purchased Loans. In November 2025, the FASB issued ASU 2025-08 which amended guidance related to the accounting for purchased loans. Under this new guidance, loans acquired without credit deterioration and deemed “seasoned” will be considered purchased seasoned loans and accounted for using the gross-up approach at acquisition (i.e., record the loan at its purchase price and separately record an allowance for expected credit losses). Seasoned loans include all loans acquired in a business combination, that do not have “more-than-insignificant” deterioration of credit quality since origination, as well as loans purchased at least 90 days after origination, where the purchaser was not involved in the origination of the loans. This new guidance is effective for annual and interim periods beginning after December 15, 2026 with early adoption permitted. This guidance will be applied using a prospective transition approach. The Company is in the process of analyzing the impact of the ASU on its consolidated financial statements and related disclosures.

Derivatives and Hedging (Topic 815): Hedge Accounting Improvements. In November 2025, the FASB issues ASU 2025-09, which includes amendments to more closely align hedge accounting with the economics of an entities risk management activities. This new guidance is effective for fiscal years beginning after December 15, 2026 and interim periods within those fiscal years, with early adoption permitted, and should be applied prospectively. The Company is currently evaluating the ASU to determine its impact on the Company’s consolidated financial statements and related disclosures.

Interim Reporting (Topic 270): Narrow-Scope Improvements. In December 2025, the FASB issued ASU 2025-11, relating to interim disclosure requirements. The amendments in this update clarify certain interim disclosure requirements and provide a comprehensive list of required interim disclosures. The ASU also incorporates a disclosure principle that requires entities to disclose events that occur after the end of the last annual reporting period. The ASU is effective for interim periods within annual periods beginning after December 15, 2027, though early adoption is permitted. The Company is in the process of analyzing the impact of the ASU on its consolidated financial statements and related disclosures.

Codification Improvements: In December 2025, the FASB issued ASU 2025-12, to address suggestions received from stakeholders on the Accounting Standards Codification and to make other incremental improvements to U.S. GAAP. The updates represents changes to the Codification that (1) clarity, (2) correct errors, or (3) make minor improvements. The amendments make the Codification easier to understand and apply. The guidance is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. The Company will adopt this guidance in fiscal 2027 and does not expect the adoption to have a material impact on its consolidated financial statements and related disclosures.

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NOTE 3—SECURITIZATIONS AND VARIABLE INTEREST ENTITIES:

SBA 7(a) Loan Securitizations

From 2010 through June 2023, NSBF engaged in thirteen (13) securitizations of the unguaranteed portions of its SBA 7(a) loans. In each of these SBA 7(a) loan securitizations, the unguaranteed portions of the SBA 7(a) loans were transferred to a special purpose vehicle (a “Trust”), which in turn issued notes against the Trust’s assets in private placements. The Trust’s primary source of income for repaying the securitization notes is the cash flows generated from the unguaranteed portion of SBA 7(a) loans owned by the Trust. A Trust is considered to be a VIE.

Assets owned by the securitization Trusts, which are VIEs, have been included in the Company’s consolidated financial statements as a result of the Company concluding that it is (or was) the primary beneficiary of the Trust. The Company therefore consolidated the entities using the carrying amounts of the Trusts’ assets and liabilities and reflects the assets in Restricted cash and Loans held for investment, at fair value and reflects the associated financing in Borrowings on the Consolidated Statements of Financial Condition. The creditors or other beneficial interest holders of Trusts for which the Company is the primary beneficiary generally have recourse only to the assets and cash flows of the Trust and do not have recourse to the Company.

Three (3) of these NSBF 7(a) loan securitizations remain consolidated as of March 31, 2026. Risks associated with the Company’s involvement with the consolidated Trusts includes potential losses of residual interests in the Trusts.

The following table presents the total assets and total liabilities associated with the Company’s variable interests in consolidated Trusts, as classified in the consolidated statements of financial condition:


	March 31, 2026		December 31, 2025
Restricted cash	$	6,303	$	6,303
Loans held for investment, at fair value	186,965		198,434
Total assets	$	193,268	$	204,737

Borrowings	$	113,944	$	127,050
Total liabilities	$	113,944	$	127,050

ALP Loan Securitizations

Assets owned by securitization Trusts, which are VIEs, are not included in the Company’s consolidated financial statements when the Company has concluded that it is not the primary beneficiary of the Trust and the transfer of the financial assets meet the sale criteria of ASC 860. As the beneficial interests in these securitizations meet the definition of a debt security, pertain to securitized financial assets and based on other criteria met, it falls under the scope of ASC 325-40. This guidance also permits an entity to elect to account for the beneficial interests under the fair value option. The Company has made the irrevocable decision to measure the beneficial interests using the fair value option under ASC 825 with changes in fair value recognized in earnings each reporting period.

On April 23, 2025, the Company’s subsidiary Newtek ALP Holdings closed a securitization pursuant to which it sold $155.9 million of Class A Notes, $23.8 million of Class B Notes, and $4.3 million of a Class C Note (collectively, the “2025-1 Notes”) issued by NALP Business Loan Trust 2025-1 (the “Securitization Trust”). The 2025-1 Notes were backed by $216.6 million of collateral, consisting of Newtek ALP Holdings originated ALP loans. The Class A Notes received a Morningstar DBRS rating of “A (low) (sf)” and were priced at a yield of 6.338%; the Class B Notes received a Morningstar DBRS rating of “BBB (sf)” and were priced at a yield of 7.838%; and the Class C Note received a Morningstar DBRS rating of “BB (sf)” and was priced at a yield of 10.338%. The 2025-1 Notes had a weighted average yield of 6.62% and an 85% advance rate.

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On January 21, 2026, Newtek ALP Holdings closed a securitization pursuant to which it sold $251.9 million of Class A Notes, $35.9 million of Class B Notes, and $6.8 million of a Class C Note (collectively, the “2026-1 Notes”) issued by NALP Business Loan Trust 2026-1. The Notes were backed by $341.8 million of collateral, consisting of $284.4 million of Company originated ALP loans and a prefunding account to acquire additional ALP loans originated by the Company. The Class A Notes received a Morningstar DBRS rating of “A (low) (sf)” and were priced at a yield of 5.796%; the Class B Notes received a Morningstar DBRS rating of “BBB (sf)” and were priced at a yield of 7.296%; and the Class C Note received a Morningstar DBRS rating of “BB (sf)” and was priced at a yield of 10.146%. The 2026-1 Notes had a weighted average yield of 6.08% and an 86% advance rate.

Both the 2025-1 and 2026-1 Trusts (collectively “the Unconsolidated Trusts”) meet the definition of a VIE and the Company holds a variable interest in the Unconsolidated Trusts, however, the Company is not considered the primary beneficiary of the Unconsolidated Trusts, because the power over the activities that have the most significant impact on the economic performance of each Securitization Trust is held by a single noteholder who has the unilateral ability to remove the Company, without cause, as decision maker over the activities that most significantly impact the economic performance of the Unconsolidated Trusts. Consequently the Company is not required to consolidate the Unconsolidated Trusts. The Company’s beneficial interest in the Unconsolidated Trusts is evidenced by sole ownership of the Ownership Certificates and its beneficial interest in the credit risk of the securitized ALP Loans. Newtek ALP Holdings, the sponsor of the Securitization Trusts, is a wholly owned subsidiary of the Company, therefore the Company effectively owns 100% of the equity interest in the Unconsolidated Trusts.

The Company’s continuing involvement with and exposure to loss from the VIEs includes the carrying value of the retained interest, and obligations under representations and warranties contained in the loan sale agreements. Creditors of the Unconsolidated Trusts have no recourse to the Company’s assets or general credit. The underlying performance of the ALP loans transferred to the Unconsolidated Trusts have a direct impact on the fair values and cash flows of the beneficial interests held and the servicing asset recognized.

The Company’s investments in the Unconsolidated Trusts are accounted for using the fair value option under ASC 825, with changes in fair value recognized in earnings each reporting period, and is classified in Residuals in securitizations, at fair value in the Company’s consolidated statements of financial condition, and consisted of the following:


	March 31, 2026
	Carrying Value				Maximum Exposure to Loss		Total Assets in VIE
	Assets		Liabilities
Transfer of loans - sale treatment
Retained interests	$	197,501	$	—	$	197,501	$	512,420


	December 31, 2025
	Carrying Value				Maximum Exposure to Loss		Total Assets in VIE
	Assets		Liabilities
Transfer of loans - sale treatment
Retained interests	$	76,701	$	—	$	76,701	$	202,015

NOTE 4—INVESTMENTS:

Investments consisted of the following at:


	March 31, 2026				December 31, 2025
	Cost		Fair Value		Cost		Fair Value
Residuals in securitizations, at fair value (NOTE 3)	$	79,657	$	197,501	$	32,481	$	76,701
Joint ventures and other investments	36,294		43,213		36,692		47,719
Debt securities available-for-sale, at fair value	15,850		15,843		16,836		16,829
Federal Home Loan Bank and Federal Reserve Bank stock	4,572		4,572		4,234		4,234
Total investments	$	136,374	$	261,129	$	90,243	$	145,483

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The Company’s Investments in Joint Ventures (JV) and Other Investments

NCL JV: On May 20, 2019, the Company and its joint venture partner launched NCL JV to provide ALP loans to U.S. middle-market companies and small businesses. NCL JV was a 50/50 joint venture between NCL, a wholly-owned subsidiary of the Company, and Conventional Lending TCP Holding, LLC (“TCP”), a wholly-owned, indirect subsidiary of BlackRock TCP Capital Corp. (Nasdaq: TCPC). On January 28, 2022, NCL JV closed a securitization with the sale of $56.3 million of 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 JV’s portfolio of ALP loans secured by liens on commercial or residential mortgaged properties, originated by NCL JV and NBL. The Notes were rated “A” (sf) by DBRS Morningstar. The Notes were priced at a yield of 3.209%. On August 25, 2025, the Class A Noteholders were re-paid in full, the assets owned by the NCL Business Loan Trust 2022-1 were distributed to NCL JV and the NCL Business Loan Trust 2022-1 was subsequently terminated. On August 27, 2025, NALH entered into an interest purchase agreement with TCP to acquire TCP’s 50% ownership interest in NCL JV for $15.75 million, resulting in NALH owning 100% of NCL JV. Since the assets acquired did not meet the definition of a business under ASC 805-10-55, the transaction was accounted for as an asset acquisition under ASC 805-50. On September 30, 2025, NALH dissolved NCL JV.

TSO JV: On August 5, 2022, NCL and TSO II Booster Aggregator, L.P. (“TSO II”) entered into a joint venture, TSO JV, and began making investments in ALP loans during the fourth quarter of 2022. NCL and TSO II each committed to contribute an equal share of equity funding to the TSO JV and each have equal voting rights on all material matters. On July 23, 2024, TSO JV closed a securitization backed by ALP loans, selling $137.2 million of Class A Notes and $17.2 million of Class B Notes (collectively, the “TSO Notes”) issued by NALP Business Loan Trust 2024-1. The TSO Notes were backed by $190.5 million of collateral, consisting of Company originated ALP loans. The Class A and Class B Notes received Morningstar DBRS ratings of “A (sf)” and “BBB (high) (sf),” respectively. TSO JV ceased investing in new ALP loans in July 2023.

Intelligent Protection Management Corp.

On January 2, 2025, the Company completed the sale of its wholly owned subsidiary Newtek Technology Solutions, Inc. (“NTS”) to Paltalk, Inc. (subsequently renamed Intelligent Protection Management Corp. (“IPM”)) (Nasdaq: IPM) (the “NTS Sale”). In connection with the NTS Sale, the Company received the Closing Consideration consisting of $4.0 million Cash Consideration and 4.0 million shares of IPM Preferred Stock. Upon the occurrence of certain specified transfers of the IPM Preferred Stock, each share of IPM Preferred Stock will automatically convert into one share of common stock of IPM, subject to certain anti-dilution adjustments. In addition to the Closing Consideration, the Company may be entitled to receive an earn-out in an amount of up to $5.0 million, payable in cash, IPM Preferred Stock, or a combination thereof (as determined in IPM’s discretion), based on IPM’s achievement of certain cumulative average Adjusted EBITDA thresholds for the 2025 and 2026 fiscal years. The Company assesses the likelihood of the earn-out being achieved on a quarterly basis and records the resulting fair value, as disclosed in the table below. As of March 31, 2026, the Company has determined the fair value of the earn-out to be $837 thousand. The Company is entitled to appoint one representative to the IPM board of directors. Barry Sloane, the Company’s Chief Executive Officer serves on the IPM board of directors as the Company’s representative. The Company has accounted for its investment in IPM under ASC 321 beginning in the first quarter of 2025 and as such management measured the equity investment at fair value and the carrying amount will be remeasured at each reporting period with changes in fair value recorded in earnings.

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Investments related to our joint ventures and other investments for the three months ended March 31, 2026 and 2025 were as follows:


	March 31, 2026				December 31, 2025
Company	Cost		Fair Value		Cost		Fair Value
Joint Ventures

TSO JV	25,520		35,950		25,520		37,250


Other Investments
EMCAP Loan Holdings, LLC	$	306	$	306	$	306	$	306
Biller Genie Software, LLC	—		—		398		1,983
Intelligent Protection Management Corp.
IPM Earnout	—		837		—		1,300
IPM Stock1	10,468		6,120		10,468		6,880
Total Other Investments	$	10,774	$	7,263	$	11,172	$	10,469
Total	$	36,294	$	43,213	$	36,692	$	47,719

1 Four million shares of IPM Preferred Stock with net gains/(losses) calculated based on a closing price of $1.53 and $1.72 on March 31, 2026 and December 31, 2025, respectively.

Debt Securities Available-for-Sale

The following tables summarize the amortized cost and fair value of debt securities available-for-sale by major type as of March 31, 2026 and December 31, 2025:


	March 31, 2026								December 31, 2025
	Amortized		Unrealized		Unrealized		Fair		Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value		Cost		Gains		Losses		Value
U.S. Treasury notes	$	15,850	$	—	$	7	$	15,843	$	16,836	$	—	$	7	$	16,829

As of March 31, 2026 and December 31, 2025, there was no accrued interest receivable on available-for-sale securities included in Other assets in the accompanying Consolidated Statements of Financial Condition.

During the three months ended March 31, 2026, and 2025, securities sold or settled were as follows:


	Three Months Ended March 31,
	2026		2025
	# of Securities	$	# of Securities	$
Securities sold or settled	two settled	$(9,500)	four settled	$(10,024)

Unrealized Losses

The following tables summarize the gross unrealized losses and fair value of debt securities available-for-sale by length of time each major security type has been in a continuous unrealized loss position:


	March 31, 2026
	Less Than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Number of Holdings	Fair Value		Unrealized Losses
U.S. Treasury notes	$	15,843	$	7	$	—	$	—	3	$	15,843	$	7

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	December 31, 2025
	Less Than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Number of Holdings	Fair Value		Unrealized Losses
U.S. Treasury notes	$	16,829	$	7	$	—	$	—	3	$	16,829	$	7

Management evaluates debt securities available-for-sale debt to determine whether the unrealized loss is due to credit-related factors or non-credit-related factors. The evaluation considers the extent to which the security’s fair value is less than cost, the financial condition and near-term prospects of the issuer, and intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value. These unrealized losses are primarily the result of non-credit-related volatility in the market and market interest rates. Since none of the unrealized losses relate to marketability of the securities or the issuers' ability to honor redemption obligations and the Company has the intent and ability to hold the securities for a sufficient period of time to recover unrealized losses, none of the losses have been recognized in the Company’s Consolidated Statements of Income.

Contractual Maturities

The following table summarizes the amortized cost and fair value of debt securities available-for-sale by contractual maturity:


	March 31, 2026				At December 31, 2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Maturing within 1 year	$	15,850	$	15,843	$	16,836	$	16,829
After 1 year through 5 years	—		—		—		—
After 5 through 10 years	—		—		—		—
After 10 years	—		—		—		—
Total	$	15,850	$	15,843	$	16,836	$	16,829

Other information

The following table summarizes Newtek Bank’s debt securities available-for-sale pledged for deposits, borrowings, and other purposes:


	March 31, 2026		December 31, 2025
Pledged for deposits	$	—	$	—
Pledged for borrowings and other:
FRB borrowings	7,446		7,383
FHLB borrowings	8,397		9,446
Total pledged	$	15,843	$	16,829

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NOTE 5—LOANS:

Loans held for investment (HFI), at fair value

Loans HFI, at fair value, includes SBA 7(a) loans originated by NSBF. On occasion, NSBF has distributed loans to NewtekOne that were originated as SBA 7(a) loans by NSBF and where the SBA guarantee has been subsequently repurchased by NSBF. The following table shows the Company’s loan portfolio by collateral type for loans HFI, at fair value:


	Loans HFI, at Fair Value
	March 31, 2026				December 31, 2025
	Cost		Fair Value		Cost		Fair Value
CRE	$	125,322	$	131,328	$	131,015	$	138,110
Residential Real Estate	47,750		46,474		52,229		50,539
Machinery and Equipment¹	44,149		40,936		46,552		43,266
Accounts Receivable and Inventory	41,866		35,317		43,944		38,670
Unsecured	4,013		4,047		4,295		4,259
Other²	7,885		5,909		8,619		6,354


















Total	$	270,985	$	264,011	$	286,654	$	281,198

1 Machinery and Equipment includes one loan at NewtekOne at $4.7 million Cost and $4.7 million Fair value as of March 31, 2026, and $4.7 million Cost and $4.7 million Fair Value as of December 31, 2025.

2 Other includes one loan at NewtekOne at $1.0 million Cost and $0.2 million Fair Value as of March 31, 2026, and one loan at $1.0 million Cost and $0.2 million Fair Value as of December 31, 2025.

Loans HFI, at amortized cost, net of deferred fees and costs

Loans HFI, at amortized cost, net of deferred fees and costs, includes unguaranteed portions of SBA 7(a) loans, guaranteed portions of SBA 7(a) loans repurchased from the secondary market, CRE, and C&I loans originated and held by Newtek Bank. The following table shows the Company’s loan portfolio by loan type for loans HFI, at amortized cost:


	Loans HFI, at Amortized Cost
	March 31, 2026		December 31, 2025
SBA	$	582,944	$	539,746
CRE	302,738		274,194
C&I	100,215		80,380
Total Loans	985,897		894,320
Deferred fees and costs, net	2,372		2,369
Loans held for investment, at amortized cost, net of deferred fees and costs	$	988,269	$	896,689

Past Due and Non-Accrual Loans HFI

Loans HFI, at fair value

The following tables summarize the aging of accrual and non-accrual loans HFI, at fair value by class:


	As of March 31, 2026
	Past Due and Accruing						Non- accrual		Total Past Due and Non-accrual		Current		Total Accounted for Under the FV Option
	30-59 Days		60-89 Days		90+ Days
SBA, at fair value	$	11,198	$	8,388	$	7,870	$	70,719	$	98,175	$	165,836	$	264,011

	As of December 31, 2025
	Past Due and Accruing						Non- accrual		Total Past Due and Non-accrual		Current		Total Accounted for Under the FV Option
	30-59 Days		60-89 Days		90+ Days
SBA, at fair value	$	10,843	$	5,903	$	2,732	$	72,543	$	92,021	$	189,177	$	281,198

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Loans HFI, at amortized cost, net of deferred fees and costs

The following tables summarize the aging of accrual and non-accrual loans HFI, at amortized cost by class:


	As of March 31, 2026
	Past Due and Accruing						Non- accrual		Total Past Due and Non-accrual		Current		Total Carried at Amortized Cost
	30-59 Days		60-89 Days		90+ Days
At amortized cost
SBA	$	18,808	$	7,000	$	—	$	83,342	$	109,150	$	473,794	$	582,944
CRE	—		—		—		2,809		2,809		299,929		302,738
C&I	323		241		—		1,302		1,866		98,349		100,215
Total, at amortized cost	$	19,131	$	7,241	$	—	$	87,453	$	113,825	$	872,072	$	985,897
Deferred fees and costs													2,372
Total, at amortized cost net of deferred fees and costs													$	988,269
Allowance for credit losses													(46,721)
Total, at amortized cost, net													$	941,548


	As of December 31, 2025
	Past Due and Accruing						Non- accrual		Total Past Due and Non-accrual		Current		Total Carried at Amortized Cost
	30-59 Days		60-89 Days		90+ Days
At amortized cost
SBA	$	9,740	$	5,628	$	—	$	74,008	$	89,376	$	450,370	$	539,746
CRE	—		—		—		2,976		2,976		271,218		274,194
C&I	5,089		98		—		1,830		7,017		73,363		80,380
Total, at amortized cost	$	14,829	$	5,726	$	—	$	78,814	$	99,369	$	794,951	$	894,320
Deferred fees and costs													2,369
Total, at amortized cost net of deferred fees and costs													$	896,689
Allowance for credit losses													(45,226)
Total, at amortized cost, net													$	851,463

Credit Quality Indicators

The Company uses internal loan reviews to assess the performance of individual loans. In addition, an independent review of the loan portfolio is performed annually by an external firm. The goal of the Company’s annual review of each borrower’s financial performance is to validate the adequacy of the risk grade assigned.

The Company uses a grading system to rank the quality of each loan. The grade is periodically evaluated and adjusted as performance dictates. Loan grades 1 through 4 are passing grades and grade 5 is special mention. Collectively, grades 6 through 7 represent classified loans in Newtek Bank’s portfolio. The following guidelines govern the assignment of these risk grades:

Exceptional (1 Rated): These loans are of the highest quality, with strong, well-documented sources of repayment. These loans will typically have multiple demonstrated sources of repayment with no significant identifiable risk to collection, exhibit well-qualified management, and have liquid financial statements relative to both direct and indirect obligations.

Quality (2 Rated): These loans are of very high credit quality, with strong, well-documented sources of repayment. These loans exhibit very strong, well defined primary and secondary sources of repayment, with no significant identifiable risk of collection and have internally generated cash flow that more than adequately covers current maturities of long-term debt.

Satisfactory (3 Rated): These loans exhibit satisfactory credit risk and have excellent sources of repayment, with no significant identifiable risk of collection. These loans have documented historical cash flow that meets or exceeds required minimum Bank guidelines, or that can be supplemented with verifiable cash flow from other sources. They have adequate secondary sources to liquidate the debt, including combinations of liquidity, liquidation of collateral, or liquidation value to the net worth of the borrower or guarantor.

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Acceptable (4 Rated): These loans show signs of weakness in either adequate sources of repayment or collateral but have demonstrated mitigating factors that minimize the risk of delinquency or loss. These loans may have unproved, insufficient or marginal primary sources of repayment that appear sufficient to service the debt at this time. These loans also include loans underwritten using projected and/or proforma financial information provided by the borrower. Repayment weaknesses may be due to minor operational issues, financial trends, or reliance on projected performance. They may also contain marginal or unproven secondary sources to liquidate the debt, including combinations of liquidation of collateral and

liquidation value to the net worth of the borrower or guarantor.

Special mention (5 Rated): These loans show signs of weaknesses in either adequate sources of repayment or collateral. These loans may contain underwriting guideline tolerances and/or exceptions with no mitigating factors; and/or instances where adverse economic conditions develop subsequent to origination that do not jeopardize liquidation of the debt but substantially increase the level of risk.

Substandard (6 Rated): Loans graded Substandard are inadequately protected by current sound net worth, paying capacity of the obligor, or pledged collateral. Loans classified as Substandard must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt; are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. These loans are consistently not meeting the repayment schedule.

Doubtful (7 Rated): Loans graded Doubtful have all the weaknesses inherent in those classified as Substandard, plus the added characteristic that the weaknesses make collection or liquidation in full on the basis of currently existing facts, conditions, and values highly questionable and improbable. The ability of the borrower to service the debt is extremely weak, overdue status is constant, the debt has been placed on non-accrual status, and no definite repayment schedule exists. Once the loss position is determined, the amount is charged off.

Loss (8 Rated): Loss rated loans are considered uncollectible and of such little value that their continuance as assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this credit even though partial recovery may be affected in the future.

The following tables present asset quality indicators by portfolio class and origination year at March 31, 2026 and December 31, 2025:


March 31, 2026	Term Loans HFI by Origination Year
	2026		2025		2024		2023		2022		Prior		Total
SBA, at fair value
Risk Grades 1-4	$	—	$	—	$	—	$	15,696	$	71,415	$	98,600	$	185,711
Risk Grades 5-6	—		—		—		4,441		20,322		53,512		78,275
Risk Grade 7	—		—		—		—		—		—		—
Risk Grade 8	—		—		—		—		25		—		25
Total	$	—	$	—	$	—	$	20,137	$	91,762	$	152,112	$	264,011
SBA, at amortized cost, net of deferred fees and costs
Risk Grades 1-4	$	51,550	$	179,264	$	147,811	$	65,006	$	—	$	—	$	443,631
Risk Grades 5-6	222		12,755		58,672		36,204		—		—		107,853
Risk Grade 7	—		2,409		10,608		8,736		—		—		21,753
Risk Grade 8	—		455		2,771		6,481		—		—		9,707
Total	$	51,772	$	194,883	$	219,862	$	116,427	$	—	$	—	$	582,944
CRE, at amortized cost, net of deferred fees and costs
Risk Grades 1-4	$	40,986	$	93,451	$	44,530	$	25,344	$	30,334	$	53,740	$	288,385
Risk Grades 5-6	—		8,814		849		—		1,733		2,957		14,353
Risk Grade 7	—		—		—		—		—		—		—
Total	$	40,986	$	102,265	$	45,379	$	25,344	$	32,067	$	56,697	$	302,738
C&I, at amortized cost, net of deferred fees and costs
Risk Grades 1-4	$	25,928	$	54,362	$	11,366	$	2,403	$	—	$	—	$	94,059
Risk Grades 5-6	—		796		5,113		32		—		—		5,941
Risk Grade 7	—		—		215		—		—		—		215
Total	$	25,928	$	55,158	$	16,694	$	2,435	$	—	$	—	$	100,215
Total	$	118,686	$	352,306	$	281,935	$	164,343	$	123,829	$	208,809	$	1,249,908

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December 31, 2025	Term Loans HFI by Origination Year
	2025		2024		2023		2022		2021		Prior		Total
SBA, at fair value
Risk Grades 1-4	$	—	$	—	$	17,823	$	78,437	$	27,409	$	82,954	$	206,623
Risk Grades 5-6	—		—		3,861		19,677		7,498		43,431		74,467
Risk Grade 7	—		—		33		50		—		—		83
Risk Grade 8	—		—		—		25		—		—		25
Total	$	—	$	—	$	21,717	$	98,189	$	34,907	$	126,385	$	281,198
SBA, at amortized cost, net of deferred fees and costs
Risk Grades 1-4	$	189,147	$	168,558	$	74,500	$	—	$	—	$	—	$	432,205
Risk Grades 5-6	3,454		39,769		35,032		—		—		—		78,255
Risk Grade 7	332		11,069		10,205		—		—		—		21,606
Risk Grade 8	46		2,371		5,263		—		—		—		7,680
Total	$	192,979	$	221,767	$	125,000	$	—	$	—	$	—	$	539,746
CRE, at amortized cost, net of deferred fees and costs
Risk Grades 1-4	$	100,724	$	52,167	$	25,429	$	30,508	$	15,753	$	42,090	$	266,671
Risk Grades 5-6	1,800		885		—		1,742		—		3,096		7,523
Risk Grade 7	—		—		—		—		—		—		—
Total	$	102,524	$	53,052	$	25,429	$	32,250	$	15,753	$	45,186	$	274,194
C&I, at amortized cost, net of deferred fees and costs
Risk Grades 1-4	$	58,284	$	12,367	$	3,315	$	—	$	—	$	—	$	73,966
Risk Grades 5-6	711		5,383		36		—		—		—		6,130
Risk Grade 7	—		284		—		—		—		—		284
Total	$	58,995	$	18,034	$	3,351	$	—	$	—	$	—	$	80,380
Total	$	354,498	$	292,853	$	175,497	$	130,439	$	50,660	$	171,571	$	1,175,518

Allowance for Credit Losses

See NOTE 2—SIGNIFICANT ACCOUNTING POLICIES for a description of the methodologies used to estimate the ACL.

The following table details activity in the ACL for the three months ended March 31, 2026 and 2025:


	March 31, 2026								March 31, 2025
	CRE		C&I		SBA		Total		CRE		C&I		SBA		Total
Beginning balance	$	1,873	$	3,282	$	40,071	$	45,226	$	1,430	$	315	$	28,488	$	30,233

Charge offs	(130)		(584)		(7,794)		(8,508)		—		—		(5,131)		(5,131)
Recoveries	—		487		186		673		—		—		5		5
Provision for (recovery of) credit losses1	437		(13)		8,906		9,330		407		294		12,841		13,542
Total	$	2,180	$	3,172	$	41,369	$	46,721	$	1,837	$	609	$	36,203	$	38,649

1 Excludes $278 thousand and $(37) thousand of Provision for credit losses relating to unfunded commitments for the three months ended March 31, 2026 and 2025, respectively, which is recorded within Accounts payable, accrued expenses and other liabilities in accordance with ASC 326.

The following table presents the individually evaluated and collectively evaluated ACL by segment:


	March 31, 2026								December 31, 2025
ACL	CRE		C&I		SBA		Total		CRE		C&I		SBA		Total
Individually Evaluated	$	—	$	393	$	11,164	$	11,557	$	—	$	1,328	$	12,311	$	13,639
Collectively Evaluated	2,180		2,779		30,205		35,164		1,873		1,954		27,760		31,587
Total	$	2,180	$	3,172	$	41,369	$	46,721	$	1,873	$	3,282	$	40,071	$	45,226

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The following table presents the recorded investment in loans individually evaluated and collectively evaluated by segment:


	March 31, 2026								December 31, 2025
Recorded Investment	CRE		C&I		SBA		Total		CRE		C&I		SBA		Total
Individually Evaluated1	$	17,765	$	1,302	$	83,342	$	102,409	$	18,487	$	1,827	$	74,008	$	94,322
Collectively Evaluated	284,973		98,913		499,602		883,488		255,707		78,553		465,738		799,998
Total	$	302,738	$	100,215	$	582,944	$	985,897	$	274,194	$	80,380	$	539,746	$	894,320

1 Recorded at FV on a non-recurring basis

The amortized cost basis of loans on nonaccrual status and the associated ACL are as follows:


	March 31, 2026						December 31, 2025
	Nonaccrual without Allowance		Nonaccrual with Allowance		ACL		Nonaccrual without Allowance		Nonaccrual with Allowance		ACL
SBA	$	48,358	$	34,984	$	11,164	$	34,058	$	39,950	$	12,311
CRE	2,809		—		—		2,979		—		—

C&I	647		655		393		419		1,408		1,328






Total	$	51,814	$	35,639	$	11,557	$	37,456	$	41,358	$	13,639

The unpaid contractual principal balance and recorded investment for the loans individually assessed is shown in the table below by type:


	March 31, 2026				December 31, 2025

	Real Estate Collateral		Non-Real Estate Collateral		Total		ACL		Real Estate Collateral		Non-Real Estate Collateral		Total		ACL
SBA	$	53,412	$	29,930	$	83,342	$	11,164	$	44,066	$	29,942	$	74,008	$	12,311
CRE	17,765		—		17,765		—		18,487		—		18,487		—

C&I	1,115		187		1,302		393		419		1,408		1,827		1,328





Total	$	72,292	$	30,117	$	102,409	$	11,557	$	62,972	$	31,350	$	94,322	$	13,639

Accrued interest on loans totaled $24.7 million and $22.4 million as of March 31, 2026 and December 31, 2025, respectively, and is excluded from the estimate of credit losses. The Company writes off accrued interest receivable by reversing interest income and typically occurs upon loans becoming 90 to 120 days past due.

Loan Modifications Made to Borrowers Experiencing Financial Difficulty

During the three months ended March 31, 2026, the Company executed 1 loan modification involving borrowers experiencing financial difficulty. No loan modifications to borrowers experiencing financial difficulty were executed during the three months ended March 31, 2025. The following table summarizes the amortized cost basis of loans that were modified:



	Three Months Ended March 31, 2026
	Other-Than-Insignificant Payment Delay		Term Extension		Interest Rate Reduction		Principal Forgiveness		% of Total Class of Financing Receivable
SBA	$	111	$	—	$	—	$	—	$	—
CRE	—		—		—		—		—
C&I	—		—		—		—		—
Total Modifications	$	111	$	—	$	—	$	—	$	—

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There were no modifications for borrowers experiencing financial difficulty that subsequently defaulted within twelve months of the modification date in the first three months of 2026 or 2025.

As of March 31, 2026, the amortized cost basis of modified loans was $111 thousand.

Loans held for sale, at fair value


	March 31, 2026		December 31, 2025
SBA 504 First Lien	$	234,298	$	201,013
SBA 504 Second Lien	35,369		31,207
SBA 7(a)	380,769		324,469
C&I LA1	98,551		—
ALP	20,238		415,148
Loans held for sale, at fair value	$	769,225	$	971,837

1 C&I LA loans originated by Newtek Bank, which began during the first quarter of 2026.

The following tables summarize the aging of accrual and non-accrual loans HFS, at fair value by class:


	As of March 31, 2026
	Past Due and Accruing						Non- accrual		Total Past Due and Non-accrual		Current		Total Accounted for Under the FV Option
	30-59 Days		60-89 Days		90+ Days1
SBA, at fair value	$	3,658	$	3,274	$	16,680	$	29,877	$	53,489	$	596,946	$	650,435
C&I LA, at fair value2	—		—		—		—		—		98,552		98,552
ALP, at fair value	—		—		—		9,990		9,990		10,248		20,238
Total	$	3,658	$	3,274	$	16,680	$	39,867	$	63,479	$	705,746	$	769,225

1 Loans are well collateralized and in the process of collection.

2 C&I LA loans originated by Newtek Bank, which began during the first quarter of 2026.


	As of December 31, 2025
	Past Due and Accruing						Non- accrual		Total Past Due and Non-accrual		Current		Total Accounted for Under the FV Option
	30-59 Days		60-89 Days		90+ Days
SBA, at fair value	$	21,441	$	5,018	$	8,713	$	12,580	$	47,752	$	508,937	$	556,689

ALP, at fair value	9,049		—		—		11,634		20,683		394,465		415,148
Total	$	30,490	$	5,018	$	8,713	$	24,214	$	68,435	$	903,402	$	971,837

Loans held for sale, at LCM


	March 31, 2026		December 31, 2025
SBA 504 First Lien	$	15,898	$	19,075
SBA 504 Second Lien	4,497		7,457



Loans held for sale, at LCM	$	20,395	$	26,532

The following tables summarize the aging of accrual and non-accrual loans HFS, at LCM by class:


	As of March 31, 2026
	Past Due and Accruing						Non- accrual		Total Past Due and Non-accrual	Current		Total Carried at Amortized Cost
	30-59 Days		60-89 Days		90+ Days
SBA	$	—	$	—	$	—	$	2,435	2,435	$	17,960	$	20,395

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	As of December 31, 2025
	Past Due and Accruing						Non- accrual		Total Past Due and Non-accrual		Current		Total Carried at Amortized Cost
	30-59 Days		60-89 Days		90+ Days
SBA	$	—	$	—	$	—	$	2,435	$	2,435	$	24,097	$	26,532

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NOTE 6—TRANSACTIONS WITH AFFILIATED COMPANIES AND RELATED PARTY TRANSACTIONS:

Due to/from affiliated companies

The following table summarizes the amounts due to and due from affiliated companies as of March 31, 2026 and December 31, 2025:


	March 31, 2026		December 31, 2025
Due from affiliated companies1	100		100
Due to affiliated companies2	—		—
Total due to/due from affiliated companies, net	$	100	$	100

1 Included within Other assets

2 Included within Accounts payable, accrued expenses, and other liabilities

Transactions with joint ventures and other investments

Refer to NOTE 4—INVESTMENTS for a schedule of transactions with our joint ventures and other equity investments.

The following table summarizes the income earned from our joint ventures and other investments for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026		2025
Servicing income	$	296	$	494
Dividend income	450		1,687
Total income	$	746	$	2,181

There were no expenses related to our joint ventures and other investments for the three months ended March 31, 2026 and 2025.

Newtek Bank Deposits

In the normal course of business, Newtek Bank holds FDIC insured deposits from certain of the Company’s officers, directors and their associated companies. The following table summarizes the amounts due of deposits from related parties and their affiliated companies as of March 31, 2026 and December 31, 2025:


	March 31, 2026		December 31, 2025
FDIC insured deposits	$	3,875	$	4,054
Non-FDIC insured deposits	330		322
Total deposits from related parties and their affiliated companies	$	4,205	$	4,376

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NOTE 7—SERVICING ASSETS:

Servicing assets held by NSBF are measured at fair value and the Company performs valuations on a quarterly basis. Servicing assets held by Newtek Bank, including Newtek Bank’s subsidiary SBL, and Newtek ALP Holdings are measured at lower of cost or market where the assets are initially recorded at fair value, then subsequently amortized, and assessed for impairment each reporting period.

The Company earns servicing fees from the guaranteed portions of SBA 7(a) loans it originates and sells, for the unguaranteed portions of SBA 7(a) loans in the NSBF sponsored securitizations, for SBA 504 loans sold where servicing is retained, and for the loan portfolios held by the TSO JV sponsored securitization and Newtek ALP Holdings and its sponsored securitizations.

The following table summarizes the unpaid principal balance of loans serviced at March 31, 2026 and December 31, 2025:


	March 31, 2026		December 31, 2025
SBA 7(a)	$	1,684,414	$	1,698,866
ALP	650,946		345,856
504	48,216		48,302
Total loans serviced	$	2,383,576	$	2,093,024

The following table summarizes the fair value and valuation assumptions related to servicing assets at March 31, 2026 and December 31, 2025:


	March 31, 2026								December 31, 2025
			Weighted		Range						Weighted		Range
Unobservable Input	Amount		Average		Minimum		Maximum		Amount		Average		Minimum		Maximum
Servicing assets at FV:	$	13,622							$	15,358
Discount factor1			11.25	%	11.25	%	11.25	%			11.25	%	11.25	%	11.25	%
Cumulative prepayment rate			22.50	%	22.50	%	22.50	%			22.50	%	22.50	%	22.50	%
Average cumulative default rate			21.00	%	21.00	%	21.00	%			21.00	%	21.00	%	21.00	%
Servicing assets at LCM:	41,698								29,564
Discount factor1			10.66	%	10.25	%	11.25	%			11.27	%	10.75	%	12.00	%
Cumulative prepayment rate			33.04	%	22.50	%	50.00	%			33.72	%	22.50	%	50.00	%
Average cumulative default rate			17.26	%	5.00	%	21.00	%			16.95	%	5.00	%	21.00	%
Total	$	55,320							$	44,922

1 Determined based on risk spreads and observable secondary market transactions.

Refer to NOTE 9—FAIR VALUE MEASUREMENTS for a rollforward of servicing assets, at fair value. The following tables show a rollforward of servicing assets, at LCM for the three months ended March 31, 2026 and 2025:


Servicing Assets, at LCM	March 31, 2026		March 31, 2025
Balance at beginning of the period	$	29,564	$	24,195
Amortization1	(4,461)		(1,805)
Additions2	16,595		2,020
Impairment assessment	—		—
Balance at end of the period	$	41,698	$	24,410

1 Included within Net loss on loan servicing assets in the Consolidated Statements of Income

2 Included within Net gains on sales of loans in the Consolidated Statements of Income

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Servicing income earned for the three months ended March 31, 2026 and 2025 was as follows:


	Three Months Ended March 31,
	2026	2025
Servicing income	$6,385	$5,525

NOTE 8—GOODWILL AND INTANGIBLE ASSETS:

Goodwill

In accordance with U.S. GAAP, the Company performs an annual test as of October 1 to identify potential impairment of goodwill, or more frequently if events or circumstances indicate a potential impairment may exist. If the carrying amount of a reporting unit, including goodwill, exceeds its fair value, an impairment loss is recognized in an amount equal to that excess up to the amount of the recorded goodwill. The Company performed its annual test based upon market data as of October 1, 2025 and estimates and assumptions that the Company believes most appropriate for the analysis. Based on the qualitative analysis performed in accordance with ASC 350, the Company determined it more likely than not that goodwill was not impaired as of October 1, 2025. Changes in certain assumptions used in the Company's assessment could result in significant differences in the results of the impairment test. Should market conditions or management’s assumptions change significantly in the future, an impairment to goodwill is possible.

The Company considers the following to be some examples of indicators that may trigger an impairment review outside of its annual impairment review: (i) significant under-performance or loss of key contracts acquired in an acquisition relative to expected historical or projected future operating results; (ii) significant changes in the manner or use of the acquired assets or in the Company’s overall strategy with respect to the manner or use of the acquired assets or changes in the Company’s overall business strategy; (iii) significant negative industry or economic trends; (iv) increased competitive pressures; (v) a significant decline in the Company’s fair value for a sustained period of time; and (vi) regulatory changes. In assessing the recoverability of the Company’s goodwill and customer merchant accounts, the Company must make assumptions regarding estimated future cash flows and other factors to determine the fair value of the respective assets. These include estimation of future cash flows, which is dependent on internal forecasts, estimation of the long-term rate of growth for the Company, the period over which cash flows will occur, and determination of the Company’s cost of capital. Changes in these estimates and assumptions could materially affect the determination of fair value and conclusions on impairment.

The following table summarizes the carrying amount of goodwill:


	March 31, 2026		December 31, 2025
Banking	$	271	$	271
Payments	13,814		13,814
Total goodwill	$	14,085	$	14,085

Banking: The goodwill in the banking segment was generated from the Acquisition, representing the excess of the purchase price over the fair value of the net assets acquired.

Payments: The goodwill in the payments segment was generated from acquisitions by the legal entities within this segment prior to the consolidation of those entities into NewtekOne following the Acquisition.

Intangible Assets

The following table summarizes intangible assets:

At March 31, 2026

At December 31, 2025

Gross carrying Amount

Accumulated Amortization

Net Carrying amount

Gross carrying Amount

Accumulated Amortization

Net Carrying amount

Banking - Core Deposits

1,040

564

NewtekOne, Inc. 10-Q