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Imagine **Square or Gusto** if they also offered small business loans, insurance, and full banking services, making them a one-stop-shop for SMBs.

A **full-service bank specifically for small and medium-sized businesses**, akin to a dedicated **Chase Business Banking**, but with a much wider array of integrated services including payroll, payment processing, and IT solutions.

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• SBA Lending: Provides government-guaranteed loans to small businesses for various purposes, including real estate, equipment, and working capital.
• Merchant Processing: Offers credit card and debit card processing services, along with point-of-sale solutions, for businesses to accept customer payments.
• Managed Technology Solutions: Delivers IT support, cloud computing, data backup, and cybersecurity services to businesses.
• Payroll & HR Solutions: Provides payroll processing, human resources management, employee benefits administration, and compliance services.
• Insurance Services: Offers various business insurance products, including property & casualty, workers' compensation, and liability coverage.

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NewtekOne (symbol: NEWT) primarily sells its services and solutions to other companies, specifically small and medium-sized businesses (SMBs).

The company operates as a financial technology company, which, along with its bank and non-bank subsidiaries, provides a wide range of business and financial solutions to the SMB market. These solutions include:

• Business Lending (e.g., SBA 7(a) and 504 loans)
• Payment Processing
• Managed Technology Solutions (e.g., cloud computing, cybersecurity)
• Payroll and Benefits Solutions
• Insurance Services
• Commercial Real Estate Lending

Based on NewtekOne's public filings, including its annual reports (10-K) with the U.S. Securities and Exchange Commission, **NewtekOne does not have any single major customer that accounts for 10% or more of its total revenues.** Its business model involves serving a large and diversified base of small and medium-sized businesses across various industries throughout the United States.

Therefore, it is not possible to list specific customer companies or their symbols, as NewtekOne's revenue is not concentrated in a few large clients but rather spread across thousands of smaller business entities.

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• Fiserv, Inc. (FI)
• U.S. Bancorp (USB) (via its subsidiary Elavon)

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Barry Sloane, President, Chairman and Chief Executive Officer

Mr. Sloane was appointed CEO in January 1999. Prior to joining NewtekOne, Mr. Sloane was a Managing Director of Smith Barney, Inc., where he directed the Commercial and Residential Real Estate Securitization Unit, and before that, served as national sales manager for institutional mortgage and asset-backed securities sales. He founded and was President of Aegis Capital Markets, a consumer loan origination and securitization business. Additionally, he was Senior Vice President of Donaldson, Lufkin and Jenrette, responsible for directing sales of mortgage-backed securities, and served as a senior mortgage security salesperson and trader for Bear Stearns, L.F. Rothschild, E.F. Hutton, and Paine Webber. Mr. Sloane co-founded Newtek Business Services, Inc. (now NewtekOne) in early 1998. He also spent several years as president of the Sloane Organization, LLC, an investment banking, consulting, and advisory firm.

Frank M. DeMaria, Chief Financial Officer, Executive Vice President and Chief Accounting Officer

Mr. DeMaria was named Chief Financial Officer of NewtekOne, Inc. in April 2025. He joined NewtekOne in 2023 and previously held executive finance roles at Flagstar Bank, N.A., and Amalgamated Financial Corp.

Peter Downs, President of Newtek Bank, N.A., Chief Lending Officer and Director

Mr. Downs joined NewtekOne in 2003 and has served as President of Newtek Small Business Finance since then, with primary responsibility for developing the company's lending policies and procedures, portfolio, and marketing. He took on additional responsibility as Chief Credit Officer of Newtek Business Credit in 2008. In April 2025, he was appointed President of Newtek Bank, N.A. Before NewtekOne, Mr. Downs spent sixteen years in various small business lending roles within the banking industry, including holding positions at European American Bank (EAB) and later becoming National Director of SBA lending at Citibank after EAB's acquisition.

Michael A. Schwartz, Chief Legal Officer and Corporate Secretary

Mr. Schwartz has served as Chief Legal Officer and Corporate Secretary of NewtekOne since January 2015, and for Newtek Bank since January 2023. Prior to this, he was Senior Counsel to the Company starting in November 2013. Before joining NewtekOne, Mr. Schwartz spent twenty-two years in private practice, specializing in complex litigation. He also served on the Company's Board of Directors from 2005 through 2009.

Ron Lay, Chief Technology Officer

Mr. Lay was appointed Chief Technology Officer at NewtekOne, Inc. and Newtek Bank, N.A. in November 2025.

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NewtekOne (NEWT) faces several key risks to its business, primarily stemming from its lending activities, the macroeconomic environment, and its recent transition to a financial holding company.

1. Credit Quality and Loan Portfolio Risks: NewtekOne's business model, heavily reliant on Small Business Administration (SBA) loans and its Alternative Loan Program (ALP), exposes it to significant credit quality risks. The company exhibits a high loan-to-deposit ratio (147%), which could present solvency issues if there is a significant withdrawal of deposits. Furthermore, elevated nonperforming assets (over 7% of gross assets) and rising non-accrual loans pose direct threats to its earnings and overall financial stability. While the guaranteed portion of SBA 7(a) loans offers safety, the unguaranteed 25% carries the full brunt of credit risk, and these loans are often extended to businesses that do not qualify for traditional lending, implying a higher inherent risk profile.
2. Macroeconomic Risks: The company is highly susceptible to broader macroeconomic conditions. Uncertainty in the global economic environment, including potential recessions, inflationary pressures, and rising interest rates, can significantly impact NewtekOne. Higher interest rates, for instance, can increase the company's funding costs and affect its ability to offer competitive loan products, while economic downturns can impair the operations of its small business clients and lead to increased loan defaults.
3. Transition to a Financial Holding Company and Associated Regulatory/Operational Challenges: NewtekOne recently transitioned from being a Business Development Company (BDC) to a financial holding company, acquiring Newtek Bank in the process. This strategic shift has introduced substantial changes in accounting, financial reporting, and regulatory compliance requirements, creating operational challenges. The company also has limited experience operating as a financial holding company and integrating a regulated banking culture with its existing sales-driven fintech ethos, which presents ongoing operational complexities.

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NewtekOne (symbol: NEWT) provides a range of business and financial solutions primarily to the small and medium-sized business (SMB) market in the United States. The addressable markets for their main products and services in the U.S. are as follows:

• Business Lending: The U.S. small business loan market was valued at $245.39 billion in 2023 and is projected to reach $349.64 billion by 2033, growing at a compound annual growth rate (CAGR) of 3.4% from 2024 to 2033. Another estimate for the U.S. Small Business Loan Market reported a value of USD 30.83 billion in 2023, projected to reach USD 56.14 billion by 2031, at a CAGR of 8.94% during the forecast period 2024-2031. The broader Business Loans Market Size (North America, with the U.S. holding approximately 70% of the market share) was estimated at $480.31 billion in 2024 and is projected to grow to $709.63 billion by 2035, exhibiting a CAGR of 3.61% during 2025-2035. NewtekOne offers various loan products, including SBA 7(a) loans, SBA 504 loans, alternative loan program loans, commercial real estate (CRE) loans, and commercial & industrial (C&I) loans.
• Payment Processing: The payment processing solutions market in the United States is projected to reach US$ 36.75 billion by 2030, growing at a CAGR of 12.6% from 2024 to 2030, having generated USD 16.00 billion in revenue in 2023. Another report states the U.S. payment processing solutions market size was evaluated at USD 47.42 billion in 2024 and is predicted to be worth around USD 306.38 billion by 2034, rising at a CAGR of 20.49% from 2025 to 2034. The total transaction volume for the U.S. payments market was over $10 trillion in 2023. The United States payments market (including processing) is forecast to reach USD 28.69 billion by 2030, advancing at a 16.71% CAGR from USD 13.24 billion in 2025. NewtekOne offers electronic, mobile, and tablet-based payment processing solutions, as well as e-commerce integration and POS systems.
• Payroll & Benefit Processing Solutions: The United States payroll services market is estimated at USD 8.44 billion in 2025 and is forecast to expand to USD 11.06 billion by 2030, registering a 5.54% CAGR. For HR & Payroll Software, which includes processing services, the U.S. market size was $16.0 billion in 2024, and the market value in 2024 was USD 20.9 billion, projected to reach USD 29.2 billion by 2032 at a CAGR of 4.4% during 2025–2032. NewtekOne provides payroll and benefits processing solutions.
• Managed Technology Solutions: The U.S. Managed Services Market was estimated at USD 79.17 billion in 2023 and is projected to grow at a CAGR of 13.0% from 2024 to 2030. Another estimate valued the market at USD 72.38 billion in 2024, projected to grow to USD 219.30 billion by 2035, with a CAGR of 10.6% from 2025 to 2035. A different report states the U.S. Managed Services Market is projected to grow from USD 89.64 billion in 2023 to USD 166.43 billion by 2032, reflecting a CAGR of 7.12%. The U.S. Managed Services Industry is expected to reach USD 64.19 billion in 2025 and grow at a CAGR of 11.01% to reach USD 108.23 billion by 2030. NewtekOne offers cloud computing, data backup, storage and retrieval, IT consulting, web design, and e-commerce business solutions.
• Insurance Solutions: null
• Business Banking: null

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Here are 3-5 expected drivers of future revenue growth for NewtekOne (NEWT) over the next 2-3 years:

1. Growth in Alternative Loan Program (ALP) and Securitizations: NewtekOne is significantly expanding its Alternative Loan Program (ALP), with plans for its largest securitization in Q4 2025, targeting $325 million to $350 million in ALP loans. The company anticipates full-year ALP originations to surpass $400 million and potentially reach $500 million in 2025, up from $250 million in 2024. This program is expected to eventually exceed the size of its industry-leading Small Business Administration (SBA) 7(a) lending operation. The ALP offers attractive long-duration financing (up to 25 years) without balloon payments, appealing to small business borrowers.
2. Expansion of Digital Banking Services and Growth in Core Deposits: NewtekOne is focused on growing its core deposits through technology-driven remote operations, managing 22,000 depository accounts and 10,000 borrower services without traditional branches. The company reported sequential growth in Q3 2025, with business deposits increasing by 17% ($52 million) and consumer deposits climbing by 12% ($95 million). Total deposits reached $1.04 billion at the end of 2024, marking a 100.3% increase year-over-year. NewtekOne forecasts serving over 17,000 depositors in 2025.
3. Growth in Fee-Based Services: The company's diversified revenue streams include its Payments, Payroll, and Insurance segments, which are considered additive to earnings and provide a strong value proposition. The Newtek Payments segment (comprising Newtek Merchant Solutions and Mobil Money) recorded a pre-tax income of $16.2 million in 2024, reflecting a 33.1% increase. Projections for 2025 include a $16.5 million pre-tax income from the payment processing business and a 34% year-over-year growth in insurance policies. This recurring non-interest income is a dominant revenue source.
4. Strategic Diversification of Lending Portfolio: NewtekOne is strategically diversifying its loan portfolio to reduce its reliance on SBA 7(a) loans, expanding into Commercial Real Estate (CRE) and Commercial & Industrial (C&I) lending. This diversification is anticipated to stabilize and enhance future growth by broadening the company's lending activities beyond its traditional SBA offerings.
5. Leveraging Technology and Artificial Intelligence: Strategic investments in artificial intelligence and other technologies contributed to a 15% revenue increase in Q2 2025. NewtekOne emphasizes its use of technology for operational efficiency and strategic growth, particularly in managing its remote banking and lending operations. This focus on technology helps improve operating leverage and efficiency ratios.

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Share Repurchases

• NewtekOne extended its share repurchase program for a twelve-month period, authorizing the repurchase of up to 1,000,000 shares of its common stock as of November 7, 2025.
• This program was initially approved on November 1, 2024.
• The timing and volume of any repurchases remain at the company's discretion, with no obligation to acquire a specific amount of stock.

Share Issuance

• On September 17, 2025, NewtekOne issued 2,307,692 common shares to Patriot Financial Partners. This was part of a transaction involving the exchange of Series A Preferred Stock and an additional $10 million cash investment.
• NewtekOne completed an offering of 2,000,000 depositary shares, each representing a 1/40th interest in Series B Preferred Stock, generating approximately $48.357 million in net proceeds on August 20, 2025.
• The net proceeds from the Series B Preferred Stock offering are intended for investments, debt repayment, and general corporate purposes.

Inbound Investments

• Patriot Financial Partners made a $10 million incremental cash investment in NewtekOne on September 17, 2025, in addition to converting preferred shares to common equity.
• This transaction with Patriot Financial Partners was expected to increase NewtekOne's Common Equity Tier 1 (CET1) and Tier One capital by $30 million.
• The $48.357 million in net proceeds from the Series B Preferred Stock offering in August 2025 also enhanced the company's capital position, increasing its Tier One capital ratio.