NewtekOne is like a **Square (Block Inc.)** that also acts as a full-service small business lender, offering everything from SBA loans and payment processing to IT solutions and insurance.

Think of it as **Shopify** for all aspects of a small business, providing not just e-commerce and payments, but also extensive financing, managed IT services, payroll, and insurance.

• Small Business Lending: Provides a range of debt and equity investments, including SBA loans, first and second lien loans, unsecured loans, and account receivable financing for small and medium-sized businesses.
• Loan Servicing & Consulting: Offers small business loan servicing and consulting services to financial institutions like the Federal Deposit Insurance Corporation.
• Electronic Payment Processing: Delivers services such as credit/debit card processing, check approval and conversion, remote deposit capture, ACH processing, and eCommerce solutions for merchants.
• Managed Technology Solutions: Provides website hosting, dedicated server and cloud hosting, web design and development, internet marketing, data storage, and the "Newtek Advantage" business operating platform.
• Business Insurance: Sells various insurance products including personal, commercial, and health/benefits lines.
• Payroll & Tax Services: Offers payroll management processing and employee tax filing services.

NewtekOne (NEWT) primarily sells its financial and business services to other companies.

Major Customer Categories:

• Small and Medium-Sized Businesses (SMBs): This constitutes NewtekOne's primary target market for the vast majority of its services. These include various types of small business loans (e.g., SBA loans for commercial real estate, equipment, inventory, working capital, business acquisitions), electronic payment processing services for merchants, managed technology solutions (such as website hosting, web design, internet marketing, and e-commerce services), commercial and employee health/benefits insurance products, and payroll management processing.
• Federal Deposit Insurance Corporation (FDIC): NewtekOne provides specific small business loan servicing and consulting services to the FDIC. The FDIC is a U.S. government agency and does not have a public company symbol.
• Other Financial Institutions: Beyond the FDIC, the company also offers small business loan servicing and consulting services to various other unnamed financial institutions.

• American International Group (AIG)
• CTAA
• Navy Federal Credit Union
• Credit Union National Association
• Pershing

Barry Sloane, President, Chairman & CEO

Mr. Sloane founded NewtekOne, Inc. in 1998. Prior to NewtekOne, he served as a Managing Director of Smith Barney, Inc., where he oversaw the Commercial and Residential Real Estate Securitization Unit and was the national sales manager for institutional mortgage and asset-backed securities sales. He was also the founder and President of Aegis Capital Markets, a consumer loan origination and securitization business that was subsequently taken public as "Aegis Consumer Funding". Additionally, Mr. Sloane held the position of Senior Vice President at Donaldson, Lufkin and Jenrette, where he directed sales of mortgage-backed securities, and was a senior mortgage security salesperson and trader for Bear Stearns, L.F. Rothschild, E.F. Hutton, and Paine Webber.

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

Mr. DeMaria was appointed Chief Financial Officer of NewtekOne, Inc. on April 23, 2025. He joined the company in May 2023, serving as Senior Vice President of Finance and Accounting for both NewtekOne and Newtek Bank. Before joining NewtekOne, Mr. DeMaria was the Senior Vice President and Controller of Flagstar Bank, N.A.. He also held the roles of Senior Vice President, Chief Accounting Officer, and Principal Accounting Officer at Amalgamated Financial Corp. from July 2021 to October 2022. Mr. DeMaria is a Certified Public Accountant in New York and holds a Master of Business Administration for Accountants and a Bachelor of Science in Accounting from Marist College.

Peter Downs, Director & President, Newtek Bank, N.A.; Chief Lending Officer

Mr. Downs joined NewtekOne in 2003. He has served as President of Newtek Small Business Finance and a member of the company's Risk committee since its inception. His primary responsibilities have included developing the company's lending policies and procedures, portfolio, and marketing. In 2008, he also took on the role of Chief Credit Officer of Newtek Business Credit. Prior to NewtekOne, Mr. Downs spent sixteen years in various small business lending roles within the banking industry, including positions at European American Bank (EAB) where he was a New Business Development Officer for Small Business Lending and Group Manager of Retail Small Business Lending. He was appointed President of Newtek Bank, N.A. on April 23, 2025.

Halli Razon-Feingold, Chief Administrative Officer & SVP, Human Resources

Mrs. Razon-Feingold has been the Chief Administrative Officer of NewtekOne since July 2016 and Senior Vice President of Human Resources since July 2019. With over ten years at the company, her main responsibilities involve managing the Executive department and all human resources functions for NewtekOne and its controlled portfolio companies. She holds a master's degree in Industrial/Organizational Psychology from CUNY Baruch College and a bachelor's degree in Psychology from Hofstra University. Mrs. Razon-Feingold was elected to NewtekOne's Board of Directors in September 2021.

M. Scott Price, Chief Financial Officer and Executive Vice President of Newtek Bank

Mr. Price previously served as the Chief Financial Officer of NewtekOne, Inc., effective May 16, 2023. He currently holds the position of Chief Financial Officer and Executive Vice President of Newtek Bank. He brings over 17 years of experience in the financial services industry, particularly in banking and accounting. Mr. Price spent nearly a decade at IBERIABANK Corporation as Executive Vice President, Chief Accounting Officer, and Corporate Controller, where he managed a team of nearly 100 individuals and supported significant corporate growth, including seven acquisitions. His prior experience also includes executive and senior positions at First Horizon Corp., AmSouth Bank, and PricewaterhouseCoopers, LLC. Mr. Price is a Certified Public Accountant with a Master of Accountancy from Auburn University.

The key risks to NewtekOne (NEWT) primarily stem from its business model as a financial holding company focused on small and medium-sized businesses (SMBs), its recent transition, and its financial structure.

1. Macroeconomic Risk and Credit Quality for Small and Medium-Sized Businesses (SMBs): NewtekOne's business is highly exposed to macroeconomic conditions and the financial health of SMBs. As a significant lender, particularly through unguaranteed portions of SBA loans, an economic downturn or recession could lead to a dramatic increase in loan losses and put pressure on earnings. The company's loan portfolio is vulnerable to the stability of the United States economy, potential recessions, and inflationary pressures, which could impair its clients' operations and, consequently, NewtekOne's financial condition.
2. Regulatory Risk and Dependence on the SBA 7(a) Program: NewtekOne's recent transition from a Business Development Company (BDC) to a financial holding company subjects it to increased regulatory oversight by the Federal Reserve. This transition has brought significant changes in accounting and financial reporting requirements, posing operational challenges. Furthermore, the company's deep integration with the SBA 7(a) loan program makes it susceptible to changes in regulations, government shutdowns, and potential fluctuations in the premiums earned from selling guaranteed portions of these loans, which could materially impair its core business.
3. High Leverage and Capital Structure: NewtekOne operates with an elevated debt-to-equity ratio, which analysts have identified as a significant financial risk, even for a financial holding company. This high leverage increases the company's vulnerability to adverse economic conditions and changes in interest rates, potentially impacting its ability to manage funding costs and offer competitive loan products. The company's total liabilities have also shown a significant increase, indicating a reliance on debt to fund its lending operations.

• The proliferation of no-code/low-code website and e-commerce platforms such as Shopify, Wix, and Squarespace, which empower small and medium-sized businesses to independently create, manage, and host their online presence and e-commerce operations. This directly threatens NewtekOne's "Web design and development," "Website hosting, dedicated server, and cloud hosting services," and "ecommerce services, such as payment processing, online shopping cart tools, Website design and Web related services," by offering simpler, often more cost-effective, and integrated solutions that reduce the need for external managed technology services.
• The emergence and increasing dominance of comprehensive, integrated business platforms that embed financial and operational services directly into their ecosystems. Platforms like QuickBooks (for accounting, payroll, and lending) and Shopify (for e-commerce, payments, and lending via Shopify Capital) are offering a growing suite of services that directly compete with NewtekOne's bundled offerings including small business finance, electronic payment processing, payroll management, and even aspects of its Newtek Advantage platform. These integrated platforms provide a seamless, single-vendor experience that can disintermediate specialized providers like NewtekOne for SMBs seeking a consolidated solution.

NewtekOne (NEWT) operates in several significant addressable markets within the United States, providing financial and business services to small and medium-sized businesses.

Addressable Markets for NewtekOne's Main Products and Services (U.S. Market)

• Small Business Finance (including SBA Loans, term loans, real estate financing): The U.S. small business loan market was valued at approximately $245.39 billion in 2023 and is projected to grow to about $349.64 billion by 2033.
• Electronic Payment Processing: The U.S. payment processing solutions market generated revenue of approximately $16.00 billion in 2023 and is expected to reach around $36.75 billion by 2030. Another source indicates the USA payment processing solutions market was valued at $40 billion.
• Managed Technology Solutions (including hosting, web design, Internet marketing, data storage): The U.S. managed services market size for Small and Medium Enterprises (SMEs) is projected to exceed $70 billion by 2031. The overall United States managed services market size is projected to expand from $62.91 billion in 2025 to $119.92 billion by 2031.
• Accounts Receivable Financing: The accounts receivable financing market in North America, which was the largest region in 2025, was valued at $164.06 billion in 2025 and is projected to reach $182.63 billion in 2026, with an expected growth to $277.68 billion by 2030. Annually, the US market for accounts receivable financing has an estimated volume of $120 billion in receivables financed.
• Insurance Products (Personal, Commercial, Health/Benefits): The overall Business Insurance market in the U.S. was approximately $286.5 billion in 2024 and is estimated to be $288.3 billion in 2025. This market is projected to grow at a 9.32% compound annual growth rate (CAGR) from 2025 to 2035. Specifically for Small and Medium Business (SMB) commercial opportunities, the market is approximately $110 billion within the U.S.
• Payroll Management Processing and Employee Tax Filing Services: The Small Business Payroll Service Market size in the U.S. was estimated at $19.98 billion in 2025 and is expected to reach $21.48 billion in 2026, projected to grow to $33.33 billion by 2032.

• Expansion of the Alternative Loan Program (ALP) and its securitizations: NewtekOne's Alternative Loan Program (ALP) is a key growth strategy, with the company successfully closing its largest securitization of ALP loans in 2025 and projecting significant growth in ALP originations for 2026. This program is designed to deliver elevated net spreads and is increasingly favored by institutional markets.
• Growth in business and consumer deposits: NewtekOne has experienced substantial growth in both business and consumer deposit accounts. This increase in lower-cost deposits is crucial for improving the net interest margin and supports the expansion of the company's loan portfolio.
• Cross-selling and integration of financial and business services via the Newtek Advantage platform: The Newtek Advantage platform, which consolidates banking, lending, and various business services into a single ecosystem, is considered a significant competitive advantage. This integrated approach fosters client retention and enables NewtekOne to cross-sell additional services, such as electronic payment processing, managed technology solutions, insurance, and payroll, to its small and medium-sized business clients.
• Diversification of the loan portfolio: NewtekOne intends to continue diversifying its loan portfolio beyond its traditional Small Business Administration (SBA) lending, with an emphasis on Commercial and Industrial (C&I) loans. This strategic diversification aims to broaden its lending activities and reduce reliance on a single loan type.

Share Repurchases

• Newtek Business Services Corp. authorized a share repurchase program in June 2022 for up to 500,000 shares of its common stock.
• NewtekOne authorized a new share repurchase program on November 1, 2024, allowing for the repurchase of up to 1,000,000 shares of common stock.
• This share repurchase program was extended for an additional twelve months on November 7, 2025.

Share Issuance

• NewtekOne raised $144.7 million through the issuance of 2029 Notes with interest rates of 8.50% and 8.625%.
• The company completed a registered offering of 2028 Notes.
• NewtekOne initiated an exchange offer for its outstanding 5.50% Notes due 2026, allowing holders to swap them for newly issued 8.50% Fixed Rate Senior Notes due 2031; this offer expired in January 2026.

Outbound Investments

• NewtekOne transitioned to a financial holding company as of January 6, 2023, which involved the acquisition of Newtek Bank, N.A.
• In January 2026, NewtekOne closed a $295 million securitization backed by $342 million of Alternative Loan Program (ALP) loans.
• The company's total assets grew by 33.25% from $2.06 billion in 2024 to $2.74 billion in 2025, primarily driven by loan origination.

Capital Expenditures

• NewtekOne reported capital expenditures of $0.00 million in 2021, $0.01 million in 2022, $0.46 million in 2023, and $0.44 million in 2024.