NEWTPMEDIUM SIGNALFINANCIAL10-K

NewtekOne demonstrated solid balance sheet expansion with total assets growing to $2.7B while maintaining profitable operations and increasing shareholder returns.

The company shows healthy organic growth with deposits expanding meaningfully to $1.4B, indicating strong customer acquisition and retention in its banking operations. The 38.5% increase in dividends paid alongside 19% net income growth suggests management confidence in sustainable profitability and commitment to returning capital to shareholders.

Comparing 2026-03-10 vs 2025-03-17View on EDGAR →
FINANCIAL ANALYSIS

NewtekOne posted balanced growth across key financial metrics, with total assets expanding 33% to $2.7B driven primarily by deposit growth of 46% to $1.4B. Net income grew 19% to $60.5M while the company increased dividend payments substantially, and stockholders' equity strengthened to $397.6M. The sharp reduction in capital expenditures from $439K to $106K may indicate either completion of prior investment cycles or potential underinvestment in growth infrastructure.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
-75.9%
$439K→$106K

Capex reduced 75.9% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Total Deposits
Balance Sheet
+45.8%
$973.1M→$1.4B

Deposits grew 45.8% — expanding customer base or increased trust in the institution.

Dividends Paid
Cash Flow
+38.5%
$20.3M→$28.0M

Dividend payments increased 38.5% — management confidence in sustained cash generation.

Stockholders Equity
Balance Sheet
+34.2%
$296.3M→$397.6M

Equity base grew 34.2% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Assets
Balance Sheet
+33.2%
$2.1B→$2.7B

Asset base grew 33.2% — expansion through organic growth, acquisitions, or capital deployment.

Total Liabilities
Balance Sheet
+33.1%
$1.8B→$2.3B

Liabilities grew 33.1% — significant increase in debt or obligations, assess impact on financial flexibility.

Net Income
P&L
+19%
$50.9M→$60.5M

Net income grew 19% — bottom-line growth signals improving overall business health.

Total Debt
Balance Sheet
+15.8%
$708.0M→$819.9M

Debt rose 15.8% — additional borrowing for investment or operations; monitor coverage ratios.

LANGUAGE CHANGES
NEW — 2026-03-10
PRIOR — 2025-03-17
ADDED
As of March 9, 2026, there were 28,831,491 shares outstanding of the registrant s Common Stock, par value $0.02 per share.
Management s Discussion and Analysis of Financial Condition and Results of Operations 72 7 A .
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 104 9A.
GAAP or GAAP Generally accepted accounting principles in the United States VIE Variable Interest Entity Webster Webster Bank, N.A.
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.
Prior to January 6, 2023 when we acquired Newtek Bank and converted to a financial holding company, we operated as an internally managed non-diversified closed-end management investment company that was regulated as a BDC under the 1940 Act, and was treated as a RIC under the Code for U.S.
In addition to our bank subsidiary, Newtek Bank and its consolidated subsidiary, SBL, the following are our consolidated non-bank direct and indirect subsidiaries: Newtek Small Business Finance, LLC (NSBF); Newtek Business Services Holdco 6, Inc.
d/b/a Newtek ALP Holdings (NALH); Newtek Merchant Solutions, LLC (NMS) and its subsidiary Mobil Money, LLC; CDS Business Services, Inc.
d/b/a Newtek Business Credit Solutions (NBC); PMTWorks Payroll, LLC d/b/a Newtek Payroll and Benefits Solutions (PMT); Newtek Insurance Agency, LLC (NIA); Titanium Asset Management LLC (TAM); and POS on Cloud, LLC, d/b/a Newtek Payment Systems (POS).
REMOVED
As of March 14, 2025, there were 26,290,668 shares outstanding of the registrant s Common Stock, par value $0.02 per share.
Management s Discussion and Analysis of Financial Condition and Results of Operations 70 7A.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 98 9A.
Exhibits and Financial Statement Schedules 102 Exhibits Index 103 Signatures 105 Financial Statements F- 1 Defined Terms We have used we, us, our, our company, and the Company to refer to NewtekOne, Inc.
GAAP or GAAP Generally accepted accounting principles in the United States Webster Webster Bank, N.A.
Consolidated Subsidiaries NSBF Newtek Small Business Finance, LLC NBL Newtek Business Lending, LLC, a former wholly-owned subsidiary of Newtek Bank, merged into SBL on May 2, 2023 NCL Newtek Commercial Lending, Inc.
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.
Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate.
Prior to January 6, 2023 and during the entirety of the 2022 fiscal year, we operated as an internally managed non-diversified closed-end management investment company that was regulated as a BDC under the 1940 Act, and was treated as a RIC under the Code for U.S.
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