0001628280-25-050582 | 10-Q | XBRL Viewer

SEGMENTS (Tables)

9 Months Ended

Sep. 30, 2025

The following tables provide financial information for the Company's segments:


As of and for the nine months ended September 30, 2025
	Banking				Alternative Lending				NSBF					Payments					Corporate & Other					Consolidated
	Segment		Elim		Segment		Elim			Segment		Elim			Segment		Elim			Segment		Elim
Interest income	$	74,811	$	(7)	$	19,566	$	(69)		$	19,239	$	(372)		$	1,872	$	(1,829)		$	933	$	(642)		$	113,502
Interest expense	30,943		(616)		6,141		—			9,521		—			2,088		(49)			25,318		(2,249)			71,097
Net interest income/(loss)	43,868		609		13,425		(69)			9,718		(372)			(216)		(1,780)			(24,385)		1,607			42,405
Provision for loan credit losses	30,334		—		—		—			—		—			—		—			—		—			30,334
Net interest income after provision for loan credit losses	13,534		609		13,425		(69)			9,718		(372)			(216)		(1,780)			(24,385)		1,607			12,071
Noninterest income	105,339		(21,734)		55,537		—			(7,491)		—			35,881		(1,910)			73,788		(70,349)			169,061
Electronic payment processing expense	—		—		—		—			—		—			14,333		(1,160)			131		—			13,304
Salaries and employee benefits expense	43,339		(3,463)		859		(859)			285		188			6,514		(1,007)			13,428		5,140			64,424
Professional services expense	4,049		—		216		—			1,447		—			329		—			5,491		—			11,532
Other loan origination and maintenance expense	19,160		(11,136)		5,483		(3,748)			11,449		(6,776)			—		—			100		(64)			14,468
Depreciation and amortization	129		—		—		—			155		—			265		—			—		—			549
Loss on extinguishment of debt	—		—		—		—			—		—			179		—			—		—			179
Other general and administrative costs	10,564		(316)		1,959		(43)			2,503		(3)			1,492		(261)			5,768		(474)			21,189
Income before taxes	41,632		(6,210)		60,445		4,581			(13,612)		6,219			12,553		(1,262)			24,485		(73,344)			55,487
Income tax expense (benefit)	10,766		(10,766)		—		—			—		—			(3)		—			3,753		10,766			14,516
Net income	$	30,866	$	4,556	$	60,445	$	4,581		$	(13,612)	$	6,219		$	12,556	$	(1,262)		$	20,732	$	(84,110)		$	40,971


Assets	$	1,520,476	$	(31,544)	$	625,297	$	(152,070)		$	415,364	$	(48,251)		$	120,028	$	(98,083)		$	762,879	$	(714,997)		$	2,399,099
Goodwill & intangible assets	$	820			$	—				$	—				$	13,813				$	—				$	14,633
Amortization of intangible assets	$	129			$	—				$	—				$	—				$	—				$	129


As of and for the nine months ended September 30, 2024
	Banking				Alternative Lending				Technology				NSBF				Payments				Corporate & Other				Consolidated
	Segment		Elim		Segment		Elim		Segment		Elim		Segment		Elim		Segment		Elim		Segment		Elim
Interest income	$	48,884	$	—	$	9,811	$	(10)	$	3	$	(3)	$	28,894	$	(315)	$	1,776	$	(1,741)	$	1,817	$	(1,425)	$	87,691
Interest expense	20,635		(469)		2,855		—		—		—		16,733		—		2,289		(60)		19,660		(2,965)		58,678
Net interest income/(loss)	28,249		469		6,956		(10)		3		(3)		12,161		(315)		(513)		(1,681)		(17,843)		1,540		29,013
Provision for loan credit losses	16,742		—		—		—		—		—		—		—		—		—		—		—		16,742
Net interest income after provision for loan credit losses	11,507		469		6,956		(10)		3		(3)		12,161		(315)		(513)		(1,681)		(17,843)		1,540		12,271
Noninterest income	100,326		(20,389)		31,555		—		19,701		(5,232)		(15,475)		—		39,090		(3,044)		45,091		(38,385)		153,238
Technology services expense	—		—		—		—		8,846		(222)		—		—		—		—		—		—		8,624
Electronic payment processing expense	—		—		—		—		—		—		—		—		15,889		(912)		—		—		14,977
Salaries and employee benefits expense	35,134		(1,859)		—		—		6,636		—		381		341		5,659		11		12,635		1,507		60,445
Professional services expense	2,769		—		127		—		335		—		1,664		—		522		—		5,820		—		11,237
Other loan origination and maintenance expense	14,077		(10,011)		4,117		(2,633)		17		—		12,065		(8,460)		—		—		290		(71)		9,391

Depreciation and amortization	138		—		—		—		1,062		—		73		—		264		—		33		—		1,570
Other general and administrative costs	9,240		(1,909)		120		—		2,860		(204)		463		(9)		2,070		(1,313)		5,148		(2,140)		14,326
Income before taxes	50,475		(6,141)		34,147		2,623		(52)		(4,809)		(17,960)		7,813		14,173		(2,511)		3,322		(36,141)		44,939
Income tax expense (benefit)	15,136		(15,136)		—		—		—		—		—		—		—		—		(2,726)		15,136		12,410
Net income	$	35,339	$	8,995	$	34,147	$	2,623	$	(52)	$	(4,809)	$	(17,960)	$	7,813	$	14,173	$	(2,511)	$	6,048	$	(51,277)	$	32,529

Other Segment Disclosures:
Assets	$	935,319	$	(22,719)	$	336,605	$	(116,051)	$	21,919	$	(1,400)	$	536,000	$	(82,082)	$	62,710	$	(36,007)	$	651,769	$	(611,893)	$	1,674,170
Goodwill & intangible assets	$	980			$	—			$	—			$	—			$	13,814			$	—			$	14,794
Amortization of intangible assets	$	593			$	—			$	—			$	—			$	—			$	—			$	593

The following tables provide financial information for the Company's segments:


As of and for the three months ended September 30, 2025
	Banking				Alternative Lending				NSBF					Payments					Corporate & Other					Consolidated
	Segment		Elim		Segment		Elim			Segment		Elim			Segment		Elim			Segment		Elim
Interest income	$	27,720	$	(3)	$	5,529	$	(35)		$	5,889	$	(115)		$	737	$	(720)		$	219	$	(127)		$	39,094
Interest expense	11,154		(217)		2,110		—			2,974		—			806		(17)			8,496		(761)			24,545
Net interest income/(loss)	16,566		214		3,419		(35)			2,915		(115)			(69)		(703)			(8,277)		634			14,549
Provision for loan credit losses	7,712		—		—		—			—		—			—		—			—		—			7,712
Net interest income after provision for loan credit losses	8,854		214		3,419		(35)			2,915		(115)			(69)		(703)			(8,277)		634			6,837
Noninterest income	34,848		(7,424)		22,079		—			(2,208)		—			11,853		(636)			27,346		(25,470)			60,388
Electronic payment processing expense	—		—		—		—			—		—			4,767		(386)			47		1			4,429
Salaries and employee benefits expense	14,140		(1,152)		203		(204)			43		(44)			2,013		(289)			3,574		1,689			19,973
Professional services expense	1,482		—		50		—			480		—			147		—			1,634		—			3,793
Other loan origination and maintenance expense	7,056		(3,677)		2,529		(1,567)			4,724		(2,155)			—		—			(125)		(21)			6,764
Depreciation and amortization	43		—		—		—			—		—			86		—			—		—			129
Loss on extinguishment of debt	—		—		—		—			—		—			179		—			—		—			179
Other general and administrative costs	3,286		(119)		398		—			344		—			380		(79)			2,833		(151)			6,892
Income before taxes	17,695		(2,262)		22,318		1,736			(4,884)		2,084			4,212		(585)			11,106		(26,354)			25,066
Income tax expense (benefit)	5,121		—		—		—			—		—			—		—			2,044		—			7,165
Net income	$	12,574	$	(2,262)	$	22,318	$	1,736		$	(4,884)	$	2,084		$	4,212	$	(585)		$	9,062	$	(26,354)		$	17,901


Assets	$	1,520,476	$	(31,544)	$	625,297	$	(152,070)		$	415,364	$	(48,251)		$	120,028	$	(98,083)		$	762,879	$	(714,997)		$	2,399,099
Goodwill & intangible assets	$	820			$	—				$	—				$	13,813				$	—				$	14,633
Amortization of intangible assets	$	43			$	—				$	—				$	—				$	—				$	43


As of and for the three months ended September 30, 2024
	Banking				Alternative Lending				Technology				NSBF				Payments				Corporate & Other				Consolidated
	Segment		Elim		Segment		Elim		Segment		Elim		Segment		Elim		Segment		Elim		Segment		Elim
Interest income	$	18,820	$	—	$	3,528	$	(5)	$	2	$	(2)	$	8,871	$	(103)	$	612	$	(601)	$	594	$	(445)	$	31,271
Interest expense	7,603		(158)		648		—		—		—		5,079		—		730		(16)		7,386		(982)		20,290
Net interest income/(loss)	11,217		158		2,880		(5)		2		(2)		3,792		(103)		(118)		(585)		(6,792)		537		10,981
Provision for loan credit losses	6,928		—		—		—		—		—		—		—		—		—		—		—		6,928
Net interest income after provision for loan credit losses	4,289		158		2,880		(5)		2		(2)		3,792		(103)		(118)		(585)		(6,792)		537		4,053
Noninterest income	35,424		(7,036)		15,237		—		5,494		(2,008)		(8,845)		—		12,469		(498)		21,299		(19,685)		51,851
Electronic payment processing expense	—		—		—		—		—		—		—		—		4,730		(292)		—		—		4,438
Salaries and employee benefits expense	11,337		(628)		—		—		2,123		—		117		113		1,665		—		3,908		514		19,149
Technology services expense	—		—		—		—		1,832		(36)		—		—		—		—		—		—		1,796
Professional services expense	853		—		25		—		160		—		679		—		156		—		2,056		—		3,929
Other loan origination and maintenance expense	5,207		(3,683)		1,666		(979)		11		—		4,509		(2,672)		—		—		96		(23)		4,132
Depreciation and amortization	44		—		—		—		362		—		25		—		80		—		6		—		517

Other general and administrative costs	3,026		(812)		49		—		908		(71)		407		(3)		665		(450)		2,008		(841)		4,886
Income before taxes	19,246		(1,755)		16,377		974		100		(1,903)		(10,790)		2,459		5,055		(341)		6,433		(18,798)		17,057
Income tax expense (benefit)	5,760		(11,101)		—		—		—		—		—		—		—		—		(637)		11,101		5,123
Net income	$	13,486	$	9,346	$	16,377	$	974	$	100	$	(1,903)	$	(10,790)	$	2,459	$	5,055	$	(341)	$	7,070	$	(29,899)	$	11,934

Other Segment Disclosures:
Assets	$	935,319	$	(22,719)	$	336,605	$	(116,051)	$	21,919	$	(1,400)	$	536,000	$	(82,082)	$	62,710	$	(36,007)	$	651,769	$	(611,893)	$	1,674,170
Goodwill & intangible assets	$	980			$	—			$	—			$	—			$	13,814			$	—			$	14,794
Amortization of intangible assets	$	192			$	—			$	—			$	—			$	—			$	—			$	192

SERVICING ASSETS

9 Months Ended

Sep. 30, 2025

Transfers and Servicing [Abstract]

SERVICING ASSETS

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, 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, and for the portfolios of ALP loans SBL services for the NCL JV (dissolved in September 2025), TSO JV sponsored securitization and Newtek ALP Holdings and its sponsored securitization.

The following table summarizes the unpaid principle balance of loans serviced at September 30, 2025 and December 31, 2024:


	September 30, 2025		December 31, 2024
SBA 7(a)	$	1,770,719	$	1,996,715
ALP	363,162		169,842
504	48,385		12,475
Total loans serviced	$	2,182,266	$	2,179,032

The following table summarizes the fair value and valuation assumptions related to servicing assets at September 30, 2025 and December 31, 2024:


	September 30, 2025								December 31, 2024
			Weighted		Range						Weighted		Range
Unobservable Input	Amount		Average		Minimum		Maximum		Amount		Average		Minimum		Maximum
Servicing assets at FV:	$	17,023							$	22,062
Discount factor1			11.75	%	11.75	%	11.75	%			12.00	%	12.00	%	12.00	%
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:	30,540								24,195
Discount factor1			11.27	%	10.75	%	12.00	%			12.97	%	12.00	%	13.50	%
Cumulative prepayment rate			34.98	%	22.50	%	50.00	%			34.65	%	22.50	%	75.00	%
Average cumulative default rate			16.50	%	5.00	%	21.00	%			18.90	%	5.00	%	20.00	%
Total	$	47,563							$	46,257

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 nine months ended September 30, 2025 and 2024:


Servicing Assets, at LCM	September 30, 2025		September 30, 2024
Balance at beginning of the period	$	24,195	$	10,389
Amortization1	(7,461)		(2,959)
Additions2	13,806		14,715
Impairment assessment	—		—
Balance at end of the period	$	30,540	$	22,145

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

Servicing income earned for the three and nine months ended September 30, 2025 and 2024 was as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Servicing income	$6,076	$4,958	$17,655	$14,922

- Definition

The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480591/815-20-50-1

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Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147481229/860-50-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
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-Paragraph 2
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-4

+ Details

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
ASSETS
Cash and due from banks	$ 3,980	$ 6,941
Restricted cash (amounts related to VIEs of $6.3 million and $6.3 million, respectively)	24,737	28,226
Interest bearing deposits in banks	188,214	346,207
Total cash and cash equivalents	216,931	381,374
Debt securities available-for-sale, at fair value	18,009	23,916
Loans held for sale, at fair value	757,001	372,286
Loans held for sale, at LCM	28,678	58,803
Loans held for investment, at fair value	305,720	369,746
Loans held for investment, at amortized cost, net of deferred fees and costs	834,087	621,651
Allowance for credit losses	(45,166)	(30,233)
Loans held for investment, at amortized cost, net	788,921	591,418
Federal Home Loan Bank and Federal Reserve Bank stock	4,064	3,585
Settlement receivable	469	52,465
Residuals in securitizations, at fair value	76,701	0
Goodwill and intangibles	14,633	14,752
Right of use assets	2,292	5,688
Servicing assets, at fair value	17,023	22,062
Servicing assets, at LCM	30,540	24,195
Other assets	86,727	60,636
Assets held for sale	0	21,308
Total assets	2,399,099	2,059,912
Deposits:
Noninterest-bearing	21,771	11,142
Interest-bearing	1,156,193	961,910
Total deposits	1,177,964	973,052
Borrowings (including borrowings of VIEs of $140.6 million and $186.6 million, respectively)	748,549	708,041
Dividends payable	5,387	5,233
Lease liabilities	2,322	6,498
Deferred tax liabilities, net	5,343	2,244
Due to participants	35,047	21,532
Accounts payable, accrued expenses and other liabilities	37,780	40,806
Liabilities directly associated with assets held for sale	0	6,224
Total liabilities	2,012,392	1,763,630
Commitment and contingencies (Note 13)
Shareholders' Equity:
Common stock (par value $0.02 per share; 199,980 authorized, 28,876 and 24,680 issued and outstanding, respectively)	577	526
Retained earnings	81,981	57,773
Additional paid-in capital	255,963	218,266
Accumulated other comprehensive income (loss), net of income taxes	5	(21)
Total shareholders' equity	386,707	296,282
Total liabilities and shareholders' equity	2,399,099	2,059,912
Joint Ventures and Other Non-Control Investments
ASSETS
Investments	51,390	57,678
Series A Preferred stock
Shareholders' Equity:
Preferred stock	0	19,738
Series B Preferred stock
Shareholders' Equity:
Preferred stock	$ 48,181	$ 0

GOODWILL AND INTANGIBLE ASSETS - Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 43	$ 192	$ 129	$ 593

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
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-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

SHAREHOLDERS' EQUITY - Dividends Declared and Distributed (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands							3 Months Ended
	Oct. 24, 2025	Jul. 21, 2025	Apr. 30, 2025	Oct. 21, 2024	Jul. 19, 2024	Apr. 15, 2024	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024
Subsidiary, Sale of Stock [Line Items]
Amount Per Share							$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19
Cash Distribution							$ 5,387	$ 4,836	$ 4,835	$ 4,837	$ 4,827	$ 4,617
Series A Convertible Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Amount Per Share								$ 20.00	$ 20.00	$ 20.00	$ 20.00	$ 20.00
Cash Distribution								$ 400	$ 400	$ 400	$ 400	$ 400
Series B Preferred stock
Subsidiary, Sale of Stock [Line Items]
Amount Per Share							$ 9.44
Cash Distribution							$ 472
Unvested Restricted Stock
Subsidiary, Sale of Stock [Line Items]
DRIP Shares Issued, (in shares)		0	35	8	5	6
DRIP Shares Issued		$ 0	$ 367	$ 114	$ 78	$ 71
Unvested Restricted Stock \| Subsequent Event
Subsidiary, Sale of Stock [Line Items]
DRIP Shares Issued, (in shares)	3
DRIP Shares Issued	$ 54

SERVICING ASSETS - Servicing Fee Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Servicing Assets at Fair Value [Line Items]
Servicing income	$ 6,076	$ 4,958	$ 17,655	$ 14,922
Non-affiliate
Servicing Assets at Fair Value [Line Items]
Servicing income	$ 6,076	$ 4,958	$ 17,655	$ 14,922

SERVICING ASSETS - LOCOM (Details) - USD ($) $ in Thousands	9 Months Ended
SERVICING ASSETS - LOCOM (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024
Servicing Asset at Amortized Cost, Balance [Roll Forward]
Beginning value	$ 24,195	$ 10,389
Amortization	(7,461)	(2,959)
Additions	13,806	14,715
Impairment assessment	0	0
Ending value	$ 30,540	$ 22,145

SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Residuals of Securitization (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Assets	$ 76,701	$ 0
Maximum Exposure to Loss	76,701
Total Assets in VIE	$ 212,509

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Restricted cash	$ 24,737	$ 28,226
Loans held for investment, at fair value	305,720	369,746
Joint ventures, cost	36,692	44,039
Borrowings (including borrowings of VIEs of $140.6 million and $186.6 million, respectively)	$ 748,549	$ 708,041
Common stock, par value (in dollars per share)	$ 0.02	$ 0.02
Common stock, shares authorized (in shares)	199,980,000	199,980,000
Common stock, shares issued (in shares)	28,876,000	24,680,000
Common shares outstanding at end of period (in shares)	28,876,000	24,680,000
Series A Preferred stock
Preferred stock, par value (in dollars per share)	$ 0.00	$ 0.02
Preferred stock, shares authorized (in shares)	0	20,000
Preferred stock, shares issued (in shares)	0	20,000
Preferred stock, shares outstanding (in shares)	0	20,000
Series B Preferred stock
Preferred stock, par value (in dollars per share)	$ 0.02	$ 0.00
Preferred stock, shares authorized (in shares)	54,000	0
Preferred stock, shares issued (in shares)	50,000	0
Preferred stock, shares outstanding (in shares)	50,000	0
Variable Interest Entity, Primary Beneficiary
Restricted cash	$ 6,303	$ 6,303
Loans held for investment, at fair value	213,814	257,179
Borrowings (including borrowings of VIEs of $140.6 million and $186.6 million, respectively)	$ 140,596	$ 186,635

INVESTMENTS - Other Information (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Debt Securities, Available-for-Sale [Line Items]
Total pledged	$ 18,009	$ 23,916
Pledged for deposits
Debt Securities, Available-for-Sale [Line Items]
Total pledged	0	0
Pledged for borrowings and other:
Debt Securities, Available-for-Sale [Line Items]
Total pledged	18,009	23,916
FRB borrowings
Debt Securities, Available-for-Sale [Line Items]
Total pledged	6,957	2,980
FHLB borrowings
Debt Securities, Available-for-Sale [Line Items]
Total pledged	$ 11,052	$ 20,937

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

BORROWINGS - Narrative (Details) $ in Thousands			3 Months Ended		9 Months Ended
BORROWINGS - Narrative (Details) $ in Thousands	Sep. 26, 2025 USD ($)	Mar. 19, 2025 USD ($) investor	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Weighted Avg Interest Rate			7.65%		7.65%		7.22%
Loss on extinguishment of debt			$ 179	$ 0	$ 179	$ 0
Aggregate principal amount			748,549		748,549		$ 708,041
2030 8.375% Notes
Debt Instrument [Line Items]
Proceeds from Notes					30,000	$ 0
2030 8.375% Notes \| Medium-term Notes
Debt Instrument [Line Items]
Loans		$ 30,000	$ 30,000		$ 30,000		$ 0
Number of accredited investors \| investor		11
Percent of principal amount		100.00%
Weighted Avg Interest Rate			8.375%		8.375%		0.00%
Proceeds from Notes		$ 29,250
Aggregate principal amount			$ 29,355		$ 29,355		$ 0
Deferred financing costs			645		645		0
NMS Goldman Facility \| Line of Credit
Debt Instrument [Line Items]
Loans			$ 90,000		$ 90,000		$ 0
Weighted Avg Interest Rate			9.83%		9.83%		0.00%
Aggregate principal amount	$ 90,000		$ 88,617		$ 88,617		$ 0
Proceeds from issuance of long-term debt	90,000
Deferred financing costs			1,383		1,383		0
NMS Goldman Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Aggregate principal amount	5,000
Loans to Company
Debt Instrument [Line Items]
Aggregate principal amount	$ 58,500
Capital One Facilities \| Line of Credit
Debt Instrument [Line Items]
Loans			23,740		23,740		21,300
Deferred financing costs			$ 585		$ 585		$ 108

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Other Commitments [Line Items]
Employment agreement	1 year
Commitments to Extend Credit
Other Commitments [Line Items]
Commitment	$ 106,400
SBA investment
Other Commitments [Line Items]
Commitment	29,100
504
Other Commitments [Line Items]
Commitment	69,800
C&I
Other Commitments [Line Items]
Commitment	$ 7,500

GOODWILL AND INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Intangible Asset, Acquired, Finite-Lived [Line Items]
Total	$ 548
Banking - Core Deposits
Intangible Asset, Acquired, Finite-Lived [Line Items]
Gross carrying Amount	1,040	$ 1,040
Accumulated Amortization	(492)	(373)
Total	$ 548	$ 667

FAIR VALUE MEASUREMENTS - Unobservable Units (Details) $ in Thousands	Sep. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Residuals in securitizations, at fair value	$ 76,701	$ 0
Servicing asset	17,023	22,062
Assets held for sale		21,308
Other real estate owned	5,629	3,764
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Residuals in securitizations, at fair value	76,701
Servicing asset	17,023	22,062
Assets held for sale		21,308
Other real estate owned	5,629	3,764
Equity warrants	77	133
Joint Ventures and Other Non-Control Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	51,390	57,678
Joint Ventures and Other Non-Control Investments \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	43,430	57,678
Unguaranteed Investments Accrual \| Non-affiliate \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	232,575	302,442
Unguaranteed Investments Non-Accrual \| Non-affiliate \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	73,145	67,304
Loans Held For Sale \| Non-affiliate \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 478,323	372,286
Market yields \| Joint Ventures and Other Non-Control Investments \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		$ 57,678
Weighted Average \| Market yields \| Joint Ventures and Other Non-Control Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, measurement input	0.0742	0.0840
Residuals in Securitizations, at FV, measurement input	0.0764
Weighted Average \| Market yields \| Unguaranteed Investments Accrual \| Non-affiliate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, measurement input	0.0655	0.0655
Weighted Average \| Market yields \| Unguaranteed Investments Non-Accrual \| Non-affiliate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, measurement input	0.0700	0.0730
Weighted Average \| Market yields \| Loans Held For Sale \| Non-affiliate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, measurement input	0.0717	0.0762
Weighted Average \| Market yields \| Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets, measurement input	0.1175	0.1200
Weighted Average \| Cumulative prepayment rate \| Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets, measurement input	0.2250	0.2250
Weighted Average \| Cumulative prepayment rate \| Lower of Cost or Market
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets, measurement input	0.3498	0.3465
Weighted Average \| Cumulative prepayment rate \| Unguaranteed Investments Accrual \| Non-affiliate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, measurement input	0.2250	0.2250
Weighted Average \| Cumulative prepayment rate \| Loans Held For Sale \| Non-affiliate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, measurement input	0.5818	0.5978
Weighted Average \| Cumulative prepayment rate \| Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets, measurement input	0.2250	0.2250
Weighted Average \| Average cumulative default rate \| Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets, measurement input	0.2100	0.2100
Weighted Average \| Average cumulative default rate \| Lower of Cost or Market
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets, measurement input	0.1650	0.1890
Weighted Average \| Average cumulative default rate \| Unguaranteed Investments Accrual \| Non-affiliate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, measurement input	0.2100	0.2100
Weighted Average \| Average cumulative default rate \| Unguaranteed Investments Non-Accrual \| Non-affiliate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, measurement input	0.3000	0.3000
Weighted Average \| Average cumulative default rate \| Loans Held For Sale \| Non-affiliate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, measurement input	0.1082	0.0989
Weighted Average \| Average cumulative default rate \| Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets, measurement input	0.2100	0.2100
Weighted Average \| Cost \| Joint Ventures and Other Non-Control Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, measurement input	0.1400	0.1100
Residuals in Securitizations, at FV, measurement input	0.1400
Weighted Average \| Weighted average cost of capital \| Joint Ventures and Other Non-Control Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, measurement input	0.0918	0.0772
Residuals in Securitizations, at FV, measurement input	0.0950
Weighted Average \| Present value factor
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset held for sale, measurement input		0.9070
Weighted Average \| Discount rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset held for sale, measurement input		0.1023
Weighted Average \| Discount rate \| Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets, measurement input	0.1175	0.1200
Weighted Average \| Discount rate \| Lower of Cost or Market
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets, measurement input	0.1127	0.1297
Weighted Average \| Expected volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity warrants, measurement input	0.4300	0.4800
Weighted Average \| Dividend yield
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity warrants, measurement input	0.0660	0.0600
Weighted Average \| Risk free rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity warrants, measurement input	0.0396	0.0452
Minimum \| Market yields \| Joint Ventures and Other Non-Control Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, measurement input	0.0764	0.0800
Residuals in Securitizations, at FV, measurement input	0.0764
Minimum \| Market yields \| Unguaranteed Investments Accrual \| Non-affiliate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, measurement input	0.0655	0.0655
Minimum \| Market yields \| Unguaranteed Investments Non-Accrual \| Non-affiliate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, measurement input	0.0700	0.0730
Minimum \| Market yields \| Loans Held For Sale \| Non-affiliate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, measurement input	0.0644	0.0708
Minimum \| Market yields \| Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets, measurement input	0.1175	0.1200
Minimum \| Cumulative prepayment rate \| Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets, measurement input	0.2250	0.2250
Minimum \| Cumulative prepayment rate \| Lower of Cost or Market
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets, measurement input	0.2250	0.2250
Minimum \| Cumulative prepayment rate \| Unguaranteed Investments Accrual \| Non-affiliate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, measurement input	0.2250	0.2250
Minimum \| Cumulative prepayment rate \| Loans Held For Sale \| Non-affiliate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, measurement input	0.2250	0.5000
Minimum \| Cumulative prepayment rate \| Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets, measurement input	0.2250	0.2250
Minimum \| Average cumulative default rate \| Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets, measurement input	0.2100	0.2100
Minimum \| Average cumulative default rate \| Lower of Cost or Market
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets, measurement input	0.0500	0.0500
Minimum \| Average cumulative default rate \| Unguaranteed Investments Accrual \| Non-affiliate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, measurement input	0.2100	0.2100
Minimum \| Average cumulative default rate \| Unguaranteed Investments Non-Accrual \| Non-affiliate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, measurement input	0.3000	0.3000
Minimum \| Average cumulative default rate \| Loans Held For Sale \| Non-affiliate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, measurement input	0.0500	0.0500
Minimum \| Average cumulative default rate \| Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets, measurement input	0.2100	0.2100
Minimum \| Cost \| Joint Ventures and Other Non-Control Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, measurement input	0.1200	0.0800
Residuals in Securitizations, at FV, measurement input	0.1200
Minimum \| Weighted average cost of capital \| Joint Ventures and Other Non-Control Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, measurement input	0.0800	0.0600
Residuals in Securitizations, at FV, measurement input	0.0850
Minimum \| Present value factor
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset held for sale, measurement input		0.8950
Minimum \| Discount rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset held for sale, measurement input		0.0727
Minimum \| Discount rate \| Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets, measurement input	0.1175	0.1200
Minimum \| Discount rate \| Lower of Cost or Market
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets, measurement input	0.1075	0.1200
Minimum \| Expected volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity warrants, measurement input	0.4300	0.4800
Minimum \| Dividend yield
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity warrants, measurement input	0.0660	0.0600
Minimum \| Risk free rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity warrants, measurement input	0.0396	0.0452
Maximum \| Market yields \| Joint Ventures and Other Non-Control Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, measurement input	0.1200	0.1200
Residuals in Securitizations, at FV, measurement input	0.0764
Maximum \| Market yields \| Unguaranteed Investments Accrual \| Non-affiliate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, measurement input	0.0655	0.0655
Maximum \| Market yields \| Unguaranteed Investments Non-Accrual \| Non-affiliate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, measurement input	0.0700	0.0730
Maximum \| Market yields \| Loans Held For Sale \| Non-affiliate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, measurement input	0.1175	0.0818
Maximum \| Market yields \| Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets, measurement input	0.1175	0.1200
Maximum \| Cumulative prepayment rate \| Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets, measurement input	0.2250	0.2250
Maximum \| Cumulative prepayment rate \| Lower of Cost or Market
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets, measurement input	0.5000	0.7500
Maximum \| Cumulative prepayment rate \| Unguaranteed Investments Accrual \| Non-affiliate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, measurement input	0.2250	0.2250
Maximum \| Cumulative prepayment rate \| Loans Held For Sale \| Non-affiliate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, measurement input	0.6500	0.7000
Maximum \| Cumulative prepayment rate \| Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets, measurement input	0.2250	0.2250
Maximum \| Average cumulative default rate \| Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets, measurement input	0.2100	0.2100
Maximum \| Average cumulative default rate \| Lower of Cost or Market
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets, measurement input	0.2100	0.2000
Maximum \| Average cumulative default rate \| Unguaranteed Investments Accrual \| Non-affiliate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, measurement input	0.2100	0.2100
Maximum \| Average cumulative default rate \| Unguaranteed Investments Non-Accrual \| Non-affiliate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, measurement input	0.3000	0.3000
Maximum \| Average cumulative default rate \| Loans Held For Sale \| Non-affiliate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, measurement input	0.2100	0.1500
Maximum \| Average cumulative default rate \| Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets, measurement input	0.2100	0.2100
Maximum \| Cost \| Joint Ventures and Other Non-Control Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, measurement input	0.1800	0.1400
Residuals in Securitizations, at FV, measurement input	0.1600
Maximum \| Weighted average cost of capital \| Joint Ventures and Other Non-Control Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, measurement input	0.2257	0.2398
Residuals in Securitizations, at FV, measurement input	0.1050
Maximum \| Present value factor
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset held for sale, measurement input		0.9320
Maximum \| Discount rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset held for sale, measurement input		0.1171
Maximum \| Discount rate \| Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets, measurement input	0.1175	0.1200
Maximum \| Discount rate \| Lower of Cost or Market
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets, measurement input	0.1200	0.1350
Maximum \| Expected volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity warrants, measurement input	0.4300	0.4800
Maximum \| Dividend yield
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity warrants, measurement input	0.0660	0.0600
Maximum \| Risk free rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity warrants, measurement input	0.0396	0.0452

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2025
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 19—SUBSEQUENT EVENTS: Note Purchase and Exchange On October 21, 2025, the Company entered into agreements with two institutional investors that were existing holders of the Company’s 2026 Notes to exchange $20.0 million in total principal amount of the Company’s 2026 Notes held by such investors for an equal principal amount of the Company’s 2030 Notes. One of the investors also agreed to purchase $2.0 million in newly issued additional principal amount of the Company’s 2030 Notes. The transactions were conducted pursuant to exemptions from the registration requirements of the Securities Act.

EARNINGS PER SHARE - Schedule of Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Basic earnings per share:
Net income available to common shareholders	$ 17,429	$ 11,534	$ 39,699	$ 31,329
Weighted-average basic shares outstanding (in shares)	25,600	25,425	25,310	24,773
Basic earnings per share (in dollars per share)	$ 0.68	$ 0.45	$ 1.57	$ 1.26
Diluted earnings per share:
Net income, for diluted earnings per share	$ 17,429	$ 11,534	$ 39,699	$ 31,329
Add: Preferred dividends on dilutive Series A convertible preferred stock	0	400	0	0
Net income, for diluted earnings per share	$ 17,429	$ 11,934	$ 39,699	$ 31,329
Weighted-average basic shares outstanding (in shares)	25,600	25,425	25,310	24,773
Add effect of dilutive restricted stock awards	443	213	458	151
Add effect of dilutive Series A convertible preferred stock	0	951	0	0
Total weighted-average diluted shares outstanding (in shares)	26,043	26,589	25,768	24,924
Diluted earnings per share (in dollars per share)	$ 0.67	$ 0.45	$ 1.54	$ 1.26
Anti-dilutive warrants, restricted stock awards, and Series A convertible preferred stock (in shares)	$ 48	$ 48	$ 48	$ 998

LOANS - Investment Portfolio (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
SBA 7(a)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cost	$ 310,526	$ 371,146
Fair Value	305,720	369,746
CRE \| SBA 7(a)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cost	141,575	162,894
Fair Value	150,175	175,353
Residential Real Estate \| SBA 7(a)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cost	56,448	69,667
Fair Value	54,359	67,474
Machinery and Equipment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cost	4,700	4,700
Fair Value	4,400	4,600
Machinery and Equipment \| SBA 7(a)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cost	50,508	60,460
Fair Value	46,325	56,454
Accounts Receivable and Inventory \| SBA 7(a)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cost	48,304	59,449
Fair Value	43,193	54,267
Unsecured \| SBA 7(a)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cost	4,506	5,643
Fair Value	4,659	5,644
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cost	1,100	2,000
Fair Value	300	1,100
Other \| SBA 7(a)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cost	9,185	13,033
Fair Value	$ 7,009	$ 10,554

LOANS - Allowance for Credit Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 42,625	$ 21,098	$ 30,233	$ 12,574
Charge offs	(5,192)	(1,763)	(15,405)	(2,933)
Recoveries	18	0	35	0
Provision for Credit Losses	7,715	6,710	30,303	16,404
Ending balance	45,166	26,045	45,166	26,045
Provision for credit losses relating to unfunded commitments	3	218	31	338
CRE, at amortized cost, net of deferred fees and costs
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	2,045	1,358	1,430	1,408
Charge offs	(122)	0	(122)	(236)
Recoveries	0	0	0	0
Provision for Credit Losses	(92)	(88)	523	98
Ending balance	1,831	1,270	1,831	1,270
C&I
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	1,540	215	315	314
Charge offs	(8)	0	(275)	0
Recoveries	0	0	0	0
Provision for Credit Losses	1,576	(187)	3,068	(286)
Ending balance	3,108	28	3,108	28
SBA 7(a)
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	39,040	19,525	28,488	10,852
Charge offs	(5,062)	(1,763)	(15,008)	(2,697)
Recoveries	18	0	35	0
Provision for Credit Losses	6,231	6,985	26,712	16,592
Ending balance	$ 40,227	$ 24,747	$ 40,227	$ 24,747

SERVICING ASSETS (Tables)

9 Months Ended

Sep. 30, 2025

Transfers and Servicing [Abstract]

Schedule of servicing assets

The following table summarizes the unpaid principle balance of loans serviced at September 30, 2025 and December 31, 2024:


	September 30, 2025		December 31, 2024
SBA 7(a)	$	1,770,719	$	1,996,715
ALP	363,162		169,842
504	48,385		12,475
Total loans serviced	$	2,182,266	$	2,179,032

The following tables show a rollforward of servicing assets, at LCM for the nine months ended September 30, 2025 and 2024:


Servicing Assets, at LCM	September 30, 2025		September 30, 2024
Balance at beginning of the period	$	24,195	$	10,389
Amortization1	(7,461)		(2,959)
Additions2	13,806		14,715
Impairment assessment	—		—
Balance at end of the period	$	30,540	$	22,145

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

Fair value and valuation assumption

The following table summarizes the fair value and valuation assumptions related to servicing assets at September 30, 2025 and December 31, 2024:


	September 30, 2025								December 31, 2024
			Weighted		Range						Weighted		Range
Unobservable Input	Amount		Average		Minimum		Maximum		Amount		Average		Minimum		Maximum
Servicing assets at FV:	$	17,023							$	22,062
Discount factor1			11.75	%	11.75	%	11.75	%			12.00	%	12.00	%	12.00	%
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:	30,540								24,195
Discount factor1			11.27	%	10.75	%	12.00	%			12.97	%	12.00	%	13.50	%
Cumulative prepayment rate			34.98	%	22.50	%	50.00	%			34.65	%	22.50	%	75.00	%
Average cumulative default rate			16.50	%	5.00	%	21.00	%			18.90	%	5.00	%	20.00	%
Total	$	47,563							$	46,257

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

The following tables provide a summary of quantitative information about the Company’s Level 3 fair value measurements as of September 30, 2025 and December 31, 2024. In addition to the inputs noted in the table below, according to our valuation policy we may also use other valuation techniques and methodologies when determining our fair value measurements. The tables below are not intended to be all-inclusive but rather provide information on the significant Level 3 inputs as they relate to the Company’s fair value measurements at September 30, 2025 and December 31, 2024.


	Fair Value as of			Weighted		Range
	September 30, 2025		Unobservable Input	Average		Minimum		Maximum
Assets:
Loans HFI, at FV - accrual	$	232,575	Market yields	6.55	%	6.55	%	6.55	%
			Cumulative prepayment rate	22.50	%	22.50	%	22.50	%
			Average cumulative default rate	21.00	%	21.00	%	21.00	%
Loans HFI, at FV - non-accrual	$	73,145	Market yields	7.00	%	7.00	%	7.00	%

			Average cumulative default rate	30.00	%	30.00	%	30.00	%
Loans HFS, at FV	$	478,323	Market yields	7.17	%	6.44	%	11.75	%
			Cumulative prepayment rate	58.18	%	22.50	%	65.00	%
			Average cumulative default rate	10.82	%	5.00	%	21.00	%
Joint ventures and non-control investments	$	43,430	Market yields	7.42	%	7.64	%	12.00	%
			Cost of equity	14.00	%	12.00	%	18.00	%
			Weighted average cost of capital	9.18	%	8.00	%	22.57	%
Residuals in securitizations, at FV	$	76,701	Market yields	7.64	%	7.64	%	7.64	%
			Cost of equity	14.00	%	12.00	%	16.00	%
			Weighted average cost of capital	9.50	%	8.50	%	10.50	%
Servicing assets, at FV	$	17,023	Market yields	11.75	%	11.75	%	11.75	%
			Cumulative prepayment rate	22.50	%	22.50	%	22.50	%
			Average cumulative default rate	21.00	%	21.00	%	21.00	%
Other real estate owned, at FV	$	5,629	Appraised value	N/A		N/A		N/A
Liabilities:
Equity warrants	$	77	Expected volatility	43.00	%	43.00	%	43.00	%
			Dividend yield	6.60	%	6.60	%	6.60	%
			Risk free rate	3.96	%	3.96	%	3.96	%


	Fair Value as of			Weighted		Range
	December 31, 2024		Unobservable Input	Average		Minimum		Maximum
Assets:
Loans HFI, at FV - accrual	$	302,442	Market yields	6.55	%	6.55	%	6.55	%
			Cumulative prepayment rate	22.50	%	22.50	%	22.50	%
			Average cumulative default rate	21.00	%	21.00	%	21.00	%
Loans HFI, at FV - non-accrual	$	67,304	Market yields	7.30	%	7.30	%	7.30	%

			Average cumulative default rate	30.00	%	30.00	%	30.00	%
Loans HFS, at FV	$	372,286	Market yields	7.62	%	7.08	%	8.18	%
			Cumulative prepayment rate	59.78	%	50.00	%	70.00	%
			Average cumulative default rate	9.89	%	5.00	%	15.00	%
Joint ventures and non-control investments	$	57,678	Market yields	8.40	%	8.00	%	12.00	%
			Cost of equity	11.00	%	8.00	%	14.00	%
			Weighted average cost of capital	7.72	%	6.00	%	23.98	%

Servicing assets, at FV	$	22,062	Market yields	12.00	%	12.00	%	12.00	%
			Cumulative prepayment rate	22.50	%	22.50	%	22.50	%
			Average cumulative default rate	21.00	%	21.00	%	21.00	%
Assets held for sale	$	21,308	Present value factor	90.70	%	89.50	%	93.20	%
			Discount rate	10.23	%	7.27	%	11.71	%
Other real estate owned	$	3,764	Appraised value	N/A		N/A		N/A
Liabilities:
Equity warrants	$	133	Expected volatility	48.00	%	48.00	%	48.00	%
			Dividend yield	6.00	%	6.00	%	6.00	%
			Risk free rate	4.52	%	4.52	%	4.52	%

Schedule of servicing fee income

Servicing income earned for the three and nine months ended September 30, 2025 and 2024 was as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Servicing income	$6,076	$4,958	$17,655	$14,922

INVESTMENTS - Available-for-Sale Debt Securities (Details) - U.S. Treasury notes - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Debt Securities, Available-for-Sale, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract]
Amortized Cost	$ 18,004	$ 23,934
Unrealized Gains	8	11
Unrealized Losses	3	29
Fair Value	$ 18,009	$ 23,916

SHAREHOLDERS' EQUITY (Tables)

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Schedule of shares sold

The following table summarizes the total shares sold and net proceeds received under the ATM Program:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Shares sold	425		—		425		1,100
Net weighted average price per share	$	12.22	$	—	$	12.22	$	12.56
Net proceeds	$	5,090	$	—	$	5,090	$	13,818
Placement agent fees paid	$	104	$	—	$	104	$	282

Schedule of share repurchase program

The following table summarizes the total Common Shares repurchased and net proceeds received under the stock repurchase program:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Shares repurchased	—		—		16		—
Net weighted average price per share	$	—	$	—	$	10.42	$	—
Net proceeds	$	—	$	—	$	167	$	—

Distribution of assets, liabilities and stockholders' equity

The following table summarizes dividend declarations and distributions on the Series A and Series B Preferred Stock during the nine months ended September 30, 2025 and 2024:


Date Declared	Series1	Record Date	Payment Date	Amount Per Share			Cash Distribution
Nine months ended September 30, 2025
March 31, 2025	A	March 30, 2025	April 1, 2025	$	20.00		$	400
June 30, 2025	A	June 30, 2025	July 1, 2025	$	20.00		$	400
September 29, 2025	B	September 29, 2025	October 1, 2025	$	9.44	2	$	472	2

Nine months ended September 30, 2024
March 19, 2024	A	March 28, 2024	April 1, 2024	$	20.00		$	400
June 27, 2024	A	June 28, 2024	July 1, 2024	$	20.00		$	400
September 16, 2024	A	September 30, 2024	October 1, 2024	$	20.00		$	400

1 Series A Preferred Stock exchanged for Common Stock and cash on September 16, 2025.

2 Prorated for the initial dividend period from the date of the issuance of the Series B preferred stock on August 20, 2025.

The following table summarizes the Company’s dividend declarations and distributions, including dividend shares issued on vested restricted stock awards, during the nine months ended September 30, 2025 and 2024:


	Record Date	Payment Date	Amount Per Share		Cash Distribution		Dividend Shares Issued on Unvested RSAs
Date Declared							#	$
Nine months ended September 30, 2025
March 31, 2025	April 15, 2025	April 30, 2025	$	0.19	$	4,835	35	$	367
June 25, 2025	July 9, 2025	July 21, 2025	$	0.19	$	4,836	—	$	—
September 30, 2025	October 14, 2025	October 24, 2025	$	0.19	$	5,387	3	$	54


Nine months ended September 30, 2024
March 19, 2024	April 1, 2024	April 15, 2024	$	0.19	$	4,617	6	$	71
June 27, 2024	July 9, 2024	July 19, 2024	$	0.19	$	4,827	5	$	78
September 16, 2024	October 10, 2024	October 21, 2024	$	0.19	$	4,837	8	$	114

FAIR VALUE MEASUREMENTS - Fair Value Levels (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	Sep. 30, 2025	Jan. 02, 2025	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Assets:
Loans held for sale, at fair value	$ 757,001		$ 372,286
Loans held for investment, at fair value	305,720		369,746
Individually evaluated loans	81,337
Other real estate owned	5,629		3,764
Other real estate owned, at LCM	2,261
Residuals in securitizations, at fair value	76,701		0
Servicing asset	17,023		22,062
Servicing assets, at LCM	$ 30,540		24,195	$ 22,145	$ 10,389
Assets held for sale			$ 21,308
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets		Other assets
Derivative instrument	$ 232		$ 715
Total assets measured at fair value	1,345,843		871,475
Liabilities:
Total liabilities measured at fair value	77		133
Carrying Amount
Cash and due from banks	3,980		6,941	9,688
Restricted cash	24,737		28,226	27,929
Interest bearing deposits in banks	188,214		346,207	$ 152,805
Debt securities available-for-sale, at fair value	18,009		23,916
Loans HFS, at FV	757,001		372,286
Loans held for sale, at LCM	28,678		58,803
Loans held for investment, at fair value	305,720		369,746
Loans held for investment, at amortized cost, net of deferred fees and costs	834,087		621,651
Federal Home Loan Bank and Federal Reserve Bank stock	4,064		3,585
Time deposits	481,531		409,251
Borrowings (including borrowings of VIEs of $140.6 million and $186.6 million, respectively)	748,549		708,041
Other Fair Value Financial Instruments
Debt securities available-for-sale, at fair value	18,009		23,916
Loans HFS, at FV	757,001		372,286
Loans HFS, at LCM	28,678		58,856
Loans HFI, at amortized cost, net of deferred fees and costs	944,601		668,687
Federal Home Loan Bank and Federal Reserve Bank stock	4,064		3,585
Time deposits	482,945		410,442
Borrowings	$ 754,425		720,367
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Newtek Technology Solutions, Inc.
Other Fair Value Financial Instruments
Consideration (in shares)	4.0	4.0
Value per share (in dollars per share)	$ 1.99	$ 2.05
U.S. Treasury notes
Assets:
Debt securities available-for-sale, at fair value	$ 18,009		23,916
Loans Held For Sale
Assets:
Loans held for sale, at fair value	757,001		372,286
Carrying Amount
Loans HFS, at FV	757,001		372,286
Loans Held for Investment
Assets:
Loans held for investment, at fair value	305,720		369,746
Carrying Amount
Loans held for investment, at fair value	305,720		369,746
Cash and due from banks
Other Fair Value Financial Instruments
Cash and cash equivalents	3,980		6,941
Restricted cash
Other Fair Value Financial Instruments
Cash and cash equivalents	24,737		28,226
Interest bearing deposits in banks
Other Fair Value Financial Instruments
Cash and cash equivalents	188,214		346,207
Equity warrants
Liabilities:
Equity warrants	77		133
Joint Ventures and Other Non-Control Investments
Assets:
Investments	51,390		57,678
Carrying Amount
Loans, at fair value	51,390		57,678
Level 1
Assets:
Loans held for investment, at fair value	0		0
Individually evaluated loans	0
Other real estate owned	0		0
Other real estate owned, at LCM	0
Residuals in securitizations, at fair value	0
Servicing asset	0		0
Servicing assets, at LCM	0
Assets held for sale			0
Derivative instrument	0		0
Total assets measured at fair value	25,969		23,916
Liabilities:
Total liabilities measured at fair value	0		0
Carrying Amount
Loans held for investment, at fair value	0		0
Other Fair Value Financial Instruments
Debt securities available-for-sale, at fair value	18,009		23,916
Loans HFS, at FV	0		0
Loans HFS, at LCM	0		0
Loans HFI, at amortized cost, net of deferred fees and costs	0		0
Federal Home Loan Bank and Federal Reserve Bank stock	0		0
Time deposits	0		0
Borrowings	0		0
Level 1 \| U.S. Treasury notes
Assets:
Debt securities available-for-sale, at fair value	18,009		23,916
Level 1 \| Loans Held For Sale
Assets:
Loans held for sale, at fair value	0		0
Carrying Amount
Loans HFS, at FV	0		0
Level 1 \| Loans Held for Investment
Assets:
Loans held for investment, at fair value	0		0
Carrying Amount
Loans held for investment, at fair value	0		0
Level 1 \| Cash and due from banks
Other Fair Value Financial Instruments
Cash and cash equivalents	3,980		6,941
Level 1 \| Restricted cash
Other Fair Value Financial Instruments
Cash and cash equivalents	24,737		28,226
Level 1 \| Interest bearing deposits in banks
Other Fair Value Financial Instruments
Cash and cash equivalents	188,214		346,207
Level 1 \| Equity warrants
Liabilities:
Equity warrants	0		0
Level 1 \| Joint Ventures and Other Non-Control Investments
Assets:
Investments	7,960		0
Carrying Amount
Loans, at fair value	7,960		0
Level 2
Assets:
Loans held for investment, at fair value	0		0
Individually evaluated loans	0
Other real estate owned	0		0
Other real estate owned, at LCM	0
Residuals in securitizations, at fair value	0
Servicing asset	0		0
Servicing assets, at LCM	0
Assets held for sale			0
Derivative instrument	232		715
Total assets measured at fair value	278,910		715
Liabilities:
Total liabilities measured at fair value	0		0
Carrying Amount
Loans held for investment, at fair value	0		0
Other Fair Value Financial Instruments
Debt securities available-for-sale, at fair value	0		0
Loans HFS, at FV	203,586		0
Loans HFS, at LCM	0		0
Loans HFI, at amortized cost, net of deferred fees and costs	0		0
Federal Home Loan Bank and Federal Reserve Bank stock	4,064		3,585
Time deposits	482,945		410,442
Borrowings	302,403		306,549
Level 2 \| U.S. Treasury notes
Assets:
Debt securities available-for-sale, at fair value	0		0
Level 2 \| Loans Held For Sale
Assets:
Loans held for sale, at fair value	278,678		0
Carrying Amount
Loans HFS, at FV	278,678		0
Level 2 \| Loans Held for Investment
Assets:
Loans held for investment, at fair value	0		0
Carrying Amount
Loans held for investment, at fair value	0		0
Level 2 \| Cash and due from banks
Other Fair Value Financial Instruments
Cash and cash equivalents	0		0
Level 2 \| Restricted cash
Other Fair Value Financial Instruments
Cash and cash equivalents	0		0
Level 2 \| Interest bearing deposits in banks
Other Fair Value Financial Instruments
Cash and cash equivalents	0		0
Level 2 \| Equity warrants
Liabilities:
Equity warrants	0		0
Level 2 \| Joint Ventures and Other Non-Control Investments
Assets:
Investments	0		0
Carrying Amount
Loans, at fair value	0		0
Level 3
Assets:
Loans held for investment, at fair value	305,720		369,746
Individually evaluated loans	81,337
Other real estate owned	5,629		3,764
Other real estate owned, at LCM	2,261
Residuals in securitizations, at fair value	76,701
Servicing asset	17,023		22,062
Servicing assets, at LCM	30,540
Assets held for sale			21,308
Derivative instrument	0		0
Total assets measured at fair value	1,040,964		846,844
Liabilities:
Equity warrants	77		133
Total liabilities measured at fair value	77		133
Carrying Amount
Loans held for investment, at fair value	305,720		369,746
Other Fair Value Financial Instruments
Debt securities available-for-sale, at fair value	0		0
Loans HFS, at FV	553,415		372,286
Loans HFS, at LCM	28,678		58,856
Loans HFI, at amortized cost, net of deferred fees and costs	944,601		668,687
Federal Home Loan Bank and Federal Reserve Bank stock	0		0
Time deposits	0		0
Borrowings	452,022		413,818
Level 3 \| U.S. Treasury notes
Assets:
Debt securities available-for-sale, at fair value	0		0
Level 3 \| Loans Held For Sale
Assets:
Loans held for sale, at fair value	478,323		372,286
Carrying Amount
Loans HFS, at FV	478,323		372,286
Level 3 \| Loans Held for Investment
Assets:
Loans held for investment, at fair value	305,720		369,746
Carrying Amount
Loans held for investment, at fair value	305,720		369,746
Level 3 \| Cash and due from banks
Other Fair Value Financial Instruments
Cash and cash equivalents	0		0
Level 3 \| Restricted cash
Other Fair Value Financial Instruments
Cash and cash equivalents	0		0
Level 3 \| Interest bearing deposits in banks
Other Fair Value Financial Instruments
Cash and cash equivalents	0		0
Level 3 \| Equity warrants
Liabilities:
Equity warrants	77		133
Level 3 \| Joint Ventures and Other Non-Control Investments
Assets:
Investments	43,430		57,678
Carrying Amount
Loans, at fair value	$ 43,430		$ 57,678

SHAREHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands					3 Months Ended	9 Months Ended
	Sep. 16, 2025	Aug. 20, 2025	Nov. 01, 2024	Feb. 03, 2023	Sep. 30, 2025	Sep. 30, 2025	Sep. 30, 2024	Sep. 22, 2025	Sep. 11, 2025	Jun. 06, 2025	Dec. 31, 2024	Nov. 17, 2023
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock, net of offering costs					$ 5,090	$ 5,090	$ 13,818
Securities purchase and exchange agreement					$ 9,755	9,755
Proceeds from preferred stock, net of offering costs						$ 48,181	$ 0
Warrants issued (in shares)				47,540
Price of warrant (in dollars per share)				$ 21.03
Exercisable term				10 years
Shares available for repurchase (in shares)			1,000,000
Share repurchase program, period			12 months
Interest rate					7.65%	7.65%					7.22%
2029 8.50% Notes \| Medium-term Notes
Subsidiary, Sale of Stock [Line Items]
Repurchase amount									$ 5,000
Repurchased shares (in shares)								2,700
Interest rate					8.50%	8.50%		8.50%			8.50%
Series A Convertible Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Issuance of stock (in shares)				20,000
Preferred stock, par value (in dollars per share)				$ 0.02
Issuance of common stock, net of offering costs				$ 20,000
Issuance price (in dollars per share)				$ 1,000.0
Convertible shares (in shares)				47.54
Securities purchase and exchange agreement (in shares)	20,000
Securities purchase and exchange agreement	$ 20,000
Cash value	$ 10,000
Shares exchanged (in shares)	2,307,692
Depository Shares
Subsidiary, Sale of Stock [Line Items]
Issuance of stock (in shares)		2,000,000
Series B Preferred stock
Subsidiary, Sale of Stock [Line Items]
Preferred stock, par value (in dollars per share)					$ 0.02	$ 0.02					$ 0.00
Issuance of common stock, net of offering costs					$ 48,181	$ 48,181
Preferred stock fixed rate		8.50%
Liquidation preference (in dollars per share)		$ 1,000
Liquidation preference, depositary (in dollars per share)		$ 25.00
Proceeds from preferred stock, net of offering costs		$ 48,357
2023 ATM Equity Distribution
Subsidiary, Sale of Stock [Line Items]
Common stock authorized for sale (in shares)										5,000,000		3,000,000.0

SEGMENTS (Details) $ in Thousands	3 Months Ended		9 Months Ended
SEGMENTS (Details) $ in Thousands	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) segment	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment			4
Goodwill allocation percentage	100.00%		100.00%
Interest income	$ 39,094	$ 31,271	$ 113,502	$ 87,691
Interest expense	24,545	20,290	71,097	58,678
Net interest income	14,549	10,981	42,405	29,013
Provision for credit losses	7,712	6,928	30,334	16,742
Net interest income after provision for credit losses	6,837	4,053	12,071	12,271
Total income	60,388	51,851	169,061	153,238
Technology services expense	0	1,796	0	8,624
Electronic payment processing expense	4,429	4,438	13,304	14,977
Salaries and employee benefits expense	19,973	19,149	64,424	60,445
Professional services expense	3,793	3,929	11,532	11,237
Other loan origination and maintenance expense	6,764	4,132	14,468	9,391
Loss on extinguishment of debt	179	0	179	0
Depreciation and amortization	129	517	549	1,570
Other general and administrative costs	6,892	4,886	21,189	14,326
Net income before taxes	25,066	17,057	55,487	44,939
Income tax expense	7,165	5,123	14,516	12,410
Net income	17,901	11,934	40,971	32,529
Assets	2,399,099	1,674,170	2,399,099	1,674,170	$ 2,059,912
Goodwill and intangibles	14,633	14,794	14,633	14,794	$ 14,752
Amortization expense	$ 43	192	$ 129	593
Minimum
Segment Reporting Information [Line Items]
Equity capital allocation percentage	0.00%		0.00%
Maximum
Segment Reporting Information [Line Items]
Equity capital allocation percentage	25.00%		25.00%
Banking
Segment Reporting Information [Line Items]
Amortization expense		192
Operating Segments \| Banking
Segment Reporting Information [Line Items]
Interest income	$ 27,720	18,820	$ 74,811	48,884
Interest expense	11,154	7,603	30,943	20,635
Net interest income	16,566	11,217	43,868	28,249
Provision for credit losses	7,712	6,928	30,334	16,742
Net interest income after provision for credit losses	8,854	4,289	13,534	11,507
Total income	34,848	35,424	105,339	100,326
Technology services expense		0		0
Electronic payment processing expense	0	0	0	0
Salaries and employee benefits expense	14,140	11,337	43,339	35,134
Professional services expense	1,482	853	4,049	2,769
Other loan origination and maintenance expense	7,056	5,207	19,160	14,077
Loss on extinguishment of debt	0		0
Depreciation and amortization	43	44	129	138
Other general and administrative costs	3,286	3,026	10,564	9,240
Net income before taxes	17,695	19,246	41,632	50,475
Income tax expense	5,121	5,760	10,766	15,136
Net income	12,574	13,486	30,866	35,339
Assets	1,520,476	935,319	1,520,476	935,319
Goodwill and intangibles	820	980	820	980
Amortization expense	43		129	593
Operating Segments \| Alternative Lending
Segment Reporting Information [Line Items]
Interest income	5,529	3,528	19,566	9,811
Interest expense	2,110	648	6,141	2,855
Net interest income	3,419	2,880	13,425	6,956
Provision for credit losses	0	0	0	0
Net interest income after provision for credit losses	3,419	2,880	13,425	6,956
Total income	22,079	15,237	55,537	31,555
Technology services expense		0		0
Electronic payment processing expense	0	0	0	0
Salaries and employee benefits expense	203	0	859	0
Professional services expense	50	25	216	127
Other loan origination and maintenance expense	2,529	1,666	5,483	4,117
Loss on extinguishment of debt	0		0
Depreciation and amortization	0	0	0	0
Other general and administrative costs	398	49	1,959	120
Net income before taxes	22,318	16,377	60,445	34,147
Income tax expense	0	0	0	0
Net income	22,318	16,377	60,445	34,147
Assets	625,297	336,605	625,297	336,605
Goodwill and intangibles	0	0	0	0
Amortization expense	0	0	0	0
Operating Segments \| Technology
Segment Reporting Information [Line Items]
Interest income		2		3
Interest expense		0		0
Net interest income		2		3
Provision for credit losses		0		0
Net interest income after provision for credit losses		2		3
Total income		5,494		19,701
Technology services expense		1,832		8,846
Electronic payment processing expense		0		0
Salaries and employee benefits expense		2,123		6,636
Professional services expense		160		335
Other loan origination and maintenance expense		11		17
Depreciation and amortization		362		1,062
Other general and administrative costs		908		2,860
Net income before taxes		100		(52)
Income tax expense		0		0
Net income		100		(52)
Assets		21,919		21,919
Goodwill and intangibles		0		0
Amortization expense		0		0
Operating Segments \| NSBF
Segment Reporting Information [Line Items]
Interest income	5,889	8,871	19,239	28,894
Interest expense	2,974	5,079	9,521	16,733
Net interest income	2,915	3,792	9,718	12,161
Provision for credit losses	0	0	0	0
Net interest income after provision for credit losses	2,915	3,792	9,718	12,161
Total income	(2,208)	(8,845)	(7,491)	(15,475)
Technology services expense		0		0
Electronic payment processing expense	0	0	0	0
Salaries and employee benefits expense	43	117	285	381
Professional services expense	480	679	1,447	1,664
Other loan origination and maintenance expense	4,724	4,509	11,449	12,065
Loss on extinguishment of debt	0		0
Depreciation and amortization	0	25	155	73
Other general and administrative costs	344	407	2,503	463
Net income before taxes	(4,884)	(10,790)	(13,612)	(17,960)
Income tax expense	0	0	0	0
Net income	(4,884)	(10,790)	(13,612)	(17,960)
Assets	415,364	536,000	415,364	536,000
Goodwill and intangibles	0	0	0	0
Amortization expense	0	0	0	0
Operating Segments \| Payments
Segment Reporting Information [Line Items]
Interest income	737	612	1,872	1,776
Interest expense	806	730	2,088	2,289
Net interest income	(69)	(118)	(216)	(513)
Provision for credit losses	0	0	0	0
Net interest income after provision for credit losses	(69)	(118)	(216)	(513)
Total income	11,853	12,469	35,881	39,090
Technology services expense		0		0
Electronic payment processing expense	4,767	4,730	14,333	15,889
Salaries and employee benefits expense	2,013	1,665	6,514	5,659
Professional services expense	147	156	329	522
Other loan origination and maintenance expense	0	0	0	0
Loss on extinguishment of debt	179		179
Depreciation and amortization	86	80	265	264
Other general and administrative costs	380	665	1,492	2,070
Net income before taxes	4,212	5,055	12,553	14,173
Income tax expense	0	0	(3)	0
Net income	4,212	5,055	12,556	14,173
Assets	120,028	62,710	120,028	62,710
Goodwill and intangibles	13,813	13,814	13,813	13,814
Amortization expense	0	0	0	0
Elim
Segment Reporting Information [Line Items]
Interest income	(127)	(445)	(642)	(1,425)
Interest expense	(761)	(982)	(2,249)	(2,965)
Net interest income	634	537	1,607	1,540
Provision for credit losses	0	0	0	0
Net interest income after provision for credit losses	634	537	1,607	1,540
Total income	(25,470)	(19,685)	(70,349)	(38,385)
Technology services expense		0		0
Electronic payment processing expense	1	0	0	0
Salaries and employee benefits expense	1,689	514	5,140	1,507
Professional services expense	0	0	0	0
Other loan origination and maintenance expense	(21)	(23)	(64)	(71)
Loss on extinguishment of debt	0		0
Depreciation and amortization	0	0	0	0
Other general and administrative costs	(151)	(841)	(474)	(2,140)
Net income before taxes	(26,354)	(18,798)	(73,344)	(36,141)
Income tax expense	0	11,101	10,766	15,136
Net income	(26,354)	(29,899)	(84,110)	(51,277)
Assets	(714,997)	(611,893)	(714,997)	(611,893)
Elim \| Banking
Segment Reporting Information [Line Items]
Interest income	(3)	0	(7)	0
Interest expense	(217)	(158)	(616)	(469)
Net interest income	214	158	609	469
Provision for credit losses	0	0	0	0
Net interest income after provision for credit losses	214	158	609	469
Total income	(7,424)	(7,036)	(21,734)	(20,389)
Technology services expense		0		0
Electronic payment processing expense	0	0	0	0
Salaries and employee benefits expense	(1,152)	(628)	(3,463)	(1,859)
Professional services expense	0	0	0	0
Other loan origination and maintenance expense	(3,677)	(3,683)	(11,136)	(10,011)
Loss on extinguishment of debt	0		0
Depreciation and amortization	0	0	0	0
Other general and administrative costs	(119)	(812)	(316)	(1,909)
Net income before taxes	(2,262)	(1,755)	(6,210)	(6,141)
Income tax expense	0	(11,101)	(10,766)	(15,136)
Net income	(2,262)	9,346	4,556	8,995
Assets	(31,544)	(22,719)	(31,544)	(22,719)
Elim \| Alternative Lending
Segment Reporting Information [Line Items]
Interest income	(35)	(5)	(69)	(10)
Interest expense	0	0	0	0
Net interest income	(35)	(5)	(69)	(10)
Provision for credit losses	0	0	0	0
Net interest income after provision for credit losses	(35)	(5)	(69)	(10)
Total income	0	0	0	0
Technology services expense		0		0
Electronic payment processing expense	0	0	0	0
Salaries and employee benefits expense	(204)	0	(859)	0
Professional services expense	0	0	0	0
Other loan origination and maintenance expense	(1,567)	(979)	(3,748)	(2,633)
Loss on extinguishment of debt	0		0
Depreciation and amortization	0	0	0	0
Other general and administrative costs	0	0	(43)	0
Net income before taxes	1,736	974	4,581	2,623
Income tax expense	0	0	0	0
Net income	1,736	974	4,581	2,623
Assets	(152,070)	(116,051)	(152,070)	(116,051)
Elim \| Technology
Segment Reporting Information [Line Items]
Interest income		(2)		(3)
Interest expense		0		0
Net interest income		(2)		(3)
Provision for credit losses		0		0
Net interest income after provision for credit losses		(2)		(3)
Total income		(2,008)		(5,232)
Technology services expense		(36)		(222)
Electronic payment processing expense		0		0
Salaries and employee benefits expense		0		0
Professional services expense		0		0
Other loan origination and maintenance expense		0		0
Depreciation and amortization		0		0
Other general and administrative costs		(71)		(204)
Net income before taxes		(1,903)		(4,809)
Income tax expense		0		0
Net income		(1,903)		(4,809)
Assets		(1,400)		(1,400)
Elim \| NSBF
Segment Reporting Information [Line Items]
Interest income	(115)	(103)	(372)	(315)
Interest expense	0	0	0	0
Net interest income	(115)	(103)	(372)	(315)
Provision for credit losses	0	0	0	0
Net interest income after provision for credit losses	(115)	(103)	(372)	(315)
Total income	0	0	0	0
Technology services expense		0		0
Electronic payment processing expense	0	0	0	0
Salaries and employee benefits expense	(44)	113	188	341
Professional services expense	0	0	0	0
Other loan origination and maintenance expense	(2,155)	(2,672)	(6,776)	(8,460)
Loss on extinguishment of debt	0		0
Depreciation and amortization	0	0	0	0
Other general and administrative costs	0	(3)	(3)	(9)
Net income before taxes	2,084	2,459	6,219	7,813
Income tax expense	0	0	0	0
Net income	2,084	2,459	6,219	7,813
Assets	(48,251)	(82,082)	(48,251)	(82,082)
Elim \| Payments
Segment Reporting Information [Line Items]
Interest income	(720)	(601)	(1,829)	(1,741)
Interest expense	(17)	(16)	(49)	(60)
Net interest income	(703)	(585)	(1,780)	(1,681)
Provision for credit losses	0	0	0	0
Net interest income after provision for credit losses	(703)	(585)	(1,780)	(1,681)
Total income	(636)	(498)	(1,910)	(3,044)
Technology services expense		0		0
Electronic payment processing expense	(386)	(292)	(1,160)	(912)
Salaries and employee benefits expense	(289)	0	(1,007)	11
Professional services expense	0	0	0	0
Other loan origination and maintenance expense	0	0	0	0
Loss on extinguishment of debt	0		0
Depreciation and amortization	0	0	0	0
Other general and administrative costs	(79)	(450)	(261)	(1,313)
Net income before taxes	(585)	(341)	(1,262)	(2,511)
Income tax expense	0	0	0	0
Net income	(585)	(341)	(1,262)	(2,511)
Assets	(98,083)	(36,007)	(98,083)	(36,007)
Corporate & Other
Segment Reporting Information [Line Items]
Interest income	219	594	933	1,817
Interest expense	8,496	7,386	25,318	19,660
Net interest income	(8,277)	(6,792)	(24,385)	(17,843)
Provision for credit losses	0	0	0	0
Net interest income after provision for credit losses	(8,277)	(6,792)	(24,385)	(17,843)
Total income	27,346	21,299	73,788	45,091
Technology services expense		0		0
Electronic payment processing expense	47	0	131	0
Salaries and employee benefits expense	3,574	3,908	13,428	12,635
Professional services expense	1,634	2,056	5,491	5,820
Other loan origination and maintenance expense	(125)	96	100	290
Loss on extinguishment of debt	0		0
Depreciation and amortization	0	6	0	33
Other general and administrative costs	2,833	2,008	5,768	5,148
Net income before taxes	11,106	6,433	24,485	3,322
Income tax expense	2,044	(637)	3,753	(2,726)
Net income	9,062	7,070	20,732	6,048
Assets	762,879	651,769	762,879	651,769
Goodwill and intangibles	0	0	0	0
Amortization expense	$ 0	$ 0	$ 0	$ 0

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	9 Months Ended
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	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 Alternative 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. 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 items in the prior financial statements have been reclassified to conform to current 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.

INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Investment holdings, schedule of investments

Investments consisted of the following at:


	September 30, 2025				December 31, 2024
	Cost		Fair Value		Cost		Fair Value
Residuals in securitizations, at fair value (NOTE 3)	$	32,481	$	76,701	$	—	$	—
Joint ventures and other non-control investments, at fair value	36,692		51,390		44,039		57,678
Debt securities available-for-sale, at fair value	18,004		18,009		23,934		23,916
Federal Home Loan Bank and Federal Reserve Bank stock	4,064		4,064		3,585		3,585
Total investments	$	91,241	$	150,164	$	71,558	$	85,179

The following table shows the Company’s loan portfolio by collateral type for loans HFI, at fair value:


	Loans HFI, at Fair Value
	September 30, 2025				December 31, 2024
	Cost		Fair Value		Cost		Fair Value
CRE	$	141,575	$	150,175	$	162,894	$	175,353
Residential Real Estate	56,448		54,359		69,667		67,474
Machinery and Equipment¹	50,508		46,325		60,460		56,454
Accounts Receivable and Inventory	48,304		43,193		59,449		54,267
Unsecured	4,506		4,659		5,643		5,644
Other²	9,185		7,009		13,033		10,554
Total	$	310,526	$	305,720	$	371,146	$	369,746

1 Machinery and Equipment includes one loan at NewtekOne at $4.7 million Cost and $4.4 million Fair value as of September 30, 2025, and $4.7 million Cost and $4.6 million Fair Value as of December 31, 2024.

2 Other includes one loan at NewtekOne at $1.1 million Cost and $0.3 million Fair Value as of September 30, 2025, and one loan at $2.0 million Cost and $1.1 million Fair Value as of December 31, 2024.

Investment company, nonconsolidated subsidiary, summarized financial information

The following tables show certain summarized financial information for NCL JV:


Selected Statements of Assets and Liabilities Information (Unaudited)	September 30, 2025		December 31, 2024
Cash	$	—	$	587
Restricted cash	—		5,513
Loans, at FV (amortized cost of $0 and $52,751, respectively)	—		53,895
Other assets	—		1,737
Total assets	$	—	$	61,732
Securitization notes payable	$	—	$	25,322
Other liabilities	—		867
Total liabilities	—		26,189
Net assets	—		35,543
Total liabilities and net assets	$	—	$	61,732


Selected Statements of Operations Information (Unaudited)	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Interest and other income	$	1,181	$	1,202	$	3,825	$	3,766
Total expenses	1,194		442		1,737		1,374
Net investment (loss) income	(13)		760		2,088		2,392
Unrealized (depreciation) appreciation on investments	(1,118)		417		(5,085)		(652)
Net (decrease) increase in net assets resulting from operations	$	(1,131)	$	1,177	$	(2,997)	$	1,740

The following tables show certain summarized financial information for TSO JV:


Selected Statements of Assets and Liabilities Information (Unaudited)	September 30, 2025		December 31, 2024
Cash	$	701	$	1,780
Restricted cash	15,251		18,399
Loans, at FV (amortized cost of $153,915 and $173,654, respectively)	169,693		183,084
Other assets	2,799		2,457
Total assets	$	188,444	$	205,720

Securitization notes payable	$	109,182	$	137,569
Dividends payable	850		—
Other liabilities	421		427
Total liabilities	110,453		137,996
Net assets	77,991		67,724
Total net assets	$	188,444	$	205,720


Selected Statements of Operations Information (Unaudited)	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Interest and other income	$	5,187	$	5,722	$	16,047	$	12,405
Total expenses	2,383		3,114		7,577		6,678
Net investment income	2,804		2,608		8,470		5,727
Unrealized (depreciation) appreciation on investments	(2,757)		2,114		6,347		6,392

Realized loss on derivative transactions	—		(1,436)		—		(391)
Unrealized gain on derivative transactions	—		832		—		694
Net increase in net assets resulting from operations	$	47	$	4,118	$	14,817	$	12,422

Investments in and advances to affiliates

Investments related to our joint ventures and other non-controlled investments for the nine months ended September 30, 2025 and 2024 were as follows:


Company	Fair Value at December 31, 2024		Purchases (Cost)			Return of Investment			Net Gains/(Losses)			Fair Value at September 30, 2025		Dividend Income
Joint Ventures
NCL JV	$	18,800	$	15,835		$	(31,843)	3	$	(2,792)		$	—	$	861
TSO JV	38,100		—			—			1,650			39,750		1,850
Total Joint Ventures	$	56,900	$	15,835		$	(31,843)		$	(1,142)		$	39,750	$	2,711
Other Non-Control Investments
EMCAP Loan Holdings, LLC	$	320	$	—		$	(14)		$	—		$	306	$	—
Biller Genie Software, LLC	458		—			—			1,042			1,500		—
Intelligent Protection Management Corp.
IPM Earnout	—		2,268		1	—			(394)			1,874		—
IPM Stock	$	—	8,200		2	—			(240)		2	7,960		—
Total Other Non-Control Investments	$	778	$	10,468		$	(14)		$	408		$	11,640	$	—
Total	$	57,678	$	26,303		$	(31,857)		$	(734)		$	51,390	$	2,711

1 Fair value of the Earn-out of $2.268 million as of January 2, 2025, valued in accordance with ASC 805 and ASC 820.

2 Four million shares of IPM Preferred Stock initially valued at $2.05 per share, which was the closing price of IPM’s common shares on January 2, 2025, with net gains/(losses) calculated based on a closing price of $1.99 on September 30, 2025.

3 Includes $26.2 million of loans and accrued interest acquired as part of NALH’s August 2025 acquisition of the remaining 50% of NCL JV not previously owned by NALH.


Company	Fair Value at December 31, 2023		Purchases (Cost)		Return of Investment		Net Gains/(Losses)		Fair Value at September 30, 2024		Dividend Income
Joint Ventures
NCL JV	$	19,400	$	—	$	—	$	(500)	$	18,900	$	1,112
TSO JV	21,459		25,642		(20,185)		9,934		36,850		—
Total Joint Ventures	$	40,859	$	25,642	$	(20,185)	$	9,434	$	55,750	$	1,112
Other Non-Control Investments
EMCAP Loan Holdings, LLC	$	368	$	—	$	(116)	$	68	$	320	$	16
Biller Genie Software, LLC	360		—		—		60		420		—

Total Other Non-Control Investments	$	728	$	—	$	(116)	$	128	$	740	$	16
Total	$	41,587	$	25,642	$	(20,301)	$	9,562	$	56,490	$	1,128

The following table summarizes the amounts due to and due from affiliated companies as of September 30, 2025 and December 31, 2024:


	September 30, 2025		December 31, 2024
Due to affiliated companies1	$	109	$	242
Due from affiliated companies2	26		—
Total due to/due from affiliated companies	$	83	$	242

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

2 Included within Other assets

The following table summarizes the income earned from our joint ventures and other non-control investments for the three and nine months ended September 30, 2025 and 2024:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Servicing income	$	357	$	576	$	1,292	$	1,446
Dividend income	425		374		2,711		1,128
Total income	$	782	$	950	$	4,003	$	2,574

Expenses	2,117		—		6,009		—

Net income/(expense)	$	(1,335)	$	950	$	(2,006)	$	2,574

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 September 30, 2025 and December 31, 2024:


	September 30, 2025		December 31, 2024
FDIC insured deposits	$	4,497	$	4,732
Non-FDIC insured deposits	291		1,098
Total deposits from related parties and their affiliated companies	$	4,788	$	5,830

Schedule of available-for-sale securities

The following tables summarize the amortized cost and fair value of debt securities available-for-sale by major type as of September 30, 2025 and December 31, 2024:


	September 30, 2025								December 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. Treasury notes	$	18,004	$	8	$	3	$	18,009	$	23,934	$	11	$	29	$	23,916

Schedule of available for sale debt securities sold or settled

During the nine months ended September 30, 2025 and 2024, securities sold or settled were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	# of Securities	$	# of Securities	$	# of Securities	$	# of Securities	$
Securities sold or settled	one settled	$4,000	two settled	$10,000	five settled	$18,000	three settled	$39,500

Debt securities, 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:


	September 30, 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	$	9,634	$	3	$	—	$	—	3	$	9,634	$	3


	December 31, 2024
	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	$	12,061	$	29	$	—	$	—	2	$	12,061	$	29

Available-for-sale maturity and other information

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


	September 30, 2025				December 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Maturing within 1 year	$	18,004	$	18,009	$	15,833	$	15,838
After 1 year through 5 years	—		—		8,101		8,078


Total	$	18,004	$	18,009	$	23,934	$	23,916

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


	September 30, 2025		December 31, 2024
Pledged for deposits	$	—	$	—
Pledged for borrowings and other:	18,009		23,916
FRB borrowings	6,957		2,980
FHLB borrowings	11,052		20,937
Total pledged	$	18,009	$	23,916

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

BENEFIT PLANS - Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Stock-based compensation expense	$ 619	$ 918	$ 4,008	$ 2,261
Employee Stock Purchase Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Stock-based compensation expense	8	5	36	17
Restricted Stock
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Stock-based compensation expense	$ 611	$ 913	$ 3,972	$ 2,244

DEPOSITS

9 Months Ended

Sep. 30, 2025

Banking and Thrift, Interest [Abstract]

DEPOSITS

NOTE 10—DEPOSITS:

The following table summarizes deposits by type:


	September 30, 2025		December 31, 2024
Non-interest-bearing:
Demand	$	21,771	$	11,142
Interest-bearing:
Checking	154,754		103,978
Money market	64,284		62,001
Savings	455,624		386,680
Time deposits	481,531		409,251
Total interest-bearing	1,156,193		961,910
Total deposits	$	1,177,964	$	973,052

Time deposits, money market, and interest-bearing checking obtained through brokers	$	38,100	$	27,100
Aggregate amount of deposit accounts that exceeded the FDIC limit	$	177,929	$	140,679
Deposit overdrafts reclassified as loan balances	$	16	$	17
Certificates of deposit in excess of $0.25 million	$	177,485	$	99,231

The following table summarizes the scheduled maturities of time deposits:


2025	$	158,023
2026	275,302
2027	37,559
2028	10,509
2029	117
Thereafter	21
Total time deposits	$	481,531

GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

NOTE 8—GOODWILL AND INTANGIBLE ASSETS:

Goodwill

The following table summarizes the carrying amount of goodwill:


	September 30, 2025		December 31, 2024
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 September 30, 2025						At December 31, 2024
	Gross carrying Amount		Accumulated Amortization		Net Carrying amount		Gross carrying Amount		Accumulated Amortization		Net Carrying amount
Banking - Core Deposits	$	1,040	$	(492)	$	548	$	1,040	$	(373)	$	667

Core Deposits Intangible. CDI is a measure of the value of non-interest-bearing and interest-bearing checking accounts, savings accounts, and money market accounts that are acquired in a business combination. The fair value of the CDI stemming from any given business combination is based on the present value of the expected cost savings attributable to the core deposit funding, relative to an alternative source of funding. The CDI relating to the NBNYC Acquisition will be amortized over an estimated useful life of 10 years using the sum of years digits depreciation method. The Company evaluates such identifiable intangibles for impairment when an indication of impairment exists.

Amortization expense for the three and nine months ended September 30, 2025 and 2024 is as follows, and is included in Depreciation and amortization on the Consolidated Statements of Income:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Amortization expense	$	43	$	192	$	129	$	593

The remaining estimated aggregate future amortization expense for intangible assets as of September 30, 2025 is as follows:


	Amortization Expense
2025	$	37
2026	135
2027	114
2028	94
2029	73
Thereafter	95
Total	$	548

INVESTMENTS - Joint Venture Summarized Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Jun. 30, 2025	Dec. 31, 2024	Jun. 30, 2024	Dec. 31, 2023
Investment Company, Supplemental Balance Sheet Items [Abstract]
Cash	$ 3,980	$ 9,688	$ 3,980	$ 9,688		$ 6,941
Restricted cash	24,737	27,929	24,737	27,929		28,226
Other assets	86,727		86,727			60,636
Total assets	2,399,099	1,674,170	2,399,099	1,674,170		2,059,912
Dividends payable	5,387		5,387			5,233
Total liabilities	2,012,392		2,012,392			1,763,630
Net assets	386,707	281,785	386,707	281,785	$ 312,180	296,282	$ 274,002	$ 249,046
Total liabilities and shareholders' equity	2,399,099		2,399,099			2,059,912
Investment Company, Supplemental Income and Expense [Abstract]
Unrealized (depreciation) appreciation on investments			(734)	9,562
Unrealized gain on derivative transactions			(427)	562
Net (decrease) increase in net assets resulting from operations	17,901	11,934	40,971	32,529
Newtek Conventional Lending, LLC
Investment Company, Supplemental Balance Sheet Items [Abstract]
Cash	0		0			587
Restricted cash	0		0			5,513
Loans, at fair value	0		0			53,895
Cost	0		0			52,751
Other assets	0		0			1,737
Total assets	0		0			61,732
Securitization notes payable	0		0			25,322
Other liabilities	0		0			867
Total liabilities	0		0			26,189
Net assets	0		0			35,543
Total liabilities and shareholders' equity	0		0			61,732
Investment Company, Supplemental Income and Expense [Abstract]
Interest and other income	1,181	1,202	3,825	3,766
Total expenses	1,194	442	1,737	1,374
Net investment income (loss)	(13)	760	2,088	2,392
Unrealized (depreciation) appreciation on investments	(1,118)	417	(5,085)	(652)
Net (decrease) increase in net assets resulting from operations	(1,131)	1,177	(2,997)	1,740
Newtek-TSO JV
Investment Company, Supplemental Balance Sheet Items [Abstract]
Cash	701		701			1,780
Restricted cash	15,251		15,251			18,399
Loans, at fair value	169,693		169,693			183,084
Cost	153,915		153,915			173,654
Other assets	2,799		2,799			2,457
Total assets	188,444		188,444			205,720
Securitization notes payable	109,182		109,182			137,569
Dividends payable	850		850			0
Other liabilities	421		421			427
Total liabilities	110,453		110,453			137,996
Net assets	77,991		77,991			67,724
Total liabilities and shareholders' equity	188,444		188,444			$ 205,720
Investment Company, Supplemental Income and Expense [Abstract]
Interest and other income	5,187	5,722	16,047	12,405
Total expenses	2,383	3,114	7,577	6,678
Net investment income (loss)	2,804	2,608	8,470	5,727
Unrealized (depreciation) appreciation on investments	(2,757)	2,114	6,347	6,392
Realized loss on derivative transactions	0	(1,436)	0	(391)
Unrealized gain on derivative transactions	0	832	0	694
Net (decrease) increase in net assets resulting from operations	$ 47	$ 4,118	$ 14,817	$ 12,422

SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Consolidated VIEs (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024	Sep. 30, 2024
Variable Interest Entity [Line Items]
Restricted cash	$ 24,737	$ 28,226	$ 27,929
Loans held for investment, at fair value	305,720	369,746
Total assets	2,399,099	2,059,912	$ 1,674,170
Borrowings (including borrowings of VIEs of $140.6 million and $186.6 million, respectively)	748,549	708,041
Total liabilities	2,012,392	1,763,630
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Restricted cash	6,303	6,303
Loans held for investment, at fair value	213,814	257,179
Total assets	220,117	263,482
Borrowings (including borrowings of VIEs of $140.6 million and $186.6 million, respectively)	140,596	186,635
Total liabilities	$ 140,596	$ 186,635

- Definition

Amount of asset recognized for present right to economic benefit.

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-Topic 280
-SubTopic 10
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-Section 50
-Paragraph 30
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

LOANS - Aging Status of Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale, at fair value	$ 757,001	$ 372,286
SBA 7(a)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale, at fair value	470,372	159,788
ALP
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale, at fair value	286,629	212,498
Performing \| Total Past Due and Non-accrual
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale, at fair value	39,560	45,228
Performing \| Total Past Due and Non-accrual \| SBA 7(a)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale, at fair value	17,586	42,736
Performing \| Total Past Due and Non-accrual \| ALP
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale, at fair value	21,974	2,492
Performing \| 30-59 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale, at fair value	10,312	29,119
Performing \| 30-59 Days \| SBA 7(a)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale, at fair value	1,566	29,119
Performing \| 30-59 Days \| ALP
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale, at fair value	8,746	0
Performing \| 60-89 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale, at fair value	1,454	15,859
Performing \| 60-89 Days \| SBA 7(a)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale, at fair value	1,454	13,367
Performing \| 60-89 Days \| ALP
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale, at fair value	0	2,492
Performing \| 90+ Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale, at fair value	12,905	0
Performing \| 90+ Days \| SBA 7(a)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale, at fair value	1,417	0
Performing \| 90+ Days \| ALP
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale, at fair value	11,488	0
Performing \| Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale, at fair value	717,441	327,058
Performing \| Current \| SBA 7(a)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale, at fair value	452,786	117,052
Performing \| Current \| ALP
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale, at fair value	264,655	210,006
Nonperforming
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale, at fair value	14,889	250
Nonperforming \| SBA 7(a)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale, at fair value	13,149	250
Nonperforming \| ALP
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale, at fair value	$ 1,740	$ 0

BENEFIT PLANS - Restricted Stock Activity (Details) - shares	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
2015 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options granted (in shares)	0
Restricted Stock \| 2023 and 2015 Stock Incentive Plan \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	1 year
Restricted Stock \| 2023 and 2015 Stock Incentive Plan \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	3 years
Restricted Stock \| 2023 Stock Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares authorized (in shares)	3,000,000.0
Net restricted stock (granted)/forfeited (in shares)	33,000	(497,000)	(82,000)	0	0
Shares available for issuance (in shares)	(546,000)
Vesting period	1 year
Restricted Stock \| 2015 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares authorized (in shares)	1,500,000
Net restricted stock (granted)/forfeited (in shares)	0	0	28,000	(251,000)	(438,000)
Shares available for issuance (in shares)	(661,000)

BORROWINGS - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Medium-term Notes
Debt Instrument [Line Items]
Interest expense	$ 13,666	$ 12,976	$ 41,016	$ 38,923

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

TRANSACTIONS WITH AFFILIATED COMPANIES AND RELATED PARTY TRANSACTIONS - Bank Deposits (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Related Party Transaction [Line Items]
Total deposits from related parties and their affiliated companies	$ 1,177,964	$ 973,052
Officers and Directors
Related Party Transaction [Line Items]
FDIC insured deposits	4,497	4,732
Non-FDIC insured deposits	291	1,098
Total deposits from related parties and their affiliated companies	$ 4,788	$ 5,830

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of fair value, assets and liabilities measured on recurring basis

The following tables present fair value measurements of certain of the Company’s assets and liabilities measured at fair value and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair values as of September 30, 2025 and December 31, 2024:


	Fair Value Measurements at September 30, 2025
	Total		Level 1			Level 2		Level 3
Assets:
Debt securities available-for-sale, at fair value
U.S. Treasury notes	$	18,009	$	18,009		$	—	$	—

Loans held for sale, at fair value	757,001		—			278,678		478,323
Loans held for investment, at fair value	305,720		—			—		305,720
Individually evaluated loans1	81,337		—			—		81,337
Other real estate owned, at fair value2	5,629		—			—		5,629
Other real estate owned, at LCM1,2	2,261		—			—		2,261
Residuals in securitizations, at fair value3	76,701		—			—		76,701
Servicing assets, at fair value	17,023		—			—		17,023
Servicing assets, at LCM1	30,540		—			—		30,540
Joint ventures and other non-control investments, at fair value	51,390		7,960		5	—		43,430
Derivative instruments1,2,3	232		—			232		—
Total assets measured at fair value	$	1,345,843	$	25,969		$	278,910	$	1,040,964
Liabilities:
Equity warrants3,4	$	77	$	—		$	—	$	77

Total liabilities measured at fair value	$	77	$	—		$	—	$	77

1 Non-recurring.

2 Included in Other assets on the Consolidated Statements of Financial Condition.

3 Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings.

4 Included in Accounts payable, accrued expenses, and other liabilities on the Consolidated Statements of Financial Condition.

5 Four million shares of IPM Preferred Stock valued at the closing price per share of IPM common stock of $1.99 on September 30, 2025.


	Fair Value Measurements at December 31, 2024
	Total		Level 1		Level 2		Level 3
Assets:
Debt securities available-for-sale
U.S. Treasury notes	$	23,916	$	23,916	$	—	$	—

Loans held for sale, at fair value	372,286		—		—		372,286
Loans held for investment, at fair value	369,746		—		—		369,746
Other real estate owned1	3,764		—		—		3,764
Servicing assets, at fair value	22,062		—		—		22,062
Joint ventures and other non-control investments	57,678		—		—		57,678
Assets held for sale2	21,308		—		—		21,308
Derivative instruments1,3	715		—		715		—
Total assets measured at fair value	$	871,475	$	23,916	$	715	$	846,844
Liabilities:
Equity warrants3,4	$	133	$	—	$	—	$	133

Total liabilities measured at fair value	$	133	$	—	$	—	$	133

1 Included in Other assets on the Consolidated Statements of Financial Condition.

2 Non-recurring.

3 Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings.

4 Included in Accounts payable, accrued expenses, and other liabilities on the Consolidated Statements of Financial Condition.

The following tables represents the changes in the investments, servicing assets and liabilities measured at fair value using Level 3 inputs for the nine months ended September 30, 2025 and 2024:


	Nine Months Ended September 30, 2025
	Loans HFI, at FV		Loans HFS, at FV		Joint Ventures and Other Non-Control Investments		Residuals in Securitizations, at FV		Servicing Assets, at FV		Equity Warrants1		Other Real Estate Owned2
Fair value, December 31, 2024	$	369,746	$	372,286	$	57,678	$	—	$	22,062	$	133	$	3,764
Reclasses between loans at FV and LCM	—		7,133		—		—		—		—		—

Sales	282		(261,392)		—		—		—		—		(1,937)
Principal payments received	(53,905)		(4,678)		—		—		—		—		—
Foreclosed real estate acquired	(4,405)		—		—		—		—		—		4,405
SBA loans, funded	—		72,723		—		—		—		—		—
ALP loans, funded	—		250,635		—		—		—		—		—

Purchases and repurchases of loans	4,669		25,094		—		—		—		—		—
Residuals in securitizations, notional	—		—		—		32,481		—		—		—
Additions3	—		—		2,268		—		—		—		—
Capital contributions	—		—		15,835		—		—		—		—
Returns of capital4	—		—		(31,857)		—		—		—		—
Change in valuation due to:
Changes in valuation inputs or assumptions	(1,075)		21,378		(494)		44,220		12		(56)		(603)
Other factors	(9,592)		—		—		—		(5,051)		—		—
Transfers out of Level 35	—		(4,856)		—		—		—		—		—
Fair value, September 30, 2025	$	305,720	$	478,323	$	43,430	$	76,701	$	17,023	$	77	$	5,629

1 Included in Accounts payable, accrued expenses, and other liabilities on the Consolidated Statements of Financial Condition.

2 Included in Other assets on the Consolidated Statements of Financial Condition.

3 Investment in IPM.

4 Includes $26.2 million of loans and accrued interest returned as part of the acquisition of 100% of NCL JV.

5 As of April 1, 2025, the Company is using broker quotes to calculate the fair value of its unguaranteed portions of its SBA 7(a) loans moving them from Level 3 to Level 2.


	Nine Months Ended September 30, 2024
	Loans HFI, at FV		Loans HFS, at FV		Joint Ventures and Other Non-Control Investments		Servicing Assets, at FV		Equity Warrants1		Other Real Estate Owned2
Fair value, December 31, 2023	$	469,801	$	118,867	$	41,587	$	29,336	$	141	$	1,110
Reclasses between loans HFS and HFI	—		—		—		—		—		—
Reclasses between loans at FV and LCM	263		2,508		—		—		—		—
Sales	(2,888)		(166,648)		—		—		—		(956)
Principal payments received	(54,656)		(9,375)		—		—		—		—
Foreclosed real estate acquired	(2,251)		—		—		—		—		2,251
SBA loans, funded	122		12,966		—		—		—		—
ALP loans, funded	—		191,440		—		—		—		—
Mortgage loans, funded	—		79,432		—		—		—		—
Additions	—		—		—		14		—		—
Purchases and repurchases of loans	1,296		—		—		—		—		—
Capital contributions/(distributions)	—		—		5,341		—		—		—
Change in valuation due to:
Changes in valuation inputs or assumptions	2,614		13,058		9,562		805		(33)		(206)
Other factors	(19,830)		(23)		—		(6,188)		—		—
Fair Value, September 30, 2024	$	394,471	$	242,225	$	56,490	$	23,967	$	108	$	2,199

1 Included in Accounts payable, accrued expenses, and other liabilities on the Consolidated Statements of Financial Condition.

2 Included in Other assets on the Consolidated Statements of Financial Condition.

The carrying amounts and estimated fair values of the Company’s financial instruments not measured at fair value on a recurring or non-recurring basis are as follows:


	September 30, 2025
	Carrying Amount		Fair Value Amount by Level:						Total Fair Value
			Level 1		Level 2		Level 3
Financial Assets:
Cash and due from banks	$	3,980	$	3,980	$	—	$	—	$	3,980
Restricted cash	24,737		24,737		—		—		24,737
Interest bearing deposits in banks	188,214		188,214		—		—		188,214
Debt securities available-for-sale, at FV	18,009		18,009		—		—		18,009
Loans HFS, at FV	757,001		—		203,586		553,415		757,001
Loans HFS, at LCM	28,678		—		—		28,678		28,678
Loans HFI, at FV	305,720		—		—		305,720		305,720
Loans HFI, at amortized cost, net of deferred fees and costs	834,087		—		—		944,601		944,601
Federal Home Loan Bank and Federal Reserve Bank stock	4,064		—		4,064		—		4,064
Joint ventures and other non-control investments, at FV	51,390		7,960		—		43,430		51,390
Residuals in securitizations, at FV	76,701		—		—		76,701		76,701
Financial Liabilities:
Time deposits	481,531		—		482,945		—		482,945
Borrowings	748,549		—		302,403		452,022		754,425

	December 31, 2024
	Carrying Amount		Fair Value Amount by Level:						Total Fair Value
			Level 1		Level 2		Level 3
Financial Assets:
Cash and due from banks	$	6,941	$	6,941	$	—	$	—	$	6,941
Restricted cash	28,226		28,226		—		—		28,226
Interest bearing deposits in banks	346,207		346,207		—		—		346,207
Debt securities available-for-sale, at FV	23,916		23,916		—		—		23,916
Loans HFS, at FV	372,286		—		—		372,286		372,286
Loans HFS, at LCM	58,803		—		—		58,856		58,856
Loans HFI, at FV	369,746		—		—		369,746		369,746
Loans HFI, at amortized cost, net of deferred fees and costs	621,651		—		—		668,687		668,687
Federal Home Loan Bank and Federal Reserve Bank stock	3,585		—		3,585		—		3,585
Joint ventures and other non-control investments, at FV	57,678		—		—		57,678		57,678
Financial Liabilities:
Time deposits	409,251		—		410,442		—		410,442
Borrowings	708,041		—		306,549		413,818		720,367

Fair value and valuation assumption

The following table summarizes the fair value and valuation assumptions related to servicing assets at September 30, 2025 and December 31, 2024:


	September 30, 2025								December 31, 2024
			Weighted		Range						Weighted		Range
Unobservable Input	Amount		Average		Minimum		Maximum		Amount		Average		Minimum		Maximum
Servicing assets at FV:	$	17,023							$	22,062
Discount factor1			11.75	%	11.75	%	11.75	%			12.00	%	12.00	%	12.00	%
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:	30,540								24,195
Discount factor1			11.27	%	10.75	%	12.00	%			12.97	%	12.00	%	13.50	%
Cumulative prepayment rate			34.98	%	22.50	%	50.00	%			34.65	%	22.50	%	75.00	%
Average cumulative default rate			16.50	%	5.00	%	21.00	%			18.90	%	5.00	%	20.00	%
Total	$	47,563							$	46,257

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


	Fair Value as of			Weighted		Range
	September 30, 2025		Unobservable Input	Average		Minimum		Maximum
Assets:
Loans HFI, at FV - accrual	$	232,575	Market yields	6.55	%	6.55	%	6.55	%
			Cumulative prepayment rate	22.50	%	22.50	%	22.50	%
			Average cumulative default rate	21.00	%	21.00	%	21.00	%
Loans HFI, at FV - non-accrual	$	73,145	Market yields	7.00	%	7.00	%	7.00	%

			Average cumulative default rate	30.00	%	30.00	%	30.00	%
Loans HFS, at FV	$	478,323	Market yields	7.17	%	6.44	%	11.75	%
			Cumulative prepayment rate	58.18	%	22.50	%	65.00	%
			Average cumulative default rate	10.82	%	5.00	%	21.00	%
Joint ventures and non-control investments	$	43,430	Market yields	7.42	%	7.64	%	12.00	%
			Cost of equity	14.00	%	12.00	%	18.00	%
			Weighted average cost of capital	9.18	%	8.00	%	22.57	%
Residuals in securitizations, at FV	$	76,701	Market yields	7.64	%	7.64	%	7.64	%
			Cost of equity	14.00	%	12.00	%	16.00	%
			Weighted average cost of capital	9.50	%	8.50	%	10.50	%
Servicing assets, at FV	$	17,023	Market yields	11.75	%	11.75	%	11.75	%
			Cumulative prepayment rate	22.50	%	22.50	%	22.50	%
			Average cumulative default rate	21.00	%	21.00	%	21.00	%
Other real estate owned, at FV	$	5,629	Appraised value	N/A		N/A		N/A
Liabilities:
Equity warrants	$	77	Expected volatility	43.00	%	43.00	%	43.00	%
			Dividend yield	6.60	%	6.60	%	6.60	%
			Risk free rate	3.96	%	3.96	%	3.96	%


	Fair Value as of			Weighted		Range
	December 31, 2024		Unobservable Input	Average		Minimum		Maximum
Assets:
Loans HFI, at FV - accrual	$	302,442	Market yields	6.55	%	6.55	%	6.55	%
			Cumulative prepayment rate	22.50	%	22.50	%	22.50	%
			Average cumulative default rate	21.00	%	21.00	%	21.00	%
Loans HFI, at FV - non-accrual	$	67,304	Market yields	7.30	%	7.30	%	7.30	%

			Average cumulative default rate	30.00	%	30.00	%	30.00	%
Loans HFS, at FV	$	372,286	Market yields	7.62	%	7.08	%	8.18	%
			Cumulative prepayment rate	59.78	%	50.00	%	70.00	%
			Average cumulative default rate	9.89	%	5.00	%	15.00	%
Joint ventures and non-control investments	$	57,678	Market yields	8.40	%	8.00	%	12.00	%
			Cost of equity	11.00	%	8.00	%	14.00	%
			Weighted average cost of capital	7.72	%	6.00	%	23.98	%

Servicing assets, at FV	$	22,062	Market yields	12.00	%	12.00	%	12.00	%
			Cumulative prepayment rate	22.50	%	22.50	%	22.50	%
			Average cumulative default rate	21.00	%	21.00	%	21.00	%
Assets held for sale	$	21,308	Present value factor	90.70	%	89.50	%	93.20	%
			Discount rate	10.23	%	7.27	%	11.71	%
Other real estate owned	$	3,764	Appraised value	N/A		N/A		N/A
Liabilities:
Equity warrants	$	133	Expected volatility	48.00	%	48.00	%	48.00	%
			Dividend yield	6.00	%	6.00	%	6.00	%
			Risk free rate	4.52	%	4.52	%	4.52	%

EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of earnings per share


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Basic earnings per share:
Net income available to common shareholders	$	17,429	$	11,534	$	39,699	$	31,329
Weighted-average basic shares outstanding	25,600		25,425		25,310		24,773
Basic earnings per share	$	0.68	$	0.45	$	1.57	$	1.26
Diluted earnings per share:
Net income, for diluted earnings per share	$	17,429	$	11,534	$	39,699	$	31,329
Add: Preferred dividends on dilutive Series A convertible preferred stock¹	—		400		—		—
Net income, for diluted earnings per share	$	17,429	$	11,934	$	39,699	31,329
Total weighted-average basic shares outstanding	25,600		25,425		25,310		24,773
Add effect of dilutive restricted stock awards²	443		213		458		151
Add effect of dilutive Series A convertible preferred stock³	—		951		—		—
Total weighted-average diluted shares outstanding4	26,043		26,589		25,768		24,924
Diluted earnings per share	$	0.67	$	0.45	$	1.54	$	1.26
Anti-dilutive warrants, restricted stock awards, and Series A convertible preferred stock	48		48		48		998

1 For periods presented other than the three months ended September 30, 2024, the Series A convertible preferred stock was anti-dilutive and, therefore, the preferred dividends have not been added back to the numerator of Net income, for diluted earnings per share.

2 Incremental diluted shares from restricted stock awards under the treasury stock method.

3 Incremental diluted shares from Series A convertible preferred stock under the treasury stock method. The dilutive effect on common shares under the if-converted method of the Series A convertible preferred stock have been added back to the denominator in calculating diluted earnings per share for the three months ended September 30, 2024.

4 For the three and nine months ended September 30, 2025 and September 30, 2024, the warrants were not included in the diluted share count because the results would have been anti-dilutive under the if-converted method.

DEPOSITS - Deposits by Type (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Deposit Liability [Line Items]
Noninterest-bearing	$ 21,771	$ 11,142
Interest-bearing:
Checking	154,754	103,978
Money market	64,284	62,001
Savings	455,624	386,680
Time deposits	481,531	409,251
Interest-bearing	1,156,193	961,910
Total deposits	1,177,964	973,052
Time deposits, money market, and interest-bearing checking obtained through brokers	38,100	27,100
Aggregate amount of deposit accounts that exceeded the FDIC limit	177,929	140,679
Deposit overdrafts reclassified as loan balances	16	17
Certificates of Deposit
Interest-bearing:
Aggregate amount of deposit accounts that exceeded the FDIC limit	$ 177,485	$ 99,231

BENEFIT PLANS - Narrative (Details) - Employee Stock Purchase Plan $ in Thousands, shares in Millions	Jun. 14, 2023 USD ($) shares
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Shares authorized (in shares) \| shares	0.2
Percentage of eligible compensation to withhold	15.00%
Fair market value of shares to be purchased \| $	$ 25
Percentage of fair market value of common stock	85.00%

GOODWILL AND INTANGIBLE ASSETS (Tables)

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill

The following table summarizes the carrying amount of goodwill:


	September 30, 2025		December 31, 2024
Banking	$	271	$	271
Payments	13,814		13,814
Total goodwill	$	14,085	$	14,085

Schedule of intangible assets

The following table summarizes intangible assets:


	At September 30, 2025						At December 31, 2024
	Gross carrying Amount		Accumulated Amortization		Net Carrying amount		Gross carrying Amount		Accumulated Amortization		Net Carrying amount
Banking - Core Deposits	$	1,040	$	(492)	$	548	$	1,040	$	(373)	$	667

Amortization expense for the three and nine months ended September 30, 2025 and 2024 is as follows, and is included in Depreciation and amortization on the Consolidated Statements of Income:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Amortization expense	$	43	$	192	$	129	$	593

Intangible asset amortization schedule

The remaining estimated aggregate future amortization expense for intangible assets as of September 30, 2025 is as follows:


	Amortization Expense
2025	$	37
2026	135
2027	114
2028	94
2029	73
Thereafter	95
Total	$	548

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
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-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Reconciliation of cash

The following table provides a reconciliation of cash, restricted cash, and interest bearing deposits in banks as of September 30, 2025 and 2024 and December 31, 2024:


	September 30, 2025		December 31, 2024		September 30, 2024
Cash and due from banks	$	3,980	$	6,941	$	9,688
Restricted cash	24,737		28,226		27,929
Interest bearing deposits in banks	188,214		346,207		152,805
Cash and restricted cash	$	216,931	$	381,374	$	190,422


	September 30, 2025		December 31, 2024		September 30, 2024
Cash held at Federal Reserve Bank1	$	187,731	$	345,680	$	152,283
Cash held at other financial institutions	29,200		35,694		38,139
Total cash and cash equivalents	$	216,931	$	381,374	$	190,422

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

Reconciliation of restricted cash

The following table provides a reconciliation of cash, restricted cash, and interest bearing deposits in banks as of September 30, 2025 and 2024 and December 31, 2024:


	September 30, 2025		December 31, 2024		September 30, 2024
Cash and due from banks	$	3,980	$	6,941	$	9,688
Restricted cash	24,737		28,226		27,929
Interest bearing deposits in banks	188,214		346,207		152,805
Cash and restricted cash	$	216,931	$	381,374	$	190,422


	September 30, 2025		December 31, 2024		September 30, 2024
Cash held at Federal Reserve Bank1	$	187,731	$	345,680	$	152,283
Cash held at other financial institutions	29,200		35,694		38,139
Total cash and cash equivalents	$	216,931	$	381,374	$	190,422

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

INVESTMENTS - Investment Portfolio (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Joint Ventures and Other Non-Control Investments
Debt Securities, Available-for-Sale [Line Items]
Cost	$ 36,692	$ 44,039
Fair Value	51,390	57,678
Residuals in securitizations, at fair value (NOTE 3)
Debt Securities, Available-for-Sale [Line Items]
Cost	32,481	0
Fair Value	76,701	0
Debt securities available-for-sale, at fair value
Debt Securities, Available-for-Sale [Line Items]
Cost	18,004	23,934
Fair Value	18,009	23,916
Federal Home Loan Bank and Federal Reserve Bank stock
Debt Securities, Available-for-Sale [Line Items]
Cost	4,064	3,585
Fair Value	4,064	3,585
Total investments
Debt Securities, Available-for-Sale [Line Items]
Cost	91,241	71,558
Fair Value	$ 150,164	$ 85,179

- Definition

Cost of the investment.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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+ Details

- Definition

Fair value of investment in security owned.

+ References

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

BENEFIT PLANS - ESPP Information (Details) - Employee Stock Purchase Plan - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	2 Months Ended	3 Months Ended	5 Months Ended		6 Months Ended		9 Months Ended	12 Months Ended
	Dec. 15, 2024	Jun. 15, 2025	Mar. 15, 2025	Mar. 15, 2024	Sep. 15, 2025	Sep. 15, 2024	Sep. 30, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Shares purchased (in shares)	5	9	4	5	6	10	19	20	4
Weighted average share price (in dollars per share)	$ 11.03	$ 9.40	$ 10.97	$ 9.83	$ 10.77	$ 10.21	$ 10.16	$ 10.32
Total purchased, net of discount	$ 55	$ 80	$ 48	$ 51	$ 62	$ 101	$ 190	$ 207

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Series A Preferred stock	Series B Preferred stock	Preferred Stock Series A Preferred stock	Preferred Stock Series B Preferred stock	Common stock	Common stock Series B Preferred stock	Retained earnings	Additional paid-in capital	Additional paid-in capital Series B Preferred stock	Accumulated other comprehensive income (loss), net of income taxes
Beginning balance, preferred stock (in shares) at Dec. 31, 2023				20,000
Beginning balance at Dec. 31, 2023	$ 249,046			$ 19,738		$ 492		$ 28,051	$ 200,913		$ (148)
Beginning balance (in shares) at Dec. 31, 2023						24,680,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense, net of forfeitures	2,244								2,244
Dividends declared related to RSA, net of accrued dividends forfeited (in shares)						20,000
Dividends declared related to RSA, net of accrued dividends forfeited	0							(265)	265
Purchase of vested stock for employee payroll tax withholding (in shares)						(25,000)
Purchase of vested stock for employee payroll tax withholding	(299)								(299)
Restricted stock awards (in shares)						228,000
Restricted stock awards, net of forfeitures	5					$ 5
ESPP issuances (in shares)						15,000
ESPP issuances	167								167
Issuance of stock (in shares)						1,100,000
Issuance of common stock, net of offering costs	13,818					$ 23			13,795
Amortization of offering costs	(423)								(423)
Dividends declared common shares	(14,281)							(14,281)
Dividends declared preferred shares	(1,200)							(1,200)
Net income (loss)	32,529							32,529
Other comprehensive income (loss), net of tax	179										179
Ending balance, preferred stock (in shares) at Sep. 30, 2024				20,000
Ending balance at Sep. 30, 2024	281,785			$ 19,738		$ 520		44,834	216,662		31
Ending balance (in shares) at Sep. 30, 2024						26,018,000
Beginning balance, preferred stock (in shares) at Jun. 30, 2024				20,000
Beginning balance at Jun. 30, 2024	274,002			$ 19,738		$ 517		38,251	215,633		(137)
Beginning balance (in shares) at Jun. 30, 2024						25,852,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense, net of forfeitures	913								913
Dividends declared related to RSA, net of accrued dividends forfeited (in shares)						8,000
Dividends declared related to RSA, net of accrued dividends forfeited	0							(114)	114
Purchase of vested stock for employee payroll tax withholding (in shares)						(4,000)
Purchase of vested stock for employee payroll tax withholding	(46)								(46)
Restricted stock awards (in shares)						158,000
Restricted stock awards, net of forfeitures	3					$ 3
ESPP issuances (in shares)						4,000
ESPP issuances	48								48
Dividends declared common shares	(4,837)							(4,837)
Dividends declared preferred shares	(400)							(400)
Net income (loss)	11,934							11,934
Other comprehensive income (loss), net of tax	168										168
Ending balance, preferred stock (in shares) at Sep. 30, 2024				20,000
Ending balance at Sep. 30, 2024	281,785			$ 19,738		$ 520		44,834	216,662		31
Ending balance (in shares) at Sep. 30, 2024						26,018,000
Beginning balance, preferred stock (in shares) at Dec. 31, 2024		20,000	0	20,000	0
Beginning balance at Dec. 31, 2024	$ 296,282			$ 19,738	$ 0	$ 526		57,773	218,266		(21)
Beginning balance (in shares) at Dec. 31, 2024	24,680,000					26,291,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense, net of forfeitures	$ 3,972								3,972
Dividends declared related to RSA, net of accrued dividends forfeited (in shares)						26,000
Dividends declared related to RSA, net of accrued dividends forfeited	0					$ 1		(421)	420
Purchase of vested stock for employee payroll tax withholding (in shares)						(95,000)
Purchase of vested stock for employee payroll tax withholding	(1,137)					$ (1)			(1,136)
Restricted stock awards (in shares)						(31,000)
Restricted stock awards, net of forfeitures	(2)					$ (2)
ESPP issuances (in shares)						19,000
ESPP issuances	227								227
Retirement of common shares						(13,000)
Retirement of common shares	(167)					$ (1)			(166)
Issuance of stock (in shares)					50,000	425,000	(54,000)
Issuance of common stock, net of offering costs	5,090		$ 48,181		$ 48,181	$ 9	$ (1)		5,081	$ 1
Securities purchase and exchange agreement (in shares)				(20,000)		2,308,000
Securities purchase and exchange agreement	9,755			$ (19,738)		$ 46			29,447
Amortization of offering costs related to ATM Program	(149)								(149)
Dividends declared common shares	(15,070)							(15,070)
Dividends declared preferred shares	(1,272)							(1,272)
Net income (loss)	40,971							40,971
Other comprehensive income (loss), net of tax	26										26
Ending balance, preferred stock (in shares) at Sep. 30, 2025		0	50,000	0	50,000
Ending balance at Sep. 30, 2025	$ 386,707			$ 0	$ 48,181	$ 577		81,981	255,963		5
Ending balance (in shares) at Sep. 30, 2025	28,876,000					28,876,000
Beginning balance, preferred stock (in shares) at Jun. 30, 2025				20,000	0
Beginning balance at Jun. 30, 2025	$ 312,180			$ 19,738	$ 0	$ 525		69,995	221,914		8
Beginning balance (in shares) at Jun. 30, 2025						26,317,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense, net of forfeitures	611								611
Dividends declared related to RSA, net of accrued dividends forfeited (in shares)						(3,000)
Dividends declared related to RSA, net of accrued dividends forfeited	0							(54)	54
Purchase of vested stock for employee payroll tax withholding (in shares)						(90,000)
Purchase of vested stock for employee payroll tax withholding	(1,067)					$ (1)			(1,066)
Restricted stock awards (in shares)						(33,000)
Restricted stock awards, net of forfeitures	(1)					$ (1)
ESPP issuances (in shares)						6,000
ESPP issuances	70								70
Issuance of stock (in shares)					50,000	425,000	(54,000)
Issuance of common stock, net of offering costs	5,090		$ 48,181		$ 48,181	$ 9	$ (1)		5,081	$ 1
Securities purchase and exchange agreement (in shares)				20,000		2,308,000
Securities purchase and exchange agreement	9,755			$ 19,738		$ 46			29,447
Amortization of offering costs related to ATM Program	(149)								(149)
Dividends declared common shares	(5,389)							(5,389)
Dividends declared preferred shares	(472)							(472)
Net income (loss)	17,901							17,901
Other comprehensive income (loss), net of tax	(3)										(3)
Ending balance, preferred stock (in shares) at Sep. 30, 2025		0	50,000	0	50,000
Ending balance at Sep. 30, 2025	$ 386,707			$ 0	$ 48,181	$ 577		$ 81,981	$ 255,963		$ 5
Ending balance (in shares) at Sep. 30, 2025	28,876,000					28,876,000

BENEFIT PLANS - Shares Outstanding (Details) - $ / shares shares in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding (shares)	508	771
Weighted average grant date fair value (in dollars per share)	$ 12.95	$ 14.51
Unvested Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding (shares)	48	59

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

SERVICING ASSETS - Loans Serviced (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Servicing Assets at Fair Value [Line Items]
Total loans serviced	$ 2,182,266	$ 2,179,032
SBA 7(a)
Servicing Assets at Fair Value [Line Items]
Total loans serviced	1,770,719	1,996,715
ALP
Servicing Assets at Fair Value [Line Items]
Total loans serviced	363,162	169,842
504
Servicing Assets at Fair Value [Line Items]
Total loans serviced	$ 48,385	$ 12,475

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities:
Net income	$ 40,971	$ 32,529
Adjustments to reconcile net income to net cash used in operating activities:
Net unrealized (appreciation) depreciation on investments	734	(9,562)
Net (gain) loss on loans accounted for under the fair value option	(35,566)	4,181
Net gain on residuals in securitizations	(30,015)	0
Net loss on loan servicing assets	12,500	5,383
Net unrealized depreciation (appreciation) on warrants and derivative transactions	427	(562)
Net gain on sales of loans	(38,050)	(68,531)
Net accretion of premium/discount on debt securities available-for-sale and loans	(1,423)	(564)
Loss on extinguishment of debt, deferred financing costs expensed	158	0
Amortization of deferred financing costs and deferred loan fees and costs	3,225	3,154
Provision for credit losses	30,334	16,742
Lower of cost or market adjustment on loans held for sale	(53)	(73)
Bad debt expense, net of recoveries	283	(133)
Stock compensation expense	4,008	2,261
Deferred income tax expense (benefit)	3,097	11,472
Depreciation and amortization	549	1,570
Proceeds from sale of loans held for sale	310,246	598,186
Sale of loans held for sale from affiliate	0	131,155
Funding of loans held for sale	(777,953)	(799,644)
Principal received on loans held for sale	7,275	14,507
Other, net	(1,145)	(435)
Changes in operating assets and liabilities:
Settlement receivable	51,996	112
Other assets	(16,097)	(5,093)
Due to participants	13,516	(1,579)
Accounts payable, accrued expenses and other liabilities	(6,853)	3,505
Net cash used in operating activities	(427,836)	(61,419)
Cash flows from investing activities:
Principal received on loans held for investment, at fair value	53,907	54,533
Principal received on loans held for investment, at fair value	(4,669)	(1,296)
Net increase in loans held for investment, at cost	(242,775)	(179,018)
Proceeds from sale of Newtek Technology Solutions, Inc.	4,000	0
Contributions to joint ventures and other non-control investments	(15,835)	(25,642)
Return of capital from joint ventures and other non-control investments	5,644	20,301
Purchase of fixed assets	(96)	(375)
Sales of Federal Home Loan Bank and Federal Reserve Bank stock	338	1,048
Purchases of Federal Home Loan Bank and Federal Reserve Bank stock	(817)	(1,021)
Purchases of available-for-sale securities	(11,573)	(30,863)
Maturities of available-for-sale securities	18,000	39,500
Net cash used in investing activities	(193,876)	(122,833)
Cash flows from financing activities:
Borrowing on bank notes payable	390,200	175,840
Repayment on bank notes payable	(295,531)	(194,534)
Net increase in deposits	204,384	184,983
Repayment of Federal Home Loan Bank advances	(7,513)	(7,437)
Proceeds from common shares sold, net of offering costs	5,090	13,818
Proceeds from preferred stock, net of offering costs	48,181	0
Securities purchase and exchange agreement	10,000	0
Repurchase of common shares under share repurchase plan	(167)	0
Payments on Notes Payable - Securitization Trusts	(46,671)	(68,922)
Proceeds related to residuals in securitizations	169,420	0
Dividends paid, net of dividend reinvestment plan	(16,176)	(15,015)
Payments of deferred financing costs	(2,934)	(5,067)
Proceeds from common stock issued under ESPP, net of discount	190	140
Purchase of vested stock for employee payroll tax withholding	(1,137)	(299)
Net cash provided by financing activities	457,269	192,132
Net (decrease) increase in cash and restricted cash	(164,443)	7,880
Cash and restricted cash—beginning of period (NOTE 2)	381,374	184,006
Deconsolidation of cash and restricted cash from controlled investments related to business dispositions	0	(1,464)
Cash and restricted cash—end of period (NOTE 2)	216,931	190,422
Non-cash operating, investing and financing activities:
Foreclosed real estate acquired	7,599	2,251
Dividends declared but not paid during the period	5,387	5,237
Loans and accrued interest acquired upon acquisition of 100% of NCL JV	26,213	0
Supplemental disclosure of cash flow information:
Interest paid	71,899	59,570
Income taxes paid	10,699	7,215
Stock Acquired
Non-cash operating, investing and financing activities:
IPM	8,200	0
Earn Out Receivable
Non-cash operating, investing and financing activities:
IPM	2,268	0
2024 Notes
Cash flows from financing activities:
Redemption of Notes	0	(38,250)
2025 5.00% Notes
Cash flows from financing activities:
Redemption of Notes	(30,000)	0
2029 8.50% Notes
Cash flows from financing activities:
Proceeds from Notes	0	71,875
Purchase of 2029 8.50% Notes	(67)	0
2029 8.625% Notes
Cash flows from financing activities:
Proceeds from Notes	0	75,000
2030 8.375% Notes
Cash flows from financing activities:
Proceeds from Notes	$ 30,000	$ 0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

LOANS (Tables)

9 Months Ended

Sep. 30, 2025

Receivables [Abstract]

Investment holdings, schedule of investments

Investments consisted of the following at:


	September 30, 2025				December 31, 2024
	Cost		Fair Value		Cost		Fair Value
Residuals in securitizations, at fair value (NOTE 3)	$	32,481	$	76,701	$	—	$	—
Joint ventures and other non-control investments, at fair value	36,692		51,390		44,039		57,678
Debt securities available-for-sale, at fair value	18,004		18,009		23,934		23,916
Federal Home Loan Bank and Federal Reserve Bank stock	4,064		4,064		3,585		3,585
Total investments	$	91,241	$	150,164	$	71,558	$	85,179

The following table shows the Company’s loan portfolio by collateral type for loans HFI, at fair value:


	Loans HFI, at Fair Value
	September 30, 2025				December 31, 2024
	Cost		Fair Value		Cost		Fair Value
CRE	$	141,575	$	150,175	$	162,894	$	175,353
Residential Real Estate	56,448		54,359		69,667		67,474
Machinery and Equipment¹	50,508		46,325		60,460		56,454
Accounts Receivable and Inventory	48,304		43,193		59,449		54,267
Unsecured	4,506		4,659		5,643		5,644
Other²	9,185		7,009		13,033		10,554
Total	$	310,526	$	305,720	$	371,146	$	369,746

Schedule of loans and leases

The following table shows the Company’s loan portfolio by loan type for loans HFI, at amortized cost:


	Loans HFI, at Amortized Cost
	September 30, 2025		December 31, 2024
SBA	$	509,912	$	380,981
CRE	256,921		191,831
C&I	64,887		47,558
Total Loans	831,720		620,370
Deferred fees and costs, net	2,367		1,281
Loans held for investment, at amortized cost, net of deferred fees and costs	$	834,087	$	621,651

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


	As of September 30, 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	$	8,995	$	12,092	$	2,182	$	73,145	$	96,414	$	209,306	$	305,720

	As of December 31, 2024
	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	$	23,158	$	18,400	$	9,268	$	67,304	$	118,130	$	251,616	$	369,746

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


	As of September 30, 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	$	12,813	$	10,391	$	295	$	60,048	$	83,547	$	426,365	$	509,912
CRE	—		—		—		3,165		3,165		253,756		256,921
C&I	516		274		104		2,465		3,359		61,528		64,887
Total, at amortized cost	$	13,329	$	10,665	$	399	$	65,678	$	90,071	$	741,649	$	831,720
Deferred fees and costs													2,367
Total, at amortized cost net of deferred fees and costs													$	834,087
Allowance for credit losses													(45,166)
Total, at amortized cost, net													$	788,921


	As of December 31, 2024
	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	$	11,264	$	9,046	$	—	$	21,706	$	42,016	$	338,965	$	380,981
CRE	—		—		—		2,635		2,635		189,196		191,831
C&I	275		—		—		—		275		47,283		47,558
Total, at amortized cost	$	11,539	$	9,046	$	—	$	24,341	$	44,926	$	575,444	$	620,370
Deferred fees and costs													1,281
Total, at amortized cost net of deferred fees and costs													$	621,651
Allowance for credit losses													(30,233)
Total, at amortized cost, net													$	591,418

Credit quality indicators

The following tables present asset quality indicators by portfolio class and origination year at September 30, 2025 and December 31, 2024:


September 30, 2025	Term Loans HFI by Origination Year
	2025		2024		2023		2022		2021		Prior		Total
SBA, at fair value
Risk Grades 1-4	$	—	$	—	$	19,172	$	86,721	$	30,891	$	93,382	$	230,166
Risk Grades 5-6	—		—		3,599		19,964		6,399		41,462		71,424
Risk Grade 7	—		—		32		60		—		—		92
Risk Grade 8	—		—		—		49		—		3,989		4,038
Total	$	—	$	—	$	22,803	$	106,794	$	37,290	$	138,833	$	305,720
SBA, at amortized cost, net of deferred fees and costs
Risk Grades 1-4	$	150,232	$	180,416	$	85,132	$	—	$	—	$	—	$	415,780
Risk Grades 5-6	533		38,387		28,189		—		—		—		67,109
Risk Grade 7	148		11,621		12,218		—		—		—		23,987
Risk Grade 8	46		1,306		1,684		—		—		—		3,036
Total	$	150,959	$	231,730	$	127,223	$	—	$	—	$	—	$	509,912
CRE, at amortized cost, net of deferred fees and costs
Risk Grades 1-4	$	77,676	$	52,371	$	25,499	$	30,666	$	15,866	$	48,957	$	251,035
Risk Grades 5-6	—		897		—		1,750		—		3,239		5,886
Risk Grade 7	—		—		—		—		—		—		—
Total	$	77,676	$	53,268	$	25,499	$	32,416	$	15,866	$	52,196	$	256,921
C&I, at amortized cost, net of deferred fees and costs
Risk Grades 1-4	$	42,765	$	13,144	$	1,602	$	—	$	—	$	—	$	57,511
Risk Grades 5-6	560		5,249		39		—		—		—		5,848
Risk Grade 7	—		1,528		—		—		—		—		1,528
Total	$	43,325	$	19,921	$	1,641	$	—	$	—	$	—	$	64,887
Total	$	271,960	$	304,919	$	177,166	$	139,210	$	53,156	$	191,029	$	1,137,440


December 31, 2024	Term Loans HFI by Origination Year
	2024		2023		2022		2021		2020		Prior		Total
SBA, at fair value
Risk Grades 1-4	$	—	$	24,061	$	112,058	$	40,641	$	20,379	$	102,569	$	299,708
Risk Grades 5-6	—		3,469		18,592		5,365		3,188		39,225		69,839
Risk Grade 7	—		—		—		—		—		—		—
Risk Grade 8	—		—		144		17		22		16		199
Total	$	—	$	27,530	$	130,794	$	46,023	$	23,589	$	141,810	$	369,746
SBA, at amortized cost, net of deferred fees and costs
Risk Grades 1-4	$	224,958	$	110,735	$	—	$	—	$	—	$	—	$	335,693
Risk Grades 5-6	7,475		32,753		—		—		—		—		40,228
Risk Grade 7	588		4,132		—		—		—		—		4,720
Risk Grade 8	85		255		—		—		—		—		340
Total	$	233,106	$	147,875	$	—	$	—	$	—	$	—	$	380,981
CRE, at amortized cost, net of deferred fees and costs
Risk Grades 1-4	$	51,889	$	25,697	$	33,235	$	15,763	$	395	$	60,614	$	187,593
Risk Grades 5-6	—		—		—		—		883		3,355		4,238
Risk Grade 7	—		—		—		—		—		—		—
Total	$	51,889	$	25,697	$	33,235	$	15,763	$	1,278	$	63,969	$	191,831
C&I, at amortized cost, net of deferred fees and costs
Risk Grades 1-4	$	44,251	$	1,532	$	—	$	—	$	—	$	1,500	$	47,283
Risk Grades 5-6	—		275		—		—		—		—		275
Risk Grade 7	—		—		—		—		—		—		—
Total	$	44,251	$	1,807	$	—	$	—	$	—	$	1,500	$	47,558
Total	$	329,246	$	202,909	$	164,029	$	61,786	$	24,867	$	207,279	$	990,116

Allowance for credit losses

The following table details activity in the ACL for the nine months ended September 30, 2025 and 2024:


	September 30, 2025								September 30, 2024
	CRE		C&I		SBA		Total		CRE		C&I		SBA		Total
Beginning balance	$	1,430	$	315	$	28,488	$	30,233	$	1,408	$	314	$	10,852	$	12,574

Charge offs	(122)		(275)		(15,008)		(15,405)		(236)		—		(2,697)		(2,933)
Recoveries	—		—		35		35		—		—		—		—
Provision for credit losses1	523		3,068		26,712		30,303		98		(286)		16,592		16,404
Ending balance	$	1,831	$	3,108	$	40,227	$	45,166	$	1,270	$	28	$	24,747	$	26,045

1 Excludes $31 thousand and $338 thousand of Provision for credit losses relating to unfunded commitments for the nine months ended September 30, 2025 and September 30, 2024, respectively, which is recorded within Accounts payable, accrued expenses and other liabilities in accordance with ASC 326.

The following table details activity in the ACL for the three months ended September 30, 2025 and 2024:


	September 30, 2025								September 30, 2024
	CRE		C&I		SBA		Total		CRE		C&I		SBA		Total
Beginning balance	$	2,045	$	1,540	$	39,040	$	42,625	$	1,358	$	215	$	19,525	$	21,098

Charge offs	(122)		(8)		(5,062)		(5,192)		—		—		(1,763)		(1,763)
Recoveries	—		—		18		18		—		—		—		—
Provision for credit losses1	(92)		1,576		6,231		7,715		(88)		(187)		6,985		6,710
Total	$	1,831	$	3,108	$	40,227	$	45,166	$	1,270	$	28	$	24,747	$	26,045

1 Excludes $3 thousand and $218 thousand of Provision for credit losses relating to unfunded commitments for the three months ended September 30, 2025 and 2024, 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:


	September 30, 2025								December 31, 2024
ACL	CRE		C&I		SBA		Total		CRE		C&I		SBA		Total
Individually Evaluated	$	—	$	1,536	$	12,788	$	14,324	$	—	$	—	$	7,019	$	7,019
Collectively Evaluated	1,831		1,572		27,439		30,842		1,430		315		21,469		23,214
Total	$	1,831	$	3,108	$	40,227	$	45,166	$	1,430	$	315	$	28,488	$	30,233

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


	September 30, 2025								December 31, 2024
Recorded Investment	CRE		C&I		SBA		Total		CRE		C&I		SBA		Total
Individually Evaluated	$	18,824	$	2,465	$	60,048	$	81,337	$	2,635	$	—	$	21,706	$	24,341
Collectively Evaluated	238,097		62,422		449,864		750,383		189,196		47,558		359,275		596,029
Total	$	256,921	$	64,887	$	509,912	$	831,720	$	191,831	$	47,558	$	380,981	$	620,370

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


	September 30, 2025				December 31, 2024

	Real Estate Collateral		Non-Real Estate Collateral		Total		ACL		Real Estate Collateral		Non-Real Estate Collateral		Total		ACL
SBA	$	49,585	$	10,463	$	60,048	$	12,789	$	19,586	$	2,120	$	21,706	$	7,019
CRE	18,824		—		18,824		—		2,635		—		2,635		—

C&I	2,375		90		2,465		1,536		—		—		—		—





Total	$	70,784	$	10,553	$	81,337	$	14,325	$	22,221	$	2,120	$	24,341	$	7,019

Past due loans

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


	September 30, 2025						December 31, 2024
	Nonaccrual without Allowance		Nonaccrual with Allowance		ACL		Nonaccrual without Allowance		Nonaccrual with Allowance		ACL
SBA	$	20,730	$	39,317	$	12,789	$	7,264	$	14,442	$	7,019
CRE	3,165		—		—		2,635		—		—

C&I	456		2,010		1,536		—		—		—






Total	$	24,351	$	41,327	$	14,325	$	9,899	$	14,442	$	7,019

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


	As of September 30, 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	$	1,566	$	1,454	$	1,417	$	13,149	$	17,586	$	452,786	$	470,372
ALP, at fair value	8,746		—		11,488		1,740		21,974		264,655		286,629
Total	$	10,312	$	1,454	$	12,905	$	14,889	$	39,560	$	717,441	$	757,001

	As of December 31, 2024
	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	$	29,119	$	13,367	$	—	$	250	$	42,736	$	117,052	$	159,788
ALP, at fair value	—		2,492		—		—		2,492		210,006		212,498
Total	$	29,119	$	15,859	$	—	$	250	$	45,228	$	327,058	$	372,286

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


	As of September 30, 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	$	—	$	151	$	—	$	2,504	2,655	$	26,023	$	28,678


	As of December 31, 2024
	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	$	2,164	$	1,099	$	—	$	—	$	3,263	$	55,540	$	58,803

Held for sale


	September 30, 2025		December 31, 2024
SBA 504 First Lien	$	155,459	$	128,255
SBA 504 Second Lien	31,009		26,678
SBA 7(a)	265,521		4,855
SBA 7(a) Partials1	18,384		—
ALP	286,628		212,498
Loans held for sale, at fair value	$	757,001	$	372,286

1 Reclassified from Loans held for sale, at LCM

Loans held for sale, at LCM


	September 30, 2025		December 31, 2024
SBA 504 First Lien	$	22,119	$	36,783
SBA 504 Second Lien	6,559		8,203

SBA 7(a) Partials1	—		13,817

Loans held for sale, at LCM	$	28,678	$	58,803

1 Reclassified to Loans held for sale, at fair value

DERIVATIVE INSTRUMENTS

9 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS

NOTE 12—DERIVATIVE INSTRUMENTS:

The Company historically uses derivative instruments primarily to economically manage the fair value variability of certain fixed rate assets caused by interest rate fluctuations and overall portfolio market risk. The following is a breakdown of the derivatives outstanding as of September 30, 2025 and December 31, 2024:


	September 30, 2025							December 31, 2024
			Fair Value				Remaining			Fair Value				Remaining
Contract Type	Notional1		Asset2		Liability3		Maturity (years)	Notional1		Asset2		Liability3		Maturity (years)
5-year Treasury Futures	$	(150,704)	$	232	$	—	0.25 years	$	(153,049)	$	715	$	—	0.25 years

1 Shown as a negative number when the position is sold short.

2 Shown in Other assets in the accompanying Consolidated Statements of Financial Condition.

3 Shown in Accounts payable, accrued expenses, and other liabilities in the accompanying Consolidated Statements of Financial Condition.

The following table indicates the net realized gains (losses) and unrealized appreciation (depreciation) on derivatives as included in Other noninterest income in the Consolidated Statements of Income for the three and nine months ended September 30, 2025 and 2024:


	Three Months Ended								Nine Months Ended
	September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Contract Type	Unrealized Appreciation/(Depreciation)		Realized Gain/(Loss)		Unrealized Appreciation/(Depreciation)		Realized Gain/(Loss)		Unrealized Appreciation/(Depreciation)		Realized Gain/(Loss)		Unrealized Appreciation/(Depreciation)		Realized Gain/(Loss)
5-year Treasury Futures	$	1,054	$	(1,202)	$	356	$	(2,015)	$	(482)	$	(3,393)	$	562	$	(1,527)

Collateral posted with our futures counterparty is segregated in the Company’s books and records. Historically, the Company’s counterparty has held cash margin as collateral for derivatives, which is included in restricted cash in the consolidated balance sheets. Interest rate futures are centrally cleared by the Chicago Mercantile Exchange (“CME”) through a futures commission merchant. 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. Variation margin pledged on the Company’s centrally cleared interest rate futures is settled against the realized results of these futures.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

INVESTMENTS - Debt Securities, Unrealized Losses (Details) - U.S. Treasury notes $ in Thousands	Sep. 30, 2025 USD ($) loan	Dec. 31, 2024 USD ($) loan
Debt Securities, Available-for-Sale [Line Items]
Less Than 12 Months, Fair Value	$ 9,634	$ 12,061
Less Than 12 Months, Unrealized Losses	3	29
12 Months or More, Fair Value	0	0
12 Months or More, Unrealized Losses	$ 0	$ 0
Number of Holdings \| loan	3	2
Total, Fair Value	$ 9,634	$ 12,061
Total, Unrealized Losses	$ 3	$ 29

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

LOANS - Credit Quality Indicators (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
SBA, at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	$ 0	$ 0
Year Two	0	27,530
Year Three	22,803	130,794
Year Four	106,794	46,023
Year Five	37,290	23,589
Prior	138,833	141,810
Total	305,720	369,746
SBA, at fair value \| Risk Grades 1-4
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0	0
Year Two	0	24,061
Year Three	19,172	112,058
Year Four	86,721	40,641
Year Five	30,891	20,379
Prior	93,382	102,569
Total	230,166	299,708
SBA, at fair value \| Risk Grades 5-6
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0	0
Year Two	0	3,469
Year Three	3,599	18,592
Year Four	19,964	5,365
Year Five	6,399	3,188
Prior	41,462	39,225
Total	71,424	69,839
SBA, at fair value \| Risk Grade 7
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0	0
Year Two	0	0
Year Three	32	0
Year Four	60	0
Year Five	0	0
Prior	0	0
Total	92	0
SBA, at fair value \| Risk Grade 8
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0	0
Year Two	0	0
Year Three	0	144
Year Four	49	17
Year Five	0	22
Prior	3,989	16
Total	4,038	199
SBA, at amortized cost, net of deferred fees and costs
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	150,959	233,106
Year Two	231,730	147,875
Year Three	127,223	0
Year Four	0	0
Year Five	0	0
Prior	0	0
Total	509,912	380,981
SBA, at amortized cost, net of deferred fees and costs \| Risk Grades 1-4
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	150,232	224,958
Year Two	180,416	110,735
Year Three	85,132	0
Year Four	0	0
Year Five	0	0
Prior	0	0
Total	415,780	335,693
SBA, at amortized cost, net of deferred fees and costs \| Risk Grades 5-6
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	533	7,475
Year Two	38,387	32,753
Year Three	28,189	0
Year Four	0	0
Year Five	0	0
Prior	0	0
Total	67,109	40,228
SBA, at amortized cost, net of deferred fees and costs \| Risk Grade 7
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	148	588
Year Two	11,621	4,132
Year Three	12,218	0
Year Four	0	0
Year Five	0	0
Prior	0	0
Total	23,987	4,720
SBA, at amortized cost, net of deferred fees and costs \| Risk Grade 8
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	46	85
Year Two	1,306	255
Year Three	1,684	0
Year Four	0	0
Year Five	0	0
Prior	0	0
Total	3,036	340
CRE, at amortized cost, net of deferred fees and costs
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	77,676	51,889
Year Two	53,268	25,697
Year Three	25,499	33,235
Year Four	32,416	15,763
Year Five	15,866	1,278
Prior	52,196	63,969
Total	256,921	191,831
CRE, at amortized cost, net of deferred fees and costs \| Risk Grades 1-4
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	77,676	51,889
Year Two	52,371	25,697
Year Three	25,499	33,235
Year Four	30,666	15,763
Year Five	15,866	395
Prior	48,957	60,614
Total	251,035	187,593
CRE, at amortized cost, net of deferred fees and costs \| Risk Grades 5-6
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0	0
Year Two	897	0
Year Three	0	0
Year Four	1,750	0
Year Five	0	883
Prior	3,239	3,355
Total	5,886	4,238
CRE, at amortized cost, net of deferred fees and costs \| Risk Grade 7
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0	0
Year Two	0	0
Year Three	0	0
Year Four	0	0
Year Five	0	0
Prior	0	0
Total	0	0
C&I
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	43,325	44,251
Year Two	19,921	1,807
Year Three	1,641	0
Year Four	0	0
Year Five	0	0
Prior	0	1,500
Total	64,887	47,558
C&I \| Risk Grades 1-4
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	42,765	44,251
Year Two	13,144	1,532
Year Three	1,602	0
Year Four	0	0
Year Five	0	0
Prior	0	1,500
Total	57,511	47,283
C&I \| Risk Grades 5-6
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	560	0
Year Two	5,249	275
Year Three	39	0
Year Four	0	0
Year Five	0	0
Prior	0	0
Total	5,848	275
C&I \| Risk Grade 7
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0	0
Year Two	1,528	0
Year Three	0	0
Year Four	0	0
Year Five	0	0
Prior	0	0
Total	1,528	0
Total Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	271,960	329,246
Year Two	304,919	202,909
Year Three	177,166	164,029
Year Four	139,210	61,786
Year Five	53,156	24,867
Prior	191,029	207,279
Total	$ 1,137,440	$ 990,116

FAIR VALUE MEASUREMENTS - Level III Rollforward (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Loans and accrued interest acquired upon acquisition of 100% of NCL JV	$ 26,213	$ 0
Loans Held for Investment
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	369,746	469,801
Reclasses between loans at FV and LCM		263
Sales	282	(2,888)
Settlements	(53,905)	(54,656)
Purchases	(4,405)	(2,251)
Purchases and repurchases of loans	4,669	1,296
Fair value, ending balance	305,720	394,471
Loans Held for Investment \| SBA investment
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Funded		122
Loans Held for Investment \| Changes In Valuation Inputs or Adjustments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gain (loss) included in earnings	(1,075)	2,614
Loans Held for Investment \| Factors Other Than Changes in Valuation Inputs Or Adjustments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gain (loss) included in earnings	(9,592)	(19,830)
Loans Held For Sale
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	372,286	118,867
Reclasses between loans at FV and LCM	7,133	2,508
Sales	(261,392)	(166,648)
Settlements	(4,678)	(9,375)
Purchases and repurchases of loans	25,094
Transfers out of Level 3	(4,856)
Fair value, ending balance	478,323	242,225
Loans Held For Sale \| SBA investment
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Funded	72,723	12,966
Loans Held For Sale \| Conventional Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Funded	250,635	191,440
Loans Held For Sale \| Mortgage Loan
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Funded		79,432
Loans Held For Sale \| Changes In Valuation Inputs or Adjustments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gain (loss) included in earnings	21,378	13,058
Loans Held For Sale \| Factors Other Than Changes in Valuation Inputs Or Adjustments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gain (loss) included in earnings		(23)
Investments \| Joint Ventures and Other Non-Control Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	57,678	41,587
Purchases	15,835	5,341
Funded	2,268
Returns of capital	(31,857)
Gain (loss) included in earnings		9,562
Fair value, ending balance	43,430	56,490
Investments \| Joint Ventures and Other Non-Control Investments \| Changes In Valuation Inputs or Adjustments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gain (loss) included in earnings	(494)
Residuals in Securitizations, at FV
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	0
Funded	32,481
Fair value, ending balance	76,701
Residuals in Securitizations, at FV \| Changes In Valuation Inputs or Adjustments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gain (loss) included in earnings	44,220
Servicing Assets, at FV
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	22,062	29,336
Gain (loss) included in earnings		805
Consolidation changes		(6,188)
Fair value, ending balance	17,023	23,967
Servicing Assets, at FV \| Changes In Valuation Inputs or Adjustments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gain (loss) included in earnings	12
Servicing Assets, at FV \| Factors Other Than Changes in Valuation Inputs Or Adjustments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gain (loss) included in earnings	(5,051)
Servicing Assets, at FV \| Joint Ventures and Other Non-Control Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Funded		14
Warrant Liabilities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	133	141
Fair value, ending balance	77	108
Warrant Liabilities \| Changes In Valuation Inputs or Adjustments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gain (loss) included in earnings	(56)	(33)
Other Real Estate Owned
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	3,764	1,110
Sales	(1,937)	(956)
Purchases	4,405	2,251
Fair value, ending balance	5,629	2,199
Other Real Estate Owned \| Changes In Valuation Inputs or Adjustments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gain (loss) included in earnings	$ (603)	$ (206)

COMMITMENTS AND CONTINGENCIES - Obligations and Commitments Under Operating Lease and Employment Agreements (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Operating Leases
2025	$ 167
2026	499
2027	329
2028	242
2029	249
Thereafter	2,237
Total	3,723
Employment Agreement
2025	702
2026	702
2027	0
2028	0
2029	0
Thereafter	0
Total	1,404
Total
2025	869
2026	1,201
2027	329
2028	242
2029	249
Thereafter	2,237
Total	$ 5,127

SUBSEQUENT EVENTS (Details) - Medium-term Notes - USD ($) $ in Thousands	Oct. 21, 2025	Sep. 30, 2025	Mar. 19, 2025	Dec. 31, 2024
2026 Notes
Subsequent Event [Line Items]
Loans		$ 115,000		$ 115,000
2030 8.375% Notes
Subsequent Event [Line Items]
Loans		$ 30,000	$ 30,000	$ 0
Subsequent Event \| 2026 Notes
Subsequent Event [Line Items]
Loans	$ 20,000
Subsequent Event \| 2030 8.375% Notes
Subsequent Event [Line Items]
Loans	$ 2,000

TRANSACTIONS WITH AFFILIATED COMPANIES AND RELATED PARTY TRANSACTIONS

9 Months Ended

Sep. 30, 2025

TRANSACTIONS WITH AFFILIATED COMPANIES AND RELATED PARTY TRANSACTIONS

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 September 30, 2025 and December 31, 2024:


	September 30, 2025		December 31, 2024
Due to affiliated companies1	$	109	$	242
Due from affiliated companies2	26		—
Total due to/due from affiliated companies	$	83	$	242

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

2 Included within Other assets

Transactions with joint ventures and other non-control investments

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

The following table summarizes the income earned from our joint ventures and other non-control investments for the three and nine months ended September 30, 2025 and 2024:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Servicing income	$	357	$	576	$	1,292	$	1,446
Dividend income	425		374		2,711		1,128
Total income	$	782	$	950	$	4,003	$	2,574

Expenses	2,117		—		6,009		—

Net income/(expense)	$	(1,335)	$	950	$	(2,006)	$	2,574

Newtek Bank Deposits


	September 30, 2025		December 31, 2024
FDIC insured deposits	$	4,497	$	4,732
Non-FDIC insured deposits	291		1,098
Total deposits from related parties and their affiliated companies	$	4,788	$	5,830

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

BENEFIT PLANS

9 Months Ended

Sep. 30, 2025

Retirement Benefits [Abstract]

BENEFIT PLANS

NOTE 16—BENEFIT PLANS:

Defined Contribution Plan

The Company’s employees participate in a defined contribution 401(k) plan (the “Plan”) adopted in 2004 which covers substantially all employees based on eligibility. The Plan is designed to encourage savings on the part of eligible employees and qualifies under Section 401(k) of the Code. Under the Plan, eligible employees may elect to have a portion of their pay, including overtime and bonuses, reduced each pay period, as pre-tax contributions up to the maximum allowed by law. The Company may elect to make a matching contribution equal to a specified percentage of the participant’s contribution, on their behalf as a pre-tax contribution.

Stock-based Compensation Plans

Restricted Stock Awards

The Company accounts for its stock-based compensation plan using the fair value method, as prescribed by ASC 718, Compensation—Stock Compensation. Accordingly, for restricted stock awards, the Company measures the grant date fair value based upon the market price of its Common Stock on the date of the grant and amortizes the fair value of the awards as stock-based compensation expense over the requisite service period, which is generally the vesting term.

The Compensation, Corporate Governance and Nominating Committee of the Board approves the issuance of awards of restricted stock to employees and directors pursuant to the 2023 Stock Incentive Plan, which was approved by the Board in April 2023 and the Company’s shareholders on June 14, 2023. No new awards may be granted under the 2015 Stock Incentive Plan, which was terminated by the Board in April 2023. The following table summarizes the restricted stock issuances under the 2015 and 2023 Stock Incentive Plans, net of shares forfeited, if any:


	2023 Plan1	2015 Plan
Restricted Stock authorized under the plan2	3.0 million	1.5 million
Net restricted stock (granted)/forfeited during:
Year ended December 31, 2021 and prior	—	(438)
Year ended December 31, 2022	—	(251)
Year ended December 31, 2023	(82)	28
Year ended December 31, 2024	(497)	—
Nine months ended September 30, 2025	33	—
Total net restricted stock (granted)/forfeited	(546)	(661)

1 The 2023 Stock Incentive Plan provides for an initial share reserve of up to 3.0 million shares of Common Stock.

2 No stock options were granted under the 2015 or 2023 Stock Incentive Plans.

Awards of restricted stock granted under the 2015 and 2023 Stock Incentive Plans generally vest over a one- to three-year periods from the grant date; awards of restricted stock granted under the 2023 Stock Incentive Plan to non-employee directors generally vest over a one-year period. The grant date fair value is expensed over the service period, starting on the grant date.

Details of the Company’s outstanding shares related to restricted stock awards as of September 30, 2025 and December 31, 2024 are outlined below:


	September 30, 2025	December 31, 2024
Shares outstanding related to grants of restricted stock awards	508	771
Weighted average grant date fair value of awards	$12.95	$14.51
Additional shares outstanding related to dividends on awards	48	59

As of September 30, 2025 and December 31, 2024, the Company’s total unrecognized compensation expense related to unvested shares of restricted stock granted was as follows:

September 30, 2025

December 31, 2024

Unrecognized compensation expense on unvested awards

$2,560

$5,929

Weighted-average period of unrecognized compensation expense

1.2 years

1.0 year

Employee Stock Purchase Plan (ESPP)

On June 14, 2023, the Company's stockholders approved the ESPP. The initial aggregate number of shares of Common Stock that may be purchased under the ESPP will not exceed 0.2 million shares. Under the terms of the ESPP, employees may authorize the withholding of up to 15% of their eligible compensation to purchase our shares of Common Stock, not to exceed $25 thousand of Common Stock for any calendar year. The purchase price per shares acquired under the ESPP will never be less than 85% of the fair market value of the lesser of our Common Stock on the offering date or purchase date. The Compensation, Corporate Governance and Nominating Committee of our Board, in its discretion, may terminate the ESPP at any time with respect to any shares for which options have not been granted and has the right to amend the ESPP with stockholder approval within 12 months before or after the adoption of the amendment. The difference between the Common Stock’s fair value and the employee’s discounted purchase price is expensed at the time of purchase.

The following table summarizes the Company’s ESPP activity from inception through September 30, 2025:


	Nine Months Ended September 30, 2025								Year Ended December 31, 2024
	Offering Period						Total		Offering Period						Total
Commencement date	4/1/2025		4/1/2025		10/1/2024				10/1/2024		4/1/2024		10/1/2023
End date	9/15/2025		6/15/2025		3/15/2025				12/15/2024		9/15/2024		3/15/2024
Shares purchased	6		9		4		19		5		10		5		20
Weighted average share price	$	10.77	$	9.40	$	10.97	$	10.16	$	11.03	$	10.21	$	9.83	$	10.32
Total purchased, net of discount	$	62	$	80	$	48	$	190	$	55	$	101	$	51	$	207

The ESPP share activity is as follows:


						Shares
ESPP shares authorized under the plan						200
ESPP shares purchased during:
Year ended December 31, 2023						(4)
Year ended December 31, 2024						(20)
Period ended September 30, 2025						(19)
Available for future purchases, September 30, 2025						157

The Company’s total stock-based compensation expense included within Salaries and employee benefits expense in the Consolidated Statements of Income for the three and nine months ended September 30, 2025 and 2024 is summarized below:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Restricted stock awards	$	611	$	913	$	3,972	$	2,244
ESPP	8		5		36		17
Total compensation cost recognized for stock-based compensation plans	$	619	$	918	$	4,008	$	2,261

- Definition

The entire disclosure for defined benefit plan.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (k)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 5
-Subparagraph (c)(iii)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
-SubTopic 715
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477317/912-715-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715-20/tableOfContent

+ Details

COMMITMENTS AND CONTINGENCIES (Tables)

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Summary of obligations and commitments under operating lease and employment agreements

The following summarizes the Company’s obligations and commitments, as of September 30, 2025 for future minimum cash payments required under operating lease and employment agreements:


Year	Operating Leases		Employment Agreements1		Total
2025	$	167	$	702	$	869
2026	499		702		1,201
2027	329		—		329
2028	242		—		242
2029	249		—		249
Thereafter	2,237		—		2,237
Total	$	3,723	$	1,404	$	5,127

1 Employment agreements with the Company’s named executive officers

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2025
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 17—INCOME TAXES: Effective Tax Rate The effective tax rate was 26.16% and 27.62% for the nine months ended September 30, 2025 and September 30, 2024, respectively. The effective tax rate differs from the federal tax rate of 21% for the nine months ended September 30, 2025, due primarily to the recognition of the difference in basis in the Company’s investment in NTS and state taxes. The effective tax rate differs from the federal tax rate of 21% for the nine months ended September 30, 2024, due primarily due to state taxes. The effective tax rate was 28.58% and 30.03% for the three months ended September 30, 2025 and September 30, 2024, respectively. The effective tax rate differs from the federal tax rate of 21% for the three months ended September 30, 2025 and September 30, 2024 primarily due to state taxes.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

LOANS - Individually and Collectively Evaluated (Details) $ in Thousands	Sep. 30, 2025 USD ($) loan	Jun. 30, 2025 USD ($)	Dec. 31, 2024 USD ($) loan	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
ACL
Individually Evaluated	$ 14,324		$ 7,019
Collectively Evaluated	30,842		23,214
Total	45,166	$ 42,625	$ 30,233	$ 26,045	$ 21,098	$ 12,574
Recorded Investment
Individually Evaluated	$ 81,337
Number of loans individually evaluated \| loan	383		145
CRE, at amortized cost, net of deferred fees and costs
ACL
Individually Evaluated	$ 0		$ 0
Collectively Evaluated	1,831		1,430
Total	1,831	2,045	1,430	1,270	1,358	1,408
Recorded Investment
Individually Evaluated	18,824		2,635
Collectively Evaluated	238,097		189,196
Total	256,921		191,831
C&I
ACL
Individually Evaluated	1,536		0
Collectively Evaluated	1,572		315
Total	3,108	$ 1,540	315	$ 28	$ 215	$ 314
Recorded Investment
Individually Evaluated	2,465		0
Collectively Evaluated	62,422		47,558
Total	64,887		47,558
SBA
ACL
Individually Evaluated	12,788		7,019
Collectively Evaluated	27,439		21,469
Total	40,227		28,488
Recorded Investment
Individually Evaluated	60,048		21,706
Collectively Evaluated	449,864		359,275
Total	509,912		380,981
Total Loans
Recorded Investment
Individually Evaluated	81,337		24,341
Collectively Evaluated	750,383		596,029
Total	$ 831,720		$ 620,370

SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Cash deposits in excess of insured amounts	$ 29,000
Loan-to-value ratio	75.00%
Debt service coverage, minimum	1.2
SBA investment
Property, Plant and Equipment [Line Items]
Principal balances sold	$ 400	$ 47,400
Premiums	$ 43	$ 5,000

BORROWINGS - Outstanding Borrowings (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 22, 2025	Mar. 31, 2025	Mar. 19, 2025	Dec. 31, 2024	Dec. 11, 2024
Debt Instrument [Line Items]
Weighted Avg Interest Rate	7.65%				7.22%
Webster Note - MWI \| Line of Credit
Debt Instrument [Line Items]
Principal balance	$ 0				$ 32,894
Unamortized deferred financing costs	0				(206)
Net carrying amount	$ 0				$ 32,688
Weighted Avg Interest Rate	6.68%				7.30%
NMS Goldman Facility \| Line of Credit
Debt Instrument [Line Items]
Principal balance	$ 90,000				$ 0
Unamortized deferred financing costs	(1,383)				0
Net carrying amount	$ 88,617				$ 0
Weighted Avg Interest Rate	9.83%				0.00%
Capital One Facilities \| Line of Credit
Debt Instrument [Line Items]
Principal balance	$ 23,740				$ 21,300
Unamortized deferred financing costs	(585)				(108)
Net carrying amount	23,155				21,192
Deutsche Bank Line of Credit \| Line of Credit
Debt Instrument [Line Items]
Principal balance	104,691				54,800
Unamortized deferred financing costs	(721)				(764)
Net carrying amount	$ 103,970				$ 54,036
Weighted Avg Interest Rate	7.73%				7.57%
One Florida line of credit - SP3 \| Line of Credit
Debt Instrument [Line Items]
Principal balance	$ 8,307				$ 23,075
Unamortized deferred financing costs	(45)				(64)
Net carrying amount	$ 8,262				$ 23,011
Weighted Avg Interest Rate	8.25%				8.50%
2025 5.00% Notes \| Medium-term Notes
Debt Instrument [Line Items]
Principal balance	$ 0				$ 30,000
Unamortized deferred financing costs	0				(87)
Net carrying amount	$ 0				$ 29,913
Weighted Avg Interest Rate	5.00%		5.00%		5.00%
2026 Notes \| Medium-term Notes
Debt Instrument [Line Items]
Principal balance	$ 115,000				$ 115,000
Unamortized deferred financing costs	(180)				(718)
Net carrying amount	$ 114,820				$ 114,282
Weighted Avg Interest Rate	5.50%				5.50%
2027 Notes \| Medium-term Notes
Debt Instrument [Line Items]
Principal balance	$ 50,000				$ 50,000
Unamortized deferred financing costs	(40)				(56)
Net carrying amount	$ 49,960				$ 49,944
Weighted Avg Interest Rate	8.125%				8.125%
2028 Notes (8.00%) \| Medium-term Notes
Debt Instrument [Line Items]
Principal balance	$ 40,000				$ 40,000
Unamortized deferred financing costs	(1,014)				(1,274)
Net carrying amount	$ 38,986				$ 38,726
Weighted Avg Interest Rate	8.00%				8.00%
2029 8.50% Notes \| Medium-term Notes
Debt Instrument [Line Items]
Principal balance	$ 71,808				$ 71,875
Unamortized deferred financing costs	(1,870)				(2,253)
Net carrying amount	$ 69,938				$ 69,622
Weighted Avg Interest Rate	8.50%	8.50%			8.50%
2029 8.625% Notes \| Medium-term Notes
Debt Instrument [Line Items]
Principal balance	$ 75,000				$ 75,000
Unamortized deferred financing costs	(1,972)				(2,338)
Net carrying amount	$ 73,028				$ 72,662
Weighted Avg Interest Rate	8.625%				8.625%
2030 8.375% Notes \| Medium-term Notes
Debt Instrument [Line Items]
Principal balance	$ 30,000			$ 30,000	$ 0
Unamortized deferred financing costs	(645)				0
Net carrying amount	$ 29,355				$ 0
Weighted Avg Interest Rate	8.375%				0.00%
Securitization Trusts \| Secured Debt
Debt Instrument [Line Items]
Principal balance	$ 142,560				$ 189,231
Unamortized deferred financing costs	(1,964)				(2,596)
Net carrying amount	$ 140,596				$ 186,635
Weighted Avg Interest Rate	6.94%				7.32%
2025 8.125% Notes \| Medium-term Notes
Debt Instrument [Line Items]
Weighted Avg Interest Rate						8.125%

SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2025
Accounting Policies [Abstract]
Reclassifications	Reclassifications Certain items in the prior financial statements have been reclassified to conform to current 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.
Cash and due from banks and Restricted cash	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 September 30, 2025, cash deposits in excess of insured amounts totaled $29.0 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 September 30, 2025. 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	Interest bearing deposits in banks The Company’s interest bearing deposits in banks reflects cash held at other financial institutions that earn interest.
Transfers and Servicing of Financial Assets	Transfers and Servicing of Financial Assets For a transfer of financial assets to be considered a sale, the transfer must meet the sale criteria of ASC 860, which, at the time of the transfer, requires that the transferred assets qualify as recognized financial assets and the Company surrender control over the assets. Such surrender requires that the assets be isolated from the Company, even in bankruptcy or other receivership, the purchaser have the right to pledge or sell the assets transferred and the Company not have an option or obligation to reacquire the assets. Assets related to transactions that do not meet ASC Topic 860 — Transfers and Servicing (“ASC Topic 860”) requirements for accounting sale treatment are reflected in the Company’s consolidated statements of financial condition as investments and the sale proceeds are recognized as a liability. The Company accounts for servicing assets in accordance with ASC Topic 860-50 - Transfers and Servicing - Servicing Assets and Liabilities. The Company and Newtek Bank earn servicing fees from the guaranteed portions of SBA 7(a) loans they originate and sell. The Company has also recorded servicing assets/liabilities on loans sold where the Company retained an obligation to service the loan sold. Servicing assets for loans originated by the Company’s nonbank subsidiaries are measured at FV at each reporting date and the Company reports changes in the FV of servicing assets in earnings in the period in which the changes occur. The valuation model for servicing assets incorporates assumptions including, but not limited to, servicing costs, discount rate, prepayment rate, and default rate. Considerable judgment is required to estimate the fair value of servicing assets and as such these assets are classified as Level 3 in our fair value hierarchy. Servicing assets for loans originated by Newtek Bank are initially measured at FV and subsequently measured at LCM and amortized based on their estimated life and impairment is recorded to the extent the amortized cost exceeds the asset’s FV.
Variable Interest Entities	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.
Allowance for Credit Losses – Loans – Available-for Sale (“AFS”) Debt Securities	Allowance for Credit Losses – Loans 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 commercial 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. 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’s 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’s loan program requirements. The Company applies the zero loss expectation exemption under CECL to the guaranteed portion of the loans. The unguaranteed portion of the 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. 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 September 30, 2025 and 2024, 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.
Accrued Interest Receivable	Accrued Interest Receivable 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. Historically, the Company has not experienced uncollectible accrued interest receivable on investment securities.
Settlement Receivable	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 September 30, 2025 and December 31, 2024 was $0.4 million and $47.4 million, respectively. The settlement receivable also includes $43.0 thousand and $5.0 million of premiums, which have been recognized in Net Gains on Sales of Loans as of September 30, 2025 and December 31, 2024, respectively.
Income Taxes	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 2021 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 statement of income.
Recently Adopted Accounting Pronouncements and New Accounting Standards	Recently Adopted Accounting Pronouncements Business Combinations—Joint Venture Formations (ASU 2023-05): In August 2023, the FASB issued ASU 2023-05, Business Combinations – Joint Venture Formations (Subtopic 805-60). The amendments in this Update address the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements. The objectives of the amendments are to (1) provide decision-useful information to investors and other allocators of capital (collectively, investors) in a joint venture’s financial statements and (2) reduce diversity in practice. The amendments in this Update are effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. Additionally, a joint venture that was formed before January 1, 2025, may elect to apply the amendments retrospectively if it has sufficient information. Early adoption is permitted in any interim or annual period in which financial statements have not yet been issued (or made available for issuance), either prospectively or retrospectively. The Company adopted this guidance as of January 1, 2025 and the adoption of this standard is not expected to a have a material impact on its consolidated financial statements. Improvements to Income Tax Disclosures (ASU 2023-09): In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The purpose of this guidance is to enhance the rate reconciliation and income taxes paid disclosures. This ASU requires that an entity disclose, on an annual basis, specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. For the state and local income tax category of the rate reconciliation, entities must disclose a qualitative description of the states and local jurisdictions that make up the majority (greater than 50 percent) of the category. For the income taxes paid disclosures, entities will be required to disclose, on an annual basis, the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes. The amendments must be applied using either a prospective or retrospective approach. The Company adopted this guidance as of January 1, 2025, which will result in enhanced income tax disclosures within the consolidated financial statements beginning with its December 31, 2025 Form 10-K. Compensation—Stock Compensation (ASU 2024-01): In March 2024, the FASB issued ASU 2024-01, Compensation - Stock Compensation (Topic 718), Scope Application of Profits Interest and Similar Awards. This standard provides clarity regarding whether profits interest and similar awards are within the scope of Topic 718 of the Accounting Standards Codification. This standard is effective for fiscal years beginning after December 15, 2024. The amendments should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. The Company adopted ASU 2024-01 on January 1, 2025 and the adoption of this standard is not expected to a have a material impact on its consolidated financial statements. Liabilities (405): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 122 (ASU 2025-02): In March 2025, the FASB issued ASU 2025-02. The purpose of this guidance is to amend the Accounting Standards Codification to remove the text of SEC Staff Accounting Bulletin (“SAB”) 121 “Accounting for Obligations to Safeguard Crypto-Assets an Entity Holds for its Platform Users” as it has been rescinded by the issuance of SAB 122. ASU 2025-02 is effective immediately and is not expected to have an 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. 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 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. 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. 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 is evaluating adoption timing and the impact ASU 2025-05 will have on its financial statements and at this time, does not anticipate it will have a material impact on its consolidated financial statements. 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.

BENEFIT PLANS - ESPP Activity (Details) - Employee Stock Purchase Plan - shares shares in Thousands	2 Months Ended	3 Months Ended	5 Months Ended		6 Months Ended		9 Months Ended	12 Months Ended
	Dec. 15, 2024	Jun. 15, 2025	Mar. 15, 2025	Mar. 15, 2024	Sep. 15, 2025	Sep. 15, 2024	Sep. 30, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Available for Future Issuance [Roll Forward]
ESPP shares authorized under the plan									200
Shares purchased (in shares)	(5)	(9)	(4)	(5)	(6)	(10)	(19)	(20)	(4)
Available for future purchases, September 30, 2025							157

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 13—COMMITMENTS AND CONTINGENCIES:

Operating and Employment Commitments

The Company leases office space and other office equipment in several states under operating lease agreements which expire at various dates through 2030. Those office space leases which are for more than one year generally contain scheduled rent increases or escalation clauses. In addition, during 2025, the Company entered into one-year employment agreements with its named executive officers.

Lease Terminations

On April 10, 2025, NSBF entered into a Lease Termination and Surrender Agreement with respect to office space leased at 1981 Marcus Avenue, Lake Success, NY 11042, which lease had an expiration date of March 31, 2027, to terminate the lease effective April 30, 2025. In addition, on April 11, 2025, NSBF entered into an Early Termination Agreement to terminate an additional lease for office space at 1985 Marcus Avenue, Lake Success, NY 11042, which lease had an expiration date of March 31, 2027, to terminate the lease effective April 11, 2025.

The following summarizes the Company’s obligations and commitments, as of September 30, 2025 for future minimum cash payments required under operating lease and employment agreements:


Year	Operating Leases		Employment Agreements1		Total
2025	$	167	$	702	$	869
2026	499		702		1,201
2027	329		—		329
2028	242		—		242
2029	249		—		249
Thereafter	2,237		—		2,237
Total	$	3,723	$	1,404	$	5,127

1 Employment agreements with the Company’s named executive officers

Legal Matters

The Company and its subsidiaries are routinely subject to actual or threatened legal proceedings, including litigation and regulatory matters, arising in the ordinary course of business. Litigation matters range from individual actions involving a single plaintiff to class action lawsuits and can involve claims for substantial or indeterminate alleged damages or for injunctive or other relief. Regulatory investigations and enforcement matters may involve formal or informal proceedings and other inquiries initiated by various governmental agencies, law enforcement authorities, and self-regulatory organizations, and can result in fines, penalties, restitution, changes to the Company’s business practices, and other related costs, including reputational damage. At any given time, these legal proceedings are at varying stages of adjudication, arbitration, or investigation, and may relate to a variety of topics.

Assessment of exposure that could result from legal proceedings is complex because these proceedings often involve inherently unpredictable factors, including, but not limited to, the following: whether the proceeding is in early stages; whether damages or the amount of potential fines, penalties, and restitution are unspecified, unsupported, or uncertain; whether there is a potential for punitive or other pecuniary damages; whether the matter involves legal uncertainties, including novel issues of law; whether the matter involves multiple parties and/or jurisdictions; whether discovery or other investigation has begun or is not complete; whether material facts may be disputed or unsubstantiated; whether meaningful settlement discussions have commenced; and whether the matter involves class allegations. As a result of these complexities, the Company may be unable to develop an estimate or range of loss.

The Company evaluates legal proceedings based on information currently available, including advice of counsel. The Company establishes accruals for those matters, pursuant to ASC 450, when a loss is considered probable and the related amount is reasonably estimable. While the final outcomes of legal proceedings are inherently unpredictable, management is currently of the opinion that the outcomes of pending and threatened matters will not have a material effect on the Company’s business, consolidated financial position, results of operations or cash flows as a whole.

As available information changes, the matters for which the Company is able to estimate, as well as the estimates themselves, will be adjusted accordingly. The Company’s estimates are subject to significant judgment and uncertainties, and the matters underlying the estimates will change from time to time. In the event of unexpected future developments, it is possible that an adverse outcome in any such matter could be material to the Company’s business, consolidated financial position, results of operations, or cash flows as a whole for any particular reporting period of occurrence.

In addition. as a result of a litigation brought by the Federal Trade Commission (the “FTC”) in October 2012, NMS voluntarily entered into, and continues to operate under, a permanent injunction with respect to certain of its business practices.

Unfunded Commitments

At September 30, 2025, the Company had $106.4 million of unfunded commitments consisting of $29.1 million in connection with its SBA 7(a) loans, $69.8 million in connection with its SBA 504 loans, and $7.5 million relating to commercial and industrial loans. The Company funds these commitments from the same sources it uses to fund its other loan commitments.

INVESTMENTS - Narrative (Details)	Aug. 27, 2025 USD ($)	Sep. 30, 2025 USD ($) shares	Apr. 23, 2025 USD ($)	Jan. 02, 2025 USD ($) representative shares	Dec. 31, 2024 USD ($)	Jul. 23, 2024 USD ($)	Jan. 28, 2022 USD ($)	May 20, 2019
Debt Securities, Available-for-Sale [Line Items]
Convertible shares issuable (in shares) \| shares				1
Number of representatives \| representative				1
Accrued interest receivable on available-for-sale securities		$ 0			$ 30,400
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]		Other assets			Other assets
Conventional Lending TCP Holding
Debt Securities, Available-for-Sale [Line Items]
Ownership interest, percentage	50.00%
Ownership interest, consideration	$ 15,750,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Newtek Technology Solutions, Inc.
Debt Securities, Available-for-Sale [Line Items]
Consideration				$ 4,000,000
Consideration (in shares) \| shares		4,000,000		4,000,000
Earn-out receivable				$ 5,000,000
Class A Notes
Debt Securities, Available-for-Sale [Line Items]
Notes sold			$ 155,930,000			$ 137,200,000
Class B Notes
Debt Securities, Available-for-Sale [Line Items]
Notes sold			$ 23,820,000			17,200,000
TSO Notes
Debt Securities, Available-for-Sale [Line Items]
Collateral						$ 190,500,000
Newtek Conventional Lending, LLC
Debt Securities, Available-for-Sale [Line Items]
Investment sale							$ 56,300,000
Yield percentage							3.209%
Newtek Conventional Lending, LLC \| Newtek Commercial Lending
Debt Securities, Available-for-Sale [Line Items]
Joint venture ownership percentage								50.00%
Newtek Conventional Lending, LLC \| Conventional Lending TCP Holding
Debt Securities, Available-for-Sale [Line Items]
Joint venture ownership percentage								50.00%

SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

NOTE 2—SIGNIFICANT ACCOUNTING POLICIES:

A more detailed description of our accounting policies is included in the Company’s 2024 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 2024 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 September 30, 2025, cash deposits in excess of insured amounts totaled $29.0 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 September 30, 2025.

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 September 30, 2025 and 2024 and December 31, 2024:


	September 30, 2025		December 31, 2024		September 30, 2024
Cash and due from banks	$	3,980	$	6,941	$	9,688
Restricted cash	24,737		28,226		27,929
Interest bearing deposits in banks	188,214		346,207		152,805
Cash and restricted cash	$	216,931	$	381,374	$	190,422


	September 30, 2025		December 31, 2024		September 30, 2024
Cash held at Federal Reserve Bank1	$	187,731	$	345,680	$	152,283
Cash held at other financial institutions	29,200		35,694		38,139
Total cash and cash equivalents	$	216,931	$	381,374	$	190,422

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

Transfers and Servicing of Financial Assets

For a transfer of financial assets to be considered a sale, the transfer must meet the sale criteria of ASC 860, which, at the time of the transfer, requires that the transferred assets qualify as recognized financial assets and the Company surrender control over the assets. Such surrender requires that the assets be isolated from the Company, even in bankruptcy or other receivership, the purchaser have the right to pledge or sell the assets transferred and the Company not have an option or obligation to reacquire the assets.

Assets related to transactions that do not meet ASC Topic 860 — Transfers and Servicing (“ASC Topic 860”) requirements for accounting sale treatment are reflected in the Company’s consolidated statements of financial condition as investments and the sale proceeds are recognized as a liability.

The Company accounts for servicing assets in accordance with ASC Topic 860-50 - Transfers and Servicing - Servicing Assets and Liabilities. The Company and Newtek Bank earn servicing fees from the guaranteed portions of SBA 7(a) loans they originate and sell. The Company has also recorded servicing assets/liabilities on loans sold where the Company retained an obligation to service the loan sold. Servicing assets for loans originated by the Company’s nonbank subsidiaries are measured at FV at each reporting date and the Company reports changes in the FV of servicing assets in earnings in the period in which the changes occur. The valuation model for servicing assets incorporates assumptions including, but not limited to, servicing costs, discount rate, prepayment rate, and default rate. Considerable judgment is required to estimate the fair value of servicing assets and as such these assets are classified as Level 3 in our fair value hierarchy. Servicing assets for loans originated by Newtek Bank are initially measured at FV and subsequently measured at LCM and amortized based on their estimated life and impairment is recorded to the extent the amortized cost exceeds the asset’s FV.

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.

Allowance for Credit Losses – Loans

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 commercial 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.

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’s 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’s loan program requirements. The Company applies the zero loss expectation exemption under CECL to the guaranteed portion of the loans. The unguaranteed portion of the 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.

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 September 30, 2025 and 2024, 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.

Accrued Interest Receivable

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. Historically, the Company has not experienced uncollectible accrued interest receivable on investment securities.

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 September 30, 2025 and December 31, 2024 was $0.4 million and $47.4 million, respectively. The settlement receivable also includes $43.0 thousand and $5.0 million of premiums, which have been recognized in Net Gains on Sales of Loans as of September 30, 2025 and December 31, 2024, respectively.

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 2021 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 statement of income.

Recently Adopted Accounting Pronouncements

Business Combinations—Joint Venture Formations (ASU 2023-05): In August 2023, the FASB issued ASU 2023-05, Business Combinations – Joint Venture Formations (Subtopic 805-60). The amendments in this Update address the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements. The objectives of the amendments are to (1) provide decision-useful information to investors and other allocators of capital (collectively, investors) in a joint venture’s financial statements and (2) reduce diversity in practice. The amendments in this Update are effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. Additionally, a joint venture that was formed before January 1, 2025, may elect to apply the amendments retrospectively if it has sufficient information. Early adoption is permitted in any interim or annual period in which financial statements have not yet been issued (or made available for issuance), either prospectively or retrospectively. The Company adopted this guidance as of January 1, 2025 and the adoption of this standard is not expected to a have a material impact on its consolidated financial statements.

Improvements to Income Tax Disclosures (ASU 2023-09): In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The purpose of this guidance is to enhance the rate reconciliation and income taxes paid disclosures. This ASU requires that an entity disclose, on an annual basis, specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. For the state and local income tax category of the rate reconciliation, entities must disclose a qualitative description of the states and local jurisdictions that make up the majority (greater than 50 percent) of the category. For the income taxes paid disclosures, entities will be required to disclose, on an annual basis, the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes. The amendments must be applied using either a prospective or retrospective approach. The Company adopted this guidance as of January 1, 2025, which will result in enhanced income tax disclosures within the consolidated financial statements beginning with its December 31, 2025 Form 10-K.

Compensation—Stock Compensation (ASU 2024-01): In March 2024, the FASB issued ASU 2024-01, Compensation - Stock Compensation (Topic 718), Scope Application of Profits Interest and Similar Awards. This standard provides clarity regarding whether profits interest and similar awards are within the scope of Topic 718 of the Accounting Standards Codification. This standard is effective for fiscal years beginning after December 15, 2024. The amendments should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. The Company adopted ASU 2024-01 on January 1, 2025 and the adoption of this standard is not expected to a have a material impact on its consolidated financial statements.

Liabilities (405): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 122 (ASU 2025-02): In March 2025, the FASB issued ASU 2025-02. The purpose of this guidance is to amend the Accounting Standards Codification to remove the text of SEC Staff Accounting Bulletin (“SAB”) 121 “Accounting for Obligations to Safeguard Crypto-Assets an Entity Holds for its Platform Users” as it has been rescinded by the issuance of SAB 122. ASU 2025-02 is effective immediately and is not expected to have an 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.

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 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.

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.

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 is evaluating adoption timing and the impact ASU 2025-05 will have on its financial statements and at this time, does not anticipate it will have a material impact on its consolidated financial statements.

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.

INVESTMENTS - Securities Settled or Sold (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025 USD ($) loan	Sep. 30, 2024 USD ($) loan	Sep. 30, 2025 USD ($) loan	Sep. 30, 2024 USD ($) loan
Investments, Debt and Equity Securities [Abstract]
Securities sold or settled, number \| loan	1	2	5	3
Securities sold or settled \| $	$ 4,000	$ 10,000	$ 18,000	$ 39,500

TRANSACTIONS WITH AFFILIATED COMPANIES AND RELATED PARTY TRANSACTIONS - Transactions with Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Related Party Transaction [Line Items]
Servicing income	$ 6,076	$ 4,958	$ 17,655	$ 14,922
Dividend income	425	374	2,711	1,128
Total income	60,388	51,851	169,061	153,238
Expenses	42,159	38,847	125,645	120,570
Net income/(expense)	25,066	17,057	55,487	44,939
Joint Ventures \| Related Party
Related Party Transaction [Line Items]
Servicing income	357	576	1,292	1,446
Dividend income	425	374	2,711	1,128
Total income	782	950	4,003	2,574
Expenses	2,117	0	6,009	0
Net income/(expense)	$ (1,335)	$ 950	$ (2,006)	$ 2,574

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

LOANS - Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, at amortized cost, net of deferred fees and costs	$ 834,087	$ 621,651
Deferred fees and costs	2,367	1,281
Loans held for investment, at amortized cost, net of deferred fees and costs	834,087	621,651
SBA 7(a)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, at amortized cost, net of deferred fees and costs	509,912	380,981
CRE, at amortized cost, net of deferred fees and costs
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, at amortized cost, net of deferred fees and costs	256,921	191,831
C&I
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, at amortized cost, net of deferred fees and costs	64,887	47,558
Total Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, at amortized cost, net of deferred fees and costs	$ 831,720	$ 620,370

EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

EARNINGS PER SHARE

NOTE 15—EARNINGS PER SHARE:

Basic and diluted earnings per share are computed based on the weighted average number of shares outstanding during each period. Diluted earnings per share reflects the potential dilution that could occur upon the exercise of stock options, to the extent outstanding, or upon the vesting of restricted stock grants, any of which would result in the issuance of Common Stock that would then share in the net income of the Company.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Basic earnings per share:
Net income available to common shareholders	$	17,429	$	11,534	$	39,699	$	31,329
Weighted-average basic shares outstanding	25,600		25,425		25,310		24,773
Basic earnings per share	$	0.68	$	0.45	$	1.57	$	1.26
Diluted earnings per share:
Net income, for diluted earnings per share	$	17,429	$	11,534	$	39,699	$	31,329
Add: Preferred dividends on dilutive Series A convertible preferred stock¹	—		400		—		—
Net income, for diluted earnings per share	$	17,429	$	11,934	$	39,699	31,329
Total weighted-average basic shares outstanding	25,600		25,425		25,310		24,773
Add effect of dilutive restricted stock awards²	443		213		458		151
Add effect of dilutive Series A convertible preferred stock³	—		951		—		—
Total weighted-average diluted shares outstanding4	26,043		26,589		25,768		24,924
Diluted earnings per share	$	0.67	$	0.45	$	1.54	$	1.26
Anti-dilutive warrants, restricted stock awards, and Series A convertible preferred stock	48		48		48		998

2 Incremental diluted shares from restricted stock awards under the treasury stock method.

DERIVATIVE INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Breakdown of derivatives outstanding

The following is a breakdown of the derivatives outstanding as of September 30, 2025 and December 31, 2024:


	September 30, 2025							December 31, 2024
			Fair Value				Remaining			Fair Value				Remaining
Contract Type	Notional1		Asset2		Liability3		Maturity (years)	Notional1		Asset2		Liability3		Maturity (years)
5-year Treasury Futures	$	(150,704)	$	232	$	—	0.25 years	$	(153,049)	$	715	$	—	0.25 years

1 Shown as a negative number when the position is sold short.

2 Shown in Other assets in the accompanying Consolidated Statements of Financial Condition.

3 Shown in Accounts payable, accrued expenses, and other liabilities in the accompanying Consolidated Statements of Financial Condition.

Gains and losses on derivatives


	Three Months Ended								Nine Months Ended
	September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Contract Type	Unrealized Appreciation/(Depreciation)		Realized Gain/(Loss)		Unrealized Appreciation/(Depreciation)		Realized Gain/(Loss)		Unrealized Appreciation/(Depreciation)		Realized Gain/(Loss)		Unrealized Appreciation/(Depreciation)		Realized Gain/(Loss)
5-year Treasury Futures	$	1,054	$	(1,202)	$	356	$	(2,015)	$	(482)	$	(3,393)	$	562	$	(1,527)

DEPOSITS - Maturities (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Banking and Thrift, Interest [Abstract]
2025	$ 158,023
2026	275,302
2027	37,559
2028	10,509
2029	117
Thereafter	21
Total time deposits	$ 481,531

INVESTMENTS

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

NOTE 4—INVESTMENTS:

Investments consisted of the following at:


	September 30, 2025				December 31, 2024
	Cost		Fair Value		Cost		Fair Value
Residuals in securitizations, at fair value (NOTE 3)	$	32,481	$	76,701	$	—	$	—
Joint ventures and other non-control investments, at fair value	36,692		51,390		44,039		57,678
Debt securities available-for-sale, at fair value	18,004		18,009		23,934		23,916
Federal Home Loan Bank and Federal Reserve Bank stock	4,064		4,064		3,585		3,585
Total investments	$	91,241	$	150,164	$	71,558	$	85,179

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

NCL JV: On May 20, 2019, the Company and its joint venture partner launched NCL JV to provide ALP loans (formerly referred to as non-conforming conventional commercial and industrial term loans) to U.S. middle-market companies and small businesses. NCL JV is 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). NCL JV ceased funding new ALP loans during 2020. 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%. The proceeds of the securitization were used, in part, to repay NCL JV’s credit facility and return capital to the NCL JV partners. 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 caused the dissolution of NCL JV.

The following tables show certain summarized financial information for NCL JV:


Selected Statements of Assets and Liabilities Information (Unaudited)	September 30, 2025		December 31, 2024
Cash	$	—	$	587
Restricted cash	—		5,513
Loans, at FV (amortized cost of $0 and $52,751, respectively)	—		53,895
Other assets	—		1,737
Total assets	$	—	$	61,732
Securitization notes payable	$	—	$	25,322
Other liabilities	—		867
Total liabilities	—		26,189
Net assets	—		35,543
Total liabilities and net assets	$	—	$	61,732


Selected Statements of Operations Information (Unaudited)	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Interest and other income	$	1,181	$	1,202	$	3,825	$	3,766
Total expenses	1,194		442		1,737		1,374
Net investment (loss) income	(13)		760		2,088		2,392
Unrealized (depreciation) appreciation on investments	(1,118)		417		(5,085)		(652)
Net (decrease) increase in net assets resulting from operations	$	(1,131)	$	1,177	$	(2,997)	$	1,740

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.

The following tables show certain summarized financial information for TSO JV:


Selected Statements of Assets and Liabilities Information (Unaudited)	September 30, 2025		December 31, 2024
Cash	$	701	$	1,780
Restricted cash	15,251		18,399
Loans, at FV (amortized cost of $153,915 and $173,654, respectively)	169,693		183,084
Other assets	2,799		2,457
Total assets	$	188,444	$	205,720

Securitization notes payable	$	109,182	$	137,569
Dividends payable	850		—
Other liabilities	421		427
Total liabilities	110,453		137,996
Net assets	77,991		67,724
Total net assets	$	188,444	$	205,720


Selected Statements of Operations Information (Unaudited)	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Interest and other income	$	5,187	$	5,722	$	16,047	$	12,405
Total expenses	2,383		3,114		7,577		6,678
Net investment income	2,804		2,608		8,470		5,727
Unrealized (depreciation) appreciation on investments	(2,757)		2,114		6,347		6,392

Realized loss on derivative transactions	—		(1,436)		—		(391)
Unrealized gain on derivative transactions	—		832		—		694
Net increase in net assets resulting from operations	$	47	$	4,118	$	14,817	$	12,422

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 is entitled to appoint one representative to the IPM board of directors. Barry Sloane, the Company’s President, Chairman and 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. In addition, the assets, liabilities and operations of NTS were classified as held for sale as of December 31, 2024.

Investments in Affiliated Companies

An affiliated company is an unconsolidated entity in which the Company has an ownership of 5% or more of its voting securities. Investments related to our joint ventures and other non-controlled investments for the nine months ended September 30, 2025 and 2024 were as follows:


Company	Fair Value at December 31, 2024		Purchases (Cost)			Return of Investment			Net Gains/(Losses)			Fair Value at September 30, 2025		Dividend Income
Joint Ventures
NCL JV	$	18,800	$	15,835		$	(31,843)	3	$	(2,792)		$	—	$	861
TSO JV	38,100		—			—			1,650			39,750		1,850
Total Joint Ventures	$	56,900	$	15,835		$	(31,843)		$	(1,142)		$	39,750	$	2,711
Other Non-Control Investments
EMCAP Loan Holdings, LLC	$	320	$	—		$	(14)		$	—		$	306	$	—
Biller Genie Software, LLC	458		—			—			1,042			1,500		—
Intelligent Protection Management Corp.
IPM Earnout	—		2,268		1	—			(394)			1,874		—
IPM Stock	$	—	8,200		2	—			(240)		2	7,960		—
Total Other Non-Control Investments	$	778	$	10,468		$	(14)		$	408		$	11,640	$	—
Total	$	57,678	$	26,303		$	(31,857)		$	(734)		$	51,390	$	2,711

1 Fair value of the Earn-out of $2.268 million as of January 2, 2025, valued in accordance with ASC 805 and ASC 820.

3 Includes $26.2 million of loans and accrued interest acquired as part of NALH’s August 2025 acquisition of the remaining 50% of NCL JV not previously owned by NALH.


Company	Fair Value at December 31, 2023		Purchases (Cost)		Return of Investment		Net Gains/(Losses)		Fair Value at September 30, 2024		Dividend Income
Joint Ventures
NCL JV	$	19,400	$	—	$	—	$	(500)	$	18,900	$	1,112
TSO JV	21,459		25,642		(20,185)		9,934		36,850		—
Total Joint Ventures	$	40,859	$	25,642	$	(20,185)	$	9,434	$	55,750	$	1,112
Other Non-Control Investments
EMCAP Loan Holdings, LLC	$	368	$	—	$	(116)	$	68	$	320	$	16
Biller Genie Software, LLC	360		—		—		60		420		—

Total Other Non-Control Investments	$	728	$	—	$	(116)	$	128	$	740	$	16
Total	$	41,587	$	25,642	$	(20,301)	$	9,562	$	56,490	$	1,128

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 September 30, 2025 and December 31, 2024:


	September 30, 2025								December 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. Treasury notes	$	18,004	$	8	$	3	$	18,009	$	23,934	$	11	$	29	$	23,916

As of September 30, 2025 and December 31, 2024, there was none and $30.4 thousand of accrued interest receivable on available-for-sale securities, respectively, included in Other assets in the accompanying Consolidated Statements of Financial Condition.

During the nine months ended September 30, 2025 and 2024, securities sold or settled were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	# of Securities	$	# of Securities	$	# of Securities	$	# of Securities	$
Securities sold or settled	one settled	$4,000	two settled	$10,000	five settled	$18,000	three settled	$39,500

Unrealized Losses


	September 30, 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	$	9,634	$	3	$	—	$	—	3	$	9,634	$	3


	December 31, 2024
	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	$	12,061	$	29	$	—	$	—	2	$	12,061	$	29

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:


	September 30, 2025				December 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Maturing within 1 year	$	18,004	$	18,009	$	15,833	$	15,838
After 1 year through 5 years	—		—		8,101		8,078


Total	$	18,004	$	18,009	$	23,934	$	23,916

Other information

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


	September 30, 2025		December 31, 2024
Pledged for deposits	$	—	$	—
Pledged for borrowings and other:	18,009		23,916
FRB borrowings	6,957		2,980
FHLB borrowings	11,052		20,937
Total pledged	$	18,009	$	23,916

- Definition

The entire disclosure for investments owned by investment company.

+ References + Details

BORROWINGS (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of long-term debt instruments

At September 30, 2025 and December 31, 2024, the Company had borrowings composed of the following:


	September 30, 2025						December 31, 2024
	Commitments		Borrowings Outstanding		Weighted Avg Interest Rate		Commitments		Borrowings Outstanding		Weighted Avg Interest Rate
Bank Borrowings1:
NMS Webster Note2	$	—	$	—	6.68	%	$	54,871	$	32,688	7.30	%
NMS Goldman Facility3	95,000		88,617		9.83	%	—		—		—	%
SPV I Capital One Facility	100,000		23,155		7.13	%	60,000		21,192		7.22	%
SPV II Deutsche Bank Facility	170,000		103,970		7.73	%	120,000		54,036		7.57	%
SPV III One Florida Bank Facility	35,000		8,262		8.25	%	30,000		23,011		8.50	%
FHLB Advances	14,000		7,862		2.79	%	20,000		15,330		2.19	%
Parent Company Notes1:

2025 Notes4	—		—		5.00	%	30,000		29,913		5.00	%

2026 Notes	115,000		114,820		5.50	%	115,000		114,282		5.50	%
2027 Notes5	50,000		49,960		8.125	%	50,000		49,944		8.125	%
2028 Notes	40,000		38,986		8.00	%	40,000		38,726		8.00	%
2029 Notes	71,808		69,938		8.50	%	71,875		69,622		8.50	%
2029 Notes	75,000		73,028		8.625	%	75,000		72,662		8.625	%
2030 Notes6	30,000		29,355		8.375	%	—		—		—	%
Notes payable - Securitization Trusts1	142,560		140,596		6.94	%	189,231		186,635		7.32	%
Total borrowings	$	938,368	$	748,549	7.65	%	$	855,977	$	708,041	7.22	%

Outstanding borrowings that are presented net of deferred financing costs, which include the bank borrowings, the Parent Company Notes, and the Notes payable - Securitization Trusts, consisted of the following:


	September 30, 2025						December 31, 2024
	Principal balance		Unamortized deferred financing costs		Net carrying amount1		Principal balance		Unamortized deferred financing costs		Net carrying amount1
Bank Borrowings:
NMS Webster Note2	$	—	$	—	$	—	$	32,894	$	(206)	$	32,688
NMS Goldman Facility3	90,000		(1,383)		88,617		—		—		—
SPV I Capital One Facility	23,740		(585)		23,155		21,300		(108)		21,192
SPV II Deutsche Bank Facility	104,691		(721)		103,970		54,800		(764)		54,036
SPV III One Florida Bank Facility	8,307		(45)		8,262		23,075		(64)		23,011
Parent Company Notes:

2025 Notes (5.00%)3	—		—		—		30,000		(87)		29,913
2026 Notes (5.50%)	115,000		(180)		114,820		115,000		(718)		114,282
2027 Notes (8.125%)4	50,000		(40)		49,960		50,000		(56)		49,944
2028 Notes (8.00%)	40,000		(1,014)		38,986		40,000		(1,274)		38,726
2029 Notes (8.50%)	71,808		(1,870)		69,938		71,875		(2,253)		69,622
2029 Notes (8.625%)	75,000		(1,972)		73,028		75,000		(2,338)		72,662
2030 Notes (8.375%)5	30,000		(645)		29,355		—		—		—
Notes Payable - Securitization Trusts	142,560		(1,964)		140,596		189,231		(2,596)		186,635

1 Net of deferred financing costs.

2 On September 26, 2025, the NMS Webster Note was repaid in full. Refer to more detailed information below.

3 On September 26, 2025, NMS entered into the Goldman Facility. Refer to more detailed information below.

4 On March 31, 2025, the 2025 5.00% Notes matured.

5 Effective December 11, 2024, the Company entered into the Amendment and Exchange Agreements with each of the holders of the 2025 8.125% Notes, pursuant to which the Company and the holders of the 2025 8.125% Notes agreed to exchange the 2025 8.125% Notes for the 2027 Notes, effecting amendments solely to (i) extend the February 1, 2025 maturity date of the

2025 8.125% Notes to the new maturity date of February 1, 2027 (the “New Maturity Date”) and (ii) provide that the 2027 Notes will be redeemable in whole, but not in part, at any time, at the option of the Company, from November 1, 2026 to the New Maturity Date, at a redemption price of 100% of the outstanding principal amount being redeemed plus any accrued but unpaid interest, to but excluding the redemption date.

6 On March 19, 2025, the Company closed an exempt offering of $30.0 million in aggregate principal amount of its 2030 Notes. The 2030 Notes bear interest at a rate of 8.375% per year payable semiannually on April 1 and October 1 each year, beginning October 1, 2025.

Schedule of debt interest expense

Total interest expense including unused line fees and amortization of deferred financing costs related to borrowings for the three and nine months ended September 30, 2025 and 2024 were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Total interest expense	$	13,666	$	12,976	$	41,016	$	38,923

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

+ Details

SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Narrative (Details)	Apr. 23, 2025 USD ($)	Sep. 30, 2025 loan	Jul. 23, 2024 USD ($)	Jun. 30, 2023 loan
Variable Interest Entity [Line Items]
Number of securitizations \| loan		3		13
Collateral	$ 216,564,700
Yield	6.62%
Advance rate	85.00%
Class A Notes
Variable Interest Entity [Line Items]
Notes sold	$ 155,930,000		$ 137,200,000
Yield	6.338%
Class B Notes
Variable Interest Entity [Line Items]
Notes sold	$ 23,820,000		$ 17,200,000
Yield	7.838%
Class C Notes
Variable Interest Entity [Line Items]
Notes sold	$ 4,330,000
Yield	10.338%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

LOANS - Individually Assessed (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 81,337	$ 24,341
ACL	14,325	7,019
Accrued interest	20,200	15,500
SBA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	60,048	21,706
ACL	12,789	7,019
CRE
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	18,824	2,635
ACL	0	0
C&I
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	2,465	0
ACL	1,536	0
Real Estate Collateral
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	70,784	22,221
Real Estate Collateral \| SBA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	49,585	19,586
Real Estate Collateral \| CRE
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	18,824	2,635
Real Estate Collateral \| C&I
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	2,375	0
Non-Real Estate Collateral
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	10,553	2,120
Non-Real Estate Collateral \| SBA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	10,463	2,120
Non-Real Estate Collateral \| CRE
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	0	0
Non-Real Estate Collateral \| C&I
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 90	$ 0

SERVICING ASSETS - Fair Value and Valuation Assumptions (Details) $ in Thousands	Sep. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)
Servicing Assets at Fair Value [Line Items]
Servicing assets at fair value	$ 47,563	$ 46,257
Fair Value
Servicing Assets at Fair Value [Line Items]
Servicing assets at fair value	17,023	22,062
Lower of Cost or Market
Servicing Assets at Fair Value [Line Items]
Servicing assets at fair value	$ 30,540	$ 24,195
Weighted Average \| Discount rate \| Fair Value
Servicing Assets at Fair Value [Line Items]
Servicing assets, measurement input	0.1175	0.1200
Weighted Average \| Discount rate \| Lower of Cost or Market
Servicing Assets at Fair Value [Line Items]
Servicing assets, measurement input	0.1127	0.1297
Weighted Average \| Cumulative prepayment rate \| Fair Value
Servicing Assets at Fair Value [Line Items]
Servicing assets, measurement input	0.2250	0.2250
Weighted Average \| Cumulative prepayment rate \| Lower of Cost or Market
Servicing Assets at Fair Value [Line Items]
Servicing assets, measurement input	0.3498	0.3465
Weighted Average \| Average cumulative default rate \| Fair Value
Servicing Assets at Fair Value [Line Items]
Servicing assets, measurement input	0.2100	0.2100
Weighted Average \| Average cumulative default rate \| Lower of Cost or Market
Servicing Assets at Fair Value [Line Items]
Servicing assets, measurement input	0.1650	0.1890
Minimum \| Discount rate \| Fair Value
Servicing Assets at Fair Value [Line Items]
Servicing assets, measurement input	0.1175	0.1200
Minimum \| Discount rate \| Lower of Cost or Market
Servicing Assets at Fair Value [Line Items]
Servicing assets, measurement input	0.1075	0.1200
Minimum \| Cumulative prepayment rate \| Fair Value
Servicing Assets at Fair Value [Line Items]
Servicing assets, measurement input	0.2250	0.2250
Minimum \| Cumulative prepayment rate \| Lower of Cost or Market
Servicing Assets at Fair Value [Line Items]
Servicing assets, measurement input	0.2250	0.2250
Minimum \| Average cumulative default rate \| Fair Value
Servicing Assets at Fair Value [Line Items]
Servicing assets, measurement input	0.2100	0.2100
Minimum \| Average cumulative default rate \| Lower of Cost or Market
Servicing Assets at Fair Value [Line Items]
Servicing assets, measurement input	0.0500	0.0500
Maximum \| Discount rate \| Fair Value
Servicing Assets at Fair Value [Line Items]
Servicing assets, measurement input	0.1175	0.1200
Maximum \| Discount rate \| Lower of Cost or Market
Servicing Assets at Fair Value [Line Items]
Servicing assets, measurement input	0.1200	0.1350
Maximum \| Cumulative prepayment rate \| Fair Value
Servicing Assets at Fair Value [Line Items]
Servicing assets, measurement input	0.2250	0.2250
Maximum \| Cumulative prepayment rate \| Lower of Cost or Market
Servicing Assets at Fair Value [Line Items]
Servicing assets, measurement input	0.5000	0.7500
Maximum \| Average cumulative default rate \| Fair Value
Servicing Assets at Fair Value [Line Items]
Servicing assets, measurement input	0.2100	0.2100
Maximum \| Average cumulative default rate \| Lower of Cost or Market
Servicing Assets at Fair Value [Line Items]
Servicing assets, measurement input	0.2100	0.2000

DEPOSITS (Tables)

9 Months Ended

Sep. 30, 2025

Banking and Thrift, Interest [Abstract]

Deposit liabilities

The following table summarizes deposits by type:


	September 30, 2025		December 31, 2024
Non-interest-bearing:
Demand	$	21,771	$	11,142
Interest-bearing:
Checking	154,754		103,978
Money market	64,284		62,001
Savings	455,624		386,680
Time deposits	481,531		409,251
Total interest-bearing	1,156,193		961,910
Total deposits	$	1,177,964	$	973,052

Time deposits, money market, and interest-bearing checking obtained through brokers	$	38,100	$	27,100
Aggregate amount of deposit accounts that exceeded the FDIC limit	$	177,929	$	140,679
Deposit overdrafts reclassified as loan balances	$	16	$	17
Certificates of deposit in excess of $0.25 million	$	177,485	$	99,231

Time deposit maturities

The following table summarizes the scheduled maturities of time deposits:


2025	$	158,023
2026	275,302
2027	37,559
2028	10,509
2029	117
Thereafter	21
Total time deposits	$	481,531

- Definition

Tabular disclosure of type of deposit liability.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph e
-Publisher SEC

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph d
-Publisher SEC

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph c
-Publisher SEC

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph a
-Subparagraph (5)
-Publisher SEC

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph a
-Subparagraph (4)
-Publisher SEC

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph a
-Subparagraph (3)
-Publisher SEC

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph a
-Subparagraph (2)
-Publisher SEC

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph a
-Subparagraph (1)
-Publisher SEC

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph a
-Publisher SEC

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph f
-Subparagraph (1)
-Publisher SEC

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph f
-Subparagraph (2)
-Publisher SEC

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph f
-Subparagraph (2)(i)
-Publisher SEC

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph f
-Subparagraph (2)(iv)
-Publisher SEC

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph f
-Subparagraph (2)(iii)
-Publisher SEC

Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph f
-Subparagraph (2)(ii)
-Publisher SEC

+ Details

BENEFIT PLANS (Tables)

9 Months Ended

Sep. 30, 2025

Retirement Benefits [Abstract]

Schedule of restricted stock issuances

The following table summarizes the restricted stock issuances under the 2015 and 2023 Stock Incentive Plans, net of shares forfeited, if any:


	2023 Plan1	2015 Plan
Restricted Stock authorized under the plan2	3.0 million	1.5 million
Net restricted stock (granted)/forfeited during:
Year ended December 31, 2021 and prior	—	(438)
Year ended December 31, 2022	—	(251)
Year ended December 31, 2023	(82)	28
Year ended December 31, 2024	(497)	—
Nine months ended September 30, 2025	33	—
Total net restricted stock (granted)/forfeited	(546)	(661)

1 The 2023 Stock Incentive Plan provides for an initial share reserve of up to 3.0 million shares of Common Stock.

2 No stock options were granted under the 2015 or 2023 Stock Incentive Plans.

The following table summarizes the Company’s ESPP activity from inception through September 30, 2025:


	Nine Months Ended September 30, 2025								Year Ended December 31, 2024
	Offering Period						Total		Offering Period						Total
Commencement date	4/1/2025		4/1/2025		10/1/2024				10/1/2024		4/1/2024		10/1/2023
End date	9/15/2025		6/15/2025		3/15/2025				12/15/2024		9/15/2024		3/15/2024
Shares purchased	6		9		4		19		5		10		5		20
Weighted average share price	$	10.77	$	9.40	$	10.97	$	10.16	$	11.03	$	10.21	$	9.83	$	10.32
Total purchased, net of discount	$	62	$	80	$	48	$	190	$	55	$	101	$	51	$	207

The ESPP share activity is as follows:


						Shares
ESPP shares authorized under the plan						200
ESPP shares purchased during:
Year ended December 31, 2023						(4)
Year ended December 31, 2024						(20)
Period ended September 30, 2025						(19)
Available for future purchases, September 30, 2025						157

Investment company, changes in net assets

Details of the Company’s outstanding shares related to restricted stock awards as of September 30, 2025 and December 31, 2024 are outlined below:


	September 30, 2025	December 31, 2024
Shares outstanding related to grants of restricted stock awards	508	771
Weighted average grant date fair value of awards	$12.95	$14.51
Additional shares outstanding related to dividends on awards	48	59

Schedule of unrecognized compensation

As of September 30, 2025 and December 31, 2024, the Company’s total unrecognized compensation expense related to unvested shares of restricted stock granted was as follows:

September 30, 2025

December 31, 2024

Unrecognized compensation expense on unvested awards

$2,560

$5,929

Weighted-average period of unrecognized compensation expense

1.2 years

1.0 year


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Restricted stock awards	$	611	$	913	$	3,972	$	2,244
ESPP	8		5		36		17
Total compensation cost recognized for stock-based compensation plans	$	619	$	918	$	4,008	$	2,261

DERIVATIVE INSTRUMENTS - Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized Appreciation/(Depreciation)			$ (427)	$ 562
Foreign Exchange Future
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized Appreciation/(Depreciation)	$ 1,054	$ 356	(482)	562
Realized Gain/(Loss)	$ (1,202)	$ (2,015)	$ (3,393)	$ (1,527)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

+ References + Details

INVESTMENTS - Transaction with Affiliated Companies (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Jan. 02, 2025	May 20, 2019
Investment Owned, Fair Value [Roll Forward]
Net Gains/(Losses)	$ (734)	$ 9,562
Loans and accrued interest acquired upon acquisition of 100% of NCL JV	$ 26,213	0
Newtek Conventional Lending, LLC \| Newtek Commercial Lending
Investment Owned, Fair Value [Roll Forward]
Joint venture ownership percentage				50.00%
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Newtek Technology Solutions, Inc.
Investment Owned, Fair Value [Roll Forward]
Earn-out amount			$ 2,268
Consideration (in shares)	4.0		4.0
Value per share (in dollars per share)	$ 1.99		$ 2.05
Affiliate Investments
Investment Owned, Fair Value [Roll Forward]
Fair Value	$ 57,678	41,587
Purchases (Cost)	26,303	25,642
Return of Investment	(31,857)	(20,301)
Net Gains/(Losses)	(734)	9,562
Fair Value	51,390	56,490
Dividend Income	2,711	1,128
Joint Ventures
Investment Owned, Fair Value [Roll Forward]
Fair Value	56,900	40,859
Purchases (Cost)	15,835	25,642
Return of Investment	(31,843)	(20,185)
Net Gains/(Losses)	(1,142)	9,434
Fair Value	39,750	55,750
Dividend Income	2,711	1,112
Other Non-Control Investments
Investment Owned, Fair Value [Roll Forward]
Fair Value	778	728
Purchases (Cost)	10,468	0
Return of Investment	(14)	(116)
Net Gains/(Losses)	408	128
Fair Value	11,640	740
Dividend Income	0	16
Investment, Identifier [Axis]: Biller Genie Software, LLC
Investment Owned, Fair Value [Roll Forward]
Fair Value	458	360
Purchases (Cost)	0	0
Return of Investment	0	0
Net Gains/(Losses)	1,042	60
Fair Value	1,500	420
Dividend Income	0	0
Investment, Identifier [Axis]: EMCAP Loan Holdings, LLC
Investment Owned, Fair Value [Roll Forward]
Fair Value	320	368
Purchases (Cost)	0	0
Return of Investment	(14)	(116)
Net Gains/(Losses)	0	68
Fair Value	306	320
Dividend Income	0	16
Investment, Identifier [Axis]: Intelligent Protection Management Corp., Earnout
Investment Owned, Fair Value [Roll Forward]
Fair Value	0
Purchases (Cost)	2,268
Return of Investment	0
Net Gains/(Losses)	(394)
Fair Value	1,874
Dividend Income	0
Investment, Identifier [Axis]: Intelligent Protection Management Corp., Stock
Investment Owned, Fair Value [Roll Forward]
Fair Value	0
Purchases (Cost)	8,200
Return of Investment	0
Net Gains/(Losses)	(240)
Fair Value	7,960
Dividend Income	0
Investment, Identifier [Axis]: NCL JV
Investment Owned, Fair Value [Roll Forward]
Fair Value	18,800	19,400
Purchases (Cost)	15,835	0
Return of Investment	(31,843)	0
Net Gains/(Losses)	(2,792)	(500)
Fair Value	0	18,900
Dividend Income	861	1,112
Investment, Identifier [Axis]: TSO JV
Investment Owned, Fair Value [Roll Forward]
Fair Value	38,100	21,459
Purchases (Cost)	0	25,642
Return of Investment	0	(20,185)
Net Gains/(Losses)	1,650	9,934
Fair Value	39,750	36,850
Dividend Income	$ 1,850	$ 0

BORROWINGS - Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 19, 2025	Dec. 11, 2024	Sep. 30, 2025	Sep. 26, 2025	Sep. 22, 2025	Jul. 28, 2025	Mar. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Total			$ 938,368					$ 855,977
Borrowings Outstanding			$ 748,549					$ 708,041
Weighted Avg Interest Rate			7.65%					7.22%
Line of Credit \| Webster Note - MWI
Debt Instrument [Line Items]
Commitments - Notes			$ 0					$ 54,871
Borrowings Outstanding			$ 0					$ 32,688
Weighted Avg Interest Rate			6.68%					7.30%
Loans			$ 0					$ 32,894
Line of Credit \| NMS Goldman Facility
Debt Instrument [Line Items]
Commitments - Notes			95,000					0
Borrowings Outstanding			$ 88,617	$ 90,000				$ 0
Weighted Avg Interest Rate			9.83%					0.00%
Loans			$ 90,000					$ 0
Line of Credit \| Capital One Facilities
Debt Instrument [Line Items]
Loans			23,740					21,300
Line of Credit \| Capital One Facilities \| Capital One, SP1
Debt Instrument [Line Items]
Commitments - line of credit			100,000			$ 100,000		60,000
Borrowings Outstanding - line of credit			$ 23,155					$ 21,192
Weighted Avg Interest Rate			7.13%					7.22%
Line of Credit \| Deutsche Bank Line of Credit
Debt Instrument [Line Items]
Commitments - line of credit			$ 170,000					$ 120,000
Borrowings Outstanding - line of credit			$ 103,970					$ 54,036
Weighted Avg Interest Rate			7.73%					7.57%
Loans			$ 104,691					$ 54,800
Line of Credit \| One Florida line of credit - SP3
Debt Instrument [Line Items]
Commitments - line of credit			35,000					30,000
Borrowings Outstanding - line of credit			$ 8,262					$ 23,011
Weighted Avg Interest Rate			8.25%					8.50%
Loans			$ 8,307					$ 23,075
Secured Debt \| FHLB Advances
Debt Instrument [Line Items]
Commitments - Notes			14,000					20,000
Borrowings Outstanding			$ 7,862					$ 15,330
Weighted Avg Interest Rate			2.79%					2.19%
Secured Debt \| Securitization Trusts
Debt Instrument [Line Items]
Commitments - Notes			$ 142,560					$ 189,231
Borrowings Outstanding			$ 140,596					$ 186,635
Weighted Avg Interest Rate			6.94%					7.32%
Loans			$ 142,560					$ 189,231
Medium-term Notes \| 2025 5.00% Notes
Debt Instrument [Line Items]
Commitments - Notes			0					30,000
Borrowings Outstanding			$ 0					$ 29,913
Weighted Avg Interest Rate			5.00%				5.00%	5.00%
Loans			$ 0					$ 30,000
Medium-term Notes \| 2026 Notes
Debt Instrument [Line Items]
Commitments - Notes			115,000					115,000
Borrowings Outstanding			$ 114,820					$ 114,282
Weighted Avg Interest Rate			5.50%					5.50%
Loans			$ 115,000					$ 115,000
Medium-term Notes \| 2027 Notes
Debt Instrument [Line Items]
Commitments - Notes			50,000					50,000
Borrowings Outstanding			$ 49,960					$ 49,944
Weighted Avg Interest Rate			8.125%					8.125%
Loans			$ 50,000					$ 50,000
Medium-term Notes \| 2028 Notes (8.00%)
Debt Instrument [Line Items]
Commitments - Notes			40,000					40,000
Borrowings Outstanding			$ 38,986					$ 38,726
Weighted Avg Interest Rate			8.00%					8.00%
Loans			$ 40,000					$ 40,000
Medium-term Notes \| 2029 8.50% Notes
Debt Instrument [Line Items]
Commitments - Notes			71,808					71,875
Borrowings Outstanding			$ 69,938					$ 69,622
Weighted Avg Interest Rate			8.50%		8.50%			8.50%
Loans			$ 71,808					$ 71,875
Medium-term Notes \| 2029 8.625% Notes
Debt Instrument [Line Items]
Commitments - Notes			75,000					75,000
Borrowings Outstanding			$ 73,028					$ 72,662
Weighted Avg Interest Rate			8.625%					8.625%
Loans			$ 75,000					$ 75,000
Medium-term Notes \| 2030 8.375% Notes
Debt Instrument [Line Items]
Commitments - Notes			30,000					0
Borrowings Outstanding			$ 29,355					$ 0
Weighted Avg Interest Rate			8.375%					0.00%
Percent of principal amount	100.00%
Loans	$ 30,000		$ 30,000					$ 0
Medium-term Notes \| 2025 8.125% Notes
Debt Instrument [Line Items]
Weighted Avg Interest Rate		8.125%
Percent of principal amount		100.00%

LOANS - Aging Status (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Accounted for Under the FV Option	$ 305,720		$ 369,746
Total Carried at Amortized Cost	834,087		621,651
Non- accrual	41,327		14,442
Deferred fees and costs	2,367		1,281
Allowance for credit losses	(45,166)	$ (42,625)	(30,233)	$ (26,045)	$ (21,098)	$ (12,574)
Loans held for investment, at amortized cost, net	788,921		591,418
SBA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Carried at Amortized Cost	509,912		380,981
Non- accrual	39,317		14,442
Allowance for credit losses	(40,227)		(28,488)
CRE, at amortized cost, net of deferred fees and costs
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Carried at Amortized Cost	256,921		191,831
Non- accrual	0		0
Allowance for credit losses	(1,831)	(2,045)	(1,430)	(1,270)	(1,358)	(1,408)
C&I
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Carried at Amortized Cost	64,887		47,558
Non- accrual	2,010		0
Allowance for credit losses	(3,108)	$ (1,540)	(315)	$ (28)	$ (215)	$ (314)
Total Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Carried at Amortized Cost	831,720		620,370
Performing \| 30-59 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Accounted for Under the FV Option	8,995		23,158
Performing \| 30-59 Days \| SBA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Carried at Amortized Cost	12,813		11,264
Performing \| 30-59 Days \| CRE, at amortized cost, net of deferred fees and costs
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Carried at Amortized Cost	0		0
Performing \| 30-59 Days \| C&I
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Carried at Amortized Cost	516		275
Performing \| 30-59 Days \| Total Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Carried at Amortized Cost	13,329		11,539
Performing \| 60-89 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Accounted for Under the FV Option	12,092		18,400
Performing \| 60-89 Days \| SBA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Carried at Amortized Cost	10,391		9,046
Performing \| 60-89 Days \| CRE, at amortized cost, net of deferred fees and costs
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Carried at Amortized Cost	0		0
Performing \| 60-89 Days \| C&I
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Carried at Amortized Cost	274		0
Performing \| 60-89 Days \| Total Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Carried at Amortized Cost	10,665		9,046
Performing \| 90+ Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Accounted for Under the FV Option	2,182		9,268
Performing \| 90+ Days \| SBA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Carried at Amortized Cost	295		0
Performing \| 90+ Days \| CRE, at amortized cost, net of deferred fees and costs
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Carried at Amortized Cost	0		0
Performing \| 90+ Days \| C&I
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Carried at Amortized Cost	104		0
Performing \| 90+ Days \| Total Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Carried at Amortized Cost	399		0
Performing \| Total Past Due and Non-accrual
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Accounted for Under the FV Option	96,414		118,130
Performing \| Total Past Due and Non-accrual \| SBA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Carried at Amortized Cost	83,547		42,016
Performing \| Total Past Due and Non-accrual \| CRE, at amortized cost, net of deferred fees and costs
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Carried at Amortized Cost	3,165		2,635
Performing \| Total Past Due and Non-accrual \| C&I
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Carried at Amortized Cost	3,359		275
Performing \| Total Past Due and Non-accrual \| Total Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Carried at Amortized Cost	90,071		44,926
Performing \| Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Accounted for Under the FV Option	209,306		251,616
Performing \| Current \| SBA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Carried at Amortized Cost	426,365		338,965
Performing \| Current \| CRE, at amortized cost, net of deferred fees and costs
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Carried at Amortized Cost	253,756		189,196
Performing \| Current \| C&I
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Carried at Amortized Cost	61,528		47,283
Performing \| Current \| Total Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Carried at Amortized Cost	741,649		575,444
Nonperforming
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Accounted for Under the FV Option	73,145		67,304
Nonperforming \| SBA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non- accrual	60,048		21,706
Nonperforming \| CRE, at amortized cost, net of deferred fees and costs
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non- accrual	3,165		2,635
Nonperforming \| C&I
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non- accrual	2,465		0
Nonperforming \| Total Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non- accrual	$ 65,678		$ 24,341

SIGNIFICANT ACCOUNTING POLICIES - Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Cash and due from banks	$ 3,980	$ 6,941	$ 9,688
Restricted cash	24,737	28,226	27,929
Interest bearing deposits in banks	188,214	346,207	152,805
Cash held at Federal Reserve Bank	187,731	345,680	152,283
Cash held at other financial institutions	29,200	35,694	38,139
Total cash and cash equivalents	$ 216,931	$ 381,374	$ 190,422	$ 184,006

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-14

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
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+ Details

SHAREHOLDERS' EQUITY - ATM Equity Distribution (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Subsidiary, Sale of Stock [Line Items]
Stock-based compensation expense	$ 619	$ 918	$ 4,008	$ 2,261
2023 ATM Equity Distribution
Subsidiary, Sale of Stock [Line Items]
Shares sold (in shares)	425	0	425	1,100
Net weighted average price per share	$ 12.22	$ 0	$ 12.22	$ 12.56
Net proceeds	$ 5,090	$ 0	$ 5,090	$ 13,818
Stock-based compensation expense	$ 104	$ 0	$ 104	$ 282

BORROWINGS

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

BORROWINGS

NOTE 11—BORROWINGS:

At September 30, 2025 and December 31, 2024, the Company had borrowings composed of the following:


	September 30, 2025						December 31, 2024
	Commitments		Borrowings Outstanding		Weighted Avg Interest Rate		Commitments		Borrowings Outstanding		Weighted Avg Interest Rate
Bank Borrowings1:
NMS Webster Note2	$	—	$	—	6.68	%	$	54,871	$	32,688	7.30	%
NMS Goldman Facility3	95,000		88,617		9.83	%	—		—		—	%
SPV I Capital One Facility	100,000		23,155		7.13	%	60,000		21,192		7.22	%
SPV II Deutsche Bank Facility	170,000		103,970		7.73	%	120,000		54,036		7.57	%
SPV III One Florida Bank Facility	35,000		8,262		8.25	%	30,000		23,011		8.50	%
FHLB Advances	14,000		7,862		2.79	%	20,000		15,330		2.19	%
Parent Company Notes1:

2025 Notes4	—		—		5.00	%	30,000		29,913		5.00	%

2026 Notes	115,000		114,820		5.50	%	115,000		114,282		5.50	%
2027 Notes5	50,000		49,960		8.125	%	50,000		49,944		8.125	%
2028 Notes	40,000		38,986		8.00	%	40,000		38,726		8.00	%
2029 Notes	71,808		69,938		8.50	%	71,875		69,622		8.50	%
2029 Notes	75,000		73,028		8.625	%	75,000		72,662		8.625	%
2030 Notes6	30,000		29,355		8.375	%	—		—		—	%
Notes payable - Securitization Trusts1	142,560		140,596		6.94	%	189,231		186,635		7.32	%
Total borrowings	$	938,368	$	748,549	7.65	%	$	855,977	$	708,041	7.22	%


	September 30, 2025						December 31, 2024
	Principal balance		Unamortized deferred financing costs		Net carrying amount1		Principal balance		Unamortized deferred financing costs		Net carrying amount1
Bank Borrowings:
NMS Webster Note2	$	—	$	—	$	—	$	32,894	$	(206)	$	32,688
NMS Goldman Facility3	90,000		(1,383)		88,617		—		—		—
SPV I Capital One Facility	23,740		(585)		23,155		21,300		(108)		21,192
SPV II Deutsche Bank Facility	104,691		(721)		103,970		54,800		(764)		54,036
SPV III One Florida Bank Facility	8,307		(45)		8,262		23,075		(64)		23,011
Parent Company Notes:

2025 Notes (5.00%)3	—		—		—		30,000		(87)		29,913
2026 Notes (5.50%)	115,000		(180)		114,820		115,000		(718)		114,282
2027 Notes (8.125%)4	50,000		(40)		49,960		50,000		(56)		49,944
2028 Notes (8.00%)	40,000		(1,014)		38,986		40,000		(1,274)		38,726
2029 Notes (8.50%)	71,808		(1,870)		69,938		71,875		(2,253)		69,622
2029 Notes (8.625%)	75,000		(1,972)		73,028		75,000		(2,338)		72,662
2030 Notes (8.375%)5	30,000		(645)		29,355		—		—		—
Notes Payable - Securitization Trusts	142,560		(1,964)		140,596		189,231		(2,596)		186,635

1 Net of deferred financing costs.

2 On September 26, 2025, the NMS Webster Note was repaid in full. Refer to more detailed information below.

3 On September 26, 2025, NMS entered into the Goldman Facility. Refer to more detailed information below.

4 On March 31, 2025, the 2025 5.00% Notes matured.

2030 Notes

On March 19, 2025, the Company closed an exempt offering of $30.0 million in aggregate principal amount of its 2030 Notes. The offering was consummated pursuant to the terms of a purchase agreement dated March 19, 2025 among the Company and eleven institutional accredited investors (each a “Purchaser”). Pursuant to the purchase agreement, the 2030 Notes were issued to the Purchaser in a private placement in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The 2030 Notes are scheduled to mature on April 1, 2030 and can be redeemed in whole or in part at any time, at a make-whole price prior to January 1, 2030, or at a price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, thereafter. The 2030 Notes bear interest at a rate of 8.375% per year payable semiannually on April 1 and October 1 each year, beginning October 1, 2025. Total net proceeds received after deducting structuring fees and estimated offering expenses was approximately $29.25 million.

NMS Webster Note

On September 26, 2025, the Company’s wholly-owned subsidiary NMS repaid in full all of the outstanding obligations under that certain Credit Agreement, dated as of November 8, 2018. As a result, the Webster Credit Agreement and the other loan documents executed in connection therewith have been terminated, including that certain Parent Guaranty Agreement, dated as of November 8, 2018, by and between the Company and Webster Bank. No early termination penalties were incurred by the Company or the Loan Parties as a result of the termination. As a result of the termination, the Company recognized a $0.2 million loss on extinguishment of debt.

NMS Goldman Facility

On September 26, 2025, NMS and its wholly-owned subsidiary, Mobil Money, LLC (collectively, the “Borrowers”), together with NBSH Holdings, LLC, the direct sole member of NMS, as guarantor, entered into a Credit and Guaranty Agreement (the “Goldman Credit Agreement”), with Private Credit at Goldman Sachs Alternatives ("Goldman") as Administrative Agent and Collateral Agent thereunder and the lenders party thereto from time to time (the “Lenders”). Pursuant to the terms of the Goldman Credit Agreement, the Lenders made available to the Borrowers term loans up to an aggregate principal amount of $90.0 million (the “Term Loans”) and a revolving facility up to an aggregate principal amount of $5.0 million (together with the Term Loans, collectively the “Goldman Facility”). The Goldman Facility will mature on September 26, 2030. The Company incurred approximately $1.4 million of deferred financing costs in connection with the Goldman Facility.

On September 26, 2025, the Borrowers drew down the full $90.0 million in Term Loans and used the proceeds to repay in full the outstanding amounts under the Webster Facility and pay transaction expenses related to the closing of the Goldman Facility. In addition, the Borrowers used the proceeds to fund $58.5 million of loans to the Company. The Company intends to use the proceeds of such loans to repay and reduce the Company’s outstanding unsecured debt, repurchase Company common shares (subject to market conditions and the terms of existing or any future share repurchase authorizations by the Company’s board of directors) and for other general corporate purposes.

Pursuant to the terms of the guaranty under the Goldman Credit Agreement, NBSH has unconditionally guaranteed the prompt and unconditional payment of all of the Borrowers’ obligations under the Goldman Credit Agreement.

SPV I Capital One Facility

Newtek ALP Holdings’ subsidiary (our indirect subsidiary) SPV I maintains a credit facility with Capital One. On July 28, 2025 the facility was upsized to maximum borrowings of $100.0 million. Capital One’s commitments to fund new amounts terminate in July 2027, with all amounts due under the Facility maturing in July 2028. The Company incurred approximately $0.6 million of deferred financing costs in connection with this upsize.

Total interest expense including unused line fees and amortization of deferred financing costs related to borrowings for the three and nine months ended September 30, 2025 and 2024 were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Total interest expense	$	13,666	$	12,976	$	41,016	$	38,923

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Statement of Comprehensive Income [Abstract]
Net income	$ 17,901	$ 11,934	$ 40,971	$ 32,529
Other comprehensive income (loss) before tax:
Net unrealized gain (loss) on debt securities available-for-sale during the period	(3)	241	23	257
Other comprehensive income (loss) before tax	(3)	241	23	257
Income tax expense (benefit)	0	73	(3)	78
Other comprehensive income (loss) net of tax	(3)	168	26	179
Comprehensive income	$ 17,898	$ 12,102	$ 40,997	$ 32,708

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

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+ Details

SECURITIZATIONS AND VARIABLE INTEREST ENTITIES (Tables)

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of variable interest entities

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:


	September 30, 2025		December 31, 2024

Restricted cash	$	6,303	$	6,303
Loans held for investment, at fair value	213,814		257,179
Total assets	$	220,117	$	263,482

Borrowings	$	140,596	$	186,635
Total liabilities	$	140,596	$	186,635

Residuals in securitization, fair value

The Company’s investments in the unconsolidated 2025-1 Trust is 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:


	September 30, 2025
	Carrying Value				Maximum Exposure to Loss		Total Assets in VIE
	Assets		Liabilities
Transfer of loans - sale treatment
Retained interests	$	76,701	$	—	$	76,701	$	212,509

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Statement of Stockholders' Equity [Abstract]
Dividends declared common shares (in dollars per share)	$ 0.19	$ 0.19	$ 0.38	$ 0.38
Dividends declared preferred shares (in dollars per share)	$ 9.44	$ 20.00	$ 25.44	$ 60.00

FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 9—FAIR VALUE MEASUREMENTS:


	Fair Value Measurements at September 30, 2025
	Total		Level 1			Level 2		Level 3
Assets:
Debt securities available-for-sale, at fair value
U.S. Treasury notes	$	18,009	$	18,009		$	—	$	—

Loans held for sale, at fair value	757,001		—			278,678		478,323
Loans held for investment, at fair value	305,720		—			—		305,720
Individually evaluated loans1	81,337		—			—		81,337
Other real estate owned, at fair value2	5,629		—			—		5,629
Other real estate owned, at LCM1,2	2,261		—			—		2,261
Residuals in securitizations, at fair value3	76,701		—			—		76,701
Servicing assets, at fair value	17,023		—			—		17,023
Servicing assets, at LCM1	30,540		—			—		30,540
Joint ventures and other non-control investments, at fair value	51,390		7,960		5	—		43,430
Derivative instruments1,2,3	232		—			232		—
Total assets measured at fair value	$	1,345,843	$	25,969		$	278,910	$	1,040,964
Liabilities:
Equity warrants3,4	$	77	$	—		$	—	$	77

Total liabilities measured at fair value	$	77	$	—		$	—	$	77

1 Non-recurring.

2 Included in Other assets on the Consolidated Statements of Financial Condition.

3 Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings.

4 Included in Accounts payable, accrued expenses, and other liabilities on the Consolidated Statements of Financial Condition.

5 Four million shares of IPM Preferred Stock valued at the closing price per share of IPM common stock of $1.99 on September 30, 2025.


	Fair Value Measurements at December 31, 2024
	Total		Level 1		Level 2		Level 3
Assets:
Debt securities available-for-sale
U.S. Treasury notes	$	23,916	$	23,916	$	—	$	—

Loans held for sale, at fair value	372,286		—		—		372,286
Loans held for investment, at fair value	369,746		—		—		369,746
Other real estate owned1	3,764		—		—		3,764
Servicing assets, at fair value	22,062		—		—		22,062
Joint ventures and other non-control investments	57,678		—		—		57,678
Assets held for sale2	21,308		—		—		21,308
Derivative instruments1,3	715		—		715		—
Total assets measured at fair value	$	871,475	$	23,916	$	715	$	846,844
Liabilities:
Equity warrants3,4	$	133	$	—	$	—	$	133

Total liabilities measured at fair value	$	133	$	—	$	—	$	133

1 Included in Other assets on the Consolidated Statements of Financial Condition.

2 Non-recurring.

3 Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings.

4 Included in Accounts payable, accrued expenses, and other liabilities on the Consolidated Statements of Financial Condition.

The following tables represents the changes in the investments, servicing assets and liabilities measured at fair value using Level 3 inputs for the nine months ended September 30, 2025 and 2024:


	Nine Months Ended September 30, 2025
	Loans HFI, at FV		Loans HFS, at FV		Joint Ventures and Other Non-Control Investments		Residuals in Securitizations, at FV		Servicing Assets, at FV		Equity Warrants1		Other Real Estate Owned2
Fair value, December 31, 2024	$	369,746	$	372,286	$	57,678	$	—	$	22,062	$	133	$	3,764
Reclasses between loans at FV and LCM	—		7,133		—		—		—		—		—

Sales	282		(261,392)		—		—		—		—		(1,937)
Principal payments received	(53,905)		(4,678)		—		—		—		—		—
Foreclosed real estate acquired	(4,405)		—		—		—		—		—		4,405
SBA loans, funded	—		72,723		—		—		—		—		—
ALP loans, funded	—		250,635		—		—		—		—		—

Purchases and repurchases of loans	4,669		25,094		—		—		—		—		—
Residuals in securitizations, notional	—		—		—		32,481		—		—		—
Additions3	—		—		2,268		—		—		—		—
Capital contributions	—		—		15,835		—		—		—		—
Returns of capital4	—		—		(31,857)		—		—		—		—
Change in valuation due to:
Changes in valuation inputs or assumptions	(1,075)		21,378		(494)		44,220		12		(56)		(603)
Other factors	(9,592)		—		—		—		(5,051)		—		—
Transfers out of Level 35	—		(4,856)		—		—		—		—		—
Fair value, September 30, 2025	$	305,720	$	478,323	$	43,430	$	76,701	$	17,023	$	77	$	5,629

1 Included in Accounts payable, accrued expenses, and other liabilities on the Consolidated Statements of Financial Condition.

2 Included in Other assets on the Consolidated Statements of Financial Condition.

3 Investment in IPM.

4 Includes $26.2 million of loans and accrued interest returned as part of the acquisition of 100% of NCL JV.

5 As of April 1, 2025, the Company is using broker quotes to calculate the fair value of its unguaranteed portions of its SBA 7(a) loans moving them from Level 3 to Level 2.


	Nine Months Ended September 30, 2024
	Loans HFI, at FV		Loans HFS, at FV		Joint Ventures and Other Non-Control Investments		Servicing Assets, at FV		Equity Warrants1		Other Real Estate Owned2
Fair value, December 31, 2023	$	469,801	$	118,867	$	41,587	$	29,336	$	141	$	1,110
Reclasses between loans HFS and HFI	—		—		—		—		—		—
Reclasses between loans at FV and LCM	263		2,508		—		—		—		—
Sales	(2,888)		(166,648)		—		—		—		(956)
Principal payments received	(54,656)		(9,375)		—		—		—		—
Foreclosed real estate acquired	(2,251)		—		—		—		—		2,251
SBA loans, funded	122		12,966		—		—		—		—
ALP loans, funded	—		191,440		—		—		—		—
Mortgage loans, funded	—		79,432		—		—		—		—
Additions	—		—		—		14		—		—
Purchases and repurchases of loans	1,296		—		—		—		—		—
Capital contributions/(distributions)	—		—		5,341		—		—		—
Change in valuation due to:
Changes in valuation inputs or assumptions	2,614		13,058		9,562		805		(33)		(206)
Other factors	(19,830)		(23)		—		(6,188)		—		—
Fair Value, September 30, 2024	$	394,471	$	242,225	$	56,490	$	23,967	$	108	$	2,199

1 Included in Accounts payable, accrued expenses, and other liabilities on the Consolidated Statements of Financial Condition.

2 Included in Other assets on the Consolidated Statements of Financial Condition.


	Fair Value as of			Weighted		Range
	September 30, 2025		Unobservable Input	Average		Minimum		Maximum
Assets:
Loans HFI, at FV - accrual	$	232,575	Market yields	6.55	%	6.55	%	6.55	%
			Cumulative prepayment rate	22.50	%	22.50	%	22.50	%
			Average cumulative default rate	21.00	%	21.00	%	21.00	%
Loans HFI, at FV - non-accrual	$	73,145	Market yields	7.00	%	7.00	%	7.00	%

			Average cumulative default rate	30.00	%	30.00	%	30.00	%
Loans HFS, at FV	$	478,323	Market yields	7.17	%	6.44	%	11.75	%
			Cumulative prepayment rate	58.18	%	22.50	%	65.00	%
			Average cumulative default rate	10.82	%	5.00	%	21.00	%
Joint ventures and non-control investments	$	43,430	Market yields	7.42	%	7.64	%	12.00	%
			Cost of equity	14.00	%	12.00	%	18.00	%
			Weighted average cost of capital	9.18	%	8.00	%	22.57	%
Residuals in securitizations, at FV	$	76,701	Market yields	7.64	%	7.64	%	7.64	%
			Cost of equity	14.00	%	12.00	%	16.00	%
			Weighted average cost of capital	9.50	%	8.50	%	10.50	%
Servicing assets, at FV	$	17,023	Market yields	11.75	%	11.75	%	11.75	%
			Cumulative prepayment rate	22.50	%	22.50	%	22.50	%
			Average cumulative default rate	21.00	%	21.00	%	21.00	%
Other real estate owned, at FV	$	5,629	Appraised value	N/A		N/A		N/A
Liabilities:
Equity warrants	$	77	Expected volatility	43.00	%	43.00	%	43.00	%
			Dividend yield	6.60	%	6.60	%	6.60	%
			Risk free rate	3.96	%	3.96	%	3.96	%


	Fair Value as of			Weighted		Range
	December 31, 2024		Unobservable Input	Average		Minimum		Maximum
Assets:
Loans HFI, at FV - accrual	$	302,442	Market yields	6.55	%	6.55	%	6.55	%
			Cumulative prepayment rate	22.50	%	22.50	%	22.50	%
			Average cumulative default rate	21.00	%	21.00	%	21.00	%
Loans HFI, at FV - non-accrual	$	67,304	Market yields	7.30	%	7.30	%	7.30	%

			Average cumulative default rate	30.00	%	30.00	%	30.00	%
Loans HFS, at FV	$	372,286	Market yields	7.62	%	7.08	%	8.18	%
			Cumulative prepayment rate	59.78	%	50.00	%	70.00	%
			Average cumulative default rate	9.89	%	5.00	%	15.00	%
Joint ventures and non-control investments	$	57,678	Market yields	8.40	%	8.00	%	12.00	%
			Cost of equity	11.00	%	8.00	%	14.00	%
			Weighted average cost of capital	7.72	%	6.00	%	23.98	%

Servicing assets, at FV	$	22,062	Market yields	12.00	%	12.00	%	12.00	%
			Cumulative prepayment rate	22.50	%	22.50	%	22.50	%
			Average cumulative default rate	21.00	%	21.00	%	21.00	%
Assets held for sale	$	21,308	Present value factor	90.70	%	89.50	%	93.20	%
			Discount rate	10.23	%	7.27	%	11.71	%
Other real estate owned	$	3,764	Appraised value	N/A		N/A		N/A
Liabilities:
Equity warrants	$	133	Expected volatility	48.00	%	48.00	%	48.00	%
			Dividend yield	6.00	%	6.00	%	6.00	%
			Risk free rate	4.52	%	4.52	%	4.52	%

Estimated Fair Value of Other Financial Instruments

GAAP also requires disclosure of the fair value of financial instruments carried at book value on the Consolidated Statements of Financial Condition. The carrying amounts and estimated fair values of the Company’s financial instruments not measured at fair value on a recurring or non-recurring basis are as follows:


	September 30, 2025
	Carrying Amount		Fair Value Amount by Level:						Total Fair Value
			Level 1		Level 2		Level 3
Financial Assets:
Cash and due from banks	$	3,980	$	3,980	$	—	$	—	$	3,980
Restricted cash	24,737		24,737		—		—		24,737
Interest bearing deposits in banks	188,214		188,214		—		—		188,214
Debt securities available-for-sale, at FV	18,009		18,009		—		—		18,009
Loans HFS, at FV	757,001		—		203,586		553,415		757,001
Loans HFS, at LCM	28,678		—		—		28,678		28,678
Loans HFI, at FV	305,720		—		—		305,720		305,720
Loans HFI, at amortized cost, net of deferred fees and costs	834,087		—		—		944,601		944,601
Federal Home Loan Bank and Federal Reserve Bank stock	4,064		—		4,064		—		4,064
Joint ventures and other non-control investments, at FV	51,390		7,960		—		43,430		51,390
Residuals in securitizations, at FV	76,701		—		—		76,701		76,701
Financial Liabilities:
Time deposits	481,531		—		482,945		—		482,945
Borrowings	748,549		—		302,403		452,022		754,425

	December 31, 2024
	Carrying Amount		Fair Value Amount by Level:						Total Fair Value
			Level 1		Level 2		Level 3
Financial Assets:
Cash and due from banks	$	6,941	$	6,941	$	—	$	—	$	6,941
Restricted cash	28,226		28,226		—		—		28,226
Interest bearing deposits in banks	346,207		346,207		—		—		346,207
Debt securities available-for-sale, at FV	23,916		23,916		—		—		23,916
Loans HFS, at FV	372,286		—		—		372,286		372,286
Loans HFS, at LCM	58,803		—		—		58,856		58,856
Loans HFI, at FV	369,746		—		—		369,746		369,746
Loans HFI, at amortized cost, net of deferred fees and costs	621,651		—		—		668,687		668,687
Federal Home Loan Bank and Federal Reserve Bank stock	3,585		—		3,585		—		3,585
Joint ventures and other non-control investments, at FV	57,678		—		—		57,678		57,678
Financial Liabilities:
Time deposits	409,251		—		410,442		—		410,442
Borrowings	708,041		—		306,549		413,818		720,367

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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+ Details

TRANSACTIONS WITH AFFILIATED COMPANIES AND RELATED PARTY TRANSACTIONS - Investments with Affiliates (Details) - Related Party - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Related Party Transaction [Line Items]
Due to affiliated companies	$ 109	$ 242
Due from affiliated companies	26	0
Total due to/due from affiliated companies	$ 83	$ 242

- Definition

Amount of liabilities classified as other.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details)	Jan. 06, 2023
NBNYC \| Banking - Core Deposits
Goodwill [Line Items]
Intangible asset, useful life	10 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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+ Details

LOANS - Held-for-Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Financing Receivable, at Fair Value [Abstract]
Loans held for sale, at fair value	$ 757,001	$ 372,286
Financing Receivable, at Lower of Cost or Market [Abstract]
Financing receivable, held-for-sale, lower of cost or market, before deferred fees and costs	28,678	58,803
Loans held for sale, at LCM	28,678	58,803
Performing \| 30-59 Days
Financing Receivable, at Fair Value [Abstract]
Loans held for sale, at fair value	10,312	29,119
Performing \| 60-89 Days
Financing Receivable, at Fair Value [Abstract]
Loans held for sale, at fair value	1,454	15,859
Performing \| 90+ Days
Financing Receivable, at Fair Value [Abstract]
Loans held for sale, at fair value	12,905	0
Performing \| Total Past Due and Non-accrual
Financing Receivable, at Fair Value [Abstract]
Loans held for sale, at fair value	39,560	45,228
Performing \| Current
Financing Receivable, at Fair Value [Abstract]
Loans held for sale, at fair value	717,441	327,058
Nonperforming
Financing Receivable, at Fair Value [Abstract]
Loans held for sale, at fair value	14,889	250
SBA 504 First Lien
Financing Receivable, at Fair Value [Abstract]
Financing receivable, held-for-sale, before deferred fees and costs	155,459	128,255
Financing Receivable, at Lower of Cost or Market [Abstract]
Financing receivable, held-for-sale, lower of cost or market, before deferred fees and costs	22,119	36,783
SBA 504 Second Lien
Financing Receivable, at Fair Value [Abstract]
Financing receivable, held-for-sale, before deferred fees and costs	31,009	26,678
Financing Receivable, at Lower of Cost or Market [Abstract]
Financing receivable, held-for-sale, lower of cost or market, before deferred fees and costs	6,559	8,203
SBA 7(a)
Financing Receivable, at Fair Value [Abstract]
Financing receivable, held-for-sale, before deferred fees and costs	265,521	4,855
Loans held for sale, at fair value	470,372	159,788
Financing Receivable, at Lower of Cost or Market [Abstract]
Loans held for sale, at LCM	28,678	58,803
SBA 7(a) \| Performing \| 30-59 Days
Financing Receivable, at Fair Value [Abstract]
Loans held for sale, at fair value	1,566	29,119
Financing Receivable, at Lower of Cost or Market [Abstract]
Loans held for sale, at LCM	0	2,164
SBA 7(a) \| Performing \| 60-89 Days
Financing Receivable, at Fair Value [Abstract]
Loans held for sale, at fair value	1,454	13,367
Financing Receivable, at Lower of Cost or Market [Abstract]
Loans held for sale, at LCM	151	1,099
SBA 7(a) \| Performing \| 90+ Days
Financing Receivable, at Fair Value [Abstract]
Loans held for sale, at fair value	1,417	0
Financing Receivable, at Lower of Cost or Market [Abstract]
Loans held for sale, at LCM	0	0
SBA 7(a) \| Performing \| Total Past Due and Non-accrual
Financing Receivable, at Fair Value [Abstract]
Loans held for sale, at fair value	17,586	42,736
Financing Receivable, at Lower of Cost or Market [Abstract]
Loans held for sale, at LCM	2,655	3,263
SBA 7(a) \| Performing \| Current
Financing Receivable, at Fair Value [Abstract]
Loans held for sale, at fair value	452,786	117,052
Financing Receivable, at Lower of Cost or Market [Abstract]
Loans held for sale, at LCM	26,023	55,540
SBA 7(a) \| Nonperforming
Financing Receivable, at Fair Value [Abstract]
Loans held for sale, at fair value	13,149	250
Financing Receivable, at Lower of Cost or Market [Abstract]
Loans held for sale, at LCM	2,504	0
SBA 7(a) Partials
Financing Receivable, at Fair Value [Abstract]
Financing receivable, held-for-sale, before deferred fees and costs	18,384	0
Financing Receivable, at Lower of Cost or Market [Abstract]
Financing receivable, held-for-sale, lower of cost or market, before deferred fees and costs	0	13,817
ALP
Financing Receivable, at Fair Value [Abstract]
Financing receivable, held-for-sale, before deferred fees and costs	286,628	212,498
Loans held for sale, at fair value	286,629	212,498
ALP \| Performing \| 30-59 Days
Financing Receivable, at Fair Value [Abstract]
Loans held for sale, at fair value	8,746	0
ALP \| Performing \| 60-89 Days
Financing Receivable, at Fair Value [Abstract]
Loans held for sale, at fair value	0	2,492
ALP \| Performing \| 90+ Days
Financing Receivable, at Fair Value [Abstract]
Loans held for sale, at fair value	11,488	0
ALP \| Performing \| Total Past Due and Non-accrual
Financing Receivable, at Fair Value [Abstract]
Loans held for sale, at fair value	21,974	2,492
ALP \| Performing \| Current
Financing Receivable, at Fair Value [Abstract]
Loans held for sale, at fair value	264,655	210,006
ALP \| Nonperforming
Financing Receivable, at Fair Value [Abstract]
Loans held for sale, at fair value	$ 1,740	$ 0

INVESTMENTS - Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Amortized Cost
Maturing within 1 year	$ 18,004	$ 15,833
After 1 year through 5 years	0	8,101
Total	18,004	23,934
Fair Value
Maturing within 1 year	18,009	15,838
After 1 year through 5 years	0	8,078
Total	$ 18,009	$ 23,916

GOODWILL AND INTANGIBLE ASSETS - Future Amortization (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Year one	$ 37
Year two	135
Year three	114
Year four	94
Year five	73
Thereafter	95
Total	$ 548

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical)	Sep. 30, 2025	Sep. 22, 2025	Mar. 31, 2025	Dec. 31, 2024
Weighted Avg Interest Rate	7.65%			7.22%
2025 5.00% Notes \| Medium-term Notes
Weighted Avg Interest Rate	5.00%		5.00%	5.00%
8.00% Notes due 2028 \| Medium-term Notes
Weighted Avg Interest Rate	8.00%			8.00%
2029 8.50% Notes \| Medium-term Notes
Weighted Avg Interest Rate	8.50%	8.50%		8.50%
2029 8.625% Notes \| Medium-term Notes
Weighted Avg Interest Rate	8.625%			8.625%

INCOME TAXES - Narrative (Details)	3 Months Ended		9 Months Ended
INCOME TAXES - Narrative (Details)	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Effective tax rate	28.58%	30.03%	26.16%	27.62%

LOANS - Nonaccrual Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual without Allowance	$ 24,351	$ 9,899
Nonaccrual with Allowance	41,327	14,442
ACL	14,325	7,019
SBA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual without Allowance	20,730	7,264
Nonaccrual with Allowance	39,317	14,442
ACL	12,789	7,019
CRE
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual without Allowance	3,165	2,635
Nonaccrual with Allowance	0	0
ACL	0	0
C&I
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual without Allowance	456	0
Nonaccrual with Allowance	2,010	0
ACL	$ 1,536	$ 0

TRANSACTIONS WITH AFFILIATED COMPANIES AND RELATED PARTY TRANSACTIONS (Tables)

9 Months Ended

Sep. 30, 2025

Investments in and advances to affiliates

Investments related to our joint ventures and other non-controlled investments for the nine months ended September 30, 2025 and 2024 were as follows:


Company	Fair Value at December 31, 2024		Purchases (Cost)			Return of Investment			Net Gains/(Losses)			Fair Value at September 30, 2025		Dividend Income
Joint Ventures
NCL JV	$	18,800	$	15,835		$	(31,843)	3	$	(2,792)		$	—	$	861
TSO JV	38,100		—			—			1,650			39,750		1,850
Total Joint Ventures	$	56,900	$	15,835		$	(31,843)		$	(1,142)		$	39,750	$	2,711
Other Non-Control Investments
EMCAP Loan Holdings, LLC	$	320	$	—		$	(14)		$	—		$	306	$	—
Biller Genie Software, LLC	458		—			—			1,042			1,500		—
Intelligent Protection Management Corp.
IPM Earnout	—		2,268		1	—			(394)			1,874		—
IPM Stock	$	—	8,200		2	—			(240)		2	7,960		—
Total Other Non-Control Investments	$	778	$	10,468		$	(14)		$	408		$	11,640	$	—
Total	$	57,678	$	26,303		$	(31,857)		$	(734)		$	51,390	$	2,711

1 Fair value of the Earn-out of $2.268 million as of January 2, 2025, valued in accordance with ASC 805 and ASC 820.

3 Includes $26.2 million of loans and accrued interest acquired as part of NALH’s August 2025 acquisition of the remaining 50% of NCL JV not previously owned by NALH.


Company	Fair Value at December 31, 2023		Purchases (Cost)		Return of Investment		Net Gains/(Losses)		Fair Value at September 30, 2024		Dividend Income
Joint Ventures
NCL JV	$	19,400	$	—	$	—	$	(500)	$	18,900	$	1,112
TSO JV	21,459		25,642		(20,185)		9,934		36,850		—
Total Joint Ventures	$	40,859	$	25,642	$	(20,185)	$	9,434	$	55,750	$	1,112
Other Non-Control Investments
EMCAP Loan Holdings, LLC	$	368	$	—	$	(116)	$	68	$	320	$	16
Biller Genie Software, LLC	360		—		—		60		420		—

Total Other Non-Control Investments	$	728	$	—	$	(116)	$	128	$	740	$	16
Total	$	41,587	$	25,642	$	(20,301)	$	9,562	$	56,490	$	1,128

The following table summarizes the amounts due to and due from affiliated companies as of September 30, 2025 and December 31, 2024:


	September 30, 2025		December 31, 2024
Due to affiliated companies1	$	109	$	242
Due from affiliated companies2	26		—
Total due to/due from affiliated companies	$	83	$	242

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

2 Included within Other assets

The following table summarizes the income earned from our joint ventures and other non-control investments for the three and nine months ended September 30, 2025 and 2024:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Servicing income	$	357	$	576	$	1,292	$	1,446
Dividend income	425		374		2,711		1,128
Total income	$	782	$	950	$	4,003	$	2,574

Expenses	2,117		—		6,009		—

Net income/(expense)	$	(1,335)	$	950	$	(2,006)	$	2,574


	September 30, 2025		December 31, 2024
FDIC insured deposits	$	4,497	$	4,732
Non-FDIC insured deposits	291		1,098
Total deposits from related parties and their affiliated companies	$	4,788	$	5,830

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Interest income
Debt securities available-for-sale	$ 200	$ 334	$ 690	$ 1,168
Loans and fees on loans	36,376	28,588	104,213	80,346
Other interest earning assets	2,518	2,349	8,599	6,177
Total interest income	39,094	31,271	113,502	87,691
Interest expense
Deposits	10,879	7,314	30,081	19,755
Total interest expense	24,545	20,290	71,097	58,678
Net interest income	14,549	10,981	42,405	29,013
Provision for credit losses	7,712	6,928	30,334	16,742
Net interest income after provision for credit losses	6,837	4,053	12,071	12,271
Noninterest income
Dividend income	425	374	2,711	1,128
Net loss on loan servicing assets	(4,493)	(1,786)	(12,500)	(5,383)
Servicing income	6,076	4,958	17,655	14,922
Net gains on sales of loans	9,563	25,675	38,050	68,531
Net (loss) gain on residuals in securitizations	(1,450)	0	30,015	0
Net gain (loss) on loans under the fair value option	29,250	(4,085)	35,566	(4,181)
Technology and IT support income	0	3,311	0	14,255
Electronic payment processing income	11,053	11,777	33,401	35,409
Other noninterest income	9,964	11,627	24,163	28,557
Total noninterest income	60,388	51,851	169,061	153,238
Noninterest expense
Salaries and employee benefits expense	19,973	19,149	64,424	60,445
Technology services expense	0	1,796	0	8,624
Electronic payment processing expense	4,429	4,438	13,304	14,977
Professional services expense	3,793	3,929	11,532	11,237
Other loan origination and maintenance expense	6,764	4,132	14,468	9,391
Depreciation and amortization	129	517	549	1,570
Loss on extinguishment of debt	179	0	179	0
Other general and administrative costs	6,892	4,886	21,189	14,326
Total noninterest expense	42,159	38,847	125,645	120,570
Net income before taxes	25,066	17,057	55,487	44,939
Income tax expense	7,165	5,123	14,516	12,410
Net income	17,901	11,934	40,971	32,529
Dividends to preferred shareholders	(472)	(400)	(1,272)	(1,200)
Net income available to common shareholders	$ 17,429	$ 11,534	$ 39,699	$ 31,329
Earnings per Common Share:
Basic (in dollars per share)	$ 0.68	$ 0.45	$ 1.57	$ 1.26
Diluted (in dollars per share)	$ 0.67	$ 0.45	$ 1.54	$ 1.26
Notes and securitizations
Interest expense
Interest expense	$ 10,710	$ 11,482	$ 32,592	$ 33,427
Bank and FHLB borrowings
Interest expense
Interest expense	$ 2,956	$ 1,494	$ 8,424	$ 5,496

SHAREHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

SHAREHOLDERS' EQUITY

NOTE 14—SHAREHOLDERS EQUITY:

Preferred Stock

Series A Preferred Stock

On February 3, 2023, the Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with Patriot Financial Partners IV, L.P., and Patriot Financial Partners Parallel IV, L.P. (collectively, “Patriot”) in respect of 20 thousand shares of the Company’s Series A Convertible Preferred Stock, par value $0.02 per share (the “Series A Preferred Stock”), in a private placement transaction. The aggregate purchase price was $20.0 million. Each share of Series A Preferred Stock was issued at a price of $1.0 thousand per share and was convertible at Patriot’s option into 47.54 shares of the Company’s Common Stock. The Company had not issued preferred stock prior to February 3, 2023.

On September 16, 2025, the Company entered into a Securities Purchase and Exchange Agreement (the “Purchase and Exchange Agreement”) with Patriot, pursuant to which Patriot exchanged (i) the 20 thousand outstanding shares of the Company’s Series A Preferred Stock originally issued to Patriot for an aggregate purchase price of $20.0 million and (ii) $10 million in cash, for 2,307,692 shares of the Company’s Common Stock (the “Shares”). Patriot is subject to restrictions on transferring the Shares for two years following the date of the Purchase and Exchange Agreement without the Company’s consent, subject to certain customary exceptions.

Series B Preferred Stock

On August 20, 2025, the Company closed an offering of 2,000,000 depository shares (the “Depository Shares”), each representing a 1/40th interest in a share of the Company’s 8.500% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B (the “Series B Preferred Stock”), with a liquidation preference of $1,000 per share (equivalent to $25.00 per Depositary Share). The offering generated approximately $48.357 million in net proceeds to the Company. The newly issued Series B Preferred Stock will pay (and the holders of the Depository Shares will correspondingly receive) a non-cumulative 8.500% per annum cash dividend (payable quarterly when, as and if declared by the Company’s Board, on January 1, April 1, July 1 and October 1 of each year, beginning on October 1, 2025) through October 1, 2030, at which time the dividend rate will reset based on the five-year US treasury rate on the relevant determination date plus a fixed spread and thereafter will reset on the fifth anniversary of the preceding reset date, with the dividend rate determined in the same manner. The Depository Shares are listed on the Nasdaq Global Market® under the ticker symbol “NEWTP.” The Company has not subsequently issued any preferred stock.

Warrants for Common Stock

On February 3, 2023, pursuant to the Securities Purchase Agreement, the Company issued warrants to Patriot to purchase, in the aggregate, 47.54 thousand shares of Common Stock for $21.03 per share. The Warrants are exercisable in whole or in part until the ten year anniversary of the entry into the Securities Purchase Agreement and may be exercised for cash or on a “net share” basis, with the number of shares withheld determined based on the closing price of the Common Stock on the date of such exercise. Warrants are included in Accounts payable, accrued expenses and other liabilities on the Consolidated Statements of Financial Condition.

Common Stock

ATM Program

The Company’s shelf registration statement on Form S-3 was declared effective by the SEC on July 27, 2023. On November 17, 2023, the Company entered into an ATM equity distribution agreement (the “Original ATM Equity Distribution Agreement”). The Original ATM Equity Distribution Agreement provided that the Company may offer and sell up to 3.0 million shares of Common Stock from time to time through the placement agents thereunder (the “ATM Program”). The Original ATM Equity Distribution Agreement was amended and restated on June 6, 2025 (the “Amended and Restated Equity Distribution Agreement”). The Amended and Restated Equity Distribution Agreement provides that the Company may offer and sell up to 5.0 million shares of Common Stock from time to time through the placement agents thereunder (inclusive of shares of Common Stock sold under the Original ATM Distribution Agreement) and added certain additional placement agents. The Company may, subject to market conditions, engage in activity under the ATM Program.

The following table summarizes the total shares sold and net proceeds received under the ATM Program:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Shares sold	425		—		425		1,100
Net weighted average price per share	$	12.22	$	—	$	12.22	$	12.56
Net proceeds	$	5,090	$	—	$	5,090	$	13,818
Placement agent fees paid	$	104	$	—	$	104	$	282

We used the net proceeds for funding investments in accordance with our investment objective and strategies and for general corporate purposes including repaying outstanding indebtedness and other general corporate purposes.

Stock and Debt Repurchase Programs

On November 1, 2024, the Company’s Board of Directors approved a new stock repurchase program granting the Company authority to repurchase up to 1.0 million shares of Company common stock during the following twelve months. The actual timing and amount of any repurchases under the plan will be determined by the Company in its discretion, and will depend on a number of factors, including market conditions, applicable legal requirements, the Company's capital needs and whether there is a better alternative use of capital. The Company has no obligation to repurchase any amount of its common stock under its new stock repurchase program.

The following table summarizes the total Common Shares repurchased and net proceeds received under the stock repurchase program:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Shares repurchased	—		—		16		—
Net weighted average price per share	$	—	$	—	$	10.42	$	—
Net proceeds	$	—	$	—	$	167	$	—

In addition, on September 11, 2025, the Board approved a debt repurchase program granting the Company authority to repurchase up to $5.0 million aggregate principal amount of the Company’s 2029 Notes during the following six months. The actual timing and amount of any repurchases under the plan will be determined by the Company in its discretion, and will depend on a number of factors, including market conditions, applicable legal requirements, the Company's capital needs and whether there is a better alternative use of capital. The Company has no obligation to repurchase any amount of its debt securities under this debt repurchase program. Pursuant to the debt repurchase program, the Company repurchased 2,700 shares of its 2029 8.50% Notes on September 22, 2025.

Dividends and Distributions

Preferred Stock

The Company’s dividends and distributions on its Preferred Stock are recorded on the declaration date. The following table summarizes dividend declarations and distributions on the Series A and Series B Preferred Stock during the nine months ended September 30, 2025 and 2024:


Date Declared	Series1	Record Date	Payment Date	Amount Per Share			Cash Distribution
Nine months ended September 30, 2025
March 31, 2025	A	March 30, 2025	April 1, 2025	$	20.00		$	400
June 30, 2025	A	June 30, 2025	July 1, 2025	$	20.00		$	400
September 29, 2025	B	September 29, 2025	October 1, 2025	$	9.44	2	$	472	2

Nine months ended September 30, 2024
March 19, 2024	A	March 28, 2024	April 1, 2024	$	20.00		$	400
June 27, 2024	A	June 28, 2024	July 1, 2024	$	20.00		$	400
September 16, 2024	A	September 30, 2024	October 1, 2024	$	20.00		$	400

1 Series A Preferred Stock exchanged for Common Stock and cash on September 16, 2025.

2 Prorated for the initial dividend period from the date of the issuance of the Series B preferred stock on August 20, 2025.

The Company’s dividends and distributions on the Common Stock are recorded on the declaration date. Effective December 8, 2023, the Company terminated the DRIP. The following table summarizes the Company’s dividend declarations and distributions, including dividend shares issued on vested restricted stock awards, during the nine months ended September 30, 2025 and 2024:


	Record Date	Payment Date	Amount Per Share		Cash Distribution		Dividend Shares Issued on Unvested RSAs
Date Declared							#	$
Nine months ended September 30, 2025
March 31, 2025	April 15, 2025	April 30, 2025	$	0.19	$	4,835	35	$	367
June 25, 2025	July 9, 2025	July 21, 2025	$	0.19	$	4,836	—	$	—
September 30, 2025	October 14, 2025	October 24, 2025	$	0.19	$	5,387	3	$	54


Nine months ended September 30, 2024
March 19, 2024	April 1, 2024	April 15, 2024	$	0.19	$	4,617	6	$	71
June 27, 2024	July 9, 2024	July 19, 2024	$	0.19	$	4,827	5	$	78
September 16, 2024	October 10, 2024	October 21, 2024	$	0.19	$	4,837	8	$	114

- Definition

The entire disclosure for equity.

+ References

+ Details

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2025	Nov. 06, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Securities Act File Number	814-01035
Entity Registrant Name	NEWTEKONE, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-3755188
Entity Address, Address Line One	4800 T Rex Avenue
Entity Address, Address Line Two	Suite 120
Entity Address, City or Town	Boca Raton
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33431
City Area Code	212
Local Phone Number	356-9500
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		28,887,295
Entity Central Index Key	0001587987
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Common Stock, par value $0.02 per share
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.02 per share
Trading Symbol	NEWT
Security Exchange Name	NASDAQ
5.50% Notes due 2026
Document Information [Line Items]
Title of 12(b) Security	5.50% Notes due 2026
Trading Symbol	NEWTZ
Security Exchange Name	NASDAQ
8.00% Notes due 2028
Document Information [Line Items]
Title of 12(b) Security	8.00% Notes due 2028
Trading Symbol	NEWTI
Security Exchange Name	NASDAQ
2029 8.50% Notes
Document Information [Line Items]
Title of 12(b) Security	8.50% Notes due 2029
Trading Symbol	NEWTG
Security Exchange Name	NASDAQ
2029 8.625% Notes
Document Information [Line Items]
Title of 12(b) Security	8.625% Notes due 2029
Trading Symbol	NEWTH
Security Exchange Name	NASDAQ
Series B Preferred Stock, Depositary Shares
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/40th interest in a share of 8.500% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B
Trading Symbol	NEWTP
Security Exchange Name	NASDAQ

SECURITIZATIONS AND VARIABLE INTEREST ENTITIES

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

SECURITIZATIONS AND VARIABLE INTEREST ENTITIES

NOTE 3—SECURITIZATIONS AND VARIABLE INTEREST ENTITIES:

In a securitization, the unguaranteed portions of SBA 7(a) loans are transferred to a special purpose vehicle (a “Trust”), which in turn issues 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 securitization Trusts, which are VIEs, are included in the Company’s consolidated financial statements when the Company has concluded that it is the primary beneficiary of the Trust. The Company therefore consolidates 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.

From 2010 through June 2023, NSBF engaged in thirteen (13) securitizations of the unguaranteed portions of its SBA 7(a) loans where management determined the Company was the primary beneficiary and thus consolidated the Trusts. Three (3) of these securitizations remain consolidated as of September 30, 2025. Risks associated with the Company’s involvement with the consolidated Trusts includes potential losses of residual interests in the Trusts.


	September 30, 2025		December 31, 2024

Restricted cash	$	6,303	$	6,303
Loans held for investment, at fair value	213,814		257,179
Total assets	$	220,117	$	263,482

Borrowings	$	140,596	$	186,635
Total liabilities	$	140,596	$	186,635

Assets owned by securitization Trusts, which are VIEs, are not included in the Company’s consolidated financial statements 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 $155,930,000 of Class A Notes, $23,820,000 of Class B Notes, and $4,330,000 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 $216,564,700 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.

The 2025-1 Trust meets the definition of a VIE and the Company holds a variable interest in the 2025-1 Trust, however, the Company is not considered the primary beneficiary of the 2025-1 Trust, because the power over the activities that have the most significant impact on the economic performance of the Securitization Trust is held by a single noteholder who has the ability to remove the Company as decision maker over the activities that most significantly impact the economic performance of the 2025-1 Trust. Consequently the Company is not required to consolidate the 2025-1 Trust. The Company’s beneficial interest in the 2025-1 Trust is evidenced by sole ownership of the Ownership Certificate and its beneficial interest in the credit risk of the securitized ALP Loans. Newtek ALP Holdings, the sponsor of the Securitization Trust, is a wholly owned subsidiary of the Company, therefore the Company effectively owns 100% of the equity interest in the 2025-1 Trust.

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 2025-1 Trust have no recourse to the Company’s assets or general credit. The underlying performance of the ALP loans transferred to the Trust has a direct impact on the fair values and cash flows of the beneficial interests held and the servicing asset recognized.


	September 30, 2025
	Carrying Value				Maximum Exposure to Loss		Total Assets in VIE
	Assets		Liabilities
Transfer of loans - sale treatment
Retained interests	$	76,701	$	—	$	76,701	$	212,509

LOANS - Narrative (Details) $ in Thousands	3 Months Ended
LOANS - Narrative (Details) $ in Thousands	Sep. 30, 2025 USD ($) loan
Receivables [Abstract]
Loan modification, amortized cost basis \| $	$ 250
Number of loans modified in period \| loan	1

BENEFIT PLANS - Unrecognized Compensation (Details) - Restricted Stock - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense	$ 2,560	$ 5,929
Remaining weighed-average period	1 year 2 months 12 days	1 year

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

SHAREHOLDERS' EQUITY - Share Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Equity [Abstract]
Shares repurchased (in shares)	0	0	16	0
Net weighted average price per share (in dollars per share)	$ 0	$ 0	$ 10.42	$ 0
Net proceeds	$ 0	$ 0	$ 167	$ 0

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

SEGMENTS

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

SEGMENTS

NOTE 18—SEGMENTS:

The Company's management reporting process measures the performance of its operating segments based on internal operating structure, which is subject to change from time to time. The Company's segment reporting process begins with the assignment of all loans directly to the segments where these products are originated and/or serviced. All deposit accounts are allocated to the Banking segment as our wholly owned FDIC insured depository is included within the Banking segment. Equity capital is assigned to each segment based on the risk profile of their assets and liabilities. With the exception of goodwill, which is assigned a 100% weighting, equity capital allocations ranged from 0% to 25% during the year. Any excess or deficient equity not allocated to segments based on risk is assigned to the Corporate & Other segment.

Net interest income, provision for credit losses, and non-interest expense amounts are recorded in their respective segments to the extent the amounts are directly attributable to those segments. The net income amount for each reportable segment is further derived by the use of expense allocations. Certain expenses not directly attributable to a specific segment are allocated across all segments based on key metrics, such as number of employees. These types of expenses include information technology, operations, human resources, finance, risk management, credit administration, legal, and marketing.

The assignment and allocation methodologies used in the segment reporting process discussed above change from time to time as systems are enhanced, methods for evaluating segment performance or product lines change or as business segments are realigned.

The Company operates four reportable segments for management reporting purposes with their operating and financial results reviewed by the chief operating decision maker (“CODM”), which is the Chief Executive Officer of the Company. The CODM assesses overall segment performance based on pre-tax income and uses this metric to allocate resources for each segment, focusing on budgeting and forecasting. The Company has four segments, as discussed below:

Banking

Newtek Bank originates, services and sells SBA 7(a) loans in a similar manner to NSBF’s historic business model (see Non-Bank Lending below) and originates and services SBA 504 loans, C&I loans, CRE loans and ABL loans. In addition, Newtek Bank offers depository services.

Alternative Lending

Alternative Lending includes NALH (Newtek ALP Holdings) and its subsidiaries. The Company has originated loans under its Alternative Lending Program (ALP) since 2019. Prior to July 1, 2024, the Company originated ALP loans with the intent to sell to a JV. While the Company may continue to source JV partners to participate in the ALP, the Company’s subsidiary Newtek ALP Holdings (NALH) currently originates ALP loans designated as HFI. The Company does not expect any significant changes to the underwriting or terms of loans in its ALP.

NSBF

NSBF relates to NSBF’s legacy portfolio of SBA 7(a) loans held outside Newtek Bank; no new loan origination activity takes place. A material portion of NSBF’s legacy portfolio of SBA 7(a) loans reside in three securitization trusts.

Payments

Payments includes NMS, POS and Mobil Money. NMS markets credit and debit card processing services, check approval services, processing equipment, and software and:

–Assist merchants with initial installation of equipment and on-going service, as well as any other special processing needs that they may have.

–Handles payment processing for Mobil Money’s merchant portfolio of taxi cabs and related licensed payment processing software.

–POS is a provider of a cloud based Point of Sale (POS) system for a variety of restaurant, retail, assisted living, parks and golf course businesses, which provides not only payments and purchase technology solutions, but also inventory, customer management, reporting, employee time clock, table and menu layouts, and ecommerce solutions as the central operating system for an SMB.

Corporate and Other

The information provided under the caption “Corporate and Other” represents operations not considered to be reportable segments and/or general operating expenses of the Company, and includes the parent company, other non-bank subsidiaries including NIA and PMT, and elimination adjustments to reconcile the results of the operating segments to the condensed consolidated financial statements prepared in conformity with GAAP.

Former Reportable Segment

Technology

NTS provided website hosting, web design and development, dedicated server hosting, cloud hosting, internet marketing, ecommerce, data storage, backup and disaster recovery, and other related services for commercial clients. As a result of commitments made to the Federal Reserve in connection with the Acquisition, the Company divested of NTS on January 2, 2025. As a result of the Company’s completion of the NTS Sale, Technology is no longer be reported as a reportable segment. See NOTE 4—INVESTMENTS: Intelligent Protection Management Corp.

The following tables provide financial information for the Company's segments:


As of and for the nine months ended September 30, 2025
	Banking				Alternative Lending				NSBF					Payments					Corporate & Other					Consolidated
	Segment		Elim		Segment		Elim			Segment		Elim			Segment		Elim			Segment		Elim
Interest income	$	74,811	$	(7)	$	19,566	$	(69)		$	19,239	$	(372)		$	1,872	$	(1,829)		$	933	$	(642)		$	113,502
Interest expense	30,943		(616)		6,141		—			9,521		—			2,088		(49)			25,318		(2,249)			71,097
Net interest income/(loss)	43,868		609		13,425		(69)			9,718		(372)			(216)		(1,780)			(24,385)		1,607			42,405
Provision for loan credit losses	30,334		—		—		—			—		—			—		—			—		—			30,334
Net interest income after provision for loan credit losses	13,534		609		13,425		(69)			9,718		(372)			(216)		(1,780)			(24,385)		1,607			12,071
Noninterest income	105,339		(21,734)		55,537		—			(7,491)		—			35,881		(1,910)			73,788		(70,349)			169,061
Electronic payment processing expense	—		—		—		—			—		—			14,333		(1,160)			131		—			13,304
Salaries and employee benefits expense	43,339		(3,463)		859		(859)			285		188			6,514		(1,007)			13,428		5,140			64,424
Professional services expense	4,049		—		216		—			1,447		—			329		—			5,491		—			11,532
Other loan origination and maintenance expense	19,160		(11,136)		5,483		(3,748)			11,449		(6,776)			—		—			100		(64)			14,468
Depreciation and amortization	129		—		—		—			155		—			265		—			—		—			549
Loss on extinguishment of debt	—		—		—		—			—		—			179		—			—		—			179
Other general and administrative costs	10,564		(316)		1,959		(43)			2,503		(3)			1,492		(261)			5,768		(474)			21,189
Income before taxes	41,632		(6,210)		60,445		4,581			(13,612)		6,219			12,553		(1,262)			24,485		(73,344)			55,487
Income tax expense (benefit)	10,766		(10,766)		—		—			—		—			(3)		—			3,753		10,766			14,516
Net income	$	30,866	$	4,556	$	60,445	$	4,581		$	(13,612)	$	6,219		$	12,556	$	(1,262)		$	20,732	$	(84,110)		$	40,971


Assets	$	1,520,476	$	(31,544)	$	625,297	$	(152,070)		$	415,364	$	(48,251)		$	120,028	$	(98,083)		$	762,879	$	(714,997)		$	2,399,099
Goodwill & intangible assets	$	820			$	—				$	—				$	13,813				$	—				$	14,633
Amortization of intangible assets	$	129			$	—				$	—				$	—				$	—				$	129


As of and for the nine months ended September 30, 2024
	Banking				Alternative Lending				Technology				NSBF				Payments				Corporate & Other				Consolidated
	Segment		Elim		Segment		Elim		Segment		Elim		Segment		Elim		Segment		Elim		Segment		Elim
Interest income	$	48,884	$	—	$	9,811	$	(10)	$	3	$	(3)	$	28,894	$	(315)	$	1,776	$	(1,741)	$	1,817	$	(1,425)	$	87,691
Interest expense	20,635		(469)		2,855		—		—		—		16,733		—		2,289		(60)		19,660		(2,965)		58,678
Net interest income/(loss)	28,249		469		6,956		(10)		3		(3)		12,161		(315)		(513)		(1,681)		(17,843)		1,540		29,013
Provision for loan credit losses	16,742		—		—		—		—		—		—		—		—		—		—		—		16,742
Net interest income after provision for loan credit losses	11,507		469		6,956		(10)		3		(3)		12,161		(315)		(513)		(1,681)		(17,843)		1,540		12,271
Noninterest income	100,326		(20,389)		31,555		—		19,701		(5,232)		(15,475)		—		39,090		(3,044)		45,091		(38,385)		153,238
Technology services expense	—		—		—		—		8,846		(222)		—		—		—		—		—		—		8,624
Electronic payment processing expense	—		—		—		—		—		—		—		—		15,889		(912)		—		—		14,977
Salaries and employee benefits expense	35,134		(1,859)		—		—		6,636		—		381		341		5,659		11		12,635		1,507		60,445
Professional services expense	2,769		—		127		—		335		—		1,664		—		522		—		5,820		—		11,237
Other loan origination and maintenance expense	14,077		(10,011)		4,117		(2,633)		17		—		12,065		(8,460)		—		—		290		(71)		9,391

Depreciation and amortization	138		—		—		—		1,062		—		73		—		264		—		33		—		1,570
Other general and administrative costs	9,240		(1,909)		120		—		2,860		(204)		463		(9)		2,070		(1,313)		5,148		(2,140)		14,326
Income before taxes	50,475		(6,141)		34,147		2,623		(52)		(4,809)		(17,960)		7,813		14,173		(2,511)		3,322		(36,141)		44,939
Income tax expense (benefit)	15,136		(15,136)		—		—		—		—		—		—		—		—		(2,726)		15,136		12,410
Net income	$	35,339	$	8,995	$	34,147	$	2,623	$	(52)	$	(4,809)	$	(17,960)	$	7,813	$	14,173	$	(2,511)	$	6,048	$	(51,277)	$	32,529

Other Segment Disclosures:
Assets	$	935,319	$	(22,719)	$	336,605	$	(116,051)	$	21,919	$	(1,400)	$	536,000	$	(82,082)	$	62,710	$	(36,007)	$	651,769	$	(611,893)	$	1,674,170
Goodwill & intangible assets	$	980			$	—			$	—			$	—			$	13,814			$	—			$	14,794
Amortization of intangible assets	$	593			$	—			$	—			$	—			$	—			$	—			$	593

The following tables provide financial information for the Company's segments:


As of and for the three months ended September 30, 2025
	Banking				Alternative Lending				NSBF					Payments					Corporate & Other					Consolidated
	Segment		Elim		Segment		Elim			Segment		Elim			Segment		Elim			Segment		Elim
Interest income	$	27,720	$	(3)	$	5,529	$	(35)		$	5,889	$	(115)		$	737	$	(720)		$	219	$	(127)		$	39,094
Interest expense	11,154		(217)		2,110		—			2,974		—			806		(17)			8,496		(761)			24,545
Net interest income/(loss)	16,566		214		3,419		(35)			2,915		(115)			(69)		(703)			(8,277)		634			14,549
Provision for loan credit losses	7,712		—		—		—			—		—			—		—			—		—			7,712
Net interest income after provision for loan credit losses	8,854		214		3,419		(35)			2,915		(115)			(69)		(703)			(8,277)		634			6,837
Noninterest income	34,848		(7,424)		22,079		—			(2,208)		—			11,853		(636)			27,346		(25,470)			60,388
Electronic payment processing expense	—		—		—		—			—		—			4,767		(386)			47		1			4,429
Salaries and employee benefits expense	14,140		(1,152)		203		(204)			43		(44)			2,013		(289)			3,574		1,689			19,973
Professional services expense	1,482		—		50		—			480		—			147		—			1,634		—			3,793
Other loan origination and maintenance expense	7,056		(3,677)		2,529		(1,567)			4,724		(2,155)			—		—			(125)		(21)			6,764
Depreciation and amortization	43		—		—		—			—		—			86		—			—		—			129
Loss on extinguishment of debt	—		—		—		—			—		—			179		—			—		—			179
Other general and administrative costs	3,286		(119)		398		—			344		—			380		(79)			2,833		(151)			6,892
Income before taxes	17,695		(2,262)		22,318		1,736			(4,884)		2,084			4,212		(585)			11,106		(26,354)			25,066
Income tax expense (benefit)	5,121		—		—		—			—		—			—		—			2,044		—			7,165
Net income	$	12,574	$	(2,262)	$	22,318	$	1,736		$	(4,884)	$	2,084		$	4,212	$	(585)		$	9,062	$	(26,354)		$	17,901


Assets	$	1,520,476	$	(31,544)	$	625,297	$	(152,070)		$	415,364	$	(48,251)		$	120,028	$	(98,083)		$	762,879	$	(714,997)		$	2,399,099
Goodwill & intangible assets	$	820			$	—				$	—				$	13,813				$	—				$	14,633
Amortization of intangible assets	$	43			$	—				$	—				$	—				$	—				$	43


As of and for the three months ended September 30, 2024
	Banking				Alternative Lending				Technology				NSBF				Payments				Corporate & Other				Consolidated
	Segment		Elim		Segment		Elim		Segment		Elim		Segment		Elim		Segment		Elim		Segment		Elim
Interest income	$	18,820	$	—	$	3,528	$	(5)	$	2	$	(2)	$	8,871	$	(103)	$	612	$	(601)	$	594	$	(445)	$	31,271
Interest expense	7,603		(158)		648		—		—		—		5,079		—		730		(16)		7,386		(982)		20,290
Net interest income/(loss)	11,217		158		2,880		(5)		2		(2)		3,792		(103)		(118)		(585)		(6,792)		537		10,981
Provision for loan credit losses	6,928		—		—		—		—		—		—		—		—		—		—		—		6,928
Net interest income after provision for loan credit losses	4,289		158		2,880		(5)		2		(2)		3,792		(103)		(118)		(585)		(6,792)		537		4,053
Noninterest income	35,424		(7,036)		15,237		—		5,494		(2,008)		(8,845)		—		12,469		(498)		21,299		(19,685)		51,851
Electronic payment processing expense	—		—		—		—		—		—		—		—		4,730		(292)		—		—		4,438
Salaries and employee benefits expense	11,337		(628)		—		—		2,123		—		117		113		1,665		—		3,908		514		19,149
Technology services expense	—		—		—		—		1,832		(36)		—		—		—		—		—		—		1,796
Professional services expense	853		—		25		—		160		—		679		—		156		—		2,056		—		3,929
Other loan origination and maintenance expense	5,207		(3,683)		1,666		(979)		11		—		4,509		(2,672)		—		—		96		(23)		4,132
Depreciation and amortization	44		—		—		—		362		—		25		—		80		—		6		—		517

Other general and administrative costs	3,026		(812)		49		—		908		(71)		407		(3)		665		(450)		2,008		(841)		4,886
Income before taxes	19,246		(1,755)		16,377		974		100		(1,903)		(10,790)		2,459		5,055		(341)		6,433		(18,798)		17,057
Income tax expense (benefit)	5,760		(11,101)		—		—		—		—		—		—		—		—		(637)		11,101		5,123
Net income	$	13,486	$	9,346	$	16,377	$	974	$	100	$	(1,903)	$	(10,790)	$	2,459	$	5,055	$	(341)	$	7,070	$	(29,899)	$	11,934

Other Segment Disclosures:
Assets	$	935,319	$	(22,719)	$	336,605	$	(116,051)	$	21,919	$	(1,400)	$	536,000	$	(82,082)	$	62,710	$	(36,007)	$	651,769	$	(611,893)	$	1,674,170
Goodwill & intangible assets	$	980			$	—			$	—			$	—			$	13,814			$	—			$	14,794
Amortization of intangible assets	$	192			$	—			$	—			$	—			$	—			$	—			$	192

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

GOODWILL AND INTANGIBLE ASSETS - Goodwill (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Goodwill [Line Items]
Goodwill	$ 14,085	$ 14,085
Banking
Goodwill [Line Items]
Goodwill	271	271
Payments
Goodwill [Line Items]
Goodwill	$ 13,814	$ 13,814

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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-Publisher FASB
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
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+ Details

LOANS

9 Months Ended

Sep. 30, 2025

Receivables [Abstract]

LOANS

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 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
	September 30, 2025				December 31, 2024
	Cost		Fair Value		Cost		Fair Value
CRE	$	141,575	$	150,175	$	162,894	$	175,353
Residential Real Estate	56,448		54,359		69,667		67,474
Machinery and Equipment¹	50,508		46,325		60,460		56,454
Accounts Receivable and Inventory	48,304		43,193		59,449		54,267
Unsecured	4,506		4,659		5,643		5,644
Other²	9,185		7,009		13,033		10,554
Total	$	310,526	$	305,720	$	371,146	$	369,746

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
	September 30, 2025		December 31, 2024
SBA	$	509,912	$	380,981
CRE	256,921		191,831
C&I	64,887		47,558
Total Loans	831,720		620,370
Deferred fees and costs, net	2,367		1,281
Loans held for investment, at amortized cost, net of deferred fees and costs	$	834,087	$	621,651

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 September 30, 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	$	8,995	$	12,092	$	2,182	$	73,145	$	96,414	$	209,306	$	305,720

	As of December 31, 2024
	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	$	23,158	$	18,400	$	9,268	$	67,304	$	118,130	$	251,616	$	369,746

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 September 30, 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	$	12,813	$	10,391	$	295	$	60,048	$	83,547	$	426,365	$	509,912
CRE	—		—		—		3,165		3,165		253,756		256,921
C&I	516		274		104		2,465		3,359		61,528		64,887
Total, at amortized cost	$	13,329	$	10,665	$	399	$	65,678	$	90,071	$	741,649	$	831,720
Deferred fees and costs													2,367
Total, at amortized cost net of deferred fees and costs													$	834,087
Allowance for credit losses													(45,166)
Total, at amortized cost, net													$	788,921


	As of December 31, 2024
	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	$	11,264	$	9,046	$	—	$	21,706	$	42,016	$	338,965	$	380,981
CRE	—		—		—		2,635		2,635		189,196		191,831
C&I	275		—		—		—		275		47,283		47,558
Total, at amortized cost	$	11,539	$	9,046	$	—	$	24,341	$	44,926	$	575,444	$	620,370
Deferred fees and costs													1,281
Total, at amortized cost net of deferred fees and costs													$	621,651
Allowance for credit losses													(30,233)
Total, at amortized cost, net													$	591,418

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.

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 September 30, 2025 and December 31, 2024:


September 30, 2025	Term Loans HFI by Origination Year
	2025		2024		2023		2022		2021		Prior		Total
SBA, at fair value
Risk Grades 1-4	$	—	$	—	$	19,172	$	86,721	$	30,891	$	93,382	$	230,166
Risk Grades 5-6	—		—		3,599		19,964		6,399		41,462		71,424
Risk Grade 7	—		—		32		60		—		—		92
Risk Grade 8	—		—		—		49		—		3,989		4,038
Total	$	—	$	—	$	22,803	$	106,794	$	37,290	$	138,833	$	305,720
SBA, at amortized cost, net of deferred fees and costs
Risk Grades 1-4	$	150,232	$	180,416	$	85,132	$	—	$	—	$	—	$	415,780
Risk Grades 5-6	533		38,387		28,189		—		—		—		67,109
Risk Grade 7	148		11,621		12,218		—		—		—		23,987
Risk Grade 8	46		1,306		1,684		—		—		—		3,036
Total	$	150,959	$	231,730	$	127,223	$	—	$	—	$	—	$	509,912
CRE, at amortized cost, net of deferred fees and costs
Risk Grades 1-4	$	77,676	$	52,371	$	25,499	$	30,666	$	15,866	$	48,957	$	251,035
Risk Grades 5-6	—		897		—		1,750		—		3,239		5,886
Risk Grade 7	—		—		—		—		—		—		—
Total	$	77,676	$	53,268	$	25,499	$	32,416	$	15,866	$	52,196	$	256,921
C&I, at amortized cost, net of deferred fees and costs
Risk Grades 1-4	$	42,765	$	13,144	$	1,602	$	—	$	—	$	—	$	57,511
Risk Grades 5-6	560		5,249		39		—		—		—		5,848
Risk Grade 7	—		1,528		—		—		—		—		1,528
Total	$	43,325	$	19,921	$	1,641	$	—	$	—	$	—	$	64,887
Total	$	271,960	$	304,919	$	177,166	$	139,210	$	53,156	$	191,029	$	1,137,440


December 31, 2024	Term Loans HFI by Origination Year
	2024		2023		2022		2021		2020		Prior		Total
SBA, at fair value
Risk Grades 1-4	$	—	$	24,061	$	112,058	$	40,641	$	20,379	$	102,569	$	299,708
Risk Grades 5-6	—		3,469		18,592		5,365		3,188		39,225		69,839
Risk Grade 7	—		—		—		—		—		—		—
Risk Grade 8	—		—		144		17		22		16		199
Total	$	—	$	27,530	$	130,794	$	46,023	$	23,589	$	141,810	$	369,746
SBA, at amortized cost, net of deferred fees and costs
Risk Grades 1-4	$	224,958	$	110,735	$	—	$	—	$	—	$	—	$	335,693
Risk Grades 5-6	7,475		32,753		—		—		—		—		40,228
Risk Grade 7	588		4,132		—		—		—		—		4,720
Risk Grade 8	85		255		—		—		—		—		340
Total	$	233,106	$	147,875	$	—	$	—	$	—	$	—	$	380,981
CRE, at amortized cost, net of deferred fees and costs
Risk Grades 1-4	$	51,889	$	25,697	$	33,235	$	15,763	$	395	$	60,614	$	187,593
Risk Grades 5-6	—		—		—		—		883		3,355		4,238
Risk Grade 7	—		—		—		—		—		—		—
Total	$	51,889	$	25,697	$	33,235	$	15,763	$	1,278	$	63,969	$	191,831
C&I, at amortized cost, net of deferred fees and costs
Risk Grades 1-4	$	44,251	$	1,532	$	—	$	—	$	—	$	1,500	$	47,283
Risk Grades 5-6	—		275		—		—		—		—		275
Risk Grade 7	—		—		—		—		—		—		—
Total	$	44,251	$	1,807	$	—	$	—	$	—	$	1,500	$	47,558
Total	$	329,246	$	202,909	$	164,029	$	61,786	$	24,867	$	207,279	$	990,116

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 nine months ended September 30, 2025 and 2024:


	September 30, 2025								September 30, 2024
	CRE		C&I		SBA		Total		CRE		C&I		SBA		Total
Beginning balance	$	1,430	$	315	$	28,488	$	30,233	$	1,408	$	314	$	10,852	$	12,574

Charge offs	(122)		(275)		(15,008)		(15,405)		(236)		—		(2,697)		(2,933)
Recoveries	—		—		35		35		—		—		—		—
Provision for credit losses1	523		3,068		26,712		30,303		98		(286)		16,592		16,404
Ending balance	$	1,831	$	3,108	$	40,227	$	45,166	$	1,270	$	28	$	24,747	$	26,045

The following table details activity in the ACL for the three months ended September 30, 2025 and 2024:


	September 30, 2025								September 30, 2024
	CRE		C&I		SBA		Total		CRE		C&I		SBA		Total
Beginning balance	$	2,045	$	1,540	$	39,040	$	42,625	$	1,358	$	215	$	19,525	$	21,098

Charge offs	(122)		(8)		(5,062)		(5,192)		—		—		(1,763)		(1,763)
Recoveries	—		—		18		18		—		—		—		—
Provision for credit losses1	(92)		1,576		6,231		7,715		(88)		(187)		6,985		6,710
Total	$	1,831	$	3,108	$	40,227	$	45,166	$	1,270	$	28	$	24,747	$	26,045

The Company identified 383 and 145 loans as of September 30, 2025 and December 31, 2024, respectively, that did not share similar risk characteristics with the loan segments identified in NOTE 2—SIGNIFICANT ACCOUNTING POLICIES and evaluated them for impairment individually.

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


	September 30, 2025								December 31, 2024
ACL	CRE		C&I		SBA		Total		CRE		C&I		SBA		Total
Individually Evaluated	$	—	$	1,536	$	12,788	$	14,324	$	—	$	—	$	7,019	$	7,019
Collectively Evaluated	1,831		1,572		27,439		30,842		1,430		315		21,469		23,214
Total	$	1,831	$	3,108	$	40,227	$	45,166	$	1,430	$	315	$	28,488	$	30,233

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


	September 30, 2025								December 31, 2024
Recorded Investment	CRE		C&I		SBA		Total		CRE		C&I		SBA		Total
Individually Evaluated	$	18,824	$	2,465	$	60,048	$	81,337	$	2,635	$	—	$	21,706	$	24,341
Collectively Evaluated	238,097		62,422		449,864		750,383		189,196		47,558		359,275		596,029
Total	$	256,921	$	64,887	$	509,912	$	831,720	$	191,831	$	47,558	$	380,981	$	620,370

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


	September 30, 2025						December 31, 2024
	Nonaccrual without Allowance		Nonaccrual with Allowance		ACL		Nonaccrual without Allowance		Nonaccrual with Allowance		ACL
SBA	$	20,730	$	39,317	$	12,789	$	7,264	$	14,442	$	7,019
CRE	3,165		—		—		2,635		—		—

C&I	456		2,010		1,536		—		—		—






Total	$	24,351	$	41,327	$	14,325	$	9,899	$	14,442	$	7,019

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


	September 30, 2025				December 31, 2024

	Real Estate Collateral		Non-Real Estate Collateral		Total		ACL		Real Estate Collateral		Non-Real Estate Collateral		Total		ACL
SBA	$	49,585	$	10,463	$	60,048	$	12,789	$	19,586	$	2,120	$	21,706	$	7,019
CRE	18,824		—		18,824		—		2,635		—		2,635		—

C&I	2,375		90		2,465		1,536		—		—		—		—





Total	$	70,784	$	10,553	$	81,337	$	14,325	$	22,221	$	2,120	$	24,341	$	7,019

Accrued interest on loans totaled $20.2 million and $15.5 million as of September 30, 2025 and December 31, 2024, 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 September 30, 2025, the Company executed one loan modification involving a borrower experiencing financial difficulty, with an amortized cost basis of $0.25 million. The modification resulted in an other-than-insignificant delay in payments; however, the Company expects to receive all contractual principal and interest. The terms of the modification did not include principal forgiveness, term extension, or interest rate reductions.

No other loan modifications to borrowers experiencing financial difficulty were executed during the three and nine months ended September 30, 2025 and 2024.

Loans held for sale, at fair value


	September 30, 2025		December 31, 2024
SBA 504 First Lien	$	155,459	$	128,255
SBA 504 Second Lien	31,009		26,678
SBA 7(a)	265,521		4,855
SBA 7(a) Partials1	18,384		—
ALP	286,628		212,498
Loans held for sale, at fair value	$	757,001	$	372,286

1 Reclassified from Loans held for sale, at LCM

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


	As of September 30, 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	$	1,566	$	1,454	$	1,417	$	13,149	$	17,586	$	452,786	$	470,372
ALP, at fair value	8,746		—		11,488		1,740		21,974		264,655		286,629
Total	$	10,312	$	1,454	$	12,905	$	14,889	$	39,560	$	717,441	$	757,001

	As of December 31, 2024
	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	$	29,119	$	13,367	$	—	$	250	$	42,736	$	117,052	$	159,788
ALP, at fair value	—		2,492		—		—		2,492		210,006		212,498
Total	$	29,119	$	15,859	$	—	$	250	$	45,228	$	327,058	$	372,286

Loans held for sale, at LCM


	September 30, 2025		December 31, 2024
SBA 504 First Lien	$	22,119	$	36,783
SBA 504 Second Lien	6,559		8,203

SBA 7(a) Partials1	—		13,817

Loans held for sale, at LCM	$	28,678	$	58,803

1 Reclassified to Loans held for sale, at fair value

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


	As of September 30, 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	$	—	$	151	$	—	$	2,504	2,655	$	26,023	$	28,678


	As of December 31, 2024
	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	$	2,164	$	1,099	$	—	$	—	$	3,263	$	55,540	$	58,803