0001628280-26-016503 | 10-K | XBRL Viewer

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FAIR VALUE MEASUREMENTS - Level III Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Loans and accrued interest acquired through asset acquisition	$ 26,213	$ 0	$ 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	483	(2,586)
Settlements	(71,830)	(71,791)
Purchases	(5,781)	(4,569)
Purchases and repurchases of loans	4,669	4,851
Fair value, ending balance	281,198	369,746	469,801
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	(1,468)	597
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	(14,621)	(26,942)
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 HFS and HFI		(599)
Reclasses between loans at FV and LCM	7,133	4,077
Sales	(270,910)	(179,949)
Settlements	(12,293)	(16,178)
Purchases and repurchases of loans	25,094
Transfers out of Level 3	(4,856)
Fair value, ending balance	647,370	372,286	118,867
Loans Held For Sale \| SBA investment
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Funded	125,262	26,863
Loans Held For Sale \| Conventional Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Funded	363,410	283,822
Loans Held For Sale \| Mortgage Loan
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Funded		103,838
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	42,244	31,569
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		(24)
Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Transfers out of Level 3	(1,500)
Investments \| Joint Ventures and Other Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	57,678	41,587
Purchases	85	5,379
Funded	2,268
Asset purchase of controlling interest, net of cash acquired	10,120
Returns of capital	(26,227)
Gain (loss) included in earnings		10,712
Fair value, ending balance	38,856	57,678	41,587
Investments \| Joint Ventures and Other 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	(3,568)
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	0
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		924
Consolidation changes		(8,212)
Fair value, ending balance	15,358	22,062	29,336
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	(19)
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	(6,685)
Servicing Assets, at FV \| Joint Ventures and Other Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Funded		14
Assets HFS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	21,308	0
Gain (loss) included in earnings		(616)
Fair value, ending balance		21,308	0
Assets HFS \| Joint Ventures and Other Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Funded		21,924
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	81	133	141
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	(52)	(8)
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	(2,371)	(1,446)
Purchases	7,778	4,569
Fair value, ending balance	7,570	3,764	$ 1,110
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	$ (1,601)	$ (469)

INVESTMENTS - Other Information (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-Sale [Line Items]
Total pledged	$ 16,829	$ 23,917
Pledged for deposits
Debt Securities, Available-for-Sale [Line Items]
Total pledged	0	0
FRB borrowings
Debt Securities, Available-for-Sale [Line Items]
Total pledged	7,383	2,980
FHLB borrowings
Debt Securities, Available-for-Sale [Line Items]
Total pledged	$ 9,446	$ 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
-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 3: http://www.xbrl.org/2003/role/disclosureRef
-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 4: http://www.xbrl.org/2003/role/disclosureRef
-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 5: http://www.xbrl.org/2003/role/disclosureRef
-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 6: http://www.xbrl.org/2003/role/disclosureRef
-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 7: http://www.xbrl.org/2003/role/disclosureRef
-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 8: http://www.xbrl.org/2003/role/disclosureRef
-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 9: http://www.xbrl.org/2003/role/disclosureRef
-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/2003/role/disclosureRef
-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/2003/role/disclosureRef
-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/2003/role/disclosureRef
-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

BORROWINGS - Repayments of Debt (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Debt Disclosure [Abstract]
2026	$ 97,989
2027	225,932
2028	90,777
2029	147,675
2030	138,251
Thereafter	128,828
Net carrying amount	$ 829,452

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2025 and December 31, 2024:


	Fair Value Measurements at December 31, 2025
	Total		Level 1			Level 2			Level 3
Assets:
Debt securities available-for-sale, at fair value
U.S. Treasury notes	$	16,829	$	16,829		$	—		$	—

Loans held for sale, at fair value	971,837		—			324,467			647,370
Loans held for investment, at fair value	281,198		—			—			281,198
Individually evaluated loans1	94,322		—			—			94,322
Other real estate owned, at fair value2	7,570		—			—			7,570
Other real estate owned, at LCM1,2	1,286		—			—			1,286
Residuals in securitizations, at fair value3	76,701		—			—			76,701
Servicing assets, at fair value	15,358		—			—			15,358
Servicing assets, at LCM1	29,564		—			—			29,564
Joint ventures and other investments, at fair value	47,719		6,880		5	1,983		6	38,856
Derivative instruments1,2,3	737		—			737			—
Total assets measured at fair value	$	1,543,121	$	23,709		$	327,187		$	1,192,225
Liabilities:
Equity warrants3,4	$	81	$	—		$	—		$	81

Total liabilities measured at fair value	$	81	$	—		$	—		$	81

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 Includes four million shares of IPM Preferred Stock valued at the closing price per share of IPM common stock of $1.72 on December 31, 2025

6 Includes the Biller Genie investment valued at the price that settled in January 2026.


	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
Individually evaluated loans2	24,341		—		—		24,341
Other real estate owned, at fair value1	3,764		—		—		3,764

Servicing assets, at fair value	22,062		—		—		22,062
Servicing assets, at LCM1	24,195		—		—		24,195
Joint ventures and other investments	57,678		—		—		57,678
Derivative instruments1,3	715		—		715		—
Total assets measured at fair value	$	898,703	$	23,916	$	715	$	874,072
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 years ended December 31, 2025 and 2024:


	Year Ended December 31, 2025
	Loans HFI, at FV		Loans HFS, at FV			Joint Ventures and Other 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	483		(270,910)			—			—		—		—		(2,371)
Principal payments received	(71,830)		(12,293)			—			—		—		—		—
Foreclosed real estate acquired	(5,781)		—			—			—		—		—		7,778
SBA loans, funded	—		125,262			—			—		—		—		—
ALP loans, funded	—		363,410			—			—		—		—		—

Purchases and repurchases of loans	4,669		25,094			—			—		—		—		—
Residuals in securitizations, notional	—		—			—			32,481		—		—		—
Additions3	—		—			2,268			—		—		—		—
Asset purchase of controlling interest, net of cash acquired						10,120
Capital contributions	—		—			85			—		—		—		—
Returns of capital4	—		—			(26,227)			—		—		—		—
Change in valuation due to:
Changes in valuation inputs or assumptions	(1,468)		42,244			(3,568)			44,220		(19)		(52)		(1,601)
Other factors	(14,621)		—			—			—		(6,685)		—		—
Transfers out of Level 3	—		(4,856)		5	(1,500)		6	—		—		—		—
Fair value, December 31, 2025	$	281,198	$	647,370		$	38,856		$	76,701	$	15,358	$	81	$	7,570

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 asset purchase of controlling interest in 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.

6 As of October 1, 2025, the Company is using the sales offering agreement to calculate the fair value of its investment in Biller Genie, moving it from Level 3 to Level 2. The sale of Biller Genie was completed in January 2026 at the anticipated pricing that was used in the December 31, 2025 valuation model.


	Year Ended December 31, 2024
	Loans HFI, at FV		Loans HFS, at FV		Joint Ventures and Other Investments		Servicing Assets, at FV		Assets HFS		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	—		(599)		—		—		—		—		—
Reclasses between loans at FV and LCM	263		4,077		—		—		—		—		—
Sales	(2,586)		(179,949)		—		—		—		—		(1,446)
Principal payments received	(71,791)		(16,178)		—		—		—		—		—
Foreclosed real estate acquired	(4,569)		—		—		—		—		—		4,569
SBA loans, funded	122		26,863		—		—		—		—		—
ALP loans, funded	—		283,822		—		—		—		—		—
Mortgage loans, funded	—		103,838		—		—		—		—		—
Additions	—		—		—		14		21,924		—		—
Purchases and repurchases of loans	4,851		—		—		—		—		—		—
Capital contributions/(distributions)	—		—		5,379		—		—		—		—
Change in valuation due to:
Changes in valuation inputs or assumptions	597		31,569		10,712		924		(616)		(8)		(469)
Other factors	(26,942)		(24)		—		(8,212)		—		—		—
Fair Value, December 31, 2024	$	369,746	$	372,286	$	57,678	$	22,062	$	21,308	$	133	$	3,764

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:


	December 31, 2025
	Carrying Amount		Fair Value Amount by Level:						Total Fair Value
			Level 1		Level 2		Level 3
Financial Assets:
Cash and due from banks	$	4,196	$	4,196	$	—	$	—	$	4,196
Restricted cash	26,477		26,477		—		—		26,477
Interest bearing deposits in banks	279,618		279,618		—		—		279,618


Loans HFS, at LCM	26,532		—		—		26,532		26,532

Loans HFI, at amortized cost, net of deferred fees and costs	896,689		—		—		1,012,200		1,012,200
Federal Home Loan Bank and Federal Reserve Bank stock	4,234		—		4,234		—		4,234


Financial Liabilities:
Time deposits	439,805		—		440,688		—		440,688
Borrowings	819,888		—		283,999		543,999		827,998

	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


Loans HFS, at LCM	58,803		—		—		58,856		58,856

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

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 December 31, 2025 and December 31, 2024:


	December 31, 2025								December 31, 2024
			Weighted		Range						Weighted		Range
Unobservable Input	Amount		Average		Minimum		Maximum		Amount		Average		Minimum		Maximum
Servicing assets at FV:	$	15,358							$	22,062
Discount factor1			11.25	%	11.25	%	11.25	%			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:	29,564								24,195
Discount factor1			11.27	%	10.75	%	12.00	%			12.97	%	12.00	%	13.50	%
Cumulative prepayment rate			33.72	%	22.50	%	50.00	%			34.65	%	22.50	%	75.00	%
Average cumulative default rate			16.95	%	5.00	%	21.00	%			18.90	%	5.00	%	20.00	%
Total	$	44,922							$	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 December 31, 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 December 31, 2025 and December 31, 2024.


	Fair Value as of			Weighted		Range
	December 31, 2025		Unobservable Input	Average		Minimum		Maximum
Assets:
Loans HFI, at FV - accrual	$	208,655	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	$	72,543	Market yields	7.00	%	7.00	%	7.00	%

			Average cumulative default rate	30.00	%	30.00	%	30.00	%
Loans HFS, at FV	$	647,370	Market yields	7.19	%	6.43	%	8.13	%
			Cumulative prepayment rate	56.17	%	50.00	%	60.00	%
			Average cumulative default rate	11.17	%	5.00	%	15.00	%
Joint ventures and other investments	$	38,856	Market yields	7.40	%	6.71	%	12.49	%
			Cost of equity	14.00	%	12.00	%	16.00	%
			Weighted average cost of capital	9.00	%	7.00	%	11.00	%
Residuals in securitizations, at FV	$	76,701	Market yields	7.58	%	7.58	%	7.58	%
			Cost of equity	14.00	%	12.00	%	16.00	%
			Weighted average cost of capital	9.00	%	7.00	%	11.00	%
Servicing assets, at FV1	$	15,358	Market yields	11.25	%	11.25	%	11.25	%
			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	$	7,570	Appraised value	N/A		N/A		N/A
Liabilities:
Equity warrants	$	81	Expected volatility	45.00	%	45.00	%	45.00	%
			Dividend yield	6.70	%	6.70	%	6.70	%
			Risk free rate	3.95	%	3.95	%	3.95	%

1 $15.4 million of servicing assets held at FV and $29.6 million of servicing assets held at LCM. Refer to NOTE 7—SERVICING ASSETS.


	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 other 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 FV1	$	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, at FV	$	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	%

1 $22.1 million of servicing assets held at FV and $24.2 million of servicing assets held at LCM. Refer to NOTE 7—SERVICING ASSETS.

Schedule of carrying values and estimated fair values of debt instruments

The fair values of the components of Borrowings are included in the chart below:


	December 31, 2025				December 31, 2024
	Closing Price		Fair Value		Closing Price		Fair Value
Public Parent Company Notes1:

2026 Notes (5.50%)2	$	25.19	$	95,722	$	25.21	$	115,966
2028 Notes (8.00%)	25.20		40,320		25.28		40,448
2029 Notes (8.50%)	25.16		72,267		25.32		72,795
2029 Notes (8.625%)	25.23		75,690		25.78		77,340
Subtotal (Level 2)			$	283,999			$	306,549

Private Parent Company Notes3			$	102,758			$	80,926
Securitizations4			127,050				186,635
FHLB Borrowings4			7,349				15,330
Bank Borrowings4			306,842				130,927
Subtotal (Level 3)			$	543,999			$	413,818

Total Borrowings			$	827,998			$	720,367

1 Fair values are based on the closing public share price on the date of measurement.

2 On February 1, 2026, the 2026 Notes matured. See “NOTE 24—SUBSEQUENT EVENTS - Exchange of 2026 Notes for 2031 Notes and Repayment of 2026 Notes” for additional information.

3 Not recorded at fair value on a recurring basis. The fixed rate private Notes are held at par as of December 31, 2025 and December 31, 2024. Fair value calculations are performed based on implied treasury rates as of year end.

4 Fair value is calculated as the Borrowings Outstanding. Refer to NOTE 13—BORROWINGS.

DEPOSITS - Deposits by Type (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deposit Liability [Line Items]
Noninterest-bearing	$ 53,873	$ 11,142
Interest-bearing:
Checking	150,025	103,978
Money market	93,341	62,001
Savings	681,364	386,680
Time deposits	439,805	409,251
Interest-bearing	1,364,535	961,910
Total deposits	1,418,408	973,052
Time deposits, money market, and interest-bearing checking obtained through brokers	70,015	27,100
Aggregate amount of deposit accounts that exceeded the FDIC limit	394,346	140,679
Deposit overdrafts reclassified as loan balances	142	17
Certificates of Deposit
Interest-bearing:
Aggregate amount of deposit accounts that exceeded the FDIC limit	$ 92,372	$ 99,231

GOODWILL AND INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Intangible Asset, Acquired, Finite-Lived [Line Items]
Total	$ 512
Banking - Core Deposits
Intangible Asset, Acquired, Finite-Lived [Line Items]
Gross carrying Amount	1,040	$ 1,040
Accumulated Amortization	528	373
Total	$ 512	$ 667

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income	$ 60,512	$ 50,853	$ 47,329
Adjustments to reconcile net income to net cash used in operating activities:
Net unrealized depreciation (appreciation) on joint ventures and other investments	4,405	(10,712)	(3,219)
Net gain on loans accounted for under the fair value option	(61,157)	(5,200)	(18,008)
Net gain on residuals in securitizations	(30,015)	0	0
Net loss on loan servicing assets	16,692	12,665	4,282
Net unrealized (appreciation) depreciation on warrants and derivative transactions	(74)	(1,344)	699
Unrealized loss on assets classified as held for sale	0	616	0
Net gain on sales of loans	(47,555)	(97,183)	(51,467)
Net accretion of premium/discount on debt securities available-for-sale and loans	(1,319)	(836)	(675)
Loss on extinguishment of debt, deferred financing costs expensed	158	0	271
Amortization of deferred financing costs and deferred loan fees and costs	4,396	4,564	4,052
Provision for credit losses	38,729	26,216	11,704
Lower of cost or market adjustment on loans held for sale	(12)	(73)	0
Bad debt expense, net of recoveries	283	1,059	3,637
Stock compensation expense	4,097	4,062	2,828
Deferred income tax expense (benefit)	8,482	10,403	(4,800)
Depreciation and amortization	668	1,784	2,884
Proceeds from sale of loans held for sale	404,547	817,869	695,461
Sale of loans held for sale from affiliate	0	140,009	(5,279)
Funding of loans held for sale	(1,062,896)	(1,125,131)	(783,035)
Principal received on loans held for sale	23,128	18,898	12,235
Other, net	(1,249)	0	0
Changes in operating assets and liabilities:
Settlement receivable	52,027	9,765	(62,230)
Dividends receivable	0	0	493
Other assets	(21,104)	(13,660)	7,432
Assets classified as held for sale	0	(1,497)	0
Liabilities directly associated with assets classified as held for sale	0	(174)	0
Dividends payable	0	441	4,776
Due to participants	30,857	(2,264)	(11,832)
Accounts payable, accrued expenses and other liabilities	(2,841)	6,086	(26,757)
Net cash used in operating activities	(579,241)	(153,014)	(169,219)
Cash flows from investing activities:
Principal received on loans held for investment, at fair value	71,830	71,576	39,601
Repurchases of loans held for investment, at fair value	(4,669)	(4,759)	(10,252)
Net increase in loans held for investment, at cost	(313,270)	(278,539)	(169,003)
Proceeds from sale of Newtek Technology Solutions, Inc.	4,000	0	0
Asset purchase of controlling interest in NCL JV, net of cash acquired	(10,120)	0	0
Contributions to joint ventures and other investments	(85)	(25,680)	(14,550)
Return of capital from joint ventures and other investments	14	20,301	564
Purchase of fixed assets	(106)	(439)	(458)
Sales of Federal Home Loan Bank and Federal Reserve Bank stock	361	1,071	1,330
Purchases of Federal Home Loan Bank and Federal Reserve Bank stock	(1,010)	(1,021)	(3,442)
Purchases of available-for-sale securities	(19,937)	(33,021)	(28,668)
Maturities of available-for-sale securities	27,700	41,460	1,501
Acquisitions, net of cash acquired	0	0	11,142
Net cash used in investing activities	(245,292)	(209,051)	(172,235)
Cash flows from financing activities:
Borrowing on bank notes payable	531,200	277,240	249,017
Repayment on bank notes payable	(353,803)	(205,627)	(327,680)
Net increase in deposits	444,352	508,577	324,705
Repayment of Federal Home Loan Bank advances	(8,026)	(7,959)	(4,895)
Proceeds from common shares sold, net of offering costs	5,091	13,818	0
Proceeds from preferred stock, net of offering costs	48,181	0	19,493
Securities purchase and exchange agreement	10,000	0	0
Repurchase of common shares under share repurchase plan	(1,491)	0	0
Payments on Notes Payable - Securitization Trusts	(60,404)	(106,992)	(90,780)
Proceeds related to residuals in securitizations	169,420		103,860
Dividends paid, net of dividend reinvestment plan	(28,044)	(20,252)	(14,147)
Payments of deferred financing costs	(3,056)	(6,039)	(4,650)
Proceeds from common stock issued under ESPP, net of discount	268	207	51
Purchase of vested stock for employee payroll tax withholding	(2,171)	(299)	0
Retirement of common shares	0	(402)	0
Net cash provided by financing activities	753,450	560,897	344,974
Net (decrease) increase in cash and restricted cash	(71,083)	198,832	3,520
Cash and restricted cash—beginning of period (NOTE 2)	381,374	184,006	125,606
Consolidation/(deconsolidation) of cash and restricted cash from controlled investments related to business combinations and dispositions, net of cash paid	0	(1,464)	54,880
Cash and restricted cash—end of period (NOTE 2)	310,291	381,374	184,006
Non-cash operating, investing and financing activities:
Foreclosed real estate acquired	11,423	4,569	2,978
Dividends declared but not paid during the period	0	5,237	4,363
Loans and accrued interest acquired through asset acquisition	26,213	0	0
Securities purchase and exchange agreement conversion	19,738	0	0
Issuance of common shares under dividend reinvestment plan	0	0	219
Supplemental disclosure of cash flow information:
Interest paid	97,479	79,192	66,471
Income taxes paid	12,502	7,429	6,884
Other Investments
Adjustments to reconcile net income to net cash used in operating activities:
Net unrealized depreciation (appreciation) on joint ventures and other investments	763	(128)
Principal received on investments	0	(230)	0
Stock Acquired
Non-cash operating, investing and financing activities:
IPM	8,200	0	0
Earn Out Receivable
Non-cash operating, investing and financing activities:
IPM	2,268	0	0
2025 8.13% Notes
Cash flows from financing activities:
Proceeds from Notes	0	0	50,000
8.00% Notes due 2028
Cash flows from financing activities:
Proceeds from Notes	0	0	40,000
2024 Notes
Cash flows from financing activities:
Redemption of Notes	0	(38,250)	0
2025 5.00% Notes
Cash flows from financing activities:
Redemption of Notes	(30,000)	0	0
2029 8.50% Notes
Cash flows from financing activities:
Proceeds from Notes	0	71,875	0
Purchase of 2029 8.50% Notes	(67)	0	0
2029 8.625% Notes
Cash flows from financing activities:
Proceeds from Notes	0	75,000	0
2030 8.375% Notes
Cash flows from financing activities:
Proceeds from Notes	$ 32,000	$ 0	$ 0

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared common shares (in dollars per share)	$ 0.76	$ 0.76	$ 0.72
Dividends declared preferred shares (in dollars per share)	$ 70.69	$ 80.00	$ 72.69

LOANS - Narrative (Details) $ in Thousands	12 Months Ended
LOANS - Narrative (Details) $ in Thousands	Dec. 31, 2025 USD ($) loan
Receivables [Abstract]
Number of loans modified in period	3
Number of loans modified in period and subsequently defaulted	2
Loan modification, amortized cost basis \| $	$ 152

BORROWINGS - Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Medium-term Notes
Debt Instrument [Line Items]
Interest expense	$ 56,636	$ 52,423	$ 51,890

- 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 815
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+ Details

SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Narrative (Details)	Apr. 23, 2025 USD ($)	Dec. 31, 2025 loan	Jul. 23, 2024 USD ($)	Jun. 30, 2023 loan
Variable Interest Entity [Line Items]
Number of securitizations \| loan		3		13
Collateral	$ 216,600,000
Yield	6.62%
Advance rate	85.00%
Class A Notes
Variable Interest Entity [Line Items]
Notes sold	$ 155,900,000		$ 137,200,000
Yield	6.338%
Class B Notes
Variable Interest Entity [Line Items]
Notes sold	$ 23,800,000		$ 17,200,000
Yield	7.838%
Class C Notes
Variable Interest Entity [Line Items]
Notes sold	$ 4,300,000
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

INVESTMENTS - Securities Settled or Sold (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) loan	Dec. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan
Investments, Debt and Equity Securities [Abstract]
Securities sold or settled, number \| loan	8	5	0
Securities sold or settled \| $	$ 27,700	$ 42,500	$ 0

TRANSACTIONS WITH AFFILIATED COMPANIES AND RELATED PARTY TRANSACTIONS - Transactions with Joint Ventures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Servicing income	$ 22,850	$ 20,087	$ 18,289
Dividend income	3,211	1,519	1,757
Total income	224,914	217,312	176,772
Joint Ventures \| Related Party
Related Party Transaction [Line Items]
Servicing income	1,591	1,997	1,240
Dividend income	3,211	1,503	1,641
Total income	$ 4,802	$ 3,500	$ 2,881

- 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 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

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

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

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

LOANS - Aging Status (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Accounted for Under the FV Option	$ 281,198	$ 369,746
Total Carried at Amortized Cost	896,689	621,651
Non- accrual	41,358	14,442
Deferred fees and costs	2,369	1,281
Allowance for credit losses	(45,226)	(30,233)	$ (12,574)
Loans held for investment, at amortized cost, net	851,463	591,418
SBA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Carried at Amortized Cost	539,746	380,981
Non- accrual	39,950	14,442
Allowance for credit losses	(40,071)	(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	274,194	191,831
Non- accrual	0	0
Allowance for credit losses	(1,873)	(1,430)	(1,408)
C&I
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Carried at Amortized Cost	80,380	47,558
Non- accrual	1,408	0
Allowance for credit losses	(3,282)	(315)	$ (314)
Total Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Carried at Amortized Cost	894,320	620,370
Performing \| 30-59 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Accounted for Under the FV Option	10,843	23,158
Performing \| 30-59 Days \| SBA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Carried at Amortized Cost	9,740	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	5,089	275
Performing \| 30-59 Days \| Total Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Carried at Amortized Cost	14,829	11,539
Performing \| 60-89 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Accounted for Under the FV Option	5,903	18,400
Performing \| 60-89 Days \| SBA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Carried at Amortized Cost	5,628	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	98	0
Performing \| 60-89 Days \| Total Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Carried at Amortized Cost	5,726	9,046
Performing \| 90+ Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Accounted for Under the FV Option	2,732	9,268
Performing \| 90+ Days \| SBA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Carried at Amortized Cost	0	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	0	0
Performing \| 90+ Days \| Total Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Carried at Amortized Cost	0	0
Performing \| Total Past Due and Non-accrual
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Accounted for Under the FV Option	92,021	118,130
Performing \| Total Past Due and Non-accrual \| SBA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Carried at Amortized Cost	89,376	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	2,976	2,635
Performing \| Total Past Due and Non-accrual \| C&I
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Carried at Amortized Cost	7,017	275
Performing \| Total Past Due and Non-accrual \| Total Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Carried at Amortized Cost	99,369	44,926
Performing \| Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Accounted for Under the FV Option	189,177	251,616
Performing \| Current \| SBA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Carried at Amortized Cost	450,370	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	271,218	189,196
Performing \| Current \| C&I
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Carried at Amortized Cost	73,363	47,283
Performing \| Current \| Total Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Carried at Amortized Cost	794,951	575,444
Nonperforming
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Accounted for Under the FV Option	72,543	67,304
Nonperforming \| SBA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non- accrual	74,008	21,706
Nonperforming \| CRE, at amortized cost, net of deferred fees and costs
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non- accrual	2,976	2,635
Nonperforming \| C&I
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non- accrual	1,830	0
Nonperforming \| Total Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non- accrual	$ 78,814	$ 24,341

FAIR VALUE MEASUREMENTS - Unobservable Units (Details) $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	$ 281,198	$ 369,746
Residuals in securitizations, at fair value	76,701	0
Servicing asset	15,358	22,062
Other real estate owned	7,570	3,764
Equity warrants	81	133
Servicing assets at fair value	44,922	46,257
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets at fair value	15,358	22,062
Lower of Cost or Market
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets at fair value	29,564	24,195
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	281,198	369,746
Loans, held for sale, fair value disclosure	647,370	372,286
Residuals in securitizations, at fair value	76,701
Servicing asset	15,358	22,062
Assets held for sale		21,308
Other real estate owned	7,570	3,764
Equity warrants	81	133
Joint Ventures and Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	47,719	57,678
Joint Ventures and Other Investments \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	38,856	57,678
Unguaranteed Investments Accrual \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	208,655	302,442
Unguaranteed Investments Non-Accrual \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	$ 72,543	67,304
Market yields \| Joint Ventures and Other Investments \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		$ 57,678
Weighted Average \| Market yields
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans, held for sale, measurement input	0.0719	0.0762
Residuals in Securitizations, at FV, measurement input	0.0758
Servicing assets, measurement input	0.1125	0.1200
Weighted Average \| Market yields \| Joint Ventures and Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, measurement input	0.0740	0.0840
Weighted Average \| Market yields \| Unguaranteed Investments Accrual
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment, measurement input	0.0655	0.0655
Weighted Average \| Market yields \| Unguaranteed Investments Non-Accrual
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment, measurement input	0.0700	0.0730
Weighted Average \| Cumulative prepayment rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans, held for sale, measurement input	0.5617	0.5978
Servicing assets, measurement input	0.2250	0.2250
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	0.3372	0.3465
Weighted Average \| Cumulative prepayment rate \| Unguaranteed Investments Accrual
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment, measurement input	0.2250	0.2250
Weighted Average \| Average cumulative default rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans, held for sale, measurement input	0.1117	0.0989
Servicing assets, measurement input	0.2100	0.2100
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	0.1695	0.1890
Weighted Average \| Average cumulative default rate \| Unguaranteed Investments Accrual
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment, measurement input	0.2100	0.2100
Weighted Average \| Average cumulative default rate \| Unguaranteed Investments Non-Accrual
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment, measurement input		0.3000
Investments, measurement input	0.3000
Weighted Average \| Cost
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Residuals in Securitizations, at FV, measurement input	0.1400
Weighted Average \| Cost \| Joint Ventures and Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, measurement input	0.1400	0.1100
Weighted Average \| Weighted average cost of capital
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Residuals in Securitizations, at FV, measurement input	0.0900
Weighted Average \| Weighted average cost of capital \| Joint Ventures and Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, measurement input	0.0900	0.0772
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	0.1125	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	0.4500	0.4800
Weighted Average \| Dividend yield
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity warrants, measurement input	0.0670	0.0600
Weighted Average \| Risk free rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity warrants, measurement input	0.0395	0.0452
Minimum \| Market yields
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans, held for sale, measurement input	0.0643	0.0708
Residuals in Securitizations, at FV, measurement input	0.0758
Servicing assets, measurement input	0.1125	0.1200
Minimum \| Market yields \| Joint Ventures and Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, measurement input	0.0671	0.0800
Minimum \| Market yields \| Unguaranteed Investments Accrual
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment, measurement input	0.0655	0.0655
Minimum \| Market yields \| Unguaranteed Investments Non-Accrual
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment, measurement input	0.0700	0.0730
Minimum \| Cumulative prepayment rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans, held for sale, measurement input	0.5000	0.5000
Servicing assets, measurement input	0.2250	0.2250
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
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment, measurement input	0.2250	0.2250
Minimum \| Average cumulative default rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans, held for sale, measurement input	0.0500	0.0500
Servicing assets, measurement input	0.2100	0.2100
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
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment, measurement input	0.2100	0.2100
Minimum \| Average cumulative default rate \| Unguaranteed Investments Non-Accrual
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment, measurement input		0.3000
Investments, measurement input	0.3000
Minimum \| Cost
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Residuals in Securitizations, at FV, measurement input	0.1200
Minimum \| Cost \| Joint Ventures and Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, measurement input	0.1200	0.0800
Minimum \| Weighted average cost of capital
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Residuals in Securitizations, at FV, measurement input	0.0700
Minimum \| Weighted average cost of capital \| Joint Ventures and Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, measurement input	0.0700	0.0600
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	0.1125	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	0.4500	0.4800
Minimum \| Dividend yield
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity warrants, measurement input	0.0670	0.0600
Minimum \| Risk free rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity warrants, measurement input	0.0395	0.0452
Maximum \| Market yields
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans, held for sale, measurement input	0.0813	0.0818
Residuals in Securitizations, at FV, measurement input	0.0758
Servicing assets, measurement input	0.1125	0.1200
Maximum \| Market yields \| Joint Ventures and Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, measurement input	0.1249	0.1200
Maximum \| Market yields \| Unguaranteed Investments Accrual
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment, measurement input	0.0655	0.0655
Maximum \| Market yields \| Unguaranteed Investments Non-Accrual
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment, measurement input	0.0700	0.0730
Maximum \| Cumulative prepayment rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans, held for sale, measurement input	0.6000	0.7000
Servicing assets, measurement input	0.2250	0.2250
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
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment, measurement input	0.2250	0.2250
Maximum \| Average cumulative default rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans, held for sale, measurement input	0.1500	0.1500
Servicing assets, measurement input	0.2100	0.2100
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
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment, measurement input	0.2100	0.2100
Maximum \| Average cumulative default rate \| Unguaranteed Investments Non-Accrual
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment, measurement input		0.3000
Investments, measurement input	0.3000
Maximum \| Cost
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Residuals in Securitizations, at FV, measurement input	0.1600
Maximum \| Cost \| Joint Ventures and Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, measurement input	0.1600	0.1400
Maximum \| Weighted average cost of capital
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Residuals in Securitizations, at FV, measurement input	0.1100
Maximum \| Weighted average cost of capital \| Joint Ventures and Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, measurement input	0.1100	0.2398
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	0.1125	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	0.4500	0.4800
Maximum \| Dividend yield
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity warrants, measurement input	0.0670	0.0600
Maximum \| Risk free rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity warrants, measurement input	0.0395	0.0452

EARNINGS PER SHARE - Schedule of Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Basic earnings per share:
Net income available to common shareholders	$ 58,177	$ 49,253	$ 45,875
Weighted-average basic shares outstanding (in shares)	26,324	24,945	24,263
Basic earnings per share (in dollars per share)	$ 2.21	$ 1.97	$ 1.89
Diluted earnings per share:
Net income, for diluted earnings per share	$ 58,177	$ 49,253	$ 45,875
Weighted-average basic shares outstanding (in shares)	26,324	24,945	24,263
Add effect of dilutive restricted stock awards	391	241	85
Total weighted-average diluted shares outstanding (in shares)	26,715	25,186	24,348
Diluted earnings per share (in dollars per share)	$ 2.18	$ 1.96	$ 1.88
Anti-dilutive warrants, restricted stock awards, and Series A convertible preferred stock (in shares)	$ 48	$ 998	$ 1,153

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

DEPOSITS (Tables)

12 Months Ended

Dec. 31, 2025

Banking and Thrift, Interest [Abstract]

Deposit liabilities

The following table summarizes deposits by type:


	December 31, 2025		December 31, 2024
Non-interest-bearing:
Demand	$	53,873	$	11,142
Interest-bearing:
Checking	150,025		103,978
Money market	93,341		62,001
Savings	681,364		386,680
Time deposits	439,805		409,251
Total interest-bearing	1,364,535		961,910
Total deposits	$	1,418,408	$	973,052

Time deposits, money market, and interest-bearing checking obtained through brokers	$	70,015	$	27,100
Aggregate amount of deposit accounts that exceeded the FDIC limit	$	394,346	$	140,679
Deposit overdrafts reclassified as loan balances	$	142	$	17
Certificates of deposit in excess of $0.25 million	$	92,372	$	99,231

Time deposit maturities

The following table summarizes the scheduled maturities of time deposits:


2026	$	348,649
2027	45,133
2028	20,760
2029	16,538
2030	8,725
Thereafter	—
Total time deposits	$	439,805

- Definition

Tabular disclosure of type of deposit liability.

+ References

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+ Details

INVESTMENTS

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

NOTE 4—INVESTMENTS:

Investments consisted of the following at:


	December 31, 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 investments, at fair value	36,692		47,719		44,039		57,678
Debt securities available-for-sale, at fair value	16,836		16,829		23,934		23,916
Federal Home Loan Bank and Federal Reserve Bank stock	4,234		4,234		3,585		3,585
Total investments	$	90,243	$	145,483	$	71,558	$	85,179

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

NCL JV: On May 20, 2019, the Company and its joint venture partner launched NCL JV to provide ALP loans (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 dissolved NCL JV.

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

Intelligent Protection Management Corp.

On January 2, 2025, the Company completed the sale of its wholly owned subsidiary Newtek Technology Solutions, Inc. (“NTS”) to Paltalk, Inc. (subsequently renamed Intelligent Protection Management Corp. (“IPM”)) (Nasdaq: IPM) (the “NTS Sale”). In connection with the NTS Sale, the Company received the Closing Consideration consisting of $4.0 million Cash Consideration and 4.0 million shares of IPM Preferred Stock. Upon the occurrence of certain specified transfers of the IPM Preferred Stock, each share of IPM Preferred Stock will automatically convert into one share of common stock of IPM, subject to certain anti-dilution adjustments. In addition to the Closing Consideration, the Company may be entitled to receive an earn-out in an amount of up to $5.0 million, payable in cash, IPM Preferred Stock, or a combination thereof (as determined in IPM’s discretion), based on IPM’s achievement of certain cumulative average Adjusted EBITDA thresholds for the 2025 and 2026 fiscal years. The Company 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 related to our joint ventures and other investments for the years ended December 31, 2025 and 2024 were as follows:


	December 31, 2025				December 31, 2024
Company	Year End Fair Value		Net Gains/(Losses)		Year End Fair Value		Net Gains/(Losses)
Joint Ventures
NCL JV	$	—	$	(2,792)	$	18,800	$	(600)
TSO JV	37,250		(850)		38,100		11,184
Total Joint Ventures	$	37,250	$	(3,642)	$	56,900	$	10,584
Other Investments
EMCAP Loan Holdings, LLC	$	306	$	—	$	320	$	68
Biller Genie Software, LLC	1,983		1,525		458		60
Intelligent Protection Management Corp.
IPM Earnout1	1,300		(968)		—		—
IPM Stock2	6,880		(1,320)		$	—	—
Total Other Investments	$	10,469	$	(763)	$	778	$	128
Total	$	47,719	$	(4,405)	$	57,678	$	10,712

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 $1.72 on December 31, 2025.

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 December 31, 2025 and December 31, 2024:


	December 31, 2025								December 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. Treasury notes	$	16,836	$	—	$	7	$	16,829	$	23,934	$	11	$	29	$	23,916

As of December 31, 2025 and December 31, 2024, there was no accrued interest receivable 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 years ended December 31, 2025, 2024 and 2023, securities sold or settled were as follows:


	Year Ended December 31,
		2025		2024		2023
			# of Securities	$	# of Securities	$	# of Securities	$
Securities sold or settled			eight settled	$27,700	five settled	$42,500	none	$—

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:


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


	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:


	December 31, 2025				December 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Maturing within 1 year	$	16,836	$	16,829	$	15,833	$	15,838
After 1 year through 5 years	—		—		8,101		8,078


Total	$	16,836	$	16,829	$	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:


	December 31, 2025		December 31, 2024
Pledged for deposits	$	—	$	—
Pledged for borrowings and other:
FRB borrowings	7,383		2,980
FHLB borrowings	9,446		20,937
Total pledged	$	16,829	$	23,917

- Definition

The entire disclosure for investments owned by investment company.

+ References + Details

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 15—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 December 31, 2025 for future minimum cash payments required under operating leases and employment agreements with the Company’s named executive officers:


Year	Operating Leases		Employment Agreements		Total
2026	$	660	$	702	$	1,362
2027	552		—		552
2028	476		—		476
2029	367		—		367
2030	225		—		225
Thereafter	2,012		—		2,012
Total	$	4,292	$	702	$	4,994

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 December 31, 2025 and 2024, the Company had unfunded commitments as follows that the Company anticipates funding from the same sources it used to fund its other loan commitments:


	December 31, 2025		December 31, 2024
SBA 7(a) loans	$	37,162	$	25,032
SBA 504 loans	66,503		72,557
C&I loans	5,048		9,542

Total unfunded commitments	$	108,713	$	107,131

BENEFIT PLANS

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

BENEFIT PLANS

NOTE 20—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.

For the years ended December 31, 2025, 2024 and 2023, the Company matched 50% of the first 2% of employee contributions, resulting in $0.5 million, $0.6 million and $0.4 million in expense, respectively.

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 Company’s 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 Company’s 2015 Stock Incentive Plan, which was terminated by the Board in April 2023. The following table summarizes the restricted stock issuances under the Company’s 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)	—
Year ended December 31, 2025	18	25
Total net restricted stock (granted)/forfeited	(561)	(636)

1 The Company’s 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 Company’s 2015 or 2023 Stock Incentive Plans.

Awards of restricted stock granted under the Company’s 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 Company’s 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 December 31, 2025 and December 31, 2024 are outlined below:


	December 31, 2025	December 31, 2024
Shares outstanding related to grants of restricted stock awards	245	771
Weighted average grant date fair value of awards	$13.41	$14.51
Additional shares outstanding related to dividends on awards	31	59

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

December 31, 2025

December 31, 2024

Unrecognized compensation expense on unvested awards

$2,680

$5,929

Weighted-average period of unrecognized compensation expense

1.3 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 December 31, 2025:


		Year Ended December 31,
		2025					2024					2023
Offering Period Dates		Shares purchased	Weighted avg share price		Total purchased, net of discount		Shares purchased	Weighted avg share price		Total purchased, net of discount		Shares purchased	Weighted avg share price		Total purchased, net of discount
Commencement	End
10/1/2023	3/15/2024	—	$	—	—		5	$	9.83	51		4	$	13.05	51
4/1/2024	9/15/2024	—	$	—	—		10	$	10.21	101		—	$	—	—
10/1/2024	3/15/2025	4	$	10.97	$	48	5	$	11.03	55		—	$	—	—
4/1/2025	9/15/2025	14	$	9.95	$	142	—	$	—	—		—	$	—	—
10/1/2025	12/15/2025	8	$	10.23	$	77	—	$	—	—		—	$	—	—
Totals		26	$	10.19	$	267	20	$	10.32	$	207	4	$	10.32	$	51

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)
Year ended December 31, 2025						(26)
Available for future purchases, December 31, 2025						150

The Company’s total stock-based compensation expense included within Salaries and employee benefits expense in the Consolidated Statements of Income for the years ended December 31, 2025, 2024 and 2023 is summarized below:


	Year Ended December 31,
		2025		2024		2023
Restricted stock awards		$	4,052	$	4,040	$	2,828
ESPP		45		22		—
Total compensation cost recognized for stock-based compensation plans		$	4,097	$	4,062	$	2,828

- Definition

The entire disclosure for defined benefit plan.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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-Topic 715
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+ Details

TRANSACTIONS WITH AFFILIATED COMPANIES AND RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2025

Investments in and advances to affiliates

Investments related to our joint ventures and other investments for the years ended December 31, 2025 and 2024 were as follows:


	December 31, 2025				December 31, 2024
Company	Year End Fair Value		Net Gains/(Losses)		Year End Fair Value		Net Gains/(Losses)
Joint Ventures
NCL JV	$	—	$	(2,792)	$	18,800	$	(600)
TSO JV	37,250		(850)		38,100		11,184
Total Joint Ventures	$	37,250	$	(3,642)	$	56,900	$	10,584
Other Investments
EMCAP Loan Holdings, LLC	$	306	$	—	$	320	$	68
Biller Genie Software, LLC	1,983		1,525		458		60
Intelligent Protection Management Corp.
IPM Earnout1	1,300		(968)		—		—
IPM Stock2	6,880		(1,320)		$	—	—
Total Other Investments	$	10,469	$	(763)	$	778	$	128
Total	$	47,719	$	(4,405)	$	57,678	$	10,712

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.

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


	December 31, 2025		December 31, 2024
Due from affiliated companies1	100		242
Due to affiliated companies2	—		—
Total due to/due from affiliated companies, net	$	100	$	242

1 Included within Other assets

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

The following table summarizes the income earned from our joint ventures and other investments for the years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
		2025		2024		2023
Servicing income		$	1,591	$	1,997	$	1,240
Dividend income		3,211		1,503		1,641
Total income		$	4,802	$	3,500	$	2,881

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 December 31, 2025 and December 31, 2024:


	December 31, 2025		December 31, 2024
FDIC insured deposits	$	4,054	$	4,732
Non-FDIC insured deposits	322		1,098
Total deposits from related parties and their affiliated companies	$	4,376	$	5,830

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 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

SECURITIZATIONS AND VARIABLE INTEREST ENTITIES (Tables)

12 Months Ended

Dec. 31, 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:


	December 31, 2025		December 31, 2024
Restricted cash	$	6,303	$	6,303
Loans held for investment, at fair value	198,434		257,179
Total assets	$	204,737	$	263,482

Borrowings	$	127,050	$	186,635
Total liabilities	$	127,050	$	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:


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

- 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

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy NewtekOne maintains a Risk Management framework to identify, measure, mitigate, monitor and report material risks to the Risk Committee of our Board. Our Risk Management process includes participation by our senior management and employees across NewtekOne and its consolidated subsidiaries and is overseen by our Chief Risk Officer who reports to the Risk Committee and our CEO. The Risk Committee sets the risk appetite across NewtekOne while the executive leadership team and our associates identify and monitor current and emerging risks and manage those risks within our risk appetite. Cybersecurity has been identified among the material risks in our business and the following approach has been developed to address cybersecurity. IPM, a third-party provider, manages our IT infrastructure and cybersecurity program under the oversight of our Chief Technology and Chief Information Security Officer (“CTO/CISO”), and collaborates with us to develop and implement our enterprise-wide cybersecurity risk management program (“Program”). This Program is designed to safeguard our assets and operations, protect the confidentiality of nonpublic, sensitive personal and business information, and ensure the integrity, security, and availability of our information and information systems, as follows: Assessment, Identification, and Management of Material Risks: 1.Comprehensive Risk Assessments: We conduct regular and comprehensive assessments to identify potential cybersecurity risks to our organization. These assessments encompass identification of internal and external threats and vulnerabilities facing our internal systems and applications, networks, and data repositories within our digital ecosystem. 2.Threat Intelligence Monitoring: We continuously monitor threat intelligence sources to stay abreast of emerging cyber threats and trends. This proactive approach enables us to anticipate potential risks and take preemptive measures for timely mitigation. 3.Risk Prioritization: Following the assessment phase, we prioritize identified risks based on their potential impact on our operations, data integrity, confidentiality, and reputation. This risk-based approach allows us to allocate resources effectively and prioritize remediation efforts. 4.Mitigation Strategies: We develop and implement robust mitigation strategies tailored to address identified cybersecurity risks. These strategies may include the deployment of new or enhancement of existing technical controls, such as firewalls, intrusion detection systems, and encryption protocols, as well as the implementation of policies, procedures, and employee training programs to promote cybersecurity awareness and adherence to internal and industry best practices. Integration into Overall Risk Management System: Our cybersecurity risk management processes are fully integrated into our overall risk management program and corporate governance framework. This integration ensures that cybersecurity considerations are embedded within our strategic decision-making processes and are aligned with our broader business objectives. By integrating cybersecurity into our overall risk management system, we promote a comprehensive approach to risk mitigation and resilience-building across the organization. Engagement of Assessors, Consultants, and Auditors: 1.Internal Expertise: Our CTO/CISO is responsible for overseeing the Company’s IT infrastructure and cybersecurity program and reports to our executive management team and the Technology Steering Committee of our Board. Our CTO/CISO has over 25 years of experience in enterprise technology solutions, with expertise in managed services, private cloud, service operations, and security. He is committed to driving reliability of services while prioritizing robust security measures. 2.External Expertise: We recognize the value of external expertise in assessing and enhancing our cybersecurity posture. As of the January 2, 2025 close of our divestiture of Newtek Technology Services (“NTS”) to IPM, we and IPM entered into a Master Services Agreement pursuant to which IPM provides us with the same services NTS provided to the Company prior to the divestiture. Our CTO/CISO is responsible for overseeing IPM’s provisioning of the managed technology and security services, including cybersecurity, to us and all of our subsidiaries. In addition, we engage assessors, consultants, auditors, and other third-party experts with specialized knowledge in cybersecurity to conduct independent assessments, penetration testing, vulnerability scans, and audits to evaluate the effectiveness of our cybersecurity controls and identify areas for improvement. 3.Continuous Improvement: The insights and recommendations provided by external assessors, consultants, and auditors inform our ongoing efforts to strengthen our cybersecurity defenses and continually mature the Program. We prioritize the implementation of their recommendations, to ensure our cybersecurity measures remain robust and adaptive to evolving threats. Oversight of Third-Party Service Providers: Our management is actively engaged in overseeing our third-party service providers. Our Enterprise Third Party Risk Management (“TPRM”) Policy establishes requirements and practices used to oversee and manage the activities of third parties with whom we have a relationship, under which we identify, measure, monitor, and manage third-party risk (including information cybersecurity risks) in alignment with our strategic objectives and in compliance with applicable law. Any identified threats, vulnerabilities, weaknesses, or cybersecurity incidents are addressed as appropriate through our CTO/CISO and IPM, as needed.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	NewtekOne maintains a Risk Management framework to identify, measure, mitigate, monitor and report material risks to the Risk Committee of our Board. Our Risk Management process includes participation by our senior management and employees across NewtekOne and its consolidated subsidiaries and is overseen by our Chief Risk Officer who reports to the Risk Committee and our CEO. The Risk Committee sets the risk appetite across NewtekOne while the executive leadership team and our associates identify and monitor current and emerging risks and manage those risks within our risk appetite. Cybersecurity has been identified among the material risks in our business and the following approach has been developed to address cybersecurity. IPM, a third-party provider, manages our IT infrastructure and cybersecurity program under the oversight of our Chief Technology and Chief Information Security Officer (“CTO/CISO”), and collaborates with us to develop and implement our enterprise-wide cybersecurity risk management program (“Program”). This Program is designed to safeguard our assets and operations, protect the confidentiality of nonpublic, sensitive personal and business information, and ensure the integrity, security, and availability of our information and information systems
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Governance Our Board oversees material risks facing the Company. For some categories of risk, the Board has empowered committees to provide more focused oversight. In the case of cybersecurity and technology risk, in 2024 the Board formed the Technology Steering Committee which has that responsibility. The Technology Steering Committee is informed of risks from cybersecurity threats through regular reports from the Company’s management, including our CTO/CISO, who is responsible for overseeing our cybersecurity risk management program. Our CTO/CISO is chiefly responsible for developing, maintaining, and enforcing cybersecurity and cyber risk-related policies and standards; ensuring the Company and its subsidiaries satisfy requirements of relevant regulations, industry, and third-party risk assessment requirements; keeping abreast of developing security threats, and helping both the Board and the Technology Steering Committee understand potential security concerns that could arise from the changing threat landscape; overseeing and implementing regular security awareness training of all employees on cybersecurity; and supporting effective communication with users to minimize potential security issues. Our CTO/CISO reports to the Technology Steering Committee on a quarterly basis or more frequently as needed, on the state of our cybersecurity risk management program through updates in connection with cybersecurity matters. The Technology Steering Committee also receives regular reports on how management identifies, assesses, and manages cybersecurity and broader technology risks. The Technology Steering Committee reviews these reports and discusses them with management. The Technology Steering Committee reports to the full Board on key aspects of management’s presentations regarding cybersecurity and broader technology risks. All members of the Board have access to written cybersecurity reports that are provided to the Technology Steering Committee. While our Board and Technology Steering Committee oversee cybersecurity and technology risk, our senior leadership is responsible for identifying, assessing, and managing our exposure to risks from cybersecurity threats. Accountability of our cybersecurity program is housed within IPM, with oversight by our CTO/CISO. Our CTO/CISO is responsible for assessing and managing material risks from cybersecurity threats, including oversight and monitoring of the prevention, detection, mitigation and remediation of cybersecurity threats. Our CTO/CISO oversees the IPM team that is responsible for the prevention, detection, mitigation and remediation of cybersecurity threats and incidents. The IPM team consists of individuals that have the requisite knowledge, skills and expertise necessary to appropriately respond to a cybersecurity incident. Our CTO/CISO coordinates with our and our subsidiaries’ executive officers relating to potentially material cybersecurity incidents and regularly discusses with the Technology Steering Committee the effectiveness of the Company’s technological security capabilities associated with disaster recovery, data protection, cyber threat detection and response and, management and mitigation of technology-related compliance risks.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board oversees material risks facing the Company. For some categories of risk, the Board has empowered committees to provide more focused oversight. In the case of cybersecurity and technology risk, in 2024 the Board formed the Technology Steering Committee which has that responsibility.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	ur CTO/CISO reports to the Technology Steering Committee on a quarterly basis or more frequently as needed, on the state of our cybersecurity risk management program through updates in connection with cybersecurity matters.The Technology Steering Committee also receives regular reports on how management identifies, assesses, and manages cybersecurity and broader technology risks. The Technology Steering Committee reviews these reports and discusses them with management. The Technology Steering Committee reports to the full Board on key aspects of management’s presentations regarding cybersecurity and broader technology risks. All members of the Board have access to written cybersecurity reports that are provided to the Technology Steering Committee.
Cybersecurity Risk Role of Management [Text Block]	The Technology Steering Committee is informed of risks from cybersecurity threats through regular reports from the Company’s management, including our CTO/CISO, who is responsible for overseeing our cybersecurity risk management program. Our CTO/CISO is chiefly responsible for developing, maintaining, and enforcing cybersecurity and cyber risk-related policies and standards; ensuring the Company and its subsidiaries satisfy requirements of relevant regulations, industry, and third-party risk assessment requirements; keeping abreast of developing security threats, and helping both the Board and the Technology Steering Committee understand potential security concerns that could arise from the changing threat landscape; overseeing and implementing regular security awareness training of all employees on cybersecurity; and supporting effective communication with users to minimize potential security issues. Our CTO/CISO reports to the Technology Steering Committee on a quarterly basis or more frequently as needed, on the state of our cybersecurity risk management program through updates in connection with cybersecurity matters. The Technology Steering Committee also receives regular reports on how management identifies, assesses, and manages cybersecurity and broader technology risks. The Technology Steering Committee reviews these reports and discusses them with management. The Technology Steering Committee reports to the full Board on key aspects of management’s presentations regarding cybersecurity and broader technology risks. All members of the Board have access to written cybersecurity reports that are provided to the Technology Steering Committee. While our Board and Technology Steering Committee oversee cybersecurity and technology risk, our senior leadership is responsible for identifying, assessing, and managing our exposure to risks from cybersecurity threats. Accountability of our cybersecurity program is housed within IPM, with oversight by our CTO/CISO. Our CTO/CISO is responsible for assessing and managing material risks from cybersecurity threats, including oversight and monitoring of the prevention, detection, mitigation and remediation of cybersecurity threats. Our CTO/CISO oversees the IPM team that is responsible for the prevention, detection, mitigation and remediation of cybersecurity threats and incidents. The IPM team consists of individuals that have the requisite knowledge, skills and expertise necessary to appropriately respond to a cybersecurity incident. Our CTO/CISO coordinates with our and our subsidiaries’ executive officers relating to potentially material cybersecurity incidents and regularly discusses with the Technology Steering Committee the effectiveness of the Company’s technological security capabilities associated with disaster recovery, data protection, cyber threat detection and response and, management and mitigation of technology-related compliance risks.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Technology Steering Committee is informed of risks from cybersecurity threats through regular reports from the Company’s management, including our CTO/CISO, who is responsible for overseeing our cybersecurity risk management program. Our CTO/CISO is chiefly responsible for developing, maintaining, and enforcing cybersecurity and cyber risk-related policies and standards; ensuring the Company and its subsidiaries satisfy requirements of relevant regulations, industry, and third-party risk assessment requirements; keeping abreast of developing security threats, and helping both the Board and the Technology Steering Committee understand potential security concerns that could arise from the changing threat landscape; overseeing and implementing regular security awareness training of all employees on cybersecurity; and supporting effective communication with users to minimize potential security issues. Our CTO/CISO reports to the Technology Steering Committee on a quarterly basis or more frequently as needed, on the state of our cybersecurity risk management program through updates in connection with cybersecurity matters. The Technology Steering Committee also receives regular reports on how management identifies, assesses, and manages cybersecurity and broader technology risks. The Technology Steering Committee reviews these reports and discusses them with management. The Technology Steering Committee reports to the full Board on key aspects of management’s presentations regarding cybersecurity and broader technology risks. All members of the Board have access to written cybersecurity reports that are provided to the Technology Steering Committee.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	ur CTO/CISO reports to the Technology Steering Committee on a quarterly basis or more frequently as needed, on the state of our cybersecurity risk management program through updates in connection with cybersecurity matters.The Technology Steering Committee also receives regular reports on how management identifies, assesses, and manages cybersecurity and broader technology risks. The Technology Steering Committee reviews these reports and discusses them with management. The Technology Steering Committee reports to the full Board on key aspects of management’s presentations regarding cybersecurity and broader technology risks. All members of the Board have access to written cybersecurity reports that are provided to the Technology Steering Committee.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

DEPOSITS - Maturities (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Banking and Thrift, Interest [Abstract]
2026	$ 348,649
2027	45,133
2028	20,760
2029	16,538
2030	8,725
Thereafter	0
Total time deposits	$ 439,805

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

LOANS - Allowance for Credit Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 30,233	$ 12,574
Charge offs	(23,809)	(8,072)
Recoveries	199	0
Provision for Credit Losses	38,603	25,731
Ending balance	45,226	30,233
Provision for credit losses relating to unfunded commitments	126	500
CRE, at amortized cost, net of deferred fees and costs
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	1,430	1,408
Charge offs	(299)	(236)
Recoveries	0	0
Provision for Credit Losses	742	258
Ending balance	1,873	1,430
C&I
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	315	314
Charge offs	(1,775)	0
Recoveries	0	0
Provision for Credit Losses	4,742	1
Ending balance	3,282	315
SBA 7(a)
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	28,488	10,852
Charge offs	(21,735)	(7,836)
Recoveries	199	0
Provision for Credit Losses	33,119	25,472
Ending balance	$ 40,071	$ 28,488

INCOME TAXES - Deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Allowance for credit losses	$ 11,599	$ 7,914
Lease liabilities	747	1,737
Other	1,865	2,757
Purchase accounting, net	9	183
Stock compensation	21	1,134
Goodwill and intangible assets	0	217
Federal and state net operating losses, net of federal tax effect	832	201
Total deferred tax assets	15,073	14,143
Deferred tax liabilities:
Investments	1,076	2,481
Servicing rights	7,484	6,234
Right of use assets	725	1,488
Goodwill and intangible assets	1,128	0
Loans	15,381	6,069
Other	7	115
Total deferred tax liabilities	25,801	16,387
Net deferred tax liability	$ (10,728)	$ (2,244)

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	Dec. 31, 2025	Sep. 22, 2025	Jun. 30, 2025	Dec. 31, 2024	Dec. 11, 2024	Sep. 16, 2024	May 30, 2024	Aug. 31, 2023	Jan. 23, 2023	Mar. 31, 2022
Weighted Avg Interest Rate	7.53%			7.22%
2025 8.13% Notes \| Medium-term Notes
Weighted Avg Interest Rate	8.125%			8.125%	8.125%				8.125%
8.00% Notes due 2028 \| Medium-term Notes
Weighted Avg Interest Rate	8.00%			8.00%				8.00%
2025 5.00% Notes \| Medium-term Notes
Weighted Avg Interest Rate	5.00%		5.00%	5.00%						5.00%
2029 8.50% Notes \| Medium-term Notes
Weighted Avg Interest Rate	8.50%	8.50%		8.50%			8.50%
2029 8.625% Notes \| Medium-term Notes
Weighted Avg Interest Rate	8.625%			8.625%		8.625%

SEGMENTS

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

SEGMENTS

NOTE 22—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 Corporate & Other.

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 NSBF 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 year ended December 31, 2025
	Banking				Alternative Lending				NSBF					Payments					Corporate & Other					Consolidated
	Segment		Elim		Segment		Elim			Segment		Elim			Segment		Elim			Segment		Elim
Interest income	$	105,287	$	(8)	$	28,956	$	(116)		$	24,369	$	(509)		$	3,712	$	(3,671)		$	1,168	$	(773)		$	158,415
Interest expense	43,080		(889)		9,188		—			12,011		—			4,372		(66)			34,956		(4,122)			98,530
Net interest income/(loss)	62,207		881		19,768		(116)			12,358		(509)			(660)		(3,605)			(33,788)		3,349			59,885
Provision for loan credit losses	38,729		—		—		—			—		—			—		—			—		—			38,729
Net interest income after provision for loan credit losses	23,478		881		19,768		(116)			12,358		(509)			(660)		(3,605)			(33,788)		3,349			21,156
Noninterest income	136,306		(29,250)		81,102		—			(12,214)		—			47,211		(2,517)			81,647		(77,371)			224,914
Electronic payment processing expense	—		—		—		—			—		—			19,161		(1,517)			165		—			17,809
Salaries and employee benefits expense	57,918		(4,706)		1,439		(1,439)			418		55			8,245		(1,205)			16,750		7,295			84,770
Professional services expense	5,127		—		309		—			1,775		—			528		—			7,722		—			15,461
Other loan origination and maintenance expense	25,253		(14,778)		8,131		(5,551)			14,263		(8,824)			—		—			155		(84)			18,565
Depreciation and amortization	169		—		—		—			155		—			344		—			—		—			668
Loss on extinguishment of debt	—		—		—		—			—		—			179		—			—		—			179
Other general and administrative costs	14,544		(457)		2,510		(82)			3,505		(3)			1,792		(292)			7,662		(538)			28,641
Income before taxes	56,773		(8,428)		88,481		6,956			(19,972)		8,263			16,302		(3,108)			15,405		(80,695)			79,977
Income tax expense (benefit)	15,510		(15,510)		—		—			—		—			—		—			3,955		15,510			19,465
Net income	$	41,263	$	7,082	$	88,481	$	6,956		$	(19,972)	$	8,263		$	16,302	$	(3,108)		$	11,450	$	(96,205)		$	60,512


Assets	$	1,769,573	$	(45,506)	$	744,113	$	(141,549)		$	410,234	$	(68,629)		$	119,175	$	(98,332)		$	744,124	$	(688,384)		$	2,744,819
Goodwill & intangible assets	$	783			$	—				$	—				$	13,814				$	—				$	14,597
Amortization of intangible assets	$	170			$	—				$	—				$	—				$	—				$	170


As of and for the year ended December 31, 2024
	Banking				Alternative Lending				Technology				NSBF				Payments				Corporate & Other				Consolidated
	Segment		Elim		Segment		Elim		Segment		Elim		Segment		Elim		Segment		Elim		Segment		Elim
Interest income	$	69,576	$	(2)	$	15,073	$	(12)	$	6	$	(6)	$	36,655	$	(421)	$	2,362	$	(2,310)	$	2,364	$	(1,867)	$	121,418
Interest expense	29,855		(643)		3,539		—		—		—		21,097		—		2,984		(77)		28,256		(3,898)		81,113
Net interest income/(loss)	39,721		641		11,534		(12)		6		(6)		15,558		(421)		(622)		(2,233)		(25,892)		2,031		40,305
Provision for loan credit losses	26,216		—		—		—		—		—		—		—		—		—		—		—		26,216
Net interest income after provision for loan credit losses	13,505		641		11,534		(12)		6		(6)		15,558		(421)		(622)		(2,233)		(25,892)		2,031		14,089
Noninterest income	136,080		(28,068)		55,824		—		27,020		(7,139)		(23,410)		—		48,852		(2,028)		65,242		(55,061)		217,312
Technology services expense	—		—		—		—		12,575		(314)		—		—		—		—		—		—		12,261
Electronic payment processing expense	—		—		—		—		—		—		—		—		21,046		(1,168)		—		—		19,878
Salaries and employee benefits expense	45,346		(2,531)		1,202		(1,202)		8,690		—		219		682		7,188		11		15,285		3,041		77,931
Professional services expense	3,941		—		165		—		678		—		2,482		—		684		—		7,863		—		15,813
Other loan origination and maintenance expense	20,385		(14,060)		6,095		(4,044)		38		—		16,069		(11,020)		—		—		402		(95)		13,770

Depreciation and amortization	182		—		—		—		1,062		—		114		—		356		—		70		—		1,784
Other general and administrative costs	12,426		(2,548)		172		—		3,794		(271)		1,948		(11)		2,757		(1,769)		7,690		(2,916)		21,272
Income before taxes	67,305		(8,288)		59,724		5,234		189		(6,560)		(28,684)		9,928		16,199		(1,335)		8,040		(53,060)		68,692
Income tax expense (benefit)	15,308		(15,308)		—		—		103		(103)		—		—		—		—		2,428		15,411		17,839
Net income	$	51,997	$	7,020	$	59,724	$	5,234	$	86	$	(6,457)	$	(28,684)	$	9,928	$	16,199	$	(1,335)	$	5,612	$	(68,471)	$	50,853

Other Segment Disclosures:
Assets	$	1,238,899	$	(29,932)	$	439,101	$	(97,352)	$	23,317	$	(1,393)	$	479,896	$	(55,488)	$	60,347	$	(36,707)	$	644,867	$	(605,643)	$	2,059,912
Goodwill & intangible assets	$	938			$	—			$	—			$	—			$	13,814			$	—			$	14,752
Amortization of intangible assets	$	176			$	—			$	350			$	—			$	13			$	—			$	539


As of and for the year ended December 31, 2023
	Banking				Alternative Lending				Technology				NSBF				Payments				Corporate & Other				Consolidated
	Segment		Elim		Segment		Elim		Segment		Elim		Segment		Elim		Segment		Elim		Segment		Elim
Interest income	$	34,349	$	—	$	8,198	$	(3)	$	—	$	—	$	50,823	$	(75)	$	2,087	$	(2,053)	$	3,427	$	(2,380)	$	94,373
Interest expense	16,625		(99)		4,035		—		246		(246)		26,796		—		3,577		(132)		20,971		(4,034)		67,739
Net interest income/(loss)	17,724		99		4,163		(3)		(246)		246		24,027		(75)		(1,490)		(1,921)		(17,544)		1,654		26,634
Provision for loan credit losses	11,704		—		—		—		—		—		—		—		—		—		—		—		11,704
Net interest income after provision for loan credit losses	6,020		99		4,163		(3)		(246)		246		24,027		(75)		(1,490)		(1,921)		(17,544)		1,654		14,930
Noninterest income	92,129		(26,091)		12,278		—		31,692		(6,660)		25,142		—		46,422		(2,893)		79,781		(75,028)		176,772
Technology services expense	—		—		—		—		14,794		(522)		—		—		—		—		—		—		14,272
Electronic payment processing expense	—		—		—		—		—		—		—		—		19,680		(1,353)		—		—		18,327
Salaries and employee benefits expense	35,385		—		—		—		8,989		—		973		—		7,152		—		13,209		—		65,708
Professional services expense	2,903		—		294		—		468		—		1,508		—		660		—		7,244		—		13,077
Other loan origination and maintenance expense	9,373		(7,133)		2,222		(1,469)		11		—		24,327		(18,100)		—		—		273		(71)		9,433
Loss on extinguishment of debt	—		—		—		—		—		—		271		—		—		—		—		—		271
Depreciation and amortization	208		—		—		—		1,498		—		123		—		1,021		—		34		—		2,884
Other general and administrative costs	10,506		(2,266)		117		—		4,090		(236)		4,906		(24)		3,087		(1,910)		5,872		(1,785)		22,357
Income before taxes	39,774		(16,593)		13,808		1,466		1,596		(5,656)		17,061		18,049		13,332		(1,551)		35,605		(71,518)		45,373
Income tax expense (benefit)	11,647		—		(150)		—		229		—		—		—		1,178		—		(14,860)		—		(1,956)
Net income	$	28,127	$	(16,593)	$	13,958	$	1,466	$	1,367	$	(5,656)	$	17,061	$	18,049	$	12,154	$	(1,551)	$	50,465	$	(71,518)	$	47,329

Other Segment Disclosures:
Assets	$	683,202	$	(29,136)	$	196,062	$	(51,820)	$	23,403	$	(884)	$	633,206	$	(97,683)	$	51,819	$	(27,154)	$	529,941	$	(481,443)	$	1,429,513
Goodwill & intangible assets	$	1,114			$	—			$	15,179			$	—			$	13,827			$	—			$	30,120
Amortization of intangible assets	$	197			$	—			$	466			$	—			$	805			$	—			$	1,468

- Definition

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+ Details

INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Investment holdings, schedule of investments

Investments consisted of the following at:


	December 31, 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 investments, at fair value	36,692		47,719		44,039		57,678
Debt securities available-for-sale, at fair value	16,836		16,829		23,934		23,916
Federal Home Loan Bank and Federal Reserve Bank stock	4,234		4,234		3,585		3,585
Total investments	$	90,243	$	145,483	$	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
	December 31, 2025				December 31, 2024
	Cost		Fair Value		Cost		Fair Value
CRE	$	131,015	$	138,110	$	162,894	$	175,353
Residential Real Estate	52,229		50,539		69,667		67,474
Machinery and Equipment¹	46,552		43,266		60,460		56,454
Accounts Receivable and Inventory	43,944		38,670		59,449		54,267
Unsecured	4,295		4,259		5,643		5,644
Other²	8,619		6,354		13,033		10,554
Total	$	286,654	$	281,198	$	371,146	$	369,746

1 Machinery and Equipment includes one loan at NewtekOne at $4.7 million Cost and $4.7 million Fair value as of December 31, 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 $1.0 million Cost and $0.2 million Fair Value as of December 31, 2025, and one loan at $2.0 million Cost and $1.1 million Fair Value as of December 31, 2024.

Investments in and advances to affiliates

Investments related to our joint ventures and other investments for the years ended December 31, 2025 and 2024 were as follows:


	December 31, 2025				December 31, 2024
Company	Year End Fair Value		Net Gains/(Losses)		Year End Fair Value		Net Gains/(Losses)
Joint Ventures
NCL JV	$	—	$	(2,792)	$	18,800	$	(600)
TSO JV	37,250		(850)		38,100		11,184
Total Joint Ventures	$	37,250	$	(3,642)	$	56,900	$	10,584
Other Investments
EMCAP Loan Holdings, LLC	$	306	$	—	$	320	$	68
Biller Genie Software, LLC	1,983		1,525		458		60
Intelligent Protection Management Corp.
IPM Earnout1	1,300		(968)		—		—
IPM Stock2	6,880		(1,320)		$	—	—
Total Other Investments	$	10,469	$	(763)	$	778	$	128
Total	$	47,719	$	(4,405)	$	57,678	$	10,712

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.

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


	December 31, 2025		December 31, 2024
Due from affiliated companies1	100		242
Due to affiliated companies2	—		—
Total due to/due from affiliated companies, net	$	100	$	242

1 Included within Other assets

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

The following table summarizes the income earned from our joint ventures and other investments for the years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
		2025		2024		2023
Servicing income		$	1,591	$	1,997	$	1,240
Dividend income		3,211		1,503		1,641
Total income		$	4,802	$	3,500	$	2,881


	December 31, 2025		December 31, 2024
FDIC insured deposits	$	4,054	$	4,732
Non-FDIC insured deposits	322		1,098
Total deposits from related parties and their affiliated companies	$	4,376	$	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 December 31, 2025 and December 31, 2024:


	December 31, 2025								December 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. Treasury notes	$	16,836	$	—	$	7	$	16,829	$	23,934	$	11	$	29	$	23,916

Schedule of available for sale debt securities sold or settled

During the years ended December 31, 2025, 2024 and 2023, securities sold or settled were as follows:


	Year Ended December 31,
		2025		2024		2023
			# of Securities	$	# of Securities	$	# of Securities	$
Securities sold or settled			eight settled	$27,700	five settled	$42,500	none	$—

Debt securities, unrealized losses


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


	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:


	December 31, 2025				December 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Maturing within 1 year	$	16,836	$	16,829	$	15,833	$	15,838
After 1 year through 5 years	—		—		8,101		8,078


Total	$	16,836	$	16,829	$	23,934	$	23,916

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


	December 31, 2025		December 31, 2024
Pledged for deposits	$	—	$	—
Pledged for borrowings and other:
FRB borrowings	7,383		2,980
FHLB borrowings	9,446		20,937
Total pledged	$	16,829	$	23,917

- 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).

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+ Details

BENEFIT PLANS - Unrecognized Compensation (Details) - Restricted Stock - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense	$ 2,680	$ 5,929
Remaining weighed-average period	1 year 3 months 18 days	1 year

- Definition

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+ Details

ASSETS AND LIABILITIES DIRECTLY ASSOCIATED WITH ASSETS HELD FOR SALE (Tables)

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Assets and liabilities held for sale

The following tables present the assets classified as held for sale and the liabilities directly associated with assets classified as held for sale as of December 31, 2024:


ASSETS			LIABILITIES
Held for Sale			Directly Associated with Assets Held for Sale
Cash and due from banks	$	325	Lease liabilities	$	685
Goodwill	11,800		Deferred tax liabilities, net	2,975
Intangibles	3,030		Accounts payable, accrued expenses and other liabilities	2,564
Right of use assets	619
Other assets	6,150
Valuation allowance1	(616)
	$	21,308		$	6,224

1 The associated expense is included in Other general and administrative costs in the consolidated statements of income for the year ended December 31, 2024.

The intangible asset for customer lists within the technology segment existed prior to the consolidation of the technology segment into NewtekOne following the Acquisition.


	As of December 31, 2024
	Gross carrying Amount		Accumulated Amortization		Net Carrying amount
Technology Customer Lists	$	6,525	$	(3,495)	$	3,030

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

LEASES

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

LEASES

NOTE 19—LEASES:

Under ASC 842, operating lease expense is generally recognized on a straight-line basis over the term of the lease. The Company has entered into operating lease agreements for office space with remaining contractual terms up to fourteen years, some of which include renewal options that extend the leases for up to 10 years. These renewal options are not considered in the remaining lease term unless it is reasonably certain the Company will exercise such options. The operating lease agreements do not contain any material residual value guarantees or material restrictive covenants.

As the rate implicit in the leases generally is not readily determinable for our operating leases, the discount rates used to determine the present value of our lease liability are based on our incremental borrowing rate at the lease commencement date and commensurate with the remaining lease term. Our incremental borrowing rate for a lease is the rate of interest we would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Leases with an initial term of 12 months or less are not recorded on the balance sheet and are excluded from our weighted-average remaining lease term.

The following table summarizes supplemental cash flow and other information related to our operating leases:


	Year Ended December 31,
		2025	2024	2023
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)		$596	$2,874	$2,693
Weighted-average remaining lease term - operating leases		10.19 years	5.87 years	2.88 years
Weighted-average discount rate - operating leases		7.58%	5.94%	5.50%
Total lease costs1		$1,537	$3,115	$3,124

1 Included in Other general and administrative costs on the consolidated statements of income.

The following table represents the maturity of the Company’s operating lease liabilities as of December 31, 2025:


Maturity of Lease Liabilities
2026	$	660
2027	552
2028	476
2029	367
2030	225
Thereafter	2,012
Total future minimum lease payments	$	4,292
Less: Imputed interest	(1,418)
Present value of future minimum lease payments	$	2,874

TRANSACTIONS WITH AFFILIATED COMPANIES AND RELATED PARTY TRANSACTIONS - Bank Deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Related Party Transaction [Line Items]
Total deposits from related parties and their affiliated companies	$ 1,418,408	$ 973,052
Officers and Directors
Related Party Transaction [Line Items]
FDIC insured deposits	4,054	4,732
Non-FDIC insured deposits	322	1,098
Total deposits from related parties and their affiliated companies	$ 4,376	$ 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

+ Details

INCOME TAXES - Narrative (Details)	12 Months Ended
INCOME TAXES - Narrative (Details)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	24.34%	25.97%	(4.31%)

SIGNIFICANT ACCOUNTING POLICIES - Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and due from banks	$ 4,196	$ 6,941
Restricted cash	26,477	28,226
Interest bearing deposits in banks	279,618	346,207
Cash held at Federal Reserve Bank	277,828	345,680
Cash held at other financial institutions	32,463	35,694
Total cash and cash equivalents	$ 310,291	$ 381,374	$ 184,006	$ 125,606

- 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.

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+ Details

INVESTMENTS - Investment Portfolio (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Joint Ventures and Other Investments
Debt Securities, Available-for-Sale [Line Items]
Cost	$ 36,692	$ 44,039
Fair Value	47,719	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	16,836	23,934
Fair Value	16,829	23,916
Federal Home Loan Bank and Federal Reserve Bank stock
Debt Securities, Available-for-Sale [Line Items]
Cost	4,234	3,585
Fair Value	4,234	3,585
Total investments
Debt Securities, Available-for-Sale [Line Items]
Cost	90,243	71,558
Fair Value	$ 145,483	$ 85,179

- Definition

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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

DERIVATIVE INSTRUMENTS

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS

NOTE 14—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 December 31, 2025 and December 31, 2024:


	December 31, 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	$	(211,805)	$	737	$	—	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 years ended December 31, 2025, 2024 and 2023:


	Year Ended
		December 31, 2025	December 31, 2024				December 31, 2023
Contract Type			Unrealized Appreciation/(Depreciation)		Realized Gain/(Loss)		Unrealized Appreciation/(Depreciation)		Realized Gain/(Loss)		Unrealized Appreciation/(Depreciation)		Realized Gain/(Loss)
5-year Treasury Futures			$	23	$	(3,956)	$	1,344	$	(51)	$	(699)	$	834

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.

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+ Details

SERVICING ASSETS - LOCOM (Details) - USD ($) $ in Thousands	12 Months Ended
SERVICING ASSETS - LOCOM (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Servicing Asset at Amortized Cost, Balance [Roll Forward]
Beginning value	$ 24,195	$ 10,389
Amortization	(9,989)	(5,378)
Additions	15,358	19,184
Impairment assessment	0	0
Ending value	$ 29,564	$ 24,195

SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2025 and 2024:


	December 31, 2025		December 31, 2024
Cash and due from banks	$	4,196	$	6,941
Restricted cash	26,477		28,226
Interest bearing deposits in banks	279,618		346,207
Cash and restricted cash	$	310,291	$	381,374


	December 31, 2025		December 31, 2024
Cash held at Federal Reserve Bank1	$	277,828	$	345,680
Cash held at other financial institutions	32,463		35,694
Total cash and cash equivalents	$	310,291	$	381,374

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 December 31, 2025 and 2024:


	December 31, 2025		December 31, 2024
Cash and due from banks	$	4,196	$	6,941
Restricted cash	26,477		28,226
Interest bearing deposits in banks	279,618		346,207
Cash and restricted cash	$	310,291	$	381,374


	December 31, 2025		December 31, 2024
Cash held at Federal Reserve Bank1	$	277,828	$	345,680
Cash held at other financial institutions	32,463		35,694
Total cash and cash equivalents	$	310,291	$	381,374

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

SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Consolidated VIEs (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Restricted cash	$ 26,477	$ 28,226
Loans held for investment, at fair value	281,198	369,746
Total assets	2,744,819	2,059,912	$ 1,429,513
Borrowings (including borrowings of VIEs of $127.1 million and $186.6 million, respectively)	819,888	708,041
Total liabilities	2,347,249	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	198,434	257,179
Total assets	204,737	263,482
Borrowings (including borrowings of VIEs of $127.1 million and $186.6 million, respectively)	127,050	186,635
Total liabilities	$ 127,050	$ 186,635

- Definition

Amount of asset recognized for present right to economic benefit.

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+ 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

LEASES - Narrative (Details)	Dec. 31, 2025
Leases [Abstract]
Remaining contractual term	14 years
Renewal term	10 years

BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of long-term debt instruments

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


	December 31, 2025						December 31, 2024
	Commitments		Borrowings Outstanding		Weighted Avg Interest Rate		Commitments		Borrowings Outstanding		Weighted Avg Interest Rate
Bank Borrowings1:
NMS Webster Note2	$	—	$	—	—	%	$	54,871	$	32,688	7.30	%
NMS Goldman Facility3	95,000		88,352		9.42	%	—		—		—	%
SPV I Capital One Facility	100,000		16,085		6.59	%	60,000		21,192		7.22	%
SPV II Deutsche Bank Facility	170,000		169,146		7.32	%	120,000		54,036		7.57	%
SPV III One Florida Bank Facility	35,000		33,259		7.75	%	30,000		23,011		8.50	%
FHLB Advances	14,000		7,349		2.75	%	20,000		15,330		2.19	%
Parent Company Notes1:

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

2026 Notes5,6	95,000		95,000		5.50	%	115,000		114,282		5.50	%
2027 Notes7	50,000		49,967		8.125	%	50,000		49,944		8.125	%
2028 Notes	40,000		39,073		8.00	%	40,000		38,726		8.00	%
2029 Notes	71,808		70,066		8.50	%	71,875		69,622		8.50	%
2029 Notes	75,000		73,150		8.625	%	75,000		72,662		8.625	%
2030 Notes5,8	52,000		51,391		8.375	%	—		—		—	%
Notes payable - Securitization Trusts1	128,827		127,050		6.42	%	189,231		186,635		7.32	%
Total borrowings	$	926,635	$	819,888	7.53	%	$	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:


	December 31, 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	89,775		(1,423)		88,352		—		—		—
SPV I Capital One Facility	16,600		(515)		16,085		21,300		(108)		21,192
SPV II Deutsche Bank Facility	169,791		(645)		169,146		54,800		(764)		54,036
SPV III One Florida Bank Facility	33,300		(41)		33,259		23,075		(64)		23,011
Parent Company Notes:

2025 Notes (5.00%)4	—		—		—		30,000		(87)		29,913
2026 Notes (5.50%)5	95,000		—		95,000		115,000		(718)		114,282
2027 Notes (8.125%)6	50,000		(33)		49,967		50,000		(56)		49,944
2028 Notes (8.00%)	40,000		(927)		39,073		40,000		(1,274)		38,726
2029 Notes (8.50%)	71,808		(1,742)		70,066		71,875		(2,253)		69,622
2029 Notes (8.625%)	75,000		(1,850)		73,150		75,000		(2,338)		72,662
2030 Notes (8.375%)5,7	52,000		(609)		51,391		—		—		—
Notes Payable - Securitization Trusts1	128,828		(1,778)		127,050		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 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. On February 1, 2026, the 2026 Notes matured. See “NOTE 24—SUBSEQUENT EVENTS - Exchange of 2026 Notes for 2031 Notes and Repayment of 2026 Notes” for additional information.

6 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.

7 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 years ended December 31, 2025, 2024 and 2023 were as follows:


	Year Ended December 31,
		2025		2024		2023
Total interest expense		$	56,636	$	52,423	$51,890

Schedule of maturities of long-term debt

Total expected principal repayments on the Company’s borrowings for the next five fiscal years and thereafter are as follows:


Year Ending December 31,	Borrowings
2026	$	97,989
2027	225,932
2028	90,777
2029	147,675
2030	138,251
Thereafter	128,828
	$	829,452

- 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

SERVICING ASSETS

12 Months Ended

Dec. 31, 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 December 31, 2025 and December 31, 2024:


	December 31, 2025		December 31, 2024
SBA 7(a)	$	1,698,866	$	1,996,715
ALP	345,856		169,842
504	48,302		12,475
Total loans serviced	$	2,093,024	$	2,179,032

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


	December 31, 2025								December 31, 2024
			Weighted		Range						Weighted		Range
Unobservable Input	Amount		Average		Minimum		Maximum		Amount		Average		Minimum		Maximum
Servicing assets at FV:	$	15,358							$	22,062
Discount factor1			11.25	%	11.25	%	11.25	%			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:	29,564								24,195
Discount factor1			11.27	%	10.75	%	12.00	%			12.97	%	12.00	%	13.50	%
Cumulative prepayment rate			33.72	%	22.50	%	50.00	%			34.65	%	22.50	%	75.00	%
Average cumulative default rate			16.95	%	5.00	%	21.00	%			18.90	%	5.00	%	20.00	%
Total	$	44,922							$	46,257

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

Refer to NOTE 10—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 years ended December 31, 2025 and 2024:


Servicing Assets, at LCM	December 31, 2025		December 31, 2024
Balance at beginning of the year	$	24,195	$	10,389
Amortization1	(9,989)		(5,378)
Additions2	15,358		19,184
Impairment assessment	—		—
Balance at end of the year	$	29,564	$	24,195

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 years ended December 31, 2025, 2024 and 2023 was as follows:


	Year Ended December 31,
		2025	2024	2023
Servicing income		$22,850	$20,087	$18,289

- 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
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480591/815-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481420/860-30-50-1A

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481420/860-30-50-1A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)(7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-4

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-4

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)(4)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)(5)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/860/tableOfContent

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-3

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (cc)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)(5)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-4

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-4

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-4D

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481420/860-30-50-7

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

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

SERVICING ASSETS (Tables)

12 Months Ended

Dec. 31, 2025

Transfers and Servicing [Abstract]

Schedule of servicing assets

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


	December 31, 2025		December 31, 2024
SBA 7(a)	$	1,698,866	$	1,996,715
ALP	345,856		169,842
504	48,302		12,475
Total loans serviced	$	2,093,024	$	2,179,032

The following tables show a rollforward of servicing assets, at LCM for the years ended December 31, 2025 and 2024:


Servicing Assets, at LCM	December 31, 2025		December 31, 2024
Balance at beginning of the year	$	24,195	$	10,389
Amortization1	(9,989)		(5,378)
Additions2	15,358		19,184
Impairment assessment	—		—
Balance at end of the year	$	29,564	$	24,195

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 December 31, 2025 and December 31, 2024:


	December 31, 2025								December 31, 2024
			Weighted		Range						Weighted		Range
Unobservable Input	Amount		Average		Minimum		Maximum		Amount		Average		Minimum		Maximum
Servicing assets at FV:	$	15,358							$	22,062
Discount factor1			11.25	%	11.25	%	11.25	%			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:	29,564								24,195
Discount factor1			11.27	%	10.75	%	12.00	%			12.97	%	12.00	%	13.50	%
Cumulative prepayment rate			33.72	%	22.50	%	50.00	%			34.65	%	22.50	%	75.00	%
Average cumulative default rate			16.95	%	5.00	%	21.00	%			18.90	%	5.00	%	20.00	%
Total	$	44,922							$	46,257

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


	Fair Value as of			Weighted		Range
	December 31, 2025		Unobservable Input	Average		Minimum		Maximum
Assets:
Loans HFI, at FV - accrual	$	208,655	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	$	72,543	Market yields	7.00	%	7.00	%	7.00	%

			Average cumulative default rate	30.00	%	30.00	%	30.00	%
Loans HFS, at FV	$	647,370	Market yields	7.19	%	6.43	%	8.13	%
			Cumulative prepayment rate	56.17	%	50.00	%	60.00	%
			Average cumulative default rate	11.17	%	5.00	%	15.00	%
Joint ventures and other investments	$	38,856	Market yields	7.40	%	6.71	%	12.49	%
			Cost of equity	14.00	%	12.00	%	16.00	%
			Weighted average cost of capital	9.00	%	7.00	%	11.00	%
Residuals in securitizations, at FV	$	76,701	Market yields	7.58	%	7.58	%	7.58	%
			Cost of equity	14.00	%	12.00	%	16.00	%
			Weighted average cost of capital	9.00	%	7.00	%	11.00	%
Servicing assets, at FV1	$	15,358	Market yields	11.25	%	11.25	%	11.25	%
			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	$	7,570	Appraised value	N/A		N/A		N/A
Liabilities:
Equity warrants	$	81	Expected volatility	45.00	%	45.00	%	45.00	%
			Dividend yield	6.70	%	6.70	%	6.70	%
			Risk free rate	3.95	%	3.95	%	3.95	%

1 $15.4 million of servicing assets held at FV and $29.6 million of servicing assets held at LCM. Refer to NOTE 7—SERVICING ASSETS.


	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 other 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 FV1	$	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, at FV	$	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	%

1 $22.1 million of servicing assets held at FV and $24.2 million of servicing assets held at LCM. Refer to NOTE 7—SERVICING ASSETS.

Schedule of servicing fee income

Servicing income earned for the years ended December 31, 2025, 2024 and 2023 was as follows:


	Year Ended December 31,
		2025	2024	2023
Servicing income		$22,850	$20,087	$18,289

BENEFIT PLANS - Restricted Stock Activity (Details) - shares	12 Months Ended
	Dec. 31, 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)	18,000	(497,000)	(82,000)	0	0
Shares available for issuance (in shares)	(561,000)
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)	25,000	0	28,000	(251,000)	(438,000)
Shares available for issuance (in shares)	(636,000)

NEWTEKONE, INC. - PARENT COMPANY ONLY (Tables)

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

Condensed Balance Sheet

The following statements of financial condition, statements of income and statements of cash flows are for NewtekOne, Inc. and should be read in conjunction with the consolidated financial statements and the notes thereto.

Statements of Financial Condition


	As of December 31,
	2025		2024
Assets
Cash and balances due from depository institutions:	$	20,707	$	19,123
Loans and lease financing receivable	4,921		5,715
Investments in and receivables due from subsidiaries and associated companies	858,874		699,059

Other assets	16,145		9,617
Total assets	900,647		733,514

Liabilities and shareholders' equity
Borrowings with a remaining maturity of one year or less:	95,000		79,856
Other borrowed money with a remaining maturity of more than one year	372,647		325,418
Other liabilities	25,344		22,083
Balances due to subsidiaries and related institutions	10,086		9,876
Total liabilities	503,077		437,233

Preferred stock	48,181		19,738
Common stock	573		525
Additional paid in capital	253,830		218,266
Accumulated other comprehensive income	(4)		(21)
Retained earnings	94,990		57,773
Total shareholders’ equity	397,570		296,281
Total liabilities and shareholder's equity	$	900,647	$	733,514

Condensed Income Statement

Statements of Income


	For the year ended December 31,
	2025		2024		2023
Interest income	$	722	$	1,851	$	2,319
Interest expense	34,438		26,647		18,797
Net interest loss	(33,716)		(24,796)		(16,478)
Noninterest income:
Dividends	54,012		42,107		60,317
All other operating income (loss)	361		2,970		(2,345)
Total noninterest income	54,373		45,077		57,972
Noninterest expense:
Salaries and employee benefits	10,984		10,476		9,365
Other expenses	16,795		13,627		10,962
Total noninterest expense	27,779		24,103		20,327
Net Income (loss) before equity in undistributed income of subsidiaries	(7,122)		(3,822)		21,167
Income tax expense (benefit)	3,955		2,428		(14,837)
Income (loss) before undistributed income of subsidiaries	(11,077)		(6,250)		36,004
Equity in undistributed income of subsidiaries and associated companies:	71,589		57,103		26,813
Net income	$	60,512	$	50,853	$	62,817

Condensed Cash Flow Statement

Statements of Cash Flows


	For the year ended December 31,
	2025		2024		2023
Cash flows from operating activities:
Net income	$	60,512	$	50,853	$	62,817
Provisions for deferred income taxes	8,339		13,110		(5,814)
Gain (loss) on sale of assets	(179)		(1,135)		539
Equity in Undistributed (earnings) losses of subs	(71,589)		(57,103)		(26,813)
Net change in other liabilities	364		(35,489)		(40,414)
Net change in other asset	(2,161)		5,215		(10,759)
Other, net	4,825		6,634		7,570
Net cash provided by (used in) operating activities	111		(17,915)		(12,874)

Cash flow from investing activities
Purchases of held-to-maturity and available-for-sale securities	—		(19,899)		—
Sales and maturities of held-to-maturity and available-for-sale securities	—		20,000		—
Payments for investments in and advances to subsidiaries	(153,915)		(176,333)		(96,265)
Sale or repayment of investments in and advances to subsidiaries	63,416		95,543		—
Outlays for business acquisitions	—		—		(21,322)
Other, net	—		39		14
Net cash used in investing activities	(90,499)		(80,650)		(117,573)

Cash flow from financing activities
Proceeds from issuance of long-term debt	90,875		154,050		90,000
Repayment of long-term debt	(30,000)		(38,250)		—
Proceeds from issuance of common stock	5,090		14,036		—
Proceeds from issuance of preferred stock	58,181		—		19,493
Payment to repurchase common stock	(1,557)		(711)		—
Dividends paid	(28,044)		(20,252)		(14,147)
Other, net	(2,572)		(5,056)		(2,826)
Net cash provided by financing activities	91,973		103,817		92,520

Net increase (decrease) in cash and restricted cash	1,585		5,252		(37,927)
Cash and restricted cash - beginning of period	19,123		13,871		51,798
Cash and restricted cash - end of period	$	20,708	$	19,123	$	13,871

REGULATORY CAPITAL (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of capital amounts

Capital amounts and ratios for NewtekOne, Inc. as of December 31, 2025 and 2024 are presented in the table below:


	Actual				For Capital Adequacy Purposes1				For Consideration as Well-Capitalized
NewtekOne, Inc. - December 31, 2025	Amount		Ratio		Amount		Ratio		Amount	Ratio
Tier 1 Capital (to Average Assets)	$	363,935	15.2	%	95,588		4.0	%	N/A	N/A
Common Equity Tier 1 (to Risk-Weighted Assets)	315,754		17.8	%	79,924		4.5	%	N/A	N/A
Tier 1 Capital (to Risk-Weighted Assets)	363,935		20.5	%	106,565		6.0	%	N/A	N/A
Total Capital (to Risk-Weighted Assets)	386,428		21.8	%	142,087		8.0	%	N/A	N/A
NewtekOne, Inc. - December 31, 2024
Tier 1 Capital (to Average Assets)	$	231,899	13.3	%	$	69,727	4.0	%	N/A	N/A
Common Equity Tier 1 (to Risk-Weighted Assets)	231,899		17.0	%	61,492		4.5	%	N/A	N/A
Tier 1 Capital (to Risk-Weighted Assets)	231,899		17.0	%	81,990		6.0	%	N/A	N/A
Total Capital (to Risk-Weighted Assets)	268,887		19.7	%	109,320		8.0	%	N/A	N/A

1 Exclusive of the capital conservation buffer of 2.5% of risk-weighted assets.

Capital amounts and ratios for Newtek Bank as of December 31, 2025 and 2024, are presented in the table below. As of December 31, 2025 and 2024, Newtek Bank was categorized as “well-capitalized” under the prompt corrective action measures and met the capital conservation buffer requirements.


	Actual				For Capital Adequacy Purposes1				For Consideration as Well-Capitalized
Newtek Bank - December 31, 2025	Amount		Ratio		Amount		Ratio		Amount		Ratio
Tier 1 Capital (to Average Assets)	$	155,000	10.3	%	$	60,368	4.0	%	75,460		5.0	%
Common Equity Tier 1 (to Risk-Weighted Assets)	155,000		12.1	%	57,528		4.5	%	83,096		6.5	%
Tier 1 Capital (to Risk-Weighted Assets)	155,000		12.1	%	76,704		6.0	%	102,272		8.0	%
Total Capital (to Risk-Weighted Assets)	171,348		13.4	%	102,272		8.0	%	127,840		10.0	%
Newtek Bank - December 31, 2024
Tier 1 Capital (to Average Assets)	$	120,078	11.9	%	40,197		4.0	%	$	50,246	5.0	%
Common Equity Tier 1 (to Risk-Weighted Assets)	120,078		14.2	%	38,151		4.5	%	55,107		6.5	%
Tier 1 Capital (to Risk-Weighted Assets)	120,078		14.2	%	50,868		6.0	%	67,823		8.0	%
Total Capital (to Risk-Weighted Assets)	130,924		15.4	%	67,824		8.0	%	84,779		10.0	%

1 Exclusive of the capital conservation buffer of 2.5% of risk-weighted assets.

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
LEASES - Lease Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)	$ 596	$ 2,874	$ 2,693
Weighted-average remaining lease term - operating leases	10 years 2 months 8 days	5 years 10 months 13 days	2 years 10 months 17 days
Weighted-average discount rate - operating leases	7.58%	5.94%	5.50%
Total lease costs	$ 1,537	$ 3,115	$ 3,124

FAIR VALUE MEASUREMENTS - Fair Value Levels (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	Dec. 31, 2025	Jan. 02, 2025	Dec. 31, 2024	Aug. 11, 2024	Dec. 31, 2023
Assets:
Loans held for sale, at fair value	$ 971,837		$ 372,286
Loans held for investment, at fair value	281,198		369,746
Individually evaluated loans	94,322		24,341
Other real estate owned	7,570		3,764
Other real estate owned, at LCM	1,286
Residuals in securitizations, at fair value	76,701		0
Servicing asset	15,358		22,062
Servicing assets, at LCM	29,564		24,195		$ 10,389
Derivative instrument	$ 737		$ 715
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets		Other assets
Total assets measured at fair value	$ 1,543,121		$ 898,703
Liabilities:
Equity warrants	81		133
Total liabilities measured at fair value	81		133
Carrying Amount
Cash and due from banks	4,196		6,941
Restricted cash	26,477		28,226
Interest bearing deposits in banks	279,618		346,207
Loans held for sale, at LCM	26,532		58,803
Loans held for investment, at amortized cost, net of deferred fees and costs	896,689		621,651
Federal Home Loan Bank and Federal Reserve Bank stock	4,234		3,585
Time deposits	439,805		409,251
Borrowings (including borrowings of VIEs of $127.1 million and $186.6 million, respectively)	819,888		708,041
Other Fair Value Financial Instruments
Loans HFS, at LCM	26,532		58,856
Loans HFI, at amortized cost, net of deferred fees and costs	1,012,200		668,687
Federal Home Loan Bank and Federal Reserve Bank stock	4,234		3,585
Time deposits	440,688		410,442
Borrowings	$ 827,998		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		4.0
Value per share (in dollars per share)	$ 1.72	$ 2.05
U.S. Treasury notes
Assets:
Debt securities available-for-sale, at fair value	$ 16,829		23,916
Cash and due from banks
Other Fair Value Financial Instruments
Cash and cash equivalents	4,196		6,941
Restricted cash
Other Fair Value Financial Instruments
Cash and cash equivalents	26,477		28,226
Interest bearing deposits in banks
Other Fair Value Financial Instruments
Cash and cash equivalents	279,618		346,207
Joint Ventures and Other Investments
Assets:
Investments	47,719		57,678
Level 1
Assets:
Loans held for sale, at fair value	0		0
Loans held for investment, at fair value	0		0
Individually evaluated loans	0		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		0
Derivative instrument	0		0
Total assets measured at fair value	23,709		23,916
Liabilities:
Equity warrants	0		0
Total liabilities measured at fair value	0		0
Other Fair Value Financial Instruments
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	16,829		23,916
Level 1 \| Cash and due from banks
Other Fair Value Financial Instruments
Cash and cash equivalents	4,196		6,941
Level 1 \| Restricted cash
Other Fair Value Financial Instruments
Cash and cash equivalents	26,477		28,226
Level 1 \| Interest bearing deposits in banks
Other Fair Value Financial Instruments
Cash and cash equivalents	279,618		346,207
Level 1 \| Joint Ventures and Other Investments
Assets:
Investments	6,880		0
Level 2
Assets:
Loans held for sale, at fair value	324,467		0
Loans held for investment, at fair value	0		0
Individually evaluated loans	0		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		0
Derivative instrument	737		715
Total assets measured at fair value	327,187		715
Liabilities:
Equity warrants	0		0
Total liabilities measured at fair value	0		0
Other Fair Value Financial Instruments
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	4,234		3,585
Time deposits	440,688		410,442
Borrowings	283,999		306,549
Level 2 \| U.S. Treasury notes
Assets:
Debt securities available-for-sale, 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 \| Joint Ventures and Other Investments
Assets:
Investments	1,983		0
Level 3
Assets:
Loans held for sale, at fair value	647,370		372,286
Loans held for investment, at fair value	281,198		369,746
Individually evaluated loans	94,322		24,341
Other real estate owned	7,570		3,764
Other real estate owned, at LCM	1,286
Residuals in securitizations, at fair value	76,701
Servicing asset	15,358		22,062
Servicing assets, at LCM	29,564		24,195
Derivative instrument	0		0
Total assets measured at fair value	1,192,225		874,072
Liabilities:
Equity warrants	81		133
Total liabilities measured at fair value	81		133
Other Fair Value Financial Instruments
Loans HFS, at LCM	26,532		58,856
Loans HFI, at amortized cost, net of deferred fees and costs	1,012,200		668,687
Federal Home Loan Bank and Federal Reserve Bank stock	0		0
Time deposits	0		0
Borrowings	543,999		413,818
Level 3 \| U.S. Treasury notes
Assets:
Debt securities available-for-sale, at fair value	0		0
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 \| Joint Ventures and Other Investments
Assets:
Investments	$ 38,856		$ 57,678

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Components of income tax expense

The components of income tax expense for the years ended December 31, 2025, 2024 and 2023 were as follows:


	Years ended December 31,
		2025		2024		2023
Current income tax expense:
Federal		$	8,144	$	4,637	$	1,251
State		2,839		2,799		1,593
Total current expense		10,983		7,436		2,844
Deferred income tax expense/(benefit):
Federal		7,501		9,076		(4,318)
State		981		1,327		(482)
Total deferred expense/(benefit)		8,482		10,403		(4,800)
Total income tax expense/(benefit)		$	19,465	$	17,839	$	(1,956)

Schedule of supplemental cash flow

The components of income taxes paid for the years ended December 31, 2025, 2024 and 2023 were as follows:


	Years ended December 31,
	2025	2024	2023
Total Incomes Taxes Paid	12,502	7,429	6,884
Federal	8,471	3,904	4,650
State:

Florida	615	—	—

New York:
New York City	—	314	—
New York State	1,544	1,704	1,128

Other	1,872	1,507	1,106

Schedule of effective income tax rate reconciliation

For the years ended December 31, 2025, 2024 and 2023, income taxes for financial reporting purposes differ from the amount computed by applying the statutory federal income tax rate of 21% as shown in the following table:


	Years ended December 31,
		2025			2024			2023
US federal statutory income tax rate			$	16,795	21.00	%	14,425	21.00	%	9,528	21.00	%
State and local income taxes, net of federal effect			3,125		3.91	%	3,538	5.15	%	911	2.01	%
Domestic federal reconciling items
Nontaxable and nondeductible items, net			531		0.66	%	(148)	(0.22)	%	788	1.74	%
Other			(986)		(1.23)	%	24	0.04	%	(203)	(0.45)	%
Realization of net operating loss carryforwards			—		—	%	—	—	%	(7,430)	(16.38)	%
DTA realization due to change in taxpayer status			—		—	%	—	—	%	(5,550)	(12.23)	%

Income tax expense/(benefit)			$	19,465	24.34	%	17,839	25.97	%	(1,956)	(4.31)	%

Schedule of deferred tax assets and liabilities

Significant components of the Company’s net deferred tax asset at December 31, 2025 and 2024 are listed below:


	December 31, 2025		December 31, 2024
Deferred tax assets:
Allowance for credit losses	$	11,599	$	7,914
Lease liabilities	747		1,737
Other	1,865		2,757
Purchase accounting, net	9		183
Stock compensation	21		1,134

Goodwill and intangible assets	—		217
Federal and state net operating losses, net of federal tax effect	832		201
Total deferred tax assets	15,073		14,143
Deferred tax liabilities:
Investments	1,076		2,481
Servicing rights	7,484		6,234
Right of use assets	725		1,488
Goodwill and intangible assets	1,128		—
Loans	15,381		6,069
Other	7		115
Total deferred tax liabilities	25,801		16,387
Net deferred tax liability	$	(10,728)	$	(2,244)

Summary of operating loss carryforwards

The following table provides details of the expiration dates for Company’s net operating loss carryforwards at December 31, 2025 and 2024:



Expiring:	December 31, 2025		December 31, 2024
Years ended 2029 - 2035	$	38	$	154
Years ended 2036 - 2043	18,944		3,872
Never	86		86
Total	$	19,068	$	4,112

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Summary of obligations and commitments under operating lease and employment agreements


Year	Operating Leases		Employment Agreements		Total
2026	$	660	$	702	$	1,362
2027	552		—		552
2028	476		—		476
2029	367		—		367
2030	225		—		225
Thereafter	2,012		—		2,012
Total	$	4,292	$	702	$	4,994

Schedule of unfunded commitments

At December 31, 2025 and 2024, the Company had unfunded commitments as follows that the Company anticipates funding from the same sources it used to fund its other loan commitments:


	December 31, 2025		December 31, 2024
SBA 7(a) loans	$	37,162	$	25,032
SBA 504 loans	66,503		72,557
C&I loans	5,048		9,542

Total unfunded commitments	$	108,713	$	107,131

TRANSACTIONS WITH AFFILIATED COMPANIES AND RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 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 December 31, 2025 and 2024:


	December 31, 2025		December 31, 2024
Due from affiliated companies1	100		242
Due to affiliated companies2	—		—
Total due to/due from affiliated companies, net	$	100	$	242

1 Included within Other assets

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

Transactions with joint ventures and other investments

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

The following table summarizes the income earned from our joint ventures and other investments for the years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
		2025		2024		2023
Servicing income		$	1,591	$	1,997	$	1,240
Dividend income		3,211		1,503		1,641
Total income		$	4,802	$	3,500	$	2,881

There were no expenses related to our joint ventures and other investments for the years ended December 31, 2025, 2024 and 2023.

Newtek Bank Deposits


	December 31, 2025		December 31, 2024
FDIC insured deposits	$	4,054	$	4,732
Non-FDIC insured deposits	322		1,098
Total deposits from related parties and their affiliated companies	$	4,376	$	5,830

Other Transactions with Related Parties

The nephew of the Chief Executive Officer of the Company is employed by one of the Company’s consolidated subsidiaries and earned annual compensation in excess of $125 thousand during 2025, 2024 and 2023. The sister of the Chief Admin Officer and Chief Human Resources Officer is employed by one of the Company’s consolidated subsidiaries and earned annual compensation in excess of $125 thousand during 2025, 2024 and 2023.

- 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
-SubTopic 235
-Name Accounting Standards Codification
-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
-SubTopic 235
-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
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

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

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-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
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-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

TRANSACTIONS WITH AFFILIATED COMPANIES AND RELATED PARTY TRANSACTIONS - Narrative (Details) - Annual Compensation - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CEO Nephew
Related Party Transaction [Line Items]
Annual compensation	$ 125	$ 125	$ 125
CAO Sister
Related Party Transaction [Line Items]
Annual compensation	$ 125	$ 125	$ 125

- 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 - Narrative (Details) - USD ($) $ in Thousands, shares in Millions		12 Months Ended
	Jun. 14, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer match, percent		50.00%	50.00%	50.00%
Employer match of employee contributions, percent		0.02	0.02	0.02
Employer contribution		$ 500	$ 600	$ 400
Employee Stock Purchase Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Shares authorized (in 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%

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2025	Mar. 09, 2026	Jun. 30, 2025
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Document Financial Statement Error Correction [Flag]	false
Entity Public Float			$ 276.5
Entity Common Stock, Shares Outstanding (in shares)		28,831,491
Entity Central Index Key	0001587987
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
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
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
2031 8.50% Notes
Document Information [Line Items]
Title of 12(b) Security	8.50% Notes due 2031
Trading Symbol	NEWTO
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

GOODWILL AND INTANGIBLE ASSETS - Future Amortization (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Year one	$ 135
Year two	114
Year three	94
Year four	73
Year five	52
Thereafter	44
Total	$ 512

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITES (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Schedule of accounts payable and accrued liabilities

The following table details the components of accounts payable, accrued expenses and other liabilities at December 31, 2025 and December 31, 2024:


	December 31, 2025		December 31, 2024
Loan related remittances due to SBA and participants	$	3,764	$	2,203
Accrued payroll and related payables	295		332
Accrued interest	7,086		6,035
Funds in process to PMT's payroll customers	9,453		5,700
Loan processing, servicing and other loan related payables	2,329		3,185
SBA repair & denial reserve1	3,736		3,573
Good faith deposits	895		1,499
Other	15,404		18,279
Total accounts payable, accrued expenses and other liabilities	$	42,962	40,806

1 The Company may be exposed to repair and denial liability to the SBA for SBA 7(a) loans in its portfolio. The Company established a loss contingency reserve in accordance with ASC 450-20. To determine the reserve the Company utilizes probability of default and loss given default rates, which are consistent with the assumptions used in its cash flow projections when estimating the fair value of loans. These factors are applied to the outstanding balances of guaranteed SBA 7(a) loans as well as a rate of repurchase based on historical experience.

ASSETS AND LIABILITIES DIRECTLY ASSOCIATED WITH ASSETS HELD FOR SALE

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

ASSETS AND LIABILITIES DIRECTLY ASSOCIATED WITH ASSETS HELD FOR SALE

NOTE 9—ASSETS AND LIABILITIES DIRECTLY ASSOCIATED WITH ASSETS HELD FOR SALE:

The net assets of our technology segment, which consisted of NTS, are represented as held-for-sale as of December 31, 2024 as a result of our entry into the NTS Sale Agreement and our divestiture of NTS on January 2, 2025 (consistent with our commitments to the Federal Reserve). Refer to “NOTE 1—DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION” - NTS Sale. There were no assets and liabilities directly associated with assets held for sale as of December 31, 2025.

The following tables present the assets classified as held for sale and the liabilities directly associated with assets classified as held for sale as of December 31, 2024:


ASSETS			LIABILITIES
Held for Sale			Directly Associated with Assets Held for Sale
Cash and due from banks	$	325	Lease liabilities	$	685
Goodwill	11,800		Deferred tax liabilities, net	2,975
Intangibles	3,030		Accounts payable, accrued expenses and other liabilities	2,564
Right of use assets	619
Other assets	6,150
Valuation allowance1	(616)
	$	21,308		$	6,224

1 The associated expense is included in Other general and administrative costs in the consolidated statements of income for the year ended December 31, 2024.

Goodwill

The goodwill in the technology segment was generated from acquisitions by the legal entities within that segment prior to the consolidation of those entities into NewtekOne following the 2023 Acquisition.

Intangibles

The intangible asset for customer lists within the technology segment existed prior to the consolidation of the technology segment into NewtekOne following the Acquisition.


	As of December 31, 2024
	Gross carrying Amount		Accumulated Amortization		Net Carrying amount
Technology Customer Lists	$	6,525	$	(3,495)	$	3,030

Right of use assets and lease liabilities

Under ASC 842, operating lease expense is generally recognized on a straight-line basis over the term of the lease. The Company’s technology segment had entered into operating lease agreements for office space with remaining contractual terms up to 0.7 years, some of which include renewal options. These renewal options are not considered in the remaining lease term unless it is reasonably certain the Company will exercise such options. The operating lease agreements did not contain any material residual value guarantees or material restrictive covenants.

LOANS - Individually Assessed (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 94,322	$ 24,341
ACL	13,639	7,019
Accrued interest	22,400	15,500
SBA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	74,008	21,706
ACL	12,311	7,019
CRE
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	18,487	2,635
ACL	0	0
C&I
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	1,827	0
ACL	1,328	0
Real Estate Collateral
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	62,972	22,221
Real Estate Collateral \| SBA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	44,066	19,586
Real Estate Collateral \| CRE
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	18,487	2,635
Real Estate Collateral \| C&I
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	419	0
Non-Real Estate Collateral
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	31,350	2,120
Non-Real Estate Collateral \| SBA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	29,942	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	$ 1,408	$ 0

NEWTEKONE, INC. - PARENT COMPANY ONLY - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Aug. 07, 2025	Dec. 31, 2024
Other Commitments [Line Items]
Principal amount	$ 829,452
Funded account	10,000
Capital One Facilities \| Line of Credit
Other Commitments [Line Items]
Principal balance	16,600		$ 21,300
Capital One Facilities \| Line of Credit \| Capital One, SP1
Other Commitments [Line Items]
Maximum borrowing capacity	100,000		60,000
Borrowings Outstanding - line of credit	16,600
NBL Deutsche Bank Facility \| Line of Credit \| Payment guarantee
Other Commitments [Line Items]
Guaranty liabilities	169,800
NBL One Florida Bank Facility \| Line of Credit \| Payment guarantee
Other Commitments [Line Items]
Guaranty liabilities	33,300
NMS Goldman Facility \| Line of Credit
Other Commitments [Line Items]
Principal amount	95,000		0
Principal balance	89,775		$ 0
Newtek Business Lending, LLC \| NBL Deutsche Bank Facility \| Line of Credit
Other Commitments [Line Items]
Maximum borrowing capacity	170,000
Newtek Business Lending, LLC \| NBL One Florida Bank Facility \| Line of Credit
Other Commitments [Line Items]
Maximum borrowing capacity	$ 35,000	$ 30,000

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		12 Months Ended
	Dec. 15, 2025	Dec. 31, 2024	Dec. 31, 2023	Mar. 15, 2025	Mar. 15, 2024	Sep. 15, 2025	Sep. 15, 2024	Dec. 31, 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)	(8)	(5)	(4)	(4)	(5)	(14)	(10)	(26)	(20)	(4)
Available for future purchases, December 31, 2025								150

DERIVATIVE INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Breakdown of derivatives outstanding

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


	December 31, 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	$	(211,805)	$	737	$	—	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


	Year Ended
		December 31, 2025	December 31, 2024				December 31, 2023
Contract Type			Unrealized Appreciation/(Depreciation)		Realized Gain/(Loss)		Unrealized Appreciation/(Depreciation)		Realized Gain/(Loss)		Unrealized Appreciation/(Depreciation)		Realized Gain/(Loss)
5-year Treasury Futures			$	23	$	(3,956)	$	1,344	$	(51)	$	(699)	$	834

INCOME TAXES - Components of income tax expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current income tax expense:
Federal	$ 8,144	$ 4,637	$ 1,251
State	2,839	2,799	1,593
Total current expense	10,983	7,436	2,844
Deferred income tax expense/(benefit):
Federal	7,501	9,076	(4,318)
State	981	1,327	(482)
Total deferred expense/(benefit)	8,482	10,403	(4,800)
Income tax expense	$ 19,465	$ 17,839	$ (1,956)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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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/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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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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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
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+ Details

BORROWINGS

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

BORROWINGS

NOTE 13—BORROWINGS:

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


	December 31, 2025						December 31, 2024
	Commitments		Borrowings Outstanding		Weighted Avg Interest Rate		Commitments		Borrowings Outstanding		Weighted Avg Interest Rate
Bank Borrowings1:
NMS Webster Note2	$	—	$	—	—	%	$	54,871	$	32,688	7.30	%
NMS Goldman Facility3	95,000		88,352		9.42	%	—		—		—	%
SPV I Capital One Facility	100,000		16,085		6.59	%	60,000		21,192		7.22	%
SPV II Deutsche Bank Facility	170,000		169,146		7.32	%	120,000		54,036		7.57	%
SPV III One Florida Bank Facility	35,000		33,259		7.75	%	30,000		23,011		8.50	%
FHLB Advances	14,000		7,349		2.75	%	20,000		15,330		2.19	%
Parent Company Notes1:

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

2026 Notes5,6	95,000		95,000		5.50	%	115,000		114,282		5.50	%
2027 Notes7	50,000		49,967		8.125	%	50,000		49,944		8.125	%
2028 Notes	40,000		39,073		8.00	%	40,000		38,726		8.00	%
2029 Notes	71,808		70,066		8.50	%	71,875		69,622		8.50	%
2029 Notes	75,000		73,150		8.625	%	75,000		72,662		8.625	%
2030 Notes5,8	52,000		51,391		8.375	%	—		—		—	%
Notes payable - Securitization Trusts1	128,827		127,050		6.42	%	189,231		186,635		7.32	%
Total borrowings	$	926,635	$	819,888	7.53	%	$	855,977	$	708,041	7.22	%


	December 31, 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	89,775		(1,423)		88,352		—		—		—
SPV I Capital One Facility	16,600		(515)		16,085		21,300		(108)		21,192
SPV II Deutsche Bank Facility	169,791		(645)		169,146		54,800		(764)		54,036
SPV III One Florida Bank Facility	33,300		(41)		33,259		23,075		(64)		23,011
Parent Company Notes:

2025 Notes (5.00%)4	—		—		—		30,000		(87)		29,913
2026 Notes (5.50%)5	95,000		—		95,000		115,000		(718)		114,282
2027 Notes (8.125%)6	50,000		(33)		49,967		50,000		(56)		49,944
2028 Notes (8.00%)	40,000		(927)		39,073		40,000		(1,274)		38,726
2029 Notes (8.50%)	71,808		(1,742)		70,066		71,875		(2,253)		69,622
2029 Notes (8.625%)	75,000		(1,850)		73,150		75,000		(2,338)		72,662
2030 Notes (8.375%)5,7	52,000		(609)		51,391		—		—		—
Notes Payable - Securitization Trusts1	128,828		(1,778)		127,050		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 11 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. At December 31, 2025, the Company was in compliance with all covenants related to the 2030 8.375% Notes. 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.

For the year ended December 31, 2025 interest expense including amortization of related deferred financing costs was $2.4 million. There was no interest expense for the years ended December 31, 2024 and 2023.

2029 Notes

On May 30, 2024, the Company completed a registered offering of $71.9 million in aggregate principal amount of its 8.50% 2029 Notes, which includes the underwriters’ exercise of the option granted by the Company to purchase an additional $9.4 million in aggregate principal amount of the 2029 8.50% Notes. The Company received $69.6 million in proceeds, before expenses, from the sale of the 2029 8.50% Notes. The 2029 8.50% Notes bear interest at a rate of 8.50% per year payable quarterly on March 1, June 1, September 1 and December 1 of each year, commencing on September 1, 2024, and trade on the Nasdaq Global Market under the trading symbol “NEWTG.” At December 31, 2025, the Company was in compliance with all covenants related to the 2029 8.50% Notes.

For the years ended December 31, 2025 and 2024 interest expense including amortization of related deferred financing costs was $6.6 million and $3.9 million. There was no interest expense for the years ended December 31, 2023.

On September 16, 2024, the Company completed a public offering of $75.0 million aggregate principal amount of 8.625% notes due 2029. The Notes will mature on October 15, 2029. The Company received $72.8 million in proceeds, before expenses, from the sale of the 2029 Notes. The Notes bear interest at a rate of 8.625% per year, payable quarterly on January 15, April 15, July 15, and October 15 each year, commencing on January 15, 2025, and trade on the Nasdaq Global Market under the trading symbol “NEWTH.” At December 31, 2025, the Company was in compliance with all covenants related to the 2029 8.625% Notes.

For the years ended December 31, 2025 and 2024 interest expense including amortization of related deferred financing costs was $7.0 million and $2.0 million. There was no interest expense for the year ended December 31, 2023.

2028 Notes

On August 31, 2023, the Company completed a registered offering of $40.0 million in aggregate principal amount of its 8.00% 2028 Notes, which includes the underwriters’ exercise of the option granted by the Company to purchase an additional $5.0 million in aggregate principal amount of the 2028 Notes. The Company received $38.0 million in proceeds, before expenses, from the sale of the 2028 Notes. The 2028 Notes bear interest at a rate of 8.00% per year payable quarterly on March 1, June 1, September 1 and December 1 of each year, commencing on December 1, 2023, and trade on the Nasdaq Global Market under the trading symbol “NEWTI.” At December 31, 2025, the Company was in compliance with all covenants related to the 2028 Notes.

For the years ended December 31, 2025, 2024 and 2023 interest expense including amortization of related deferred financing costs was $3.5 million, $3.5 million and $1.2 million, respectively.

2027 Notes

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.

For the years ended December 31, 2025 and 2024, interest expense including amortization of related deferred financing costs was $4.1 million and $4.6 million, respectively. There was no interest expense on the 2027 Notes in 2023.

2026 Notes

In January 2021, the Company closed a public offering of $115.0 million aggregate principal amount of 5.50% Notes due 2026, including $15.0 million in aggregate principal amount sold pursuant to a fully-exercised overallotment option. The sale of the 2026 Notes generated proceeds of approximately $111.3 million, net of underwriter's fees and expenses. The 2026 Notes will mature on February 1, 2026 and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after February 1, 2022. The 2026 Notes bear interest at a rate of 5.50% per year payable quarterly on February 1, May 1, August 1 and November 1 of each year, commencing on May 1, 2021, and trade on the Nasdaq Global Market under the trading symbol “NEWTZ.” 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. The transactions were conducted pursuant to exemptions from the registration requirements of the Securities Act.

For the years ended December 31, 2025, 2024 and 2023, interest expense including amortization of related deferred financing costs was $6.8 million, $7.0 million and $7.0 million, respectively.

See “NOTE 24—SUBSEQUENT EVENTS - Exchange of 2026 Notes for 2031 Notes and Repayment of 2026 Notes” for additional information.

2025 Notes

On March 31, 2022, the Company completed a private placement of $15.0 million aggregate principal amount of its 5.00%

notes due 2025 (2025 5.00% Notes). Under the purchase agreement, the Company also issued an additional $15.0 million in aggregate principal amount of the 2025 5.0% Notes to the purchaser on May 2, 2022. The 2025 5.00% Notes were

issued under the Base Indenture and the Tenth Supplemental Indenture, dated as of March 31, 2022. The 2025 5.00% Notes

matured on March 31, 2025.

For the years ended December 31, 2025, 2024 and 2023, interest expense on the 5.00% notes including amortization of related deferred financing costs was $0.5 million, $1.9 million and $1.8 million, respectively.

On January 23, 2023 the Company completed a private placement offering of $50.0 million aggregate principal amount of 8.125% notes due 2025. The net proceeds from the sale of the notes were approximately $48.94 million, after deducting estimated offering expenses payable by the Company. 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.

For the year ended 2023, before the exchange to the 2027 Notes, interest expense on the 8.125% notes due 2025 was $4.3 million.

2024 Notes

On July 25, 2019, the Company closed a public offering of $55.0 million in aggregate principal amount of its 2024 Notes. The 2024 Notes matured on August 1, 2024. The 2024 Notes bore interest at a rate of 5.75% per year payable quarterly on August 1, November 1, February 1 and May 1, of each year, beginning November 1, 2019. Total net proceeds received after deducting underwriters’ discount and expenses was $53.3 million. The 2024 Notes were listed on the Nasdaq Global Market under the trading symbol “NEWTL” and were rated “A-“ by Egan-Jones. In August 2019, the underwriters exercised their option to purchase an additional $8.25 million in aggregate principal amount of the 2024 Notes resulting in an additional $8.0 million in net proceeds.

On February 16, 2021 and May 20, 2021, the Company issued an additional $5.0 million and $10.0 million in aggregate principal amount of its 2024 Notes, respectively. The new 2024 Notes are treated as a single series with the prior 2024 Notes and have the same terms as the prior 2024 Notes. The existing 2024 Notes have the same CUSIP number and are fungible and rank equally with the prior 2024 Notes.

On December 29, 2021, the Company redeemed $40.0 million in aggregate principal amount of the $78.25 million in aggregate principal amount of the Notes on the redemption date of December 29, 2021 at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from November 1, 2021, through, but excluding, the redemption date. As a result of the partial redemption of the 2024 Notes, the Company recorded a $0.6 million loss on extinguishment of debt during the year ended December 31, 2021, equivalent to the redeemed portion of the remaining balance of unamortized deferred financing costs as of the redemption date.

For the years ended December 31, 2025, 2024 and 2023, interest expense including amortization of related deferred financing costs was none, $1.4 million, and $2.4 million, respectively.

Notes Payable - Securitization Trusts

Since 2010, NSBF has engaged in securitizations of the unguaranteed portions of its SBA 7(a) loans. In the securitization, it uses a special purpose entity (the “Trust”) which is considered a variable interest entity. Applying the consolidation requirements for VIEs under the accounting rules in ASC Topic 860, Transfers and Servicing, and ASC Topic 810, Consolidation, which became effective January 1, 2010, the Company determined that as the primary beneficiary of the securitization vehicle, based on its power to direct activities through its role as servicer for the Trust and its obligation to absorb losses and right to receive benefits, it needed to consolidate the Trusts. NSBF therefore consolidated the entity using the carrying amounts of the Trust’s assets and liabilities. NSBF reflects the assets in SBA 7(a) Unguaranteed Non-Affiliate Investments and reflects the associated financing in Borrowings on the Consolidated Statements of Financial Condition.

In December 2017, NSBF completed its eighth securitization which resulted in the transfer of $76.2 million of unguaranteed portions of SBA loans to the 2017-1 Trust. The 2017-1 Trust in turn issued securitization notes for the par amount of $75.4 million, consisting of $58.1 million Class A notes and $17.3 million of Class B notes, against the assets in a private placement. The Class A and Class B notes received an “A” and “BBB-” rating by S&P, respectively, with a final maturity date of the notes is February 2043. On February 27, 2023, the 2017-1 Trust was terminated as a result of NSBF purchasing the 2017-1 Trust assets, with the 2017-1 Trust’s noteholders receiving the redemption price.

In November 2018, NSBF completed its ninth securitization which resulted in the transfer of $108.6 million of unguaranteed portions of SBA loans to the 2018-1 Trust. The 2018-1 Trust in turn issued securitization notes for the par amount of $108.6 million, consisting of $82.9 million Class A notes and $25.7 million of Class B notes, against the assets in a private placement. The Class A and Class B notes received an “A” and “BBB-” rating by S&P, respectively, and the final maturity date of the notes is February 2044. In October 2024, the 2018-1 Trust was terminated as a result of NSBF purchasing the 2018-1 Trust assets, with the 2018-1 Trust’s noteholders receiving the redemption price.

In October 2019, NSBF completed its tenth securitization which resulted in the transfer of $118.9 million of unguaranteed portions of SBA loans to the 2019-1 Trust. The 2019-1 Trust in turn issued securitization notes for the par amount of $118.9 million, consisting of $93.5 million of Class A notes and $25.4 million Class B notes, against the assets in a private placement. The Class A and Class B notes received an “A” and “BBB-” rating by S&P, respectively, and the final maturity date of the notes is December 2044. In October 2024, the 2019-1 Trust was terminated as a result of NSBF purchasing the 2019-1 Trust assets, with the 2019-1 Trust’s noteholders receiving the redemption price.

In December 2021, NSBF completed its eleventh securitization which resulted in the transfer of $103.4 million of unguaranteed portions of SBA loans to the 2021-1 Trust. The 2021-1 Trust in turn issued securitization notes for the par amount of $103.4 million, consisting of $79.7 million of Class A notes and $23.8 million Class B notes, against the assets in a private placement. The Class A and Class B notes received an “A” and “BBB-” rating by S&P, respectively, and the final maturity date of the notes is December 2044. The Class A and Class B notes bear interest at a rate of adjusted SOFR plus 1.92% across both classes. NSBF has the right to call the 2021-1 Class A and B notes at such time as the sum of the principal amount of the Class A Notes and the Class B Notes is less than or equal to 20.00% of the sum of the principal amount of the Class A Notes and Class B Notes as of the closing date of the transaction, with the prior written consent of the SBA.

In September 2022, NSBF completed its twelfth securitization which resulted in the transfer of $116.2 million of unguaranteed portions of SBA loans to the 2022-1 Trust. The 2022-1 Trust in turn issued securitization notes for the par amount of $116.2 million, consisting of $95.4 million of Class A notes and $20.8 million Class B notes, against the 2022-1 Trust assets in a private placement. The Class A and Class B notes received an “A-” and “BBB-” rating by S&P, respectively, and the final maturity date of the notes is October 2049. The Class A and Class B notes bear interest at an average rate of 30-day average compounded SOFR plus 2.97% across both classes. NSBF has the right to call the 2022-1 Class A and B notes at such time as the sum of the principal amount of the Class A Notes and the Class B Notes is less than or equal to 20.00% of the sum of the principal amount of the Class A Notes and Class B Notes as of the closing date of the transaction, with the prior written consent of the SBA.

In June 2023, NSBF completed its thirteenth securitization which resulted in the transfer of $103.9 million of unguaranteed portions of SBA loans to the 2023-1 Trust. The 2023-1 Trust in turn issued securitization notes for the par amount of $103.9 million, consisting of $84.3 million of Class A notes and $19.6 million Class B notes, against the 2023-1 Trust assets in a private placement. The Class A and Class B notes received an “A-” and “BBB-” rating by S&P, respectively, and the final maturity date of the notes is October 2049. The Class A and Class B notes bear interest at an average rate of 30-day average compounded SOFR plus 3.24% across both classes. NSBF has the right to call the 2023-1 Class A and B notes at such time as the sum of the principal amount of the Class A Notes and the Class B Notes is less than or equal to 20.00% of the sum of the principal amount of the Class A Notes and Class B Notes as of the closing date of the transaction, with the prior written consent of the SBA.

For the years ended December 31, 2025, 2024 and 2023, interest expense including amortization of related deferred financing costs and discount was $12.0 million, $21.1 million, and $23.5 million, respectively.

At December 31, 2025 and 2024, the assets of the consolidated Trusts totaled $206.5 million and $272.4 million, respectively. The liabilities of the consolidated Trusts totaled $128.8 million and $189.2 million, respectively.

Bank Borrowings

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.

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 intend to use 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, II, and III Facilities

Newtek ALP Holdings’ subsidiaries (our indirect subsidiaries) SPV I, II, and III maintain credit facilities with third party lenders. SPV I has a Capital One facility with maximum borrowings of $100.0 million. Capital One’s commitment terminates in July 2027, with all amounts due under the SPV I Facility maturing in July 2028. At December 31, 2025, total principal owed by SPV I was $16.6 million. SPV II has a Deutsche Bank facility with maximum borrowings $170.0 million. The Deutsche Bank Facility matures in December 2027. At December 31, 2025, total principal owed by SPV II was $169.8 million. SPV III has a One Florida Bank facility with maximum borrowings of $35.0 million. On August 7, 2025, the One Florida Bank Facility was amended and upsized to maximum borrowings of $35.0 million; One Florida Bank’s facility matures in August 2028. At December 31, 2025, total principal owed by SPV III was $33.3 million.

For the years ended December 31, 2025, 2024 and 2023, interest expense including amortization of related deferred financing costs was $13.5 million, $6.4 million and $11.0 million, respectively.

Total expected principal repayments on the Company’s borrowings for the next five fiscal years and thereafter are as follows:


Year Ending December 31,	Borrowings
2026	$	97,989
2027	225,932
2028	90,777
2029	147,675
2030	138,251
Thereafter	128,828
	$	829,452

Total interest expense including unused line fees and amortization of deferred financing costs related to borrowings for the years ended December 31, 2025, 2024 and 2023 were as follows:


	Year Ended December 31,
		2025		2024		2023
Total interest expense		$	56,636	$	52,423	$51,890

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 6
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 6
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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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 405
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

LOANS (Tables)

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Investment holdings, schedule of investments

Investments consisted of the following at:


	December 31, 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 investments, at fair value	36,692		47,719		44,039		57,678
Debt securities available-for-sale, at fair value	16,836		16,829		23,934		23,916
Federal Home Loan Bank and Federal Reserve Bank stock	4,234		4,234		3,585		3,585
Total investments	$	90,243	$	145,483	$	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
	December 31, 2025				December 31, 2024
	Cost		Fair Value		Cost		Fair Value
CRE	$	131,015	$	138,110	$	162,894	$	175,353
Residential Real Estate	52,229		50,539		69,667		67,474
Machinery and Equipment¹	46,552		43,266		60,460		56,454
Accounts Receivable and Inventory	43,944		38,670		59,449		54,267
Unsecured	4,295		4,259		5,643		5,644
Other²	8,619		6,354		13,033		10,554
Total	$	286,654	$	281,198	$	371,146	$	369,746

2 Other includes one loan at NewtekOne at $1.0 million Cost and $0.2 million Fair Value as of December 31, 2025, and one loan at $2.0 million Cost and $1.1 million Fair Value as of December 31, 2024.

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
	December 31, 2025		December 31, 2024
SBA	$	539,746	$	380,981
CRE	274,194		191,831
C&I	80,380		47,558
Total Loans	894,320		620,370
Deferred fees and costs, net	2,369		1,281
Loans held for investment, at amortized cost, net of deferred fees and costs	$	896,689	$	621,651

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


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

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


	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 December 31, 2025 and December 31, 2024:


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


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 years ended December 31, 2025 and 2024:


	December 31, 2025								December 31, 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	(299)		(1,775)		(21,735)		(23,809)		(236)		—		(7,836)		(8,072)
Recoveries	—		—		199		199		—		—		—		—
Provision for credit losses1	742		4,742		33,119		38,603		258		1		25,472		25,731
Ending balance	$	1,873	$	3,282	$	40,071	$	45,226	$	1,430	$	315	$	28,488	$	30,233

1 Excludes $126 thousand and $0.5 million of Provision for credit losses relating to unfunded commitments for the year ended December 31, 2025 and December 31, 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:


	December 31, 2025								December 31, 2024
ACL	CRE		C&I		SBA		Total		CRE		C&I		SBA		Total
Individually Evaluated	$	—	$	1,328	$	12,311	$	13,639	$	—	$	—	$	7,019	$	7,019
Collectively Evaluated	1,873		1,954		27,760		31,587		1,430		315		21,469		23,214
Total	$	1,873	$	3,282	$	40,071	$	45,226	$	1,430	$	315	$	28,488	$	30,233

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


	December 31, 2025								December 31, 2024
Recorded Investment	CRE		C&I		SBA		Total		CRE		C&I		SBA		Total
Individually Evaluated	$	18,487	$	1,827	$	74,008	$	94,322	$	2,635	$	—	$	21,706	$	24,341
Collectively Evaluated	255,707		78,553		465,738		799,998		189,196		47,558		359,275		596,029
Total	$	274,194	$	80,380	$	539,746	$	894,320	$	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:


	December 31, 2025				December 31, 2024

	Real Estate Collateral		Non-Real Estate Collateral		Total		ACL		Real Estate Collateral		Non-Real Estate Collateral		Total		ACL
SBA	$	44,066	$	29,942	$	74,008	$	12,311	$	19,586	$	2,120	$	21,706	$	7,019
CRE	18,487		—		18,487		—		2,635		—		2,635		—

C&I	419		1,408		1,827		1,328		—		—		—		—





Total	$	62,972	$	31,350	$	94,322	$	13,639	$	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:


	December 31, 2025						December 31, 2024
	Nonaccrual without Allowance		Nonaccrual with Allowance		ACL		Nonaccrual without Allowance		Nonaccrual with Allowance		ACL
SBA	$	34,058	$	39,950	$	12,311	$	7,264	$	14,442	$	7,019
CRE	2,979		—		—		2,635		—		—

C&I	419		1,408		1,328		—		—		—






Total	$	37,456	$	41,358	$	13,639	$	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 December 31, 2025
	Past Due and Accruing						Non- accrual		Total Past Due and Non-accrual		Current		Total Accounted for Under the FV Option
	30-59 Days		60-89 Days		90+ Days1
SBA, at fair value	$	21,441	$	5,018	$	8,713	$	12,580	$	47,752	$	508,937	$	556,689
ALP, at fair value	9,049		—		—		11,634		20,683		394,465		415,148
Total	$	30,490	$	5,018	$	8,713	$	24,214	$	68,435	$	903,402	$	971,837

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


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


	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

Modified financing receivable

The following table summarizes the amortized cost basis of loans that were modified:


	Year Ended December 31, 2025
	Other-Than-Insignificant Payment Delay		Term Extension		Interest Rate Reduction		Principal Forgiveness		% of Total Class of Financing Receivable
SBA	$	458	$	—	$	—	$	—	$	—
CRE	—		—		—		—		—
C&I	—		—		—		—		—
Total Modifications	$	458	$	—	$	—	$	—	$	—

The following table provides the amortized cost basis of loans that had a payment default during the period and were modified in the 12 months before default, consisting of 2 loans for the year ended December 31, 2025:


	Year Ended December 31, 2025
	Other-Than-Insignificant Payment Delay		Term Extension		Interest Rate Reduction		Principal Forgiveness		% of Total Class of Financing Receivable
SBA	$	299	$	—	$	—	$	—	$	—
CRE	—		—		—		—		—
C&I	—		—		—		—		—
Total Defaults	$	299	$	—	$	—	$	—	$	—

Held for sale


	December 31, 2025		December 31, 2024
SBA 504 First Lien	$	201,013	$	128,255
SBA 504 Second Lien	31,207		26,678
SBA 7(a)	303,716		4,855
SBA 7(a) Partials1	20,753		—
ALP	415,148		212,498
Loans held for sale, at fair value	$	971,837	$	372,286

1 Reclassified from Loans held for sale, at LCM

Loans held for sale, at LCM


	December 31, 2025		December 31, 2024
SBA 504 First Lien	$	19,075	$	36,783
SBA 504 Second Lien	7,457		8,203

SBA 7(a) Partials1	—		13,817

Loans held for sale, at LCM	$	26,532	$	58,803

1 Reclassified to Loans held for sale, at fair value

BORROWINGS - 2030, 2029, 2028, 2027, 2026, 2025 and 2024 Notes (Details)									1 Months Ended		12 Months Ended
	Mar. 19, 2025 USD ($) investor	Dec. 11, 2024	Sep. 16, 2024 USD ($)	May 30, 2024 USD ($)	Aug. 31, 2023 USD ($)	Jan. 23, 2023 USD ($)	Dec. 29, 2021 USD ($)	Jul. 25, 2019 USD ($)	Jan. 31, 2021 USD ($)	Aug. 31, 2019 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2021 USD ($)	Oct. 21, 2025 USD ($)	Sep. 22, 2025	Jun. 30, 2025	Mar. 31, 2022 USD ($)	May 20, 2021 USD ($)	Feb. 16, 2021 USD ($)
Debt Instrument [Line Items]
Interest rate											7.53%	7.22%
Aggregate principal amount											$ 819,888,000	$ 708,041,000
Loss on extinguishment of debt											179,000	0	$ 271,000
Medium-term Notes
Debt Instrument [Line Items]
Interest expense											56,636,000	52,423,000	51,890,000
2030 8.375% Notes
Debt Instrument [Line Items]
Proceeds from Notes											32,000,000	0	0
2030 8.375% Notes \| Medium-term Notes
Debt Instrument [Line Items]
Loans	$ 30,000,000.0										$ 52,000,000	$ 0			$ 2,000,000.0
Number of accredited investors \| investor	11
Percent of principal amount	100.00%
Interest rate											8.375%	0.00%
Proceeds from Notes	$ 29,250,000
Interest expense											$ 2,400,000	$ 0	0
Aggregate principal amount											51,391,000	0
2029 8.50% Notes
Debt Instrument [Line Items]
Proceeds from Notes											0	71,875,000	0
2029 8.50% Notes \| Medium-term Notes
Debt Instrument [Line Items]
Loans				$ 71,900,000							$ 71,808,000	$ 71,875,000
Interest rate				8.50%							8.50%	8.50%				8.50%
Interest expense											$ 6,600,000	$ 3,900,000	0
Additional principal purchased				$ 9,400,000
Proceeds before expenses				$ 69,600,000
Aggregate principal amount											70,066,000	69,622,000
2029 8.625% Notes
Debt Instrument [Line Items]
Proceeds from Notes											0	75,000,000	0
2029 8.625% Notes \| Medium-term Notes
Debt Instrument [Line Items]
Loans			$ 75,000,000.0								$ 75,000,000	$ 75,000,000
Interest rate			8.625%								8.625%	8.625%
Interest expense											$ 7,000,000.0	$ 2,000,000.0	0
Proceeds before expenses			$ 72,800,000
Aggregate principal amount											73,150,000	72,662,000
2028 Notes (8.00%)
Debt Instrument [Line Items]
Proceeds from Notes											0	0	40,000,000
2028 Notes (8.00%) \| Medium-term Notes
Debt Instrument [Line Items]
Loans					$ 40,000,000.0						$ 40,000,000	$ 40,000,000
Interest rate					8.00%						8.00%	8.00%
Interest expense											$ 3,500,000	$ 3,500,000	1,200,000
Additional principal purchased					$ 5,000,000.0
Proceeds before expenses					$ 38,000,000.0
Aggregate principal amount											39,073,000	38,726,000
2025 8.13% Notes
Debt Instrument [Line Items]
Proceeds from Notes											$ 0	$ 0	50,000,000
Interest expense													4,300,000
2025 8.13% Notes \| Medium-term Notes
Debt Instrument [Line Items]
Loans						$ 50,000,000.0
Percent of principal amount		100.00%
Interest rate		8.125%				8.125%					8.125%	8.125%
Interest expense											$ 4,100,000	$ 4,600,000	0
Net proceeds						$ 48,940,000
2026 Notes \| Medium-term Notes
Debt Instrument [Line Items]
Loans									$ 115,000,000.0		$ 95,000,000	$ 115,000,000			$ 20,000,000.0
Interest rate									5.50%		5.50%	5.50%
Interest expense											$ 6,800,000	$ 7,000,000.0	7,000,000.0
Net proceeds									$ 111,300,000
Aggregate principal amount											95,000,000	114,282,000
2026 Notes, Overallotment Option \| Medium-term Notes
Debt Instrument [Line Items]
Loans									$ 15,000,000.0
2025 5.00% Notes \| Medium-term Notes
Debt Instrument [Line Items]
Loans											$ 0	$ 30,000,000						$ 15,000,000.0
Interest rate											5.00%	5.00%					5.00%	5.00%
Interest expense											$ 500,000	$ 1,900,000	1,800,000
Additional principal issuable																		$ 15,000,000.0
Aggregate principal amount											0	29,913,000
2024 Notes \| Medium-term Notes
Debt Instrument [Line Items]
Loans								$ 55,000,000.0											$ 10,000,000.0	$ 5,000,000.0
Percent of principal amount							100.00%
Interest rate								5.75%
Interest expense											$ 0	$ 1,400,000	$ 2,400,000
Additional principal purchased										$ 8,250,000
Net proceeds								$ 53,300,000		$ 8,000,000.0
Principal redeemed							$ 40,000,000.0
Aggregate principal amount							$ 78,250,000
Redemption price per note							25
Loss on extinguishment of debt														$ 600,000

BORROWINGS - Outstanding Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Oct. 21, 2025	Sep. 22, 2025	Jun. 30, 2025	Mar. 19, 2025	Dec. 31, 2024	Dec. 11, 2024	Sep. 16, 2024	May 30, 2024	Aug. 31, 2023	Jan. 23, 2023	Mar. 31, 2022	Dec. 31, 2021	Jan. 31, 2021	Oct. 31, 2019	Nov. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Weighted Avg Interest Rate	7.53%					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	0.00%					7.30%
NMS Goldman Facility \| Line of Credit
Debt Instrument [Line Items]
Principal balance	$ 89,775					$ 0
Unamortized deferred financing costs	(1,423)					0
Net carrying amount	$ 88,352					$ 0
Weighted Avg Interest Rate	9.42%					0.00%
Capital One Facilities \| Line of Credit
Debt Instrument [Line Items]
Principal balance	$ 16,600					$ 21,300
Unamortized deferred financing costs	(515)					(108)
Net carrying amount	16,085					21,192
Deutsche Bank Line of Credit \| Line of Credit
Debt Instrument [Line Items]
Principal balance	169,791					54,800
Unamortized deferred financing costs	(645)					(764)
Net carrying amount	$ 169,146					$ 54,036
Weighted Avg Interest Rate	7.32%					7.57%
One Florida line of credit - SP3 \| Line of Credit
Debt Instrument [Line Items]
Principal balance	$ 33,300					$ 23,075
Unamortized deferred financing costs	(41)					(64)
Net carrying amount	$ 33,259					$ 23,011
Weighted Avg Interest Rate	7.75%					8.50%
2025 5.00% Notes \| Medium-term Notes
Debt Instrument [Line Items]
Principal balance	$ 0					$ 30,000						$ 15,000
Unamortized deferred financing costs	0					(87)
Net carrying amount	$ 0					$ 29,913
Weighted Avg Interest Rate	5.00%			5.00%		5.00%						5.00%
2026 Notes \| Medium-term Notes
Debt Instrument [Line Items]
Principal balance	$ 95,000	$ 20,000				$ 115,000								$ 115,000
Unamortized deferred financing costs	0					(718)
Net carrying amount	$ 95,000					$ 114,282
Weighted Avg Interest Rate	5.50%					5.50%								5.50%
2027 Notes \| Medium-term Notes
Debt Instrument [Line Items]
Principal balance	$ 50,000					$ 50,000
Unamortized deferred financing costs	(33)					(56)
Net carrying amount	$ 49,967					$ 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				$ 40,000
Unamortized deferred financing costs	(927)					(1,274)
Net carrying amount	$ 39,073					$ 38,726
Weighted Avg Interest Rate	8.00%					8.00%				8.00%
2029 8.50% Notes \| Medium-term Notes
Debt Instrument [Line Items]
Principal balance	$ 71,808					$ 71,875			$ 71,900
Unamortized deferred financing costs	(1,742)					(2,253)
Net carrying amount	$ 70,066					$ 69,622
Weighted Avg Interest Rate	8.50%		8.50%			8.50%			8.50%
2029 8.625% Notes \| Medium-term Notes
Debt Instrument [Line Items]
Principal balance	$ 75,000					$ 75,000		$ 75,000
Unamortized deferred financing costs	(1,850)					(2,338)
Net carrying amount	$ 73,150					$ 72,662
Weighted Avg Interest Rate	8.625%					8.625%		8.625%
2030 8.375% Notes \| Medium-term Notes
Debt Instrument [Line Items]
Principal balance	$ 52,000	$ 2,000			$ 30,000	$ 0
Unamortized deferred financing costs	(609)					0
Net carrying amount	$ 51,391					$ 0
Weighted Avg Interest Rate	8.375%					0.00%
Securitization Trusts \| Secured Debt
Debt Instrument [Line Items]
Principal balance	$ 128,828					$ 189,231							$ 103,400		$ 118,900	$ 108,600	$ 75,400
Unamortized deferred financing costs	(1,778)					(2,596)
Net carrying amount	$ 127,050					$ 186,635
Weighted Avg Interest Rate	6.42%					7.32%
2025 8.125% Notes \| Medium-term Notes
Debt Instrument [Line Items]
Principal balance											$ 50,000
Weighted Avg Interest Rate	8.125%					8.125%	8.125%				8.125%

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill

The following table summarizes the carrying amount of goodwill:


	December 31, 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 December 31, 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	$	528	$	512	$	1,040	$	373	$	667

Amortization expense for the years ended December 31, 2025, 2024 and 2023 is as follows, and is included in Depreciation and amortization on the Consolidated Statements of Income:


	Year Ended December 31,
		2025		2024		2023
Amortization expense		$	170	$	539	$1,468

Intangible asset amortization schedule

The remaining estimated aggregate future amortization expense for intangible assets as of December 31, 2025 is as follows:


	Amortization Expense
2026	$	135
2027	114
2028	94
2029	73
2030	52
Thereafter	44
Total	$	512

- 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
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Other Commitments [Line Items]
Employment agreement	1 year
Commitments to Extend Credit
Other Commitments [Line Items]
Commitment	$ 108,713	$ 107,131
SBA investment
Other Commitments [Line Items]
Commitment	37,162	25,032
504
Other Commitments [Line Items]
Commitment	66,503	72,557
C&I
Other Commitments [Line Items]
Commitment	$ 5,048	$ 9,542

SERVICING ASSETS - Loans Serviced (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Servicing Assets at Fair Value [Line Items]
Total loans serviced	$ 2,093,024	$ 2,179,032
SBA 7(a)
Servicing Assets at Fair Value [Line Items]
Total loans serviced	1,698,866	1,996,715
ALP
Servicing Assets at Fair Value [Line Items]
Total loans serviced	345,856	169,842
504
Servicing Assets at Fair Value [Line Items]
Total loans serviced	$ 48,302	$ 12,475

INCOME TAXES - Income tax reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
US federal statutory income tax rate	$ 16,795	$ 14,425	$ 9,528
State and local income taxes, net of federal effect	3,125	3,538	911
Nontaxable and nondeductible items, net	531		788
Nontaxable and nondeductible items, net		(148)
Other	(986)	24	(203)
Realization of net operating loss carryforwards	0	0	(7,430)
DTA realization due to change in taxpayer status	0	0	(5,550)
Income tax expense	$ 19,465	$ 17,839	$ (1,956)
Effective Income Tax Rate Reconciliation, Percent [Abstract]
US federal statutory income tax rate	21.00%	21.00%	21.00%
State and local income taxes, net of federal effect	3.91%	5.15%	2.01%
Nontaxable and nondeductible items, net	0.66%		1.74%
Nontaxable and nondeductible items, net		(0.22%)
Other	(1.23%)	0.04%	(0.45%)
Realization of net operating loss carryforwards	0.00%	0.00%	(16.38%)
DTA realization due to change in taxpayer status	0.00%	0.00%	(12.23%)
Effective tax rate	24.34%	25.97%	(4.31%)

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 10—FAIR VALUE MEASUREMENTS:


	Fair Value Measurements at December 31, 2025
	Total		Level 1			Level 2			Level 3
Assets:
Debt securities available-for-sale, at fair value
U.S. Treasury notes	$	16,829	$	16,829		$	—		$	—

Loans held for sale, at fair value	971,837		—			324,467			647,370
Loans held for investment, at fair value	281,198		—			—			281,198
Individually evaluated loans1	94,322		—			—			94,322
Other real estate owned, at fair value2	7,570		—			—			7,570
Other real estate owned, at LCM1,2	1,286		—			—			1,286
Residuals in securitizations, at fair value3	76,701		—			—			76,701
Servicing assets, at fair value	15,358		—			—			15,358
Servicing assets, at LCM1	29,564		—			—			29,564
Joint ventures and other investments, at fair value	47,719		6,880		5	1,983		6	38,856
Derivative instruments1,2,3	737		—			737			—
Total assets measured at fair value	$	1,543,121	$	23,709		$	327,187		$	1,192,225
Liabilities:
Equity warrants3,4	$	81	$	—		$	—		$	81

Total liabilities measured at fair value	$	81	$	—		$	—		$	81

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 Includes four million shares of IPM Preferred Stock valued at the closing price per share of IPM common stock of $1.72 on December 31, 2025

6 Includes the Biller Genie investment valued at the price that settled in January 2026.


	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
Individually evaluated loans2	24,341		—		—		24,341
Other real estate owned, at fair value1	3,764		—		—		3,764

Servicing assets, at fair value	22,062		—		—		22,062
Servicing assets, at LCM1	24,195		—		—		24,195
Joint ventures and other investments	57,678		—		—		57,678
Derivative instruments1,3	715		—		715		—
Total assets measured at fair value	$	898,703	$	23,916	$	715	$	874,072
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 years ended December 31, 2025 and 2024:


	Year Ended December 31, 2025
	Loans HFI, at FV		Loans HFS, at FV			Joint Ventures and Other 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	483		(270,910)			—			—		—		—		(2,371)
Principal payments received	(71,830)		(12,293)			—			—		—		—		—
Foreclosed real estate acquired	(5,781)		—			—			—		—		—		7,778
SBA loans, funded	—		125,262			—			—		—		—		—
ALP loans, funded	—		363,410			—			—		—		—		—

Purchases and repurchases of loans	4,669		25,094			—			—		—		—		—
Residuals in securitizations, notional	—		—			—			32,481		—		—		—
Additions3	—		—			2,268			—		—		—		—
Asset purchase of controlling interest, net of cash acquired						10,120
Capital contributions	—		—			85			—		—		—		—
Returns of capital4	—		—			(26,227)			—		—		—		—
Change in valuation due to:
Changes in valuation inputs or assumptions	(1,468)		42,244			(3,568)			44,220		(19)		(52)		(1,601)
Other factors	(14,621)		—			—			—		(6,685)		—		—
Transfers out of Level 3	—		(4,856)		5	(1,500)		6	—		—		—		—
Fair value, December 31, 2025	$	281,198	$	647,370		$	38,856		$	76,701	$	15,358	$	81	$	7,570

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 asset purchase of controlling interest in 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.


	Year Ended December 31, 2024
	Loans HFI, at FV		Loans HFS, at FV		Joint Ventures and Other Investments		Servicing Assets, at FV		Assets HFS		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	—		(599)		—		—		—		—		—
Reclasses between loans at FV and LCM	263		4,077		—		—		—		—		—
Sales	(2,586)		(179,949)		—		—		—		—		(1,446)
Principal payments received	(71,791)		(16,178)		—		—		—		—		—
Foreclosed real estate acquired	(4,569)		—		—		—		—		—		4,569
SBA loans, funded	122		26,863		—		—		—		—		—
ALP loans, funded	—		283,822		—		—		—		—		—
Mortgage loans, funded	—		103,838		—		—		—		—		—
Additions	—		—		—		14		21,924		—		—
Purchases and repurchases of loans	4,851		—		—		—		—		—		—
Capital contributions/(distributions)	—		—		5,379		—		—		—		—
Change in valuation due to:
Changes in valuation inputs or assumptions	597		31,569		10,712		924		(616)		(8)		(469)
Other factors	(26,942)		(24)		—		(8,212)		—		—		—
Fair Value, December 31, 2024	$	369,746	$	372,286	$	57,678	$	22,062	$	21,308	$	133	$	3,764

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
	December 31, 2025		Unobservable Input	Average		Minimum		Maximum
Assets:
Loans HFI, at FV - accrual	$	208,655	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	$	72,543	Market yields	7.00	%	7.00	%	7.00	%

			Average cumulative default rate	30.00	%	30.00	%	30.00	%
Loans HFS, at FV	$	647,370	Market yields	7.19	%	6.43	%	8.13	%
			Cumulative prepayment rate	56.17	%	50.00	%	60.00	%
			Average cumulative default rate	11.17	%	5.00	%	15.00	%
Joint ventures and other investments	$	38,856	Market yields	7.40	%	6.71	%	12.49	%
			Cost of equity	14.00	%	12.00	%	16.00	%
			Weighted average cost of capital	9.00	%	7.00	%	11.00	%
Residuals in securitizations, at FV	$	76,701	Market yields	7.58	%	7.58	%	7.58	%
			Cost of equity	14.00	%	12.00	%	16.00	%
			Weighted average cost of capital	9.00	%	7.00	%	11.00	%
Servicing assets, at FV1	$	15,358	Market yields	11.25	%	11.25	%	11.25	%
			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	$	7,570	Appraised value	N/A		N/A		N/A
Liabilities:
Equity warrants	$	81	Expected volatility	45.00	%	45.00	%	45.00	%
			Dividend yield	6.70	%	6.70	%	6.70	%
			Risk free rate	3.95	%	3.95	%	3.95	%

1 $15.4 million of servicing assets held at FV and $29.6 million of servicing assets held at LCM. Refer to NOTE 7—SERVICING ASSETS.


	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 other 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 FV1	$	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, at FV	$	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	%

1 $22.1 million of servicing assets held at FV and $24.2 million of servicing assets held at LCM. Refer to NOTE 7—SERVICING ASSETS.

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:


	December 31, 2025
	Carrying Amount		Fair Value Amount by Level:						Total Fair Value
			Level 1		Level 2		Level 3
Financial Assets:
Cash and due from banks	$	4,196	$	4,196	$	—	$	—	$	4,196
Restricted cash	26,477		26,477		—		—		26,477
Interest bearing deposits in banks	279,618		279,618		—		—		279,618


Loans HFS, at LCM	26,532		—		—		26,532		26,532

Loans HFI, at amortized cost, net of deferred fees and costs	896,689		—		—		1,012,200		1,012,200
Federal Home Loan Bank and Federal Reserve Bank stock	4,234		—		4,234		—		4,234


Financial Liabilities:
Time deposits	439,805		—		440,688		—		440,688
Borrowings	819,888		—		283,999		543,999		827,998

	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


Loans HFS, at LCM	58,803		—		—		58,856		58,856

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

Financial Liabilities:
Time deposits	409,251		—		410,442		—		410,442
Borrowings	708,041		—		306,549		413,818		720,367

The fair values of the components of Borrowings are included in the chart below:


	December 31, 2025				December 31, 2024
	Closing Price		Fair Value		Closing Price		Fair Value
Public Parent Company Notes1:

2026 Notes (5.50%)2	$	25.19	$	95,722	$	25.21	$	115,966
2028 Notes (8.00%)	25.20		40,320		25.28		40,448
2029 Notes (8.50%)	25.16		72,267		25.32		72,795
2029 Notes (8.625%)	25.23		75,690		25.78		77,340
Subtotal (Level 2)			$	283,999			$	306,549

Private Parent Company Notes3			$	102,758			$	80,926
Securitizations4			127,050				186,635
FHLB Borrowings4			7,349				15,330
Bank Borrowings4			306,842				130,927
Subtotal (Level 3)			$	543,999			$	413,818

Total Borrowings			$	827,998			$	720,367

1 Fair values are based on the closing public share price on the date of measurement.

2 On February 1, 2026, the 2026 Notes matured. See “NOTE 24—SUBSEQUENT EVENTS - Exchange of 2026 Notes for 2031 Notes and Repayment of 2026 Notes” for additional information.

4 Fair value is calculated as the Borrowings Outstanding. Refer to NOTE 13—BORROWINGS.

- 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)(3)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

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-Topic 820
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
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-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

INCOME TAXES

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 21—INCOME TAXES:

The components of income tax expense for the years ended December 31, 2025, 2024 and 2023 were as follows:


	Years ended December 31,
		2025		2024		2023
Current income tax expense:
Federal		$	8,144	$	4,637	$	1,251
State		2,839		2,799		1,593
Total current expense		10,983		7,436		2,844
Deferred income tax expense/(benefit):
Federal		7,501		9,076		(4,318)
State		981		1,327		(482)
Total deferred expense/(benefit)		8,482		10,403		(4,800)
Total income tax expense/(benefit)		$	19,465	$	17,839	$	(1,956)

The components of income taxes paid for the years ended December 31, 2025, 2024 and 2023 were as follows:


	Years ended December 31,
	2025	2024	2023
Total Incomes Taxes Paid	12,502	7,429	6,884
Federal	8,471	3,904	4,650
State:

Florida	615	—	—

New York:
New York City	—	314	—
New York State	1,544	1,704	1,128

Other	1,872	1,507	1,106


	Years ended December 31,
		2025			2024			2023
US federal statutory income tax rate			$	16,795	21.00	%	14,425	21.00	%	9,528	21.00	%
State and local income taxes, net of federal effect			3,125		3.91	%	3,538	5.15	%	911	2.01	%
Domestic federal reconciling items
Nontaxable and nondeductible items, net			531		0.66	%	(148)	(0.22)	%	788	1.74	%
Other			(986)		(1.23)	%	24	0.04	%	(203)	(0.45)	%
Realization of net operating loss carryforwards			—		—	%	—	—	%	(7,430)	(16.38)	%
DTA realization due to change in taxpayer status			—		—	%	—	—	%	(5,550)	(12.23)	%

Income tax expense/(benefit)			$	19,465	24.34	%	17,839	25.97	%	(1,956)	(4.31)	%

For the years ended December 31, 2025, state income taxes in Florida and New York comprise the majority of the state income tax expense, net of federal effect category. For the years ended December 31, 2024 and 2023, state income taxes in New York comprise the majority of the state income tax expense, net of federal effect category.

Significant components of the Company’s net deferred tax asset at December 31, 2025 and 2024 are listed below:


	December 31, 2025		December 31, 2024
Deferred tax assets:
Allowance for credit losses	$	11,599	$	7,914
Lease liabilities	747		1,737
Other	1,865		2,757
Purchase accounting, net	9		183
Stock compensation	21		1,134

Goodwill and intangible assets	—		217
Federal and state net operating losses, net of federal tax effect	832		201
Total deferred tax assets	15,073		14,143
Deferred tax liabilities:
Investments	1,076		2,481
Servicing rights	7,484		6,234
Right of use assets	725		1,488
Goodwill and intangible assets	1,128		—
Loans	15,381		6,069
Other	7		115
Total deferred tax liabilities	25,801		16,387
Net deferred tax liability	$	(10,728)	$	(2,244)

At December 31, 2025 and December 31, 2024, the Company has $19.1 million and $4.1 million of state net operating loss carryforwards, respectively.

The Company continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. The Company files tax returns in federal and certain state and local jurisdictions. The periods subject to examination are generally for tax years ended in 2022 and beyond, including the following major jurisdictions: U.S. Federal, New York, and Florida. However, the Company’s net operating losses continue to be subject to review by tax authorities in the period utilized notwithstanding origination in closed periods.

The following table provides details of the expiration dates for Company’s net operating loss carryforwards at December 31, 2025 and 2024:



Expiring:	December 31, 2025		December 31, 2024
Years ended 2029 - 2035	$	38	$	154
Years ended 2036 - 2043	18,944		3,872
Never	86		86
Total	$	19,068	$	4,112

As of December 31, 2025, the Company had no uncertain tax positions. The Company has elected to recognize interest and penalties related to income tax matters as a component of income tax expense, of which no interest or penalties were recorded for the years ended December 31, 2025, 2024 and 2023.

- 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
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

GOODWILL AND INTANGIBLE ASSETS - Goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 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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+ Details

SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

NOTE 2—SIGNIFICANT ACCOUNTING POLICIES:

Use of Estimates in the Preparation of Financial Statements

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expense during the reporting period. The level of uncertainty in estimates and assumptions increases with the length of time until the underlying transactions are complete. Actual results could differ from those estimates.

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 December 31, 2025, cash deposits in excess of insured amounts totaled $32.5 million. The Company has not experienced any losses with respect to cash balances in excess of insured amounts and management does not believe there was a significant concentration of risk with respect to cash balances as of December 31, 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 December 31, 2025 and 2024:


	December 31, 2025		December 31, 2024
Cash and due from banks	$	4,196	$	6,941
Restricted cash	26,477		28,226
Interest bearing deposits in banks	279,618		346,207
Cash and restricted cash	$	310,291	$	381,374


	December 31, 2025		December 31, 2024
Cash held at Federal Reserve Bank1	$	277,828	$	345,680
Cash held at other financial institutions	32,463		35,694
Total cash and cash equivalents	$	310,291	$	381,374

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

Debt securities, available for sale, at fair value

The Company’s securities portfolio primarily consists of available for sale debt securities held by Newtek Bank that are classified as “available for sale” and carried at their estimated fair value, with any unrealized gains or losses, net of taxes, reported as accumulated other comprehensive income or loss in stockholders’ equity. The fair values of our instruments are affected by changes in market interest rates and credit spreads. In general, as interest rates rise and/or credit spreads widen, the fair value of instruments will decline. As interest rates fall and/or credit spreads tighten, the fair value of instruments will rise. The Company evaluates available-for-sale instruments in unrealized loss positions at least quarterly to determine if an allowance for credit losses is required.

Purchases and sales of debt securities are accounted for on a trade-date basis.

Loans

Held for Investment

Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are classified as held for investment.

At amortized cost, net of deferred fees and costs: Loans are reported at their principal amount outstanding, net of charge-offs, deferred origination costs and fees and purchase premiums and discounts. Loan origination and commitment fees and certain direct and indirect costs incurred in connection with loan originations are deferred and amortized to income over the life of the related loans as an adjustment to yield. Premiums or discounts on purchased portfolios are amortized or accreted to income using the level yield method over the remaining period to contractual maturity. Currently, all LHI at amortized cost, net of deferred fees and costs, are originated and carried at Newtek Bank and have a weighted average life of five years. Newtek Bank originates SBA 7(a) loans, under its PLP status, and typically sells the guaranteed portions and holds the unguaranteed portions for investment. Newtek Bank also holds CRE and C&I loans for investment.

At fair value: On a quarterly basis, management determines the fair values of the retained unguaranteed portions of SBA 7(a) loans HFI, and unrealized changes in FV are recognized in the income statement. The loans within this portfolio were originated by NSBF. NSBF ceased originating new loans in April 2023 when all new SBA 7(a) loan originations were transitioned to Newtek Bank. (See Historical Business Regulation and Taxation, for a discussion of the wind-down of NSBF’s operations.) Refer to the “Fair Value and the Fair Value Option” section below for further information on loans HFI carried at FV under the FV option.

Held for Sale

Management designates loans as HFS based on its intent to sell loans, or portions of loans, in established secondary markets or to participant banks and credit unions. Salability requirements of government guaranteed portions include, but are not limited to, full disbursement of the loan commitment amount. The Company occasionally transfers loans between the HFS and HFI classifications based on its intent and ability to hold or sell loans. Management’s intent to sell may be impacted by secondary market conditions, loan credit quality, or other factors.

At lower of amortized cost basis or fair value: Both mortgage and non-mortgage loans classified as HFS are carried at the LCM. If the amortized cost basis of a loan exceeds FV, a valuation allowance should be established for the difference. Currently, HFS loans at LCM are carried at Newtek Bank. This includes the government guaranteed portion of SBA 7(a) loans and SBA 504 loans. Management may also make a determination to market for sale certain CRE and C&I loans on a loan by loan basis.

At fair value: The Company originates ALP loans (formerly referred to as our nonconforming conventional loans), which are either HFS or HFI, via its nonbank subsidiary and joint ventures. ALP loans are carried at FV. The Company also originated SBA 504 loans HFS prior to the Acquisition through its nonbank subsidiaries. SBA 504 loans HFS held at NALH and at Newtek Bank are accounted for under the FV option. ALP loans are held at NALH and TSO JV and are also accounted for under the FV option. Additionally, the existing government guaranteed portion of SBA 7(a) loans held at Newtek Bank are also HFS at FV. Refer to the “Fair Value and the Fair Value Option” section below for further information on loans HFS carried at FV under the FV option.

Fair Value and the Fair Value Option

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, management used various valuation approaches. In accordance with GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available.

The fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets for identical assets or liabilities and gives the lowest priority to unobservable inputs (Level 3). The levels of the fair value hierarchy are as follows:

Level 1Quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as certain U.S. Treasury, other U.S. Government and agency mortgage-backed debt securities that are highly liquid and are actively traded in over-the-counter markets.

Level 2Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments and derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes certain U.S. Government and agency mortgage-backed debt securities, derivative contracts and loans held-for-sale.

Level 3Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category generally includes certain private equity investments, retained residual interests in securitizations, residential mortgage servicing assets, warrant liabilities, joint ventures, guaranteed loans held at fair value, and highly structured or long-term derivative contracts.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an asset or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The Company assesses the levels of assets and liabilities at each measurement date. There were no transfers to or from Level 3 of the fair value hierarchy for assets and liabilities during the year ended December 31, 2025, other than disclosed below. As of April 1, 2025, the Company is using broker quotes to calculate the $4.9 million fair value of its unguaranteed portions of its SBA 7(a) loans moving them from Level 3 to Level 2. As of October 1, 2025, the Company is using the sales offering agreement to calculate the $1.5 million fair value of its investment in Biller Genie, moving it from Level 3 to Level 2. The sale of Biller Genie was completed in January 2026 at the anticipated pricing that was used in the December 31, 2025 valuation model. There were no transfers to or from Level 3 of the fair value hierarchy for assets and liabilities during the year ended December 31, 2024.

Level 1 investments were valued using quoted market prices. Level 2 investments were valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities.

As of December 31, 2025, the Company has one joint venture investment, TSO JV. On September 30, 2025, NALH dissolved NCL JV, which was in existence as of December 31, 2024. The Company uses a discounted cash flow methodology and adjusts the NAV of the entity by a fair value adjustment for the fixed rate debt liability.

Due to the inherent uncertainty of determining the fair value of Level 3 investments that do not have a readily available market value, the fair value of the investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be received or settled. Further, such investments are generally subject to legal and other restrictions or otherwise are less liquid than publicly traded instruments. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, the Company may realize significantly less than the value at which such investment had previously been recorded.

The Company’s investments are subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments are traded. In addition recent changes in inflation and base interest rates, supply chain disruptions, significant market volatility, risk of recession, recent economic and market events, unrelated bank failures and declines in depositor confidence in depository institutions, the ongoing war between Russia and Ukraine and general uncertainty surrounding the financial and political stability of the United States, United Kingdom, the European Union and China could further negatively impact the fair value of the Company’s investments after December 31, 2025, in addition to other circumstances and events that are not yet known.

The Company applies fair value accounting to certain of its financial instruments in accordance with ASC Topic 820 — Fair Value Measurement (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC Topic 820, the Company has categorized its financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity-specific measure. Therefore, when market assumptions are not readily available, the Company’s own assumptions reflect those that management believe market participants would use in pricing the financial instrument at the measurement date.

The availability of observable inputs can vary depending on the financial instrument and is affected by a wide variety of factors, including, for example, the type of product, whether the product is new, whether the product is traded on an active exchange or in the secondary market and the current market conditions. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value was greatest for financial instruments classified as Level 3.

Any changes to the valuation methodology are reviewed by management to confirm that the changes are appropriate. As markets change, new products develop and the pricing for products becomes more or less transparent, the Company will continue to refine its valuation methodologies. See further description of fair value methodology in NOTE 10—FAIR VALUE MEASUREMENTS.

Loans for which the FV option were elected are measured at FV and classified as either HFS or HFI, as outlined above. Not electing FV generally results in a larger discount being recorded on the date of the sale. This discount will subsequently be accreted into interest income over the underlying loan’s remaining term using the effective interest method. Management made this election in alignment with its ongoing effort to reduce volatility and drive more predictable revenue. In accordance with accounting standards, any loans for which FV was previously elected continue to be measured as such. Interest income is recognized in the same manner on loans reported at FV as on non-FV loans, except in regard to origination fees and costs which are recognized immediately upon FV election. The changes in FV of loans are reported in noninterest income as Net gain (loss) on loans accounted for under the fair value option. FV of loans includes adjustments for historical credit losses, market liquidity, and economic conditions.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, reflecting assumptions that a market participant would use when pricing an asset or liability. In some cases, the estimation of fair values requires management to make estimates about discount rates, future expected cash flows, market conditions, and other future events that are highly subjective in nature and are subject to change.

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 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 December 31, 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.

Settlement Receivable

Settlement receivable represents amounts due from third parties for guaranteed portions of SBA 7(a) loans which have been sold at year-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 December 31, 2025 and 2024 was $0.4 million and $47.4 million, respectively. The settlement receivable also includes $41.0 thousand and $5.0 million of premiums, which have been recognized in Net Gains on Sales of Loans as of December 31, 2025 and 2024, respectively.

Assets Held for Sale and Liabilities Directly Associated with Assets Held for Sale

The Company classifies assets and related liabilities as held for sale when: (i) management has committed to a plan to sell the disposal group, (ii) the disposal group is available for immediate sale, (iii) there is an active program to locate a buyer, (iv) the sale and transfer of the disposal group is probable within one year, (v) the disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (vi) it is unlikely that significant changes will be made to the plan to sell the disposal group.

Assets and liabilities held for sale are presented separately within the consolidated balance sheets with any adjustments necessary to measure the disposal group at the lower of its carrying value or fair value less costs to sell. Depreciation of property and equipment and amortization of intangible and right-of-use assets are not recorded while these assets are classified as held for sale. For each period the disposal group remains classified as held for sale, its recoverability is reassessed and any necessary adjustments are made to its carrying value. Refer to NOTE 9—ASSETS AND LIABILITIES DIRECTLY ASSOCIATED WITH ASSETS HELD FOR SALE for a discussion of assets and liabilities associated with assets held for sale at December 31, 2024. There were no assets and liabilities associated with assets held for sale at December 31, 2025.

Goodwill and Intangible Assets

Goodwill is an indefinite lived asset, which is not amortized and is instead subject to impairment testing, at least annually. Intangible assets, which are core deposits intangibles, have finite lives are amortized over an estimated useful life of 120 months. (See NOTE 8—GOODWILL AND INTANGIBLE ASSETS.)

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

Leases - Right of use assets and lease liabilities

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.

Residuals in Securitizations, at Fair Value

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

Derivative Instruments

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

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

Due to Participants

Due to participants represents amounts due to third party investors in the SBA guaranteed portion of SBA 7(a) loans. When the Company receives principal payments, after the loan has been either partially or fully sold to the participant, the remittances received by the Company are either owed in part or in full to the participant and amounts are recorded as a liability on the consolidated statements of financial condition.

Dividends to Shareholders

Dividends and distributions to the Company's stockholders are recorded on the declaration date. The timing and amount to be paid out as a dividend or distribution is determined by the Company's Board each quarter.

Loan Interest Income Recognition and Changes in Fair Value

Held for Investment

At Amortized Cost, net of deferred loan fees and costs: Interest on loans is generally recognized on a daily accrual basis at the applicable interest rate. Interest is not accrued on loans that are more than 90 days delinquent on payments, and any interest that was accrued but unpaid on such loans is reversed from interest income at that time, or when deemed to be uncollectible. Interest subsequently received on such loans is recorded as interest income or alternatively as a reduction in the amortized cost of the loan if there is significant doubt as to the collectability of the unpaid principal balance. Loans are returned to accrual status when principal and interest amounts contractually due are brought current and future payments are reasonably assured.

At FV: In accordance with accounting standards, any loans for which FV was previously elected continue to be measured as such. Interest income is recognized in the same manner on loans reported at FV as on non-FV loans, except in regard to origination fees and costs which are recognized immediately upon FV election. The changes in FV of loans are reported within noninterest income as Net gain (loss) on loans accounted for under the fair value option. FV of loans includes adjustments for historical credit losses, market liquidity, and economic conditions. The Company values performing accrual loans on a pool basis. Loans that have experienced credit deterioration are valued individually based on resolution plans developed by the Company based on timing and amount of expected future cash flows from all sources of repayment, including both cash flows of the borrower as a going concern as well as the liquidation of collateral and pursuit of personal guarantees.

Held for Sale

At LCM: Net unrealized losses, if any, on loans without a FV election, are recognized through a valuation allowance and recorded as a charge to Other noninterest income. The cost basis of loans HFS includes unamortized loan origination fees and costs. The pro-rata portion, based on the percent of the total loan sold, of the remaining deferred fees and costs are recognized as an adjustment to the gain on sale. Not electing FV generally results in a larger discount being recorded on the origination date. This discount will subsequently be accreted into interest income over the underlying loan’s remaining term using the effective interest method. Management made this change of election in alignment with its ongoing effort to reduce volatility and drive more predictable revenue.

If the transfer is accounted for as a sale, the loans are derecognized from the Company’s consolidated balance sheet and a gain or loss is recognized in net gains on sales of loans line item on the consolidated statements of income. The gain on sale recognized in income is the sum of the premium on the guaranteed loan and the FV of the servicing assets recognized, less the discount recorded on the unguaranteed portion of the loan retained. If the transfer does not satisfy the aforementioned control criteria, the transaction is recorded as a secured borrowing with the transferred loans remaining on the Company’s consolidated balance sheet and proceeds recognized as a liability.

Non-Interest Income

Dividend income

Dividend income is recognized on an accrual basis for equity securities to the extent that such amounts are expected to be collected or realized. In determining the amount of dividend income to recognize, if any, from cash distributions on equity securities, we assess many factors, including the joint ventures’ and other equity investments’ cumulative undistributed income and operating cash flow. Cash distributions from equity securities received in excess of such undistributed amounts are recorded first as a reduction of our investment and then as a realized gain on investment.

Servicing income

The Company earns servicing income related to the guaranteed portions of SBA 7(a) and ALP loans sold into the secondary market. These recurring servicing fees are earned and recorded daily. Servicing income is earned for the full term of the loan or until the loan is repaid.

Technology and IT support income

Our former technology segment (NTS) sold a range of services and goods, including managed IT services, product and procurement services, professional services, webhosting, secure private cloud hosting, and backup and disaster recovery. Additionally, it sold hardware and software products on both a stand-alone basis without any services and as solutions bundled with services. When it provided a combination of hardware and software products with the provision of services, it separately identified its performance obligations under its contract with the customer as the distinct goods (hardware and/or software products) or services that will be provided. The total transaction price for an arrangement with multiple performance obligations is allocated at contract inception to each distinct performance obligation in proportion to its stand-alone selling price. The stand-alone selling price is the price at which it would sell a promised good or service separately to a customer. It estimated the price based on observable inputs, including direct labor hours and allocatable costs, or uses observable stand-alone prices when they are available. Our technology segment’s professional services include the design and implementation of a wide range of IT products and services. Such services are typically provided by us or third-party sub-contractor vendors on a stand-alone basis.

Revenue is measured based on the consideration specified in a contract with a customer. Contracts with customers often include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. When a cloud-based service includes both on-premises software licenses and cloud services, judgment is required to determine whether the software license is considered distinct and accounted for separately, or not distinct and accounted for together with the cloud service and recognized over time. Certain cloud services depend on a significant level of integration, interdependency, and interrelation between the desktop applications and cloud services, and are accounted for together as one performance obligation. Revenue from such cloud services is recognized ratably over the period in which the cloud services are provided. Revenue is otherwise recognized when it satisfies a performance obligation by transferring control of a product or service or by arranging for the sale of a vendor’s products or service to a customer. Revenue from sale of services is recognized as the underlying services are performed, typically based on time and materials basis based upon hours incurred for the performance completed to date for which we have the right to consideration. Revenue on sales of goods are recognized at a point in time when customer takes control of goods, which typically occurs when title and risk of loss have passed to the customer. Revenue is recognized on a gross basis for each of its services and product offerings principally because it is primarily responsible for fulfilling the promise to provide specified goods or service and it has discretion in establishing the price of specified good or service.

The right to consideration in exchange for deliverables is classified as either a receivable or a contract asset (unbilled receivable). A receivable is a right to consideration that is unconditional (i.e. only the passage of time is required before payment is due). For example, a receivable is recognized for revenue related to transaction or volume-based contracts when earned regardless of whether amounts have been billed. Such receivables are presented in accounts receivable, net in our consolidated balance sheets. An allowance for credit losses is maintained to provide for the estimated amount of receivables that may not be collected. The allowance is based upon an assessment of customer creditworthiness, historical payment experience, the age of outstanding receivables, judgment, and other applicable factors.

A contract asset is a right to consideration that is conditional upon factors other than the passage of time. Contract assets are presented in current and other assets in our consolidated balance sheets and primarily relate to unbilled amounts on fixed-price contracts utilizing the output method of revenue recognition. Contract assets and liabilities are reported at the end of each reporting period. The difference between the opening and closing balances of our contract assets and deferred revenue primarily results from the timing difference between performance obligations and the customer’s payment. Payments are received from customers based on the terms established in the contracts, which may vary generally by contract type.

On January 2, 2025, the Company completed the NTS Sale to Paltalk. Refer to NOTE 4—INVESTMENTS: Intelligent Protection Management Corp.

Electronic payment processing income

Revenues are recognized when control of the promised goods or services is transferred to the Company's customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. To achieve this core principle, the Company applies the following five steps:

1. Identify the contract with a customer

2. Identify the performance obligations in the contract

3. Determine the transaction price

4. Allocate the transaction price to the performance obligations in the contract

5. Recognize revenue when or as the Company satisfies a performance obligation

Revenue is recognized net of taxes collected from customers, which are subsequently remitted to governmental authorities.

NMS’s revenue is primarily derived from electronic payment processing and related fee income.

Electronic payment processing and fee income is derived from NMS’s electronic processing of credit and debit card transactions that are authorized and captured through third-party networks. Typically, merchants are charged for these processing services by applying a percentage to the dollar amount of each transaction plus a flat fee per transaction. Certain merchant customers are charged miscellaneous fees, including fees for handling charge-backs or returns, monthly minimum fees, statement fees and fees for other miscellaneous services. Revenues derived from the electronic processing of MasterCard®, Visa®, American Express® and Discover® sourced credit and debit card transactions are reported net of certain transaction-related costs.

NMS's performance obligations are to stand ready to provide holistic electronic payment processing services consisting of a series of distinct elements that are substantially the same and have the same pattern of transfer over time. NMS’s promise to its customers is to perform an unknown or unspecified quantity of tasks and the consideration received is contingent upon the customers’ use (i.e., number of payment transactions processed, number of cards on file, etc.); as such, the total transaction price is variable. The Company allocates the variable fees charged to the day in which it has the contractual right to bill under the contract.

ASU 2014-09, "Revenues from Contracts with Customers (“Topic 606”)" (“ASC 606”) requires that the Company determine for each customer arrangement whether revenue should be recognized at a point in time or over time. For the years ended December 31, 2025 and 2024, substantially all of the Company’s revenues were recognized at a point in time.

ASC 606 requires disclosure of the aggregate amount of the transaction price allocated to unsatisfied performance obligations; however, as permitted by ASC 606, the Company has elected to exclude from this disclosure any contracts with an original duration of one year or less and any variable consideration that meets specified criteria. As described above, the Company’s most significant performance obligations consist of variable consideration under a stand-ready series of distinct days of service. Such variable consideration meets the specified criteria for the disclosure exclusion; therefore, the majority of the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied is variable consideration that is not required for this disclosure. The aggregate fixed consideration portion of customer contracts with an initial contract duration greater than one year is not material.

Receivable fees: Receivable fees are derived from the funding (purchase) of receivables from the Company’s finance clients. The Company recognizes revenue on the date receivables are purchased at a percentage of face value as agreed to by the client. The Company also has arrangements with certain of its clients whereby it purchases the client’s receivables and charges a fee at a specified rate based on the amount of funds advanced against such receivables. The funds provided are collateralized and the income is recognized as earned which occurs as time passes.

Realized gains or losses on joint ventures: Realized gains or losses on joint ventures are measured by the difference between the net proceeds from the disposition and the cost basis of investment, without regard to unrealized gains or losses previously recognized. The Company reports current period changes in the fair value of joint venture investments as a component of the net change in unrealized appreciation (depreciation) on joint ventures in the consolidated statements of income.

Non-Interest Expense

Electronic Payment Processing Costs

Electronic payment processing costs consist principally of costs directly related to the processing of merchant sales volume, bank processing fees, amounts paid to NMS’ sponsoring banks and costs paid to third-party processing networks. Such costs are recognized at the time the merchant transactions are processed or when the services are performed.

In addition to costs directly related to the processing of merchant sales volume, electronic payment processing costs also include residual expenses. Residual expenses represent fees paid to third-party sales referral sources. Residual expenses are paid in accordance with contracted terms. These are generally linked to revenues derived from merchants successfully referred to the Company and that begin using the Company for merchant processing services. Such residual expenses are recognized in the Company’s consolidated statements of income.

Technology Services Expenses

Costs of services and goods sold include product costs, outbound and inbound freight costs, and direct time and materials in delivering service and goods to customers. Selling and administrative expenses include salaries and wages for staff who are not directly associated with delivering services, bonuses and incentives, employee-related expenses, facility-related expenses, marketing and advertising expense, depreciation of property and equipment, professional fees, amortization of intangible assets, provisions for losses on accounts receivable and other operating expenses.

Stock – Based Compensation

The Company accounts for its equity-based compensation plans using the fair value method, as prescribed by ASC Topic 718 – Stock Compensation. Accordingly, for restricted stock awards, the Company measures the grant date fair value based upon the market price of the Company’s Common Stock on the date of the grant and amortizes this fair value to salaries and benefits ratably over the requisite service period or vesting term on a straight line basis. Forfeitures are recognized as incurred.

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 21—INCOME TAXES.

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

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

Segments

Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Management has determined that the Company has four reportable operating segments: Banking, NALH, NSBF, and Payments as discussed more fully in NOTE 22—SEGMENTS. In determining the appropriateness of a segment definition, the Company considers the criteria of FASB ASC 280, Segment Reporting.

Business Combinations

Business combinations are accounted for under the acquisition method, in which the identifiable assets acquired and liabilities assumed are generally measured and recognized at fair value as of the acquisition date, with the excess of the purchase price over the fair value of the net assets acquired recognized as goodwill. Items such as acquired income-tax related balances are recognized in accordance with other applicable GAAP, which may result in measurements that differ from fair value. Business combinations are included in the consolidated financial statements from the respective dates of acquisition. Historical reporting periods reflect only the results of legacy Company operations. Acquisition-related costs are expensed in the period incurred and presented within the applicable non-interest expense category. There were no acquisitions during 2024 or 2025.

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 did not 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 are 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 using a retrospective approach, which resulted in enhanced income tax disclosures within the consolidated financial statements beginning with this Annual Report on 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 did not 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 did not 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.

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

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

Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. In December 2025, the FASB issued ASU 2025-10, to provide guidance on how business entities should recognize, measure, and present government grants received. This new guidance is effective for fiscal years beginning after December 15, 2028 and interim periods within those fiscal years. Early adoption is permitted. The amendments in this ASU may be applied using a modified prospective, modified retrospective, or retrospective approach. The Company is in the process of analyzing the impact of the ASU on its consolidated financial statements and related disclosures.

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

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

SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Residuals of Securitization (Details) - USD ($) $ in Thousands	Dec. 31, 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	$ 202,015

LOANS - Aging Status of Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale, at fair value	$ 971,837	$ 372,286
SBA 7(a)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale, at fair value	556,689	159,788
ALP
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale, at fair value	415,148	212,498
Performing \| Total Past Due and Non-accrual
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale, at fair value	68,435	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	47,752	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	20,683	2,492
Performing \| 30-59 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale, at fair value	30,490	29,119
Performing \| 30-59 Days \| SBA 7(a)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale, at fair value	21,441	29,119
Performing \| 30-59 Days \| ALP
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale, at fair value	9,049	0
Performing \| 60-89 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale, at fair value	5,018	15,859
Performing \| 60-89 Days \| SBA 7(a)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale, at fair value	5,018	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	8,713	0
Performing \| 90+ Days \| SBA 7(a)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale, at fair value	8,713	0
Performing \| 90+ Days \| ALP
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale, at fair value	0	0
Performing \| Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale, at fair value	903,402	327,058
Performing \| Current \| SBA 7(a)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale, at fair value	508,937	117,052
Performing \| Current \| ALP
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale, at fair value	394,465	210,006
Nonperforming
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale, at fair value	24,214	250
Nonperforming \| SBA 7(a)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale, at fair value	12,580	250
Nonperforming \| ALP
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale, at fair value	$ 11,634	$ 0

LOANS - Held-for-Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Financing Receivable, at Fair Value [Abstract]
Loans held for sale, at fair value	$ 971,837	$ 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	26,532	58,803
Loans held for sale, at LCM	26,532	58,803
Performing \| 30-59 Days
Financing Receivable, at Fair Value [Abstract]
Loans held for sale, at fair value	30,490	29,119
Performing \| 60-89 Days
Financing Receivable, at Fair Value [Abstract]
Loans held for sale, at fair value	5,018	15,859
Performing \| 90+ Days
Financing Receivable, at Fair Value [Abstract]
Loans held for sale, at fair value	8,713	0
Performing \| Total Past Due and Non-accrual
Financing Receivable, at Fair Value [Abstract]
Loans held for sale, at fair value	68,435	45,228
Performing \| Current
Financing Receivable, at Fair Value [Abstract]
Loans held for sale, at fair value	903,402	327,058
Nonperforming
Financing Receivable, at Fair Value [Abstract]
Loans held for sale, at fair value	24,214	250
SBA 504 First Lien
Financing Receivable, at Fair Value [Abstract]
Financing receivable, held-for-sale, before deferred fees and costs	201,013	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	19,075	36,783
SBA 504 Second Lien
Financing Receivable, at Fair Value [Abstract]
Financing receivable, held-for-sale, before deferred fees and costs	31,207	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	7,457	8,203
SBA 7(a)
Financing Receivable, at Fair Value [Abstract]
Financing receivable, held-for-sale, before deferred fees and costs	303,716	4,855
Loans held for sale, at fair value	556,689	159,788
Financing Receivable, at Lower of Cost or Market [Abstract]
Loans held for sale, at LCM	26,532	58,803
SBA 7(a) \| Performing \| 30-59 Days
Financing Receivable, at Fair Value [Abstract]
Loans held for sale, at fair value	21,441	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	5,018	13,367
Financing Receivable, at Lower of Cost or Market [Abstract]
Loans held for sale, at LCM	0	1,099
SBA 7(a) \| Performing \| 90+ Days
Financing Receivable, at Fair Value [Abstract]
Loans held for sale, at fair value	8,713	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	47,752	42,736
Financing Receivable, at Lower of Cost or Market [Abstract]
Loans held for sale, at LCM	2,435	3,263
SBA 7(a) \| Performing \| Current
Financing Receivable, at Fair Value [Abstract]
Loans held for sale, at fair value	508,937	117,052
Financing Receivable, at Lower of Cost or Market [Abstract]
Loans held for sale, at LCM	24,097	55,540
SBA 7(a) \| Nonperforming
Financing Receivable, at Fair Value [Abstract]
Loans held for sale, at fair value	12,580	250
Financing Receivable, at Lower of Cost or Market [Abstract]
Loans held for sale, at LCM	2,435	0
SBA 7(a) Partials
Financing Receivable, at Fair Value [Abstract]
Financing receivable, held-for-sale, before deferred fees and costs	20,753	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	415,148	212,498
Loans held for sale, at fair value	415,148	212,498
ALP \| Performing \| 30-59 Days
Financing Receivable, at Fair Value [Abstract]
Loans held for sale, at fair value	9,049	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	0	0
ALP \| Performing \| Total Past Due and Non-accrual
Financing Receivable, at Fair Value [Abstract]
Loans held for sale, at fair value	20,683	2,492
ALP \| Performing \| Current
Financing Receivable, at Fair Value [Abstract]
Loans held for sale, at fair value	394,465	210,006
ALP \| Nonperforming
Financing Receivable, at Fair Value [Abstract]
Loans held for sale, at fair value	$ 11,634	$ 0

COMMITMENTS AND CONTINGENCIES - Obligations and Commitments Under Operating Lease and Employment Agreements (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Operating Leases
2026	$ 660
2027	552
2028	476
2029	367
2030	225
Thereafter	2,012
Total	4,292
Employment Agreement
2026	702
2027	0
2028	0
2029	0
2030	0
Thereafter	0
Total	702
Total
2026	1,362
2027	552
2028	476
2029	367
2030	225
Thereafter	2,012
Total	$ 4,994

BENEFIT PLANS - Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Stock-based compensation expense	$ 4,097	$ 4,062	$ 2,828
Employee Stock Purchase Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Stock-based compensation expense	45	22	0
Restricted Stock
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Stock-based compensation expense	$ 4,052	$ 4,040	$ 2,828

SHAREHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of shares sold

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


	Year Ended December 31,
2023 ATM Program		2025		2024		2023
Shares sold		425		1,100		—
Net weighted average price per share		$	12.22	$	12.56	$	—
Net proceeds		$	5,090	$	13,818	$	—
Placement agent fees paid		$	104	$	282	$	—

Schedule of share repurchase program

The following tables summarizes the Company’s repurchase activity under the stock repurchase program:


Period	Shares	Amount1
Authorizations remaining as of December 31, 2024	970

Repurchases:





June 1, 2025 - June 30, 2025	16	167




November 1, 2025 - November 30, 2025	101	1,025
December 1, 2025 - December 31, 2025	26	295
Authorizations remaining as of December 31, 2025	827

1 Amount excludes commissions paid associated with share repurchases.

Period

Amount1

Authorizations remaining as of November 1, 2024

1,000

Repurchases:

December 1, 2024 - December 31, 2024

402

Authorizations remaining as of December 31, 2024

970

1 Amount excludes commissions paid associated with share repurchases.

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 years ended December 31, 2025 and 2024:


Date Declared	Series1	Record Date	Payment Date	Amount Per Share			Cash Distribution
Year ended December 31, 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
December 10, 2025	B	December 22, 2025	January 1, 2026	$	21.25		$	1,063

Year ended December 31, 2024
March 18, 2024	A	March 28, 2024	April 1, 2024	$	20.00		$	400
June 26, 2024	A	June 28, 2024	July 1, 2024	$	20.00		$	400
September 16, 2024	A	September 30, 2024	October 1, 2024	$	20.00		$	400
December 31, 2024	A	January 1, 2025	January 2, 2025	$	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 years ended December 31, 2025 and 2024:


	Record Date	Payment Date	Amount Per Share		Cash Distribution		Dividend Shares Issued on Unvested RSAs
Date Declared							#	$
Year ended December 31, 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
December 10, 2025	December 22, 2025	January 2, 2026	$	0.19	$	5,419	5	$	52

Year ended December 31, 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
December 13, 2024	December 31, 2024	January 13, 2025	$	0.19	$	4,833	13	$	155

INVESTMENTS - Narrative (Details)	Aug. 27, 2025 USD ($)	Dec. 31, 2025 USD ($) shares	Apr. 23, 2025 USD ($)	Jan. 02, 2025 USD ($) representative shares	Dec. 31, 2024 USD ($)	Aug. 11, 2024 USD ($) representative shares	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		1
Number of representatives \| representative				1		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				$ 4,000,000.0		$ 4,000,000.0
Consideration (in shares) \| shares		4,000,000		4,000,000.0		4,000,000.0
Earn-out receivable				$ 5,000,000.0		$ 5,000,000.0
Class A Notes
Debt Securities, Available-for-Sale [Line Items]
Notes sold			$ 155,900,000				$ 137,200,000
Class B Notes
Debt Securities, Available-for-Sale [Line Items]
Notes sold			$ 23,800,000				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 ALP Holdings \| Conventional Lending TCP Holding
Debt Securities, Available-for-Sale [Line Items]
Ownership interest, percentage	100.00%
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%

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of earnings per share


	Year Ended December 31,
		2025		2024		2023
Basic earnings per share:
Net income available to common shareholders		$	58,177	$	49,253	$	45,875
Weighted-average basic shares outstanding		26,324		24,945		24,263
Basic earnings per share		$	2.21	$	1.97	$	1.89
Diluted earnings per share:
Net income, for diluted earnings per share1,2		$	58,177	$	49,253	$	45,875


Total weighted-average basic shares outstanding		26,324		24,945		24,263
Add effect of dilutive restricted stock awards3		391		241		85

Total weighted-average diluted shares outstanding4,5		26,715		25,186		24,348
Diluted earnings per share		$	2.18	$	1.96	$	1.88
Anti-dilutive warrants, restricted stock awards, and Series A convertible preferred stock		48		998		1,153

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

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

4 For the years ended December 31, 2025, 2024 and 2023, the incremental diluted shares from Series A convertible preferred stock were not included in the diluted earnings per share count because the results would have been anti-dilutive under the treasury stock method.

5 For the years ended December 31, 2025, 2024 and 2023, the warrants were not included in the diluted share count because the results would have been anti-dilutive under the if-converted method.

BORROWINGS - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
BORROWINGS - Narrative (Details) - USD ($) $ in Thousands	Sep. 26, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Aug. 07, 2025
Debt Instrument [Line Items]
Borrowings (including borrowings of VIEs of $127.1 million and $186.6 million, respectively)		$ 819,888	$ 708,041
NMS Goldman Facility \| Line of Credit
Debt Instrument [Line Items]
Borrowings (including borrowings of VIEs of $127.1 million and $186.6 million, respectively)	$ 90,000	88,352	0
Deferred financing costs		1,423	0
Proceeds from issuance of long-term debt	90,000
NMS Goldman Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Borrowings (including borrowings of VIEs of $127.1 million and $186.6 million, respectively)	5,000
Loans to Company
Debt Instrument [Line Items]
Borrowings (including borrowings of VIEs of $127.1 million and $186.6 million, respectively)	$ 58,500
Capital One Facilities \| Line of Credit
Debt Instrument [Line Items]
Deferred financing costs		515	108
Capital One Facilities \| Line of Credit \| Capital One, SP1
Debt Instrument [Line Items]
Maximum borrowing capacity		100,000	60,000
Borrowings Outstanding - line of credit		16,600
Capital One Facilities \| Line of Credit \| Capital One, Guaranteed and Unguaranteed
Debt Instrument [Line Items]
Interest expense		13,500	6,400	$ 11,000
NBL Deutsche Bank Facility \| Line of Credit \| Payment guarantee
Debt Instrument [Line Items]
Guaranty liabilities		169,800
NBL Deutsche Bank Facility \| Line of Credit \| Newtek Business Lending, LLC
Debt Instrument [Line Items]
Maximum borrowing capacity		170,000
NBL One Florida Bank Facility \| Line of Credit \| Payment guarantee
Debt Instrument [Line Items]
Guaranty liabilities		33,300
NBL One Florida Bank Facility \| Line of Credit \| Newtek Business Lending, LLC
Debt Instrument [Line Items]
Maximum borrowing capacity		35,000			$ 30,000
One Florida line of credit - SP3 \| Line of Credit
Debt Instrument [Line Items]
Deferred financing costs		41	64
Maximum borrowing capacity		$ 35,000	$ 30,000		$ 35,000

LEASES (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Lease cost

The following table summarizes supplemental cash flow and other information related to our operating leases:


	Year Ended December 31,
		2025	2024	2023
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)		$596	$2,874	$2,693
Weighted-average remaining lease term - operating leases		10.19 years	5.87 years	2.88 years
Weighted-average discount rate - operating leases		7.58%	5.94%	5.50%
Total lease costs1		$1,537	$3,115	$3,124

1 Included in Other general and administrative costs on the consolidated statements of income.

Lessee, operating lease, liability, maturity

The following table represents the maturity of the Company’s operating lease liabilities as of December 31, 2025:


Maturity of Lease Liabilities
2026	$	660
2027	552
2028	476
2029	367
2030	225
Thereafter	2,012
Total future minimum lease payments	$	4,292
Less: Imputed interest	(1,418)
Present value of future minimum lease payments	$	2,874

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	49
Auditor Name	RSM US LLP
Auditor Location	Hartford, Connecticut

LEASES - Operating Lease Liability Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
2026	$ 660
2027	552
2028	476
2029	367
2030	225
Thereafter	2,012
Total	4,292
Less: Imputed interest	(1,418)
Present value of future minimum lease payments	$ 2,874	$ 6,498

SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of segments

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


As of and for the year ended December 31, 2025
	Banking				Alternative Lending				NSBF					Payments					Corporate & Other					Consolidated
	Segment		Elim		Segment		Elim			Segment		Elim			Segment		Elim			Segment		Elim
Interest income	$	105,287	$	(8)	$	28,956	$	(116)		$	24,369	$	(509)		$	3,712	$	(3,671)		$	1,168	$	(773)		$	158,415
Interest expense	43,080		(889)		9,188		—			12,011		—			4,372		(66)			34,956		(4,122)			98,530
Net interest income/(loss)	62,207		881		19,768		(116)			12,358		(509)			(660)		(3,605)			(33,788)		3,349			59,885
Provision for loan credit losses	38,729		—		—		—			—		—			—		—			—		—			38,729
Net interest income after provision for loan credit losses	23,478		881		19,768		(116)			12,358		(509)			(660)		(3,605)			(33,788)		3,349			21,156
Noninterest income	136,306		(29,250)		81,102		—			(12,214)		—			47,211		(2,517)			81,647		(77,371)			224,914
Electronic payment processing expense	—		—		—		—			—		—			19,161		(1,517)			165		—			17,809
Salaries and employee benefits expense	57,918		(4,706)		1,439		(1,439)			418		55			8,245		(1,205)			16,750		7,295			84,770
Professional services expense	5,127		—		309		—			1,775		—			528		—			7,722		—			15,461
Other loan origination and maintenance expense	25,253		(14,778)		8,131		(5,551)			14,263		(8,824)			—		—			155		(84)			18,565
Depreciation and amortization	169		—		—		—			155		—			344		—			—		—			668
Loss on extinguishment of debt	—		—		—		—			—		—			179		—			—		—			179
Other general and administrative costs	14,544		(457)		2,510		(82)			3,505		(3)			1,792		(292)			7,662		(538)			28,641
Income before taxes	56,773		(8,428)		88,481		6,956			(19,972)		8,263			16,302		(3,108)			15,405		(80,695)			79,977
Income tax expense (benefit)	15,510		(15,510)		—		—			—		—			—		—			3,955		15,510			19,465
Net income	$	41,263	$	7,082	$	88,481	$	6,956		$	(19,972)	$	8,263		$	16,302	$	(3,108)		$	11,450	$	(96,205)		$	60,512


Assets	$	1,769,573	$	(45,506)	$	744,113	$	(141,549)		$	410,234	$	(68,629)		$	119,175	$	(98,332)		$	744,124	$	(688,384)		$	2,744,819
Goodwill & intangible assets	$	783			$	—				$	—				$	13,814				$	—				$	14,597
Amortization of intangible assets	$	170			$	—				$	—				$	—				$	—				$	170


As of and for the year ended December 31, 2024
	Banking				Alternative Lending				Technology				NSBF				Payments				Corporate & Other				Consolidated
	Segment		Elim		Segment		Elim		Segment		Elim		Segment		Elim		Segment		Elim		Segment		Elim
Interest income	$	69,576	$	(2)	$	15,073	$	(12)	$	6	$	(6)	$	36,655	$	(421)	$	2,362	$	(2,310)	$	2,364	$	(1,867)	$	121,418
Interest expense	29,855		(643)		3,539		—		—		—		21,097		—		2,984		(77)		28,256		(3,898)		81,113
Net interest income/(loss)	39,721		641		11,534		(12)		6		(6)		15,558		(421)		(622)		(2,233)		(25,892)		2,031		40,305
Provision for loan credit losses	26,216		—		—		—		—		—		—		—		—		—		—		—		26,216
Net interest income after provision for loan credit losses	13,505		641		11,534		(12)		6		(6)		15,558		(421)		(622)		(2,233)		(25,892)		2,031		14,089
Noninterest income	136,080		(28,068)		55,824		—		27,020		(7,139)		(23,410)		—		48,852		(2,028)		65,242		(55,061)		217,312
Technology services expense	—		—		—		—		12,575		(314)		—		—		—		—		—		—		12,261
Electronic payment processing expense	—		—		—		—		—		—		—		—		21,046		(1,168)		—		—		19,878
Salaries and employee benefits expense	45,346		(2,531)		1,202		(1,202)		8,690		—		219		682		7,188		11		15,285		3,041		77,931
Professional services expense	3,941		—		165		—		678		—		2,482		—		684		—		7,863		—		15,813
Other loan origination and maintenance expense	20,385		(14,060)		6,095		(4,044)		38		—		16,069		(11,020)		—		—		402		(95)		13,770

Depreciation and amortization	182		—		—		—		1,062		—		114		—		356		—		70		—		1,784
Other general and administrative costs	12,426		(2,548)		172		—		3,794		(271)		1,948		(11)		2,757		(1,769)		7,690		(2,916)		21,272
Income before taxes	67,305		(8,288)		59,724		5,234		189		(6,560)		(28,684)		9,928		16,199		(1,335)		8,040		(53,060)		68,692
Income tax expense (benefit)	15,308		(15,308)		—		—		103		(103)		—		—		—		—		2,428		15,411		17,839
Net income	$	51,997	$	7,020	$	59,724	$	5,234	$	86	$	(6,457)	$	(28,684)	$	9,928	$	16,199	$	(1,335)	$	5,612	$	(68,471)	$	50,853

Other Segment Disclosures:
Assets	$	1,238,899	$	(29,932)	$	439,101	$	(97,352)	$	23,317	$	(1,393)	$	479,896	$	(55,488)	$	60,347	$	(36,707)	$	644,867	$	(605,643)	$	2,059,912
Goodwill & intangible assets	$	938			$	—			$	—			$	—			$	13,814			$	—			$	14,752
Amortization of intangible assets	$	176			$	—			$	350			$	—			$	13			$	—			$	539


As of and for the year ended December 31, 2023
	Banking				Alternative Lending				Technology				NSBF				Payments				Corporate & Other				Consolidated
	Segment		Elim		Segment		Elim		Segment		Elim		Segment		Elim		Segment		Elim		Segment		Elim
Interest income	$	34,349	$	—	$	8,198	$	(3)	$	—	$	—	$	50,823	$	(75)	$	2,087	$	(2,053)	$	3,427	$	(2,380)	$	94,373
Interest expense	16,625		(99)		4,035		—		246		(246)		26,796		—		3,577		(132)		20,971		(4,034)		67,739
Net interest income/(loss)	17,724		99		4,163		(3)		(246)		246		24,027		(75)		(1,490)		(1,921)		(17,544)		1,654		26,634
Provision for loan credit losses	11,704		—		—		—		—		—		—		—		—		—		—		—		11,704
Net interest income after provision for loan credit losses	6,020		99		4,163		(3)		(246)		246		24,027		(75)		(1,490)		(1,921)		(17,544)		1,654		14,930
Noninterest income	92,129		(26,091)		12,278		—		31,692		(6,660)		25,142		—		46,422		(2,893)		79,781		(75,028)		176,772
Technology services expense	—		—		—		—		14,794		(522)		—		—		—		—		—		—		14,272
Electronic payment processing expense	—		—		—		—		—		—		—		—		19,680		(1,353)		—		—		18,327
Salaries and employee benefits expense	35,385		—		—		—		8,989		—		973		—		7,152		—		13,209		—		65,708
Professional services expense	2,903		—		294		—		468		—		1,508		—		660		—		7,244		—		13,077
Other loan origination and maintenance expense	9,373		(7,133)		2,222		(1,469)		11		—		24,327		(18,100)		—		—		273		(71)		9,433
Loss on extinguishment of debt	—		—		—		—		—		—		271		—		—		—		—		—		271
Depreciation and amortization	208		—		—		—		1,498		—		123		—		1,021		—		34		—		2,884
Other general and administrative costs	10,506		(2,266)		117		—		4,090		(236)		4,906		(24)		3,087		(1,910)		5,872		(1,785)		22,357
Income before taxes	39,774		(16,593)		13,808		1,466		1,596		(5,656)		17,061		18,049		13,332		(1,551)		35,605		(71,518)		45,373
Income tax expense (benefit)	11,647		—		(150)		—		229		—		—		—		1,178		—		(14,860)		—		(1,956)
Net income	$	28,127	$	(16,593)	$	13,958	$	1,466	$	1,367	$	(5,656)	$	17,061	$	18,049	$	12,154	$	(1,551)	$	50,465	$	(71,518)	$	47,329

Other Segment Disclosures:
Assets	$	683,202	$	(29,136)	$	196,062	$	(51,820)	$	23,403	$	(884)	$	633,206	$	(97,683)	$	51,819	$	(27,154)	$	529,941	$	(481,443)	$	1,429,513
Goodwill & intangible assets	$	1,114			$	—			$	15,179			$	—			$	13,827			$	—			$	30,120
Amortization of intangible assets	$	197			$	—			$	466			$	—			$	805			$	—			$	1,468

INVESTMENTS - Available-for-Sale Debt Securities (Details) - U.S. Treasury notes - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-Sale, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract]
Amortized Cost	$ 16,836	$ 23,934
Unrealized Gains	0	11
Unrealized Losses	7	29
Fair Value	$ 16,829	$ 23,916

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Restricted cash	$ 26,477	$ 28,226
Loans held for investment, at fair value	281,198	369,746
Joint ventures, cost	36,692	44,039
Borrowings (including borrowings of VIEs of $127.1 million and $186.6 million, respectively)	$ 819,888	$ 708,041
Common stock, par value (in dollars per share)	$ 0.02	$ 0.02
Common stock, shares authorized (in shares)	199,980	199,980
Common stock, shares issued (in shares)	28,658	26,291
Common shares outstanding at end of period (in shares)	28,658	26,291
Series A Preferred stock
Preferred stock, par value (in dollars per share)	$ 0.02	$ 0.02
Preferred stock, shares authorized (in shares)	0	20
Preferred stock, shares issued (in shares)	0	20
Preferred stock, shares outstanding (in shares)	0	20
Series B Preferred stock
Preferred stock, par value (in dollars per share)	$ 0.02	$ 0.02
Preferred stock, shares authorized (in shares)	54	0
Preferred stock, shares issued (in shares)	50	0
Preferred stock, shares outstanding (in shares)	50	0
Variable Interest Entity, Primary Beneficiary
Restricted cash	$ 6,303	$ 6,303
Loans held for investment, at fair value	198,434	257,179
Borrowings (including borrowings of VIEs of $127.1 million and $186.6 million, respectively)	$ 127,050	$ 186,635

LOANS

12 Months Ended

Dec. 31, 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
	December 31, 2025				December 31, 2024
	Cost		Fair Value		Cost		Fair Value
CRE	$	131,015	$	138,110	$	162,894	$	175,353
Residential Real Estate	52,229		50,539		69,667		67,474
Machinery and Equipment¹	46,552		43,266		60,460		56,454
Accounts Receivable and Inventory	43,944		38,670		59,449		54,267
Unsecured	4,295		4,259		5,643		5,644
Other²	8,619		6,354		13,033		10,554
Total	$	286,654	$	281,198	$	371,146	$	369,746

2 Other includes one loan at NewtekOne at $1.0 million Cost and $0.2 million Fair Value as of December 31, 2025, and one loan at $2.0 million Cost and $1.1 million Fair Value as of December 31, 2024.

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
	December 31, 2025		December 31, 2024
SBA	$	539,746	$	380,981
CRE	274,194		191,831
C&I	80,380		47,558
Total Loans	894,320		620,370
Deferred fees and costs, net	2,369		1,281
Loans held for investment, at amortized cost, net of deferred fees and costs	$	896,689	$	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 December 31, 2025
	Past Due and Accruing						Non- accrual		Total Past Due and Non-accrual		Current		Total Accounted for Under the FV Option
	30-59 Days		60-89 Days		90+ Days
SBA, at fair value	$	10,843	$	5,903	$	2,732	$	72,543	$	92,021	$	189,177	$	281,198

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


	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 December 31, 2025 and December 31, 2024:


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


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 years ended December 31, 2025 and 2024:


	December 31, 2025								December 31, 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	(299)		(1,775)		(21,735)		(23,809)		(236)		—		(7,836)		(8,072)
Recoveries	—		—		199		199		—		—		—		—
Provision for credit losses1	742		4,742		33,119		38,603		258		1		25,472		25,731
Ending balance	$	1,873	$	3,282	$	40,071	$	45,226	$	1,430	$	315	$	28,488	$	30,233

The Company identified 445 and 145 loans as of December 31, 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:


	December 31, 2025								December 31, 2024
ACL	CRE		C&I		SBA		Total		CRE		C&I		SBA		Total
Individually Evaluated	$	—	$	1,328	$	12,311	$	13,639	$	—	$	—	$	7,019	$	7,019
Collectively Evaluated	1,873		1,954		27,760		31,587		1,430		315		21,469		23,214
Total	$	1,873	$	3,282	$	40,071	$	45,226	$	1,430	$	315	$	28,488	$	30,233

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


	December 31, 2025								December 31, 2024
Recorded Investment	CRE		C&I		SBA		Total		CRE		C&I		SBA		Total
Individually Evaluated	$	18,487	$	1,827	$	74,008	$	94,322	$	2,635	$	—	$	21,706	$	24,341
Collectively Evaluated	255,707		78,553		465,738		799,998		189,196		47,558		359,275		596,029
Total	$	274,194	$	80,380	$	539,746	$	894,320	$	191,831	$	47,558	$	380,981	$	620,370

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


	December 31, 2025						December 31, 2024
	Nonaccrual without Allowance		Nonaccrual with Allowance		ACL		Nonaccrual without Allowance		Nonaccrual with Allowance		ACL
SBA	$	34,058	$	39,950	$	12,311	$	7,264	$	14,442	$	7,019
CRE	2,979		—		—		2,635		—		—

C&I	419		1,408		1,328		—		—		—






Total	$	37,456	$	41,358	$	13,639	$	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:


	December 31, 2025				December 31, 2024

	Real Estate Collateral		Non-Real Estate Collateral		Total		ACL		Real Estate Collateral		Non-Real Estate Collateral		Total		ACL
SBA	$	44,066	$	29,942	$	74,008	$	12,311	$	19,586	$	2,120	$	21,706	$	7,019
CRE	18,487		—		18,487		—		2,635		—		2,635		—

C&I	419		1,408		1,827		1,328		—		—		—		—





Total	$	62,972	$	31,350	$	94,322	$	13,639	$	22,221	$	2,120	$	24,341	$	7,019

Accrued interest on loans totaled $22.4 million and $15.5 million as of December 31, 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 year ended December 31, 2025, the Company executed 3 loan modifications involving borrowers experiencing financial difficulty. No loan modifications to borrowers experiencing financial difficulty were executed during the years ended 2024 and 2023. The following table summarizes the amortized cost basis of loans that were modified:


	Year Ended December 31, 2025
	Other-Than-Insignificant Payment Delay		Term Extension		Interest Rate Reduction		Principal Forgiveness		% of Total Class of Financing Receivable
SBA	$	458	$	—	$	—	$	—	$	—
CRE	—		—		—		—		—
C&I	—		—		—		—		—
Total Modifications	$	458	$	—	$	—	$	—	$	—


	Year Ended December 31, 2025
	Other-Than-Insignificant Payment Delay		Term Extension		Interest Rate Reduction		Principal Forgiveness		% of Total Class of Financing Receivable
SBA	$	299	$	—	$	—	$	—	$	—
CRE	—		—		—		—		—
C&I	—		—		—		—		—
Total Defaults	$	299	$	—	$	—	$	—	$	—

As of December 31, 2025, the amortized cost basis of modified loans that remain outstanding was $152 thousand.

Loans held for sale, at fair value


	December 31, 2025		December 31, 2024
SBA 504 First Lien	$	201,013	$	128,255
SBA 504 Second Lien	31,207		26,678
SBA 7(a)	303,716		4,855
SBA 7(a) Partials1	20,753		—
ALP	415,148		212,498
Loans held for sale, at fair value	$	971,837	$	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 December 31, 2025
	Past Due and Accruing						Non- accrual		Total Past Due and Non-accrual		Current		Total Accounted for Under the FV Option
	30-59 Days		60-89 Days		90+ Days1
SBA, at fair value	$	21,441	$	5,018	$	8,713	$	12,580	$	47,752	$	508,937	$	556,689
ALP, at fair value	9,049		—		—		11,634		20,683		394,465		415,148
Total	$	30,490	$	5,018	$	8,713	$	24,214	$	68,435	$	903,402	$	971,837

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


	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


	December 31, 2025		December 31, 2024
SBA 504 First Lien	$	19,075	$	36,783
SBA 504 Second Lien	7,457		8,203

SBA 7(a) Partials1	—		13,817

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


	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

FAIR VALUE MEASUREMENTS - Fair Value of Debt (Details) $ in Thousands	Dec. 31, 2025 USD ($) $ / shares	Sep. 22, 2025	Dec. 31, 2024 USD ($) $ / shares	Sep. 16, 2024	May 30, 2024	Aug. 31, 2023	Jan. 31, 2021
Debt Instrument [Line Items]
Weighted Avg Interest Rate	7.53%		7.22%
Borrowings	$ 827,998		$ 720,367
Level 2
Debt Instrument [Line Items]
Borrowings	283,999		306,549
Level 3
Debt Instrument [Line Items]
Borrowings	$ 543,999		$ 413,818
2026 Notes \| Medium-term Notes
Debt Instrument [Line Items]
Weighted Avg Interest Rate	5.50%		5.50%				5.50%
Borrowings	$ 95,722		$ 115,966
2026 Notes \| Medium-term Notes \| Measurement Input, Share Price
Debt Instrument [Line Items]
Closing price (in dollars per share) \| $ / shares	25.19		25.21
2028 Notes (8.00%) \| Medium-term Notes
Debt Instrument [Line Items]
Weighted Avg Interest Rate	8.00%		8.00%			8.00%
Borrowings	$ 40,320		$ 40,448
2028 Notes (8.00%) \| Medium-term Notes \| Measurement Input, Share Price
Debt Instrument [Line Items]
Closing price (in dollars per share) \| $ / shares	25.20		25.28
2029 8.50% Notes \| Medium-term Notes
Debt Instrument [Line Items]
Weighted Avg Interest Rate	8.50%	8.50%	8.50%		8.50%
Borrowings	$ 72,267		$ 72,795
2029 8.50% Notes \| Medium-term Notes \| Measurement Input, Share Price
Debt Instrument [Line Items]
Closing price (in dollars per share) \| $ / shares	25.16		25.32
2029 8.625% Notes \| Medium-term Notes
Debt Instrument [Line Items]
Weighted Avg Interest Rate	8.625%		8.625%	8.625%
Borrowings	$ 75,690		$ 77,340
2029 8.625% Notes \| Medium-term Notes \| Measurement Input, Share Price
Debt Instrument [Line Items]
Closing price (in dollars per share) \| $ / shares	25.23		25.78
Securitization Trusts
Debt Instrument [Line Items]
Borrowings	$ 127,050		$ 186,635
Private Parent Company Notes
Debt Instrument [Line Items]
Borrowings	102,758		80,926
FHLB borrowings
Debt Instrument [Line Items]
Borrowings	7,349		15,330
Bank Borrowings
Debt Instrument [Line Items]
Borrowings	$ 306,842		$ 130,927

BENEFIT PLANS - Shares Outstanding (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding (shares)	245	771
Weighted average grant date fair value (in dollars per share)	$ 13.41	$ 14.51
Unvested Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding (shares)	31	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

+ Details

LOANS - Investment Portfolio (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
SBA 7(a)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cost	$ 286,654	$ 371,146
Fair Value	281,198	369,746
CRE \| SBA 7(a)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cost	131,015	162,894
Fair Value	138,110	175,353
Residential Real Estate \| SBA 7(a)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cost	52,229	69,667
Fair Value	50,539	67,474
Machinery and Equipment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cost	4,700	4,700
Fair Value	4,700	4,600
Machinery and Equipment \| SBA 7(a)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cost	46,552	60,460
Fair Value	43,266	56,454
Accounts Receivable and Inventory \| SBA 7(a)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cost	43,944	59,449
Fair Value	38,670	54,267
Unsecured \| SBA 7(a)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cost	4,295	5,643
Fair Value	4,259	5,644
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cost	1,000	2,000
Fair Value	200	1,100
Other \| SBA 7(a)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cost	8,619	13,033
Fair Value	$ 6,354	$ 10,554

LOANS - Individually and Collectively Evaluated (Details) $ in Thousands	Dec. 31, 2025 USD ($) loan	Dec. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($)
ACL
Individually Evaluated	$ 13,639	$ 7,019
Collectively Evaluated	31,587	23,214
Total	45,226	30,233	$ 12,574
Recorded Investment
Individually Evaluated	$ 94,322	$ 24,341
Number of loans individually evaluated \| loan	445	145
CRE, at amortized cost, net of deferred fees and costs
ACL
Individually Evaluated	$ 0	$ 0
Collectively Evaluated	1,873	1,430
Total	1,873	1,430	1,408
Recorded Investment
Individually Evaluated	18,487	2,635
Collectively Evaluated	255,707	189,196
Total	274,194	191,831
C&I
ACL
Individually Evaluated	1,328	0
Collectively Evaluated	1,954	315
Total	3,282	315	$ 314
Recorded Investment
Individually Evaluated	1,827	0
Collectively Evaluated	78,553	47,558
Total	80,380	47,558
SBA
ACL
Individually Evaluated	12,311	7,019
Collectively Evaluated	27,760	21,469
Total	40,071	28,488
Recorded Investment
Individually Evaluated	74,008	21,706
Collectively Evaluated	465,738	359,275
Total	539,746	380,981
Total Loans
Recorded Investment
Individually Evaluated	94,322	24,341
Collectively Evaluated	799,998	596,029
Total	$ 894,320	$ 620,370

SECURITIZATIONS AND VARIABLE INTEREST ENTITIES

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

SECURITIZATIONS AND VARIABLE INTEREST ENTITIES

NOTE 3—SECURITIZATIONS AND VARIABLE INTEREST ENTITIES:

SBA 7(a) Loan Securitizations

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 December 31, 2025. Risks associated with the Company’s involvement with the consolidated Trusts includes potential losses of residual interests in the Trusts.


	December 31, 2025		December 31, 2024
Restricted cash	$	6,303	$	6,303
Loans held for investment, at fair value	198,434		257,179
Total assets	$	204,737	$	263,482

Borrowings	$	127,050	$	186,635
Total liabilities	$	127,050	$	186,635

ALP Loan Securitizations

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

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

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.


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

SHAREHOLDERS' EQUITY - Share Repurchase Program (Details) - USD ($) shares in Thousands, $ in Thousands		1 Months Ended				12 Months Ended
	Nov. 01, 2024	Dec. 31, 2025	Nov. 30, 2025	Jun. 30, 2025	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Equity [Abstract]
Shares	1,000	26	101	16	30	827	970
Amount		$ 295	$ 1,025	$ 167	$ 402

- 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

SERVICING ASSETS - Servicing Fee Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Transfers and Servicing [Abstract]
Servicing income	$ 22,850	$ 20,087	$ 18,289

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITES

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITES

NOTE 12—ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITES:

The following table details the components of accounts payable, accrued expenses and other liabilities at December 31, 2025 and December 31, 2024:


	December 31, 2025		December 31, 2024
Loan related remittances due to SBA and participants	$	3,764	$	2,203
Accrued payroll and related payables	295		332
Accrued interest	7,086		6,035
Funds in process to PMT's payroll customers	9,453		5,700
Loan processing, servicing and other loan related payables	2,329		3,185
SBA repair & denial reserve1	3,736		3,573
Good faith deposits	895		1,499
Other	15,404		18,279
Total accounts payable, accrued expenses and other liabilities	$	42,962	40,806

SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) joint_venture segment	Dec. 31, 2024 USD ($)
Property, Plant and Equipment [Line Items]
Cash deposits in excess of insured amounts	$ 32,500
Weighted average life	5 years
Number of joint venture investments \| joint_venture	1
Loan-to-value ratio	75.00%
Debt service coverage, minimum	1.2
Remaining contractual term	14 years
Renewal term	10 years
Residuals in securitizations, at fair value	$ 76,701	$ 0
Number of reportable segments \| segment	4
Number of operating segments \| segment	4
Investments
Property, Plant and Equipment [Line Items]
Transfers out of Level 3	$ 1,500
Loans Held For Sale
Property, Plant and Equipment [Line Items]
Transfers out of Level 3	$ 4,856
Maximum \| Customer Merchant Accounts
Property, Plant and Equipment [Line Items]
Intangible asset, useful life	120 months
SBA investment
Property, Plant and Equipment [Line Items]
Principal balances sold	$ 400	47,400
Premiums	$ 41	$ 5,000

DERIVATIVE INSTRUMENTS - Derivatives Outstanding (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset	$ 737	$ 715
Foreign Exchange Future
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional		(153,049)
Asset	737	715
Liability	$ 0	$ 0
Remaining Maturity	3 months	3 months
Foreign Exchange Future \| Short
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional	$ (211,805)

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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- Definition

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+ References + Details

- Definition

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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column E)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5B

+ Details

INCOME TAXES - Operating loss carryforwards (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Federal
Investments, Owned, Federal Income Tax Note [Line Items]
Total	$ 19,068	$ 4,112
Future Taxable Periods
Investments, Owned, Federal Income Tax Note [Line Items]
Total	19,100	4,100
Years ended 2029 - 2035 \| Federal
Investments, Owned, Federal Income Tax Note [Line Items]
Total	38	154
Years ended 2036 - 2043 \| Federal
Investments, Owned, Federal Income Tax Note [Line Items]
Total	18,944	3,872
Indefinite Carryforward \| Federal
Investments, Owned, Federal Income Tax Note [Line Items]
Total	$ 86	$ 86

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Reclassifications	Reclassifications Certain prior period amounts, which are normal and reoccurring in nature, to the extent comparable, have been reclassified to conform to the current period presentation. The previous net presentation of cash flows from investing and financing activities within the consolidated statements of cash flows has been revised to reflect a gross presentation of repayments and borrowings, principal received on and repurchases of loans held for investment, purchases and redemptions of Federal Home Loan Bank stock and Federal Reserve Bank stock, contributions and return of capital on joint venture investments, as well as purchases, sales and maturities of available-for-sale securities for all comparative periods. In addition, the supplemental disclosure of cash flow information for interest paid was restated for December 31, 2023 as previously disclosed and described in the 2023 Annual Report on Form 10-K. 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.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expense during the reporting period. The level of uncertainty in estimates and assumptions increases with the length of time until the underlying transactions are complete. Actual results could differ from those estimates.
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 December 31, 2025, cash deposits in excess of insured amounts totaled $32.5 million. The Company has not experienced any losses with respect to cash balances in excess of insured amounts and management does not believe there was a significant concentration of risk with respect to cash balances as of December 31, 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.
Debt securities, available for sale, at fair value	Debt securities, available for sale, at fair value The Company’s securities portfolio primarily consists of available for sale debt securities held by Newtek Bank that are classified as “available for sale” and carried at their estimated fair value, with any unrealized gains or losses, net of taxes, reported as accumulated other comprehensive income or loss in stockholders’ equity. The fair values of our instruments are affected by changes in market interest rates and credit spreads. In general, as interest rates rise and/or credit spreads widen, the fair value of instruments will decline. As interest rates fall and/or credit spreads tighten, the fair value of instruments will rise. The Company evaluates available-for-sale instruments in unrealized loss positions at least quarterly to determine if an allowance for credit losses is required. Purchases and sales of debt securities are accounted for on a trade-date basis.
Loans and Loan Interest Income Recognition and Changes in Fair Value	Loans Held for Investment Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are classified as held for investment. At amortized cost, net of deferred fees and costs: Loans are reported at their principal amount outstanding, net of charge-offs, deferred origination costs and fees and purchase premiums and discounts. Loan origination and commitment fees and certain direct and indirect costs incurred in connection with loan originations are deferred and amortized to income over the life of the related loans as an adjustment to yield. Premiums or discounts on purchased portfolios are amortized or accreted to income using the level yield method over the remaining period to contractual maturity. Currently, all LHI at amortized cost, net of deferred fees and costs, are originated and carried at Newtek Bank and have a weighted average life of five years. Newtek Bank originates SBA 7(a) loans, under its PLP status, and typically sells the guaranteed portions and holds the unguaranteed portions for investment. Newtek Bank also holds CRE and C&I loans for investment. At fair value: On a quarterly basis, management determines the fair values of the retained unguaranteed portions of SBA 7(a) loans HFI, and unrealized changes in FV are recognized in the income statement. The loans within this portfolio were originated by NSBF. NSBF ceased originating new loans in April 2023 when all new SBA 7(a) loan originations were transitioned to Newtek Bank. (See Historical Business Regulation and Taxation, for a discussion of the wind-down of NSBF’s operations.) Refer to the “Fair Value and the Fair Value Option” section below for further information on loans HFI carried at FV under the FV option. Held for Sale Management designates loans as HFS based on its intent to sell loans, or portions of loans, in established secondary markets or to participant banks and credit unions. Salability requirements of government guaranteed portions include, but are not limited to, full disbursement of the loan commitment amount. The Company occasionally transfers loans between the HFS and HFI classifications based on its intent and ability to hold or sell loans. Management’s intent to sell may be impacted by secondary market conditions, loan credit quality, or other factors. At lower of amortized cost basis or fair value: Both mortgage and non-mortgage loans classified as HFS are carried at the LCM. If the amortized cost basis of a loan exceeds FV, a valuation allowance should be established for the difference. Currently, HFS loans at LCM are carried at Newtek Bank. This includes the government guaranteed portion of SBA 7(a) loans and SBA 504 loans. Management may also make a determination to market for sale certain CRE and C&I loans on a loan by loan basis. At fair value: The Company originates ALP loans (formerly referred to as our nonconforming conventional loans), which are either HFS or HFI, via its nonbank subsidiary and joint ventures. ALP loans are carried at FV. The Company also originated SBA 504 loans HFS prior to the Acquisition through its nonbank subsidiaries. SBA 504 loans HFS held at NALH and at Newtek Bank are accounted for under the FV option. ALP loans are held at NALH and TSO JV and are also accounted for under the FV option. Additionally, the existing government guaranteed portion of SBA 7(a) loans held at Newtek Bank are also HFS at FV. Refer to the “Fair Value and the Fair Value Option” section below for further information on loans HFS carried at FV under the FV option. Loan Interest Income Recognition and Changes in Fair Value Held for Investment At Amortized Cost, net of deferred loan fees and costs: Interest on loans is generally recognized on a daily accrual basis at the applicable interest rate. Interest is not accrued on loans that are more than 90 days delinquent on payments, and any interest that was accrued but unpaid on such loans is reversed from interest income at that time, or when deemed to be uncollectible. Interest subsequently received on such loans is recorded as interest income or alternatively as a reduction in the amortized cost of the loan if there is significant doubt as to the collectability of the unpaid principal balance. Loans are returned to accrual status when principal and interest amounts contractually due are brought current and future payments are reasonably assured. At FV: In accordance with accounting standards, any loans for which FV was previously elected continue to be measured as such. Interest income is recognized in the same manner on loans reported at FV as on non-FV loans, except in regard to origination fees and costs which are recognized immediately upon FV election. The changes in FV of loans are reported within noninterest income as Net gain (loss) on loans accounted for under the fair value option. FV of loans includes adjustments for historical credit losses, market liquidity, and economic conditions. The Company values performing accrual loans on a pool basis. Loans that have experienced credit deterioration are valued individually based on resolution plans developed by the Company based on timing and amount of expected future cash flows from all sources of repayment, including both cash flows of the borrower as a going concern as well as the liquidation of collateral and pursuit of personal guarantees. Held for Sale At LCM: Net unrealized losses, if any, on loans without a FV election, are recognized through a valuation allowance and recorded as a charge to Other noninterest income. The cost basis of loans HFS includes unamortized loan origination fees and costs. The pro-rata portion, based on the percent of the total loan sold, of the remaining deferred fees and costs are recognized as an adjustment to the gain on sale. Not electing FV generally results in a larger discount being recorded on the origination date. This discount will subsequently be accreted into interest income over the underlying loan’s remaining term using the effective interest method. Management made this change of election in alignment with its ongoing effort to reduce volatility and drive more predictable revenue. If the transfer is accounted for as a sale, the loans are derecognized from the Company’s consolidated balance sheet and a gain or loss is recognized in net gains on sales of loans line item on the consolidated statements of income. The gain on sale recognized in income is the sum of the premium on the guaranteed loan and the FV of the servicing assets recognized, less the discount recorded on the unguaranteed portion of the loan retained. If the transfer does not satisfy the aforementioned control criteria, the transaction is recorded as a secured borrowing with the transferred loans remaining on the Company’s consolidated balance sheet and proceeds recognized as a liability. At FV: In accordance with accounting standards, any loans for which FV was previously elected continue to be measured as such. Interest income is recognized in the same manner on loans reported at FV as on non-FV loans, except in regard to origination fees and costs which are recognized immediately upon FV election. The changes in FV of loans are reported within noninterest income as Net gain (loss) on loans accounted for under the fair value option. FV of loans includes adjustments for historical credit losses, market liquidity, and economic conditions.
Fair Value and the Fair Value Option	Fair Value and the Fair Value Option Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, management used various valuation approaches. In accordance with GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets for identical assets or liabilities and gives the lowest priority to unobservable inputs (Level 3). The levels of the fair value hierarchy are as follows: Level 1Quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as certain U.S. Treasury, other U.S. Government and agency mortgage-backed debt securities that are highly liquid and are actively traded in over-the-counter markets. Level 2Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments and derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes certain U.S. Government and agency mortgage-backed debt securities, derivative contracts and loans held-for-sale. Level 3Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category generally includes certain private equity investments, retained residual interests in securitizations, residential mortgage servicing assets, warrant liabilities, joint ventures, guaranteed loans held at fair value, and highly structured or long-term derivative contracts. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an asset or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The Company assesses the levels of assets and liabilities at each measurement date. There were no transfers to or from Level 3 of the fair value hierarchy for assets and liabilities during the year ended December 31, 2025, other than disclosed below. As of April 1, 2025, the Company is using broker quotes to calculate the $4.9 million fair value of its unguaranteed portions of its SBA 7(a) loans moving them from Level 3 to Level 2. As of October 1, 2025, the Company is using the sales offering agreement to calculate the $1.5 million fair value of its investment in Biller Genie, moving it from Level 3 to Level 2. The sale of Biller Genie was completed in January 2026 at the anticipated pricing that was used in the December 31, 2025 valuation model. There were no transfers to or from Level 3 of the fair value hierarchy for assets and liabilities during the year ended December 31, 2024. Level 1 investments were valued using quoted market prices. Level 2 investments were valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. As of December 31, 2025, the Company has one joint venture investment, TSO JV. On September 30, 2025, NALH dissolved NCL JV, which was in existence as of December 31, 2024. The Company uses a discounted cash flow methodology and adjusts the NAV of the entity by a fair value adjustment for the fixed rate debt liability. Due to the inherent uncertainty of determining the fair value of Level 3 investments that do not have a readily available market value, the fair value of the investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be received or settled. Further, such investments are generally subject to legal and other restrictions or otherwise are less liquid than publicly traded instruments. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, the Company may realize significantly less than the value at which such investment had previously been recorded. The Company’s investments are subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments are traded. In addition recent changes in inflation and base interest rates, supply chain disruptions, significant market volatility, risk of recession, recent economic and market events, unrelated bank failures and declines in depositor confidence in depository institutions, the ongoing war between Russia and Ukraine and general uncertainty surrounding the financial and political stability of the United States, United Kingdom, the European Union and China could further negatively impact the fair value of the Company’s investments after December 31, 2025, in addition to other circumstances and events that are not yet known. The Company applies fair value accounting to certain of its financial instruments in accordance with ASC Topic 820 — Fair Value Measurement (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC Topic 820, the Company has categorized its financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity-specific measure. Therefore, when market assumptions are not readily available, the Company’s own assumptions reflect those that management believe market participants would use in pricing the financial instrument at the measurement date. The availability of observable inputs can vary depending on the financial instrument and is affected by a wide variety of factors, including, for example, the type of product, whether the product is new, whether the product is traded on an active exchange or in the secondary market and the current market conditions. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value was greatest for financial instruments classified as Level 3. Any changes to the valuation methodology are reviewed by management to confirm that the changes are appropriate. As markets change, new products develop and the pricing for products becomes more or less transparent, the Company will continue to refine its valuation methodologies. See further description of fair value methodology in NOTE 10—FAIR VALUE MEASUREMENTS. Loans for which the FV option were elected are measured at FV and classified as either HFS or HFI, as outlined above. Not electing FV generally results in a larger discount being recorded on the date of the sale. This discount will subsequently be accreted into interest income over the underlying loan’s remaining term using the effective interest method. Management made this election in alignment with its ongoing effort to reduce volatility and drive more predictable revenue. In accordance with accounting standards, any loans for which FV was previously elected continue to be measured as such. Interest income is recognized in the same manner on loans reported at FV as on non-FV loans, except in regard to origination fees and costs which are recognized immediately upon FV election. The changes in FV of loans are reported in noninterest income as Net gain (loss) on loans accounted for under the fair value option. FV of loans includes adjustments for historical credit losses, market liquidity, and economic conditions. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, reflecting assumptions that a market participant would use when pricing an asset or liability. In some cases, the estimation of fair values requires management to make estimates about discount rates, future expected cash flows, market conditions, and other future events that are highly subjective in nature and are subject to change.
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 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 December 31, 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.
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 year-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 December 31, 2025 and 2024 was $0.4 million and $47.4 million, respectively. The settlement receivable also includes $41.0 thousand and $5.0 million of premiums, which have been recognized in Net Gains on Sales of Loans as of December 31, 2025 and 2024, respectively.
Assets Held for Sale and Liabilities Directly Associated with Assets Held for Sale	Assets Held for Sale and Liabilities Directly Associated with Assets Held for Sale The Company classifies assets and related liabilities as held for sale when: (i) management has committed to a plan to sell the disposal group, (ii) the disposal group is available for immediate sale, (iii) there is an active program to locate a buyer, (iv) the sale and transfer of the disposal group is probable within one year, (v) the disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (vi) it is unlikely that significant changes will be made to the plan to sell the disposal group. Assets and liabilities held for sale are presented separately within the consolidated balance sheets with any adjustments necessary to measure the disposal group at the lower of its carrying value or fair value less costs to sell. Depreciation of property and equipment and amortization of intangible and right-of-use assets are not recorded while these assets are classified as held for sale. For each period the disposal group remains classified as held for sale, its recoverability is reassessed and any necessary adjustments are made to its carrying value. Refer to NOTE 9—ASSETS AND LIABILITIES DIRECTLY ASSOCIATED WITH ASSETS HELD FOR SALE for a discussion of assets and liabilities associated with assets held for sale at December 31, 2024. There were no assets and liabilities associated with assets held for sale at December 31, 2025.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill is an indefinite lived asset, which is not amortized and is instead subject to impairment testing, at least annually. Intangible assets, which are core deposits intangibles, have finite lives are amortized over an estimated useful life of 120 months. (See NOTE 8—GOODWILL AND INTANGIBLE ASSETS.) The Company considers the following to be some examples of indicators that may trigger an impairment review outside of its annual impairment review: (i) significant under-performance or loss of key contracts acquired in an acquisition relative to expected historical or projected future operating results; (ii) significant changes in the manner or use of the acquired assets or in the Company’s overall strategy with respect to the manner or use of the acquired assets or changes in the Company’s overall business strategy; (iii) significant negative industry or economic trends; (iv) increased competitive pressures; (v) a significant decline in the Company’s fair value for a sustained period of time; and (vi) regulatory changes. In assessing the recoverability of the Company’s goodwill and customer merchant accounts, the Company must make assumptions regarding estimated future cash flows and other factors to determine the fair value of the respective assets. These include estimation of future cash flows, which is dependent on internal forecasts, estimation of the long-term rate of growth for the Company, the period over which cash flows will occur, and determination of the Company’s cost of capital. Changes in these estimates and assumptions could materially affect the determination of fair value and conclusions on impairment.
Leases - Right of use assets and lease liabilities	Leases - Right of use assets and lease liabilities Under ASC 842, operating lease expense is generally recognized on a straight-line basis over the term of the lease. The Company has entered into operating lease agreements for office space with remaining contractual terms up to fourteen years, some of which include renewal options that extend the leases for up to 10 years. These renewal options are not considered in the remaining lease term unless it is reasonably certain the Company will exercise such options. The operating lease agreements do not contain any material residual value guarantees or material restrictive covenants. As the rate implicit in the leases generally is not readily determinable for our operating leases, the discount rates used to determine the present value of our lease liability are based on our incremental borrowing rate at the lease commencement date and commensurate with the remaining lease term. Our incremental borrowing rate for a lease is the rate of interest we would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Leases with an initial term of 12 months or less are not recorded on the balance sheet and are excluded from our weighted-average remaining lease term.
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.
Residuals in Securitizations, at Fair Value	Residuals in Securitizations, at Fair Value The residuals in securitizations, at fair value arise from the NALP Business Loan Trust 2025-1 ALP securitization that the Company closed on April 23, 2025. Residuals in securitizations were $76.7 million as of December 31, 2025. The Securitization Trust meets the definition of a VIE. The Company holds a variable interest in the VIE, however, the Company is not considered the primary beneficiary of the VIE, because the power over the activities that have the most significant impact on the economic performance of the Securitization Trust is held by the Class C Noteholder, and therefore, the Company is not required to consolidate the Securitization Trust. The Company’s beneficial interest in the Securitization Trust is evidenced by sole ownership of the Ownership Certificate and its beneficial interest in the credit risk of the securitized ALP Loans. As the Sponsor is a wholly owned subsidiary of the Company, the Company effectively owns 100% of the equity interest in the Trust. Refer to NOTE 3—SECURITIZATIONS AND VARIABLE INTEREST ENTITIES in the accompanying notes to the consolidated financial statements for additional information.
Derivative Instruments	Derivative Instruments The Company uses derivative instruments primarily to economically manage the fair value variability of fixed rate assets and liabilities caused by interest rate fluctuations. Derivative instruments consist of interest rate futures and are held at fair value on the balance sheet. Collateral posted with our futures counterparties is segregated in the Company’s books and records. Interest rate futures are centrally cleared by the Chicago Mercantile Exchange (“CME”) through a futures commission merchant. Interest rate futures that are governed by an ISDA agreement provide for bilateral collateral pledging based on the counterparties’ market value. The counterparties have the right to re-pledge the collateral posted but have the obligation to return the pledged collateral, or, if the Company agrees, substantially the same collateral as the market value of the interest rate futures change. The Company is required to post initial margin and daily variation margin for interest rate futures that are centrally cleared by CME. CME determines the fair value of our centrally cleared futures, including daily variation margin. Effective January 3, 2017, CME amended its rulebooks to legally characterize daily variation margin payments for centrally cleared interest rate futures as settlement rather than collateral. As a result of this rule change, variation margin pledged on the Company’s centrally cleared interest rate futures is settled against the realized results of these futures.
Due to Participants	Due to Participants Due to participants represents amounts due to third party investors in the SBA guaranteed portion of SBA 7(a) loans. When the Company receives principal payments, after the loan has been either partially or fully sold to the participant, the remittances received by the Company are either owed in part or in full to the participant and amounts are recorded as a liability on the consolidated statements of financial condition.
Dividends to Shareholders	Dividends to Shareholders Dividends and distributions to the Company's stockholders are recorded on the declaration date. The timing and amount to be paid out as a dividend or distribution is determined by the Company's Board each quarter.
Non-Interest Income	Non-Interest Income Dividend income Dividend income is recognized on an accrual basis for equity securities to the extent that such amounts are expected to be collected or realized. In determining the amount of dividend income to recognize, if any, from cash distributions on equity securities, we assess many factors, including the joint ventures’ and other equity investments’ cumulative undistributed income and operating cash flow. Cash distributions from equity securities received in excess of such undistributed amounts are recorded first as a reduction of our investment and then as a realized gain on investment. Servicing income The Company earns servicing income related to the guaranteed portions of SBA 7(a) and ALP loans sold into the secondary market. These recurring servicing fees are earned and recorded daily. Servicing income is earned for the full term of the loan or until the loan is repaid. Technology and IT support income Our former technology segment (NTS) sold a range of services and goods, including managed IT services, product and procurement services, professional services, webhosting, secure private cloud hosting, and backup and disaster recovery. Additionally, it sold hardware and software products on both a stand-alone basis without any services and as solutions bundled with services. When it provided a combination of hardware and software products with the provision of services, it separately identified its performance obligations under its contract with the customer as the distinct goods (hardware and/or software products) or services that will be provided. The total transaction price for an arrangement with multiple performance obligations is allocated at contract inception to each distinct performance obligation in proportion to its stand-alone selling price. The stand-alone selling price is the price at which it would sell a promised good or service separately to a customer. It estimated the price based on observable inputs, including direct labor hours and allocatable costs, or uses observable stand-alone prices when they are available. Our technology segment’s professional services include the design and implementation of a wide range of IT products and services. Such services are typically provided by us or third-party sub-contractor vendors on a stand-alone basis. Revenue is measured based on the consideration specified in a contract with a customer. Contracts with customers often include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. When a cloud-based service includes both on-premises software licenses and cloud services, judgment is required to determine whether the software license is considered distinct and accounted for separately, or not distinct and accounted for together with the cloud service and recognized over time. Certain cloud services depend on a significant level of integration, interdependency, and interrelation between the desktop applications and cloud services, and are accounted for together as one performance obligation. Revenue from such cloud services is recognized ratably over the period in which the cloud services are provided. Revenue is otherwise recognized when it satisfies a performance obligation by transferring control of a product or service or by arranging for the sale of a vendor’s products or service to a customer. Revenue from sale of services is recognized as the underlying services are performed, typically based on time and materials basis based upon hours incurred for the performance completed to date for which we have the right to consideration. Revenue on sales of goods are recognized at a point in time when customer takes control of goods, which typically occurs when title and risk of loss have passed to the customer. Revenue is recognized on a gross basis for each of its services and product offerings principally because it is primarily responsible for fulfilling the promise to provide specified goods or service and it has discretion in establishing the price of specified good or service. The right to consideration in exchange for deliverables is classified as either a receivable or a contract asset (unbilled receivable). A receivable is a right to consideration that is unconditional (i.e. only the passage of time is required before payment is due). For example, a receivable is recognized for revenue related to transaction or volume-based contracts when earned regardless of whether amounts have been billed. Such receivables are presented in accounts receivable, net in our consolidated balance sheets. An allowance for credit losses is maintained to provide for the estimated amount of receivables that may not be collected. The allowance is based upon an assessment of customer creditworthiness, historical payment experience, the age of outstanding receivables, judgment, and other applicable factors. A contract asset is a right to consideration that is conditional upon factors other than the passage of time. Contract assets are presented in current and other assets in our consolidated balance sheets and primarily relate to unbilled amounts on fixed-price contracts utilizing the output method of revenue recognition. Contract assets and liabilities are reported at the end of each reporting period. The difference between the opening and closing balances of our contract assets and deferred revenue primarily results from the timing difference between performance obligations and the customer’s payment. Payments are received from customers based on the terms established in the contracts, which may vary generally by contract type. On January 2, 2025, the Company completed the NTS Sale to Paltalk. Refer to NOTE 4—INVESTMENTS: Intelligent Protection Management Corp. Electronic payment processing income Revenues are recognized when control of the promised goods or services is transferred to the Company's customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. To achieve this core principle, the Company applies the following five steps: 1. Identify the contract with a customer 2. Identify the performance obligations in the contract 3. Determine the transaction price 4. Allocate the transaction price to the performance obligations in the contract 5. Recognize revenue when or as the Company satisfies a performance obligation Revenue is recognized net of taxes collected from customers, which are subsequently remitted to governmental authorities. NMS’s revenue is primarily derived from electronic payment processing and related fee income. Electronic payment processing and fee income is derived from NMS’s electronic processing of credit and debit card transactions that are authorized and captured through third-party networks. Typically, merchants are charged for these processing services by applying a percentage to the dollar amount of each transaction plus a flat fee per transaction. Certain merchant customers are charged miscellaneous fees, including fees for handling charge-backs or returns, monthly minimum fees, statement fees and fees for other miscellaneous services. Revenues derived from the electronic processing of MasterCard®, Visa®, American Express® and Discover® sourced credit and debit card transactions are reported net of certain transaction-related costs. NMS's performance obligations are to stand ready to provide holistic electronic payment processing services consisting of a series of distinct elements that are substantially the same and have the same pattern of transfer over time. NMS’s promise to its customers is to perform an unknown or unspecified quantity of tasks and the consideration received is contingent upon the customers’ use (i.e., number of payment transactions processed, number of cards on file, etc.); as such, the total transaction price is variable. The Company allocates the variable fees charged to the day in which it has the contractual right to bill under the contract. ASU 2014-09, "Revenues from Contracts with Customers (“Topic 606”)" (“ASC 606”) requires that the Company determine for each customer arrangement whether revenue should be recognized at a point in time or over time. For the years ended December 31, 2025 and 2024, substantially all of the Company’s revenues were recognized at a point in time. ASC 606 requires disclosure of the aggregate amount of the transaction price allocated to unsatisfied performance obligations; however, as permitted by ASC 606, the Company has elected to exclude from this disclosure any contracts with an original duration of one year or less and any variable consideration that meets specified criteria. As described above, the Company’s most significant performance obligations consist of variable consideration under a stand-ready series of distinct days of service. Such variable consideration meets the specified criteria for the disclosure exclusion; therefore, the majority of the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied is variable consideration that is not required for this disclosure. The aggregate fixed consideration portion of customer contracts with an initial contract duration greater than one year is not material. Receivable fees: Receivable fees are derived from the funding (purchase) of receivables from the Company’s finance clients. The Company recognizes revenue on the date receivables are purchased at a percentage of face value as agreed to by the client. The Company also has arrangements with certain of its clients whereby it purchases the client’s receivables and charges a fee at a specified rate based on the amount of funds advanced against such receivables. The funds provided are collateralized and the income is recognized as earned which occurs as time passes. Realized gains or losses on joint ventures: Realized gains or losses on joint ventures are measured by the difference between the net proceeds from the disposition and the cost basis of investment, without regard to unrealized gains or losses previously recognized. The Company reports current period changes in the fair value of joint venture investments as a component of the net change in unrealized appreciation (depreciation) on joint ventures in the consolidated statements of income.
Electronic Payment Processing Costs	Electronic Payment Processing Costs Electronic payment processing costs consist principally of costs directly related to the processing of merchant sales volume, bank processing fees, amounts paid to NMS’ sponsoring banks and costs paid to third-party processing networks. Such costs are recognized at the time the merchant transactions are processed or when the services are performed. In addition to costs directly related to the processing of merchant sales volume, electronic payment processing costs also include residual expenses. Residual expenses represent fees paid to third-party sales referral sources. Residual expenses are paid in accordance with contracted terms. These are generally linked to revenues derived from merchants successfully referred to the Company and that begin using the Company for merchant processing services. Such residual expenses are recognized in the Company’s consolidated statements of income.
Technology Services Expenses	Technology Services Expenses Costs of services and goods sold include product costs, outbound and inbound freight costs, and direct time and materials in delivering service and goods to customers. Selling and administrative expenses include salaries and wages for staff who are not directly associated with delivering services, bonuses and incentives, employee-related expenses, facility-related expenses, marketing and advertising expense, depreciation of property and equipment, professional fees, amortization of intangible assets, provisions for losses on accounts receivable and other operating expenses.
Stock-Based Compensation	Stock – Based Compensation The Company accounts for its equity-based compensation plans using the fair value method, as prescribed by ASC Topic 718 – Stock Compensation. Accordingly, for restricted stock awards, the Company measures the grant date fair value based upon the market price of the Company’s Common Stock on the date of the grant and amortizes this fair value to salaries and benefits ratably over the requisite service period or vesting term on a straight line basis. Forfeitures are recognized as incurred.
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 21—INCOME TAXES. Our income tax expense, deferred tax assets and liabilities, and reserves for unrecognized tax benefits reflect management’s best assessment of estimated current and future taxes to be paid. We are subject to income taxes in the United States and its political subdivisions. Significant judgments and estimates are required in determining the consolidated income tax expense. The Company’s U.S. federal and state income tax returns prior to fiscal year 2022 are generally closed, and management continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. Interest and penalties assessed by tax jurisdictions for income tax matters are presented as income tax expense on the consolidated statements of income.
Segments	Segments Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Management has determined that the Company has four reportable operating segments: Banking, NALH, NSBF, and Payments as discussed more fully in NOTE 22—SEGMENTS. In determining the appropriateness of a segment definition, the Company considers the criteria of FASB ASC 280, Segment Reporting.
Business Combinations	Business Combinations Business combinations are accounted for under the acquisition method, in which the identifiable assets acquired and liabilities assumed are generally measured and recognized at fair value as of the acquisition date, with the excess of the purchase price over the fair value of the net assets acquired recognized as goodwill. Items such as acquired income-tax related balances are recognized in accordance with other applicable GAAP, which may result in measurements that differ from fair value. Business combinations are included in the consolidated financial statements from the respective dates of acquisition. Historical reporting periods reflect only the results of legacy Company operations. Acquisition-related costs are expensed in the period incurred and presented within the applicable non-interest expense category. There were no acquisitions during 2024 or 2025.
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 did not 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 are 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 using a retrospective approach, which resulted in enhanced income tax disclosures within the consolidated financial statements beginning with this Annual Report on 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 did not 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 did not 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. Financial Instruments—Credit Losses (Topic 326): Purchased Loans. In November 2025, the FASB issued ASU 2025-08 which amended guidance related to the accounting for purchased loans. Under this new guidance, loans acquired without credit deterioration and deemed “seasoned” will be considered purchased seasoned loans and accounted for using the gross-up approach at acquisition (i.e., record the loan at its purchase price and separately record an allowance for expected credit losses). Seasoned loans include all loans acquired in a business combination, that do not have “more-than-insignificant” deterioration of credit quality since origination, as well as loans purchased at least 90 days after origination, where the purchaser was not involved in the origination of the loans. This new guidance is effective for annual and interim periods beginning after December 15, 2026 with early adoption permitted. This guidance will be applied using a prospective transition approach. The Company is in the process of analyzing the impact of the ASU on its consolidated financial statements and related disclosures. Derivatives and Hedging (Topic 815): Hedge Accounting Improvements. In November 2025, the FASB issues ASU 2025-09, which includes amendments to more closely align hedge accounting with the economics of an entities risk management activities. This new guidance is effective for fiscal years beginning after December 15, 2026 and interim periods within those fiscal years, with early adoption permitted, and should be applied prospectively. The Company is currently evaluating the ASU to determine its impact on the Company’s consolidated financial statements and related disclosures. Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. In December 2025, the FASB issued ASU 2025-10, to provide guidance on how business entities should recognize, measure, and present government grants received. This new guidance is effective for fiscal years beginning after December 15, 2028 and interim periods within those fiscal years. Early adoption is permitted. The amendments in this ASU may be applied using a modified prospective, modified retrospective, or retrospective approach. The Company is in the process of analyzing the impact of the ASU on its consolidated financial statements and related disclosures. Interim Reporting (Topic 270): Narrow-Scope Improvements. In December 2025, the FASB issued ASU 2025-11, relating to interim disclosure requirements. The amendments in this update clarify certain interim disclosure requirements and provide a comprehensive list of required interim disclosures. The ASU also incorporates a disclosure principle that requires entities to disclose events that occur after the end of the last annual reporting period. The ASU is effective for interim periods within annual periods beginning after December 15, 2027, though early adoption is permitted. The Company is in the process of analyzing the impact of the ASU on its consolidated financial statements and related disclosures. Codification Improvements. In December 2025, the FASB issued ASU 2025-12, to address suggestions received from stakeholders on the Accounting Standards Codification and to make other incremental improvements to U.S. GAAP. The updates represents changes to the Codification that (1) clarity, (2) correct errors, or (3) make minor improvements. The amendments make the Codification easier to understand and apply. The guidance is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. The Company will adopt this guidance in fiscal 2027 and does not expect the adoption to have a material impact on its consolidated financial statements and related disclosures.

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2025
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 24—SUBSEQUENT EVENTS: Securitization On January 21, 2026, the Company’s subsidiary Newtek ALP Holdings closed a securitization pursuant to which it sold $251.9 million of Class A Notes, $35.9 million of Class B Notes, and $6.8 million of a Class C Note (collectively, the “2026-1 Notes”) issued by NALP Business Loan Trust 2026-1. The Notes are backed by $341.8 million of collateral, consisting of $284.4 million of Company originated ALP loans and a prefunding account to acquire additional ALP loans originated by the Company. The Class A Notes received a Morningstar DBRS rating of “A (low) (sf)” and were priced at a yield of 5.796%; the Class B Notes received a Morningstar DBRS rating of “BBB (sf)” and were priced at a yield of 7.296%; and the Class C Note received a Morningstar DBRS rating of “BB (sf)” and was priced at a yield of 10.146%. The 2026-1 Notes had a weighted average yield of 6.08% and an 86% advance rate. Exchange of 2026 Notes for 2031 Notes and Repayment of 2026 Notes On January 28, 2026, the Company closed on its offer to exchange any and all of its 2026 Notes for its newly issued 2031 Notes, and thereby exchanged $7.9 million in aggregate principal amount of outstanding 2026 Notes for an equal principal amount of 2031 Notes. The 2031 Notes bear interest at a rate of 8.50% per year payable quarterly on February 1, May 1, August 1 and November 1 of each year, will mature on February 1, 2031, and may be redeemed at the Company’s option, in whole or in part at any time or from time to time on or after February 1, 2028 at a redemption price of 100% of the outstanding principal amount of the 20231 Notes to be redeemed plus accrued and unpaid interest payments otherwise payable thereon for the then-current quarterly interest period accrued to, but excluding, the date fixed for redemption. The 2031 Notes trade on the Nasdaq Global Market under the trading symbol “NEWTO.” On February 1, 2026, the Company repaid the remaining $87.1 million aggregate principal amount of 2026 Notes outstanding on the 2026 Notes maturity date. Issuance of 2033 Notes On February 18, 2026, the Company completed an exempt offering of $15.0 million aggregate principal amount of its 8.375% Notes due 2033 (the “ 2033 Notes” and the "Offering"). The Offering was consummated pursuant to the terms of a purchase agreement (the “Purchase Agreement”) dated February 17, 2026 between the Company and an institutional accredited investor (the “Purchaser”). The Purchase Agreement provided for the Note to be 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 Company relied upon this exemption from registration based in part on representations made by the Purchaser. The 2033 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration. The net proceeds from the sale of the 2033 Notes were approximately $14.9 million. The Company intends to use the net proceeds from the sale of the 2033 Notes for general corporate purposes. The 2033 Notes will mature on March 1, 2033. The 2033 Notes may be redeemed by the Company, at its option, at a make-whole price at any time prior to January 1, 2033, or at a price equal to 100% of the principal amount of the 2033 Notes to be redeemed, plus accrued and unpaid interest, if any, thereafter. The 2033 Notes bear interest at a rate of 8.375% per year payable semiannually on February 1 and August 1 each year, beginning on August 1, 2026. The 2033 Notes will be the Company’s direct unsecured obligation and ranks pari passu, or equal, with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. The 2033 Notes will be effectively subordinated to the Company’s existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness, and structurally subordinated to all existing and future indebtedness and other obligations of any of the Company’s subsidiaries.

LOANS - Loans (Details) - USD ($) $ in Thousands	Dec. 31, 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	$ 896,689	$ 621,651
Deferred fees and costs	2,369	1,281
Loans held for investment, at amortized cost, net of deferred fees and costs	896,689	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	539,746	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	274,194	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	80,380	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	$ 894,320	$ 620,370

SHAREHOLDERS' EQUITY - Dividends Declared and Distributed (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands									3 Months Ended
	Jan. 02, 2026	Oct. 24, 2025	Jul. 21, 2025	Apr. 30, 2025	Oct. 21, 2024	Jul. 19, 2024	Apr. 15, 2024	Jan. 12, 2024	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	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	$ 0.19	$ 0.19
Cash Distribution									$ 5,419	$ 5,387	$ 4,836	$ 4,835	$ 4,833	$ 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	$ 20.00
Cash Distribution											$ 400	$ 400	$ 400	$ 400	$ 400	$ 400
Series B Preferred stock
Subsidiary, Sale of Stock [Line Items]
Amount Per Share									$ 21.25	$ 9.44
Cash Distribution									$ 1,063	$ 472
Unvested Restricted Stock
Subsidiary, Sale of Stock [Line Items]
DRIP Shares Issued, (in shares)		3	0	35	8	5	6	13
Dividend reinvestment plan shares issued		$ 54	$ 0	$ 367	$ 114	$ 78	$ 71	$ 155
Unvested Restricted Stock \| Subsequent Event
Subsidiary, Sale of Stock [Line Items]
DRIP Shares Issued, (in shares)	5
Dividend reinvestment plan shares issued	$ 52

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Details) $ in Millions	Aug. 11, 2024 USD ($) representative shares	Dec. 31, 2025 shares	Jan. 02, 2025 USD ($) representative shares
Business Combination [Line Items]
Convertible shares issuable (in shares) \| shares	1		1
Number of representatives \| representative	1		1
Newtek Technology Solutions, Inc. \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Combination [Line Items]
Consideration \| $	$ 4.0		$ 4.0
Consideration (in shares) \| shares	4,000,000.0	4,000,000	4,000,000.0
Earn-out receivable \| $	$ 5.0		$ 5.0
Maximum percentage of equity held	33.33333%
Equity interest	30.20%

SHAREHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands						12 Months Ended
	Sep. 16, 2025	Sep. 11, 2025	Aug. 20, 2025	Nov. 01, 2024	Feb. 03, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Sep. 22, 2025	Jun. 06, 2025	May 30, 2024	Nov. 17, 2023
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock, net of offering costs						$ 5,090	$ 13,389	$ 20,000
Securities purchase and exchange agreement						9,755
Proceeds from preferred stock, net of offering costs						$ 48,181	$ 0	$ 19,493
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)				1,000,000.0
Share repurchase program, period				12 months
Share repurchase program, extension period				12 months
Interest rate						7.53%	7.22%
2029 8.50% Notes \| Medium-term Notes
Subsidiary, Sale of Stock [Line Items]
Repurchase amount		$ 5,000
Repurchase period		6 months
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
Restriction period	2 years
Depository Shares
Subsidiary, Sale of Stock [Line Items]
Issuance of stock (in shares)			2,000,000
Percentage interest in each share			2.50%
Series B Preferred stock
Subsidiary, Sale of Stock [Line Items]
Preferred stock, par value (in dollars per share)						$ 0.02	$ 0.02
Issuance of common stock, net of offering costs						$ 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)										5,000,000.0		3,000,000.0

SEGMENTS (Details) $ in Thousands	12 Months Ended
SEGMENTS (Details) $ in Thousands	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	4
Number of operating segments \| segment	4
Goodwill allocation percentage	100.00%
Interest income	$ 158,415	$ 121,418	$ 94,373
Interest expense	98,530	81,113	67,739
Net interest income	59,885	40,305	26,634
Provision for credit losses	38,729	26,216	11,704
Net interest income after provision for credit losses	21,156	14,089	14,930
Noninterest income	224,914	217,312	176,772
Technology services expense	0	12,261	14,272
Electronic payment processing expense	17,809	19,878	18,327
Salaries and employee benefits expense	84,770	77,931	65,708
Professional services expense	15,461	15,813	13,077
Other loan origination and maintenance expense	18,565	13,770	9,433
Loss on extinguishment of debt	179	0	271
Depreciation and amortization	668	1,784	2,884
Other general and administrative costs	28,641	21,272	22,357
Net income before taxes	79,977	68,692	45,373
Income tax expense	19,465	17,839	(1,956)
Net income	60,512	50,853	47,329
Assets	2,744,819	2,059,912	1,429,513
Goodwill and intangibles	14,597	14,752	30,120
Amortization of intangible assets	$ 170	539	1,468
Minimum
Segment Reporting Information [Line Items]
Equity capital allocation percentage	0.00%
Maximum
Segment Reporting Information [Line Items]
Equity capital allocation percentage	25.00%
Operating Segments \| Banking
Segment Reporting Information [Line Items]
Interest income	$ 105,287	69,576	34,349
Interest expense	43,080	29,855	16,625
Net interest income	62,207	39,721	17,724
Provision for credit losses	38,729	26,216	11,704
Net interest income after provision for credit losses	23,478	13,505	6,020
Noninterest income	136,306	136,080	92,129
Technology services expense		0	0
Electronic payment processing expense	0	0	0
Salaries and employee benefits expense	57,918	45,346	35,385
Professional services expense	5,127	3,941	2,903
Other loan origination and maintenance expense	25,253	20,385	9,373
Loss on extinguishment of debt	0		0
Depreciation and amortization	169	182	208
Other general and administrative costs	14,544	12,426	10,506
Net income before taxes	56,773	67,305	39,774
Income tax expense	15,510	15,308	11,647
Net income	41,263	51,997	28,127
Assets	1,769,573	1,238,899	683,202
Goodwill and intangibles	783	938	1,114
Amortization of intangible assets	170	176	197
Operating Segments \| Alternative Lending
Segment Reporting Information [Line Items]
Interest income	28,956	15,073	8,198
Interest expense	9,188	3,539	4,035
Net interest income	19,768	11,534	4,163
Provision for credit losses	0	0	0
Net interest income after provision for credit losses	19,768	11,534	4,163
Noninterest income	81,102	55,824	12,278
Technology services expense		0	0
Electronic payment processing expense	0	0	0
Salaries and employee benefits expense	1,439	1,202	0
Professional services expense	309	165	294
Other loan origination and maintenance expense	8,131	6,095	2,222
Loss on extinguishment of debt	0		0
Depreciation and amortization	0	0	0
Other general and administrative costs	2,510	172	117
Net income before taxes	88,481	59,724	13,808
Income tax expense	0	0	(150)
Net income	88,481	59,724	13,958
Assets	744,113	439,101	196,062
Goodwill and intangibles	0	0	0
Amortization of intangible assets	0	0	0
Operating Segments \| Technology
Segment Reporting Information [Line Items]
Interest income		6	0
Interest expense		0	246
Net interest income		6	(246)
Provision for credit losses		0	0
Net interest income after provision for credit losses		6	(246)
Noninterest income		27,020	31,692
Technology services expense		12,575	14,794
Electronic payment processing expense		0	0
Salaries and employee benefits expense		8,690	8,989
Professional services expense		678	468
Other loan origination and maintenance expense		38	11
Loss on extinguishment of debt			0
Depreciation and amortization		1,062	1,498
Other general and administrative costs		3,794	4,090
Net income before taxes		189	1,596
Income tax expense		103	229
Net income		86	1,367
Assets		23,317	23,403
Goodwill and intangibles		0	15,179
Amortization of intangible assets		350	466
Operating Segments \| NSBF
Segment Reporting Information [Line Items]
Interest income	24,369	36,655	50,823
Interest expense	12,011	21,097	26,796
Net interest income	12,358	15,558	24,027
Provision for credit losses	0	0	0
Net interest income after provision for credit losses	12,358	15,558	24,027
Noninterest income	(12,214)	(23,410)	25,142
Technology services expense		0	0
Electronic payment processing expense	0	0	0
Salaries and employee benefits expense	418	219	973
Professional services expense	1,775	2,482	1,508
Other loan origination and maintenance expense	14,263	16,069	24,327
Loss on extinguishment of debt	0		271
Depreciation and amortization	155	114	123
Other general and administrative costs	3,505	1,948	4,906
Net income before taxes	(19,972)	(28,684)	17,061
Income tax expense	0	0	0
Net income	(19,972)	(28,684)	17,061
Assets	410,234	479,896	633,206
Goodwill and intangibles	0	0	0
Amortization of intangible assets	0	0	0
Operating Segments \| Payments
Segment Reporting Information [Line Items]
Interest income	3,712	2,362	2,087
Interest expense	4,372	2,984	3,577
Net interest income	(660)	(622)	(1,490)
Provision for credit losses	0	0	0
Net interest income after provision for credit losses	(660)	(622)	(1,490)
Noninterest income	47,211	48,852	46,422
Technology services expense		0	0
Electronic payment processing expense	19,161	21,046	19,680
Salaries and employee benefits expense	8,245	7,188	7,152
Professional services expense	528	684	660
Other loan origination and maintenance expense	0	0	0
Loss on extinguishment of debt	179		0
Depreciation and amortization	344	356	1,021
Other general and administrative costs	1,792	2,757	3,087
Net income before taxes	16,302	16,199	13,332
Income tax expense	0	0	1,178
Net income	16,302	16,199	12,154
Assets	119,175	60,347	51,819
Goodwill and intangibles	13,814	13,814	13,827
Amortization of intangible assets	0	13	805
Elim
Segment Reporting Information [Line Items]
Interest income	(773)	(1,867)	(2,380)
Interest expense	(4,122)	(3,898)	(4,034)
Net interest income	3,349	2,031	1,654
Provision for credit losses	0	0	0
Net interest income after provision for credit losses	3,349	2,031	1,654
Noninterest income	(77,371)	(55,061)	(75,028)
Technology services expense		0	0
Electronic payment processing expense	0	0	0
Salaries and employee benefits expense	7,295	3,041	0
Professional services expense	0	0	0
Other loan origination and maintenance expense	(84)	(95)	(71)
Loss on extinguishment of debt	0		0
Depreciation and amortization	0	0	0
Other general and administrative costs	(538)	(2,916)	(1,785)
Net income before taxes	(80,695)	(53,060)	(71,518)
Income tax expense	15,510	15,411	0
Net income	(96,205)	(68,471)	(71,518)
Assets	(688,384)	(605,643)	(481,443)
Elim \| Banking
Segment Reporting Information [Line Items]
Interest income	(8)	(2)	0
Interest expense	(889)	(643)	(99)
Net interest income	881	641	99
Provision for credit losses	0	0	0
Net interest income after provision for credit losses	881	641	99
Noninterest income	(29,250)	(28,068)	(26,091)
Technology services expense		0	0
Electronic payment processing expense	0	0	0
Salaries and employee benefits expense	(4,706)	(2,531)	0
Professional services expense	0	0	0
Other loan origination and maintenance expense	(14,778)	(14,060)	(7,133)
Loss on extinguishment of debt	0		0
Depreciation and amortization	0	0	0
Other general and administrative costs	(457)	(2,548)	(2,266)
Net income before taxes	(8,428)	(8,288)	(16,593)
Income tax expense	(15,510)	(15,308)	0
Net income	7,082	7,020	(16,593)
Assets	(45,506)	(29,932)	(29,136)
Elim \| Alternative Lending
Segment Reporting Information [Line Items]
Interest income	(116)	(12)	(3)
Interest expense	0	0	0
Net interest income	(116)	(12)	(3)
Provision for credit losses	0	0	0
Net interest income after provision for credit losses	(116)	(12)	(3)
Noninterest income	0	0	0
Technology services expense		0	0
Electronic payment processing expense	0	0	0
Salaries and employee benefits expense	(1,439)	(1,202)	0
Professional services expense	0	0	0
Other loan origination and maintenance expense	(5,551)	(4,044)	(1,469)
Loss on extinguishment of debt	0		0
Depreciation and amortization	0	0	0
Other general and administrative costs	(82)	0	0
Net income before taxes	6,956	5,234	1,466
Income tax expense	0	0	0
Net income	6,956	5,234	1,466
Assets	(141,549)	(97,352)	(51,820)
Elim \| Technology
Segment Reporting Information [Line Items]
Interest income		(6)	0
Interest expense		0	(246)
Net interest income		(6)	246
Provision for credit losses		0	0
Net interest income after provision for credit losses		(6)	246
Noninterest income		(7,139)	(6,660)
Technology services expense		(314)	(522)
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
Loss on extinguishment of debt			0
Depreciation and amortization		0	0
Other general and administrative costs		(271)	(236)
Net income before taxes		(6,560)	(5,656)
Income tax expense		(103)	0
Net income		(6,457)	(5,656)
Assets		(1,393)	(884)
Elim \| NSBF
Segment Reporting Information [Line Items]
Interest income	(509)	(421)	(75)
Interest expense	0	0	0
Net interest income	(509)	(421)	(75)
Provision for credit losses	0	0	0
Net interest income after provision for credit losses	(509)	(421)	(75)
Noninterest income	0	0	0
Technology services expense		0	0
Electronic payment processing expense	0	0	0
Salaries and employee benefits expense	55	682	0
Professional services expense	0	0	0
Other loan origination and maintenance expense	(8,824)	(11,020)	(18,100)
Loss on extinguishment of debt	0		0
Depreciation and amortization	0	0	0
Other general and administrative costs	(3)	(11)	(24)
Net income before taxes	8,263	9,928	18,049
Income tax expense	0	0	0
Net income	8,263	9,928	18,049
Assets	(68,629)	(55,488)	(97,683)
Elim \| Payments
Segment Reporting Information [Line Items]
Interest income	(3,671)	(2,310)	(2,053)
Interest expense	(66)	(77)	(132)
Net interest income	(3,605)	(2,233)	(1,921)
Provision for credit losses	0	0	0
Net interest income after provision for credit losses	(3,605)	(2,233)	(1,921)
Noninterest income	(2,517)	(2,028)	(2,893)
Technology services expense		0	0
Electronic payment processing expense	(1,517)	(1,168)	(1,353)
Salaries and employee benefits expense	(1,205)	11	0
Professional services expense	0	0	0
Other loan origination and maintenance expense	0	0	0
Loss on extinguishment of debt	0		0
Depreciation and amortization	0	0	0
Other general and administrative costs	(292)	(1,769)	(1,910)
Net income before taxes	(3,108)	(1,335)	(1,551)
Income tax expense	0	0	0
Net income	(3,108)	(1,335)	(1,551)
Assets	(98,332)	(36,707)	(27,154)
Corporate & Other
Segment Reporting Information [Line Items]
Interest income	1,168	2,364	3,427
Interest expense	34,956	28,256	20,971
Net interest income	(33,788)	(25,892)	(17,544)
Provision for credit losses	0	0	0
Net interest income after provision for credit losses	(33,788)	(25,892)	(17,544)
Noninterest income	81,647	65,242	79,781
Technology services expense		0	0
Electronic payment processing expense	165	0	0
Salaries and employee benefits expense	16,750	15,285	13,209
Professional services expense	7,722	7,863	7,244
Other loan origination and maintenance expense	155	402	273
Loss on extinguishment of debt	0		0
Depreciation and amortization	0	70	34
Other general and administrative costs	7,662	7,690	5,872
Net income before taxes	15,405	8,040	35,605
Income tax expense	3,955	2,428	(14,860)
Net income	11,450	5,612	50,465
Assets	744,124	644,867	529,941
Goodwill and intangibles	0	0	0
Amortization of intangible assets	$ 0	$ 0	$ 0

LOANS - Nonaccrual Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual without Allowance	$ 37,456	$ 9,899
Nonaccrual with Allowance	41,358	14,442
ACL	13,639	7,019
SBA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual without Allowance	34,058	7,264
Nonaccrual with Allowance	39,950	14,442
ACL	12,311	7,019
CRE
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual without Allowance	2,979	2,635
Nonaccrual with Allowance	0	0
ACL	0	0
C&I
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual without Allowance	419	0
Nonaccrual with Allowance	1,408	0
ACL	$ 1,328	$ 0

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	12 Months Ended
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	Dec. 31, 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 NTS Sale On August 11, 2024, the Company entered into a definitive agreement (the “NTS Sale Agreement”) to sell NTS (the “NTS Sale”) to Paltalk, Inc. (“Paltalk”). As previously disclosed, in connection with the Acquisition and transition to a financial holding company, the Company made a commitment to the Board of Governors of the Federal Reserve System to divest or terminate the activities of NTS. Pursuant to the NTS Sale Agreement, Paltalk agreed, at the closing of the NTS Sale, to (i) pay to the Company $4.0 million in cash, subject to certain purchase price adjustments (the “Cash Consideration”) and (ii) issue to the Company 4.0 million shares of a newly created series of Paltalk non-voting preferred stock, the Series A Non-Voting Common Equivalent Stock (the “Preferred Stock”) (the “Stock Consideration,” and together with the Cash Consideration, the “Closing Consideration”). Upon the occurrence of certain specified transfers of the Preferred Stock, each transferred share of Preferred Stock will automatically convert into one share of common stock of Paltalk, subject to certain anti-dilution adjustments. In addition to the Closing Consideration, the Company may be entitled to receive an earn-out amount of up to $5.0 million, payable in cash or Preferred Stock (or a combination thereof, determined in Paltalk’s discretion), based on the achievement of certain cumulative average Adjusted EBITDA thresholds for the 2025 and 2026 fiscal years. The issuance of Preferred Stock to the Company as Stock Consideration or as consideration for the earn-out, if any, will be subject to the limitation that any such issuance of Preferred Stock may not result in the Company’s equity interest in Paltalk exceeding one third of Paltalk’s “total equity,” determined in accordance with the Bank Holding Company Act of 1956, as amended, and to the extent necessary a corresponding increase in the Cash Consideration or cash paid in respect of the earn-out will be made. Following the closing of the NTS Sale, the Company is entitled to one representative on the Paltalk board of directors. At the closing of the NTS Sale, based on the number of shares of Paltalk common stock outstanding as of November 8, 2024, the Company’s equity interest in Paltalk represented, on an as-converted and fully-diluted basis, approximately 30.2% of Paltalk’s total equity. Reclassifications Certain prior period amounts, which are normal and reoccurring in nature, to the extent comparable, have been reclassified to conform to the current period presentation. The previous net presentation of cash flows from investing and financing activities within the consolidated statements of cash flows has been revised to reflect a gross presentation of repayments and borrowings, principal received on and repurchases of loans held for investment, purchases and redemptions of Federal Home Loan Bank stock and Federal Reserve Bank stock, contributions and return of capital on joint venture investments, as well as purchases, sales and maturities of available-for-sale securities for all comparative periods. In addition, the supplemental disclosure of cash flow information for interest paid was restated for December 31, 2023 as previously disclosed and described in the 2023 Annual Report on Form 10-K. 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.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	As Reported	Adjustment	Adjustment Controlled Investments	Series A Preferred stock	Series B Preferred stock	Preferred Stock	Preferred Stock As Reported	Preferred Stock Adjustment Controlled Investments	Preferred Stock Series A Preferred stock	Preferred Stock Series B Preferred stock	Common stock	Common stock As Reported	Common stock Adjustment	Common stock Series B Preferred stock	Retained earnings	Retained earnings As Reported	Retained earnings Adjustment Controlled Investments	Additional paid-in capital	Additional paid-in capital As Reported	Additional paid-in capital Adjustment	Additional paid-in capital Adjustment Controlled Investments	Additional paid-in capital Series B Preferred stock	Accumulated other comprehensive income (loss), net of income taxes	Accumulated other comprehensive income (loss), net of income taxes As Reported	Accumulated undistributed earnings	Accumulated undistributed earnings As Reported	Accumulated undistributed earnings Adjustment
Beginning balance, preferred stock (in shares) at Dec. 31, 2022								0
Beginning balance at Dec. 31, 2022		$ 375,358						$ 0					$ 492				$ 0			$ 354,243					$ 0		$ 20,623
Beginning balance (in shares) at Dec. 31, 2022													24,609
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Change in presentation			$ 0																		$ 20,623							$ (20,623)
Removal of fair value adjustments			(138,043)																		(138,043)
Consolidation of controlled investments				$ (57,859)					$ 245									$ (143)				$ (57,961)
Reassessment of deferred tax assets and liabilities			19,266																		19,266
DRIP Shares Issued, (in shares)														16
Dividend reinvestment plan shares issued			$ 216																		$ 216
Stock-based compensation expense, net of forfeitures	$ 2,828																		$ 2,828
Dividends declared related to RSA, net of accrued dividends forfeited (in shares)												16
Dividends declared related to RSA, net of accrued dividends forfeited	0															$ (218)			218
Purchase of vested stock for employee payroll tax withholding (in shares)												(17)
Purchase of vested stock for employee payroll tax withholding	(534)											$ (1)							(533)
Restricted stock awards (in shares)												52
Restricted stock awards, net of forfeitures	1											$ 1
ESPP issuances (in shares)												4
ESPP issuances	56																		56
Amortization of offering costs	(507)						$ (507)
Issuance of stock (in shares)							20
Issuance of common stock, net of offering costs	20,000						$ 20,000
Dividends declared common shares	(17,463)															(17,463)
Dividends declared preferred shares	(1,454)															(1,454)
Net income (loss)	47,329															47,329
Other comprehensive income (loss), net of tax	(148)																							$ (148)
Ending balance, preferred stock (in shares) at Dec. 31, 2023							20			20
Ending balance at Dec. 31, 2023	249,046						$ 19,738			$ 19,738		$ 492				28,051			200,913					(148)		$ 0
Ending balance (in shares) at Dec. 31, 2023												24,680
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense, net of forfeitures	4,040																		4,040
Dividends declared related to RSA, net of accrued dividends forfeited (in shares)												33
Dividends declared related to RSA, net of accrued dividends forfeited	0															(420)			420
Purchase of vested stock for employee payroll tax withholding (in shares)												(25)
Purchase of vested stock for employee payroll tax withholding	(299)																		(299)
Restricted stock awards (in shares)												513
Restricted stock awards, net of forfeitures	12											$ 12
Retirement of common shares (in shares)												(30)
Retirement of common shares	(402)											$ (1)							(401)
ESPP issuances (in shares)												20
ESPP issuances	227																		227
Issuance of stock (in shares)												1,100
Issuance of common stock, net of offering costs	13,389											$ 23							13,366
Dividends declared common shares	(19,111)															(19,111)
Dividends declared preferred shares	(1,600)															(1,600)
Net income (loss)	50,853															50,853
Other comprehensive income (loss), net of tax	127																							127
Ending balance, preferred stock (in shares) at Dec. 31, 2024					20	0				20	0
Ending balance at Dec. 31, 2024	$ 296,282									$ 19,738	$ 0	$ 526				57,773			218,266					(21)
Ending balance (in shares) at Dec. 31, 2024	26,291											26,291
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense, net of forfeitures	$ 4,052																		4,052
Dividends declared related to RSA, net of accrued dividends forfeited (in shares)												27
Dividends declared related to RSA, net of accrued dividends forfeited	1											$ 1				(472)			472
Purchase of vested stock for employee payroll tax withholding (in shares)												(188)
Purchase of vested stock for employee payroll tax withholding	(2,171)											$ (2)							(2,169)
Restricted stock awards (in shares)												(37)
Restricted stock awards, net of forfeitures	(2)											$ (2)
Retirement of common shares (in shares)												(141)
Retirement of common shares	(1,488)											$ (4)							(1,484)
ESPP issuances (in shares)												27
ESPP issuances	313																		313
Issuance of stock (in shares)											50	425			(54)
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)		2,308
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	(20,488)															(20,488)
Dividends declared preferred shares	(2,335)															(2,335)
Net income (loss)	60,512															60,512
Other comprehensive income (loss), net of tax	17																							17
Ending balance, preferred stock (in shares) at Dec. 31, 2025					0	50				0	50
Ending balance at Dec. 31, 2025	$ 397,570									$ 0	$ 48,181	$ 573				$ 94,990			$ 253,830					$ (4)
Ending balance (in shares) at Dec. 31, 2025	28,658											28,658

SHAREHOLDERS' EQUITY - ATM Equity Distribution (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Subsidiary, Sale of Stock [Line Items]
Stock-based compensation expense	$ 4,097	$ 4,062	$ 2,828
2023 ATM Equity Distribution
Subsidiary, Sale of Stock [Line Items]
Shares sold (in shares)	425	1,100	0
Net weighted average price per share	$ 12.22	$ 12.56	$ 0
Net proceeds	$ 5,090	$ 13,818	$ 0
Stock-based compensation expense	$ 104	$ 282	$ 0

NEWTEKONE, INC. - PARENT COMPANY ONLY - Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Other assets	$ 95,268	$ 60,636
Total assets	2,744,819	2,059,912	$ 1,429,513
LIABILITIES AND SHAREHOLDERS’ EQUITY
Balances due to subsidiaries and related institutions	52,389	21,532
Total liabilities	2,347,249	1,763,630
Common stock	573	526
Additional paid-in capital	253,830	218,266
Accumulated other comprehensive loss, net of income taxes	(4)	(21)
Retained earnings	94,990	57,773
Total shareholders' equity	397,570	296,282	$ 249,046
Total liabilities and shareholders' equity	2,744,819	2,059,912
Parent Company
ASSETS
Cash and balances due from depository institutions:	20,707	19,123
Loans and lease financing receivable	4,921	5,715
Investments	858,874	699,059
Other assets	16,145	9,617
Total assets	900,647	733,514
LIABILITIES AND SHAREHOLDERS’ EQUITY
Borrowings with a remaining maturity of one year or less:	95,000	79,856
Other borrowed money with a remaining maturity of more than one year	372,647	325,418
Other liabilities	25,344	22,083
Balances due to subsidiaries and related institutions	10,086	9,876
Total liabilities	503,077	437,233
Preferred stock	48,181	19,738
Common stock	573	525
Additional paid-in capital	253,830	218,266
Accumulated other comprehensive loss, net of income taxes	(4)	(21)
Retained earnings	94,990	57,773
Total shareholders' equity	397,570	296,281
Total liabilities and shareholders' equity	$ 900,647	$ 733,514

SERVICING ASSETS - Fair Value and Valuation Assumptions (Details) $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Servicing Assets at Fair Value [Line Items]
Servicing assets at fair value	$ 44,922	$ 46,257
Fair Value
Servicing Assets at Fair Value [Line Items]
Servicing assets at fair value	15,358	22,062
Lower of Cost or Market
Servicing Assets at Fair Value [Line Items]
Servicing assets at fair value	$ 29,564	$ 24,195
Weighted Average \| Discount rate \| Fair Value
Servicing Assets at Fair Value [Line Items]
Servicing assets, measurement input	0.1125	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
Servicing Assets at Fair Value [Line Items]
Servicing assets, measurement input	0.2250	0.2250
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	0.3372	0.3465
Weighted Average \| Average cumulative default rate
Servicing Assets at Fair Value [Line Items]
Servicing assets, measurement input	0.2100	0.2100
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	0.1695	0.1890
Minimum \| Discount rate \| Fair Value
Servicing Assets at Fair Value [Line Items]
Servicing assets, measurement input	0.1125	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
Servicing Assets at Fair Value [Line Items]
Servicing assets, measurement input	0.2250	0.2250
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
Servicing Assets at Fair Value [Line Items]
Servicing assets, measurement input	0.2100	0.2100
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	0.1125	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
Servicing Assets at Fair Value [Line Items]
Servicing assets, measurement input	0.2250	0.2250
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
Servicing Assets at Fair Value [Line Items]
Servicing assets, measurement input	0.2100	0.2100
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

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 60,512	$ 50,853	$ 47,329
Other comprehensive income (loss) before tax:
Net unrealized gain (loss) on debt securities available-for-sale during the period	11	183	(201)
Other comprehensive income (loss) before tax	11	183	(201)
Income tax expense (benefit)	6	(56)	53
Other comprehensive income (loss) net of tax	17	127	(148)
Comprehensive income	$ 60,529	$ 50,980	$ 47,181

- 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.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://www.xbrl.org/2003/role/disclosureRef
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Reference 41: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

INVESTMENTS - Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Amortized Cost
Maturing within 1 year	$ 16,836	$ 15,833
After 1 year through 5 years	0	8,101
Total	16,836	23,934
Fair Value
Maturing within 1 year	16,829	15,838
After 1 year through 5 years	0	8,078
Total	$ 16,829	$ 23,916

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
ASSETS
Cash and due from banks	$ 4,196	$ 6,941
Restricted cash (amounts related to VIEs of $6.3 million and $6.3 million, respectively)	26,477	28,226
Interest bearing deposits in banks	279,618	346,207
Total cash and cash equivalents	310,291	381,374
Debt securities available-for-sale, at fair value	16,829	23,916
Loans held for sale, at fair value	971,837	372,286
Loans held for sale, at LCM	26,532	58,803
Loans held for investment, at fair value	281,198	369,746
Loans held for investment, at amortized cost, net of deferred fees and costs	896,689	621,651
Allowance for credit losses	(45,226)	(30,233)
Loans held for investment, at amortized cost, net	851,463	591,418
Federal Home Loan Bank and Federal Reserve Bank stock	4,234	3,585
Settlement receivable	438	52,465
Residuals in securitizations, at fair value	76,701	0
Goodwill and intangibles	14,597	14,752
Right of use assets	2,790	5,688
Servicing assets, at fair value	15,358	22,062
Servicing assets, at LCM	29,564	24,195
Other assets	95,268	60,636
Assets held for sale	0	21,308
Total assets	2,744,819	2,059,912
Deposits:
Noninterest-bearing	53,873	11,142
Interest-bearing	1,364,535	961,910
Total deposits	1,418,408	973,052
Borrowings (including borrowings of VIEs of $127.1 million and $186.6 million, respectively)	819,888	708,041
Dividends payable	0	5,233
Lease liabilities	2,874	6,498
Deferred tax liabilities, net	10,728	2,244
Due to participants	52,389	21,532
Accounts payable, accrued expenses and other liabilities	42,962	40,806
Liabilities directly associated with assets held for sale	0	6,224
Total liabilities	2,347,249	1,763,630
Commitment and contingencies (Note 14)
Shareholders' Equity:
Common stock (par value $0.02 per share; 199,980 authorized, 28,658 and 26,291 issued and outstanding, respectively)	573	526
Retained earnings	94,990	57,773
Additional paid-in capital	253,830	218,266
Accumulated other comprehensive loss, net of income taxes	(4)	(21)
Total shareholders' equity	397,570	296,282
Total liabilities and shareholders' equity	2,744,819	2,059,912
Joint Ventures and Other Investments
ASSETS
Investments	47,719	57,678
Series A Preferred stock
Shareholders' Equity:
Preferred stock	0	19,738
Series B Preferred stock
Shareholders' Equity:
Preferred stock	$ 48,181	$ 0

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

EARNINGS PER SHARE

NOTE 18—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.


	Year Ended December 31,
		2025		2024		2023
Basic earnings per share:
Net income available to common shareholders		$	58,177	$	49,253	$	45,875
Weighted-average basic shares outstanding		26,324		24,945		24,263
Basic earnings per share		$	2.21	$	1.97	$	1.89
Diluted earnings per share:
Net income, for diluted earnings per share1,2		$	58,177	$	49,253	$	45,875


Total weighted-average basic shares outstanding		26,324		24,945		24,263
Add effect of dilutive restricted stock awards3		391		241		85

Total weighted-average diluted shares outstanding4,5		26,715		25,186		24,348
Diluted earnings per share		$	2.18	$	1.96	$	1.88
Anti-dilutive warrants, restricted stock awards, and Series A convertible preferred stock		48		998		1,153

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

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

5 For the years ended December 31, 2025, 2024 and 2023, the warrants were not included in the diluted share count because the results would have been anti-dilutive under the if-converted method.

SHAREHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

SHAREHOLDERS' EQUITY

NOTE 16—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.

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:


	Year Ended December 31,
2023 ATM Program		2025		2024		2023
Shares sold		425		1,100		—
Net weighted average price per share		$	12.22	$	12.56	$	—
Net proceeds		$	5,090	$	13,818	$	—
Placement agent fees paid		$	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. On November 7, 2025, the Company’s Board of Directors approved a twelve month extension of the stock repurchase program. 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 tables summarizes the Company’s repurchase activity under the stock repurchase program:


Period	Shares	Amount1
Authorizations remaining as of December 31, 2024	970

Repurchases:





June 1, 2025 - June 30, 2025	16	167




November 1, 2025 - November 30, 2025	101	1,025
December 1, 2025 - December 31, 2025	26	295
Authorizations remaining as of December 31, 2025	827

1 Amount excludes commissions paid associated with share repurchases.

Period

Amount1

Authorizations remaining as of November 1, 2024

1,000

Repurchases:

December 1, 2024 - December 31, 2024

402

Authorizations remaining as of December 31, 2024

970

1 Amount excludes commissions paid associated with share repurchases.

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 years ended December 31, 2025 and 2024:


Date Declared	Series1	Record Date	Payment Date	Amount Per Share			Cash Distribution
Year ended December 31, 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
December 10, 2025	B	December 22, 2025	January 1, 2026	$	21.25		$	1,063

Year ended December 31, 2024
March 18, 2024	A	March 28, 2024	April 1, 2024	$	20.00		$	400
June 26, 2024	A	June 28, 2024	July 1, 2024	$	20.00		$	400
September 16, 2024	A	September 30, 2024	October 1, 2024	$	20.00		$	400
December 31, 2024	A	January 1, 2025	January 2, 2025	$	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. The following table summarizes the Company’s dividend declarations and distributions, including dividend shares issued on vested restricted stock awards, during the years ended December 31, 2025 and 2024:


	Record Date	Payment Date	Amount Per Share		Cash Distribution		Dividend Shares Issued on Unvested RSAs
Date Declared							#	$
Year ended December 31, 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
December 10, 2025	December 22, 2025	January 2, 2026	$	0.19	$	5,419	5	$	52

Year ended December 31, 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
December 13, 2024	December 31, 2024	January 13, 2025	$	0.19	$	4,833	13	$	155

- Definition

The entire disclosure for equity.

+ References

+ Details

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

NOTE 8—GOODWILL AND INTANGIBLE ASSETS:

Goodwill

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

The following table summarizes the carrying amount of goodwill:


	December 31, 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 December 31, 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	$	528	$	512	$	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 years ended December 31, 2025, 2024 and 2023 is as follows, and is included in Depreciation and amortization on the Consolidated Statements of Income:


	Year Ended December 31,
		2025		2024		2023
Amortization expense		$	170	$	539	$1,468

The remaining estimated aggregate future amortization expense for intangible assets as of December 31, 2025 is as follows:


	Amortization Expense
2026	$	135
2027	114
2028	94
2029	73
2030	52
Thereafter	44
Total	$	512

REGULATORY CAPITAL

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

REGULATORY CAPITAL

NOTE 17—REGULATORY CAPITAL:

The maintenance of appropriate levels of capital is a management priority and is monitored on a regular basis. The Company’s principal goals related to the maintenance of capital are the following: to provide adequate capital to support the Company’s risk profile consistent with the risk appetite approved by the Board of Directors; to provide financial flexibility to support future growth and client needs; comply with relevant laws, regulations, and supervisory guidance; to achieve optimal ratings for the Company and its subsidiaries; and to provide a competitive return to shareholders. Management regularly monitors the capital position of the Company on both a consolidated and bank level basis. Risk-based capital ratios, which include Tier 1 Capital, Total Capital and Common Equity Tier 1 Capital, are calculated based on regulatory guidance related to the measurement of capital and risk-weighted assets.

Regulatory capital rules adopted in July 2013 and fully phased in as of January 1, 2019, which are referred to as the Basel III rules, impose minimum capital requirements for bank holding companies and banks. The Basel III rules apply to all national and state banks and savings associations regardless of size and bank holding companies and savings and loan holding companies with consolidated assets of more than $3 billion. In order to avoid restrictions on capital distributions or discretionary bonus payments to executives, a covered banking organization must maintain the fully phased in “capital conservation buffer” of 2.5% on top of its minimum risk-based capital requirements. This buffer must consist solely of common equity Tier 1 risk-based capital, but the buffer applies to all three measurements (common equity Tier 1 risk-based capital, Tier 1 capital and total capital). The capital conservation is equal to 2.5% of risk-weighted assets.

Capital amounts and ratios for NewtekOne, Inc. as of December 31, 2025 and 2024 are presented in the table below:


	Actual				For Capital Adequacy Purposes1				For Consideration as Well-Capitalized
NewtekOne, Inc. - December 31, 2025	Amount		Ratio		Amount		Ratio		Amount	Ratio
Tier 1 Capital (to Average Assets)	$	363,935	15.2	%	95,588		4.0	%	N/A	N/A
Common Equity Tier 1 (to Risk-Weighted Assets)	315,754		17.8	%	79,924		4.5	%	N/A	N/A
Tier 1 Capital (to Risk-Weighted Assets)	363,935		20.5	%	106,565		6.0	%	N/A	N/A
Total Capital (to Risk-Weighted Assets)	386,428		21.8	%	142,087		8.0	%	N/A	N/A
NewtekOne, Inc. - December 31, 2024
Tier 1 Capital (to Average Assets)	$	231,899	13.3	%	$	69,727	4.0	%	N/A	N/A
Common Equity Tier 1 (to Risk-Weighted Assets)	231,899		17.0	%	61,492		4.5	%	N/A	N/A
Tier 1 Capital (to Risk-Weighted Assets)	231,899		17.0	%	81,990		6.0	%	N/A	N/A
Total Capital (to Risk-Weighted Assets)	268,887		19.7	%	109,320		8.0	%	N/A	N/A

1 Exclusive of the capital conservation buffer of 2.5% of risk-weighted assets.


	Actual				For Capital Adequacy Purposes1				For Consideration as Well-Capitalized
Newtek Bank - December 31, 2025	Amount		Ratio		Amount		Ratio		Amount		Ratio
Tier 1 Capital (to Average Assets)	$	155,000	10.3	%	$	60,368	4.0	%	75,460		5.0	%
Common Equity Tier 1 (to Risk-Weighted Assets)	155,000		12.1	%	57,528		4.5	%	83,096		6.5	%
Tier 1 Capital (to Risk-Weighted Assets)	155,000		12.1	%	76,704		6.0	%	102,272		8.0	%
Total Capital (to Risk-Weighted Assets)	171,348		13.4	%	102,272		8.0	%	127,840		10.0	%
Newtek Bank - December 31, 2024
Tier 1 Capital (to Average Assets)	$	120,078	11.9	%	40,197		4.0	%	$	50,246	5.0	%
Common Equity Tier 1 (to Risk-Weighted Assets)	120,078		14.2	%	38,151		4.5	%	55,107		6.5	%
Tier 1 Capital (to Risk-Weighted Assets)	120,078		14.2	%	50,868		6.0	%	67,823		8.0	%
Total Capital (to Risk-Weighted Assets)	130,924		15.4	%	67,824		8.0	%	84,779		10.0	%

1 Exclusive of the capital conservation buffer of 2.5% of risk-weighted assets.

- Definition

The entire disclosure for regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union.

+ 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
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

+ Details

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Interest income
Debt securities available-for-sale	$ 924	$ 1,482	$ 1,518
Loans and fees on loans	146,274	110,892	84,001
Other interest earning assets	11,217	9,044	8,854
Total interest income	158,415	121,418	94,373
Interest expense
Deposits	41,894	28,690	15,849
Total interest expense	98,530	81,113	67,739
Net interest income	59,885	40,305	26,634
Provision for credit losses	38,729	26,216	11,704
Net interest income after provision for credit losses	21,156	14,089	14,930
Noninterest income
Dividend income	3,211	1,519	1,757
Net loss on loan servicing assets	(16,692)	(12,665)	(4,282)
Servicing income	22,850	20,087	18,289
Net gains on sales of loans	47,555	97,183	51,467
Net gain on residuals in securitizations	30,015	0	0
Net gain on loans under the fair value option	61,157	5,200	18,008
Technology and IT support income	0	19,643	24,916
Electronic payment processing income	43,849	46,049	42,855
Other noninterest income	32,969	40,296	23,762
Total noninterest income	224,914	217,312	176,772
Noninterest expense
Salaries and employee benefits expense	84,770	77,931	65,708
Technology services expense	0	12,261	14,272
Electronic payment processing expense	17,809	19,878	18,327
Professional services expense	15,461	15,813	13,077
Other loan origination and maintenance expense	18,565	13,770	9,433
Depreciation and amortization	668	1,784	2,884
Loss on extinguishment of debt	179	0	271
Other general and administrative costs	28,641	21,272	22,357
Total noninterest expense	166,093	162,709	146,329
Net income before taxes	79,977	68,692	45,373
Income tax expense	19,465	17,839	(1,956)
Net income	60,512	50,853	47,329
Dividends to preferred shareholders	(2,335)	(1,600)	(1,454)
Net income available to common shareholders	$ 58,177	$ 49,253	$ 45,875
Earnings per Common Share:
Basic (in dollars per share)	$ 2.21	$ 1.97	$ 1.89
Diluted (in dollars per share)	$ 2.18	$ 1.96	$ 1.88
Notes and securitizations
Interest expense
Interest expense	$ 42,846	$ 45,454	$ 40,217
Bank and FHLB borrowings
Interest expense
Interest expense	$ 13,790	$ 6,969	$ 11,673

NEWTEKONE, INC. - PARENT COMPANY ONLY - Cash Flow Statement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income	$ 58,177	$ 49,253	$ 45,875
Provisions for deferred income taxes	8,482	10,403	(4,800)
Net change in other asset	(21,104)	(13,660)	7,432
Net cash used in operating activities	(579,241)	(153,014)	(169,219)
Cash flows from investing activities:
Sales and maturities of held-to-maturity and available-for-sale securities	27,700	41,460	1,501
Net increase in loans held for investment, at cost	(313,270)	(278,539)	(169,003)
Net cash used in investing activities	(245,292)	(209,051)	(172,235)
Cash flows from financing activities:
Proceeds from issuance of common stock	5,091	13,818	0
Proceeds from issuance of preferred stock	48,181	0	19,493
Payment to repurchase common stock	0	(402)	0
Dividends paid	(28,044)	(20,252)	(14,147)
Net cash provided by financing activities	753,450	560,897	344,974
Net increase (decrease) in cash and restricted cash	(71,083)	198,832	3,520
Cash and restricted cash—beginning of period (NOTE 2)	381,374	184,006	125,606
Cash and restricted cash—end of period (NOTE 2)	310,291	381,374	184,006
Parent Company
Cash flows from operating activities:
Net income	60,512	50,853	62,817
Provisions for deferred income taxes	8,339	13,110	(5,814)
Gain (loss) on sale of assets	(179)	(1,135)	539
Equity in Undistributed (earnings) losses of subs	(71,589)	(57,103)	(26,813)
Net change in other liabilities	364	(35,489)	(40,414)
Net change in other asset	(2,161)	5,215	(10,759)
Other, net	4,825	6,634	7,570
Net cash used in operating activities	111	(17,915)	(12,874)
Cash flows from investing activities:
Purchases of held-to-maturity and available-for-sale securities	0	(19,899)	0
Sales and maturities of held-to-maturity and available-for-sale securities	0	20,000	0
Payments for investments in and advances to subsidiaries	(153,915)	(176,333)	(96,265)
Net increase in loans held for investment, at cost	63,416	95,543	0
Outlays for business acquisitions	0	0	(21,322)
Other, net	0	39	14
Net cash used in investing activities	(90,499)	(80,650)	(117,573)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	90,875	154,050	90,000
Repayment of long-term debt	(30,000)	(38,250)	0
Proceeds from issuance of common stock	5,090	14,036	0
Proceeds from issuance of preferred stock	58,181	0	19,493
Payment to repurchase common stock	(1,557)	(711)	0
Dividends paid	(28,044)	(20,252)	(14,147)
Retirement of common shares	(2,572)	(5,056)	(2,826)
Net cash provided by financing activities	91,973	103,817	92,520
Net increase (decrease) in cash and restricted cash	1,585	5,252	(37,927)
Cash and restricted cash—beginning of period (NOTE 2)	19,123	13,871	51,798
Cash and restricted cash—end of period (NOTE 2)	$ 20,708	$ 19,123	$ 13,871

LOANS - Credit Quality Indicators (Details) - USD ($) $ in Thousands	Dec. 31, 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	21,717	130,794
Year Four	98,189	46,023
Year Five	34,907	23,589
Prior	126,385	141,810
Total	281,198	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	17,823	112,058
Year Four	78,437	40,641
Year Five	27,409	20,379
Prior	82,954	102,569
Total	206,623	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	3,861	18,592
Year Four	19,677	5,365
Year Five	7,498	3,188
Prior	43,431	39,225
Total	74,467	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	33	0
Year Four	50	0
Year Five	0	0
Prior	0	0
Total	83	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	25	17
Year Five	0	22
Prior	0	16
Total	25	199
SBA, at amortized cost, net of deferred fees and costs
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	192,979	233,106
Year Two	221,767	147,875
Year Three	125,000	0
Year Four	0	0
Year Five	0	0
Prior	0	0
Total	539,746	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	189,147	224,958
Year Two	168,558	110,735
Year Three	74,500	0
Year Four	0	0
Year Five	0	0
Prior	0	0
Total	432,205	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	3,454	7,475
Year Two	39,769	32,753
Year Three	35,032	0
Year Four	0	0
Year Five	0	0
Prior	0	0
Total	78,255	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	332	588
Year Two	11,069	4,132
Year Three	10,205	0
Year Four	0	0
Year Five	0	0
Prior	0	0
Total	21,606	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	2,371	255
Year Three	5,263	0
Year Four	0	0
Year Five	0	0
Prior	0	0
Total	7,680	340
CRE, at amortized cost, net of deferred fees and costs
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	102,524	51,889
Year Two	53,052	25,697
Year Three	25,429	33,235
Year Four	32,250	15,763
Year Five	15,753	1,278
Prior	45,186	63,969
Total	274,194	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	100,724	51,889
Year Two	52,167	25,697
Year Three	25,429	33,235
Year Four	30,508	15,763
Year Five	15,753	395
Prior	42,090	60,614
Total	266,671	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	1,800	0
Year Two	885	0
Year Three	0	0
Year Four	1,742	0
Year Five	0	883
Prior	3,096	3,355
Total	7,523	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	58,995	44,251
Year Two	18,034	1,807
Year Three	3,351	0
Year Four	0	0
Year Five	0	0
Prior	0	1,500
Total	80,380	47,558
C&I \| Risk Grades 1-4
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	58,284	44,251
Year Two	12,367	1,532
Year Three	3,315	0
Year Four	0	0
Year Five	0	0
Prior	0	1,500
Total	73,966	47,283
C&I \| Risk Grades 5-6
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	711	0
Year Two	5,383	275
Year Three	36	0
Year Four	0	0
Year Five	0	0
Prior	0	0
Total	6,130	275
C&I \| Risk Grade 7
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0	0
Year Two	284	0
Year Three	0	0
Year Four	0	0
Year Five	0	0
Prior	0	0
Total	284	0
Total Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	354,498	329,246
Year Two	292,853	202,909
Year Three	175,497	164,029
Year Four	130,439	61,786
Year Five	50,660	24,867
Prior	171,571	207,279
Total	$ 1,175,518	$ 990,116

LOANS - Loan Modifications (Details) $ in Thousands	12 Months Ended
LOANS - Loan Modifications (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Total Class of Financing Receivable	0.00%
Financing Receivable, Excluding Accrued Interest, Modified in Period, to Total Financing Receivables, Percentage	0.00%
SBA
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Total Class of Financing Receivable	0.00%
Financing Receivable, Excluding Accrued Interest, Modified in Period, to Total Financing Receivables, Percentage	0.00%
CRE
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Total Class of Financing Receivable	0.00%
Financing Receivable, Excluding Accrued Interest, Modified in Period, to Total Financing Receivables, Percentage	0.00%
C&I
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Total Class of Financing Receivable	0.00%
Financing Receivable, Excluding Accrued Interest, Modified in Period, to Total Financing Receivables, Percentage	0.00%
Other-Than-Insignificant Payment Delay
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Modifications	$ 458
% of Total Class of Financing Receivable	458
Total Defaults	299
Other-Than-Insignificant Payment Delay \| SBA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Modifications	458
% of Total Class of Financing Receivable	458
Total Defaults	299
Other-Than-Insignificant Payment Delay \| CRE
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Modifications	0
% of Total Class of Financing Receivable	0
Total Defaults	0
Other-Than-Insignificant Payment Delay \| C&I
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Modifications	0
% of Total Class of Financing Receivable	0
Total Defaults	0
Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Modifications	0
% of Total Class of Financing Receivable	0
Total Defaults	0
Term Extension \| SBA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Modifications	0
% of Total Class of Financing Receivable	0
Total Defaults	0
Term Extension \| CRE
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Modifications	0
% of Total Class of Financing Receivable	0
Total Defaults	0
Term Extension \| C&I
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Modifications	0
% of Total Class of Financing Receivable	0
Total Defaults	0
Interest Rate Reduction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Modifications	0
% of Total Class of Financing Receivable	0
Total Defaults	0
Interest Rate Reduction \| SBA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Modifications	0
% of Total Class of Financing Receivable	0
Total Defaults	0
Interest Rate Reduction \| CRE
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Modifications	0
% of Total Class of Financing Receivable	0
Total Defaults	0
Interest Rate Reduction \| C&I
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Modifications	0
% of Total Class of Financing Receivable	0
Total Defaults	0
Principal Forgiveness
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Modifications	0
% of Total Class of Financing Receivable	0
Total Defaults	0
Principal Forgiveness \| SBA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Modifications	0
% of Total Class of Financing Receivable	0
Total Defaults	0
Principal Forgiveness \| CRE
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Modifications	0
% of Total Class of Financing Receivable	0
Total Defaults	0
Principal Forgiveness \| C&I
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Modifications	0
% of Total Class of Financing Receivable	0
Total Defaults	$ 0

INCOME TAXES - Income taxes paid (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Investments, Owned, Federal Income Tax Note [Line Items]
Total Incomes Taxes Paid	$ 12,502	$ 7,429	$ 6,884
Federal	8,471	3,904	4,650
Florida
Investments, Owned, Federal Income Tax Note [Line Items]
State	615	0	0
New York City
Investments, Owned, Federal Income Tax Note [Line Items]
State	0	314	0
New York State
Investments, Owned, Federal Income Tax Note [Line Items]
State	1,544	1,704	1,128
Other
Investments, Owned, Federal Income Tax Note [Line Items]
State	$ 1,872	$ 1,507	$ 1,106

NEWTEKONE, INC. - PARENT COMPANY ONLY

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

NEWTEKONE, INC. - PARENT COMPANY ONLY

NOTE 23—NEWTEKONE, INC. - PARENT COMPANY ONLY:

Statements of Financial Condition


	As of December 31,
	2025		2024
Assets
Cash and balances due from depository institutions:	$	20,707	$	19,123
Loans and lease financing receivable	4,921		5,715
Investments in and receivables due from subsidiaries and associated companies	858,874		699,059

Other assets	16,145		9,617
Total assets	900,647		733,514

Liabilities and shareholders' equity
Borrowings with a remaining maturity of one year or less:	95,000		79,856
Other borrowed money with a remaining maturity of more than one year	372,647		325,418
Other liabilities	25,344		22,083
Balances due to subsidiaries and related institutions	10,086		9,876
Total liabilities	503,077		437,233

Preferred stock	48,181		19,738
Common stock	573		525
Additional paid in capital	253,830		218,266
Accumulated other comprehensive income	(4)		(21)
Retained earnings	94,990		57,773
Total shareholders’ equity	397,570		296,281
Total liabilities and shareholder's equity	$	900,647	$	733,514

Statements of Income


	For the year ended December 31,
	2025		2024		2023
Interest income	$	722	$	1,851	$	2,319
Interest expense	34,438		26,647		18,797
Net interest loss	(33,716)		(24,796)		(16,478)
Noninterest income:
Dividends	54,012		42,107		60,317
All other operating income (loss)	361		2,970		(2,345)
Total noninterest income	54,373		45,077		57,972
Noninterest expense:
Salaries and employee benefits	10,984		10,476		9,365
Other expenses	16,795		13,627		10,962
Total noninterest expense	27,779		24,103		20,327
Net Income (loss) before equity in undistributed income of subsidiaries	(7,122)		(3,822)		21,167
Income tax expense (benefit)	3,955		2,428		(14,837)
Income (loss) before undistributed income of subsidiaries	(11,077)		(6,250)		36,004
Equity in undistributed income of subsidiaries and associated companies:	71,589		57,103		26,813
Net income	$	60,512	$	50,853	$	62,817

Statements of Cash Flows


	For the year ended December 31,
	2025		2024		2023
Cash flows from operating activities:
Net income	$	60,512	$	50,853	$	62,817
Provisions for deferred income taxes	8,339		13,110		(5,814)
Gain (loss) on sale of assets	(179)		(1,135)		539
Equity in Undistributed (earnings) losses of subs	(71,589)		(57,103)		(26,813)
Net change in other liabilities	364		(35,489)		(40,414)
Net change in other asset	(2,161)		5,215		(10,759)
Other, net	4,825		6,634		7,570
Net cash provided by (used in) operating activities	111		(17,915)		(12,874)

Cash flow from investing activities
Purchases of held-to-maturity and available-for-sale securities	—		(19,899)		—
Sales and maturities of held-to-maturity and available-for-sale securities	—		20,000		—
Payments for investments in and advances to subsidiaries	(153,915)		(176,333)		(96,265)
Sale or repayment of investments in and advances to subsidiaries	63,416		95,543		—
Outlays for business acquisitions	—		—		(21,322)
Other, net	—		39		14
Net cash used in investing activities	(90,499)		(80,650)		(117,573)

Cash flow from financing activities
Proceeds from issuance of long-term debt	90,875		154,050		90,000
Repayment of long-term debt	(30,000)		(38,250)		—
Proceeds from issuance of common stock	5,090		14,036		—
Proceeds from issuance of preferred stock	58,181		—		19,493
Payment to repurchase common stock	(1,557)		(711)		—
Dividends paid	(28,044)		(20,252)		(14,147)
Other, net	(2,572)		(5,056)		(2,826)
Net cash provided by financing activities	91,973		103,817		92,520

Net increase (decrease) in cash and restricted cash	1,585		5,252		(37,927)
Cash and restricted cash - beginning of period	19,123		13,871		51,798
Cash and restricted cash - end of period	$	20,708	$	19,123	$	13,871

Borrowings and Maturities

Refer to NOTE 13—BORROWINGS for a schedule of borrowings that includes the notes issued by the parent company. Refer to the Liquidity and Capital Resources section of the MD&A under the Contractual Obligations section for a schedule of maturities.

Guarantees

The Company is a guarantor on the SPV I Capital One Facility. Maximum borrowings under the SPV I Facility are $100.0 million. The lender’s commitments terminate in July 2027, with all amounts due under the SPV I Facility maturing in July 2028. At December 31, 2025, total principal owed by SPV I was $16.6 million. At December 31, 2025, the Company determined that it is not probable that payments would be required to be made under the guarantee.

The Company is a guarantor on the SPV II Deutsche Bank Facility. Maximum borrowings under the SPV II Deutsche Bank Facility are $170.0 million. The Deutsche Bank Facility matures in December 2027. At December 31, 2025, total principal owed by SPV II was $169.8 million. At December 31, 2025, the Company determined that it is not probable that payments would be required to be made under the guarantee.

The Company is a guarantor on the SPV III One Florida Bank Facility. Maximum borrowings under the SPV III One Florida Bank Facility are $35.0 million. The One Florida Bank Facility matures in August 2028. At December 31, 2025, total principal owed by SPV III was $33.3 million. At December 31, 2025, the Company determined that it is not probable that payments would be required to be made under the guarantee. On August 7, 2025, the SPV III One Florida Bank Facility was amended to increase maximum borrowings under the line to $30.0 million.

The Company is a guarantor on the Goldman Facility, a term loan facility between NMS with Goldman with an aggregate principal amount up to $95.0 million. The Goldman Facility matures in September 2030. At December 31, 2025, total principal outstanding was $89.8 million. At December 31, 2025, the Company determined that it is not probable that payments would be required to be made under the guarantee.

The Company is a guarantor on certain of NSBF’s potential obligations to the SBA pursuant to the Wind-down Agreement. Specifically, pursuant to the Wind-down Agreement, the Company has guaranteed NSBF’s obligations to the SBA for post-purchase repairs or denials on the guaranteed portion of 7(a) Loans sold by NSBF on the secondary market or servicing/liquidation post-purchase repairs or denial, and has funded a $10.0 million restricted cash account to secure these potential obligations.

The Company is a guarantor on NMS’s potential obligations to Synovus Bank (“Synovus”) pursuant to the credit card processing bank sponsorship agreement between NMS and Synovus. Synovus may not seek to enforce the guaranty unless and until NMS has materially defaulted on the guaranteed obligations and failed to cure such default(s) within thirty (30) days of receipt of written notice of such default(s) from Synovus. At December 31, 2025, the Company determined that it is not probable that payments would be required to be made under the guarantee.

INVESTMENTS - Debt Securities, Unrealized Losses (Details) - U.S. Treasury notes $ in Thousands	Dec. 31, 2025 USD ($) loan	Dec. 31, 2024 USD ($) loan
Debt Securities, Available-for-Sale [Line Items]
Less Than 12 Months, Fair Value	$ 16,829	$ 12,061
Less Than 12 Months, Unrealized Losses	7	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	$ 16,829	$ 12,061
Total, Unrealized Losses	$ 7	$ 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

BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Schedule of restricted stock issuances

The following table summarizes the restricted stock issuances under the Company’s 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)	—
Year ended December 31, 2025	18	25
Total net restricted stock (granted)/forfeited	(561)	(636)

1 The Company’s 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 Company’s 2015 or 2023 Stock Incentive Plans.

The following table summarizes the Company’s ESPP activity from inception through December 31, 2025:


		Year Ended December 31,
		2025					2024					2023
Offering Period Dates		Shares purchased	Weighted avg share price		Total purchased, net of discount		Shares purchased	Weighted avg share price		Total purchased, net of discount		Shares purchased	Weighted avg share price		Total purchased, net of discount
Commencement	End
10/1/2023	3/15/2024	—	$	—	—		5	$	9.83	51		4	$	13.05	51
4/1/2024	9/15/2024	—	$	—	—		10	$	10.21	101		—	$	—	—
10/1/2024	3/15/2025	4	$	10.97	$	48	5	$	11.03	55		—	$	—	—
4/1/2025	9/15/2025	14	$	9.95	$	142	—	$	—	—		—	$	—	—
10/1/2025	12/15/2025	8	$	10.23	$	77	—	$	—	—		—	$	—	—
Totals		26	$	10.19	$	267	20	$	10.32	$	207	4	$	10.32	$	51

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)
Year ended December 31, 2025						(26)
Available for future purchases, December 31, 2025						150

Investment company, changes in net assets

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


	December 31, 2025	December 31, 2024
Shares outstanding related to grants of restricted stock awards	245	771
Weighted average grant date fair value of awards	$13.41	$14.51
Additional shares outstanding related to dividends on awards	31	59

Schedule of unrecognized compensation

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

December 31, 2025

December 31, 2024

Unrecognized compensation expense on unvested awards

$2,680

$5,929

Weighted-average period of unrecognized compensation expense

1.3 years

1.0 year


	Year Ended December 31,
		2025		2024		2023
Restricted stock awards		$	4,052	$	4,040	$	2,828
ESPP		45		22		—
Total compensation cost recognized for stock-based compensation plans		$	4,097	$	4,062	$	2,828

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITES (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Loan related remittances due to SBA and participants	$ 3,764	$ 2,203
Accrued payroll and related payables	295	332
Accrued interest	7,086	6,035
Funds in process to PMT's payroll customers	9,453	5,700
Loan processing, servicing and other loan related payables	2,329	3,185
SBA repair & denial reserve	3,736	3,573
Good faith deposits	895	1,499
Other	15,404	18,279
Total accounts payable, accrued expenses and other liabilities	$ 42,962	$ 40,806

INVESTMENTS - Transaction with Affiliated Companies (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jan. 02, 2025	Aug. 11, 2024
Debt Securities, Available-for-Sale [Line Items]
Net Gains/(Losses)	$ (4,405)	$ 10,712	$ 3,219
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Newtek Technology Solutions, Inc.
Debt Securities, Available-for-Sale [Line Items]
Earn-out amount				$ 2,268
Consideration (in shares)	4.0			4.0	4.0
Value per share (in dollars per share)	$ 1.72			$ 2.05
Affiliate Investments
Debt Securities, Available-for-Sale [Line Items]
Fair Value	$ 47,719	57,678
Net Gains/(Losses)	(4,405)	10,712
Joint Ventures
Debt Securities, Available-for-Sale [Line Items]
Fair Value	37,250	56,900
Net Gains/(Losses)	(3,642)	10,584
Other Investments
Debt Securities, Available-for-Sale [Line Items]
Fair Value	10,469	778
Net Gains/(Losses)	(763)	128
Investment, Identifier [Axis]: Biller Genie Software, LLC
Debt Securities, Available-for-Sale [Line Items]
Fair Value	1,983	458
Net Gains/(Losses)	1,525	60
Investment, Identifier [Axis]: EMCAP Loan Holdings, LLC
Debt Securities, Available-for-Sale [Line Items]
Fair Value	306	320
Net Gains/(Losses)	0	68
Investment, Identifier [Axis]: Intelligent Protection Management Corp., Earnout
Debt Securities, Available-for-Sale [Line Items]
Fair Value	1,300	0
Net Gains/(Losses)	(968)	0
Investment, Identifier [Axis]: Intelligent Protection Management Corp., Stock
Debt Securities, Available-for-Sale [Line Items]
Fair Value	6,880	0
Net Gains/(Losses)	(1,320)	0
Investment, Identifier [Axis]: NCL JV
Debt Securities, Available-for-Sale [Line Items]
Fair Value	0	18,800
Net Gains/(Losses)	(2,792)	(600)
Investment, Identifier [Axis]: TSO JV
Debt Securities, Available-for-Sale [Line Items]
Fair Value	37,250	38,100
Net Gains/(Losses)	$ (850)	$ 11,184

BORROWINGS - Securitization Trusts (Details) - USD ($) $ in Thousands	1 Months Ended			12 Months Ended
	Jun. 30, 2023	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Oct. 31, 2019	Nov. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Assets				$ 2,744,819	$ 2,059,912	$ 1,429,513
Liabilities				2,347,249	1,763,630
Securitization Trusts
Debt Instrument [Line Items]
Assets				206,500	272,400
Liabilities				128,800	189,200
Securitization Trusts \| Secured Debt
Debt Instrument [Line Items]
Transfer amount	$ 103,900	$ 116,200	$ 103,400				$ 118,900	$ 108,600	$ 76,200
Loans			$ 103,400	128,828	189,231		118,900	108,600	75,400
Interest expense				$ 12,000	$ 21,100	$ 23,500
Percent of principal amount	20.00%	20.00%	20.00%
Securitization Trusts, Class A \| Secured Debt
Debt Instrument [Line Items]
Loans	$ 84,300	$ 95,400	$ 79,700				93,500	82,900	58,100
Securitization Trusts, Class A \| Secured Debt \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Interest rate, basis spread		2.97%
Securitization Trusts, Class A \| Secured Debt \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Interest rate, basis spread	3.24%		1.92%
Securitization Trusts, Class B \| Secured Debt
Debt Instrument [Line Items]
Loans	$ 19,600	$ 20,800	$ 23,800				$ 25,400	$ 25,700	$ 17,300
Securitization Trusts, Class B \| Secured Debt \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Interest rate, basis spread		2.97%
Securitization Trusts, Class B \| Secured Debt \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Interest rate, basis spread	3.24%		1.92%

TRANSACTIONS WITH AFFILIATED COMPANIES AND RELATED PARTY TRANSACTIONS - Investments with Affiliates (Details) - Related Party - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Related Party Transaction [Line Items]
Due from affiliated companies	$ 100	$ 242
Due to affiliated companies	0	0
Total due to/due from affiliated companies, net	$ 100	$ 242

- Definition

Amount of liabilities classified as other.

+ 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

REGULATORY CAPITAL (Details) $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Banking Regulation, Tier 1 Risk-Based Capital [Abstract]
Actual	$ 363,935	$ 231,899
Actual, Ratio	0.152	0.133
For Capital Adequacy Purposes	$ 95,588	$ 69,727
For Capital Adequacy Purposes, Ratio	0.040	0.040
Banking Regulation, Common Equity Tier 1 Risk-Based Capital [Abstract]
Actual	$ 315,754	$ 231,899
Actual, Ratio	0.178	0.170
For Capital Adequacy Purposes	$ 79,924	$ 61,492
For Capital Adequacy Purposes, Ratio	0.045	0.045
Banking Regulation, Tier 1 Leverage Capital [Abstract]
Actual	$ 363,935	$ 231,899
Actual, Ratio	0.205	0.170
For Capital Adequacy Purposes	$ 106,565	$ 81,990
For Capital Adequacy Purposes, Ratio	0.060	0.060
Banking Regulation, Total Capital [Abstract]
Actual	$ 386,428	$ 268,887
Actual, Ratio	0.218	0.197
For Capital Adequacy Purposes	$ 142,087	$ 109,320
For Capital Adequacy Purposes, Ratio	0.080	0.080
Newtek Bank
Banking Regulation, Tier 1 Risk-Based Capital [Abstract]
Actual	$ 155,000	$ 120,078
Actual, Ratio	0.103	0.119
For Capital Adequacy Purposes	$ 60,368	$ 40,197
For Capital Adequacy Purposes, Ratio	0.040	0.040
For Consideration as Well-Capitalized	$ 75,460	$ 50,246
For Consideration as Well-Capitalized, Ratio	0.050	0.050
Banking Regulation, Common Equity Tier 1 Risk-Based Capital [Abstract]
Actual	$ 155,000	$ 120,078
Actual, Ratio	0.121	0.142
For Capital Adequacy Purposes	$ 57,528	$ 38,151
For Capital Adequacy Purposes, Ratio	0.045	0.045
For Consideration as Well-Capitalized	$ 83,096	$ 55,107
For Consideration as Well-Capitalized, Ratio	0.065	0.065
Banking Regulation, Tier 1 Leverage Capital [Abstract]
Actual	$ 155,000	$ 120,078
Actual, Ratio	0.121	0.142
For Capital Adequacy Purposes	$ 76,704	$ 50,868
For Capital Adequacy Purposes, Ratio	0.060	0.060
For Consideration as Well-Capitalized	$ 102,272	$ 67,823
For Consideration as Well-Capitalized, Ratio	0.080	0.080
Banking Regulation, Total Capital [Abstract]
Actual	$ 171,348	$ 130,924
Actual, Ratio	0.134	0.154
For Capital Adequacy Purposes	$ 102,272	$ 67,824
For Capital Adequacy Purposes, Ratio	0.080	0.080
For Consideration as Well-Capitalized	$ 127,840	$ 84,779
For Consideration as Well-Capitalized, Ratio	0.100	0.100

ASSETS AND LIABILITIES DIRECTLY ASSOCIATED WITH ASSETS HELD FOR SALE (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Disposal Group, Including Discontinued Operation, Assets [Abstract]
Assets	$ 0	$ 21,308
Disposal Group, Including Discontinued Operation, Liabilities [Abstract]
Liabilities	$ 0	6,224
Intangible Assets
Remaining contractual term	14 years
Technology
Intangible Assets
Remaining contractual term	8 months 12 days
NTS \| Disposal Group, Held-for-Sale, Not Discontinued Operations
Disposal Group, Including Discontinued Operation, Assets [Abstract]
Cash and due from banks		325
Goodwill		11,800
Intangibles		3,030
Right of use assets		619
Other assets		6,150
Valuation adjustment		(616)
Assets		21,308
Disposal Group, Including Discontinued Operation, Liabilities [Abstract]
Lease liabilities		685
Deferred tax liabilities, net		2,975
Accounts payable, accrued expenses and other liabilities		2,564
Liabilities		6,224
Intangible Assets
Gross carrying Amount		6,525
Accumulated Amortization		(3,495)
Net Carrying amount		$ 3,030

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		12 Months Ended
	Dec. 15, 2025	Dec. 31, 2024	Dec. 31, 2023	Mar. 15, 2025	Mar. 15, 2024	Sep. 15, 2025	Sep. 15, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Oct. 01, 2024	Oct. 01, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Shares purchased (in shares)	8	5	4	4	5	14	10	26	20	4
Weighted average share price (in dollars per share)	$ 10.23	$ 10.32	$ 10.32	$ 10.97	$ 9.83	$ 9.95	$ 10.21	$ 10.19	$ 10.32	$ 10.32	$ 11.03	$ 13.05
Total purchased, net of discount	$ 77	$ 55	$ 51	$ 48	$ 51	$ 142	$ 101	$ 267	$ 207	$ 51

GOODWILL AND INTANGIBLE ASSETS - Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 170	$ 539	$ 1,468

- 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
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-Subparagraph (b)
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-Publisher FASB
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+ Details

NEWTEKONE, INC. - PARENT COMPANY ONLY - Income Statement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Condensed Income Statements, Captions [Line Items]
Interest income	$ 158,415	$ 121,418	$ 94,373
Net interest income	59,885	40,305	26,634
Noninterest income
Dividends	3,211	1,519	1,757
All other operating income (loss)	32,969	40,296	23,762
Total noninterest income	224,914	217,312	176,772
Noninterest expense
Salaries and employee benefits	84,770	77,931	65,708
Other expenses	28,641	21,272	22,357
Total noninterest expense	166,093	162,709	146,329
Net income before taxes	79,977	68,692	45,373
Income tax expense (benefit)	19,465	17,839	(1,956)
Net income	60,512	50,853	47,329
Net income available to common shareholders	58,177	49,253	45,875
Parent Company
Condensed Income Statements, Captions [Line Items]
Interest income	722	1,851	2,319
Interest expense	34,438	26,647	18,797
Net interest income	(33,716)	(24,796)	(16,478)
Noninterest income
Dividends	54,012	42,107	60,317
All other operating income (loss)	361	2,970	(2,345)
Total noninterest income	54,373	45,077	57,972
Noninterest expense
Salaries and employee benefits	10,984	10,476	9,365
Other expenses	16,795	13,627	10,962
Total noninterest expense	27,779	24,103	20,327
Net income before taxes	(7,122)	(3,822)	21,167
Income tax expense (benefit)	3,955	2,428	(14,837)
Net income	(11,077)	(6,250)	36,004
Equity in Undistributed (earnings) losses of subs	71,589	57,103	26,813
Net income available to common shareholders	$ 60,512	$ 50,853	$ 62,817

SUBSEQUENT EVENTS (Details) - USD ($) $ in Thousands	Feb. 18, 2026	Feb. 01, 2026	Jan. 28, 2026	Jan. 21, 2026	Dec. 31, 2025	Oct. 21, 2025	Dec. 31, 2024	Jun. 30, 2023	Sep. 30, 2022	Dec. 31, 2021	Jan. 31, 2021	Oct. 31, 2019	Nov. 30, 2018	Dec. 31, 2017
Subsequent Event [Line Items]
Weighted Avg Interest Rate					7.53%		7.22%
Securitization Trusts, Class A \| Secured Debt
Subsequent Event [Line Items]
Loans								$ 84,300	$ 95,400	$ 79,700		$ 93,500	$ 82,900	$ 58,100
Securitization Trusts, Class B \| Secured Debt
Subsequent Event [Line Items]
Loans								$ 19,600	$ 20,800	$ 23,800		$ 25,400	$ 25,700	$ 17,300
2026 Notes \| Medium-term Notes
Subsequent Event [Line Items]
Loans					$ 95,000	$ 20,000	$ 115,000				$ 115,000
Weighted Avg Interest Rate					5.50%		5.50%				5.50%
Subsequent Event \| Secured Debt
Subsequent Event [Line Items]
Collateral				$ 341,800
Average yield percentage				6.08%
Advance rate percentage				86.00%
Subsequent Event \| Secured Debt \| ALP Loans
Subsequent Event [Line Items]
Collateral				$ 284,400
Subsequent Event \| Securitization Trusts, Class A \| Secured Debt
Subsequent Event [Line Items]
Loans				$ 251,900
Yield percentage				5.796%
Subsequent Event \| Securitization Trusts, Class B \| Secured Debt
Subsequent Event [Line Items]
Loans				$ 35,900
Yield percentage				7.296%
Subsequent Event \| Securitization Trusts, Class C \| Secured Debt
Subsequent Event [Line Items]
Loans				$ 6,800
Yield percentage				10.146%
Subsequent Event \| 2031 Notes \| Medium-term Notes
Subsequent Event [Line Items]
Loans			$ 7,900
Weighted Avg Interest Rate			8.50%
Percent of principal amount			100.00%
Subsequent Event \| 2026 Notes \| Medium-term Notes
Subsequent Event [Line Items]
Repayments of notes		$ 87,100
Subsequent Event \| 2033 8.375% Notes \| Medium-term Notes
Subsequent Event [Line Items]
Loans	$ 15,000
Weighted Avg Interest Rate	8.375%
Percent of principal amount	100.00%
Proceeds from Notes	$ 14,900

BORROWINGS - Long-term Debt (Details) - USD ($) $ in Thousands			1 Months Ended
	Mar. 19, 2025	Dec. 11, 2024	Jun. 30, 2023	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2025	Oct. 21, 2025	Sep. 26, 2025	Sep. 22, 2025	Aug. 07, 2025	Jun. 30, 2025	Dec. 31, 2024	Sep. 16, 2024	May 30, 2024	Aug. 31, 2023	Jan. 23, 2023	Mar. 31, 2022	Jan. 31, 2021	Oct. 31, 2019	Nov. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Commitments - Notes						$ 829,452
Total						926,635						$ 855,977
Borrowings Outstanding						$ 819,888						$ 708,041
Weighted Avg Interest Rate						7.53%						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						0.00%						7.30%
Loans						$ 0						$ 32,894
Line of Credit \| NMS Goldman Facility
Debt Instrument [Line Items]
Commitments - Notes						95,000						0
Borrowings Outstanding						$ 88,352		$ 90,000				$ 0
Weighted Avg Interest Rate						9.42%						0.00%
Loans						$ 89,775						$ 0
Line of Credit \| Capital One Facilities
Debt Instrument [Line Items]
Loans						16,600						21,300
Line of Credit \| Capital One Facilities \| Capital One, SP1
Debt Instrument [Line Items]
Commitments - line of credit						100,000						60,000
Borrowings Outstanding - line of credit						$ 16,085						$ 21,192
Weighted Avg Interest Rate						6.59%						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						$ 169,146						$ 54,036
Weighted Avg Interest Rate						7.32%						7.57%
Loans						$ 169,791						$ 54,800
Line of Credit \| One Florida line of credit - SP3
Debt Instrument [Line Items]
Commitments - line of credit						35,000				$ 35,000		30,000
Borrowings Outstanding - line of credit						$ 33,259						$ 23,011
Weighted Avg Interest Rate						7.75%						8.50%
Loans						$ 33,300						$ 23,075
Secured Debt \| FHLB Advances
Debt Instrument [Line Items]
Commitments - Notes						14,000						20,000
Borrowings Outstanding						$ 7,349						$ 15,330
Weighted Avg Interest Rate						2.75%						2.19%
Secured Debt \| Securitization Trusts
Debt Instrument [Line Items]
Commitments - Notes						$ 128,827						$ 189,231
Borrowings Outstanding						$ 127,050						$ 186,635
Weighted Avg Interest Rate						6.42%						7.32%
Percent of principal amount			20.00%	20.00%	20.00%
Loans					$ 103,400	$ 128,828						$ 189,231							$ 118,900	$ 108,600	$ 75,400
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%					5.00%
Loans						$ 0						$ 30,000					$ 15,000
Medium-term Notes \| 2026 Notes
Debt Instrument [Line Items]
Commitments - Notes						95,000						115,000
Borrowings Outstanding						$ 95,000						$ 114,282
Weighted Avg Interest Rate						5.50%						5.50%						5.50%
Loans						$ 95,000	$ 20,000					$ 115,000						$ 115,000
Medium-term Notes \| 2027 Notes
Debt Instrument [Line Items]
Commitments - Notes						50,000						50,000
Borrowings Outstanding						$ 49,967						$ 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						$ 39,073						$ 38,726
Weighted Avg Interest Rate						8.00%						8.00%			8.00%
Loans						$ 40,000						$ 40,000			$ 40,000
Medium-term Notes \| 2029 8.50% Notes
Debt Instrument [Line Items]
Commitments - Notes						71,808						71,875
Borrowings Outstanding						$ 70,066						$ 69,622
Weighted Avg Interest Rate						8.50%			8.50%			8.50%		8.50%
Loans						$ 71,808						$ 71,875		$ 71,900
Medium-term Notes \| 2029 8.625% Notes
Debt Instrument [Line Items]
Commitments - Notes						75,000						75,000
Borrowings Outstanding						$ 73,150						$ 72,662
Weighted Avg Interest Rate						8.625%						8.625%	8.625%
Loans						$ 75,000						$ 75,000	$ 75,000
Medium-term Notes \| 2030 8.375% Notes
Debt Instrument [Line Items]
Commitments - Notes						52,000						0
Borrowings Outstanding						$ 51,391						$ 0
Weighted Avg Interest Rate						8.375%						0.00%
Percent of principal amount	100.00%
Loans	$ 30,000					$ 52,000	$ 2,000					$ 0
Medium-term Notes \| 2025 8.125% Notes
Debt Instrument [Line Items]
Weighted Avg Interest Rate		8.125%				8.125%						8.125%				8.125%
Percent of principal amount		100.00%
Loans																$ 50,000

DEPOSITS

12 Months Ended

Dec. 31, 2025

Banking and Thrift, Interest [Abstract]

DEPOSITS

NOTE 11—DEPOSITS:

The following table summarizes deposits by type:


	December 31, 2025		December 31, 2024
Non-interest-bearing:
Demand	$	53,873	$	11,142
Interest-bearing:
Checking	150,025		103,978
Money market	93,341		62,001
Savings	681,364		386,680
Time deposits	439,805		409,251
Total interest-bearing	1,364,535		961,910
Total deposits	$	1,418,408	$	973,052

Time deposits, money market, and interest-bearing checking obtained through brokers	$	70,015	$	27,100
Aggregate amount of deposit accounts that exceeded the FDIC limit	$	394,346	$	140,679
Deposit overdrafts reclassified as loan balances	$	142	$	17
Certificates of deposit in excess of $0.25 million	$	92,372	$	99,231

The following table summarizes the scheduled maturities of time deposits:


2026	$	348,649
2027	45,133
2028	20,760
2029	16,538
2030	8,725
Thereafter	—
Total time deposits	$	439,805

DERIVATIVE INSTRUMENTS - Gains and Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized Appreciation/(Depreciation)	$ 74	$ 1,344	$ (699)
Foreign Exchange Future
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized Appreciation/(Depreciation)	23	1,344	(699)
Realized Gain/(Loss)	$ (3,956)	$ (51)	$ 834

- 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