NewtekOne Inc
For the period ended Sep 30, 2024. Filed Nov 12, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 12, 2024
NEWT$10.70+0.3%Stored close · as of Nov 6, 2026
Contents
Defined Terms
We have used “we,” “us,” “our,” “our company,” and “the Company” to refer to NewtekOne, Inc. and its subsidiaries in this report. We also have used several other terms in this report, which are explained or defined below:
| Terms | |
|---|---|
| 1940 Act | Investment Company Act of 1940, as amended |
| 2017-1 Trust | Newtek Small Business Loan Trust, Series 2017-1, terminated in February 2023 |
| 2018-1 Trust | Newtek Small Business Loan Trust, Series 2018-1, terminated in October 2024 |
| 2019-1 Trust | Newtek Small Business Loan Trust, Series 2019-1, terminated in October 2024 |
| 2021-1 Trust | Newtek Small Business Loan Trust, Series 2021-1 |
| 2022-1 Trust | Newtek Small Business Loan Trust, Series 2022-1 |
| 2023-1 Trust | Newtek Small Business Loan Trust, Series 2023-1 |
| 2024 Notes | 5.75% Notes due 2024, matured August 1, 2024 |
| 2025 6.85% Notes | 6.85% Notes due 2025, redeemed in May 2022 |
| 2025 5.00% Notes | 5.00% Notes due 2025 |
| 2025 8.125% Notes | 8.125% Notes due 2025 |
| 2025 Notes | Collectively, the 2025 6.85% Notes, 2025 5.00% Notes and 2025 8.125% Notes |
| 2026 Notes | 5.50% Notes due 2026 |
| 2028 Notes | 8.00% Notes due 2028 |
| 2029 8.50% Notes | 8.50% Notes due 2029 |
| 2029 8.625% Notes | 8.625% Notes due 2029 |
| 2029 Notes | Collectively, the 2029 8.50% Notes and 2029 8.625% Notes |
| ABL | Asset based lending |
| ACL | Allowance for credit losses |
| Acquisition | The Company’s Acquisition of NBNYC, pursuant to which the Company acquired from the NBNYC shareholders all of the issued and outstanding stock of NBNYC |
| ALP | Alternative Lending Program |
| ASC | Accounting Standards Codification, as issued by the FASB |
| ASU | Accounting Standards Updates, as issued by the FASB |
| 2023 ATM Equity Distribution Agreement | Equity Distribution Agreement, dated November 17, 2023, by and among the Company and the placement agents |
| BDC | Business Development Company under the 1940 Act |
| Board | The Company's board of directors |
| Capital One | Capital One Bank, National Association |
| C&I | Conventional commercial and industrial loans |
| Code | Internal Revenue Code of 1986, as amended |
| CRE | Commercial real estate |
| Deutsche Bank | Deutsche Bank AG |
| DRIP | The Company's former dividend reinvestment plan |
| EBITDA | Earnings before interest, taxes, depreciation and amortization |
| 2015 Stock Incentive Plan | The Company's 2015 Stock Incentive Plan |
| 2023 Stock Incentive Plan | The Company’s 2023 Stock Incentive Plan |
| ESPP | Employee Stock Purchase Program |
| Exchange Act | Securities Exchange Act of 1934, as amended |
| FASB | Financial Accounting Standards Board |
| Federal Reserve | Board of Governors of the Federal Reserve System |
| FDIC | Federal Deposit Insurance Corporation |
| FV | Fair Value |
| HFI | Held for investment |
| HFS | Held for sale |
| LCM | Lower of amortized cost basis or fair value |
|---|---|
| LTV | Loan-to-Value |
| NAV | Net Asset Value |
| NBNYC | National Bank of New York City, which has been renamed Newtek Bank, National Association |
| NOO | Non-owner occupied |
| OCC | Office of the Comptroller of the Currency |
| PCD | Purchased Financial Assets with Credit Deterioration |
| PLP | Preferred Lenders Program, as authorized by the SBA |
| PPP | Paycheck Protection Program |
| RIC | Regulated investment company under the Code |
| S&P | Standard and Poor's |
| SBA | United States Small Business Administration |
| SEC | U.S. Securities and Exchange Commission |
| SMB | Small-and-medium sized businesses |
| SOFR | Secured Overnight Financing Rate |
| SPV I Capital One Facility | Revolving Credit and Security Agreement between NBL SPV I, LLC, a wholly-owned subsidiary of NALH, and Capital One |
| SPV II Deutsche Bank Facility | Revolving Credit and Security Agreement between NBL SPV II, LLC, a wholly-owned subsidiary of NALH, and Deutsche Bank |
| SPV III One Florida Bank Facility | Revolving Credit and Security Agreement between NBL SPV III, LLC, a wholly-owned subsidiary of NALH, and One Florida Bank |
| Trustee | U.S. Bank, National Association |
| TSO II | TSO II Booster Aggregator, L.P. |
| U.S. GAAP or GAAP | Generally accepted accounting principles in the United States |
| Webster | Webster Bank, N.A. |
| Consolidated Subsidiaries | |
| NSBF | Newtek Small Business Finance, LLC |
| NBL | Newtek Business Lending, LLC, a former wholly-owned subsidiary of Newtek Bank, merged into SBL on May 2, 2023 |
| NCL | Newtek Commercial Lending, Inc. |
| Newtek Bank | Newtek Bank, National Association |
| NALH | Newtek Business Services Holdco 6, Inc., dba Newtek ALP Holdings |
| NMS | Newtek Merchant Solutions, LLC |
| Mobil Money | Mobil Money, LLC |
| NTS | Newtek Technology Solutions, Inc. |
| NBC | CDS Business Services, Inc. dba Newtek Business Credit Solutions |
| SBL | Small Business Lending, LLC, a wholly owned subsidiary of Newtek Bank |
| PMT | PMTWorks Payroll, LLC dba Newtek Payroll and Benefits Solutions |
| NIA | Newtek Insurance Agency, LLC |
| TAM | Titanium Asset Management, LLC |
| POS | POS on Cloud, LLC, dba Newtek Payment Systems, an 88.34% owned consolidated subsidiary |
| Joint Ventures | |
| NCL JV | Newtek Conventional Lending, LLC, a 50% owned joint venture |
| TSO JV | Newtek-TSO II Conventional Credit Partners, LP, a 50% owned joint venture |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.