Slide 1: Fourth Quarter 2025 Financial Results Conference Call
NASDAQ: NEWT Fourth Quarter 2025 Financial Results Conference Call January 29, 2026 Hosted and Presented by: Barry Sloane, President & CEO Frank M. DeMaria, EVP & CFO Investor Relations Bryce Rowe browe@newtekone.com (212) 273-8292 www.newtekone.com
Slide 2: Note Regarding Forward-Looking Statements
Note Regarding Forward-Looking Statements Certain statements in this presentation and made during this conference call include statements about the plans and future prospects for NewtekOne, Inc and consolidated subsidiaries (the “Company”) and our industry that are “forward looking statements” withi
Slide 3: NewtekOne, Inc. Mission Statement and Purpose
NewtekOne, Inc. Mission Statement and Purpose NewtekOne’s mission has not changed since the Company was formed in 1998: To provide business and financial solutions to independent business owners in the United States. We help our clients become more successful. www.newtekone.com 3
Slide 4: NewtekOne Financial Structure and Product Solutions
NewtekOne Financial Structure and Product Solutions • NewtekOne is a technology oriented financial holding company regulated by the Board of Governors of the Federal Reserve owning and operating a nationally chartered digital bank that operates exclusively using online banking without physical branc
Slide 5: NewtekOne's Target Market
NewtekOne’s Target Market • According to the U.S. Small Business Administration (the “SBA”), there are more than 36 million independent business owners in the United States; 99% of businesses in the United States identify as small businesses. • According to the U.S. Chamber of Commerce, small busine
Slide 6: Annual and Quarterly Highlights
Annual and Quarterly Highlights • Capped off a solid 2025 with 4Q basic and diluted EPS of $0.65 and $0.65, respectively. 2025 basic and diluted EPS of $2.21 and $2.18 were up 12% and 11% over 2024 basis and diluted EPS of $1.97 and $1.96. • Midpoint of the 2026 EPS guidance range is $2.35. The 2026
Slide 7: Annual and Quarterly Highlights (continued)
Annual and Quarterly Highlights (continued) • Record number of deposit accounts opened in 4Q25; core deposit growth continues. We are growing deposits without the use of branches, traditional bankers, brokers, or BDOs. ◦ Newtek Bank opened more than 9,000 deposit accounts in 4Q25, surpassing its pre
Slide 8: Tangible Book Value per Share Growth
Tangible Book Value per Share Growth • TBV/share1 increased 4.1% Q/Q and 24.4% Y/Y. • TBV/share is up 68.8% in eleven quarters since converting to technology-enabled financial holding company in January 2023. • Including $2.24/share of cumulative common dividends declared and $4.76/share of TBV grow
Slide 9: Alternative Loan Program Significantly Additive
Alternative Loan Program Significantly Additive • The ALP Program was developed in 2019 as a natural extension of NewtekOne’s SBA 7(a) lending program. Like 7(a) loans, ALP loans fully amortize over 10-25 years, are underwritten on cash flows of the borrower, and are secured by personal guarantees a
Slide 10: ALP Metrics
ALP Metrics • Principal balance of outstanding ALP Loans at 12/31/25 (includes loans off balance sheet in JV and securitizations) of $694 million. • Non-performing ALP loans on a fair value basis totaled $27.6 million. • Weighted Average FICO Score of 731 • Weighted Average LTV at origination of 48%
Slide 11: Economics of ALP Securitizations
Economics of ALP Securitizations • NewtekOne and its joint ventures have completed four ALP securitizations since launching the ALP program in 2019; the fourth ALP securitization was issued in 1Q26. • For the four completed securitizations, gross spreads and advance rates have been stable or improve
Slide 12: Status of Three Active ALP Securitizations
Status of Three Active ALP Securitizations • ALP loan balances and securitization notes in our oldest remaining ALP securitization (2024-1) have declined by 25% and 38%, respectively. • ALP loan balances and securitization notes in the 2025-1 securitization that closed in April 2025 have declined by
Slide 13: Our Non-Bank, Non-Lending Subsidiaries
Our Non-Bank, Non-Lending Subsidiaries Payments Business • Payments processed approached $5.5 billion in 2025. • Newtek Merchant Solutions contributed $16.8 million of EBITDA in 2025 and is forecasted to generate $17.9 million of EBITDA in 2026. Insurance • Insurance contributed $740k of pre-tax inc
Slide 14: NSBF Loss Shrinking
NSBF Loss Shrinking NSBF is the Company’s legacy non-bank subsidiary that holds a portfolio of SBA 7(a) loans which is in wind-down. Newtek Bank began to originate and portfolio SBA 7(a) loans in 2Q23. 4Q24 1Q25 2Q25 3Q25 4Q25 Net Increase in Nonaccruals $8,882 $5,725 $4,242 $2,713 $4,300 Before Cha
Slide 15: Newtek Bank, N.A. Credit Quality Overview
Newtek Bank, N.A. Credit Quality Overview 4Q24 1Q25 2Q25 3Q25 4Q25 30 days+ past due and accruing/ 3.51% 1.69% 2.31% 2.18% 1.95% Total Loans NPLs/ 3.11% 4.34% 4.31% 4.28% 4.07% Total Loans* Provision for Credit Losses/ 1.8 2.6 1.8 1.5 1.0 Net Charge-Offs ACL/ 4.88% 5.48% 5.61% 5.57% 5.23% Loans HFI*
Slide 16: Frank M. DeMaria, CFO
Frank M. DeMaria, CFO www.newtekone.com
Slide 17: NewtekOne 2025 Financial Highlights
NewtekOne 2025 Financial Highlights Highlights 2025 2024 Change Profitability 2025 Y/Y Net Income $58.2 $49.3 18% Return on 2.78% Avg. Assets1 Diluted EPS $2.18 $1.96 11% Pre-Provision ROA1,2 5.45% Book/Share $12.19 $10.52 16% Return on 16.6% Avg. Equity1 Tangible Book/Share1 $11.68 $9.39 24% Return
Slide 18: Newtek Bank, N.A. Financial Highlights
Newtek Bank, N.A. Financial Highlights Financial Performance 4Q24 1Q25 2Q25 3Q25 4Q25 Return on Average Assets 6.17 % 2.01 % 4.05 % 3.68 % 2.68 % Return on Average Equity 50.3 % 18.6 % 34.5 % 32.0 % 23.9 % Return on Avg. Common Tang. Equity 55.1 % 19.6 % 35.7 % 32.1 % 24.1 % Efficiency Ratio 41.7 %
Slide 19: Deposit Growth
Deposit Growth • Q/Q deposit changes: business +$34 million (+9%), core consumer +$167 million (+19%), wholesale +$27 million (+48%). • We are more comfortable with Newtek Bank’s cost of deposits of 3.60% (down 62 bps Y/Y) than a peer average <2% given ease of moving deposits with a click of a mouse
Slide 20: SBA 7(a) Loan Portfolio at Newtek Bank, N.A.
SBA 7(a) Loan Portfolio at Newtek Bank, N.A. • Newtek Bank began originating SBA 7(a) loans in 2Q23. • The SBA 7(a) allowance for credit losses (ACL) comprises 89% of the Bank’s ACL. • SBA 7(a) ACL / SBA 7(a) loans HFI = 7.42% as of December 31, 2025. $ Mix of NBNA Loans HFI % Mix of NBNA Loans HFI
Slide 21: Operating Leverage Being Captured
Operating Leverage Being Captured Efficiency Ratio1 • Scalability of NewtekOne’s operating model evidenced by 2025 operating expenses increasing just 2% Y/Y on asset growth of 33%. • Efficiency ratio1 decline from 72% for 2023 and from 63% for 2024 to 58% for 2025. Noninterest Expense 1Note: Non-GAA
Slide 22: Asset Growth Supported by Healthy Capital Ratios
Asset Growth Supported by Healthy Capital Ratios NewtekOne: Assets vs. Regulatory Capital Ratios Notes: (1) Left axis: Average Assets (2) Right axis: T1L = Tier 1 Leverage Ratio = Tier 1 Capital / Average Assets CET1 = Common Equity Tier 1 Ratio = Common Equity Tier 1 Capital / Risk-Weighted Assets
Slide 23: 2026 Financial and Origination Forecast
2026 Financial and Origination Forecast Low Mid High 2026 Financial Projections: EPS $2.15 $2.35 $2.55 Book Value/Share $13.49 $13.69 $13.89 TBV/Share $12.98 $13.18 $13.38 Revenue $315 $330 $345 Operating Expenses $175 $185 $195 Net Income $62 $68 $74 2026 Loan Production Assumptions: SBA 7(a) origi
Slide 24: It Takes Time for the Market to Recognize Disruptors
It Takes Time for the Market to Recognize Disruptors AX Axos Financial (AX) • Almost 5 years before stock started to move higher • AX trades at 11x 2026 consensus EPS and 202% of tangible book. LOB Live Oak Bancshares (LOB) • Roughly 5 years before stock started to move higher. • LOB trades at 1
Slide 25: It Takes Time for the Market to Recognize Disruptors
It Takes Time for the Market to Recognize Disruptors TFIN Triumph Financial (TFIN) • Roughly 6 years before stock started to move higher. • TFIN trades at 36x 2026 consensus EPS and 305% of tangible book. SOFI SoFi Technologies (SOFI) • 2.5-3.0 year period of sideways-to-lower before stock moved
Slide 26: It Takes Time for the Market to Recognize Disruptors
It Takes Time for the Market to Recognize Disruptors NBN Northeast Bank (NBN) • Roughly 10 years before stock started to move higher • NBN trades at 10x 2026 consensus EPS and 183% of tangible book. LC Lending Club (LC) • LC trades at 12x 2026 consensus EPS and 159% of tangible book. Source: S&P
Slide 27: Appendix
Appendix www.newtekone.com
Slide 28: Total Loans - NewtekOne, Newtek Bank, Joint Ventures
Total Loans - NewtekOne, Newtek Bank, Joint Ventures • NewtekOne has loans on its balance Loans ($000s) 4Q24 1Q25 2Q25 3Q25 4Q25 Newtek Bank - sheet (“B/S”) from Newtek Bank and its Loans HFI $ 621,651 $ 711,166 $ 767,827 $ 834,087 $ 896,689 non-bank subsidiaries. Newtek Bank - Loans HFS 152,911 224
Slide 29: Industry-Leading Pre-Provision Net Revenue
Industry-Leading Pre-Provision Net Revenue • NewtekOne’s PPNR1, defined as the sum of net interest income and non-interest income less expenses before adjusting for provisions for credit losses, was 5.45% of average assets for 2025 vs. 5.98% for 2024. • The relative strength of NewtekOne’s earnings
Slide 30: Income Statement Mechanics of ALP Securitization
Income Statement Mechanics of ALP Securitization • Loans have historically transferred from warehouse facilities to securitizations. • Income statement mechanics of an ALP securitization transaction: ◦ Unrealized gains on loans being placed into securitization are reversed. (I/S line item = net gain
Slide 31: Net Interest Margin
Net Interest Margin For the Three Months Ended December 31, 2025 Average Interest Balance Inc./Exp. Average ($000s) ($000s) Yield/Cost Interest-earning balances 268,256 2,618 3.90 % Investment securities 16,395 234 5.71 % Loans 2,023,296 42,061 8.32 % Interest-earning assets 2,307,947 44,913 7.78 %
Slide 32: Public Market Comparables
Public Market Comparables (1) Source: S&P Capital IQ as of 01/28/26 (2) 2026 and 2027 EPS and 2026 ROA are based upon consensus estimates www.newtekone.com 32
Slide 33: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations www.newtekone.com
Slide 34: www.newtekone.com
NewtekOne, Inc. As of and for the three months ended (dollars and number of shares in thousands) December 31, 2025 September 30, 2025 December 31, 2024 Return on Average Equity and Average Tangible Common Equity Numerator: Net Income (GAAP) $19,541 $17,901 $18,324 Dividend on preferred equity (1,063
Slide 35: www.newtekone.com
NewtekOne, Inc. As of and for the three months ended (dollars and number of shares in thousands) December 31, 2025 September 30, 2025 December 31, 2024 Efficiency Ratio Numerator: Non-Interest Expense (GAAP) $40,448 $42,159 $42,139 Net Interest Income (GAAP) 17,480 14,549 11,292 Non-Interest Income
Slide 36: www.newtekone.com
NewtekOne, Inc. As of and for the twelve months ended (dollars and number of shares in thousands) December 31, 2025 December 31, 2024 Return on Average Equity and Average Tangible Common Equity Numerator: Net Income (GAAP) $60,512 $50,853 Dividend on preferred equity (2,335) (1,600) Numerator: Adjus
Slide 37: www.newtekone.com
NewtekOne, Inc. As of and for the twelve months ended (dollars and number of shares in thousands) December 31, 2025 December 31, 2024 Efficiency Ratio Numerator: Non-Interest Expense (GAAP) $166,093 $162,709 Net Interest Income (GAAP) 59,885 40,305 Non-Interest Income (GAAP) 224,914 217,312 Denomina
Slide 38: www.newtekone.com
Newtek Bank, NA As of and for the three months ended (dollars in thousands) December 31, 2025 September 30, 2025 December 31, 2024 Return on Average Tangible Common Equity Net Income (GAAP) $10,394 $12,573 $15,719 Tax-adjusted amortization of intangibles 28 29 31 Numerator: Adjusted net income 10,42
Slide 39: www.newtekone.com
NewtekOne, Inc. As of and for the three months ended December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Nonperforming Loans (NPLs) (GAAP) 91,895 113,916 124,723 156,216 178,006 Total Loans (GAAP) 1,422,486 1,641,767 1,640,840 1,925,486 2,176,256 NPLs/Loans 6.5 % 6.9