Company: NEWTP
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001628280-25-050582
Chunk: 91

Company: NewtekOne, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 91
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 on the loans or servicing assets, as appropriate, as well as amortization and impairment, if any, of LCM servicing rights in the consolidated statements of operations.

Expenses

For the quarterly period ended September 30, 2025, our primary operating expenses were salaries and benefits, interest expense including interest on deposits, electronic payment processing expense, loan origination and servicing expenses, and other general and administrative costs, such as professional fees, marketing, referral fees, servicing costs and rent. 

Discussion and Analysis of Financial Condition

September 30, 2025 vs. December 31, 2024

ASSETS

Total assets at September 30, 2025 were $2.4 billion, an increase of $339.2 million, or 16.5%, compared to total assets of $2.1 billion at December 31, 2024. As of December 31, 2024, the Company held the assets and liabilities of NTS for sale. Refer to NOTE 4—INVESTMENTS: Intelligent Protection Management Corp.

Loans

September 30, 2025December 31, 2024ChangeLoans held for sale, at fair value$757,001 $372,286 $384,715 Loans held for sale, at LCM28,678 58,803 (30,125)Loans held for investment, at fair value305,720 369,746 (64,026)Loans held for investment, at amortized cost, net of deferred fees and costs834,087 621,651 212,436 Allowance for credit losses(45,166)(30,233)(14,933)Loans held for investment, at amortized cost, net788,921 591,418 197,503 Total Loans$1,880,320 $1,392,253 $488,067 

Loans held for sale

Loans HFS, at fair value increased $384.7 million during the nine months ended September 30, 2025. The overall increase was primarily the result of holding guaranteed portions of SBA 7(a) loans for longer periods of time as well as new loan originations during 2025, in the amount of $310.6 million in SBA loans and an increase of $74.1 million for ALP loans.

September 30, 2025December 31, 2024ChangeSBA 504 First L