NewtekOne closes offering of depositary shares

On August 20, 2025, NewtekOne (NEWT) closed an offering of 2,000,000 depositary 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 with a liquidation preference of $1,000 per share. The offering generated approximately $48.357 million in net proceeds to the Company. In addition, the Company granted the underwriters a 30-day option to purchase up to an additional 150,000 Depositary Shares at the public offering price less the applicable underwriting discount. The newly issued Series B Preferred Stock will pay a non-cumulative 8.500% per annum cash dividend 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 Company has applied to list the Depositary Shares on the Nasdaq Global Market under the ticker symbol “NEWTP.” The Company intends to use the net proceeds from the offering of the Depositary Shares to fund investments, to repay existing debt, and for general corporate purposes. Keefe, Bruyette & Woods, Inc. and Raymond James & Associates, Inc. acted as joint book-running managers for the offering; lead managers included B. Riley Securities, Inc., Janney Montgomery Scott, LLC, Ladenburg Thalmann & Co., and Muriel Siebert & Co., LLC.