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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, 2025December 31, 2024
CostFair ValueCostFair Value
Residuals in securitizations, at fair value (NOTE 3)
$32,481 $76,701 $— $— 
Joint ventures and other investments, at fair value36,692 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, 2025December 31, 2024
CostFair ValueCostFair Value
CRE$131,015 $138,110 $162,894 $175,353 
Residential Real Estate52,229 50,539 69,667 67,474 
Machinery and Equipment¹46,552 43,266 60,460 56,454 
Accounts Receivable and Inventory43,944 38,670 59,449 54,267 
Unsecured4,295 4,259 5,643 5,644 
Other²8,619 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, 2025December 31, 2024
CompanyYear 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 $68 
Biller Genie Software, LLC1,983 1,525 458 60 
Intelligent Protection Management Corp.
IPM Earnout1
1,300 (968)— — 
IPM Stock2
6,880 (1,320)$— — 
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.
The following table summarizes the amounts due to and due from affiliated companies as of December 31, 2025 and 2024:

December 31, 2025December 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,
202520242023
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, 2025December 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, 2025December 31, 2024
Amortized CostUnrealized GainsUnrealized LossesFair ValueAmortized CostUnrealized GainsUnrealized LossesFair 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,
202520242023
# of Securities
$
# of Securities
$
# of Securities
$
Securities sold or settled
eight settled$27,700five settled$42,500
none
$—
Debt securities, 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 Months12 Months or MoreTotal
Fair ValueUnrealized LossesFair ValueUnrealized LossesNumber of Holdings Fair ValueUnrealized Losses
U.S. Treasury notes$16,829 $7 $— $— 3 $16,829 $7 

December 31, 2024
Less Than 12 Months12 Months or MoreTotal
Fair ValueUnrealized LossesFair ValueUnrealized LossesNumber of Holdings Fair ValueUnrealized 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, 2025December 31, 2024
Amortized CostFair ValueAmortized CostFair 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 $23,916 
The following table summarizes Newtek Bank’s debt securities available-for-sale pledged for deposits, borrowings, and other purposes:
December 31, 2025December 31, 2024
Pledged for deposits$— $— 
Pledged for borrowings and other:
FRB borrowings7,383 2,980 
FHLB borrowings9,446 20,937 
Total pledged$16,829 $23,917