NewtekOne, Inc. (NEWT) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the NewTek first quarter 2026 earnings conference call.

大家好，感謝各位稍候。歡迎參加 NewTek 2026 年第一季財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Barry Sloan, President and CEO. Please go ahead.

(接線員指示) 請注意，今天的會議將被錄音。現在我想把會議交給今天的第一位講者，Barry Sloan，總裁暨執行長。請開始。

Thank you very much, and welcome to our Q1 2026 financial results conference call. My name is Barry Sloane, President, CEO, and founder of NewtekOne.

非常感謝，歡迎各位參加我們 2026 年第一季財務結果電話會議。我叫 Barry Sloane，是 NewtekOne 的總裁、執行長暨創辦人。

Also presenting today is Frank DeMaria, Chief Financial Officer of NEWT, the financial holding company that's publicly traded, and Frank is also Chief Financial Officer of Newtek Bank, National Association. Those who want to follow today's presentation along, please go to newtekone.com. Go to the Investor Relations section and the Presentations section.

今天一同簡報的還有 Frank DeMaria，NEWT（公開交易之金融控股公司）的財務長；Frank 同時也是 Newtek Bank, National Association 的財務長。想要跟著今天簡報內容的各位，請前往 newtekone.com，進入 Investor Relations（投資人關係）區，再到 Presentations（簡報）區。

We appreciate everyone's attending today, given that this is our 25th year as a publicly traded company and our 13th quarter reporting as a bank holding company after acquiring National Bank of New York City.

感謝各位今天出席，因為今年是我們成為上市公司的第 25 年，也是我們在收購 National Bank of New York City 後，作為銀行控股公司進行財報揭露的第 13 個季度。

We've accomplished quite a lot, from $180 million of total assets in National Bank of New York City to over $2 billion, the financial holding company is approximately $2.9 billion of assets, and the bank has over $2 billion of deposits, up from $140 million at the time we acquired it approximately 3.25 years ago.

我們完成了許多成果：National Bank of New York City 的總資產從 1.8 億美元成長到超過 20 億美元；金融控股公司的資產約為 29 億美元；銀行存款超過 20 億美元，較我們約 3.25 年前收購時的 1.4 億美元大幅增加。

We want to make sure in today's presentation, one of the biggest concerns I think people have, particularly in the current volatile market, is credit quality.

我們希望在今天的簡報中確保涵蓋一點：我認為大家最大的疑慮之一，尤其在目前波動的市場環境下，就是信用品質。

I want to point everyone towards Slide 21, where we're able to demonstrate that the bank clearly has stabilized credit. NPLs are down as a percentage when we typically take out the government guarantees for both the numerator and the denominator.

我想請各位看第 21 頁投影片，我們在那裡能夠展示銀行的信用狀況已明顯趨於穩定。當我們在分子與分母中通常都剔除政府擔保時，不良貸款（NPL）占比已下降。

With that said, let's go to Slide number 2 under forward-looking statements. Let's absorb that. And then let's go to Slide number 3.

話不多說，讓我們看第 2 頁投影片的前瞻性陳述。請大家先消化一下。接著我們看第 3 頁投影片。

Important always to note when you look at NewtekOne as its purpose: our mission hasn't changed since it was founded in 1998 at 120 West 18th Street, Apartment 4B, with three founders.

在檢視 NewtekOne 時，永遠要注意其存在目的：自 1998 年在西 18 街 120 號 4B 公寓由三位創辦人創立以來，我們的使命從未改變。

The focus of NewtekOne is to provide small- to medium-sized businesses, small- to medium-sized enterprises, and independent business owners all across the United States to have financial and business solutions that are state-of-the-art.

NewtekOne 的重點是為全美各地的小型至中型企業（SMB/SME）以及獨立企業主，提供最先進的金融與商業解決方案。

We help our clients become more successful by growing their revenues, reducing their expense, and reducing their risk. I think more importantly, we're very much involved in the concept of realtime payments.

我們透過協助客戶提升營收、降低費用並降低風險，讓客戶更成功。我認為更重要的是，我們非常投入即時支付（realtime payments）的概念。

We'll talk about that quite a bit today, moving money, and giving businesses the analytics that they really desire and require, apart from what they typically get from the top 4 large financial institutions in the United States, regional banks, and community banks. On Slide number 4. How do we do this?

我們今天會談到很多：資金移轉，以及提供企業真正想要且需要的分析工具；這些是他們通常無法從美國前四大金融機構、區域銀行與社區銀行獲得的。請看第 4 頁投影片。我們如何做到？

NewtekOne uses technology to tackle its mission statement. I think it's important to point out that although we've taken many different sizes and shapes as a publicly traded company, we started off as a 1933 Act company, converted in November of 2011 to a 1940 Act BDC company, and then converted back into a financial holding company.

NewtekOne 以科技來落實其使命宣言。我認為重要的是要指出，雖然我們作為上市公司曾以多種不同形式存在：一開始是 1933 年法案公司，於 2011 年 11 月轉為 1940 年法案的 BDC 公司，之後又轉回金融控股公司。

We acquired National Bank of New York City primarily for the purpose of improving our client experiences historically. We believe that by using technology, we have solved the three primary challenges that the banking industry needs to overcome to be able to help the customer base. One, the high cost of infrastructure with too many branches and expensive traditional bankers.

我們收購 National Bank of New York City，主要目的是歷史性地改善客戶體驗。我們相信，透過科技，我們已解決銀行業為了更好服務客群所必須克服的三大主要挑戰。第一，基礎設施成本過高：分行過多，以及昂貴的傳統銀行人員。

We are traditional banker less and branchless. If you take a look at the efficiency ratio at Newtek Bank, National Association for this particular quarter, it was 40%. Insufficient lending margins from riskless loans. We think this particular industry, when they're lending, generally is avoiding risk.

我們較少依賴傳統銀行人員，且採無分行模式。如果你看 Newtek Bank, National Association 本季的效率比率（efficiency ratio），為 40%。第二，來自無風險貸款的放款利差不足。我們認為這個產業在放款時通常是在迴避風險。

They're not managing risk, and we think that there's very little margin in their business and frankly, if they aren't able to acquire deposits materially below the risk-free rate, there's not a lot of margin in their business.

他們不是在管理風險；我們認為其業務利差非常有限。坦白說，如果他們無法以顯著低於無風險利率的成本取得存款，他們的業務利差就不大。

Lastly, from a deposit perspective, basically taking in deposits with zero interest paid or noninterest-bearing deposits and charging excessive fees for the business client is not in the domain of NewtekOne or Newtek Bank, National Association.

最後，從存款角度來看，基本上以零利息或不計息存款吸收資金，並向企業客戶收取過高費用，並不屬於 NewtekOne 或 Newtek Bank, National Association 的經營範疇。

We have an extremely attractive platform that pays for business clients: 1% on checking, 3.5% on business savings, and a true, no asterisk, zero fee bank account. Important to note, we're a major adopter of real-time payments.

我們有一個對企業客戶極具吸引力的平台：支票帳戶付 1%，企業儲蓄付 3.5%，而且是真正的、沒有星號註記的零費用銀行帳戶。值得注意的是，我們是即時支付的重要採用者。

We can announce today that we are now -- have FedNow for receiving payments for our client base. We've been approved by the Federal Reserve's FedNow program and The Clearing House RTP. So we're fully approved, this is live, and we're able to benefit our clients today with real-time payments appearing in their account.

我們今天可以宣布：我們現在已可透過 FedNow 為客戶收款。我們已獲得聯準會的 FedNow 計畫以及 The Clearing House RTP 的核准。因此我們已全面核准、已正式上線，今天就能讓客戶受益，即時支付會直接顯示在其帳戶中。

On Slide number 5, obviously, these are things I think many of you are already aware of in terms of our structure. NewtekOne is considered a bank holding company regulated by the Fed Board of Governors. Newtek Bank, National Association, which used to be called National Bank of New York City, is a depository offering great solutions, real time payments, obviously, it's a lender to the business community.

在第 5 頁投影片，顯然這些關於我們架構的內容，許多人應該已經了解。NewtekOne 被視為由聯準會理事會（Fed Board of Governors）監管的銀行控股公司。Newtek Bank, National Association（過去名為 National Bank of New York City）是一家存款機構，提供優質解決方案與即時支付；當然，它也是服務企業社群的放款機構。

Through its holding company, investment in Newtek Merchant Solutions provides payment processing solutions, payroll solutions, and insurance solutions that support independent business owners all across the United States.

透過其控股公司，投資於 Newtek Merchant Solutions，提供支付處理解決方案、薪資解決方案與保險解決方案，以支援全美各地的獨立企業主。

We've utilized our own proprietary and patented technological solutions to acquire customers cost effectively.

我們運用自有的專有且已取得專利的技術解決方案，以具成本效益的方式獲取客戶。

We receive 600 to 800 unique business referrals a day through our NewTracker trademark client acquisition tool, and we give customers through the Newtek Advantage, a far advanced business portal to help them manage their business, move money on a real-time basis, as well as get the types of historic data and analytics that they so rightly deserve.

我們透過 NewTracker 商標的客戶獲取工具，每天收到 600 到 800 個獨特的企業轉介；並透過 Newtek Advantage，為客戶提供一個高度先進的商業入口網站，協助他們管理企業、即時移轉資金，以及取得他們理應擁有的歷史資料與分析。

NewtekOne provides a full menu of best-in-class on-demand business and financial solutions to independent business owners. Importantly, we don't leave clients to just software. We have staff, over 300, that are available on demand, on camera.

NewtekOne 為獨立企業主提供一整套同級最佳、隨需即用的商業與金融解決方案。重要的是，我們不會只把客戶留給軟體。我們有超過 300 名員工，可隨需提供視訊服務。

So in addition to great software and great technology in a frictionless manner, they can also get somebody on camera when they need them.

因此，除了以無摩擦的方式提供優秀的軟體與科技之外，客戶在需要時也能透過視訊找到真人協助。

On Slide number 6, we talk about our target market. I think the relevance of our target market is the SMB, SME, or independent business owner market is quite large and quite lucrative.

在第 6 頁投影片，我們談到目標市場。我認為目標市場的重要性在於：SMB、SME 或獨立企業主市場規模相當大，而且獲利性很高。

It's estimated that there's 36 million independent business owners in the United States that identify themselves in this category.

據估計，美國有 3,600 萬名獨立企業主自我認定屬於此類別。

According to the US Chamber of Commerce, it's 43% of US GDP. And frankly, we've been tremendously supportive of this particular asset class. And according to the SBA, we have stabilized and supported over 110,000 jobs over the last five years, the second highest amongst all SBA lenders.

根據美國商會（US Chamber of Commerce），這占美國 GDP 的 43%。坦白說，我們一直以來都大力支持這一類資產類別。而根據 SBA，我們在過去五年已穩定並支持超過 110,000 個工作機會，在所有 SBA 放款機構中排名第二高。

The independent business owner is a huge economic demographic that, frankly, the existing industry has taken advantage of by basically taking their deposits, not really providing them attractive lending solutions to enable them to grow their business, or for that matter, the ability to move money on a real-time basis.

獨立企業主是一個龐大的經濟族群，坦白說，現有產業基本上一直在利用他們：收下他們的存款，卻沒有真正提供具吸引力的放款解決方案來協助他們擴展業務，甚至也未能提供即時移轉資金的能力。

It's important to point out that in recent SBA data, NewtekOne is the largest SBA lender by units and is top 2 or 3 by loan volume.

值得指出的是，根據近期 SBA 的資料，NewtekOne 以件數計是最大的 SBA 放款機構，按放款金額則名列前 2 或前 3。

Also important to note that even though the bank's balance sheet is a little over $2.1 billion, when we make an SBA loan, 75% is government guaranteed, we typically sell it.

另外也很重要的一點是，儘管本行資產負債表規模略高於 21 億美元，但當我們承作 SBA 貸款時，其中 75% 由政府擔保，我們通常會將其出售。

So even though the bank is $2 billion, we basically -- when you look at the government guarantees and the fact that we're servicing them, it's a much bigger infrastructure.

因此，雖然銀行規模是 20 億美元，但基本上——當你考量政府擔保以及我們持續提供貸後服務的事實時，這是一個更龐大的基礎設施。

I would guess over our history, if we kept all the government guarantees on the balance sheet rather than selling them, it would be approximately $4 billion of total assets.

我猜想在我們的歷史上，如果我們把所有政府擔保都留在資產負債表上而不是出售，總資產大約會是 40 億美元。

On Slide number 7, we're going to focus on the really attractive quarter that we just reported. Really good start to 2026, EPS of $0.43, beating Street consensus by about $0.01, reflected 19% and 23% growth over Q1 '25 basic and diluted EPS, and was within our $0.37 to $0.47 guidance range.

在第 7 張投影片，我們將聚焦於我們剛公布的這個非常亮眼的季度。2026 年開局非常好，每股盈餘（EPS）為 0.43 美元，較華爾街共識預期高約 0.01 美元；相較 2025 年第一季基本與稀釋 EPS 分別成長 19% 與 23%，並落在我們 0.37 至 0.47 美元的指引區間內。

We want to reconfirm our 2026 guidance of $2.35 at the midpoint and establish a $2.60 midpoint for 2027. The current Street consensus for 2027, $2.35, $2.40, $2.45, and $2.50 from four of the six analysts to blend to $2.43.

我們希望再次確認 2026 年指引中點為 2.35 美元，並為 2027 年建立 2.60 美元的中點。目前市場對 2027 年的共識預期，六位分析師中有四位分別給出 2.35、2.40、2.45 與 2.50 美元，綜合後為 2.43 美元。

Also, for those that follow our stock closely, you're familiar that we've done a very nice job in growing book value and tangible book value. So book value per share ended Q1 2026 at $12.35 and tangible book at $11.84.

此外，對於密切追蹤我們股票的人來說，你們很熟悉我們在提升帳面價值與有形帳面價值方面做得相當出色。因此，2026 年第一季每股帳面價值為 12.35 美元，每股有形帳面價值為 11.84 美元。

We started off at a tangible book at $6.92 in Q1 2023, quite a substantial growth over the course of time. It's the technological advancements that are supporting a record number of originated loans and tremendous year-over-year growth.

我們在 2023 年第一季的每股有形帳面價值是 6.92 美元，隨著時間推移成長相當可觀。支撐創紀錄放款承作量與驚人的年增成長的，正是技術上的進步。

In the first quarter of 2026, we originated 961 loan units, up 40% year-over-year, with 500 loan units alone originated in March versus 287. In dollar terms, $391 million of loans, versus $366 million of loans for Q1 2025. And March's momentum has continued in April with approximately 10% year-over-year growth.

在 2026 年第一季，我們承作 961 筆貸款，年增 40%，其中僅 3 月就承作了 500 筆，相較之下為 287 筆。以金額計，貸款為 3.91 億美元，相較 2025 年第一季的 3.66 億美元。而 3 月的動能在 4 月仍持續，年增約 10%。

In addition, we were able to capture the operating leverage. Q1 2026 operating expense was just over -- up over 7.5% on year-over-year asset growth of 35%, and a return on average assets of 1.96%, very favorable to the industry, but also important for those of you that follow the company, the first quarter is clearly our weakest from an earnings perspective.

此外，我們也成功掌握了營運槓桿效益。2026 年第一季營運費用僅略高於——在資產年增 35% 的情況下，費用年增僅超過 7.5%；平均資產報酬率（ROAA）為 1.96%，不僅在同業中相當亮眼；但對於追蹤本公司的人也很重要的是，第一季從獲利角度來看顯然是我們最弱的一季。

I think it's important to note, using technology on a loan under $350,000, we're using AI to read tax returns, read lease agreements, read operating agreements, as well as alternative valuation methods. So by being able to do this, we're able to really fund small business loans quite quickly. As a matter of fact, we talked about, which we'll do in future slides, the 7-day loan.

我認為很重要的一點是，對於 35 萬美元以下的貸款，我們運用科技與 AI 來讀取報稅資料、租賃合約、營運協議，以及替代性估值方法。因此，透過這樣的能力，我們能夠非常快速地撥付小型企業貸款。事實上，我們也談到過——我們會在後續投影片說明——所謂的「7 天貸款」。

Once a loan application is completed, we can clearly fund that particular application under $350,000 within seven days. Slide number 8, deposit growth, extremely important for banks.

一旦貸款申請完成，我們可以在七天內為該筆 35 萬美元以下的申請完成撥款。第 8 張投影片：存款成長，對銀行極其重要。

We had two consecutive quarters of record number of deposit accounts. We ended Q1 2026 with 37,000 deposit accounts, more than doubling year-over-year. In 13 quarters, we've grown deposits from $142 million to $1.9 billion.

我們連續兩個季度創下存款帳戶數的歷史新高。2026 年第一季末我們有 37,000 個存款帳戶，年增超過一倍。在 13 個季度內，我們的存款從 1.42 億美元成長到 19 億美元。

Business deposits, which come in at a lower cost, increased Q-over-Q and year-over-year by $37 million and $173 million, respectively. Consumer deposits also climbing quarter-over quarter and year-over-year by $392 million and $668 million.

成本較低的企業存款，季增與年增分別增加 3,700 萬美元與 1.73 億美元。消費者存款也持續上升，季增與年增分別增加 3.92 億美元與 6.68 億美元。

Since the acquisition of Newtek Bank in 2023, 54% of our lending clients have opened up a business deposit account and since February of 2024, when we initiated key man life to Newtek Bank business lending clients, 25% of those clients have purchased key man life and do so in an automatic, frictionless basis where they apply once and they can get a bank account, key man life, they can currently get flood insurance in the menu, in the very near future, we're also going to be able to offer property and casualty, all automated, one app, frictionless, and get that client their funds as quickly as possible for those that qualify.

自 2023 年收購 Newtek Bank 以來，我們 54% 的放款客戶已開立企業存款帳戶；而自 2024 年 2 月起，當我們向 Newtek Bank 的企業放款客戶推出關鍵人物壽險（key man life）後，其中 25% 的客戶已購買關鍵人物壽險，且流程是自動化、無摩擦的：客戶只需申請一次，就能同時取得銀行帳戶、關鍵人物壽險；目前在選單中也可取得洪水保險；在不久的將來，我們也將能提供財產與意外險（property and casualty）。全部自動化、一個 App、無摩擦，並在符合資格的前提下，盡可能快速地把資金提供給客戶。

We just started in January originating C&I long am loans, nicknamed C&I LA. We used to call them ALP loans, and these are being originated at the bank. The C&I LA originations approximated $85.7 million versus $68.5 million in the same quarter a year earlier.

我們在 1 月才剛開始承作 C&I 長期攤還貸款（long am loans），暱稱 C&I LA。我們過去稱它們為 ALP 貸款，而這些貸款是在銀行端承作。C&I LA 的承作金額約為 8,570 萬美元，相較一年前同一季度的 6,850 萬美元。

We are now funding these, obviously, with bank deposits, where historically, in 2025 and earlier than that, we funded them up at the holding company with warehouse facilities.

我們現在顯然是用銀行存款來為這些貸款提供資金；而在 2025 年及更早以前，我們是在控股公司層級透過倉儲融資（warehouse facilities）來提供資金。

The cost of those facilities were approximately SOFR plus 325 basis points, but the bigger cost, which I'll describe in a second, has been not using a warehouse facility, but the bank funding. We have historically securitized C&I LA loans on a regular basis, and we may do so from the bank's balance sheet.

那些融資工具的成本大約是 SOFR 加 325 個基點；但更大的成本——我稍後會說明——其實不是使用倉儲融資，而是改用銀行資金來源。我們過去一直定期將 C&I LA 貸款進行證券化，而我們也可能從銀行的資產負債表進行證券化。

Once again, let's take an example of, say, a $500 million portfolio. So a $500 million portfolio, which historically was originated at the holding company with a 70% advance rate from a street warehouse line -- and we should note, we just paid two of those down to zero, one from Capital One, one from Deutsche Bank -- had a 30% equity haircut.

再一次，我們以一個例子來看，例如 5 億美元的投資組合。一個 5 億美元的投資組合，過去是在控股公司承作，並透過街口倉儲授信額度（street warehouse line）以 70% 的預支率（advance rate）融資——並且要指出的是，我們剛把其中兩條額度降到零，一條來自 Capital One，一條來自德意志銀行——會有 30% 的股權折減（equity haircut）。

So on $500 million worth of loans, you need $150 million of capital from the holdco. Once you securitize with a 15% OC, or owner certificate, meaning that you had three classes of bonds above it -- single A bond, a BBB bond, and a BB bond -- to give you an 85% advance rate. An 85% advance rate on $500 million of collateral is $75 million.

因此，對於 5 億美元的貸款，你需要控股公司提供 1.5 億美元的資本。一旦你以 15% 的超額擔保（OC）或持有人證書（owner certificate）進行證券化，也就是其上方有三個債券級別——單 A 債、BBB 債與 BB 債——就能讓你取得 85% 的預支率。以 5 億美元抵押品計算，85% 的預支率代表 7,500 萬美元。

All would have to be contributed from the holding company. In the event that we securitize off the bank's balance sheet, it's dramatically less.

這些都必須由控股公司出資。如果我們改為從銀行資產負債表進行證券化，所需資本就會大幅降低。

You're funding it with core deposits at approximately a 10-to-1 leverage, much more efficient and much more profitable. On Slide number 9, tangible book value per share, one of my favorite slides. So real simple for those people that like to invest based upon tangible book value growing.

你是用核心存款來提供資金，槓桿大約可達 10 比 1，效率更高、獲利也更好。第 9 張投影片：每股有形帳面價值，是我最喜歡的一張投影片之一。對於喜歡以有形帳面價值成長作為投資依據的人來說，這很簡單。

If you look at this slide, it's a little dizzying to a certain degree: $6.92 in Q1 2023. It's currently $11.84. Frank DeMaria will talk about where we think we'll be at the end of the year, and it'll be $13.50 approximately and then on top of that, you look at the dividends that we paid.

如果你看這張投影片，某種程度上會有點眼花撩亂：2023 年第一季是 6.92 美元。目前是 11.84 美元。Frank DeMaria 會談到我們預期年底會到哪裡，大約會是 13.50 美元；此外，你再看看我們所支付的股利。

So $2.43 of cumulative common dividends declared, $4.92 of tangible book value growth since the conversion, we've delivered $7.35 of value to shareholders, more than double the Q1 tangible book value of $6.92, something we're really proud of on Slide number 10, we touched upon this a little earlier, the technological advances that are supporting increased loan volume. Those advances have also helped us with deposit growth.

因此，自轉換以來累計宣告普通股股利為 2.43 美元、具體有形帳面價值成長 4.92 美元，我們已為股東創造 7.35 美元的價值，超過第一季有形帳面價值 6.92 美元的兩倍以上。這是我們在第 10 張投影片上非常引以為傲的成果。我們稍早也略有提到，支撐貸款量增加的技術進步。這些進步也協助我們帶動存款成長。

I think once again, it's important to note, we had tremendous unit and dollar growth in the first quarter. We talked about the seven day business loan. We talked about our AI that we use for smaller balance loans with respect to using it to read tax returns, which are very important to spreading financials and actually calculating debt service coverage.

我認為再次強調很重要：我們在第一季的件數與金額都出現了驚人的成長。我們談到了七天期商業貸款。我們也談到我們用於小額餘額貸款的 AI，如何用來讀取報稅資料；這對於展開財務報表並實際計算債務償付覆蓋率非常重要。

Some of our competitors in the marketplace, frankly, that have been scoring going some of these loans, they can't do it. They've got to change their technology. It's creating friction. We've had several of our competitors in the space reporting problems with their fintech originators that aren't able to actually deliver the solution. Not a problem for NewtekOne or Newtek Bank.

坦白說，市場上一些競爭對手用評分方式來做部分這類貸款，他們做不到。他們必須更換他們的技術。這造成了摩擦。我們有好幾個同業回報，他們的金融科技放款來源端（fintech originators）出現問題，無法真正交付解決方案。但這對 NewtekOne 或 Newtek Bank 不是問題。

We've been using the five Cs of credit lending in our entire history. We're doing that on the $350,000 loans to basically get liens, get appraisals, read operating agreements, and lease agreements. Importantly, when you compare our business loans, which are structured to amortize over 10 to 25 years with no balloon payments, these are commercially viable rates.

我們在整個歷史中一直採用信貸的「五個 C」原則。我們在 35 萬美元的貸款上也這麼做，基本上是為了取得擔保權、取得估價、閱讀營運協議與租賃協議。重要的是，當你比較我們的商業貸款（設計為 10 到 25 年攤還、且沒有期末一次性還款 balloon payments），這些利率在商業上是可行的。

Compare it to merchant cash advance, or the daily debit type loans, we can create monthly payments that are 7% lower than a borrower would experience with alternative financing options that are structured with shorter maturities. So our business model, whether it's 7a, C&I LA, or loans that go into the bank, I think it's important: we have been long amortizing lenders since 2003.

相較於商戶現金預支（merchant cash advance）或每日扣款型貸款，我們能做出每月還款額，比借款人使用那些以較短到期日結構的替代性融資選項所承受的還款額低 7%。因此，不論是 7a、C&I LA，或是進入銀行帳上的貸款，我認為重點在於：自 2003 年以來，我們一直是長期攤還型放款人。

We have that expertise. Our loans give the borrower a lot of flexibility. There's no covenant, so it allows them to distribute all the income. It allows them to borrow more without asking. It allows them to do an acquisition. What's the trade-off? We get a personal guarantee. We get a lien on all business assets, and in many cases, personal assets. We would trade that off all day long. We have the knowledge and experience making loans over two decades to have a very good feel for the full frequency and severity.

我們具備那樣的專業能力。我們的貸款給借款人很大的彈性。沒有財務契約條款（covenant），因此允許他們分配全部收益。也允許他們在不必事先詢問的情況下再借更多。也允許他們進行併購。那麼取捨是什麼？我們取得個人保證。我們對所有企業資產設定擔保權，在許多情況下也包含個人資產。這樣的取捨我們隨時都願意。我們有超過二十年的放款知識與經驗，對於整體的發生頻率與損失嚴重度有非常好的掌握。

We know these businesses. We know these markets. We do know how to manage, making these types of loans, get greater net returns after provisions, after allowance for credit losses, which are almost 5%, very, very strong risk management within the walls of Newtek Bank.

我們了解這些企業。我們了解這些市場。我們確實知道如何管理這類貸款的承作，並在提列後（provisions）、以及信用損失備抵（allowance for credit losses）接近 5% 的情況下，仍能取得更高的淨報酬；這展現了 Newtek Bank 內部非常、非常強的風險管理。

We're very proud of what we've been able to do here. And now when you add technology, there's no need for a business owner to borrow money from an MCA or a daily debit loan at huge risk weightings.

我們對於在這裡所能做到的成果感到非常自豪。而現在當你再加上科技，企業主就沒有必要以極高風險權數去向 MCA 或每日扣款貸款借錢。

They might have to wait a couple of more days, but they get a long am, they get an adult payment, and they actually get an adult loan. Those technological advances that we have created for ourselves internally have also been very valuable to our digital account opening and deposit growth on Slide number 11. Take a look at the graphs. They're very attractive. You can see we've grown business deposits.

他們可能得多等幾天，但他們得到的是長期攤還（long am）、得到的是成熟的還款安排（adult payment），而且實際上得到的是成熟的貸款（adult loan）。我們在內部為自己打造的這些技術進步，也對第 11 張投影片所示的數位開戶與存款成長非常有價值。看看那些圖表。非常吸引人。你可以看到我們的企業存款成長了。

We've grown total deposits. We've grown depository accounts. We're just doing very, very well in this particular area. Importantly, these are insured deposits, 78% insured.

我們的總存款成長了。我們的存款帳戶數也成長了。我們在這個領域的表現非常、非常好。重要的是，這些是受保險的存款，78% 受保。

These deposits are not going anywhere. They're insured, they're small. You're not going to have a Silicon Valley Bank-type problem because the customers weren't paid any interest. They had millions or tens of millions or hundreds of millions of dollars that just flew at a moment's notice. We're very, very happy about paying market rates of interest.

這些存款不會跑掉。它們有保險、金額小。你不會遇到矽谷銀行那種問題，因為那裡的客戶沒有拿到任何利息。他們有數百萬、數千萬，甚至數億美元，會在一瞬間就飛走。我們非常、非常樂於支付市場利率的利息。

We get good margins on our loans, net of write-offs. It's a real good, smart business model. Slide number 12. This is our nonbank lender, held over from the days when we didn't own a bank, and we had to fund our business with warehouse lines and securitization at the holding company. So Newtek Small Business Finance is winding down.

我們的貸款在扣除核銷後仍有良好的利差。這是一個非常好的、聰明的商業模式。第 12 張投影片。這是我們的非銀行放款機構，延續自我們還沒有銀行、必須在控股公司層級透過倉儲融資額度與證券化來為業務籌資的年代。因此 Newtek Small Business Finance 正在逐步收尾。

I think it's also important to note that this portfolio has really experienced what we consider the Great Financial Crisis for small business, where rates went up 3% to 5% in a short period of time and inflation really made it difficult for businesses. So when you look at net increase in nonaccruals, shrinking. The accruing portfolio, shrinking. Nonaccruals at fair value, shrinking.

我認為也很重要的一點是，這個投資組合確實經歷了我們所稱的「小型企業的大金融危機」：利率在短時間內上升 3% 到 5%，而通膨也讓企業經營變得非常困難。因此當你看淨新增的不計息（nonaccrual）貸款，正在縮小。計息中的投資組合，正在縮小。以公允價值衡量的不計息資產，也在縮小。

The outstanding securitization notes, down to $113 million that's really important because the loans that are in the securitizations, all the cash flow is being used to pay down the debt in the securitization.

未償還的證券化票據降至 1.13 億美元，這非常重要，因為證券化中的貸款，其所有現金流都用來償還證券化結構中的債務。

So once you hit the cleanup call, and there's three securitizations left -- we started off with 13 -- and you hit the cleanup call, which we're going to start to hit those in the next 6 to 24 months, probably on all three, then those loans and the monthly P&I flows through, and we're able to use that cash flow for a lot of nice things up at the holding company.

因此，一旦觸及清理買回條款（cleanup call）——目前還剩三筆證券化（我們一開始有 13 筆）——而且我們將在未來 6 到 24 個月開始觸及這些條款，可能三筆都會，屆時那些貸款以及每月的本金與利息（P&I）現金流就會回流，我們就能在控股公司層級把這些現金流用在許多很好的用途上。

Also, when you look at NSBF on a total consolidated basis, at the beginning of 2025, it was 21%. On 3/31/2025, it's down to 13%. So it continues to shrink.

另外，當你以合併總基礎來看 NSBF，在 2025 年初是 21%。到 2025/3/31 已降至 13%。因此它持續在縮小。

We're happy about that. The remaining portfolio is fairly seasoned. The weighted average life is about 66 months. So we think we're through the worst part of the curve. And we certainly appreciate the opportunity to participate in the program as a nonbank lender and we've been participating as a bank lender pretty much for 3.25 -- actually about three years.

我們對此感到高興。剩餘的投資組合相當成熟。加權平均存續期約為 66 個月。因此我們認為已經度過曲線中最糟的部分。我們也非常感謝有機會以非銀行放款人的身分參與該計畫，而以銀行放款人的身分參與則大約已經 3.25——其實大約三年了。

Slide number 13, the C&I LA program, extremely additive. I want to really emphasize how additive it is. The average loan size on C&I LA is about $4 million to $5 million. Let's use $5 million because it's a nice round number.

第 13 張投影片，C&I LA 計畫極具增益。我想特別強調它的增益程度。C&I LA 的平均貸款規模約為 400 萬到 500 萬美元。我們用 500 萬美元來算，因為是個好記的整數。

So on 100 units, you've got $500 million. On 200 units, it's $1 billion. To do $1 billion of 7(a) loans, you almost have to do 3,000 units. So the ability to grow with our pipeline in a quality manner exists, it's there without reaching for bad credits. Importantly, the C&I LA program is not a 7a type program with a 7(a) borrower.

所以做 100 件，就是 5 億美元。做 200 件，就是 10 億美元。要做到 10 億美元的 7(a) 貸款，你幾乎得做 3,000 件。因此，我們有能力在不去追逐劣質授信的情況下，透過我們的案源管線以高品質方式成長；這個能力是存在的，就在那裡。重要的是，C&I LA 計畫不是那種搭配 7(a) 借款人的 7a 類型計畫。

The borrowers are seasoned, will go through the metric profile. You'll see these are very strong credits. So this is going to help us diversify. As a matter of fact, at the end of March, the 7a portfolio at the bank, I think, was down to about 41% of the total portfolio. So diversification is an extremely important part of risk management at the bank.

借款人經驗豐富，我們將檢視其指標概況（metric profile）。你會看到這些都是非常強勁的信用。因此，這將有助於我們達到分散化。事實上，截至三月底，銀行的 7(a) 投資組合，我認為已降至約占整體投資組合的 41%。因此，分散化是銀行風險管理中極其重要的一環。

We plan on doing more CRE at the bank, more short am C&I, as well as the C&I LA program, which has the great margins, and we've developed a six to seven year expertise in.

我們計畫在銀行端做更多 CRE（商業不動產），更多短期攤還的 C&I（商業與工業）貸款，以及 C&I LA 計畫；該計畫利差很優，而且我們已累積六到七年的專業經驗。

Once again, the size of the loans are extremely important. It will enable us to grow the balance sheet in a better quality manner without having to reach. In January of 2026, we successfully launched our fourth C&I LA securitization. There was $295 million of securitized notes sold, backed by $342 million of loans.

再次強調，貸款規模極其重要。這將使我們能以更高品質的方式擴張資產負債表，而不必為了成長而勉強追逐風險。在 2026 年 1 月，我們成功推出第四筆 C&I LA 證券化。本次出售了 2.95 億美元的證券化票據，背後以 3.42 億美元的貸款作為支持。

It was our 17th securitization in our history. The deal was 10times oversubscribed with 32 institutions purchasing the notes. Slide number 14, very important. I think you need to absorb this.

這是我們歷史上的第 17 次證券化。本交易超額認購達 10 倍，共有 32 家機構買入票據。第 14 頁投影片，非常重要。我認為你需要好好消化這一點。

These businesses, on a weighted average basis, have been around for about 10 years that is not an SBA borrower. Weighted average LTV, 47%; weighted average debt service coverage, over three. That is not an SBA borrower.

這些企業以加權平均來看，成立約 10 年——這不是 SBA 借款人。加權平均 LTV（貸放比）為 47%；加權平均債務償付覆蓋率（DSCR）超過 3。這不是 SBA 借款人。

When you look at the coupon, you say, well, gee, how are they getting a coupon? If you give an entrepreneur the flexibility of not dealing with intrusive covenants, letting them distribute their income, but they're willing to personally guarantee, lien all business assets, and some personal assets so that you're covered, this is a good loan program.

當你看票息時，你會想：哎呀，他們怎麼能拿到這樣的票息？如果你給企業主彈性，不必受侵入式契約條款（covenants）約束，允許他們分配其收入，但他們願意提供個人保證、對所有企業資產設定留置權，並對部分個人資產也設定擔保以確保你受到保障，這就是一個好的貸款方案。

We have repositioned the value of early amortizing a C&I loan, or putting a three or a five year balloon payment on a loan, of requiring certain financials, 45 days in arrears after the quarter.

我們已重新定位（repositioned）對 C&I 貸款提早攤還價值的看法，或是在貸款上設置三年或五年的期末一次性償付（balloon payment），以及要求在季度結束後 45 天內提供特定財務資料（逾期則視為延遲）。

I would much rather look into their bank account, see what they're doing, who they're paying, what they're paying, seeing the revenues coming into the bank account, than have those financials all day long that's once again the advantage of being technologically on top of this particular business and this particular industry.

我寧可直接查看他們的銀行帳戶，看看他們在做什麼、付給誰、付了多少，並觀察營收流入該銀行帳戶的情況，也不想整天只看那些財務報表——這再次體現了在這項業務與這個產業中，技術領先所帶來的優勢。

Once again, limiting state concentrations, limiting industry concentrations, diversification, diversification, and more diversification.

再次強調，限制州別集中度、限制產業集中度，分散、分散、再分散。

This is a program which is stronger credit than 7a with really good margins, and we have an expertise in it. Slide number 15 just gives you an idea of how successful we've been in this particular marketplace.

這是一個信用強度高於 7(a) 且利差相當不錯的方案，而我們也具備相關專業能力。第 15 頁投影片讓你了解我們在這個特定市場有多成功。

I'd like to point out a recent deal we did, 2026-1. So the gross spread before we deduct the servicing fee was 6.6% that's the coupon on the collateral versus the yield on the securities, net of the servicing fee, 5.66%.

我想指出我們最近做的一筆交易：2026-1。因此，在扣除服務費（servicing fee）之前的總利差（gross spread）為 6.6%——也就是抵押資產（collateral）的票息相對於證券殖利率；在扣除服務費後，淨利差為 5.66%。

Now securitization interest expense is higher than bank deposits, but also it's match-funded, which is extremely important. So you get the duration benefit.

現在，證券化的利息費用高於銀行存款，但它同時是期限匹配融資（match-funded），這點極其重要。因此你能獲得久期上的好處。

Now the other thing about securitization costs, you set it and forget it. And when I say that, I'm not talking about what we're doing on the servicing side, because we're fairly active on the servicing side with our borrowers.

另外，關於證券化成本，你把它設定好就可以放著（set it and forget it）。我這麼說並不是指我們在服務（servicing）端的作為，因為我們在服務端對借款人其實相當積極。

But think about a 566 bps spread after servicing. So if you went to a bank and said, "Oh, by the way, I can give you and make loans at a 5.66% spread, and there's no cost to run the bank. You don't need FDIC insurance.You don't need people managing depository accounts. You don't need branches.

但想想看：在扣除服務後仍有 566 個基點（bps）的利差。所以如果你去跟一家銀行說：「順帶一提，我可以讓你以 5.66% 的利差放款，而且經營銀行沒有任何成本。你不需要 FDIC 保險。你不需要人員管理存款帳戶。你不需要分行。」

You don't need bankers. You just put the loans in a special purpose vehicle, you click the coupon, you service the loans, and you pay the bondholders that's a winning business and when you look at the valuations on the owner certificates, we're slightly over 2:1 on the value, but look at that spread and you're probably 5times to 5.5times cash flow, very reasonable.

你不需要銀行家。你只要把貸款放進特殊目的載體（SPV），設定票息，服務這些貸款，然後支付給債券持有人——這就是一門會贏的生意；而當你看所有人證書（owner certificates）的估值時，我們在價值上略高於 2:1，但看看那個利差，你大概是 5 倍到 5.5 倍的現金流倍數，非常合理。

That's after the markup. So we love this business. We have an expertise in this business. We have a track record in this business. We're good at this business.

那是在加價（markup）之後。所以我們很喜歡這門業務。我們在這門業務上有專業能力。我們在這門業務上有實績。我們擅長這門業務。

Slide number 16. So when you look at the active securitizations, because the first one is already paid off and wound up, look at the 2024 deal and look at how the overcollateralization grows because you've got all that excess cash flow that goes to pay down the senior notes.

第 16 頁投影片。所以當你看仍在進行中的證券化（因為第一筆已經償清並結束），看看 2024 年那筆交易，並看看超額擔保（overcollateralization）如何成長，因為所有多餘的現金流都用來償還優先票據（senior notes）。

So the OC went from $36.2 million to $50 million. That shows you that the book value will ultimately get to the fair value in about 3 to 3.5 years. So because you've got all that excess cash flow flowing into the securitizations, into the special purpose vehicles, it really hyper amortizes the bonds.

因此，OC 從 3,620 萬美元增加到 5,000 萬美元。這顯示帳面價值最終會在約 3 到 3.5 年內趨近公允價值。所以，由於大量多餘現金流流入證券化、流入特殊目的載體，這確實會讓債券加速攤還。

I would now like to turn the rest of the presentation over to Frank DeMaria.

我現在想把接下來的簡報交給 Frank DeMaria。

Thanks, Barry. Slide 18 highlights our consolidated profitability metrics, of which there are two primary takeaways: one, our measures of profitability continue to be very strong, with the first quarter return on average assets just below 2% and a return on tangible common equity approaching 15%; and two, profitability is improving with notable step-ups over the 2025 first quarter.

謝謝，Barry。第 18 頁投影片重點呈現我們的合併獲利能力指標，其中有兩個主要重點：第一，我們的獲利能力衡量指標持續非常強勁，第一季平均資產報酬率（ROAA）略低於 2%，有形普通股權益報酬率（ROTCE）接近 15%；第二，獲利能力正在改善，較 2025 年第一季有明顯提升。

I'd like to again reiterate that there's an element of seasonality to the business, with the first quarter of the year being typically our weakest. Slide 19 focuses on trends specifically at Newtek Bank.

我想再次重申，這項業務具有季節性因素，一年中的第一季通常是我們最弱的一季。第 19 頁投影片聚焦於 Newtek Bank 的趨勢。

Note the pickup in the returns on average assets, equity, and tangible common equity and the improvement in the efficiency ratio, all of which are influenced by moving the origination and funding of longer amortizing C&I loans to our bank subsidiary.

請注意平均資產、權益以及有形普通股權益的報酬率回升，以及效率比率的改善；這些都受到我們將較長期攤還的 C&I 貸款之承作與資金提供移轉至銀行子公司的影響。

We also show margin trends on this slide. Due to the exceptional deposit growth in the first quarter, the bank experienced a meaningful shift in its quarter-over-quarter earning asset mix, leading to NIM compression. However, the absolute dollar balance of net interest income continues to increase.

我們也在這張投影片展示利差趨勢。由於第一季存款成長異常強勁，銀行的資產收益組合在季度間出現顯著變化，導致淨利差（NIM）收窄。然而，淨利息收入的絕對金額餘額仍持續增加。

Also, as Barry noted, significant loan production occurred in the second half of the quarter, which should bode well for net interest income and the bank's NIM in the second quarter.

此外，如 Barry 所提到，該季度後半段出現大量貸款產出，這應有利於第二季的淨利息收入以及銀行的 NIM。

Loan and deposit growth remained very healthy, and we saw a decline in delinquencies and NPLs, excluding government-guaranteed loans.

貸款與存款成長仍然非常健康；且在排除政府保證貸款後，我們看到逾期（delinquencies）與不良貸款（NPLs）下降。

The next slide shows the geography of our loan production on the NewtekOne balance sheet. With the shift of C&I LA loan originations into the bank, the first quarter securitization that moved loans off balance sheet, and the ongoing wind-down of the NSBF portfolio, loans at Newtek Bank now comprise 83% of total loans, up from 65% for year-end 2025 and 57% for the first quarter of 2025.

下一張投影片顯示我們在 NewtekOne 資產負債表上的貸款產出地理分布。隨著 C&I LA 貸款承作移入銀行、第一季證券化將貸款移出資產負債表，以及 NSBF 投資組合持續縮減，Newtek Bank 的貸款目前占總貸款的 83%，高於 2025 年底的 65% 以及 2025 年第一季的 57%。

Slide 21 walks through credit trends at Newtek Bank, which highlight the following one, delinquencies were down for a third quarter in a row; two, the ratio of NPLs to loans, excluding government-guaranteed loans, was down for a fourth consecutive quarter; three, provisioning continues to cover net charge-offs and four, as expected, net charge-offs have picked up as the loan portfolio has seasoned.

第 21 張投影片說明 Newtek Bank 的信用趨勢，重點如下：第一，逾期已連續第三季下降；第二，排除政府擔保貸款後，不良貸款（NPL）占貸款比率已連續第四季下降；第三，提列備抵持續足以覆蓋淨沖銷；第四，如預期，隨著貸款組合逐步成熟，淨沖銷已開始上升。

That seasoning was anticipated and captured by our CECL calculation. That called for building our allowance for credit losses as we grew the loan portfolio almost from scratch after acquiring the bank. Slide 22 covers Newtek Bank's held-for-investment loan portfolio.

這種成熟化是我們預期之內，並已反映在我們的 CECL 計算中。這也要求在我們於收購銀行後幾乎從零開始擴張貸款組合的過程中，逐步建立信用損失備抵。第 22 張投影片涵蓋 Newtek Bank 的持有至投資（held-for-investment）貸款組合。

The held for investment portfolio increased roughly 10% in the first quarter with solid contributions from all three components: traditional CRE, traditional C&I, and unguaranteed SBA 7a loans. Unguaranteed portions of SBA 7a loans comprise roughly 59% of the held for investment book, down slightly quarter-over-quarter from 60%.

持有至投資組合在第一季約成長 10%，三大組成部分皆有穩健貢獻：傳統商用不動產（CRE）、傳統商業與工業（C&I），以及未擔保的 SBA 7a 貸款。SBA 7a 貸款的未擔保部分約占持有至投資帳簿的 59%，較前一季的 60% 略為下降。

The allowance for credit losses related to the unguaranteed 7a portfolio continues to make up a bulk of the bank's ACL. Slide 23 is a depiction of how our strong asset growth is supported by healthy capital ratios, with leverage being above 13%, CET1 over 15.5%, Tier 1 capital above 18%, and total capital approaching 19.5%.

與未擔保 7a 組合相關的信用損失備抵（ACL）仍占銀行 ACL 的大宗。第 23 張投影片呈現我們強勁的資產成長如何由健康的資本比率所支撐：槓桿比率高於 13%、普通股權一級資本（CET1）超過 15.5%、第一級資本高於 18%，總資本接近 19.5%。

Lastly, on Slide 24, we've reaffirmed the EPS and origination guidance for 2026. And as Barry noted -- laid out an EPS range for 2027 to give market participants an early read on how we see future trends.

最後，在第 24 張投影片中，我們重申 2026 年的每股盈餘（EPS）與承作量（origination）指引。並且如 Barry 所提到的——我們也提出 2027 年的 EPS 區間，讓市場參與者能更早掌握我們對未來趨勢的看法。

And with that, I'll turn it back to Barry.

以上，我把時間交回給 Barry。

Thank you, Frank. And before we go to Q&A, I want to point out just a few more quick items for emphasis. The net interest margin for the business, once we do a securitization, particularly in C&I LA, typically declines.

謝謝你，Frank。在進入問答之前，我想再強調幾個重點。一旦我們進行證券化，特別是在 C&I LA 方面，該業務的淨利差通常會下降。

So I ask all of you, please -- the best way to value our organization is on a year-over-year basis. Certainly, look at us quarter-to-quarter.

因此我請各位注意——評價我們組織的最佳方式是以年對年（YoY）為基礎。當然，也可以看季對季（QoQ）。

We're not telling you not to look at it. But to give you an example, we have, I think, about $383 million or $390 million of cash at the Fed that's a bit of a drag, particularly on interest income. So someone would say, Well, why do you have that much cash at the Fed?

我們不是要你們不要看。但舉例來說，我們在聯準會（Fed）大約有 3.83 億或 3.90 億美元的現金，這對利息收入是一種拖累。所以有人會說：那你們為什麼在 Fed 放這麼多現金？

Well, we had the opportunity to get deposits. We are very constructive on our loan platform going forward, and we're going to use it.

因為我們有機會吸收存款。我們對未來的放款平台非常有信心，而我們也會把這些資金用出去。

Now that may hurt in the near term, but on a long-term basis, it should work out really well and if you can develop a little bit of foresight, putting these C&I LA loans down in the bank, all of a sudden, you're going to start to get some really nice interest spreads, some really nice margins, nice diversification of the portfolio, improved credit metrics, it folds in very nicely.

這在短期可能會有些影響，但長期來看應該會非常好；如果你能有一點前瞻性，把這些 C&I LA 貸款放進銀行裡，突然之間你就會開始看到很不錯的利差、很不錯的淨利差、投資組合更佳的分散性、信用指標改善，而且整體搭配得非常好。

Also want to point out the ability to grow the business is a lot stronger with C&I LA at an average loan size of $4 million to $5 million. And the efficiency ratio at the bank is very indicative.

另外也要指出，當 C&I LA 的平均單筆貸款規模為 400 萬到 500 萬美元時，業務成長能力會強很多。而銀行的效率比率也很能反映這一點。

As you can see, there's more activity at the bank, and that is our goal and our goal is to do this methodically. A lot of times I'm asked, Can you grow faster? And the answer is I don't want to grow any faster. It makes everybody comfortable. We're growing fast enough, but we're doing controlled growth.

如各位所見，銀行端的活動更多了，這正是我們的目標，而且我們的目標是有系統地推進。很多時候有人問我：你們能不能成長更快？我的答案是：我不想成長得更快。這會讓大家都更安心。我們成長得已經夠快了，但我們是在可控的情況下成長。

We're managing our risk well. We're basically sticking to our knitting in what we know. And from the results that you can see from this particular quarter, and frankly, 3.25 years of operating, we're hitting our stride in a good spot.

我們把風險管理得很好。基本上我們專注在自己熟悉、擅長的領域。從本季的結果，以及坦白說 3.25 年的營運表現來看，我們正進入一個很好的節奏。

So with that, operator, I'd like to open this up to Q&A.

那麼，接線員，我想開放進入問答。

(Operator Instructions) Timothy Switzer, KBW.

(接線員指示) Timothy Switzer，KBW。

Hey, good afternoon. How are you guys doing?

嗨，午安。你們近況如何？

Good, Tim. How are you?

很好，Tim。你呢？

Good. Thanks. Thanks for taking my questions. My first one, you just kind of touched on it, Barry, but on balance sheet growth, quite a bit of growth in the loan book this quarter, excluding the securitization here, drove assets a little bit higher. Does that change kind of the trajectory of loan growth going forward, or what should we be expecting?

我也很好。謝謝。謝謝你們回答我的問題。第一個問題，你剛剛有稍微提到，Barry，關於資產負債表成長：本季貸款帳簿成長不少，若排除這次證券化，資產也被推高了一些。這會改變未來貸款成長的軌跡嗎？或我們應該預期什麼？

I think the growth of loans is going to be in the bank. I don't think you're going to see any loan origination at the holding company whatsoever and I think the holding company is going to continue to house merchant solutions.

我認為貸款的成長會發生在銀行端。我不認為控股公司會再有任何貸款承作，而控股公司將持續承載商戶解決方案（merchant solutions）業務。

It's conceivable we might put payroll down into the bank that makes it a lot easier. We currently do same-day payroll.

我們也有可能把薪資（payroll）業務下放到銀行端，這會容易很多。我們目前提供當日薪資發放（same-day payroll）。

What I mean by that is we have the ability and are doing this. If a business wants to make money available on Monday, they could pay their employees on Monday, same-day payroll. It's easier to do that if the payroll business is down into the bank.

我的意思是，我們有這個能力，而且也正在做。如果一家企業希望在週一讓資金到位，他們就可以在週一支付員工薪資，也就是當日發薪。若薪資業務放在銀行端，做起來會更容易。

But I think you're going to see the same type of historic growth. I'll use the word, low double-digit and I think you're going to see greater diversification. You're going to see improved credit metrics because we're going to be putting on a lot more of these CNILA loans, which are clearly better credits down in the bank, but also do so with good margins.

但我認為你會看到同樣類型的歷史成長。我會用「低雙位數」來形容，而且我認為你會看到更高的分散性。你也會看到信用指標改善，因為我們會在銀行端增加更多這類 CNILA 貸款，這些顯然是更好的信用資產，同時也能維持良好的利差。

Okay, got it. Very clear. And then similar question, but on the deposit side, I mean, tons of growth there, your LDR now is super low. Is that going to normalize down at all or are you going to maintain this liquidity?

好的，了解。非常清楚。接著一個類似的問題，但關於存款端：存款成長非常多，你們的貸存比（LDR）現在非常低。這會回到較正常的水準嗎？還是你們會維持這樣的流動性？

It's a, yeah, it's interesting. On one side, I have banks that were holding all that cash at the Fed at a low amount, and on the other high, it's like, okay, I know I've got liquidity to basically make loans going forward. I think this is a bit excessive.

是的，這很有意思。一方面，我看到有些銀行在 Fed 放的現金很少；另一方面，我們放得比較多——但這也代表我知道自己有流動性，基本上可以在未來放款。我認為這確實有點過多。

I don't think we need $390 million, but I think we're always going to keep a good amount of liquidity at the bank we've got waiting lists of people for deposits, frankly. If you go to Trustpilot, I believe like a 4,748, which is extremely favourable for customer service.

我不認為我們需要 3.90 億美元，但我認為我們會一直在銀行端保留相當程度的流動性；坦白說，我們的存款還有等候名單。如果你去 Trustpilot，我記得大概是 4.748 的評分，客戶服務評價非常好。

Hats off to Jen Merritt and the Wilmington Group. They do a fantastic job there. It's not just rate. We do a really good job servicing customers. I think that's important.

要向 Jen Merritt 和 Wilmington 團隊致敬。他們在那裡做得非常出色。這不只是利率的問題。我們在服務客戶方面做得非常好。我認為這很重要。

I think it's also important that with real-time payments and we have a real, real-time payments offering. It's not just ACH. We now have the real-time payments with FedNow and the Clearinghouse RTP.

我認為同樣重要的是，隨著即時支付，而且我們確實有一個真正的即時支付方案。不只是 ACH。我們現在透過 FedNow 與 Clearing House 的 RTP 提供即時支付。

At some point, we might use Stablecoin, but it's not something that we're going to use for deposits, so we're going to stay out of the traffic there but just give people the ability to move money quicker using probably somebody else's stablecoin.

在某個時間點，我們可能會使用穩定幣（Stablecoin），但這不是我們會用在存款上的東西，所以我們會避開那一塊的資金流量，但會讓大家能夠用（很可能是）別人的穩定幣更快地移動資金。

But being able to use the Newtek dvantage in the portal for the analytics to make payroll quicker, to have merchant money in your account on the same day and show up and get credit for it, these are all very beneficial. So we do think that we're going to get more business deposits over time because of this. And these things do take time. It takes time to train your staff.

但能夠在入口網站中使用 Newtek dvantage 做分析、讓薪資發放更快、讓商戶資金在同一天入帳並顯示且取得入帳認列，這些都非常有利。因此我們確實認為，隨著時間推移，我們會因此獲得更多企業存款。而這些事情都需要時間。培訓員工也需要時間。

Use artificial intelligence where you can to deliver those solutions to customers better. We're early adopters of technology and we'll continue to do so.

在可行之處運用人工智慧，以更好地把這些解決方案交付給客戶。我們是科技的早期採用者，並且會持續如此。

Christopher Nolan, Ladenburg Thalmann & Company.

Christopher Nolan，Ladenburg Thalmann & Company。

Hey, guys, Frank, what was the lower loan yields you do again, please?

嗨，各位，Frank，請問你們剛才提到的較低的貸款殖利率是多少？

The loan yields are on a blended rate around 7.25%.

貸款殖利率以加權平均（混合）利率計大約是 7.25%。

Yeah, why was it decreased quarter over quarter, please?

好的，請問為什麼它會較上一季下降？

The decrease quarter-over-quarter is mainly driven by the ALP loans going off balance sheet at the beginning of the quarter, and then with the second-half of the quarter being strong, we, on an average basis. Didn't get as much credit for that given we had it go off at the beginning of the quarter into the securitization and then started to see some originations later in the second quarter on the higher yielding ALP loans.

季對季的下降主要是因為 ALP 貸款在本季初轉出資產負債表；另外，由於下半季表現強勁，我們以平均基礎來看，因為一開始就轉出並納入證券化，所以沒有完全反映其貢獻；而在第二季後段，我們開始看到一些較高殖利率的 ALP 貸款承作。

So you should see that kind of come back to a normalized basis as we get into the second quarter. Start getting the benefit of those loans being on balance sheet for the full quarter.

因此當我們進入第二季時，你應該會看到它回到較正常化的水準。開始享受到這些貸款整個季度都留在資產負債表上的效益。

Okay, so there's timing issues for the late loans, right?

了解，所以是因為放款時間點的問題，對吧？

Correct.

沒錯。

It's timing, but it's also a little re-characterization, because the coupon didn't go away. It's just in a securitization with those spreads. So we get the income from the owner's certificate. Does that make sense, Chris? It's just that it's a re-characterization of the income.

這是時間點的問題，但也有一點重新分類（re-characterization），因為票息（coupon）並沒有消失。只是它在證券化裡、以那些利差（spreads）的形式呈現。所以我們是透過所有權人憑證（owner's certificate）取得收益。Chris，這樣有道理嗎？只是把收入重新分類而已。

Not really, but I'll catch up with you guys later on and ask. Thank you. And then second, my follow-up question is the leverage ratio.

不太懂，不過我之後再跟你們聯繫再問。謝謝。另外第二個追問是關於槓桿比率（leverage ratio）。

You guys are growing, and the capital ratios are going down and I think your leverage ratio at the hold code is like 9% or so and I know you've mentioned that you're not going to chase growth for growth's sake, but is it now become more of a balancing act where you have to moderate growth with securitizations just. Because you're starting to approach, capitalization constraints.

你們在成長，但資本比率在下降；我記得你們控股公司層級的槓桿比率大概是 9% 左右。我也知道你們提過不會為了成長而成長，但現在是否變成一種需要平衡的狀態：必須透過證券化來調節成長，因為你們開始接近資本化的限制？

So once again, I want to be clear on this and I commented, it's really hard, and maybe this is our cross to bear, to look at us quarter over quarter.

所以我再說一次，我想把這點講清楚，我也提過：用季對季來看我們其實很困難，或許這就是我們必須承擔的十字架。

But when I've got $390 million of cash at the Fed, which I'm fine with long-term, and I take loans and I put them into a special purpose vehicle.

但當我在聯準會放著 3.9 億美元現金（長期我也可以接受），然後我把貸款放進一個特殊目的載體（SPV）。

I mean, people that are looking at this shouldn't be penalizing us for that. They should be going, okay, you're good managers. Now, relative to the concept of the capitalization, as I start to put those into loans, on all of a sudden.

我的意思是，看這件事的人不應該因此懲罰我們。他們應該會說：好，你們是好的管理者。至於資本化（capitalization）的概念，當我開始把那些資金放進貸款時，突然之間——

For example, the first quarter is the weakest quarter for income. I think you'll see a market jump in both the capitalization and the income of the bank. So no, we're not stretching, we're not going to overuse that capital. I think that'll gravitate back up and then it'll just keep going back and forth.

例如，第一季是收入最弱的一季。我認為你會看到銀行的資本化與收入都會出現明顯跳升。所以不，我們沒有在硬撐，我們不會過度使用資本。我認為它會回升，然後就會來回波動。

Okay, thank you and Chris, just to clarify, the leverage ratio at the holding company is 13.1%.

好的，謝謝。Chris，補充釐清一下，控股公司的槓桿比率是 13.1%。

Okay, thank you.

好的，謝謝。

Hal Goetsch, B. Riley Securities.

Hal Goetsch，B. Riley Securities。

Hey, thank you, and perfect corner, guys. Well done. I got a question on the seven-day loan. Is there any data on how much of the loans were from that program in the first quarter, if there were any?

嗨，謝謝，大家配合得很完美。做得很好。我有個關於七天貸款的問題。第一季是否有任何資料顯示有多少貸款來自那個方案（如果有的話）？

And if it wasn't, is this kind of a competitive advantage to have a tech-led stack that allows you to basically convert your funnel at a better rate, giving a better user experience to the borrower? Let me know your thoughts on that.

如果沒有的話，擁有一個以科技驅動的技術堆疊（tech-led stack），讓你基本上能以更高的轉換率把漏斗（funnel）轉成成交、並為借款人提供更好的使用者體驗，這是否算是一種競爭優勢？想聽聽你們的看法。

I think we don't have it broken out specifically, but I think if you look at the loan volume, which we talked about in the deck in the month of March when we announced it and the precipitous jump, we also indicated that we're up 10% on total loans April 26, versus April 25.

我想我們沒有特別把它拆分出來，但如果你看貸款量——我們在簡報中也提到——在我們於三月宣布後的那個月出現了大幅跳升；我們也指出，截至 4 月 26 日相較 4 月 25 日，我們的總貸款成長了 10%。

We think that could be a continuing trend. So we think we can continue to make more loans at double-digit rates without stretching for credit.

我們認為這可能會是持續的趨勢。所以我們認為，在不放鬆信用標準的情況下，我們可以持續以兩位數的速度放更多貸款。

Okay. And my next question, could you go over some of the before and after again? That was pretty interesting about, I think, in a securitization where there's three tranches and there's a 70% advance rate and a 30% equity stake, you're essentially. Transition to a model where you have to weigh out substantial less equity capital for these. Is that what you're saying? Could you go over some of those numbers again?

了解。下一個問題，你能再說一次前後對比嗎？那段很有意思：我想是在一個證券化裡有三個分層（tranches），有 70% 的預支比率（advance rate）與 30% 的股權部位，你們本質上轉向一個模式，對這些資產需要投入的股權資本大幅減少。你是這個意思嗎？可以再把那些數字說一次嗎？

Sure. Let's use $100 million. Let's use a $100 million portfolio. If you were going to do it at the holding company, you'd get a $70 million line of credit from, say, a Deutsche Bank or Capital One. So you'd need $30 million of equity during the accumulation.

當然。我們用 1 億美元來舉例。假設是一個 1 億美元的投資組合。如果你在控股公司層級操作，你會從例如德意志銀行或 Capital One 取得 7,000 萬美元的授信額度。所以在累積期間你需要 3,000 萬美元的股權。

When you do a securitization, you get three classes of rated bonds which we sell at an 85% advance rate that means your owner's certificate in the securitization is about 15% or $15 million and that's got to be permanently financed at the holding company.

當你做證券化時，你會取得三個等級的評等債券（rated bonds），我們以 85% 的預支比率賣出；這代表你在證券化中的所有權人憑證大約是 15%，也就是 1,500 萬美元，而這部分必須在控股公司層級做永久性融資。

In the bank, I finance all the activity with deposits at 3.6% to 3.7%. $1.00 on the dollar. So I financed 100 million with deposits. Now, I have obviously capital against it, but that's okay. We've calculated it. Works out just fine.

在銀行端，我用 3.6% 到 3.7% 的存款來融資所有活動，等於每 1 美元對 1 美元（$1.00 on the dollar）。所以我用存款融資 1 億美元。當然，我必須對它配置資本，但那沒問題。我們已經算過了。結果完全可行。

All right. Okay. Thank you very much.

好。好的。非常感謝。

So it's a major benefit with less need to pull in capital with the holding company.

因此，這是一項重大優勢，控股公司較不需要再額外注入資本。

Okay, Thank you.

好的，謝謝。

Steve Moss, Raymond James.

Steve Moss，Raymond James。

Good afternoon.

下午好。

Hey, Steve.

嗨，Steve。

Very frankly, maybe just start off on the -- on your cost funds here going forward and just go into that, getting rid of the lines. That you were parking the CNILA loans at, seems like a pretty meaningful cost savings. I mean, it should be a pretty meaningful cost savings just on the spread.

坦白說，或許先從你們未來的資金成本談起，然後再延伸到把那些額度線撤掉。你們之前把 CNILA 貸款停放在那些額度線上，看起來能省下相當可觀的成本。我的意思是，光是利差上就應該是相當顯著的成本節省。

Just thinking about, if you're going to be running, several hundred million dollars in average balances, NIA should be probably taking a pretty decent step up as the year goes on here. Just kind of curious as to how you guys are thinking about that.

再想一下，如果你們平均餘額要跑到好幾億美元，隨著今年進行，NIA 應該會有相當不錯的提升。想請教你們對這件事的看法。

Got it. When you say step up, I'm not sure I know what you mean. What do you mean?

了解。你說的「提升」我不太確定你的意思是什麼。你指的是什麼？

Just that there's, it looks like you're funding them with deposits that call it 4%, and before you were funding those loans that call it seven with silver plus three and a quarter.

我的意思是，看起來你們現在用大概 4% 成本的存款來資金供應這些貸款；而之前你們是用大概 7% 的成本來資金供應這些貸款，也就是 silver 加 3.25%。

Yeah. Plus an equity haircut, yes.

對。再加上股權折扣，是的。

Correct.

沒錯。

Right. So, it's immeasurably beneficial, and the program now is. Six and a half, seven years old and we've developed a good track record for securitizations and have improved a lot of different aspects within our organization to be able to manage the risk and that's why it's now being funded down at the bank.

對。所以，這帶來的好處非常巨大，而現在這個計畫也是如此。這個計畫已經推行六年半、七年了，我們在證券化方面建立了良好紀錄，也在組織內部許多面向做了改善，以便管理風險；這也是為什麼現在改由銀行端以較低成本來提供資金。

Right, so maybe just trying to put it this way as I think about your funding, your NII growth before your next securitization, could it peak? Around, 24, 25 million, or my number is just maybe a little too large as we think about when you'll do the next securitization.

了解，那我換個方式問：就你們的資金結構來看，在下一次證券化之前，你們的淨利息收入（NII）成長會不會見頂？大概在 2,400 萬到 2,500 萬美元左右，還是說，考量你們何時做下一次證券化，我的數字可能偏大？

Frank, I'll let you handle that one. That's about my pay grade.

Frank，我讓你來回答這題。這超出我的職等範圍了。

Yeah, I think that's a little -- so, one, to answer your question, if you're right, we will see a benefit from the spread because we're going to see a reduced cost of funds. But I do think that $24 million is a little bit high.

對，我覺得那個數字有點——先回答你的問題：如果你的理解正確，我們確實會因為利差而受益，因為資金成本會下降。但我確實認為 2,400 萬美元有點偏高。

We're not getting quite there on our projections, but you're right, we are going to see a noticeable step up as we go quarter over quarter, just given the spreads that we do anticipate with the lower cost of funds and as we do see those yields starting to come back on the asset side with getting past the timing issue we had in the first quarter.

我們的預測還沒到那個水準；但你說得對，隨著季度推進，我們會看到相當明顯的逐季提升，主要是因為我們預期在較低資金成本下的利差表現，以及在資產端，隨著我們度過第一季的時間差問題後，殖利率開始回升。

And then in terms of, when we think about when the next securitization is coming, I know you guys don't want them to be larger, but, any updated thoughts maybe as this is now on balance sheet as to how large the next securitization could be?

另外，談到下一次證券化的時點，我知道你們不希望規模變得更大，但既然現在已經放在資產負債表上了，對於下一次證券化可能的規模，有沒有更新的想法？

We're hoping it's a fourth quarter event, Steve, and we'd like the collateral pool to be $400million to $500 million.

Steve，我們希望會在第四季發生，而且我們希望擔保資產池規模在 4 億到 5 億美元。

Okay and then one last one for me, Barry. Just, you've been good in terms of a barometer of the health or challenges of the FDA market.

好的，最後一題，Barry。你一直很擅長用來衡量 FDA 市場的健康狀況或挑戰。

Just kind of curious as to what you're seeing these days in terms of borrower confidence and activity. It's been an interesting couple of months, at least.

想請教你最近看到的借款人信心與活動狀況如何。至少過去這幾個月挺有意思的。

Yeah, and I appreciate it, Steve. I just came from the National Association of Government Guaranteed Lenders. I was up in Orlando.

是的，也謝謝你，Steve。我剛從「全國政府擔保貸款機構協會」回來。我人在奧蘭多。

Yesterday and the day before, and there's been a lot of changes to the program. So some of the changes. Change number one, 100% of the owners must be US Citizens. I think that knocked volume down by 10 to 20% in last calendar year.

昨天和前天，這個計畫有很多變更。其中一些變更——第一項變更：100% 的所有人都必須是美國公民。我認為這讓上一個曆年整體量能下降了 10% 到 20%。

The ability to use the funds to refinance a merchant cash advance, or a daily debit loan when the money is going to purchase a receivable, also a no-go. Now, on the flip side of it, the changes that we've made for the seven-day loan, for example, are very valuable because when you think of merchant cash advance and daily debit opportunities.

另外，若資金用途是用來再融資商戶現金預支（merchant cash advance）或每日扣款貸款（daily debit loan），而該筆資金實際上是用來購買應收款（receivable），這也不被允許。不過反過來說，我們針對 7A 貸款所做的調整，例如，價值非常高，因為當你想到商戶現金預支與每日扣款的機會時。

Let's say 65% to 70% of those credits are actually credits that will last 5 or 10 years. Maybe 30% won't and they go bad, but based upon the math, they still make money, the lenders.

假設其中 65% 到 70% 的授信其實是能撐 5 年或 10 年的授信。也許有 30% 撐不住而變壞帳，但按數學來看，放款人仍然能賺錢。

So we are now extraordinarily competitive with borrowers to be able to give them funding to repay the loan over 10 years at a 70% discount to the monthly pay rate.

因此，我們現在在面向借款人時具備極強的競爭力，能提供資金讓他們以 10 年期攤還，並且月付金相較原本的支付水準可降低 70%。

For good borrowers. So we believe that we will get back to the volumes we had previously, but 2025 was a challenging year for 7A.

針對優質借款人。所以我們相信，我們會回到先前的量能，但 2025 年對 7A 來說是充滿挑戰的一年。

Now, there's certain fintechs that they're not spreading financials, they're not doing debt service coverage, and their technology wasn't positioned for that, and they don't have underwriters to do that and now the program doesn't work for them anymore. So I think we picked up a nice competitive advantage.

另外，有些金融科技公司不做財務報表攤提/分析（spreading financials），也不做債務償付覆蓋率（debt service coverage），他們的技術架構也沒有為此做好準備，也沒有承銷人員去做這些工作；因此這個計畫對他們而言已經不再適用。所以我認為我們取得了不錯的競爭優勢。

I think the business has gotten harder, but I think we're well positioned to continue to be a leader in the space.

我認為這門生意變得更難了，但我也認為我們很有條件繼續成為這個領域的領導者。

Okay, great. Appreciate all that color. I'll step back here. Thank you very much, guys.

好的，很棒。謝謝你提供這些補充說明。我先退到後面。非常感謝，各位。

Thank you, Steve.

謝謝你，Steve。

Thank you.

謝謝。

(Operator Instructions) Ken Billingsley of Compass Point Research & Trading.

(接線員指示) Compass Point Research & Trading 的 Ken Billingsley。

Good afternoon.

下午好。

Hi, Ken. Good afternoon. Welcome to our call. Good to have you.

嗨，Ken。下午好。歡迎參加我們的電話會議。很高興你加入。

So, one of my questions partially answered. It sounds like you're looking at a fourth quarter event for the next securitization, and the trigger would be a pool of $400 million to $500 million. Would that all be coming out of the bank?

所以，我其中一個問題已經部分被回答了。聽起來你們把下一次證券化鎖定在第四季，而觸發條件會是資產池達到 4 億到 5 億美元。那會全部都從銀行端轉出嗎？

Yes.

是的。

Okay. And my second question is, the loan size, I saw that you've grown the number of loans. But it seems, are the loan size shrinking at least quarter over quarter? And if that is the case, is it just something that you're doing with underwriting, or is it just market conditions in the first quarter?

好的。我的第二個問題是，貸款規模方面，我看到你們貸款筆數增加了。但看起來貸款單筆金額至少在季度對季度是縮小的？如果是這樣，是你們承作/授信審查策略所致，還是只是第一季的市場狀況？

It's a good question, Ken. I think in the SBA bucket, the loan sizes are getting smaller. We are doing a lot of commercial and industrial shorthand loans. Commercial real estate loans that are kind of going to be that middle bucket. And then the CNILA will probably be bigger size loans.

這是個好問題，Ken。我認為在 SBA 這個區塊，貸款單筆金額確實在變小。我們也做了很多商業與工業的簡式貸款。還有一些商用不動產貸款，會落在中間那個區間。而 CNILA 的貸款可能會是較大額的貸款。

So I think from our standpoint, the one thing that, I've learned managing Newtek over two decades is diversification in different credit aspects, different loan sizes, and it's served as well. So we're not going smaller, we're not going bigger, we're pretty much spreading it out and I think that's going to serve as well.

所以我認為，從我們的角度來看，我在管理 Newtek 逾二十年的過程中學到的一件事，就是在不同的信用面向、不同的貸款規模上做多元化，而這也一直對我們很有幫助。所以我們不會往更小做，也不會往更大做，我們基本上是把它分散開來，我認為這也會同樣對我們有利。

Pete Towns and I work very closely together on these things and loan committee, one of the key aspects of loan committee isn't, is the credit, you always want to see is the credit a good credit or not a good credit, but one of the big things is what's the makeup of the portfolio?

Pete Towns 和我在這些事情以及貸款委員會的運作上合作得非常密切。貸款委員會的一個關鍵面向不只是信用——你當然總是想看這筆信用是不是好信用——但其中一個很重要的點是：投資組合的構成是什麼？

Do I have too much in this state? Do I have too much in this category? How does it balance? And that's, I think, part of where our heads are at here. But we're very pleased with how things are rolling out.

我在這個州的曝險是不是太多？我在這個類別的曝險是不是太多？它如何達到平衡？而我想，這也是我們目前思考的重點之一。不過我們對事情的推進方式非常滿意。

Risk-adjusted returns are where they should be. They're expected. And that's why we're able to continue to grow the business.

風險調整後報酬在應有的位置。也符合預期。這就是為什麼我們能夠持續擴大業務。

I appreciate you taking my question. Thank you.

感謝你回答我的問題。謝謝。

Thank you, Ken.

謝謝你，Ken。

Timothy Switzer, KBW.

Timothy Switzer，KBW。

Hey guys, got a quick one real quick. I didn't see it in the materials anywhere. What was the SBA gain on sale premium this quarter and how was the pricing dynamics changed with, I mean, Barry just mentioned, 10%, 20% of borrowers have basically been eliminated and obviously, there's other disruptions to the market, I guess, more on the supply side. What is the trajectory of premiums going forward?

嗨，各位，我有個很快的小問題。我在資料裡沒有看到。本季 SBA 出售收益（gain on sale）的溢價是多少？另外，隨著——我是說，Barry 剛提到，大約 10%、20% 的借款人基本上已被排除在外，且顯然市場也有其他干擾，我想更多是在供給端——定價動態有什麼變化？未來溢價的走勢會如何？

So, Tim, I'll take the price and I'll let Frank fill in the gain number. We're seeing pricing being maintained. I think we're about 110 and a half plus or minus, and that's being maintained, I think. On A supply and demand basis, there was a little bit less supply and that held prices up quite a bit.

Tim，我先回答價格的部分，收益數字讓 Frank 補充。我們看到定價仍在維持。我想大約在 110.5 左右、上下些微波動，而且我認為這個水準正在被維持。從供需角度來看，供給稍微少一些，這在很大程度上支撐了價格。

I don't really see prices declining. That's always a question people ask about the big issue on a price decline is prepaid driven. Period, end of story. It's not rates higher, rates lower, it's prepaid driven, and then you could have a conversation what's driving the prepay. Is it voluntary defaults, involuntary defaults?

我不太認為價格會下滑。大家總會問價格下跌的關鍵因素是什麼，價格下跌最大的問題是提前償還（prepay）所驅動的。就這樣，沒有別的。不是利率更高或更低，而是提前償還驅動；接著你才可以討論是什麼在驅動提前償還。是自願性違約，還是非自願性違約？

The markets put it this way, when rates were moving 3% to 5% in a 18 month, the two-year period of time, that was pretty bold when you had a lot of changes.

市場是這樣的：當利率在 18 個月到兩年的時間內從 3% 走到 5% 時，那段期間的變動相當劇烈，因為你面臨很多變化。

Right now, they're fairly, I mean, although I will tell you, rates have moved around by 50 basis points, hopefully they'll kind of stay in that range. So I think prices are in pretty good shape. There's not a lot of supply out there right now selling into the secondary market. Frank, you can comment on the dollars.

現在利率相對——我是說，雖然我得說利率也上下波動了 50 個基點，希望它能大致維持在那個區間。所以我認為價格狀況相當不錯。目前沒有太多供給在二級市場出售。Frank，你可以評論一下金額。

We are seeing the price that you said, right, around the 110 and a half, the dollars, and then, and if you see that in the balance sheet there, Tim, we had an account number for the quarter of about 26 point 7 million, driven mainly by those 78 cells with some final four cells sprinkled in there.

我們看到的價格如你所說，大約在 110.5 左右；至於金額部分——Tim，如果你看資產負債表——本季大約是 2,670 萬美元，主要是由那 78 筆出售所帶動，另外也穿插了一些最後的四筆出售。

Got it. And then, I mean, Mary, you mentioned the prepayment rates. I'm just curious, what percent of your production is floating versus fixed? Is it pretty much all floating?

了解。然後，我是說，Mary，你提到提前償還率。我只是好奇，你們的產出中，浮動利率與固定利率各占多少？幾乎都是浮動嗎？

100% floating.

100% 浮動。

Okay. And one last one for me. Your new business deposits, you're seeing really good growth here. What's the average account size right now? And, like, what do spending patterns look like in those accounts?

好的。我最後一個問題。你們的新業務存款成長非常好。目前平均帳戶規模是多少？另外，這些帳戶的支出模式大概是什麼樣子？

Frank, what do you see in savings? It's pretty, I'm going to leave it to you, Frank. It's pretty healthy in savings and the consumer side, but that money doesn't move. It just kind of sits there. Frank, you could help on the, if you know the average size of a consumer and business.

Frank，你在儲蓄存款方面看到什麼？這部分我交給你，Frank。在儲蓄與消費者端看起來相當健康，但那筆錢不太會動。基本上就是放在那裡。Frank，如果你知道消費者與企業帳戶的平均規模，你可以補充一下。

The average deposit account size, Tim, was that the question?

Tim，你的問題是平均存款帳戶規模嗎？

Yes.

是的。

Yeah, we're seeing that on the consumer side, the averages are probably around $10,000 on the account. They're relatively small. The business accounts, we're seeing closer to that $250,000 mark.

是的，我們看到在消費者端，平均每個帳戶大概在 10,000 美元左右。規模相對較小。企業帳戶方面，我們看到更接近 250,000 美元的水準。

Okay, thank you.

好的，謝謝。

Thank you. I am showing no further questions at this time. I would now like to turn it back to Barry Sloan for closing remarks.

謝謝。目前顯示沒有其他提問。接下來我想把時間交回 Barry Sloan 作結語。

All right. Thank you, everyone. Appreciate your attendance and great questions and glad to be able to wrap it up in an hour. So, I once again thank you everybody for attending and paying attention. And Newtek, we look forward to delivering great results for the second quarter as well. Thank you.

好的。謝謝各位。感謝大家出席、提出很好的問題，也很高興能在一小時內結束。所以我再次感謝各位的參與與專注。Newtek 也期待在第二季同樣交出優異的成果。謝謝。

Thank you for your participation in today's conference. This does conclude the program, and you may now disconnect.

感謝各位參與今天的電話會議。本次會議到此結束，您現在可以掛線。