NewtekOne announces termination of three office space leases

NewtekOne (NEWT) announced the termination of three office space leases covering roughly 52,000 square feet, which will reduce the Company’s annual expenses by approximately $2.0 million on a recurring basis beginning in the second quarter of 2025. These lease terminations reflect the Company’s strategic shift to a mostly remote workforce and the Company’s technological capabilities to produce growth without having to use expensive branches, traditional bankers, brokers, or business development officers. The Company’s technology-enabled platform allows customer-facing, on-camera staff to gather deposits, originate loans, and provide vital business and financial solutions to clients.