Core Viewpoint - NewtekOne, Inc. has completed its Exchange Offer for its 5.50% Notes due 2026, exchanging them for newly issued 8.50% Fixed Rate Senior Notes due 2031, with a total of $7,877,200 validly tendered, representing approximately 8.29% of the outstanding principal amount [1][2] Group 1: Exchange Offer Details - The Exchange Offer expired on January 23, 2026, at 5:00 p.m. Eastern time [1] - A total of $7,877,200 in principal amount of the Old Notes was validly tendered, which is about 8.29% of the $95.0 million outstanding [1] - NewtekOne waived the condition requiring at least 10% of the Old Notes to be tendered and accepted all validly tendered Old Notes [1] - The settlement of the Exchange Offer is expected to occur on January 28, 2026, with holders receiving an equal principal amount of New Notes [2] Group 2: Remaining Notes and Repayment - After the Exchange Offer, the remaining aggregate principal amount of Old Notes is expected to be $87,122,800 [2] - NewtekOne plans to repay the remaining Old Notes on the maturity date of February 1, 2026 [2] Group 3: Agents Involved - U.S. Bank Trust Company, National Association is the Exchange Agent for the Exchange Offer [3] - Alliance Advisors is serving as the Information Agent, while Lucid Capital Markets, LLC is the Dealer Manager [3] Group 4: Company Overview - NewtekOne, Inc. is a financial holding company providing a range of business and financial solutions to independent business owners since 1999 [5][6] - Its services include banking, business lending, electronic payment processing, and technology solutions among others [6]

Core Viewpoint - NewtekOne, Inc. has extended the expiration date for its Exchange Offer of outstanding 5.50% Notes due 2026 to January 23, 2026, allowing additional time for holders to exchange their Old Notes for newly issued 8.50% Fixed Rate Senior Notes due 2031 [1][2]. Group 1: Exchange Offer Details - The Exchange Offer will now expire at 5:00 p.m. Eastern time on January 23, 2026, unless further extended or terminated [2]. - To participate in the Exchange Offer, Old Notes must be validly tendered and not withdrawn by the Expiration Date [2]. - The settlement date for the Exchange Offer is expected to be January 28, 2026, following the Expiration Date [2]. Group 2: Interest Payment Information - Holders of Old Notes as of the January 15, 2026 record date will receive the final interest payment before the scheduled maturity on February 1, 2026, regardless of whether they participate in the Exchange Offer [3]. - The first interest payment on the New Notes will be net of the interest paid on the Old Notes from the Settlement Date to the February 1, 2026 interest payment date of the New Notes [3]. Group 3: Exchange Offer Conditions - All other terms of the Exchange Offer remain unchanged, with the only modification being the extended Expiration Date [4]. - U.S. Bank Trust Company, National Association is the Exchange Agent, while Alliance Advisors serves as the Information Agent, and Lucid Capital Markets, LLC is the Dealer Manager for the Exchange Offer [5].

Core Insights - Cathay General Bancorp shows steady balance sheet growth with deposits of $20.52 billion (up 2.6%) and loans of $20.10 billion (up 1.6%), alongside a ROE of 10.6% and a net interest margin of 3.31% [1] - Non-accrual loans increased to 0.84% of total loans, primarily due to a single $38 million relationship, but the bank maintains strong collateral coverage with an average loan-to-value ratio of 49% [2] - The bank's payout ratio is at 7.9% of earnings, allowing for significant dividend growth potential, with a $125 million buyback program in place [3][4] Financial Performance - Cathay reported Q3 net income of $77.7 million despite missing earnings estimates, with a market cap of $3.48 billion [4] - The bank recorded a $14.5 million provision for credit losses in Q3, raising the reserve-to-loan ratio to 0.85% [2] - The bank's efficiency ratio stands at 59.76% and Tier 1 capital at 13.15% [12] Dividend and Share Repurchase Strategy - Management plans to continue repurchasing approximately $35 million per quarter through Q1 2025, having repurchased $50.1 million in stock at an average cost of $42 per share during Q3 [3] - The bank's conservative payout ratio and management's decision to resume dividend growth signal confidence in sustained profitability [13] Market Position - Cathay General Bancorp offers the lowest yield at 0.67%, reflecting exceptional financial discipline [4] - The bank's strong operational metrics and conservative payout policies position it favorably among regional banks [4][12]

Financial Data and Key Metrics Changes - The net investment income per share for Q3 2025 was $0.40, with a net asset value (NAV) per share of $12.75, reflecting a decrease of 2.1% from the previous quarter's NAV, partially due to a $0.16 per share special dividend and markdowns on underperforming assets [7][8] - The adjusted NAV per share for Q3 2025, accounting for the supplemental dividend, was $12.71, a non-GAAP measure introduced due to changes in the dividend policy [7] - The company declared a fourth quarter base dividend of $0.32 per share, with a net debt-to-equity ratio of 1.17 as of September 30, 2025, compared to 1.12 as of June 30, 2025 [8][15] Business Line Data and Key Metrics Changes - New investment commitments during the quarter totaled approximately $470.6 million across 27 portfolio companies, marking the highest level of new commitments since Q4 2021 [9] - 100% of originations in the quarter were in first-lien loans, indicating a continued focus on maintaining exposure to the top of the capital structure [9] - Total investments at fair value were $3.2 billion, with 98.2% in senior secured loans and a weighted average yield of 10.3% at amortized cost, down from 10.7% in the previous quarter [12][13] Market Data and Key Metrics Changes - The M&A market showed resilience, with total dollar volumes in Q3 2025 being 40.9% higher year-over-year compared to Q3 2024, driven by renewed risk-on sentiment among investors and lower borrowing costs [3][4] - The company noted that broader credit dynamics remain a concern, but it is comfortable with risk dynamics in the private credit space due to the overall health of portfolio fundamentals [5] Company Strategy and Development Direction - The company has adjusted its dividend policy to position itself well in a lower yield environment, emphasizing credit selection as a key focus [4] - The integration of the platform in 2022 has allowed the company to evaluate and invest in high-quality opportunities across various market segments [11] - The company aims to leverage its proximity to the investment banking franchise as a competitive advantage in evaluating opportunities [4] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the M&A activity being the start of a longer-term trend, driven by the need for private equity firms to exit existing portfolios and invest in new ones [22][23] - The company remains focused on maintaining its dividend and believes that fund managers will be rewarded for their credit selection in a lower-yielding environment [18] Other Important Information - The company repurchased over 2.1 million shares for $25.1 million during the quarter, which was NAV accretive [13] - The company issued $400 million of a five-year investment grade unsecured note with a coupon of 5.65%, which was oversubscribed [16] Q&A Session Summary Question: Thoughts on sustaining M&A activity into next year - Management believes the current M&A activity is the start of a longer-term trend, driven by the need for private equity firms to exit existing portfolios and invest in new ones [22][23] Question: Impact of increased activity on spreads - Management does not anticipate spreads to widen significantly in the near term, despite the increase in M&A activity [24] Question: Performance of non-accrual investment at Dental Brands - Management indicated that the non-accrual status was due to continued underperformance, but it represents a small exposure in the overall portfolio [25][26]

Group 1 - NewtekOne, Inc. is considered one of the most undervalued financial stocks by Wall Street analysts [1] - The company secured a $90 million term loan facility and a $5 million revolving line of credit from Goldman Sachs Alternatives [1][2] - The financing will be used to repay approximately $30 million of outstanding term debt and close a $10 million undrawn line of credit [1][2] Group 2 - The remaining funds from the financing are intended for general corporate purposes, including providing loans, repaying unsecured senior debt, and supporting growth initiatives [2] - NewtekOne operates Newtek Bank, N.A. and offers services such as SBA 7(a) lending, commercial real estate financing, electronic payment processing, payroll solutions, and insurance products [2]

Summary of Intelligent Protection Management (IPM) Conference Call Company Overview - **Company Name**: Intelligent Protection Management Corporation (IPM) - **Ticker Symbol**: IPM (NASDAQ) - **Industry**: Managed Security Service Provider (MSSP) focusing on private cloud solutions for small to medium-sized businesses, particularly in the finance sector [4][10][12] Core Business and Services - **Service Offerings**: IPM provides managed services including hosting, security, backup, and disaster recovery, primarily for financial institutions [4][5] - **Key Client**: Newtek Bank, a public company with a market cap of $300 million, relies on IPM for all its operational technology needs [7][12] - **Market Position**: IPM aims to fill a gap in security services for small and medium businesses, which often lack the internal expertise to manage their own security [14][19] Recent Developments - **Acquisition**: IPM became an independent public company on January 2, 2025, after acquiring Newtek Technology Solutions for approximately $6 million in total [12][13] - **Financial Health**: As of the last quarter, IPM reported $8-9 million in cash and no debt, with a market cap around $30 million [13][35] - **AI Service Introduction**: Recently announced the addition of an AI-powered service called Aura, aimed at enhancing online safety for employees using personal devices for work [16][31] Growth Strategy - **Customer Retention and Growth**: Focus on maintaining high customer retention rates through personalized service and support [29] - **Referral Programs**: Implementing various referral programs to generate new business, including partnerships with companies like IT Ally [20] - **Marketing Initiatives**: Enhancing online presence through SEO and pay-per-click strategies to attract new clients [21] Financial Metrics and Goals - **Revenue Growth**: Aiming for consistent quarterly revenue growth and reaching EBITDA profitability by the end of the year [26][33] - **Gross Margin**: Currently around 50%, with a focus on improving net margins [33][34] - **Customer Metrics**: Tracking the total number of devices under management as a key performance indicator [34] Legal and Patent Developments - **Patent Portfolio**: IPM holds several patents, some of which have been licensed to major companies like Microsoft and Sony [35] - **Legal Judgment**: Recently received a patent infringement judgment against Cisco WebEx for $65.7 million, which could positively impact the company's financials [35][36] Conclusion - **Investment Appeal**: IPM presents a compelling investment opportunity with a solid financial foundation, innovative service offerings, and a strategic focus on growth in a burgeoning industry [36]

Company Announcement - NewtekOne, Inc. will participate in the Lytham Partners Fall 2025 Investor Conference, hosting a webcast presentation and one-on-one meetings with investors on September 30, 2025 [1][3]. Webcast Details - The webcast presentation is scheduled for 1:15 p.m. ET on September 30, 2025, and can be accessed via the conference home page or directly through a provided link [2]. One-on-One Meetings - Management will engage in virtual one-on-one meetings during the event, with arrangements available through Lytham Partners [3]. Company Overview - NewtekOne, Inc. is a financial holding company that offers a variety of business and financial solutions to independent business owners across all 50 states since 1999 [4]. Services Offered - The company provides services including banking, business lending, SBA lending solutions, electronic payment processing, accounts receivable financing, inventory financing, insurance solutions, payroll and benefits solutions, and technology solutions [5].

Core Insights - The article provides a detailed analysis comparing Blackstone Secured Lending (BXSL) to 11 of its business development company (BDC) peers, focusing on dividend sustainability and financial metrics [1][2][3] Group 1: Dividend Analysis - BXSL declared a base dividend of $0.77 per share for Q2 2025, with a stock price of $31.63, resulting in a trailing 12-month (TTM) dividend yield of 9.74% [10] - For Q3 2025, BXSL maintained the same base dividend of $0.77 per share, with a stock price of $28.59, leading to a TTM dividend yield of 10.77% [27][28] - BXSL's cumulative undistributable taxable income (UTI) coverage ratio was 1.86 as of 6/30/2025, significantly higher than the average of its peers [16] Group 2: Financial Metrics Comparison - BXSL's weighted average annualized yield on debt investments was 10.20% as of 6/30/2025, below the peer average of 11.61% [20] - The company had a below-average weighted average interest rate on outstanding debt at 4.69% as of 6/30/2025, compared to 5.19% the previous year [24] - BXSL's proportion of debt investments with floating interest rates was 99.80%, which was advantageous during rising interest rate environments [22] Group 3: Future Projections - The likelihood of BXSL maintaining a stable base quarterly dividend of $0.77 for Q4 2025 is projected at 80% [33] - A broader dividend range of $0.70 to $0.77 per share is anticipated for Q1 2026, with a 90% probability [34] - The current market conditions suggest a potential dividend reduction in 2026, influenced by management's cautiousness and external economic factors [19][34] Group 4: Investment Recommendation - BXSL is rated as a SELL when trading at a premium of 22.5% or more to the projected NAV, a HOLD between 12.5% and 22.5%, and a BUY when trading at or below 12.5% [37] - The current price target for BXSL is approximately $33.50 per share, with the stock considered notably undervalued at a closing price of $27.54 as of 9/16/2025 [38][39]

Investment Thesis - Newton Protocol (NEWT) aims to simplify DeFi investment, similar to using a "sous vide" cooker for steak, ensuring consistent results [1] - NEWT utilizes TEE+zk technology for verifiable and secure operations of its agent robots [1] - The protocol separates strategy ("what to do") from permissions ("what can be done"), offering flexibility and control over investment activities [1] - Users retain the ability to revoke authorizations at any time [1] Token Performance & Market Dynamics - NEWT was listed on Binance on June 24th, experiencing a typical high-opening and subsequent decline [1] - After absorbing airdrop selling pressure, NEWT bottomed out around June 27th and is currently showing a slight rebound [1] - The token is attracting significant attention with considerable trading volume [1] - A HODLer airdrop program is available, allowing BNB stakers to earn additional rewards [1][2]

Core Viewpoint - Lazard reported quarterly earnings of $0.56 per share, exceeding the Zacks Consensus Estimate of $0.29 per share, but down from $0.66 per share a year ago, indicating a 93.10% earnings surprise [1] Financial Performance - The company posted revenues of $643.19 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 4.35%, but down from $746.57 million year-over-year [2] - Over the last four quarters, Lazard has surpassed consensus EPS estimates three times and topped consensus revenue estimates three times [2] Stock Performance - Lazard shares have declined approximately 22.6% since the beginning of the year, compared to a decline of 6.8% for the S&P 500 [3] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.47 on revenues of $689.55 million, and for the current fiscal year, it is $2.50 on revenues of $2.98 billion [7] - The estimate revisions trend for Lazard is currently unfavorable, resulting in a Zacks Rank 5 (Strong Sell), indicating expected underperformance in the near future [6] Industry Context - The Financial - Miscellaneous Services industry, to which Lazard belongs, is currently in the top 36% of over 250 Zacks industries, suggesting that the industry outlook can significantly impact stock performance [8]