Mr. Downs was appointed President of Newtek Bank effective April 22, 2025. Mr. Downs was the Company's and Newtek Bank's Chief Lending Officer from January 2023 through April 21, 2025. Mr. Downs has been a member of the board of directors of Newtek Bank since January 2023. Mr. Downs has been the President of Newtek Small Business Finance, LLC (NSBF) since 2003, the Company's wholly owned subsidiary, and a member of the NSBF board of directors. Mr. Downs has had primary responsibility for the development of the Company's lending policies and procedures, loan originations and loan portfolio. Prior to joining the Company in 2003, Mr. Downs spent sixteen years in various small business lending roles within the banking industry. From 1990 to 2001, he was employed with European American Bank (EAB), where he held various positions including New Business Development Officer for Small Business Lending and Group Manager of Retail Small Business Lending which encompassed the underwriting and servicing of the bank's small business loan portfolio. Subsequent to EAB's acquisition by Citibank, Mr. Downs ran the bank's U.S. Small Business Administration (SBA) lending portfolio in New York, and eventually was named the National Director of SBA lending, after which he was responsible for coordinating the bank's SBA underwriting and sales efforts in all Citibank markets across the country. In addition to his banking experience, he has been involved in several non-profit small business advisory boards, and has been a member of the National Association of Government Guaranteed Lenders (NAGGL) Regional Technical Issues Committee. Mr. Down's history with the Company and extensive experience in the small business lending space, including SBA 7(a) and 504 lending, provides our Board of Directors with the valuable insight of an experienced lender.