Document

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)    
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2018

OR

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____to_____
Commission file number: 814-01035
NEWTEK BUSINESS SERVICES CORP.
(Exact name of registrant as specified in its charter)
  
Maryland
 
46-3755188
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
 
 
 
1981 Marcus Avenue, Suite 130, Lake Success, New York
 
11042
(Address of principal executive offices)
 
(Zip Code)
Registrant’s telephone number, including area code: (212) 356-9500


Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ¨    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company (all as defined in Rule 12b-2 of the Exchange Act).
Large accelerated filer
 
o
Accelerated filer
 
x
 
 
 
 
 
 
Non-accelerated filer
 
o
Smaller reporting company
 
o
 
 
 
 
 
 
 
 
 
Emerging growth company
 
o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial or accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x
As of August 8, 2018, there were 18,792,347 shares issued and outstanding of the registrant’s Common Stock, par value $0.02 per share.




TABLE OF CONTENTS
 
 
 
Page
 
 
 
 
 
 
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
 
 
 
Item 1.
 
 
 
Item 1A.
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
Item 5.
 
 
 
Item 6.




Defined Terms

We have used “we,” “us,” “our”, “our company”, and “the Company” to refer to Newtek Business Services Corp. and its subsidiaries in this report. We also have used several other terms in this report, which are explained or defined below:

Terms
 
1940 Act
Investment Company Act of 1940, as amended
2016-1 Trust
Newtek Small Business Loan Trust, Series 2016-1
2017-1 Trust
Newtek Small Business Loan Trust, Series 2017-1
2021 Notes
7% Notes due 2021
2022 Notes
7.5% Notes due 2022
2023 Notes
6.25% Notes due 2023
ASC
Accounting Standards Codification, as issued by the FASB
ASU
Accounting Standards Updates, as issued by the FASB
ATM Equity Distribution Agreement
At the Market equity distribution agreement between the Company and JMP Securities, LLC, Compass Point Research & Trading, LLC, D.A. Davidson and Ladenburg Thalman & Co., Inc., as amended and restated on September 6, 2017
BDC
Business Development Company under the 1940 Act
Board
The Company's board of directors
Capital One
Capital One Bank, N.A.
Code
Internal Revenue Code of 1986, as amended
DRIP
The Company's dividend reinvestment plan
EBITDA
Earnings before interest, taxes, depreciation and amortization
Equity Incentive Plan
The Company's 2015 Equity Incentive Plan
Exchange Act
Securities and Exchange Act of 1934, as amended
FASB
Financial Accounting Standards Board
Goldman Facility
Credit and Guaranty Agreement between UPSW, NTS, Premier, BSP, SBL and GS Bank; as amended on June 21, 2017
Goldman Sachs
Goldman Sachs Bank
LIBOR
London Interbank Offered Rate
NAV
Net Asset Value
Related Party RLOC
Unsecured revolving line of credit agreement between UPSW, NTS, Premier, BSP and SBL as lenders and Newtek as borrower
PLP
Preferred Lender Program, as authorized by the SBA
Redemption Date
March 23, 2018
RIC
Regulated investment company under the Code
S&P
Standard and Poor's
SBA
United States Small Business Administration
SBLC
Small Business Lending Company
SBIC
Small Business Investment Company
SEC
Securities and Exchange Commission
SMB
Small-and-medium sized businesses
Sterling
Sterling National Bank
Sterling 504 Facility
Loan and Security Agreement between NBCS and Sterling, as lender to fund SBA 504 loans
Sterling Receivable and Inventory Facility
Loan and Security Agreement between NBCS and Sterling, as lender to fund accounts receivable and inventory financing arrangements
Taxable Subsidiaries
Companies formed by Newtek which are taxed as corporations for income tax purposes


Table of Contents

Trustee
U.S. Bank, N.A.
U.S. GAAP or GAAP
Generally accepted accounting principles in the United States
 
 
Portfolio Companies and Subsidiaries
 
NSBF
Newtek Small Business Finance, LLC, a consolidated subsidiary
Exponential
Exponential Business Development Co., Inc., a Taxable Subsidiary
UPSW or NMS
Universal Processing Services of Wisconsin, LLC dba Newtek Merchant Solutions, a wholly-owned controlled portfolio company
Premier
Premier Payments LLC, a wholly-owned controlled portfolio company
Mobil Money
Mobil Money, LLC, a wholly-owned controlled portfolio company
NTS
Newtek Technology Solutions, Inc., a wholly-owned controlled portfolio company
IPM
International Professional Marketing, Inc., a wholly-owned controlled portfolio company
SIDCO
SIDCO, LLC dba Cloud Nine Services, a wholly-owned controlled portfolio company
EWS
Excel WebSolutions, LLC, a controlled portfolio company
NBCS
CDS Business Services, Inc. dba Newtek Business Credit Solutions, a wholly-owned controlled portfolio company
SBL
Small Business Lending, LLC, a wholly-owned controlled portfolio company
BSP
ADR Partners, LLC dba banc-serv Partners, LLC, a wholly-owned controlled portfolio company
NPS
PMTWorks Payroll, LLC dba Newtek Payroll and Benefits Solutions, a wholly-owned controlled portfolio company
NIA
Newtek Insurance Agency, LLC, a wholly-owned controlled portfolio company
UCS
United Capital Source, LLC, a wholly-owned controlled portfolio company
TAM
Titanium Asset Management LLC, a wholly-owned controlled portfolio company
EMCAP
EMCAP Loan Holdings, LLC





NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(In Thousands, except for Per Share Data)
 
June 30, 2018
 
December 31, 2017
ASSETS
(Unaudited)
 
(Note 1)
Investments, at fair value
 
 
 
SBA unguaranteed non-affiliate investments (cost of $312,440 and $287,690, respectively; includes $244,661 and $265,174, respectively, related to securitization trusts)
$
305,478

 
$
278,034

SBA guaranteed non-affiliate investments (cost of $21,927 and $22,841, respectively)
24,400

 
25,490

Controlled investments (cost of $64,056 and $59,898, respectively)
157,235

 
153,156

Non-control/affiliate investments (cost of $600 and $0, respectively)
600

 

Investments in money market funds (cost of $9 and $9, respectively)
9

 
9

Total investments at fair value
487,722

 
456,689

Cash
3,575

 
2,464

Restricted cash
24,701

 
18,074

Broker receivable
10,978

 
8,539

Due from related parties
3,126

 
2,255

Servicing assets, at fair value
20,663

 
19,359

Other assets
11,048

 
12,231

Total assets
$
561,813

 
$
519,611

 
 
 
 
LIABILITIES AND NET ASSETS
 
 
 
Liabilities:
 
 
 
Bank notes payable
$
31,000

 
$

Notes due 2022 (Note 7)
7,977

 
7,936

Notes due 2021 (Note 7)

 
39,114

Notes due 2023 (Note 7)
55,326

 

Notes payable - Securitization trusts (Note 7)
140,372

 
162,201

Notes payable - related parties
16,275

 
7,001

Due to related parties
107

 

Deferred tax liabilities
8,136

 
8,164

Accounts payable, accrued expenses and other liabilities
20,340

 
16,866

Total liabilities
279,533

 
241,282

 
 
 
 
Commitment and contingencies (Note 8)
 
 
 
Net assets:
 
 
 
Preferred stock (par value $0.02 per share; authorized 1,000 shares, no shares issued and outstanding)

 

Common stock (par value $0.02 per share; authorized 200,000 shares, 18,745 and 18,457 issued and outstanding, respectively)
375

 
369

Additional paid-in capital
250,854

 
247,363

(Distributions in excess of)/undistributed net investment income
(5,397
)
 
14,792

Net unrealized appreciation, net of deferred taxes
20,838

 
20,448

Net realized gains/(losses)
15,610

 
(4,643
)
Total net assets
282,280

 
278,329

Total liabilities and net assets
$
561,813

 
$
519,611

Net asset value per common share
$
15.06

 
$
15.08


1
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In Thousands, except for Per Share Data)
 
Three Months Ended June 30, 2018
 
Three Months Ended June 30, 2017
 
Six Months Ended June 30, 2018
 
Six Months Ended June 30, 2017
Investment income
 
 
 
 
 
 
 
From non-affiliate investments:
 
 
 
 
 
 
 
Interest income
$
5,503

 
$
4,635

 
$
10,677

 
$
8,870

Servicing income
2,008

 
1,723

 
4,073

 
3,369

Other income
1,108

 
896

 
2,163

 
1,561

Total investment income from non-affiliate investments
8,619

 
7,254

 
16,913

 
13,800

From Non-control/affiliate investments
 
 
 
 
 
 
 
Dividend income
10

 

 
10

 

Total investment income from non-control/affiliate investments
10

 

 
10

 

From controlled investments:
 
 
 
 
 
 
 
Interest income
200

 
121

 
349

 
268

Dividend income
2,575

 
2,475

 
5,200

 
4,775

Other income

 
54

 

 
54

Total investment income from controlled investments
2,775

 
2,650

 
5,549

 
5,097

Total investment income
11,404

 
9,904

 
22,472

 
18,897

Expenses:
 
 
 
 
 
 
 
Salaries and benefits
5,212

 
4,980

 
10,090

 
9,631

Interest
3,792

 
2,617

 
7,304

 
5,147

Depreciation and amortization
116

 
96

 
236

 
185

Professional fees
587

 
602

 
1,527

 
1,449

Origination and servicing
2,168

 
1,269

 
3,773

 
2,653

Change in fair value of contingent consideration liabilities
7

 

 
17

 

Loss on extinguishment of debt

 

 
1,059

 

Other general and administrative costs
1,656

 
2,020

 
3,373

 
3,605

Total expenses
13,538

 
11,584

 
27,379

 
22,670

Net investment loss
(2,134
)
 
(1,680
)
 
(4,907
)
 
(3,773
)
Net realized and unrealized gains (losses):
 
 
 
 
 
 
 
Net realized gain on non-affiliate investments
10,319

 
8,914

 
20,200

 
17,599

Net realized gain on controlled investments
52

 

 
52

 

Net unrealized appreciation (depreciation) on SBA guaranteed non-affiliate investments
105

 
(63
)
 
(175
)
 
50

Net unrealized appreciation on SBA unguaranteed non-affiliate investments
1,702

 
1,817

 
2,694

 
1,261

Net unrealized depreciation on controlled investments
(1,250
)
 
(2,674
)
 
(80
)
 
(1,743
)
Change in deferred taxes
326

 
976

 
27

 
410

Net unrealized depreciation on servicing assets
(1,499
)
 
(360
)
 
(2,078
)
 
(969
)
Net realized and unrealized gains
$
9,755

 
$
8,610

 
$
20,640

 
$
16,608

Net increase in net assets resulting from operations
$
7,621

 
$
6,930

 
$
15,733

 
$
12,835

Net increase in net assets resulting from operations per share
$
0.41

 
$
0.40

 
$
0.85

 
$
0.76

Net investment loss per share
$
(0.11
)
 
$
(0.10
)
 
$
(0.26
)
 
$
(0.22
)

2
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In Thousands, except for Per Share Data)
 
Three Months Ended June 30, 2018
 
Three Months Ended June 30, 2017
 
Six Months Ended June 30, 2018
 
Six Months Ended June 30, 2017
Dividends and distributions declared per common share
$
0.42

 
$
0.44

 
$
0.82

 
$
0.76

Weighted average number of shares outstanding
18,680

 
17,345

 
18,588

 
16,867


3
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS (UNAUDITED)
(In Thousands)
 
Six Months Ended June 30, 2018
Increase in net assets:
 
Net investment loss
$
(4,907
)
Net realized gains on investments
20,252

Net change in unrealized appreciation on investments
388

Net increase in net assets resulting from operations
15,733

Distributions to common stockholders:
 
Dividends to common stockholders from net investment income
(15,185
)
Total distributions to stockholders
(15,185
)
Capital share transactions:
 
Issuance of common stock under dividend reinvestment plan
346

Stock-based compensation expense
242

Issuance of common stock in connection with investment in Mobil Money, LLC
200

Purchase of vested stock for employee payroll tax withholding
(32
)
Issuance of common stock, net of offering costs
2,647

Net increase in net assets from capital share transactions
3,403

Total increase in net assets
3,951

Net assets at beginning of period
278,329

Net assets at end of period (includes $5,397 of distributions in excess of net investment income)
$
282,280

Common shares outstanding at end of period
15,745

Capital share activity:
 
Shares issued under dividend reinvestment plan
19

Shares issued in connection with sales of common stock under ATM
161

Shares issued in connection with investment in Mobil Money, LLC
11

Purchase of vested stock for employee payroll tax withholding
(2
)
Restricted shares issued under Equity Incentive Plan, net of forfeitures
99

Net increase in capital activity
288


4
See accompanying notes to unaudited condensed consolidated financial statements.





NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In Thousands)
 
Six Months Ended June 30, 2018
 
Six Months Ended June 30, 2017
Cash flows from operating activities:
 
 
 
Net increase in net assets resulting from operations
$
15,733

 
$
12,835

Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
 
 
 
Net unrealized depreciation on controlled investments
80

 
1,743

Net unrealized appreciation on non-affiliate investments
(2,519
)
 
(1,311
)
Net unrealized depreciation on servicing assets
2,078

 
969

Realized gains on controlled investments
(52
)
 

Net realized gains on non-affiliate investments
(20,200
)
 
(17,599
)
Allowance for doubtful accounts
24

 

Change in fair value of contingent consideration liabilities
17

 

Loss on extinguishment of debt
1,059

 

Amortization of deferred financing costs
836

 
794

Deferred income taxes
(27
)
 
(410
)
Depreciation and amortization
236

 
185

Purchase of loans from SBA

 
(3,821
)
Purchase of SBA 7(a) loan portfolio

 
(175
)
Funding of controlled investments
(13,509
)
 
(20,781
)
Funding of non-control/affiliate investment
(600
)
 

Funding of non-control/non-affiliate investment

 
(3,255
)
Funding of guaranteed non-affiliate SBA loans
(151,151
)
 
(121,371
)
Proceeds from sale of non-affiliate SBA loans
172,463

 
138,526

Proceeds from sale of controlled investment
2,502

 

Funding of unguaranteed non-affiliate SBA loans
(46,842
)
 
(37,798
)
Return of investment from controlled investments

 
50

Principal received from controlled investments
8,450

 
6,559

Principal received on SBA non-affiliate investments
21,145

 
14,508

Other, net
568

 
1,110

Changes in operating assets and liabilities:
 
 
 
Broker receivable
(2,440
)
 
(21,413
)
Due to/from related parties
(788
)
 
(549
)
Other assets
1,429

 
1,106

Accounts payable, accrued expenses and other liabilities
2,261

 
(192
)
Capitalized servicing asset
(3,382
)
 
(2,847
)
Other, net
(9
)
 
(3
)
Net cash used in operating activities
(12,638
)
 
(53,140
)
Cash flows from investing activities:
 
 
 
Purchase of fixed assets
(208
)
 
(284
)
Cash flows from financing activities:
 
 
 
Net borrowings on bank notes payable
31,000

 
34,945

Proceeds from common shares sold, net of offering costs
2,647

 
39,450


5
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In Thousands)
 
Six Months Ended June 30, 2018
 
Six Months Ended June 30, 2017
Net proceeds from related party line of credit
9,274

 
14,341

Proceeds from Notes due 2023
57,500

 

Redemption of Notes due 2021
(40,250
)
 

Payments on Notes Payable - Securitization Trusts
(22,378
)
 
(17,516
)
Dividends paid
(14,839
)
 
(13,067
)
Additions to deferred financing costs
(2,336
)
 
(480
)
Purchase of vested stock for employee payroll tax withholding
(34
)
 

Other, net

 
(1
)
Net cash provided by financing activities
20,584

 
57,672

Net increase in cash and restricted cash
7,738

 
4,248

Cash and restricted cash—beginning of period (Note 2)
20,538

 
22,896

Cash and restricted cash—end of period (Note 2)
$
28,276

 
$
27,144

 
 
 
 
Non-cash operating, investing and financing activities:
 
 
 
Foreclosed real estate acquired
$
735

 
$
62

Issuance of common shares in connection with investment in Mobil Money, LLC
$
200

 
$

Issuance of common shares under dividend reinvestment plan
$
346

 
$
91

            


6
See accompanying notes to unaudited condensed consolidated financial statements.





NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Performing SBA Unguaranteed Investments (1) (21)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bio-Haz Solutions, Inc.
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
6/29/2028

 
$
91.3

 
$
91.3

 
$
92.2

 
0.03
%
Bio- Haz Solutions, Inc.
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
6/29/2043

 
237.5

 
237.5

 
238.3

 
0.08
%
M J Losito Electrical Contractor's, Inc
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/29/2028

 
58.8

 
58.8

 
52.7

 
0.02
%
Corptek Solutions LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/28/2028

 
47.5

 
47.5

 
41.9

 
0.01
%
Critter Cabana, LLC dba Critter Cabana
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
6/28/2028

 
83.8

 
83.8

 
73.9

 
0.03
%
Local Leads, LLC dba New Direction Chiropractic
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/28/2028

 
18.0

 
18.0

 
16.0

 
0.01
%
RLW4 Builders LLC
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
6/27/2043

 
1,000.0

 
1,000.0

 
1,083.6

 
0.38
%
National Dredging Service of North Florida, Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/27/2043

 
28.8

 
28.8

 
31.2

 
0.01
%
National Dredging Services of North Florida, Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/27/2028

 
53.3

 
53.3

 
54.9

 
0.02
%
Julie Cooper-Bierman dba Forever Shopper
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
6/27/2028

 
16.1

 
16.1

 
14.1

 
%
Darnoc Enterprises Inc, Setira Paul Inc dba Conrad's Famous Bakery, Inc.
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/27/2043

 
354.5

 
354.5

 
372.5

 
0.13
%
InUSA Ventures, Inc
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
6/27/2028

 
50.0

 
50.0

 
44.1

 
0.02
%
Nick's Country Kitchen, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/27/2028

 
22.5

 
22.5

 
20.1

 
0.01
%
Bengals, Inc. dba Royal Liquor Mart
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
6/26/2043

 
106.3

 
106.3

 
109.1

 
0.04
%
Peter Thomas Roth Labs LLC, & June Jacobs Labs, LLC
 
Health and Personal Care Stores
 
Term Loan
 
Prime plus 2.75%
 
6/26/2028

 
925.0

 
925.0

 
837.8

 
0.30
%
Sun Pools, Inc
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/25/2043

 
306.0

 
306.0

 
294.8

 
0.10
%
DPF Filters Inc.
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
6/25/2028

 
68.8

 
68.8

 
62.0

 
0.02
%

7
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Sun Pools, Inc dba Sun Fiberglass Pools
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/25/2028

 
781.4

 
781.4

 
712.1

 
0.25
%
Sushi Prime, LLC and Vasilia Investments
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/22/2028

 
275.0

 
275.0

 
258.1

 
0.09
%
Martha Beauty Supply And Braiding, Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
6/22/2043

 
139.8

 
139.8

 
151.4

 
0.05
%
Judy E. Moncrief C.P.A LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/22/2028

 
15.0

 
15.0

 
13.2

 
%
The Desert House Assisted Living ,LLC dba The Desert House Assisted Living
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
6/22/2043

 
78.8

 
78.8

 
82.9

 
0.03
%
Mr. Lube, Inc
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/22/2043

 
663.8

 
663.8

 
667.9

 
0.24
%
Mr. Lube, Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/22/2028

 
586.3

 
586.3

 
559.3

 
0.20
%
York Woods Tree Service, LLC dba York Woods Tree and Products, LLC
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
6/21/2043

 
250.0

 
250.0

 
254.6

 
0.09
%
York Woods Tree Service, LLC dba York Woods Tree and Products, LLC
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
6/21/2028

 
142.5

 
142.5

 
137.7

 
0.05
%
Independent Life LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/21/2028

 
125.0

 
125.0

 
110.2

 
0.04
%
Surya Hotel LLC dba Hotel Royal
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
6/21/2028

 
19.0

 
19.0

 
19.6

 
0.01
%
Lilo Holdings LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/20/2028

 
18.8

 
18.8

 
16.9

 
0.01
%
Olsen Bros. Transportation, Inc. & Golden Spike Leasing, LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/20/2028

 
621.0

 
621.0

 
551.3

 
0.20
%
Mid America Motorworks, Inc and Yager Holdings L.P
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
6/19/2043

 
500.0

 
500.0

 
541.8

 
0.19
%
LCP Transportation, LLC dba LCP Teleservices
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/19/2028

 
817.5

 
817.5

 
720.4

 
0.26
%
Webster Light, LLC
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
6/19/2028

 
90.0

 
90.0

 
88.9

 
0.03
%
Jones Roger Sherman Inn, Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/19/2028

 
425.0

 
425.0

 
438.3

 
0.16
%
Colovic Hackettstown Dairy LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/19/2043

 
275.0

 
275.0

 
295.8

 
0.10
%
Allen Theatre and Back Stage Cafe LLC
 
Motion Picture and Sound Recording Industries
 
Term Loan
 
Prime plus 2.75%
 
6/18/2043

 
126.0

 
126.0

 
133.7

 
0.05
%

8
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Schumacker Recreation, LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/18/2028

 
150.0

 
150.0

 
154.7

 
0.05
%
Softrol Systems Inc dba Softrol Systems
 
Computer and Electronic Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/15/2028

 
932.6

 
932.6

 
832.3

 
0.29
%
Northway Exit 29 Campground, Inc
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
6/15/2043

 
216.3

 
216.3

 
234.3

 
0.08
%
Kootenay Columbia LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/15/2028

 
6.0

 
6.0

 
5.7

 
%
Dianne Williams and Louis Williams dba Sweetlips Store
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
6/15/2043

 
46.3

 
46.3

 
48.4

 
0.02
%
Oil Palace Inc.
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
6/15/2043

 
32.2

 
32.2

 
34.9

 
0.01
%
Venzix Ventures Inc. dba Venzix
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
6/18/2028

 
13.2

 
13.2

 
12.7

 
%
Top Cat Ready Mix, LLC & Ples Incestors, LLC, Pappy's Sand & Gravel
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/14/2028

 
156.3

 
156.3

 
144.8

 
0.05
%
Tele Tax Express Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/14/2028

 
22.5

 
22.5

 
21.9

 
0.01
%
Barrett Appliance Distributors Inc.
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
6/14/2043

 
621.8

 
621.8

 
610.0

 
0.22
%
Team Sandy Blanton Realty, Inc
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
6/14/2043

 
97.5

 
97.5

 
97.2

 
0.03
%
Barrett Appliance Distributors, Inc
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
6/14/2028

 
502.8

 
502.8

 
467.0

 
0.17
%
E & J Sims Co. LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/14/2028

 
50.0

 
50.0

 
45.6

 
0.02
%
Mastiff Studios LLC
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
6/13/2043

 
42.8

 
42.8

 
45.8

 
0.02
%
Ciasom LLC dba Mosaic
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/11/2028

 
180.0

 
180.0

 
159.5

 
0.06
%
Golf Swing Prescription LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/11/2028

 
13.2

 
13.2

 
11.6

 
%
Skyways LTD,Jet 60 LLC,Mendean Jonath, Inc,Jet AOG, Inc & Jonathan Men
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/8/2043

 
380.7

 
380.7

 
384.6

 
0.14
%
Beyond Grooming LLC and Michelle McWatters
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
6/8/2043

 
43.0

 
43.0

 
45.9

 
0.02
%
Camp K-9 Pet Resort & Spa, Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
6/8/2028

 
8.3

 
8.3

 
7.4

 
%

9
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Icebox Cafe, L.C. and Icebox Cafe at Doral,LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/8/2028

 
791.5

 
791.5

 
710.8

 
0.25
%
H S Corporation dba Lake Anna Lodge
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
6/7/2043

 
131.3

 
131.3

 
142.2

 
0.05
%
Applied Behavioral Consulting, Inc
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
6/7/2043

 
50.0

 
50.0

 
53.1

 
0.02
%
Anurag, LLC dba Oakwood Package Store
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
6/6/2043

 
137.0

 
137.0

 
138.6

 
0.05
%
Hardway Inc and A F C Leasing, Inc
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
6/6/2028

 
48.7

 
48.7

 
42.9

 
0.02
%
Sowells Consulting Engineers, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/6/2028

 
22.5

 
22.5

 
19.9

 
0.01
%
SSD Designs LLC
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
6/5/2028

 
74.3

 
74.3

 
66.1

 
0.02
%
Funtime ,LLC dba Indoor Playgrounds International
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
6/5/2028

 
250.0

 
250.0

 
220.5

 
0.08
%
AVM LLC dba Luv 2 Play
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
6/1/2028

 
23.9

 
23.9

 
23.3

 
0.01
%
Mastrocinque Restaurant Management Company LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/1/2028

 
83.8

 
83.8

 
80.5

 
0.03
%
BTD Feed & Nutrition, LLC dba Thomaston Feed Cheshire
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
6/1/2028

 
53.0

 
53.0

 
46.8

 
0.02
%
Awan Business Management Group LLC, Awan Sign Company LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
5/31/2043

 
272.8

 
272.8

 
285.5

 
0.10
%
Seraj Wireless, LLC
 
Electronics and Appliance Stores
 
Term Loan
 
Prime plus 2.75%
 
5/31/2028

 
125.0

 
125.0

 
110.2

 
0.04
%
Brooks Seaplane Service Inc and Lunt Enterprises LLC
 
Scenic and Sightseeing Transportation
 
Term Loan
 
Prime plus 2.75%
 
5/31/2028

 
142.8

 
142.8

 
125.8

 
0.04
%
SSMV LLC dba Burgerim
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/30/2028

 
48.7

 
48.7

 
47.7

 
0.02
%
Eagle Aggregate Transportation, LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
5/30/2028

 
87.5

 
87.5

 
80.7

 
0.03
%
Crowley Ventures, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/29/2028

 
68.7

 
68.7

 
61.6

 
0.02
%
Iloka, Inc dba New Cloud Networks
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
5/25/2028

 
250.0

 
250.0

 
232.7

 
0.08
%
Ocean Breeze Holdings, LLC, Ocean Beach Resort LLC & Ocean Breeze
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
5/25/2043

 
1,250.0

 
1,250.0

 
1,354.5

 
0.48
%
Conan Enterprises LLC
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
5/25/2028

 
22.5

 
22.5

 
19.8

 
0.01
%

10
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Starship, LLC dba Tint World Smyrna
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/25/2043

 
69.2

 
69.2

 
75.0

 
0.03
%
Adow Pools LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
5/25/2028

 
175.0

 
175.0

 
157.8

 
0.06
%
Dream Spa LLC and Dream Spa Greenwich LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
5/25/2028

 
100.8

 
100.8

 
89.7

 
0.03
%
Broadalbin Properties LLC dba Broadalbin Hotel & 1854 Pub & Eatery
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
5/25/2043

 
86.7

 
86.7

 
93.9

 
0.03
%
Seaside Acupuncture LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
5/24/2043

 
50.0

 
50.0

 
51.9

 
0.02
%
DMA Equipment LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
5/24/2043

 
261.0

 
261.0

 
265.7

 
0.09
%
Chem-Flotronics, Inc.
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
5/22/2028

 
100.0

 
100.0

 
90.0

 
0.03
%
LightStorm Security LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
5/21/2028

 
5.4

 
5.4

 
4.8

 
%
Yakov Levy M.D., P.C.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
5/18/2028

 
109.8

 
109.8

 
97.1

 
0.03
%
Mark A Espinoza, DDS PLLC dba Central Dental Care
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
5/18/2028

 
62.1

 
62.1

 
54.7

 
0.02
%
On Stage Enterprises LLC, On Stage Theaters Branson, LLC
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
5/17/2028

 
250.0

 
250.0

 
220.3

 
0.08
%
JVLS LLC dba Vaccines 2 Go
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
5/17/2028

 
8.3

 
8.3

 
7.3

 
%
Joshua One Limited Liability Company dba Genesis Personal Fitness
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
5/16/2043

 
321.3

 
321.3

 
324.3

 
0.11
%
Clore Construction LLC
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
5/16/2028

 
150.0

 
150.0

 
139.1

 
0.05
%
Fireplace Outlet Inc
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
5/15/2028

 
22.5

 
22.5

 
23.2

 
0.01
%
James T. Hendel dba Autotexx Mobile Auto Repair
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/15/2028

 
7.5

 
7.5

 
7.7

 
%
Galore Salon & Extension Lounge Inc dba Pretty Chic Hair & Lashes
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
5/14/2028

 
4.5

 
4.5

 
4.0

 
%
Circle and Square, Inc dba Stamford Kumon
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
5/11/2028

 
42.5

 
42.5

 
37.5

 
0.01
%
Bote Virginia Beach, Inc. dba Bote Virginia Beach
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
5/11/2028

 
11.3

 
11.3

 
10.0

 
%
Daniel Woodward, DC PLLC dba Doc's Body Shop
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
5/11/2028

 
41.2

 
41.2

 
36.3

 
0.01
%

11
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Johnson Expedited Trucking, LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
5/11/2028

 
10.5

 
10.5

 
9.7

 
%
Adhara, LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
5/11/2043

 
43.8

 
43.8

 
45.4

 
0.02
%
Baby Gentry's Childcare & Learning Academy
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
5/10/2028

 
11.3

 
11.3

 
10.0

 
%
P & M Entertainment, LLC dba Luv 2 Play
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
5/10/2028

 
78.7

 
78.7

 
73.7

 
0.03
%
Whitetail Nurseries Inc
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
5/9/2028

 
267.5

 
267.5

 
255.0

 
0.09
%
Buy Gitomer Inc., Gitgo LLC.,GitGo Archives, LLC, and Jeffrey Gitomer
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
5/9/2043

 
725.0

 
725.0

 
785.6

 
0.28
%
Oculi Entertainment Inc
 
Motion Picture and Sound Recording Industries
 
Term Loan
 
Prime plus 2.75%
 
5/8/2028

 
22.4

 
22.4

 
19.7

 
0.01
%
Schmaltz Operations LLC dba Companion Camp
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
5/7/2028

 
60.0

 
60.0

 
57.3

 
0.02
%
Container Shipping, LLC
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
5/4/2028

 
50.0

 
50.0

 
44.1

 
0.02
%
Wilbur Standford Jr Trucking and Excavating, LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
5/3/2028

 
240.0

 
240.0

 
233.2

 
0.08
%
Warner Family Restaurant LLC dba Burgerim
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/3/2028

 
20.3

 
20.3

 
18.6

 
0.01
%
McIntosh Trail Management Service Organization, Inc.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
5/1/2028

 
95.0

 
95.0

 
98.0

 
0.03
%
Olmsted LLC and 626 Van LLC dba Maison Yaki
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/1/2028

 
107.2

 
107.2

 
99.7

 
0.04
%
Metropolitan Solutions Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
4/30/2043

 
16.2

 
16.2

 
17.6

 
0.01
%
Brenden Kehren Development LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
4/30/2028

 
3.0

 
3.0

 
2.6

 
%
SOWC Associates LLC dba Serenity Oaks Wellness Center
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
4/30/2043

 
1,248.6

 
1,248.6

 
1,352.9

 
0.48
%
Saltamontes Tire Company, LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
4/30/2043

 
102.4

 
102.4

 
106.7

 
0.04
%
Sunlinc Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
4/30/2028

 
9.7

 
9.7

 
8.5

 
%
Corona Dance, LLC dba Huracan Dance Studio
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
4/30/2028

 
11.9

 
11.9

 
10.5

 
%

12
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Rory James Contracting LLC
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
4/27/2028

 
16.0

 
16.0

 
14.1

 
%
Kastoria Inc. dba Bantam Pizza
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/27/2028

 
14.7

 
14.7

 
13.1

 
%
Suraj Enterprises, Inc.
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
4/27/2028

 
311.5

 
311.5

 
294.1

 
0.10
%
Contrada Snacks LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
4/27/2028

 
10.1

 
10.1

 
8.9

 
%
Little Angels Daycare and Learning Center LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
4/27/2043

 
160.1

 
160.1

 
173.5

 
0.06
%
LMH Optics LLC dba Sterling Optical
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
4/26/2028

 
49.7

 
49.7

 
43.9

 
0.02
%
RWT Corporation dba Welding Works
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
4/26/2028

 
516.4

 
516.4

 
474.2

 
0.17
%
K&S Hardware LLC
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
4/26/2028

 
22.4

 
22.4

 
19.7

 
0.01
%
Matrix Z, LLC
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
4/26/2028

 
74.6

 
74.6

 
73.7

 
0.03
%
Pledge 4 Hope LLC
 
Data Processing, Hosting, and Related Services
 
Term Loan
 
Prime plus 2.75%
 
4/26/2028

 
14.9

 
14.9

 
13.2

 
%
RWT Corporation dba Welding Works
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
4/26/2043

 
212.4

 
212.4

 
206.1

 
0.07
%
Joe & Sons Service, Inc
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
4/24/2028

 
111.9

 
111.9

 
115.4

 
0.04
%
Kneading Dough LLC dba NY Bagel Cafe & Deli
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/23/2028

 
14.5

 
14.5

 
13.5