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 September 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 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. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” 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 November 8, 2018, there were 18,898,137 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
2013-1 Trust
Newtek Small Business Loan Trust, Series 2013-1
2016-1 Trust
Newtek Small Business Loan Trust, Series 2016-1
2017-1 Trust
Newtek Small Business Loan Trust, Series 2017-1
2018-1 Trust
Newtek Small Business Loan Trust, Series 2018-1
2021 Notes
7.00% Notes due 2021
2022 Notes
7.50% 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
Second Amended and Restated Equity Distribution Agreement, dated August 31, 2018 by and among the Company and the Placement Agents
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
NBL Facility
Revolving Credit and Security Agreement between NBL SPV1, LLC, a wholly-owned subsidiary of NBL and Capital One
Related Party RLOC
Unsecured revolving line of credit agreement between UPSW, NTS, and Premier, 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
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
NBL
Newtek Business Lending, LLC, a wholly-owned controlled portfolio company
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 or PMT
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)
 
September 30, 2018
 
December 31, 2017
ASSETS
(Unaudited)
 
(Note 1)
Investments, at fair value
 
 
 
SBA unguaranteed non-affiliate investments (cost of $333,070 and $287,690, respectively; includes $236,225 and $265,174, respectively, related to securitization trusts)
$
330,165

 
$
278,034

SBA guaranteed non-affiliate investments (cost of $13,565 and $22,841, respectively)
14,862

 
25,490

Controlled investments (cost of $72,623 and $59,898, respectively)
167,460

 
153,156

Non-control/affiliate investments (cost of $1,000 and $0, respectively)
1,000

 

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

 
9

Total investments at fair value
513,496

 
456,689

Cash
2,646

 
2,464

Restricted cash
27,518

 
18,074

Broker receivable
39,259

 
8,539

Due from related parties
5,012

 
2,255

Servicing assets, at fair value
21,642

 
19,359

Other assets
12,888

 
12,231

Total assets
$
622,461

 
$
519,611

 
 
 
 
LIABILITIES AND NET ASSETS
 
 
 
Liabilities:
 
 
 
Bank notes payable
$
79,558

 
$

Notes due 2022 (Note 7)
7,998

 
7,936

Notes due 2021 (Note 7)

 
39,114

Notes due 2023 (Note 7)
55,445

 

Notes payable - Securitization trusts (Note 7)
130,326

 
162,201

Notes payable - related parties
23,975

 
7,001

Due to related parties
184

 

Deferred tax liabilities
8,581

 
8,164

Accounts payable, accrued expenses and other liabilities
28,458

 
16,866

Total liabilities
334,525

 
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, 18,849 and 18,457 issued and outstanding, respectively)
377

 
369

Additional paid-in capital
253,143

 
247,363

(Distributions in excess of)/undistributed net investment income
(6,842
)
 
14,792

Net unrealized appreciation, net of deferred taxes
23,834

 
20,448

Net realized gains/(losses)
17,424

 
(4,643
)
Total net assets
287,936

 
278,329

Total liabilities and net assets
$
622,461

 
$
519,611

Net asset value per common share
$
15.28

 
$
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 September 30, 2018
 
Three Months Ended September 30, 2017
 
Nine Months Ended September 30, 2018
 
Nine Months Ended September 30, 2017
Investment income
 
 
 
 
 
 
 
From non-affiliate investments:
 
 
 
 
 
 
 
Interest income
$
5,925

 
$
4,363

 
$
16,602

 
$
13,233

Servicing income
2,177

 
1,794

 
6,250

 
5,163

Other income
1,128

 
705

 
3,291

 
2,266

Total investment income from non-affiliate investments
9,230

 
6,862

 
26,143

 
20,662

From Non-control/affiliate investments
 
 
 
 
 
 
 
Dividend income
26

 

 
36

 

Total investment income from non-control/affiliate investments
26

 

 
36

 

From controlled investments:
 
 
 
 
 
 
 
Interest income
204

 
188

 
553

 
456

Dividend income
2,925

 
2,551

 
8,125

 
7,326

Other income

 

 

 
54

Total investment income from controlled investments
3,129

 
2,739

 
8,678

 
7,836

Total investment income
12,385

 
9,601

 
34,857

 
28,498

Expenses:
 
 
 
 
 
 
 
Salaries and benefits
5,469

 
4,776

 
15,559

 
14,407

Interest
4,110

 
2,986

 
11,414

 
8,133

Depreciation and amortization
122

 
107

 
358

 
292

Professional fees
642

 
605

 
2,169

 
2,054

Origination and servicing
1,983

 
1,433

 
5,756

 
4,086

Change in fair value of contingent consideration liabilities
6

 
(748
)
 
23

 
(748
)
Loss on extinguishment of debt

 

 
1,059

 

Other general and administrative costs
1,499

 
1,634

 
4,872

 
5,239

Total expenses
13,831

 
10,793

 
41,210

 
33,463

Net investment loss
(1,446
)
 
(1,192
)
 
(6,353
)
 
(4,965
)
Net realized and unrealized gains (losses):
 
 
 
 
 
 
 
Net realized gain on non-affiliate investments - SBA 7(a) loans
10,554

 
9,938

 
30,754

 
27,537

Net realized gain on non-affiliate investments - conventional loan
278

 

 
278

 

Net realized gain on controlled investments

 

 
52

 

Net unrealized (depreciation) appreciation on SBA guaranteed non-affiliate investments
(1,177
)
 
1,151

 
(1,352
)
 
1,201

Net unrealized appreciation (depreciation) on SBA unguaranteed non-affiliate investments
4,057

 
(1,023
)
 
6,751

 
238

Net unrealized appreciation (depreciation) on controlled investments
1,659

 
(500
)
 
1,579

 
(2,243
)
Change in deferred taxes
(444
)
 
335

 
(417
)
 
745

Net unrealized depreciation on servicing assets
(1,097
)
 
(632
)
 
(3,175
)
 
(1,601
)
Net realized and unrealized gains
$
13,830

 
$
9,269

 
$
34,470

 
$
25,877

Net increase in net assets resulting from operations
$
12,384

 
$
8,077

 
$
28,117

 
$
20,912


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 September 30, 2018
 
Three Months Ended September 30, 2017
 
Nine Months Ended September 30, 2018
 
Nine Months Ended September 30, 2017
Net increase in net assets resulting from operations per share
$
0.66

 
$
0.46

 
$
1.51

 
$
1.22

Net investment loss per share
$
(0.08
)
 
$
(0.07
)
 
$
(0.34
)
 
$
(0.29
)
Dividends and distributions declared per common share
$
0.48

 
$
0.44

 
$
1.30

 
$
1.20

Weighted average number of shares outstanding
18,791

 
17,487

 
18,656

 
17,076


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)
 
Nine Months Ended September 30, 2018
Increase in net assets:
 
Net investment loss
$
(6,353
)
Net realized gains on investments
31,084

Net change in unrealized appreciation on investments
3,386

Net increase in net assets resulting from operations
28,117

Distributions to common stockholders
(24,143
)
Capital share transactions:
 
Issuance of common stock under dividend reinvestment plan
759

Stock-based compensation expense
418

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
4,288

Net increase in net assets from capital share transactions
5,633

Total increase in net assets
9,607

Net assets at beginning of period
278,329

Net assets at end of period
$
287,936

Common shares outstanding at end of period
18,849

Capital share activity:
 
Shares issued under dividend reinvestment plan
40

Shares issued in connection with sales of common stock under ATM
241

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
102

Net increase in capital activity
392


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)
 
Nine Months Ended September 30, 2018
 
Nine Months Ended September 30, 2017
Cash flows from operating activities:
 
 
 
Net increase in net assets resulting from operations
$
28,117

 
$
20,912

Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
 
 
 
Net unrealized (appreciation) depreciation on controlled investments
(1,579
)
 
2,243

Net unrealized appreciation on non-affiliate investments
(5,399
)
 
(1,438
)
Net unrealized depreciation on servicing assets
3,175

 
1,602

Realized gains on controlled investments
(52
)
 

Net realized gains on non-affiliate investments
(31,032
)
 
(27,537
)
Allowance for doubtful accounts
24

 

Change in fair value of contingent consideration liabilities
23

 
748

Loss on extinguishment of debt
1,059

 

Amortization of deferred financing costs
1,239

 
1,075

Deferred income taxes
417

 
(745
)
Depreciation and amortization
358

 
292

Purchase of loans from SBA

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

 
(175
)
Funding of guaranteed non-affiliate SBA loans
(243,317
)
 
(200,620
)
Funding of unguaranteed non-affiliate SBA loans
(76,860
)
 
(62,185
)
Funding of controlled investments
(27,762
)
 
(27,000
)
Funding of non-control/affiliate investment
(1,000
)
 

Funding of non-control/non-affiliate investment
(5,700
)
 
(3,255
)
Proceeds from sale of non-affiliate SBA loans
284,470

 
217,016

Proceeds from sale of controlled investment
2,502

 

Proceeds from sale of non-control/non-affiliate investment
5,978

 

Principal received on SBA non-affiliate investments
29,517

 
20,327

Principal received from controlled investments
13,836

 
12,332

Principal received from non-control/non-affiliate investment

 
3,255

Return of investment from controlled investments
300

 
50

Other, net
795

 
1,139

Changes in operating assets and liabilities:
 
 
 
Investment in money market funds

 
26

Broker receivable
(30,720
)
 
(22,601
)
Due to/from related parties
(2,597
)
 
780

Other assets
(312
)
 
437

Accounts payable, accrued expenses and other liabilities
10,445

 
(133
)
Capitalized servicing asset
(5,459
)
 
(4,447
)
Other, net
(10
)
 
169

Net cash used in operating activities
(49,544
)
 
(71,554
)
Cash flows from investing activities:
 
 
 

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)
 
Nine Months Ended September 30, 2018
 
Nine Months Ended September 30, 2017
Purchase of fixed assets
(454
)
 
(345
)
Cash flows from financing activities:
 
 
 
Net borrowings on bank notes payable
79,558

 
61,046

Proceeds from common shares sold, net of offering costs
4,289

 
44,708

Net proceeds from related party line of credit
16,974

 
19,141

Proceeds from Notes due 2023
57,500

 

Redemption of Notes due 2021
(40,250
)
 

Payments on Notes Payable - Securitization Trusts
(32,694
)
 
(23,414
)
Dividends paid
(23,383
)
 
(20,836
)
Additions to deferred financing costs
(2,336
)
 
(480
)
Purchase of vested stock for employee payroll tax withholding
(34
)
 
(644
)
Other, net

 
(1
)
Net cash provided by financing activities
59,624

 
79,520

Net increase in cash and restricted cash
9,626

 
7,621

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

 
22,896

Cash and restricted cash—end of period (Note 2)
$
30,164

 
$
30,517

 
 
 
 
Non-cash operating, investing and financing activities:
 
 
 
Foreclosed real estate acquired
$
826

 
$
212

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

 
$

Issuance of common shares in connection with investment in International Professional Marketing, Inc.
$

 
$
1,000

Issuance of common shares under dividend reinvestment plan
$
760

 
$
477

            


6
See accompanying notes to unaudited condensed consolidated financial statements.





NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 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)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rami Technology USA, LLC
 
Computer and Electronic Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/28/2028

 
$
180.4

 
$
180.4

 
$
162.0

 
0.06
%
Throop Family Holdings, Inc
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
9/28/2043

 
643.8

 
643.8

 
667.3

 
0.23
%
Mellow Sweets, Inc dba Jaafer Sweets & Marwan Hamdan
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/28/2028

 
56.0

 
56.0

 
50.2

 
0.02
%
SwabCo Inc.
 
Support Activities for Mining
 
Term Loan
 
Prime plus 2.75%
 
9/28/2043

 
948.9

 
948.9

 
992.9

 
0.34
%
A-1 Van Sevices, Inc.
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/28/2028

 
106.3

 
106.3

 
103.7

 
0.04
%
La Venezia Corporation dba La Venezia Ballroom & Robertos Lounge
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
9/28/2043

 
331.3

 
331.3

 
351.6

 
0.12
%
Burd Brothers Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/28/2028

 
540.0

 
540.0

 
518.2

 
0.18
%
JAM Media Solutions LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/28/2028

 
896.6

 
896.6

 
820.1

 
0.28
%
Blackwater Diving, LLC
 
Support Activities for Mining
 
Term Loan
 
Prime plus 2.75%
 
9/27/2028

 
800.0

 
800.0

 
729.9

 
0.25
%
Quality Electric & Data
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
9/27/2028

 
100.0

 
100.0

 
96.3

 
0.03
%
TFR Transit Inc, The Free Ride Inc, South Florida Free Ride Inc.,Tag-A
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/27/2028

 
125.0

 
125.0

 
118.5

 
0.04
%
Catherine Brandon, PSY.D., Inc dba Kenneth A Deluca, PH.D., & Associates
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/27/2028

 
118.8

 
118.8

 
106.3

 
0.04
%
Barricade Holding LLC and Action Barricade Company, LLC
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
9/27/2043

 
177.8

 
177.8

 
181.3

 
0.06
%
LG Law Center, Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/27/2028

 
15.0

 
15.0

 
13.8

 
%
Zeeba Company, Inc dba Zeeba Rent-A-Van & 5 Star Rent- A-Van
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/27/2028

 
693.5

 
693.5

 
666.8

 
0.23
%
Action Barricade Company, LLC and Barricade Holding LLC
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
9/27/2028

 
336.5

 
336.5

 
322.9

 
0.11
%
Quality Electric & Data Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
9/27/2043

 
130.0

 
130.0

 
133.1

 
0.05
%
Blue Seven, LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/27/2028

 
20.5

 
20.5

 
20.2

 
0.01
%

7
See accompanying notes to unaudited condensed consolidated financial statements.




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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Dentistry By Design, P.C
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/26/2028

 
15.0

 
15.0

 
13.7

 
%
US Shipping Trans Inc, Esteem Trucking Inc
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/26/2028

 
832.1

 
832.1

 
817.4

 
0.28
%
Ace Auto Recovery, Inc.
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
9/26/2043

 
160.0

 
160.0

 
169.6

 
0.06
%
Anglin Cuiltured Stone Products LLC dba Anglin Construction
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
9/26/2028

 
100.0

 
100.0

 
94.2

 
0.03
%
Above and Beyond Preschool LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
9/26/2043

 
552.5

 
552.5

 
589.9

 
0.20
%
LTS School, Inc.
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
9/26/2043

 
101.3

 
101.3

 
111.4

 
0.04
%
Bhatti LLC, Bhatti 3 LLC, dba Auntie Annes
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/25/2028

 
125.0

 
125.0

 
114.9

 
0.04
%
Steadfast Support Services, LLC
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
9/25/2028

 
12.0

 
12.0

 
10.7

 
%
Newsome Mobile Notary LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/25/2028

 
5.3

 
5.3

 
4.7

 
%
Akron Biotechnology, LLC
 
Chemical Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/25/2028

 
500.0

 
500.0

 
497.9

 
0.17
%
Alania Import & Export, Inc.
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
9/24/2028

 
11.3

 
11.3

 
10.1

 
%
Phillip Ramos Upholstery Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
9/24/2028

 
15.5

 
15.5

 
13.8

 
%
D & D Optics Inc dba Sterling Optical
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/21/2028

 
53.0

 
53.0

 
48.0

 
0.02
%
DC Lofty, LLC,
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
9/21/2028

 
22.5

 
22.5

 
20.2

 
0.01
%
The Garden Club, LLC
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
9/21/2028

 
6.6

 
6.6

 
5.9

 
%
Southern Services and Equipment, Inc.
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/21/2043

 
210.0

 
210.0

 
213.7

 
0.07
%
Southern Services and Equipment, Inc
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/21/2028

 
428.5

 
428.5

 
410.1

 
0.14
%
MillClem Corporation & Monticello Corporation
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
9/21/2043

 
331.3

 
331.3

 
364.6

 
0.13
%
Sommer Auto Sales, Inc
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
9/20/2028

 
343.8

 
343.8

 
355.0

 
0.12
%
Somerled Investments, LLC dba Mak's Place LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/20/2028

 
195.5

 
195.5

 
174.2

 
0.06
%

8
See accompanying notes to unaudited condensed consolidated financial statements.




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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Tables and Bars Services, Inc and Tables and Bars Rentals, LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
9/20/2028

 
18.0

 
18.0

 
16.9

 
0.01
%
M&P RV LLC dba M&P RV
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
9/19/2043

 
112.5

 
112.5

 
122.8

 
0.04
%
C3 Capital, Inc
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
9/19/2028

 
675.0

 
675.0

 
653.8

 
0.23
%
MB Xpress Inc
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/19/2028

 
1,206.6

 
1,206.6

 
1,132.0

 
0.39
%
Watearth Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/19/2028

 
22.5

 
22.5

 
20.1

 
0.01
%
Lewis River Golf Course, Inc.
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/19/2043

 
500.0

 
500.0

 
550.4

 
0.19
%
Dash Point Distributing LLC, Dash Point Logistics LLC and Sara Consal
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/19/2028

 
458.9

 
458.9

 
408.6

 
0.14
%
Super Station Inc
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
9/19/2043

 
209.3

 
209.3

 
230.3

 
0.08
%
E & G Enterprises LLC dba Comfort Keepers
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/18/2028

 
6.0

 
6.0

 
5.4

 
%
DB Talak LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
9/18/2043

 
152.0

 
152.0

 
159.2

 
0.06
%
Culmination Motorsports, Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
9/17/2043

 
559.5

 
559.5

 
610.7

 
0.21
%
Pastel de Feira LLC dba Original Pastel De Feira
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/17/2028

 
6.1

 
6.1

 
5.7

 
%
Glendale Grill Inc, Roddy Cameron, Jr & John K Symasko
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/17/2043

 
175.0

 
175.0

 
184.1

 
0.06
%
LJS Elect,ric, Inc
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
9/14/2028

 
452.5

 
452.5

 
463.4

 
0.16
%
Rihahn Inc. dba RDBL, Inc
 
Forestry and Logging
 
Term Loan
 
Prime plus 2.75%
 
9/14/2028

 
136.3

 
136.3

 
128.5

 
0.04
%
QBS, LLC dba Sterling Optical Exton
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/14/2028

 
81.3

 
81.3

 
72.9

 
0.03
%
Innovim LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/14/2028

 
125.0

 
125.0

 
111.3

 
0.04
%
J & C Garcia LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/14/2028

 
74.0

 
74.0

 
67.2

 
0.02
%
Babys On Broadway LLC
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
9/14/2028

 
50.0

 
50.0

 
47.3

 
0.02
%
L&M Equipment, Inc
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
9/14/2043

 
1,250.0

 
1,250.0

 
1,325.8

 
0.46
%

9
See accompanying notes to unaudited condensed consolidated financial statements.




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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Underground Productions LLC dba 31 Escape
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/13/2043

 
98.8

 
98.8

 
108.7

 
0.04
%
Brewster Marketplace Pharmacy & Hardware, LLC
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
9/13/2028

 
87.5

 
87.5

 
77.9

 
0.03
%
Innovative Network Solutions Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/13/2028

 
125.0

 
125.0

 
114.2

 
0.04
%
Peter K Lee MD, PC dba Atlanta Primary Care
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/13/2043

 
862.5

 
862.5

 
949.4

 
0.33
%
Peter K Lee MD, PC dba Atlanta Primary Care LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/13/2028

 
387.5

 
387.5

 
403.1

 
0.14
%
TPE Midstream LLC, Dasahm Company, S & S Ventures LLC and TPE Supply L
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
9/13/2028

 
130.8

 
130.8

 
132.5

 
0.05
%
Perry Olson Insurance Agency Inc. dba State Farm Insurance
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
9/12/2028

 
15.0

 
15.0

 
13.4

 
%
Rancho Paving, Inc
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
9/10/2028

 
187.5

 
187.5

 
185.3

 
0.06
%
Pelican Executives Suites, LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
9/7/2028

 
320.0

 
320.0

 
284.8

 
0.10
%
NY Tent, LLC dba Tent Company of New York LLC, NY Tent Parent LLC
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
9/7/2028

 
322.0

 
322.0

 
307.8

 
0.11
%
Murlin Computer Company LLC dba Murlin Computer
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
9/7/2028

 
15.6

 
15.6

 
14.2

 
%
Pool Guard of LA
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
9/7/2028

 
22.5

 
22.5

 
20.1

 
0.01
%
Amaka Consulting LLC dba Donut Minis
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/7/2028

 
35.1

 
35.1

 
33.0

 
0.01
%
Dr. G's Urgent Care LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/7/2028

 
22.5

 
22.5

 
20.1

 
0.01
%
Asheville Spine and Nerve Institute PC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/7/2043

 
91.3

 
91.3

 
99.4

 
0.03
%
Trolley Express Philly, Inc dba Shuttlebee & Honeybee Transportation LL
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/6/2028

 
12.8

 
12.8

 
11.8

 
%
Extreme Auto Repair, Inc dba 1st Class Towing
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
9/6/2028

 
108.8

 
108.8

 
113.1

 
0.04
%
National Stone LTD and NSI Group Inc
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
8/31/2044

 
135.1

 
135.1

 
148.0

 
0.05
%
LACCRB LLC dba PostNet
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
11/30/2028

 
15.0

 
15.0

 
13.6

 
%

10
See accompanying notes to unaudited condensed consolidated financial statements.




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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Living Centers Inc. dba Veranda House Senior Living
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
8/31/2043

 
421.3

 
421.3

 
463.7

 
0.16
%
XL Soccer World Orlando. LLC, XL Soccer World Saco LLC, XL Sports World
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
8/30/2043

 
450.0

 
450.0

 
495.3

 
0.17
%
Stat Constructor L.P
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
8/30/2028

 
104.0

 
104.0

 
107.9

 
0.04
%
Greenfield Hill Wines & Spirits, LLC
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
8/29/2028

 
92.0

 
92.0

 
82.7

 
0.03
%
ARVAmethod LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
8/29/2028

 
2.4

 
2.4

 
2.1

 
%
Extreme Engineering, Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/29/2028

 
125.0

 
125.0

 
112.1

 
0.04
%
Kotyark LLC dba Gibsonton Motel
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
8/29/2043

 
82.5

 
82.5

 
90.8

 
0.03
%
Graphish Studio, Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/28/2028

 
7.5

 
7.5

 
6.7

 
%
JFK Transportation Inc
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
8/28/2028

 
162.5

 
162.5

 
147.0

 
0.05
%
Atlas Geo-Constructors LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
8/24/2028

 
75.0

 
75.0

 
74.5

 
0.03
%
Finn & Emma LLC
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
8/24/2028

 
125.0

 
125.0

 
111.3

 
0.04
%
Montana Life Group, LLC
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
8/24/2028

 
7.5

 
7.5

 
6.7

 
%
Evans and Paul LLC, Evans & Paul Unlimited Corp
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/24/2028

 
87.5

 
87.5

 
80.0

 
0.03
%
Wearware Inc dba FlyWire Cameras
 
Computer and Electronic Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/24/2028

 
22.5

 
22.5

 
20.4

 
0.01
%
Zash LLC dba Papa Murphy's take 'N' Bake Pizza
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/23/2028

 
42.3

 
42.3

 
39.5

 
0.01
%
Buffalo Biodiesel Inc.
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
8/21/2028

 
1,250.0

 
1,250.0

 
1,237.6

 
0.43
%
Ginekis Enterprises, Inc dba Locanda Veneta
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/20/2028

 
87.5

 
87.5

 
78.2

 
0.03
%
Wilkie J. Stadeker DDS
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
8/17/2028

 
42.5

 
42.5

 
37.8

 
0.01
%

11
See accompanying notes to unaudited condensed consolidated financial statements.




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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Geo Tek Alaska, Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/17/2043

 
56.8

 
56.8

 
62.5

 
0.02
%
ATI Jet, Inc.
 
Air Transportation
 
Term Loan
 
Prime plus 2.75%
 
8/16/2028

 
215.3

 
215.3

 
206.8

 
0.07
%
Lewins Law, P.C.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/16/2028

 
18.0

 
18.0

 
16.0

 
0.01
%
GS Bath Inc
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
8/15/2028

 
575.0

 
575.0

 
569.2

 
0.20
%
Pamletics LLC dba F45
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
11/14/2028

 
31.6

 
31.6

 
29.8

 
0.01
%
Conference Services International ETC LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
8/14/2028

 
627.8

 
627.8

 
597.5

 
0.21
%
L.A. Insurance Agency GA 10 LLC
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
8/10/2028

 
11.2

 
11.2

 
10.0

 
%
David D. Sullivan dba DMS Construction
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
8/9/2028

 
13.5

 
13.5

 
12.0

 
%
Crystal Shores Inc. dba Shorewood Laundromat
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
8/9/2028

 
22.4

 
22.4

 
20.6

 
0.01
%
Red Tail Management, Inc dba Jon Smith Subs
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/8/2028

 
50.0

 
50.0

 
46.9

 
0.02
%
Palanuk & Associates, Inc.dba Wolfpk
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/8/2028

 
102.5

 
102.5

 
91.9

 
0.03
%
CJNR, LLC
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
8/7/2043

 
121.8

 
121.8

 
134.0

 
0.05
%
Mercedes Cab Company, Inc
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
8/7/2028

 
130.0

 
130.0

 
119.1

 
0.04
%
20th Century Lanes, Inc dba West Seattle Bowl
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
8/3/2028

 
112.5

 
112.5

 
110.2

 
0.04
%
Alma Jacobsen,ODD Family Eye Care & Contact Lens LLC
 
Health and Personal Care Stores
 
Term Loan
 
Prime plus 2.75%
 
8/3/2028

 
41.2

 
41.2

 
37.4

 
0.01
%
Ron's Pool and Spa Services LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
8/3/2028

 
3.8

 
3.8

 
3.3

 
%
Millwork Unlimited, Incorporated
 
Wholesale Electronic Markets and Agents and Brokers
 
Term Loan
 
Prime plus 2.75%
 
8/2/2028

 
7.5

 
7.5

 
6.7

 
%
Accel Compression Inc., Accel Workover Services Inc.
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
8/1/2028

 
462.8

 
462.8

 
449.9

 
0.16
%

12
See accompanying notes to unaudited condensed consolidated financial statements.




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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Accel Compression Inc., Accel Workover Services, Inc
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
8/1/2043

 
311.3

 
311.3

 
321.4

 
0.11
%
Samy Optical LLC dba Site for Sore Eyes
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
8/1/2028

 
114.8

 
114.8

 
102.3

 
0.04
%
Nichols Stephens Funeral & Cremation Services Ltd
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
10/31/2043

 
79.8

 
79.8

 
87.9

 
0.03
%
CSL Services Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
7/27/2028

 
544.4

 
544.4

 
510.8

 
0.18
%
Nunez Enterprises Corporation dba La Casa
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
7/26/2028

 
8.2

 
8.2

 
7.3

 
%
Sandlot Sports Inc dba Play it Again Sports
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
7/26/2028

 
18.6

 
18.6

 
16.6

 
0.01
%
Summitsoft Corporation
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
7/26/2028

 
245.8

 
245.8

 
219.3

 
0.08
%
Fitness Central, Inc dba Fitness Central
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
7/25/2028

 
62.1

 
62.1

 
56.4

 
0.02
%
Relevant Elephant, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
7/25/2028

 
9.0

 
9.0

 
8.0

 
%
Top Shelf Towing and Road Service, LLC
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
7/24/2028

 
13.4

 
13.4

 
12.0

 
%
Florida Apnea Diagnostics, LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
7/24/2028

 
20.9

 
20.9

 
18.6

 
0.01
%
HAVL Enterprises Inc dba FedEx
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
7/24/2028

 
79.6

 
79.6