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 March 31, 2019

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 May 3, 2019, there were 19,115,359 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 NMS, NTS, Premier, BSP, SBL and GS Bank as amended on June 21, 2017; further amended on September 7, 2018 to remove NTS, BSP and SBL as borrowers
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 NMS as lender 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
SEC
Securities and Exchange Commission
SMB
Small-and-medium sized businesses
Sterling
Sterling National Bank
Sterling 504 Facility
Loan and Security Agreement between NBC and Sterling, as lender to originate SBA 504 loans



Sterling Receivable and Inventory Facility
Loan and Security Agreement between NBC 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
NCL
Newtek Conventional Lending, LLC, a 50% owned portfolio company
Exponential
Exponential Business Development Co., Inc., a Taxable Subsidiary
NMS
 Newtek Merchant Solutions, LLC (formerly Universal Processing Services of Wisconsin LLC), a wholly-owned controlled portfolio company
Premier
Premier Payments LLC, a former wholly-owned controlled portfolio company which merged into NMS at December 31, 2018
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 former wholly-owned controlled portfolio company, 100% membership interest of which were sold on October 26, 2018
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)
 
March 31, 2019
 
December 31, 2018
ASSETS
(Unaudited)
 
(Note 1)
Investments, at fair value
 
 
 
SBA unguaranteed non-affiliate investments (cost of $370,328 and $355,589, respectively; includes $280,430 and $323,388, respectively, related to securitization trusts)
$
366,769

 
$
349,402

SBA guaranteed non-affiliate investments (cost of $16,634 and $17,217, respectively)
18,586

 
19,100

Controlled investments (cost of $75,935 and $74,279, respectively)
171,294

 
171,585

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

 
1,000

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

 
9

Total investments at fair value
557,658

 
541,096

Cash
3,083

 
2,316

Restricted cash
26,654

 
29,034

Broker receivable
45,354

 
42,617

Due from related parties
3,596

 
3,232

Servicing assets, at fair value
22,339

 
21,360

Right of use assets
8,768

 

Other assets
14,282

 
13,686

Total assets
$
681,734

 
$
653,341

 
 
 
 
LIABILITIES AND NET ASSETS
 
 
 
Liabilities:
 
 
 
Bank notes payable
$
64,500

 
$
34,700

Notes due 2022 (par: $8,324 as of March 31, 2019 and December 31, 2018, see Note 7)
8,039

 
8,019

Notes due 2023 (par: $57,500 as of March 31, 2019 and December 31, 2018, see Note 7)
55,681

 
55,564

Notes payable - Securitization trusts (par: $201,859 and $220,137 as of March 31, 2019 and December 31, 2018, see Note 7)
198,592

 
216,507

Notes payable - related parties
25,890

 
16,840

Due to related parties
2

 
4

Lease liabilities
10,775

 

Deferred tax liabilities
8,712

 
9,241

Accounts payable, accrued expenses and other liabilities
17,537

 
25,021

Total liabilities
389,728

 
365,896

 
 
 
 
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, 19,073 and 18,919 issued and outstanding, respectively)
382

 
379

Additional paid-in capital
257,597

 
254,498

Accumulated undistributed earnings
34,027

 
32,568

Total net assets
292,006

 
287,445

Total liabilities and net assets
$
681,734

 
$
653,341

Net asset value per common share
$
15.31

 
$
15.19


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 March 31, 2019
 
Three Months Ended March 31, 2018
Investment income
 
 
 
From non-affiliate investments:
 
 
 
Interest income
$
7,017

 
$
5,174

Servicing income
2,428

 
2,065

Other income
921

 
1,055

Total investment income from non-affiliate investments
10,366

 
8,294

From Non-control/affiliate investments:
 
 
 
Dividend income
31

 

From controlled investments:
 
 
 
Interest income
217

 
149

Dividend income
3,150

 
2,625

Total investment income from controlled investments
3,367

 
2,774

Total investment income
13,764

 
11,068

Expenses:
 
 
 
Salaries and benefits
3,588

 
4,878

Interest
4,735

 
3,512

Depreciation and amortization
129

 
120

Professional fees
984

 
940

Origination and servicing
1,653

 
1,605

Origination and servicing - related party
2,188

 

Change in fair value of contingent consideration liabilities
46

 
10

Loss on extinguishment of debt

 
1,059

Other general and administrative costs
1,427

 
1,717

Total expenses
14,750

 
13,841

Net investment loss
(986
)
 
(2,773
)
Net realized and unrealized gains (losses):
 
 
 
Net realized gain on non-affiliate investments - SBA 7(a) loans
9,344

 
9,881

Net unrealized appreciation (depreciation) on SBA guaranteed non-affiliate investments
70

 
(280
)
Net unrealized appreciation on SBA unguaranteed non-affiliate investments
2,629

 
992

Net unrealized (depreciation) appreciation on controlled investments
(1,947
)
 
1,170

Change in deferred taxes
529

 
(299
)
Net unrealized depreciation on servicing assets
(556
)
 
(579
)
Net realized and unrealized gains
$
10,069

 
$
10,885

Net increase in net assets resulting from operations
$
9,083

 
$
8,112

Net increase in net assets resulting from operations per share
$
0.48

 
$
0.44

Net investment loss per share
$
(0.05
)
 
$
(0.15
)
Dividends and distributions declared per common share
$
0.40

 
$
0.40

Weighted average number of shares outstanding
19,003

 
18,495


2
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)
 
Three Months Ended March 31, 2019
Increase in net assets:
 
Net investment loss
$
(986
)
Net realized gains on investments
9,344

Net change in unrealized appreciation on investments
725

Net increase in net assets resulting from operations
9,083

Distributions to common stockholders
(7,574
)
Capital share transactions:
 
Issuance of common stock under dividend reinvestment plan
218

Stock-based compensation expense
160

Issuance of common stock, net of offering costs
2,544

Net increase in net assets from capital share transactions
2,922

Impact of ASC 842 adoption
130

Total increase in net assets
4,561

Net assets at beginning of period
287,445

Net assets at end of period
$
292,006

Common shares outstanding at end of period
19,073

Capital share activity:
 
Shares issued under dividend reinvestment plan
12

Shares issued in connection with sales of common stock under ATM
135

Restricted shares issued under Equity Incentive Plan, net of forfeitures
8

Net increase in capital activity
155


3
See accompanying notes to unaudited condensed consolidated financial statements.





NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In Thousands)
 
Three Months Ended March 31, 2019
 
Three Months Ended March 31, 2018
Cash flows from operating activities:
 
 
 
Net increase in net assets resulting from operations
$
9,083

 
$
8,112

Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
 
 
 
Net unrealized depreciation (appreciation) on controlled investments
1,947

 
(1,170
)
Net unrealized appreciation on non-affiliate investments
(2,699
)
 
(712
)
Net unrealized depreciation on servicing assets
556

 
579

Net realized gains on non-affiliate investments
(9,344
)
 
(9,881
)
Allowance for doubtful accounts
(45
)
 
24

Change in fair value of contingent consideration liabilities
46

 
10

Loss on extinguishment of debt

 
1,059

Amortization of deferred financing costs
540

 
378

Deferred income taxes
(529
)
 
299

Depreciation and amortization
129

 
120

Funding of guaranteed non-affiliate SBA loans
(73,538
)
 
(69,973
)
Funding of unguaranteed non-affiliate SBA loans
(24,241
)
 
(21,387
)
Funding of controlled investments
(3,206
)
 
(4,639
)
Proceeds from sale of non-affiliate SBA loans
83,849

 
83,457

Principal received on SBA non-affiliate investments
8,676

 
8,732

Principal received from controlled investments
1,050

 
1,522

Return of investment from controlled investments
500

 

Other, net
132

 
370

Changes in operating assets and liabilities:
 
 
 
Broker receivable
(2,738
)
 
(21,294
)
Due to/from related parties
(320
)
 
(1
)
Other assets
(235
)
 
699

Accounts payable, accrued expenses and other liabilities
(5,313
)
 
4,499

Capitalized servicing asset
(1,535
)
 
(1,624
)
Other, net
95

 
3

Net cash used in operating activities
(17,140
)
 
(20,818
)
Cash flows from investing activities:
 
 
 
Purchase of fixed assets
(132
)
 
(83
)
Cash flows from financing activities:
 
 
 
Net borrowings on bank notes payable
29,800

 
30,500

Proceeds from common shares sold, net of offering costs
2,544

 

Net proceeds (repayments) under related party line of credit
9,050

 
(3,326
)
Proceeds from Notes due 2023

 
57,500

Redemption of Notes due 2021

 
(40,250
)
Payments on Notes Payable - Securitization Trusts
(18,365
)
 
(9,376
)
Dividends paid
(7,354
)
 
(7,202
)

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)
 
Three Months Ended March 31, 2019
 
Three Months Ended March 31, 2018
Additions to deferred financing costs
(16
)
 
(1,893
)
Purchase of vested stock for employee payroll tax withholding

 
(34
)
Net cash provided by financing activities
15,659

 
25,919

Net (decrease) increase in cash and restricted cash
(1,613
)
 
5,018

Cash and restricted cash—beginning of period (Note 2)
31,350

 
20,538

Cash and restricted cash—end of period (Note 2)
$
29,737

 
$
25,556

 
 
 
 
Non-cash operating, investing and financing activities:
 
 
 
Foreclosed real estate acquired
$
441

 
$
478

Issuance of common shares under dividend reinvestment plan
$
220

 
$
168

            


5
See accompanying notes to unaudited condensed consolidated financial statements.





NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (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)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ren Investment Group Inc dba True Positon Manufacturing
 
Machinery Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/29/2029

 
$
868.0

 
$
868.0

 
$
789.7

 
0.27
%
Pirate Cove Marina Inc, DRK Irrevocable Trust, BEK Irrevocable Trust
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/29/2044

 
993.8

 
993.8

 
1,097.4

 
0.38
%
Knoxville Room Service
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
3/29/2029

 
6.8

 
6.8

 
6.2

 
%
Complete Care IT LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/29/2029

 
52.5

 
52.5

 
47.1

 
0.02
%
Peak Performance Associates LLC dba Nova Hypnosis and Wellness
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/29/2029

 
60.0

 
60.0

 
53.8

 
0.02
%
Outtasight Careers, LLC dba Gecko Hospitality
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
3/29/2029

 
52.0

 
52.0

 
46.6

 
0.02
%
Turtle Shirts, LLC
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
3/29/2029

 
53.8

 
53.8

 
49.0

 
0.02
%
La Favorita Radio Network
 
Broadcasting (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
3/29/2029

 
375.0

 
375.0

 
346.3

 
0.12
%
EJ & James Transport LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/29/2029

 
9.5

 
9.5

 
9.0

 
%
J Brothers Enterprises, LLC
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
3/29/2044

 
645.0

 
645.0

 
661.2

 
0.23
%
Hamsons Inc.
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
3/29/2029

 
187.5

 
187.5

 
168.1

 
0.06
%
Pizzaplex L3C
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/29/2029

 
44.8

 
44.8

 
40.9

 
0.01
%
Bhatti LLC dba Auntie Ann's & Bhatti LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/29/2029

 
165.0

 
165.0

 
148.0

 
0.05
%
Key HR Associates, Inc dba Parents Choice for Kids
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
3/29/2044

 
453.8

 
453.8

 
470.1

 
0.16
%
Royalty Freight Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/29/2029

 
428.1

 
428.1

 
406.7

 
0.14
%
Reliable Power Group Inc. dba Batteries + bulbs Pensacola
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/29/2029

 
100.0

 
100.0

 
89.9

 
0.03
%
Felipe Antonio Del Valle M.D. P.A.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/29/2029

 
15.0

 
15.0

 
13.5

 
%
Bayco Enterprises, Inc
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
3/29/2044

 
198.8

 
198.8

 
221.0

 
0.08
%

6
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
NuBe Business Group LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/29/2044

 
41.0

 
41.0

 
45.6

 
0.02
%
Raven's Place LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/29/2044

 
687.5

 
687.5

 
716.6

 
0.25
%
Iredell Oral & Facial Surgery, P.C. dba Johnson Oral Surgery
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/29/2044

 
825.0

 
825.0

 
848.6

 
0.29
%
StillBasi Holdings, Inc. dba Buxton Auto Transport
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/29/2029

 
300.0

 
300.0

 
279.8

 
0.10
%
Stillwater Ventures, LLC
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
3/29/2029

 
416.1

 
416.1

 
400.3

 
0.14
%
Bright Freight Solution, LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/29/2029

 
1,250.0

 
1,250.0

 
1,167.4

 
0.40
%
Cleland Pharmacy LLC
 
Health and Personal Care Stores
 
Term Loan
 
Prime plus 2.75%
 
3/28/2029

 
22.5

 
22.5

 
23.6

 
0.01
%
J.C. Pallet Company, Inc.
 
Wood Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/28/2029

 
450.0

 
450.0

 
437.7

 
0.15
%
RG Productions LLC
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
3/28/2029

 
155.5

 
155.5

 
147.3

 
0.05
%
Children First Home Health Care, Inc. dba Health Calls
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/28/2029

 
137.5

 
137.5

 
124.5

 
0.04
%
GS Bath Inc
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/28/2029

 
312.5

 
312.5

 
295.3

 
0.10
%
Planet X Tobacco & Gift, LLC
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
3/28/2044

 
285.8

 
285.8

 
308.7

 
0.11
%
Custom Vinyl Products LLC
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/28/2044

 
1,012.5

 
1,012.5

 
1,068.9

 
0.37
%
Four Seasons Laser Center Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
3/28/2029

 
15.0

 
15.0

 
14.7

 
0.01
%
Cocomo Joe's LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/28/2029

 
3.5

 
3.5

 
3.3

 
%
Skaggs RV Outlet ,LLC
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
3/28/2029

 
250.0

 
250.0

 
261.9

 
0.09
%
PA Sobol Partners LLC dba Sobal
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/28/2029

 
21.3

 
21.3

 
20.3

 
0.01
%
DC AG, LLC dba Big B Sales
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
3/27/2044

 
587.8

 
587.8

 
611.2

 
0.21
%
Cinco Fit LLC dba Cinco Fit
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/27/2029

 
165.0

 
165.0

 
149.3

 
0.05
%
Ocean Trans LLC and Dehal Trucking LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/27/2029

 
50.0

 
50.0

 
52.4

 
0.02
%

7
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Danielle Vance LPC, LLC dba Danielle Vance MA, LPC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/27/2029

 
5.7

 
5.7

 
5.1

 
%
Heritage Hills Athletics 1, LLC and Heritage Hills Athletics 1, LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
3/26/2044

 
1,250.0

 
1,250.0

 
1,317.6

 
0.45
%
District 5 Boutique LLC
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
3/26/2029

 
125.0

 
125.0

 
112.1

 
0.04
%
Skyways, LTD
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/22/2029

 
825.3

 
825.3

 
745.2

 
0.26
%
Virginia Industrial Plastics, Inc.
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/22/2044

 
296.5

 
296.5

 
329.7

 
0.11
%
Gary Krause dba Gary Krause Landscaping & Design
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
3/22/2029

 
6.0

 
6.0

 
5.7

 
%
Virginia Industrial Plastics, Inc.
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/22/2029

 
270.8

 
270.8

 
283.6

 
0.10
%
J & C May Properties, LLC
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
3/22/2044

 
1,133.8

 
1,133.8

 
1,130.5

 
0.39
%
The Karate Dojo LLC
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
3/21/2029

 
4.5

 
4.5

 
4.0

 
%
Dependable Lawn Care, Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
3/21/2029

 
523.0

 
523.0

 
490.7

 
0.17
%
Dependable Lawn Care, Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
3/21/2044

 
190.5

 
190.5

 
208.7

 
0.07
%
American Trails Transport, LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/21/2029

 
55.0

 
55.0

 
51.7

 
0.02
%
Pitman Holding LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/21/2029

 
7.5

 
7.5

 
7.0

 
%
Michigan Neurosurgical Institute P.C.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/20/2029

 
181.3

 
181.3

 
163.1

 
0.06
%
Mega Trucking LLC and Olyimpian Industries LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/20/2029

 
400.0

 
400.0

 
383.3

 
0.13
%
Sound Manufacturing Inc
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/20/2029

 
50.0

 
50.0

 
44.8

 
0.02
%
Michigan Neurosurgical Institute, P.C.,Optical Spine, LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/20/2044

 
355.0

 
355.0

 
367.4

 
0.13
%
Game Station, Inc.
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
3/19/2029

 
262.5

 
262.5

 
246.5

 
0.08
%
Frontline Selling LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/19/2029

 
312.5

 
312.5

 
325.0

 
0.11
%
Marvellous Print & Ship LLC
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
3/19/2029

 
3.4

 
3.4

 
3.0

 
%

8
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Vanchoc Transport Inc
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
3/15/2029

 
87.5

 
87.5

 
78.5

 
0.03
%
Stepping Stones Children's Academy LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
3/15/2044

 
375.0

 
375.0

 
398.6

 
0.14
%
B & W Towing LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/15/2029

 
57.5

 
57.5

 
59.4

 
0.02
%
Panetcarne Inc.dba Jersey Mike's Subs Greenfield
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/15/2029

 
14.2

 
14.2

 
14.0

 
%
Screening Services Group, LLC
 
Motion Picture and Sound Recording Industries
 
Term Loan
 
Prime plus 2.75%
 
3/14/2029

 
281.3

 
281.3

 
257.9

 
0.09
%
Space Express, LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/12/2029

 
150.0

 
150.0

 
137.2

 
0.05
%
Mill Creek Early Childhood Program LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
6/11/2029

 
10.8

 
10.8

 
9.7

 
%
Precise Air Systems, Inc
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
3/8/2029

 
264.5

 
264.5

 
239.7

 
0.08
%
Alpine Remediation, Inc, T & M Holdings, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/8/2029

 
87.5

 
87.5

 
83.3

 
0.03
%
El Basha Inc dba RPM West San Fernando Valley
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
3/8/2029

 
62.5

 
62.5

 
56.0

 
0.02
%
Wildflour Bakery & Cafe LLC
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/8/2029

 
87.5

 
87.5

 
78.5

 
0.03
%
SG Welch Inc dba Sparks Auto Service
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/8/2029

 
62.5

 
62.5

 
57.0

 
0.02
%
D & S Village Hardware LLC dba Cedar Mountain Country Store
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
3/8/2044

 
201.8

 
201.8

 
217.9

 
0.07
%
Kalloren Provel LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
3/8/2044

 
287.0

 
287.0

 
304.7

 
0.10
%
Seeds of Knowledge Creative Learning Center LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
3/7/2044

 
22.5

 
22.5

 
24.3

 
0.01
%
Doble Rentals, L.L.C , Doble Rentals 2, LLC, Doble Rentals 3, LLC
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
3/4/2029

 
157.5

 
157.5

 
141.2

 
0.05
%
Midwest Expediated Carrier Corporation
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/1/2029

 
15.0

 
15.0

 
13.5

 
%
Monkey Bones LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
2/28/2044

 
19.5

 
19.5

 
21.7

 
0.01
%
NY Scoops LLC dba Cool Suppliers and Breakneck Road LLC
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
2/28/2029

 
50.0

 
50.0

 
48.8

 
0.02
%
Wooter Apparel, Inc
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
2/28/2029

 
50.0

 
50.0

 
45.5

 
0.02
%

9
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Shah Medical Center SC & Heeena Shyamani
 
Hospitals
 
Term Loan
 
Prime plus 2.75%
 
2/28/2044

 
253.8

 
253.8

 
253.5

 
0.09
%
Legacy Roof Contractors LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
2/28/2044

 
300.0

 
300.0

 
310.3

 
0.11
%
KSW Agency Inc.
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
2/28/2029

 
15.0

 
15.0

 
15.7

 
0.01
%
Woodard Electric Services, Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
2/28/2029

 
21.6

 
21.6

 
19.6

 
0.01
%
Matrix Z LLC
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 6.5%
 
2/27/2029

 
12.5

 
12.5

 
12.9

 
%
Merdad Dentistry PLLC dba Easy Dental Care
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
2/26/2029

 
15.8

 
15.8

 
14.1

 
%
Harbor Management Company Inc dba Jamba Juice
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/22/2029

 
150.0

 
150.0

 
135.8

 
0.05
%
EasyBooks, Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
2/22/2029

 
6.0

 
6.0

 
5.4

 
%
Gomez Advanced Wellness Center, Inc.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
2/21/2044

 
150.0

 
150.0

 
158.6

 
0.05
%
Mia Restoration Inc dba PuroClean and Puroclean of Morristown NJ
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
2/21/2029

 
41.3

 
41.3

 
37.9

 
0.01
%
Citiline Cafe At Jacobs Plaza, LLC dba Citiline Cafe
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/20/2029

 
50.0

 
50.0

 
45.2

 
0.02
%
Rob Barletta's Hockey School, Inc
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
2/19/2029

 
108.8

 
108.8

 
114.0

 
0.04
%
Bowl 360 Inc.
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
2/19/2029

 
139.4

 
139.4

 
125.5

 
0.04
%
Bowl 360 Inc.
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
2/19/2029

 
162.5

 
162.5

 
154.7

 
0.05
%
Outler Transportation Services,LLC
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
2/19/2029

 
45.0

 
45.0

 
41.0

 
0.01
%
SB Investments, LLC
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
2/15/2029

 
62.9

 
62.9

 
60.6

 
0.02
%
Integris Roofing, Inc
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
2/15/2029

 
22.5

 
22.5

 
20.2

 
0.01
%
M & M Burgers Inc dba Checkers
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/15/2029

 
74.0

 
74.0

 
68.1

 
0.02
%
KHSE Parks, Inc.
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
2/14/2029

 
82.5

 
82.5

 
74.5

 
0.03
%

10
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Par-Man, Inc. dba Rockstar Tattoo
 
Health and Personal Care Stores
 
Term Loan
 
Prime plus 2.75%
 
2/14/2029

 
62.5

 
62.5

 
56.5

 
0.02
%
Gateway Veterinary Services, P.C. dba Liberty Animal Clinic
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
2/14/2044

 
137.5

 
137.5

 
152.9

 
0.05
%
Tony Herring & Associates, Inc
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
2/14/2029

 
15.0

 
15.0

 
15.7

 
0.01
%
Precedence Enterprises LLC dba Spartan Junk Removal
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
2/8/2029

 
16.5

 
16.5

 
15.5

 
0.01
%
Shepherd Fitness, LLC dba Workout Anytime Ooltewah
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
5/8/2029

 
138.6

 
138.6

 
131.3

 
0.04
%
EJGR Corp dba Brite Energy Solutions
 
Utilities
 
Term Loan
 
Prime plus 2.75%
 
2/8/2029

 
62.5

 
62.5

 
56.2

 
0.02
%
Pamletics LLC dba F45
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
2/8/2029

 
3.8

 
3.8

 
3.6

 
%
Better Dayz PT, Inc. dba Physical Therapy Now
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/7/2029

 
11.1

 
11.1

 
10.1

 
%
Creative Counseling Nashville PLLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
2/7/2029

 
2.3

 
2.3

 
2.0

 
%
D & G Elite Construction, Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
2/6/2029

 
162.5

 
162.5

 
170.2

 
0.06
%
RIHAHN INC dba RDBL, INC.
 
Forestry and Logging
 
Term Loan
 
Prime plus 2.75%
 
2/5/2029

 
6.9

 
6.9

 
7.1

 
%
Hernando Beach Motel Inc.,The Purple Cow House of Pancake Inc
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
2/1/2029

 
15.0

 
15.0

 
15.7

 
0.01
%
Jesus and Son's Landscape Contractors, LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
2/1/2029

 
57.5

 
57.5

 
52.8

 
0.02
%
Employer Resource Services LLC dba Data Pool
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
1/31/2029

 
37.5

 
37.5

 
33.7

 
0.01
%
MYC Motors Inc
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
1/30/2044

 
74.9

 
74.9

 
83.3

 
0.03
%
FNF LLC dba WineStyles
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
1/22/2029

 
246.1

 
246.1

 
220.8

 
0.08
%
IGWT Coffee, LLC dba PJ's Coffee of New Orleans
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/18/2029

 
82.0

 
82.0

 
74.5

 
0.03
%
MMC Investors, LLC dba Clean Juice
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/18/2029

 
87.5

 
87.5

 
79.8

 
0.03
%
Hilco Athletics & Graphics Inc
 
Apparel Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
1/16/2044

 
68.7

 
68.7

 
76.4

 
0.03
%
Fluid Connections LLC dba BurgerIM
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/11/2029

 
62.2

 
62.2

 
58.6

 
0.02
%

11
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
CMLCLEARWATERBEACH.LLC dba Cousins Maine Lobster
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/11/2029

 
39.2

 
39.2

 
35.9

 
0.01
%
HSR Tacos LLC dba California Tortilla
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/11/2029

 
54.2

 
54.2

 
48.6

 
0.02
%
Rashed and Shabila LLC
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
1/4/2029

 
22.4

 
22.4

 
21.2

 
0.01
%
HDD Solutions, LLC
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
12/31/2028

 
553.8

 
553.8

 
529.6

 
0.18
%
Romain Tower Inc. David Romaine, Sugar Land Crane and Rigging, LLC
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
12/31/2028

 
240.1

 
240.1

 
216.0

 
0.07
%
The Chop House Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/31/2043

 
556.8

 
556.8

 
580.6

 
0.20
%
Capitol Fitness Inc. dba Anytime Fitness Shelby
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/28/2028

 
18.0

 
18.0

 
16.7

 
0.01
%
Galt Insurance Group of Bonita Springs, LLC & Bonita Safety Institute
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
12/28/2043

 
18.7

 
18.7

 
20.8

 
0.01
%
Superior Concepts Acquisition Corp
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/28/2043

 
508.7

 
508.7

 
518.5

 
0.18
%
^Nix and Nix Funeral Home North Inc
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
12/28/2043

 
570.9

 
570.9

 
619.5

 
0.21
%
0
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/28/2028

 
118.6

 
118.6

 
110.7

 
0.04
%
American Rewinding of NC Inc dba MTS
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/28/2028

 
421.4

 
421.4

 
394.3

 
0.14
%
Omega Funeral and Cremation Services,LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
12/28/2043

 
342.3

 
342.3

 
358.4

 
0.12
%
Insight Vision Care, PC, CRMOD Lubbock, P.C.,Vielm Vision Eyecare Inc
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/27/2043

 
1,137.8

 
1,137.8

 
1,182.6

 
0.40
%
East Breeze LLC dba Historic Springdale Pub and Eatery
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/27/2043

 
128.0

 
128.0

 
137.3

 
0.05
%
Children First Home Health Care Inc
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/27/2028

 
296.8

 
296.8

 
285.3

 
0.10
%
Medworxs Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/27/2028

 
10.4

 
10.4

 
9.3

 
%
Fave Realty Inc.
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
12/27/2043

 
123.3

 
123.3

 
137.0

 
0.05
%
Green Valley Landscape Management Inc. dba Apopka Mower and Equipment
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
12/27/2043

 
463.5

 
463.5

 
480.6

 
0.16
%

12
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Simkar LLC, Neo Lights Holding Inc, Kalco Lighting, LLC
 
Electrical Equipment, Appliance, and Component Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/26/2043

 
499.6

 
499.6

 
555.2

 
0.19
%
Reservations Unlimited LLC
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
12/26/2043

 
142.0

 
142.0

 
152.6

 
0.05
%
BD Branson Victorian LLC dba Branson Victorian Inn
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
12/24/2043

 
496.2

 
496.2

 
539.3

 
0.18
%
^Timios Enterprises Corp dba Palm Court
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/24/2043

 
706.4

 
706.4

 
748.7

 
0.26
%
RM Hawkins LLC
 
Nonstore Retailers